SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
89
5.
PREMISES AND EQUIPMENT
Premises and equipment at cost consisted of the following (dollars in thousands):
2014
2013
Land
$ 3,019
$ 2,607
Buildings and improvements
16,348
15,818
Furniture, fixtures and equipment
18,397
17,829
Leasehold improvements
10,850
10,536
48,614
46,790
Less accumulated depreciation and amortization
26,808
26,402
Construction in progress
47
5
$ 21,853
$ 20,393
December 31,
Depreciation and amortization included in occupancy and equipment expense totaled $2,107,000,
$2,119,000, and $2,289,000, for the years ended December 31, 2014, 2013 and 2012, respectively.
Operating Leases
The Company leases certain of its branch properties under non-cancelable operating leases. Rental
expense included in occupancy and equipment expense totaled $1,017,000, $1,001,000 and $1,011,000
and for the years ended December 31, 2014, 2013 and 2012, respectively.
Rent commitments, before considering renewal options that generally are present, were as follows:
Year Ending December 31,
2015
1,143,000
$
2016
1,095,000
2017
1,004,000
2018
751,000
2019
748,000
Thereafter
3,088,000
7,829,000
$
The Company has options to renew its branch facilities after the initial leases expire. The renewal options
range from one to ten years and are not included in the payments reflected above.
