Premises and Equipment

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Premises and Equipment

8. PREMISES AND EQUIPMENT

Land, office buildings, leasehold improvements and furniture and equipment, at cost, are summarized by major classifications:

December 31,	2015		2014
(In Thousands)
Land	$	2,325	$	2,052
Buildings		6,878		4,791
Leasehold improvements		37,123		35,925
Furniture and equipment		31,824		24,644
		78,150		67,412
Less:
Accumulated depreciation		38,581		32,338
	$	39,569	$	35,074

Depreciation expense is computed on a straight-line basis over the estimated useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life, whichever is shorter. In general, computer equipment, furniture and equipment and building renovations are expensed over three, five and ten years, respectively.

We occupy certain premises including some with renewal options and operate certain equipment under noncancelable leases with terms ranging primarily from 1 to 25 years. These leases are accounted for as operating leases. Accordingly, lease costs are expensed as incurred in accordance with FASB ASC 840-20 Operating Leases. Rent expense was $9.9 million in 2015, $9.5 million in 2014 and $9.1 million in 2013. Future minimum cash payments under these leases at December 31, 2015 are as follows:

(In Thousands)
2016	$	9,178
2017		8,971
2018		8,931
2019		8,923
2020		8,968
Thereafter		158,050
Total future minimum lease payments	$	203,021