Premises and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Premises and Equipment

Premises and Equipment and Lease Commitments

Year-end premises and equipment were as follows:

	2024		2023
Land	$	224,290	$	191,594
Buildings	644,240		581,745
Technology, furniture and equipment	281,697		262,666
Leasehold improvements	250,572		230,642
Construction and projects in progress	24,135		36,910
Lease right-of-use assets	270,282		280,502
	1,695,216		1,584,059
Less accumulated depreciation and amortization	(449,839)		(394,026)
Total premises and equipment, net	$	1,245,377	$	1,190,033

Depreciation of premises and equipment totaled $61.9 million in 2024, $60.6 million 2023 and $57.4 million in 2022.

Lease Commitments. We lease certain office facilities and office equipment under operating leases. Rent expense for all operating leases totaled $49.7 million in 2024, $50.5 million in 2023 and $47.7 million in 2022.

The components of total lease expense in 2024 and 2023 were as follows:

	2024		2023
Amortization of lease right-of-use assets	$	35,400	$	34,137
Short-term lease expense	1,456		2,576
Non-lease components (including taxes, insurance, common maintenance, etc.)	12,835		13,811
Total	$	49,691	$	50,524

Right-of-use lease assets totaled $270.3 million and $280.5 million at December 31, 2024 and 2023, respectively, and are reported as a component of premises and equipment on our accompanying consolidated balance sheets. The related lease liabilities totaled $308.1 million and $316.4 million at December 31, 2024 and 2023, 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 $33.7 million during 2024 and $32.1 million during 2023. 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, 2024:

Future lease payments:
2025	$	36,953
2026	37,007
2027	35,958
2028	34,007
2029	29,795
Thereafter	206,868
Total undiscounted operating lease liability	380,588
Imputed interest	72,535
Total operating lease liability included in the accompanying balance sheet	$	308,053
Weighted-average lease term in years	12.39
Weighted-average discount rate	3.39%

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 $349 thousand in 2024, $337 thousand in 2023 and $327 thousand in 2022.