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Premises and Equipment | 12 Months Ended
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Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
Premises and Equipment | Premises and Equipment and Lease Commitments Year-end premises and equipment were as follows:
| 2019 |  | 2018
Land | $ | 112,818 |  |  | $ | 104,045 |
Buildings | 441,404 |  |  | 373,276 |
Technology, furniture and equipment | 226,925 |  |  | 196,871 |
Leasehold improvements | 156,144 |  |  | 83,320 |
Construction and projects in progress | 44,251 |  |  | 45,456 |
Lease right-of-use assets | 297,736 |  |  | — |
| 1,279,278 |  |  | 802,968 |
Less accumulated depreciation and amortization | (267,331 | ) |  | (250,638 | )
Total premises and equipment, net | $ | 1,011,947 |  |  | $ | 552,330 |
Depreciation of premises and equipment totaled $41.0 million in 2019, $37.2 million 2018 and $36.3 million in 2017. Amortization of lease right of use-assets totaled $27.6 million in 2019. Lease Commitments. We lease certain office facilities and office equipment under operating leases. Rent expense for all operating leases totaled $42.1 million in 2019, $31.1 million in 2018 and $30.5 million in 2017. On January 1, 2019, we adopted a new accounting standard which required the recognition of certain operating leases on our balance sheet as lease right-of-use assets (reported as component of premises and equipment) and related lease liabilities (reported as a component of accrued interest payable and other liabilities). See Note 1 - Summary of Significant Accounting Policies. Rent expense includes amounts related to items that are not included in the determination of lease right-of-use assets including expenses related to short-term leases totaling $4.6 million in 2019 and non-lease components such as taxes, insurance, and common area maintenance costs totaling $9.9 million in 2019. Lease payments under operating leases that were applied to our operating lease liability totaled $27.5 million during 2019. 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, 2019:
Future lease payments |
2020 | $ | 28,225 |
2021 | 30,813 |
2022 | 28,175 |
2023 | 26,661 |
2024 | 25,232 |
Thereafter | 283,300 |
Total undiscounted operating lease liability | 422,406 |
Imputed interest | 98,718 |
Total operating lease liability included in the accompanying balance sheet | $ | 323,688 |
Weighted-average lease term in years | 16.49 |
Weighted-average discount rate | 3.17 | %
We lease certain buildings and branch facilities from various entities which are controlled by or affiliated with certain directors. Payments related to these leases totaled $5.9 million in 2019, $464 thousand in 2018 and $1.4 million in 2017. The increase in these lease payments during 2019 compared to 2018 was primarily related to the commencement of the lease of our new headquarters building during the second quarter of 2019. We recognized a right-of-use asset totaling $121.7 million and a related lease liability totaling $121.7 million in connection with this lease. The lease was a separate agreement under a comprehensive development agreement between us, the City of San Antonio and a third party controlled by one of our directors. We sold our old headquarters building to the City of San Antonio in 2016 and leased it back during the construction period of our new headquarters building. A portion of the gain from the sale of our old headquarters building was deferred and amortized to income over the term of the lease, which ended in the second quarter of 2019. Amortization of the deferred gain totaled $1.4 million in 2019, $2.8 million in 2018 and $2.9 million in 2017.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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