FIXED ASSETS

A summary of fixed assets at December 31, 2016 and 2015, is as follows:



	December 31,
(in thousands)	2016		2015
Land	$	3,103	$	3,103
Buildings and leasehold improvements	18,054		17,837
Furniture, fixtures and equipment	6,136		4,892
Capitalized software	1,305		1,030
	28,598		26,862
Less accumulated depreciation and amortization	13,688		12,020
Total fixed assets	$	14,910	$	14,842

Depreciation and amortization of fixed assets included in noninterest expense amounted to $2.4 million, $2.0 million, and $2.2 million in 2016, 2015, and 2014, respectively.

The Company has facilities leased under agreements that expire in various years through 2028. The Company's rent expense totaled $3.1 million, $3.1 million, and $2.9 million in 2016, 2015, and 2014, respectively. Sublease rental income was $0.1 million, $0.1 million, and $0.2 million for 2016, 2015, and 2014, respectively. For leases which renew or are subject to periodic rental adjustments, the monthly rental payments will be adjusted based on current market conditions and rates of inflation.

The future aggregate minimum rental commitments (in thousands) required under the leases are shown below:



Year	Amount
2017	$	2,797
2018	2,684
2019	2,676
2020	2,637
2021	2,642
Thereafter	6,667
Total	$	20,103

The Company has recorded a liability and corresponding expense for the difference between the net present value of future lease payments and its estimated sublease income on certain vacant branches. As of December 31, 2016, this liability was $1.1 million. The Company recorded expense for the estimated net lease liability of $0.5 million, $0.1 million, and $0.4 million in 2016, 2015, and 2014, respectively. The expense is recorded within other noninterest expense.