Annual report pursuant to Section 13 and 15(d)

PREMISES AND EQUIPMENT

v3.3.1.900
PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT
NOTE 6.
PREMISES AND EQUIPMENT
 
Premises and equipment are summarized as follows:
 
 
 
December 31,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
Land and building
 
$
13,293
 
$
1,733
 
Furniture and equipment
 
 
12,102
 
 
10,240
 
Leasehold improvements
 
 
6,042
 
 
5,748
 
Construction in progress
 
 
982
 
 
-
 
 
 
 
32,419
 
 
17,721
 
Accumulated depreciation
 
 
(12,985)
 
 
(9,906)
 
 
 
$
19,434
 
$
7,815
 
 
Increases in land and building during 2015 are the result of bank properties from the acquisition of Metro and acquisition by the bank of property for the construction of a new headquarters building in Birmingham, Alabama. The new headquarters building will consist of approximately 97,500 square feet and will house the main office and all sales and operations staff currently housed in the Company’s current headquarters.
 
The provisions for depreciation charged to occupancy and equipment expense for the years ended December 31, 2015, 2014 and 2013 were $2,219,000, $1,838,000 and $1,841,000, respectively.
 
The Company leases land and building space under non-cancellable operating leases. Future minimum lease payments under non-cancellable operating leases at December 31, 2015 are summarized as follows:
 
 
 
(In Thousands)
 
2016
 
$
3,304
 
2017
 
 
3,014
 
2018
 
 
2,775
 
2019
 
 
2,273
 
2020
 
 
1,631
 
Thereafter
 
 
3,408
 
 
 
$
16,405
 
 
For the years ended December 31, 2015, 2014 and 2013, annual rental expense on operating leases was $2,919,000, $2,674,000 and $2,488,000, respectively.