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Premises and Equipment | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Premises and Equipment | NOTE 5. PREMISES AND EQUIPMENT Premises and equipment include:
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Land and improvements |  | $ | 57,817 |  |  | $ | 58,534 |
Buildings and improvements |  |  | 216,593 |  |  |  | 222,407 |
Furniture and equipment |  |  | 111,259 |  |  |  | 109,159 |
Total cost |  |  | 385,669 |  |  |  | 390,100 |
Accumulated depreciation and amortization |  |  | (212,733 | ) |  |  | (208,254 | )
Right of use assets |  |  | 47,956 |  |  |  | 47,170 |
Total premises and equipment, net |  | $ | 220,892 |  |  | $ | 229,016 |
Depreciation and amortization expense of premises and equipment charged to operations for the years ended December 31, 2022, 2021 and 2020 was $13.0 million, $13.4 million and $14.1 million, respectively. Operating leases are recorded as a right of use (“ROU”) asset and operating lease liability, included in premises and equipment, net and other liabilities, respectively, on the consolidated balance sheet. Operating lease ROU assets represent the right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the lease commencement date. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded primarily in net occupancy expense in the consolidated statements of comprehensive income. Operating leases relate primarily to bank branches, office space and license agreements with remaining lease terms of generally 1 to 30 years, which include options for multiple five and ten year extensions, with a weighted average lease term of 16.0 years. As of December 31, 2022, operating lease ROU assets and liabilities were $38.8 million and $43.0 million, respectively, and as of December 31, 2021, operating lease ROU assets and liabilities were $43.1 million and $47.5 million, respectively. The lease expense for operating leases was $4.6 million, $5.2 million and $5.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. The weighted average discount rate was 2.92% as of December 31, 2022. Wesbanco also has certain software licenses and maintenance agreements that are not subject to ASC 842, "Leases." Of those, the Bank has a contract with its core banking software provider through 2027, in which it is projected the annual obligation during the contract period will be a minimum of $10.7 million per year. Finance leases relate primarily to bank branches and office space with remaining lease terms of generally 5 to 25 years, which include options for multiple five and ten year extensions, with weighted-average lease terms of 20.0 years. As of December 31, 2022, the finance lease ROU assets and liabilities were $9.2 million and $9.8 million, respectively, and were $4.1 million and $4.8 million, respectively, as of December 31, 2021. The weighted average discount rate was 3.42% and 3.78% as of December 31, 2022 and 2021, respectively. Amortization costs related to finance lease ROU assets was $0.5 million, $0.4 million and $0.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Interest expense related to finance lease ROU assets was $0.2 million for each of the years ended December 31, 2022, 2021 and 2020, respectively. Future minimum lease payments under non-cancellable leases with initial or remaining lease terms in excess of one year at December 31, 2022 are as follows (in thousands):
Year |  | Operating Leases |  | Finance Leases |  | Total |
2023 |  | $ | 4,812 |  | $ | 951 |  | $ | 5,763 |
2024 |  |  | 4,477 |  |  | 957 |  |  | 5,434 |
2025 |  |  | 4,345 |  |  | 927 |  |  | 5,272 |
2026 |  |  | 4,223 |  |  | 875 |  |  | 5,098 |
2027 |  |  | 3,720 |  |  | 653 |  |  | 4,373 |
2028 and thereafter |  |  | 34,123 |  |  | 9,907 |  |  | 44,030 |
Total lease payments |  | $ | 55,700 |  | $ | 14,270 |  | $ | 69,970 |
Less: capitalized interest |  |  | (12,743 | ) |  | (4,515 | ) |  | (17,258 | )
Present value of lease liabilities |  | $ | 42,957 |  | $ | 9,755 |  | $ | 52,712 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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