XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.8.0.1

PREMISES AND EQUIPMENT | 12 Months Ended
--- | ---
Dec. 31, 2017
Property, Plant and Equipment [Abstract] |
PREMISES AND EQUIPMENT | 4. PREMISES AND EQUIPMENT The following table presents premises and equipment as of December 31,
(In thousands) |  | 2017 |  |  | 2016 |
Land and land improvements |  | $ | 6,235 |  |  | $ | 6,160 |
Buildings |  |  | 12,589 |  |  |  | 11,982 |
Furniture and equipment |  |  | 19,553 |  |  |  | 17,572 |
Leasehold improvements |  |  | 11,819 |  |  |  | 11,138 |
Projects in progress |  |  | 329 |  |  |  | 1,415 |
Capital lease asset |  |  | 11,237 |  |  |  | 11,237 |
|  |  | 61,762 |  |  |  | 59,504 |
Less: accumulated depreciation |  |  | 32,286 |  |  |  | 29,133 |
Total |  | $ | 29,476 |  |  | $ | 30,371 |
The Company has included leases in premises and equipment as follows:
(In thousands) |  | 2017 |  |  | 2016 |
Land and buildings |  | $ | 11,237 |  |  | $ | 11,237 |
Less: accumulated depreciation |  |  | 4,663 |  |  |  | 3,915 |
Total |  | $ | 6,574 |  |  | $ | 7,322 |
Projects in progress represents costs associated with renovations to the Company’s headquarters in addition to smaller renovation or equipment installation projects at other locations. The Company recorded depreciation expense of $3.3 million, $3.1 million and $3.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. The Company leases its corporate headquarters building under a capital lease and in 2014, leased additional space in the building. The lease arrangement requires monthly payments through 2025. Related depreciation expense of $607 thousand is included in each of the 2017, 2016 and 2015 results. The Company also leases its Gladstone branch after completing a sale-leaseback transaction involving the property in 2011. The lease arrangement requires monthly payments through 2031. The gain on the sale of $764 thousand was deferred and will be accreted to income over the life of the lease. Related depreciation expense and accumulated depreciation of $141 thousand is included in each of the 2017, 2016 and 2015 results. The following is a schedule by year of future minimum lease payments under capitalized leases, together with the present value of net minimum lease payments as of December 31, 2017:
(In thousands) |  |  |
2018 |  | $ | 1,127 |
2019 |  |  | 1,146 |
2020 |  |  | 1,195 |
2021 |  |  | 1,233 |
2022 |  |  | 1,391 |
Thereafter |  |  | 5,196 |
Total minimum lease payments |  |  | 11,288 |
Less: amount representing interest |  |  | 2,216 |
Present value of net minimum lease payments |  | $ | 9,072 |
In the fourth quarter of 2015, the Company closed two retail branch offices. As a result of the closures, the Company recorded additional expense of $2.5 million, which includes accelerated depreciation of $723 thousand. The acceleration of depreciation expense is included with premises and equipment expense and lease related expenses are included with other operating expense on the Consolidated Statements of Income.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration