Premises and Equipment

12 Months Ended

Dec. 31, 2015

10.Premises and Equipment

The following table presents the components of premises and equipment at December 31, 2015 and 2014:



(in thousands)	2015		2014
Land	$	7,304	$	7,304
Land Improvements		1,210		1,210
Premises		25,272		25,112
Furniture and Equipment		16,824		16,343
Capital Lease		534		534
		51,144		50,503
Less accumulated depreciation		(25,946)		(24,874)
Total	$	25,198	$	25,629

The Corporation recorded depreciation expense of $1.8 million in 2015 and $1.9 million in 2014.

Pursuant to the terms of non-cancelable operating lease agreements for banking and subsidiaries’ offices and for data processing and telecommunications equipment in effect at December 31, 2015, future minimum rent commitments under these leases for future years are as follows: (i) $.8 million for 2016; (ii) $.7 million for 2017; (iii) $.7 million for 2018; (iv) $.5 million for 2019; (v) $.4 million for 2020; and (vi) $4.3 million thereafter. The leases contain options to extend for periods from one to five years, which are not included in the aforementioned amounts.

Total building and land rental expense amounted to $.5 million in 2015 and 2014.