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Premises and Equipment | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
Premises and Equipment | Note 6 - Premises and Equipment Premises and equipment are summarized as follows:
|  | Estimated Useful Life (Years) |  | 2018 |  |  | 2017 |
|  | (dollars in thousands)
Land |  | - |  | $ | 2,403 |  |  | $ | 2,403 |
Buildings |  | 10-25 |  |  | 15,277 |  |  |  | 16,092 |
Furniture, fixtures and equipment |  | 3-7 |  |  | 29,991 |  |  |  | 30,077 |
Leasehold improvements |  | 10-20 |  |  | 14,076 |  |  |  | 13,775 |
Subtotal |  |  |  |  | 61,747 |  |  |  | 62,347 |
Less: accumulated depreciation and amortization |  |  |  |  | 42,218 |  |  |  | 40,154 |
Subtotal |  |  |  |  | 19,529 |  |  |  | 22,193 |
Less: fair value adjustment for acquired leases |  |  |  |  | 467 |  |  |  | 534 |
Total premises and equipment, net |  |  |  | $ | 19,062 |  |  | $ | 21,659 |
Depreciation and amortization expense of premises and equipment was $3.1 million, $3.2 million and $2.7 million for 2018, 2017 and 2016, respectively. Capital Leases: As a result of the Merger, the Company acquired a lease agreement for a building under a capital lease. The lease arrangement requires monthly payments through 2028. The Company has included this lease in premises and equipment as follows:
|  | 2018 |  |  | 2017 |
|  | (dollars in thousands) |
Capital Lease |  | $ | 3,408 |  |  | $ | 3,408 |
Less: accumulated amortization |  |  | 1,696 |  |  |  | 1,526 |
|  | $ | 1,712 |  |  | $ | 1,882 |
The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments at December 31, 2018 (dollars in thousands):
2019 |  | $ | 321 |
2020 |  |  | 321 |
2021 |  |  | 321 |
2022 |  |  | 321 |
2023 |  |  | 323 |
Thereafter |  |  | 1,734 |
Total minimum lease payments |  |  | 3,341 |
Less amount representing interest |  |  | 845 |
Present value of net minimum lease payments |  | $ | 2,496 |
Operating Leases: Occupancy and equipment expense includes rentals for premises and equipment of $2.3 million in 2018, $2.3 million in 2017 and $2.5 million in 2016. At December 31, 2018, the Company was obligated under a number of non-cancelable leases for premises and equipment, many of which provide for increased rental payments based upon increases in real estate taxes and the cost of living index. These leases, most of which have renewal provisions, are principally operating leases. Future minimum lease payments under these leases are as follows (dollars in thousand):
2019 |  | $ | 2,919 |
2020 |  |  | 2,605 |
2021 |  |  | 2,227 |
2022 |  |  | 1,853 |
2023 |  |  | 1,748 |
Thereafter |  |  | 4,072 |

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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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