Premises and equipment, net

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

7. Premises and equipment, net:

Premises and equipment at December 31, 2014 and 2013 are summarized as follows:


December 31	2014		2013
Land	$	5,309	$	5,309
Premises and leasehold improvements		30,046		34,177
Furniture, fixtures and equipment		9,470		22,975

		44,825		62,461
Less: accumulated depreciation		19,392		36,342

	$	25,433	$	26,119

Depreciation and amortization included to noninterest expense amounted to $1,671, $924, and $855 in 2014, 2013 and 2012, respectively.

Pursuant to the terms of non-cancelable lease agreements in effect at December 31, 2014, pertaining to banking premises and equipment, future minimum annual rent commitments under various operating leases are summarized as follows:


2015	$	312
2016		264
2017		211
2018		129
2019		96
Thereafter		388

	$	1,400

The leases contain options to extend for periods from one to ten years. The cost of such options is not included in the annual rental commitments. Rent expense for the years ended December 31, 2014, 2013 and 2012 amounted to $343, $216 and $103, respectively.

- 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.

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