Annual report pursuant to Section 13 and 15(d)

PREMISES AND EQUIPMENT

v3.3.1.900
PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2015
PREMISES AND EQUIPMENT [Abstract]  
PREMISES AND EQUIPMENT

5.PREMISES AND EQUIPMENT

 

The Company’s premises and equipment as of December 31, 2015 and 2014 are as follows (dollars in thousands):

 

 

 

 

 

 

 

 

2015

 

2014

Land

$

 29,839 

 

$

 31,072 

Land improvements and buildings

 

 96,943 

 

 

 98,259 

Leasehold improvements

 

 8,313 

 

 

 7,950 

Furniture and equipment

 

 49,914 

 

 

 47,350 

Construction in progress

 

 9,030 

 

 

 9,385 

Total

 

 194,039 

 

 

 194,016 

Less accumulated depreciation and amortization

 

 68,011 

 

 

 58,769 

Bank premises and equipment, net

$

 126,028 

 

$

 135,247 

 

 

Depreciation expense for 2015, 2014, and 2013 was $10.8 million, $10.7 million, and $6.0 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, 2015 are as follows for the years ending (dollars in thousands):

 

 

 

 

 

2016

$

 7,091 

2017

 

 6,715 

2018

 

 6,454 

2019

 

 5,703 

2020

 

 4,471 

 Thereafter

 

 10,887 

Total of future payments

$

 41,321 

 

The leases contain options to extend for periods up to 20 years.  Rental expense for the years ended December 31, 2015, 2014, and 2013 totaled $7.8 million, $8.1 million, and $5.7 million, respectively.