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LEASES

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lessee, Operating Leases [Text Block]

NOTE 11 – LEASESThe Corporation’s operating leases are primarily related to the Corporation’s branches and leased commercial space for ATMs. Our leases have terms of two to thirty years, some of which include options to extend the leases for up to seven years. As of June 30, 2019, the Corporation did not have a lease that qualifies as a finance lease. The Corporation includes the operating lease ROU asset and operating lease liability as part of Other assets and Account payables and other liabilities, respectively, in the consolidated statement of financial condition.Operating lease cost for the quarter and six-month period ended June 30, 2019, amounted to $2.5 million and $5.2 million, respectively.

Supplemental balance sheet information related to leases is as follows:
		As of
		June 30,
		2019
(Dollars in thousands)
Operating lease ROU asset		$	57,251
Operating lease liability		$	59,984
Operating lease weighted-average remaining lease term (in years)			11.3
Operating lease weighted-average discount rate			3.39%

Generally, the Corporation cannot practically determine the interest rate implicit in the lease. Therefore, the Corporation uses its incremental borrowing rate as the discount rate for the lease.

Supplemental cash flow information related to leases is as follows:
		Six-months period ended
		June 30,
		2019
(In thousands)
Operating cash flow from operating leases (1)		$	4,876
Right-of-use assets obtained in exchange for operating lease liabilities (2)			2,418

Represents cash paid for amounts included in the measurement of operating lease liabilities.Represents non-cash activity and, accordingly, is not reflected in the consolidated statement of cash flows.

Maturities under lease liabilities as of June 30, 2019, were as follows:
	Amount
(In thousands)
2019	$	4,707
2020		9,409
2021		8,540
2022		7,401
2023		5,774
2024 and later years		37,688
Total lease payments		73,519
Less: imputed interest		(13,535)
Total present value of lease liability	$	59,984

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

+ Details

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