Annual report pursuant to Section 13 and 15(d)

PREMISES AND EQUIPMENT

v3.8.0.1
PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT
 
The Company’s premises and equipment as of December 31, 2017 and 2016 are as follows (dollars in thousands):

 
2017
 
2016
Land
$
29,706

 
$
29,708

Land improvements and buildings
99,199

 
97,341

Leasehold improvements
10,247

 
8,760

Furniture and equipment
59,041

 
54,188

Construction in progress
8,509

 
8,827

Total
206,702

 
198,824

Less accumulated depreciation and amortization
86,721

 
76,797

Bank premises and equipment, net
$
119,981

 
$
122,027


 
Depreciation expense for the years ended December 31, 2017, 2016, and 2015 was $11.2 million, $10.2 million, and $10.8 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, 2017 are as follows for the years ending (dollars in thousands):
2018
$
6,713

2019
5,865

2020
4,912

2021
4,329

2022
2,610

Thereafter
4,625

Total of future payments
$
29,054



The leases contain options to extend for periods up to 20 years. Rental expense for the years ended December 31, 2017, 2016, and 2015 totaled $6.9 million, $7.1 million, and $7.8 million, respectively.