Premises and Equipment

12 Months Ended

Dec. 31, 2018

Premises and Equipment [Abstract]

Premises and Equipment

9.Premises and Equipment

The following table presents the components of premises and equipment at December 31, 2018 and 2017:

(in thousands)	2018		2017
Land	$	7,035	$	7,035
Land Improvements		1,343		1,203
Premises		30,848		25,150
Furniture and Equipment		20,702		20,246
Capital Lease		534		534
		60,462		54,168
Less accumulated depreciation		(22,607)		(23,287)
Total	$	37,855	$	30,881

The Corporation recorded depreciation expense of $2.4 million in 2018 and $1.9 million in 2017.

Pursuant to the terms of non-cancelable operating lease agreements for banking and subsidiaries’ offices and for telecommunications equipment in effect at December 31, 2018, future minimum rent commitments under these leases for future years are as follows: (i) $.5 million for 2019; (ii) $.4 million for 2020; (iii) $.4 million for 2021; (iv) .4million for 2022; (v) $.3 million for 2023; and (vi) $1.6 million thereafter. 

Total building and land rental expense amounted to $.5 million in 2018 and 2017.