Bank Premises and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Bank Premises and Equipment

BANK PREMISES AND EQUIPMENT

The components of bank premises and equipment were as follows:

		December 31,
	Expected Useful Life	2014			2013
		(in thousands)
Leasehold improvements	3 to 25 years	$	11,680		$	11,507
Furniture, fixtures and equipment	5 to 10 years	4,504			4,353
IT equipment	3 to 5 years	4,696			3,740
Automobiles	5 to 10 years	174			172
		21,054			19,772
Accumulated depreciation		(10,244		)	(8,147		)
Total		$	10,810		$	11,625

Future minimum rental commitments under non-cancelable leases were as follows:

	December 31, 2014
	(in thousands)
2015	$	3,574
2016	3,475
2017	3,265
2018	3,038
2019	2,549
Subsequent to 2019	5,934
Total minimum payments	$	21,835

Rent expense, which includes reimbursements to the lessor for real estate taxes, was approximately $3.1 million, $2.5 million and $2.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Bancorp’s leases are for land and branch or office space. A majority of the leases provide for the payment of taxes, maintenance, insurance and certain other expenses applicable to the leased premises. Many of the leases contain extension provisions and escalation clauses. These leases are generally renewable and may, in certain cases, contain renewal provisions and options to expand and contract space and terminate the leases at predetermined contractual dates. In addition, escalation clauses may exist, which are tied to a predetermined rate or may change based on a specified percentage increase or the Consumer Price Index.