	December 31,
(in thousands)	2019			2018
Land and improvements	$	66,609		$	55,986
Buildings and improvements		221,139			167,044
Furniture and equipment		102,171			76,870
Total cost		389,919			299,900
Accumulated depreciation and amortization		(187,437	)		(132,975	)
Right of use asset		58,532			—
Total premises and equipment, net	$	261,014		$	166,925

Depreciation and amortization expense of premises and equipment charged to operations for the years ended December 31, 2019, 2018 and 2017 was $11.5 million, $10.5 million and $10.4 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 beginning January 1, 2019 when Wesbanco adopted ASU 2016-02 prospectively. 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. Wesbanco initially capitalized $20 million upon adoption for right-of-use assets and lease liabilities, net of existing straight-line lease liabilities and unfavorable acquired lease liabilities.

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 15.9 years. As of December 31, 2019, operating lease ROU assets and liabilities were $53.6 million and $56.5 million, respectively of which $37.2 million of operating ROU assets and liabilities were acquired from OLBK. The lease expense for operating leases was $5.4 million, $4.5 million and $4.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The weighted average discount rate was 2.93% as of December 31, 2019.

Finance leases relate primarily to bank branches and office space with remaining lease terms of generally 5 to 20 years, which include options for multiple five-and ten-year extensions, with weighted-average lease term of 15.3 years. As of December 31, 2019, the finance lease ROU assets and liabilities were $5.0 million and $5.6 million, respectively. The weighted average discount rate was 3.77% as of December 31, 2019. Amortization cost related to finance lease ROU assets was $0.4 million for each of the years ended December 31, 2019, 2018 and 2017, respectively. Interest expense related to finance lease ROU assets was $0.2 million for each of the years ended December 31, 2019, 2018 and 2017, respectively.

Future minimum lease payments under non-cancellable leases with initial or remaining lease terms in excess of one year at December 31, 2019 are as follows (in thousands):

Year	Operating Leases			Finance Leases			Total
2020	$	6,517		$	851		$	7,368
2021		5,948			855			6,803
2022		5,177			873			6,050
2023		4,649			885			5,534
2024		4,164			890			5,054
2025 and thereafter		46,617			4,638			51,255
Total lease payments	$	73,072		$	8,992		$	82,064
Less: interest		(16,559	)		(3,414	)		(19,973	)
Present value of lease liabilities	$	56,513		$	5,578		$	62,091