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Operating Leases | 3 Months Ended
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Mar. 31, 2020
Operating Leases [Abstract] |
Operating Leases | NOTE 22— OPERATING LEASES Lessee Accounting Right of use assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, and any impairment of the right-of-use asset. Variable lease payments are generally expensed as incurred and include certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. Oriental’s leases do not contain residual value guarantees or material variable lease payments. All leases were classified as operating leases. Substantially all of the leases in which Oriental is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2032. All of our leases are classified as operating leases, and therefore, were previously not recognized on Oriental’s consolidated statements of financial condition. With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. Oriental leases to others certain space in its principal offices for terms extending through 2023; all are operating leases. Operating Lease Cost
|  | Quarter Ended March 31, |  |
|  | 2020 |  | 2019 |  | Statement of Operations Classification
Lease costs |  | $ | 3,338 |  | $ | 1,529 |  | Occupancy and equipment
Variable lease costs |  |  | 588 |  |  | 684 |  | Occupancy and equipment
Short-term lease cost (benefit) |  |  | (157) |  |  | 156 |  | Occupancy and equipment
Lease income |  |  | (123) |  |  | (155) |  | Occupancy and equipment
Total lease cost |  | $ | 3,646 |  | $ | 2,214 |  |
Operating Lease Assets and Liabilities
|  |  | March 31 | December 31 |  |
|  |  | 2020 | 2019 |  | Statement of Financial Condition Classification
|  | (In thousands) |  |
Right-of-use assets |  | $ | 36,844 |  | $ | 39,112 |  | Operating lease right-of-use assets
Lease Liabilities |  | $ | 37,702 |  | $ | 39,840 |  | Operating leases liabilities
| March 31, 2020
| (In thousands)
Weighted-average remaining lease term |  | 6.4 years
Weighted-average discount rate |  | 6.8%
Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2020 were as follows:
| Minimum Rent
Year Ending December 31, | (In thousands)
2020 | $ | 8,030
2021 |  | 8,598
2022 |  | 7,230
2023 |  | 6,081
2024 |  | 4,102
Thereafter |  | 13,358
Total lease payments | $ | 47,399
Less imputed interest |  | 9,697
Present value of lease liabilities | $ | 37,702

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