Premises and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment and Lease Commitments

Year-end premises and equipment were as follows:


	2023		2022
Land	$	191,594	$	170,938
Buildings	581,745		521,280
Technology, furniture and equipment	262,666		236,440
Leasehold improvements	230,642		209,398
Construction and projects in progress	36,910		39,506
Lease right-of-use assets	280,502		288,816
	1,584,059		1,466,378
Less accumulated depreciation and amortization	(394,026)		(363,683)
Total premises and equipment, net	$	1,190,033	$	1,102,695

Depreciation of premises and equipment totaled $60.6 million in 2023, $57.4 million 2022 and $55.1 million in 2021.

Lease Commitments. We lease certain office facilities and office equipment under operating leases. Rent expense for all operating leases totaled $50.5 million in 2023, $47.7 million in 2022 and $45.6 million in 2021.

The components of total lease expense in 2023 and 2022 were as follows:


	2023		2022
Amortization of lease right-of-use assets	$	34,137	$	33,285
Short-term lease expense	2,576		2,208
Non-lease components (including taxes, insurance, common maintenance, etc.)	13,811		12,172
Total	$	50,524	$	47,665

Right-of-use lease assets totaled $280.5 million and $288.8 million at December 31, 2023 and 2022, respectively, and are reported as a component of premises and equipment on our accompanying consolidated balance sheets. The related lease liabilities totaled $316.4 million and $321.9 million at December 31, 2023 and 2022, respectively, and are reported as a component of accrued interest payable and other liabilities in the accompanying consolidated balance sheets. Lease payments under operating leases that were applied to our operating lease liability totaled $32.1 million during 2023 and $32.9 million during 2022. The following table reconciles future undiscounted lease payments due under non-cancelable operating leases (those amounts subject to recognition) to the aggregate operating lessee lease liability as of December 31, 2023:


Future lease payments
2024	$	34,712
2025	36,030
2026	35,891
2027	34,359
2028	32,319
Thereafter	218,152
Total undiscounted operating lease liability	391,463
Imputed interest	75,071
Total operating lease liability included in the accompanying balance sheet	$	316,392
Weighted-average lease term in years	12.88
Weighted-average discount rate	3.32%

We lease certain buildings and branch facilities from various entities which are controlled by or affiliated with one of our directors. Payments related to these leases totaled $337 thousand in 2023, $327 thousand in 2022 and $322 thousand in 2021.