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

Annual report pursuant to Section 13 and 15(d)

Bank Premises and Equipment

Bank Premises and Equipment

12 Months Ended

Dec. 31, 2012

Bank Premises and Equipment [Abstract]

5.	BANK PREMISES AND EQUIPMENT

Bank premises and equipment as of December 31, 2012 and 2011 are as follows (dollars in thousands):


	2012		2011
Land	$	24,493	$	25,749
Land improvements and buildings		62,721		63,790
Leasehold improvements		5,290		5,206
Furniture and equipment		37,707		37,496
Equipment lease		62		62
Construction in progress		6,634		6,297

Total		136,907		138,600
Less accumulated depreciation and amortization		51,498		48,011

Bank premises and equipment, net	$	85,409	$	90,589

Depreciation expense for 2012, 2011, and 2010 was $6.6 million, $6.7 million, and $6.5 million, respectively. Future minimum rental payments required under non-cancelable operating leases for bank premises that have initial or remaining terms in excess of one year as of December 31, 2012 are as follows for the years ending (dollars in thousands):


2013	$	5,180
2014		4,888
2015		4,512
2016		3,812
2017		3,577
Thereafter		13,524

Total of future payments	$	35,493

The leases contain options to extend for periods up to 20 years. Rental expense for years ended December 31, 2012, 2011, and 2010 totaled $5.9 million, $4.9 million, and $5.2 million, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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