Premises and Equipment

12 Months Ended

Dec. 31, 2016

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	2016			2015
Land			$2,596			$2,600
Furniture and equipment	3-7 years	14,912			12,641
Tenant improvements	2-15 years	8,325			8,023
Buildings	39 years	37,683			39,233
Total Premises and Equipment		63,516			62,497
Accumulated depreciation and amortization		(24,198		)	(22,280		)
Total Premises and Equipment, Net			$39,318			$40,217

Depreciation expense and amortization of leasehold improvements was $2.4 million, $2.3 million, and $1.9 million for the years ended December 31, 2016, 2015, and 2014, respectively.

Related Party Transactions: The Company made no payments to related parties in the year ended December 31, 2016. The Company paid a related party $122,000 in January 2015, and $5.4 million for the year ending December 31, 2014, for general contracting services related to several construction projects for the Bank.  The transactions which occurred in 2015 and 2014 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.