FIXED ASSETS

A summary of fixed assets at December 31, 2018 and 2017, is as follows:



	December 31,
(in thousands)	2018		2017
Land	$	8,559	$	7,263
Buildings and leasehold improvements	32,456		32,384
Furniture, fixtures and equipment	9,850		8,272
Capitalized software	1,305		1,305
	52,170		49,224
Less accumulated depreciation and amortization	20,061		16,606
Total fixed assets	$	32,109	$	32,618

Depreciation and amortization of fixed assets included in noninterest expense amounted to $3.5 million, $3.3 million, and $2.4 million in 2018, 2017, and 2016, respectively.

The Company has facilities leased under agreements that expire in various years through 2030. The Company’s rent expense totaled $3.6 million, $3.3 million, and $3.1 million in 2018, 2017, and 2016, respectively. Sublease rental income was insignificant in both 2018 and 2017, and $0.1 million for 2016. For leases which renew or are subject to periodic rental adjustments, the monthly rental payments will be adjusted based on current market conditions and rates of inflation.

The future aggregate minimum rental commitments (in thousands) required under the Company’s equipment and facilities leases are shown below:



Year	Amount
2019	$	3,312
2020	3,292
2021	3,297
2022	2,709
2023	2,106
Thereafter	3,143
Total	$	17,859

The Company has recorded a liability and corresponding expense for the difference between the net present value of future lease payments and its estimated sublease income on certain vacant branches. As of December 31, 2018, this liability was immaterial. The Company recorded expense for the estimated net lease liability of $0.0 million, $0.4 million, and $0.5 million in 2018, 2017, and 2016, respectively. The expense is recorded within other noninterest expense.