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, 2011

Bank Premises And Equipment [Abstract]

Bank Premises And Equipment

5. BANK PREMISES AND EQUIPMENT

Bank premises and equipment as of December 31, 2011 and 2010 are as follows (dollars in thousands):


	2011		2010
Land	$	25,749	$	24,112
Land improvements and buildings		63,790		62,506
Leasehold improvements		5,206		4,126
Furniture and equipment		37,496		34,724
Equipment lease		62		62
Construction in progress		6,297		8,321

Total		138,600		133,851
Less accumulated depreciation and amortization		48,011		43,171

Bank premises and equipment, net	$	90,589	$	90,680

Depreciation expense for 2011, 2010 and 2009 was $6.7 million, $6.5 million and $5.1 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, 2011 are as follows for the years ending (dollars in thousands):


2012	$	4,445
2013		4,027
2014		3,789
2015		3,443
2016		3,063
Thereafter		14,673

Total of future payments	$	33,440

The leases contain options to extend for periods up to 20 years. Rental expense for years ended December 31, 2011, 2010 and 2009 totaled $4.9 million, $5.2 million and $2.2 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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