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, 2014

BANK PREMISES AND EQUIPMENT [Abstract]

BANK PREMISES AND EQUIPMENT

5.BANK PREMISES AND EQUIPMENT

Bank premises and equipment as of December 31, 2014 and 2013 are as follows (dollars in thousands):


	2014		2013
Land	$	31,072	$	23,652
Land improvements and buildings		98,259		62,329
Leasehold improvements		7,950		5,313
Furniture and equipment		47,350		36,133
Equipment lease		-		62
Construction in progress		9,385		9,323
Total		194,016		136,812
Less accumulated depreciation and amortization		58,769		53,997
Bank premises and equipment, net	$	135,247	$	82,815

Depreciation expense for 2014, 2013, and 2012 was $10.7 million, $6.0 million, and $6.6 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, 2014 are as follows for the years ending (dollars in thousands):


2015	$	7,711
2016		6,962
2017		6,659
2018		6,142
2019		5,324
Thereafter		12,528
Total of future payments	$	45,326

The leases contain options to extend for periods up to 20 years. Rental expense for the years ended December 31, 2014, 2013, and 2012 totaled $8.1 million, $5.7 million, and $5.9 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