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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Capital Leases in Financial Statements of Lessee Disclosure | Leases The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices. These leases have original terms of 1 year or longer with remaining maturities up to 38 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 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) | 2024 | 2023 | 2022
Operating lease costs | $ | 6,414 |  | $ | 6,281 |  | $ | 6,812 |
Finance lease costs | 373 |  | 92 |  | 119 |
Operating lease cash flows | 6,617 |  | 7,171 |  | 8,440 |
Finance lease cash flows | 93 |  | 92 |  | 125 |
The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows:
| Consolidated Balance Sheets Category |  |
($ in thousands) | December 31, 2024 | December 31, 2023
Operating lease right-of-use asset | Premises and equipment | $ | 33,202 |  | $ | 24,712 |
Finance lease right-of-use asset | Other assets | — |  | 368 |
Operating lease liability | Accrued expenses and other liabilities | 35,596 |  | 27,311 |
Finance lease liability | Other long-term funding | 295 |  | 383 |
The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:
| December 31, 2024 | December 31, 2023
($ 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 |  |  |  |  |  |
Retail and corporate offices | $ | 39,072 |  | 8.30 | 4.26 | % | $ | 25,729 |  | 5.76 | 3.12 | %
Land | 3,228 |  | 6.63 | 3.52 | % | 4,050 |  | 6.98 | 3.48 | %
Equipment | 204 |  | 1.50 | 4.62 | % | 408 |  | 2.50 | 4.62 | %
Total operating leases | $ | 42,505 |  | 8.13 | 4.20 | % | $ | 30,187 |  | 5.88 | 3.19 | %
Finance leases |  |  |  |  |  |
Retail and corporate offices | $ | 301 |  | 3.25 | 1.32 | % | $ | 394 |  | 4.25 | 1.32 | %
Total finance leases | $ | 301 |  | 3.25 | 1.32 | % | $ | 394 |  | 4.25 | 1.32 | %
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 | Total Leases
2025 | $ | 6,760 |  | $ | 93 |  | $ | 6,853 |
2026 | 6,228 |  | 93 |  | 6,321 |
2027 | 5,572 |  | 93 |  | 5,664 |
2028 | 4,845 |  | 23 |  | 4,868 |
2029 | 3,612 |  | — |  | 3,612 |
Beyond 2029 | 15,487 |  | — |  | 15,487 |
Total lease payments | $ | 42,505 |  | $ | 301 |  | $ | 42,806 |
Less: interest | 6,909 |  | 6 |  | 6,915 |
Present value of lease payments | $ | 35,596 |  | $ | 295 |  | $ | 35,891 |
At December 31, 2024 and 2023, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $2 million and $3 million, respectively. The leases that had not yet commenced as of December 31, 2024 will commence between January 2025 and April 2025 with lease terms of 1 year to 7 years. The Corporation conducts a portion of its business through certain facilities and equipment under non-cancelable operating leases. The Corporation also leases a subdivision of some of its facilities and receives rental income from such lease agreements, included within occupancy expense on the consolidated statements of income. The approximate minimum annual rental payments and rental receipts under non-cancelable agreements and leases are as follows:
($ in thousands) | Payments | Receipts
2025 | $ | 6,565 |  | $ | 3,628 |
2026 | 6,293 |  | 3,475 |
2027 | 5,636 |  | 3,170 |
2028 | 4,855 |  | 2,510 |
2029 | 3,604 |  | 2,454 |
Beyond 2029 | 15,650 |  | 11,493 |
Total | $ | 42,603 |  | $ | 26,730 |
Total rental expense from leases, net of lease income, totaled $3 million in 2024, $2 million in 2023, and $3 million in 2022

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- Definition The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/840-30/tableOfContent + Details
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- References No definition available. + Details
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