Premises and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

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



	December 31,
(Dollars in thousands)	2017		2016
Land	$	2,758	$	2,916
Buildings	6,155		7,391
Leasehold improvements	48,573		44,493
Furniture and equipment	44,968		40,099
	102,454		94,899
Less: Accumulated depreciation	54,471		46,028
	$	47,983	$	48,871

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 three, five and ten years, respectively. We recognized depreciation expense of $8.6 million, $7.6 million and $6.3 million for the years ended December 31, 2017, 2016 and 2015, respectively.

We occupy certain premises including some with renewal options and operate certain equipment under noncancelable leases with 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 FASB ASC 840-20 Operating Leases. Rent expense was $13.0 million in 2017, $11.5 million in 2016 and $9.9 million in 2015. Future minimum cash payments under these leases at December 31, 2017 are as follows:




(Dollars in thousands)
2018	$	10,636
2019	10,466
2020	10,398
2021	10,052
2022	10,115
Thereafter	159,788
Total future minimum lease payments	$	211,455