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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 table summarizes premises and equipment at December 31.
(Dollars in thousands) | 2018 |  | 2017
Land | $ | 7,825 |  | $ | 7,664
Buildings and improvements | 31,987 |  | 31,154
Leasehold improvements | 3,926 |  | 2,482
Furniture and equipment | 22,998 |  | 22,023
Construction in progress | 1,946 |  | 89
| 68,682 |  | 63,412
Less accumulated depreciation and amortization | 30,481 |  | 28,603
| $ | 38,201 |  | $ | 34,809
Depreciation expense totaled $2,609,000, $2,650,000, and $2,311,000 for the years ended December 31, 2018, 2017 and 2016. During 2016, $5,600,000 of premises and equipment, predominantly furniture and equipment, was identified as retired from active use. The Company recorded a loss of $147,000 in connection with this retirement. At December 31, 2018, bank premises with an estimated fair value of $1,003,000, which were acquired in the Mercersburg acquisition, are designated by management as held for sale and included in other assets on the consolidated balance sheets. The branch locations were closed on February 1, 2019. The Company leases land and building space associated with certain branch offices, remote automated teller machines, and certain equipment under operating lease agreements which expire at various times through 2027. Rent expense charged to operations in connection with these leases totaled $781,000, $639,000 and $601,000 for the years ended December 31, 2018, 2017 and 2016. The following table summarizes minimum rental commitments for years ending December 31 under operating leases with maturities in excess of one year at December 31, 2018.
(Dollars in thousands) |
2019 | $ | 782
2020 | 757
2021 | 578
2022 | 470
2023 | 425
Thereafter | 4,948
| $ | 7,960

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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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