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Premises and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Premises and Equipment

Note 5 - Premises and Equipment

Premises and equipment include the following at December 31:

(dollars in thousands)		2017			2016
Leasehold improvements		$	31,451		$	29,207
Furniture and equipment		29,667			26,994
Less accumulated depreciation and amortization		(40,127		)	(35,540		)
Total premises and equipment, net		$	20,991		$	20,661

Total depreciation and amortization expense for the years ended December 31, 2017, 2016 and 2015, was $5.4 million, $5.0 million and $6.1 million, respectively.

The Company leases banking and office space in 30 locations under non-cancelable lease arrangements accounted for as operating leases. The initial lease periods range from five to ten years and provide for one or more five year renewal options. The leases in some cases provide for scheduled annual rent escalations and require that the Bank (lessee) pay certain operating expenses applicable to the leased space. Rent expense applicable to operating leases amounted to $8.5 million for each year 2017, 2016, and 2015, as the company has completed some consolidation and “right-sizing” of its banking offices network. The Company subleased four leased premises during 2017, four leased premises during 2016, and six leased premises during 2015. The Company recorded $455 thousand, $579 thousand, and $435 thousand of sublease income as a reduction of rent expense during 2017, 2016, and 2015, respectively.

At December 31, 2017, future minimum lease payments under non-cancelable operating leases having an initial term in excess of one year are as follows:

Years ending December 31:
(dollars in thousands)		Amount
2018		$	7,604
2019		7,339
2020		6,859
2021		6,060
2022		4,716
Thereafter		12,138
Total minimum lease payments		$	44,716

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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