Premises and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

NOTE 7. PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows:


	December 31,
	2014			2013
	(Dollars in Thousands)
Land	$	31,709		$	36,481
Buildings		79,692			69,461
Furniture and equipment		41,472			32,705
Construction in progress		971			2,415

		153,844			141,062
Accumulated depreciation		(56,593	)		(37,874	)

	$	97,251		$	103,188

Estimated costs to complete construction projects in progress were less than $1 million at December 31, 2014 and 2013. Depreciation expense was approximately $6.6 million, $4.8 million and $5.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Leases

The Company has various operating leases with unrelated parties on 16 banking offices and seven mortgage offices. Generally, these leases are on smaller locations with initial lease terms under ten years with up to two renewal options.

Rental expense amounted to approximately $2,189,000, $1,777,000 and $1,708,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum lease commitments under the Company’s operating leases, excluding any renewal options, are summarized as follows:


2015	$	1,629,855
2016		1,464,571
2017		1,211,124
2018		903,479
2019		666,924
Thereafter		485,021

	$	6,360,974

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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