Premises and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Premises and Equipment

PREMISES AND EQUIPMENT

Premises and equipment consisted of the following:

	As of December 31,
	2018		2017
	(In thousands)
Leasehold improvements	$	50,489	$	51,161
Furniture, fixtures, and equipment	51,921		39,618
Buildings	3,159		3,159
Subtotal	105,569		93,938
Less: accumulated depreciation	60,157		56,298
Premises and equipment, net	$	45,412	$	37,640

Depreciation expense related to premises and equipment was $10.7 million, $8.1 million, and $6.8 million for the years ended December 31, 2018, 2017, and 2016, respectively.

The Company is obligated for minimum payments under non-cancelable operating leases. In accordance with the terms of these leases, the Company is currently committed to minimum annual payments as follows:

	Minimum lease payments
	(In thousands)
2019	$	20,053
2020	19,344
2021	19,064
2022	18,802
2023	16,552
Thereafter	41,412
Total	$	135,227

Rent expense for the years ended December 31, 2018, 2017, and 2016 was $21.3 million, $21.4 million and $19.6 million, respectively.