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PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Premises and equipment at December 31, 2015 and 2014 are as follows (in thousands):



	2015		2014
Land	$	4,803	$	4,803
Buildings	38,660		38,604
Projects in progress	167		132
Equipment and furniture	35,734		36,551
Leasehold improvements	5,759		6,094
	85,123		86,184
Less accumulated depreciation and amortization	55,726		53,897
Net book value	$	29,397	$	32,287

Rent Commitments, before Considering Renewal Options

Rent commitments, before considering renewal options that generally are present, were as follows (in thousands):



Year	Estimated Expense
2016	$	1,166
2017	1,143
2018	1,143
2019	830
2020	559
2021 and thereafter	3,590
Total	$	8,431

Schedule of Capital Leased Assets

The Corporation has included these leases in premises and equipment as follows:



	2015			2014
Buildings	$	3,537		$	3,537
Accumulated depreciation	(232		)	—
Net book value	$	3,305		$	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, 2015 (in thousands):



Year	Amount
2016	$	234
2017	234
2018	234
2019	234
2020	234
2021 and thereafter	2,407
Total minimum lease payments	3,577
Less amount representing interest	704
Present value of net minimum lease payments	$	2,873

- 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.

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