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Premises and Equipment | 12 Months Ended
--- | ---
Dec. 31, 2017
Property, Plant and Equipment [Abstract] |
Premises and Equipment |
10. | PREMISES AND EQUIPMENT
Premises and equipment were comprised of the following for the periods presented.
|  | As of December 31, |
|  | 2017 |  |  | 2016 |
|  | (Dollars in thousands) |
Land |  | $ | 14,489 |  |  | $ | 13,119 |
Bank premises |  |  | 65,215 |  |  |  | 62,154 |
Furniture and equipment |  |  | 25,610 |  |  |  | 28,759 |
Premises and equipment, gross |  |  | 105,314 |  |  |  | 104,032 |
Accumulated depreciation and amortization |  |  | (59,148) |  |  |  | (61,946) |
Premises and equipment, net |  | $ | 46,166 |  |  | $ | 42,086 |
In 2016, a decision was made to relocate our operations and technology center to a new location to allow for future growth. A new location was identified and acquired in 2016 with a plan of relocation in the second quarter of 2017. In conjunction with the purchase of this new building, management pursued a plan to sell the existing building. In accordance with GAAP, this building was transferred from our long-lived asset portfolio to held-for-sale which resulted in an impairment loss of $2.6 million for the year ended December 31, 2016. At December 31, 2016, the fair value, net of selling costs, of this held-for-sale asset was $3.4 million. This asset was sold in the third quarter of 2017, which resulted in a net gain of $542,000. 2017 also included a $2.9 million net gain from an eminent domain condemnation of one of our banking center buildings that had a net book value of $450,000 at the time of the condemnation. Leases The Company leases land and buildings under operating leases for varying periods extending to 2026, at which time the Company can exercise options that could extend certain leases through 2036. The future minimum annual rental payments required for leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2017, excluding property taxes and insurance, are as follows:
|  | As of December 31, 2017 |
Year: |  | (Dollars in thousands) |
2018 |  | $ | 4,958 |
2019 |  |  | 3,307 |
2020 |  |  | 1,758 |
2021 |  |  | 1,204 |
2022 |  |  | 971 |
Thereafter |  |  | 299 |
Total |  | $ | 12,497 |
Total rental expense for the Company was approximately $5.9 million, $5.6 million and $5.5 million for the years ended December 31, 2017, 2016 and 2015, respectively.

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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