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Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block]
Note 7 Leases

The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has finance leases for land.

These leases have original terms of 1 year or longer with remaining maturities up to 42 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization.

The discount rate used to capitalize the operating leases is the Corporation's FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered.
Operating and finance lease costs and cash flows resulting from these leases are presented below:
Twelve Months Ended December 31,
($ in Thousands)20202019
Operating Lease Costs$11,450 $11,006 
Finance Lease Costs154 36 
Operating Lease Cash Flows11,276 11,305 
Finance Lease Cash Flows122 35 
The lease classifications on the consolidated balance sheets were as follows:
Consolidated Balance Sheets CategoryDecember 31, 2020December 31, 2019
($ in Thousands)Amount
Operating lease right-of-use assetPremises and equipment$31,994 $45,381 
Finance lease right-of-use assetOther assets962 2,188 
Operating lease liabilityAccrued expenses and other liabilities36,425 49,292 
Finance lease liabilityOther long-term funding1,128 2,209 
The lease payment obligations, weighted-average remaining lease term, and weighted-average discount rate were as follows:
December 31, 2020December 31, 2019
($ in Thousands)Lease paymentsWeighted-average lease term (in years)Weighted-average discount rateLease paymentsWeighted-average lease term (in years)Weighted-average discount rate
Operating leases
Equipment$386 2.490.46 %$46 0.832.72 %
Retail and corporate offices34,036 6.043.33 %48,940 6.493.34 %
Land6,385 8.993.09 %6,594 9.573.21 %
Total operating leases$40,806 6.453.27 %$55,580 6.833.32 %
Finance leases
Land$1,145 1.651.05 %$4,827 39.673.99 %
Total finance leases$1,145 1.651.05 %$4,827 39.673.99 %
Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:
($ in Thousands)Operating LeasesFinance LeasesTotal Leases
Twelve Months Ending December 31, 2021$9,120 $172 $9,293 
20226,791 973 7,763 
20235,525 — 5,525 
20244,760 — 4,760 
20253,818 — 3,818 
Beyond 202510,792 — 10,792 
Total lease payments$40,806 $1,145 $41,952 
Less: interest4,382 17 4,399 
Present value of lease payments$36,425 $1,128 $37,553 
As of December 31, 2020 and 2019, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $17 million and $16 million, respectively. The leases that had not yet commenced as of December 31, 2020, will commence between January 2021 and October 2023 with lease terms of 2 years to 6 years.
The Corporation conducts a portion of its business through certain facilities and equipment under noncancelable operating leases. The Corporation also leases a subdivision of some of its facilities and receives rental income from such lease agreements. The approximate minimum annual rental payments and rental receipts under noncancelable agreements and leases with remaining terms in excess of one year are as follows:
($ in Thousands)PaymentsReceipts
2021$9,208 $3,148 
202210,189 2,595 
20236,086 1,986 
20245,439 1,736 
20254,268 1,625 
Thereafter11,679 7,568 
Total$46,868 $18,658 
Total rental expense under leases, net of lease income, totaled $5 million in 2020 and 2019, respectively, and $10 million in 2018.