Premises and Equipment
 12 Months Ended
Dec. 31, 2013
Premises and Equipment [Abstract]  
Premises and Equipment

1.

Premises and Equipment

The composition of premises and equipment at December 31 is as follows:

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

2013

2012

Land

$
7,304 

$
8,725 

Land Improvements

 
1,174 

 
1,168 

Premises

 
25,183 

 
25,247 

Furniture and Equipment

 
17,333 

 
17,380 

Capital Lease

 
534 

 
535 

 

 
51,528 

 
53,055 

Less accumulated depreciation

 
(24,623)

 
(23,600)

Total

$
26,905 

$
29,455 

 

The Corporation recorded depreciation expense of $2.0 million in 2013 and 2012.

 

Pursuant to the terms of noncancelable operating lease agreements for banking and subsidiaries’ offices and for data processing and telecommunications equipment in effect at December 31, 2013, future minimum rent commitments under these leases for future years are as follows:  (i) $3.4 million for 2014; (ii) $2.7 million for 2015; (iii) $2.7 million for 2016; (iv) $2.7 million for 2017; (v) $1.6 million for 2018; and (vi) $5.2 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 2013 and 2012.