PREMISES AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2018

NOTE 6 – PREMISES AND EQUIPMENT, NET

The following presents a summary of the cost and accumulated depreciation of premises and equipment at December 31 (in thousands):


	2018		2017
Leasehold improvements, including artwork	$	10,026	$	9,666
Equipment and software		6,916		6,562
Gross Premises and equipment		16,942		16,228
Less accumulated depreciation		(10,842)		(9,451)
Premises and equipment, net	$	6,100	$	6,777

Depreciation expense for premises and equipment for the years ended December 31, 2018 and 2017 totaled $1.4 million and $1.7 million.

The Company leases premises under non-cancelable operating leases. The following presents minimum lease payments due pursuant to the leases as of December 31, 2018 for the years indicated (in thousands):


Year	Minimum Payment

2019	$	3,570
2020		3,374
2021		2,815
2022		2,675
2023		2,358
Thereafter		3,446
	$	18,238

The Company's operating lease agreements generally include renewal options for periods ranging from five to seven years. The minimum lease payments due during the option periods are not included above.

Total rent expense for each the years ended December 31, 2018 and 2017 totaled $2.8 million each year and is included in occupancy and equipment expense in the accompanying consolidated statements of income.