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SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
91
5.
PREMISES AND EQUIPMENT
Premises and equipment at cost consisted of the following (dollars in thousands):
2015
2014
Land
$ 3,019
$ 3,019
Buildings and improvements
16,398
16,348
Furniture, fixtures and equipment
18,166
18,397
Leasehold improvements
11,049
10,850
48,632
48,614
Less accumulated depreciation and amortization
26,826
26,808
Construction in progress
184
47
$ 21,990
$ 21,853
December 31,
Depreciation and amortization included in occupancy and equipment expense totaled $2,272,000,
$2,107,000, and $2,119,000, for the years ended December 31, 2015, 2014, and 2013, 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 $1,256,000, $1,017,000, and $1,001,000 and for the
years ended December 31, 2015, 2014, and 2013, respectively.
Rent commitments, before considering renewal options that generally are present, were as follows:
Year Ending December 31,
2016
1,190,000
$
2017
1,141,000
2018
1,044,000
2019
790,000
2020
787,000
Thereafter
3,207,000
8,159,000
$
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.