LAND, PREMISES AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

NOTE 6 – LAND, PREMISES AND EQUIPMENT, NET

Land, premises and equipment and related accumulated depreciation were as follows at December 31, 2017 and 2016:

(dollars in thousands)	2017	2016
Land	$16,172	$14,799
Premises	41,694	39,722
Equipment	34,349	29,274
Total cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	92,215	83,795
Less accumulated depreciation	35,749	31,703
Land, premises and equipment, net	$56,466	$52,092

We rent certain premises and equipment under operating leases, which expire at various dates. Many of these leases require the payment of property taxes, insurance premiums, maintenance, and other costs. In some cases, rentals are subject to increase in relation to a cost-of-living index. The leases have original terms ranging from less than one year to 14 years.

Rent expense was $412,000 in 2017, $377,000 in 2016, and $313,000 in 2015. The following is a summary of future minimum lease commitments as of December 31, 2017:

(dollars in thousands)	2017
2018	$427
2019	438
2020	464
2021	473
2022	485
Thereafter	2,864
Total	$5,151