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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 | Premises and Equipment The following summarizes premises and equipment at December 31, 2018 and 2017:
| 2018 |  | 2017
Land | $ | 8,301 |  |  | $ | 8,147 |
Premises and leasehold improvements | 52,810 |  |  | 53,903 |
Furniture and equipment | 27,548 |  |  | 31,238 |
Construction in process | 1,283 |  |  | 71 |
| 89,942 |  |  | 93,359 |
Less: accumulated depreciation | 40,022 |  |  | 42,644 |
Premises and equipment, net | $ | 49,920 |  |  | $ | 50,715 |
Depreciation on premises and equipment amounted to $3,706 in 2018, $3,811 in 2017 and $3,215 in 2016. The Corporation is committed under twenty-eight non-cancelable operating leases for facilities and six non-cancelable operating leases for vehicles and equipment with initial or remaining terms in excess of one year. The minimum annual rental commitments under these leases at December 31, 2018 are as follows:
2019 | $ | 1,514 |
2020 | 1,513 |
2021 | 1,528 |
2022 | 1,567 |
2023 | 1,502 |
Thereafter | 18,538 |
| $ | 26,162 |
Rental expense, net of rental income, charged to occupancy expense for 2018, 2017, and 2016 was $932, $870 and $773, 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 $26, $25 and $25 in 2018, 2017, and 2016, respectively. The minimum annual rental commitments under this sale-leaseback transaction at December 31, 2018 are as follows:
2019 | $ | 105 |
2020 | 105 |
2021 | 105 |
2022 | 105 |
2023 | 105 |
Thereafter | 315 |
| $ | 840 |

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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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