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, 2013

BANK PREMISES AND EQUIPMENT [Abstract]

BANK PREMISES AND EQUIPMENT

4.BANK PREMISES AND EQUIPMENT

Bank premises and equipment as of December 31, 2013 and 2012 are as follows (dollars in thousands):


	2013		2012
Land	$	23,652	$	24,493
Land improvements and buildings		62,329		62,721
Leasehold improvements		5,313		5,290
Furniture and equipment		36,133		37,707
Equipment lease		62		62
Construction in progress		9,323		6,634
Total		136,812		136,907
Less accumulated depreciation and amortization		53,997		51,498
Bank premises and equipment, net	$	82,815	$	85,409

Depreciation expense for 2013, 2012, and 2011 was $6.0 million, $6.6 million, and $6.7 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, 2013 are as follows for the years ending (dollars in thousands):


2014	$	5,380
2015		4,985
2016		4,232
2017		3,967
2018		3,807
Thereafter		10,410
Total of future payments	$	32,781

The leases contain options to extend for periods up to 20 years. Rental expense for the years ended December 31, 2013, 2012, and 2011 totaled $5.7 million, $5.9 million, and $4.9 million, respectively.

- 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 + Details