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LAND, PREMISES AND EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
LAND, PREMISES AND EQUIPMENT, NET | NOTE 6 – LAND, PREMISES AND EQUIPMENT, NET Land, premises and equipment and related accumulated depreciation were as follows at December 31, 2018 and 2017:
(dollars in thousands) | 2018 |  | 2017
Land | $16,649 |  | $16,172
Premises | 44,717 |  | 41,694
Equipment | 36,111 |  | 34,349
Total cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 97,477 |  | 92,215
Less accumulated depreciation | 39,380 |  | 35,749
Land, premises and equipment, net | $58,097 |  | $56,466
The Company had land, premises and equipment of $100,000 and $0 held for sale and included in other assets as of December 31, 2018 and 2017, respectively. We rent certain premises and equipment under operating leases, which expire at various dates. Many of these leases require the payment of property taxes, insurance premiums, maintenance, and other costs. In some cases, rentals are subject to increase in relation to a cost-of-living index. The leases have original terms ranging from less than one year to 14 years. Rent expense was $479,000 in 2018, $412,000 in 2017, and $377,000 in 2016. The following is a summary of future minimum lease commitments as of December 31, 2018:
(dollars in thousands) | 2018
2019 | $553
2020 | 571
2021 | 582
2022 | 595
2023 | 511
Thereafter | 2,792
Total | $5,604

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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 + Details
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