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Premises and Equipment | 12 Months Ended
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Dec. 31, 2016
Property, Plant and Equipment [Abstract] |
Premises and Equipment | 7. Premises and Equipment The following summarizes premises and equipment at December 31, 2016 and 2015:
|  | 2016 |  |  | 2015 |
Land |  | $ | 7,324 |  |  | $ | 4,726 |
Premises and leasehold improvements |  |  | 48,563 |  |  |  | 37,673 |
Furniture and equipment |  |  | 30,125 |  |  |  | 25,517 |
Construction in process |  |  | 4,014 |  |  |  | 7,017 |
|  |  | 90,026 |  |  |  | 74,933 |
Less: accumulated depreciation |  |  | 40,504 |  |  |  | 35,563 |
Premises and equipment, net |  | $ | 49,522 |  |  | $ | 39,370 |
Depreciation on premises and equipment amounted to $3,215 in 2016, $2,759 in 2015, and $2,659 in 2014. In 2016, the Corporation entered into a contractual commitment to construct a branch facility in Altoona, Pennsylvania at a cost of $2,279. Construction has commenced with $2,229 of construction in process as of December 31, 2016. The project is expected to be completed by the end of the first quarter of 2017. In 2016, the Corporation entered into a contractual commitment to construct a branch facility in Ashtabula, Ohio at a cost of $1,706. Construction has commenced with $1,557 of construction in process as of December 31, 2016. The project is expected to be completed by the end of the first quarter of 2017. The Corporation is committed under nineteen noncancelable operating leases for facilities and ten noncancelable operating leases for vehicles with initial or remaining terms in excess of one year. The minimum annual rental commitments under these leases at December 31, 2016 are as follows:
2017 |  | $ | 1,073 |
2018 |  |  | 804 |
2019 |  |  | 709 |
2020 |  |  | 549 |
2021 |  |  | 487 |
Thereafter |  |  | 3,980 |
|  | $ | 7,602 |
Rental expense, net of rental income, charged to occupancy expense for 2016, 2015, and 2014 was $773, $699, and $736, respectively. In December 2009, the Corporation entered into a sale-leaseback transaction for real estate used in the operations of one of its branch office locations. The lease term is seventeen years, with two automatic renewal terms of five years each. The Corporation sold the property for $1,200 but financed the entire sales amount. Because the buyer/lessor did not make an initial investment on the purchase of the real estate that is adequate to transfer the risks and rewards of ownership, the Corporation deferred the entire gain of $489 associated with this transaction, which is included in accrued interest payable and other liabilities in the accompanying consolidated balance sheet. The gain is being recognized over the term of the loan under the installment method, and the gain recognized was included in other income in the accompanying consolidated statements of income and comprehensive income and totaled $25, $22, and $19 in 2016, 2015, and 2014, respectively. The minimum annual rental commitments under this sale-leaseback transaction at December 31, 2016 are as follows:
2017 |  | $ | 105 |
2018 |  |  | 105 |
2019 |  |  | 105 |
2020 |  |  | 105 |
2021 |  |  | 105 |
Thereafter |  |  | 525 |
|  | $ | 1,050 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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