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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2014
PREMISES AND EQUIPMENT [Abstract] |
PREMISES AND EQUIPMENT |
(5) | PREMISES AND EQUIPMENT
Premises and equipment at December 31, 2014 and 2013 are as follows (amounts in thousands):
|  | 2014 |  |  | 2013 |
Land |  | $ | 4,803 |  |  | $ | 4,803 |
Buildings |  |  | 35,067 |  |  |  | 34,379 |
Projects in progress |  |  | 132 |  |  |  | - |
Equipment and furniture |  |  | 40,088 |  |  |  | 34,920 |
Leasehold improvements |  |  | 6,094 |  |  |  | 6,041 |
|  |  | 86,184 |  |  |  | 80,143 |
Less accumulated depreciation and amortization |  |  | 53,897 |  |  |  | 50,104 |
|  | $ | 32,287 |  |  | $ | 30,039 |
Depreciation expense was $3.9 million, $3.2 million and $2.9 million for 2014, 2013 and 2012, respectively. Operating Leases: The Corporation leases certain branch properties under operating leases. Rent Expense was $2.0 million, $1.3 million, and $1.1 million for 2014, 2013, and 2012, respectively. Rent commitments, before considering renewal options that generally are present, were as follows (amounts in thousands):
Year |  | Estimated Expense |
2015 |  | $ | 1,429 |
2016 |  |  | 1,166 |
2017 |  |  | 1,143 |
2018 |  |  | 1,147 |
2019 |  |  | 834 |
2020 and thereafter |  |  | 4,154 |
Total |  | $ | 9,873 |
Capital Leases: The Corporation leases certain buildings under capital leases. The lease arrangements require monthly payments through 2030. The Corporation has included these leases in premises and equipment as follows:
|  | 2014 |  |  | 2013 |
Buildings |  | $ | 3,537 |  |  | $ | - |
Accumulated depreciation |  |  | - |  |  |  | - |
|  | $ | 3,537 |  |  | $ | - |
The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments as of December 31, 2014 (amounts in thousands):
Year |  | Amount |
2015 |  | $ | 234 |
2016 |  |  | 234 |
2017 |  |  | 234 |
2018 |  |  | 234 |
2019 |  |  | 234 |
2020 and thereafter |  |  | 2,644 |
Total minimum lease payments |  |  | 3,814 |
Less amount representing interest |  |  | 838 |
Present value of net minimum lease payments |  | $ | 2,976 |

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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 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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