Atlantic Union Bankshares Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

The Company’s premises and equipment as of December 31, 2016 and 2015 are as follows (dollars in thousands):



	2016		2015
Land	$	29,708	$	29,839
Land improvements and buildings	97,341		96,943
Leasehold improvements	8,760		8,313
Furniture and equipment	54,188		49,914
Construction in progress	8,827		9,030
Total	198,824		194,039
Less accumulated depreciation and amortization	76,797		68,011
Bank premises and equipment, net	$	122,027	$	126,028

Depreciation expense for the years ended December 31, 2016, 2015, and 2014 was $10.2 million, $10.8 million, and $10.7 million, respectively. Future minimum rental payments required under non-cancelable operating leases for premises that have initial or remaining terms in excess of one year as of December 31, 2016 are as follows for the years ending (dollars in thousands):



2017	$	6,418
2018	6,037
2019	5,197
2020	4,345
2021	3,959
Thereafter	7,080
Total of future payments	$	33,036

The leases contain options to extend for periods up to 20 years. Rental expense for the years ended December 31, 2016, 2015, and 2014 totaled $7.1 million, $7.8 million, and $8.1 million, respectively.