Premises and Equipment

12 Months Ended

Dec. 31, 2017

NOTE 6, Premises and Equipment

Premises and equipment consisted of the following at December 31:

	2017		2016
	(in thousands)
Land	$	7,663	$	7,663
Buildings		37,944		37,890
Construction in process		137		43
Leasehold improvements		861		852
Furniture, fixtures and equipment		19,675		19,220
		66,280		65,668
Less accumulated depreciation and amortization		29,083		26,344
	$	37,197	$	39,324

Depreciation expense for the years ended December 31, 2017, 2016, and 2015 amounted to $2.7 million, $2.7 million, and $2.5 million, respectively.

The Company has noncancellable leases on premises and equipment expiring at various dates, not including extensions, to the year 2020. Certain leases provide for increased annual payments based on increases in real estate taxes and the Consumer Price Index.

The total approximate minimum rental commitment at December 31, 2017 under noncancellable leases is $413 thousand which is due as follows (in thousands):

2018	$	178
2019		156
2020		79
Total	$	413

The aggregate rental expense of premises and equipment was $345 thousand,$239 thousand, and $270 thousand for December 31, 2017, 2016, and 2015, respectively.