Premises And Equipment

12 Months Ended

Dec. 31, 2014

Note 7. Premises and Equipment

Premises and equipment consist of:



		December 31
(Dollars in thousands)	Estimated Life	2014		2013
Land		$	3,000	$	3,033
Buildings and leasehold improvements	15 - 30 years, or lease term		23,342		23,488
Furniture, fixtures and equipment	3 - 10 years		11,341		14,202
Total cost			37,683		40,723
Less: Accumulated depreciation			(22,637)		(24,578)
Net premises and equipment		$	15,046	$	16,145

The following table shows the amount of depreciation and rental expense for the years ended December 31:



	2014		2013		2012
Depreciation expense	$	1,360	$	1,419	$	1,301
Rent expense on leases	$	671	$	673	$	472

The Corporation leases various premises and equipment for use in banking operations. Some of these leases provide renewal options of varying terms. The rental cost of these optional renewals is not included below. At December 31, 2014, future minimum payments on these leases are as follows:



(Dollars in thousands)
2015	$	713
2016		548
2017		520
2018		525
2019		499
2020 and beyond		4,997
	$	7,802

- 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.

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