Premises and Equipment

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Premises and Equipment

Premises and Equipment

The following summarizes the components of premises and equipment at December 31 for the years indicated:

(In Thousands)	Useful Life	2015			2014
Land			$2,600			$2,600
Furniture and equipment	3-7 years	12,641			11,363
Tenant improvements	2-15 years	8,023			8,019
Buildings	39 years	39,233			33,830
Total Premises and Equipment		62,497			55,812
Accumulated depreciation and amortization		(22,280		)	(20,169		)
Total Premises and Equipment, Net			$40,217			$35,643

Depreciation expense and amortization of leasehold improvements was $2.3 million, $1.9 million, and $1.8 million for the years ended December 31, 2015, 2014, and 2013, respectively.

Related Party Transactions: The Company paid a related party $122,000 in January 2015, and $5.4 million, and $1.2 million for the years ending December 31, 2014, and 2013, respectively, for general contracting services related to several construction projects for the Bank.  The transactions which occurred in 2015, 2014, and 2013 between the Bank and the related party, were reviewed and discussed by the Governance and Nominating Committee of the Company’s Board, and were approved by the Company’s Board.