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Premises and Equipment

12 Months Ended

Dec. 31, 2018

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,
		2018				2017
		(Dollars in thousands)
Land		$	19,929			$	14,489
Bank premises			73,188				65,215
Furniture and equipment			29,020				25,610
Premises and equipment, gross			122,137				105,314
Accumulated depreciation and amortization			(63,944	)			(59,148	)
Premises and equipment, net		$	58,193			$	46,166

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 2028, at which time the Company can exercise options that could extend certain leases through 2039. 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, 2018, excluding property taxes and insurance, are as follows:

		As of December 31, 2018
Year:		(Dollars in thousands)
2019		$	9,261
2020			5,918
2021			4,077
2022			2,819
2023			1,179
Thereafter			1,707
Total		$	24,961

Total rental expense for the Company was approximately $7.7 million, $5.9 million and $5.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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