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PREMISES AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2014
PREMISES AND EQUIPMENT [Abstract] |
Schedule of 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 |
Rent Commitments, before Considering Renewal Options | 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 |
Schedule of Capital Leased Assets | The Corporation has included these leases in premises and equipment as follows:
|  | 2014 |  |  | 2013 |
Buildings |  | $ | 3,537 |  |  | $ | - |
Accumulated depreciation |  |  | - |  |  |  | - |
|  | $ | 3,537 |  |  | $ | - |
Schedule of Future Minimum Lease Payments for Capital Leases | 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 Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + 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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 + Details
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- Definition Tabular disclosure of long-lived, depreciable assets that are subject to a lease meeting the criteria for capitalization and are used in the normal conduct of business to produce goods and services. Examples may include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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