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LEASES | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Lessee, Operating Leases [Text Block] | NOTE 11 – LEASES The Corporation accounts for its leases in accordance with ASC 842 “Leases” (“ASC Topic 842”), which it adopted on January 1, 2019. ASC Topic 842 requires the Corporation to record liabilities for future lease obligations as well as assets representing the right to use the underlying leased asset. The Corporation’s operating leases are primarily related to the Corporation’s branches and leased commercial space for ATMs. Our leases mainly have terms ranging from two years to thirty years, some of which include options to extend the leases for up to seven years. Liabilities to make future lease payments are recorded in accounts payable and other liabilities, while right-of-use (“ROU”) assets are recorded in other assets in the Corporation’s consolidated statements of financial condition. As of September 30, 2021, and December 31, 2020, the Corporation did not have a lease that qualifies as a finance lease. Operating lease cost for the quarter and nine-month period ended September 30, 2021 amounted to $3.9 million and $14.4 million, respectively (2020 - $3.5 million and $8.7 million, respectively), recorded in occupancy and equipment in the consolidated statement of income.
Supplemental balance sheet information related to leases as of the dates indicated was as follows:
|  | September 30, |  | December 31,
|  | 2021 |  | 2020
(Dollars in thousands) |  |  |  |  |
ROU asset | $ | 95,692 |  | $ | 103,186
Operating lease liability | $ | 99,123 |  | $ | 106,502
Operating lease weighted-average remaining lease term (in years) |  | 8.0 |  |  | 8.5
Operating lease weighted-average discount rate |  | 2.21% |  |  | 2.25%
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 for the indicated periods was as follows: |  |  |
|  | Nine-Month Period Ended
|  | September 30, |  | September 30,
|  | 2021 |  | 2020
(In thousands) |  |  |  |  |
Operating cash flow from operating leases (1) | $ | 14,655 |  | $ | 8,492
ROU assets obtained in exchange for operating lease liabilities (2) |  | 5,518 |  |  | 1,328
(1) | Represents cash paid for amounts included in the measurement of operating lease liabilities.
(2) | Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows.
Maturities under lease liabilities as of September 30, 2021 were as follows:
| Amount
(In thousands) |  |
2021 | $ | 4,858
2022 |  | 18,759
2023 |  | 16,846
2024 |  | 15,362
2025 |  | 14,230
2026 and later years |  | 39,979
Total lease payments |  | 110,034
Less: imputed interest |  | (10,911)
Total present value of lease liability | $ | 99,123

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- References No definition available. + Details
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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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