Premises And Equipment

12 Months Ended

Dec. 31, 2011

7. Premises and Equipment

The major categories of premises and equipment and accumulated depreciation are summarized as follows:


December 31 (In thousands)	2011			2010
Land	$	18,151		$	23,827
Buildings		69,690			78,185
Equipment, furniture and fixtures		59,037			61,086
Leasehold improvements		4,283			6,031
Total	$	151,161		$	169,129
Less accumulated depreciation		(97,420	)		(99,562	)
Premises and Equipment, Net	$	53,741		$	69,567

Depreciation expense amounted to $7.6 million, $7.1 million and $7.5 million for the years ended December 31, 2011, 2010 and 2009, respectively.

The Corporation leases certain premises and equipment accounted for as operating leases. The following is a schedule of the future minimum rental payments required for the next five years under such leases with initial terms in excess of one year:


(In thousands)
2012	$	1,448
2013		1,104
2014		910
2015		714
2016		457
Thereafter		961
Total	$	5,594

Included in the operating lease schedule above is $101,000 of future rental payments associated with Vision operating leases covering future rental payments through February 29, 2012. Operating lease payments subsequent to February 29, 2012 have not been considered as the branch offices of Vision are to be acquired by Centennial in the first quarter of 2012.

Rent expense for Park was $2.4 million, $2.6 million and $2.8 million, for the years ended December 31, 2011, 2010 and 2009, respectively. Rent expense for Vision Bank was $687,000, $732,000 and $775,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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