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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 | 4. PREMISES AND EQUIPMENT The following table presents premises and equipment as of December 31,
(In thousands) |  | 2018 |  |  | 2017 |
Land and land improvements |  | $ | 6,243 |  |  | $ | 6,235 |
Buildings |  |  | 12,653 |  |  |  | 12,589 |
Furniture and equipment |  |  | 20,644 |  |  |  | 19,553 |
Leasehold improvements |  |  | 11,943 |  |  |  | 11,819 |
Projects in progress |  |  | 145 |  |  |  | 329 |
Capital lease asset |  |  | 11,237 |  |  |  | 11,237 |
|  |  | 62,865 |  |  |  | 61,762 |
Less: accumulated depreciation |  |  | 35,457 |  |  |  | 32,286 |
Total |  | $ | 27,408 |  |  | $ | 29,476 |
The Company has included leases in premises and equipment as follows:
(In thousands) |  | 2018 |  |  | 2017 |
Land and buildings |  | $ | 11,237 |  |  | $ | 11,237 |
Less: accumulated depreciation |  |  | 5,411 |  |  |  | 4,663 |
Total |  | $ | 5,826 |  |  | $ | 6,574 |
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 $3.1 million, $3.3 million and $3.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company leases its corporate headquarters building under a capital lease. The lease arrangement requires monthly payments through 2025. Related depreciation expense of $607 thousand is included in each of the 2018, 2017 and 2016 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 Company had a deferred gain remaining on its sale-leaseback transaction of $490 thousand at December 31, 2018. The deferred gain was removed as a cumulative-effect adjustment upon adoption of the new accounting guidance in topic 842 effective January 1, 2019. Related depreciation expense and accumulated depreciation of $141 thousand is included in each of the 2018, 2017 and 2016 results. The following is a schedule by year of future minimum lease payments under capital leases, together with the present value of net minimum lease payments as of December 31, 2018:
(In thousands) |  |  |  |
2019 |  | $ | 1,146 |
2020 |  |  | 1,195 |
2021 |  |  | 1,233 |
2022 |  |  | 1,391 |
2023 |  |  | 1,456 |
Thereafter |  |  | 3,739 |
Total minimum lease payments |  |  | 10,160 |
Less: amount representing interest |  |  | 1,798 |
Present value of net minimum lease payments |  | $ | 8,362 |

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- References No definition available. + Details
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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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