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Premises and Equipment

12 Months Ended

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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- 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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