Premises and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

9. PREMISES AND EQUIPMENT

The following table shows the components of premises and equipment, at cost, are summarized by major classifications:

	December 31,
(Dollars in thousands)	2018		2017
Land	$	2,758	$	2,758
Buildings	6,179		6,155
Leasehold improvements	49,704		48,573
Furniture and equipment	49,035		44,968
	107,676		102,454
Less: Accumulated depreciation	62,720		54,471
	$	44,956	$	47,983

Depreciation expense is computed on a straight-line basis over the estimated useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life, whichever is shorter. In general, computer equipment, furniture and equipment and building renovations are expensed over 3, 5 and 10 years, respectively. We recognized depreciation expense of $8.3 million, $8.6 million and $7.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

We occupy certain premises including some with renewal options and operate certain equipment under leases with noncancelable terms ranging primarily from 1 year to 25 years. These leases are accounted for as operating leases. Accordingly, lease costs are expensed as incurred in accordance with ASC 840-20, Operating Leases. Rent expense was $12.9 million in 2018, $13.0 million in 2017 and $11.5 million in 2016. Future minimum cash payments under these leases at December 31, 2018 are as follows:

(Dollars in thousands)
2019	$	11,562
2020	11,411
2021	11,132
2022	11,078
2023	11,141
Thereafter	169,929
Total future minimum lease payments	$	226,253