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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2017
Property, Plant and Equipment [Abstract] |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Premises and equipment at December 31, 2017 and 2016 are as follows (in thousands):
|  | 2017 |  | 2016
Land |  | $ | 4,803 |  |  | $ | 4,803 |
Buildings |  | 41,045 |  |  | 40,831 |
Projects in progress |  | 357 |  |  | — |
Equipment and furniture |  | 37,545 |  |  | 37,072 |
Leasehold improvements |  | 5,465 |  |  | 5,445 |
|  | 89,215 |  |  | 88,151 |
Less accumulated depreciation and amortization |  | 62,558 |  |  | 59,228 |
Net book value |  | $ | 26,657 |  |  | $ | 28,923 |
Depreciation expense was $3.7 million, $4.2 million and $4.0 million for 2017, 2016, and 2015, respectively. Operating Leases The Corporation leases certain branch properties under operating leases. Rent expense was $1.2 million, $1.2 million and $1.3 million for the years ended December 31, 2017, 2016 and 2015, respectively. Rent commitments, before considering renewal options that generally are present, were as follows (in thousands):
Year |  | Estimated Expense
2018 |  | $ | 1,121 |
2019 |  | 902 |
2020 |  | 737 |
2021 |  | 732 |
2022 |  | 732 |
2023 and thereafter |  | 4,369 |
Total |  | $ | 8,593 |
Capital Leases The Corporation leases certain buildings under capital leases. The lease arrangements require monthly payments through 2036. The Corporation has included these leases in premises and equipment as follows:
|  | 2017 |  | 2016
Buildings |  | $ | 5,572 |  |  | $ | 5,572 |
Accumulated depreciation |  | (874 | ) |  | (540 | )
Net book value |  | $ | 4,698 |  |  | $ | 5,032 |
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, 2017 (in thousands):
Year |  | Amount
2018 |  | $ | 367 |
2019 |  | 367 |
2020 |  | 376 |
2021 |  | 388 |
2022 |  | 391 |
2023 and thereafter |  | 4,031 |
Total minimum lease payments |  | 5,920 |
Less amount representing interest |  | 1,403 |
Present value of net minimum lease payments |  | $ | 4,517 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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