Leases (Tables)

9 Months Ended

Sep. 30, 2020

Operating and finance lease costs and cash flows resulting from these leases are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in Thousands)	2020		2019		2020		2019
Operating Lease Costs(a)	$	3,970	$	2,708	$	9,224	$	8,502
Finance Lease Costs	39		—		115		—
Operating Lease Cash Flows	2,871		2,968		8,303		8,538
Finance Lease Cash Flows	40		—		82		—

(a) During the three and nine months ended September 30, 2020, the Corporation recognized approximately $1.5 million of operating lease costs associated with breaking leases on consolidating branches.

Components of lease expense

The lease classifications on the consolidated balance sheets were as follows:


($ in Thousands)	Consolidated Balance Sheets Category	September 30, 2020		December 31, 2019
		Amount
Operating lease right-of-use asset	Premises and equipment	$	35,963	$	45,381
Finance lease right-of-use asset	Other assets	1,069		2,188
Operating lease liability	Accrued expenses and other liabilities	40,833		49,292
Finance lease liability	Other long-term funding	1,165		2,209

Operating lease information

The lease payment obligations, weighted-average remaining lease term, and weighted-average discount rate were as follows:


	September 30, 2020					December 31, 2019
($ in Thousands)	Lease payments		Weighted-average lease term (in years)	Weighted-average discount rate		Lease payments		Weighted-average lease term (in years)	Weighted-average discount rate
Operating leases
Equipment	$	386	2.74	0.47	%	$	46	0.83	2.72	%
Retail and corporate offices	38,593		5.90	3.07	%	48,940		6.49	3.34	%
Land	6,650		9.09	3.35	%	6,594		9.57	3.21	%
Total operating leases	$	45,630	6.32	3.28	%	$	55,580	6.83	3.32	%
Finance leases
Land	$	1,185	1.89	1.05	%	$	4,827	39.67	3.99	%
Total finance leases	$	1,185	1.89	1.05	%	$	4,827	39.67	3.99	%

Amortization of operating lease liabilities

Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:


($ in Thousands)	Operating Leases		Finance Leases		Amount
Three Months Ending December 31, 2020	$	2,675	$	40	$	2,715
2021	10,158		172		10,330
2022	7,801		973		8,774
2023	5,559		—		5,559
2024	4,793		—		4,793
Beyond 2024	14,643		—		14,643
Total lease payments	$	45,630	$	1,185	$	46,815
Less: interest	4,797		20		4,817
Present value of lease payments	$	40,833	$	1,165	$	41,998