Atlantic Union Bankshares Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

5. PREMISES AND EQUIPMENT

Amounts presented as of and for the years ended December 31, 2019 and 2018 exclude discontinued operations. Refer to Note 19 "Segment Reporting & Discontinued Operations" in Item 8 "Financial Statements and Supplementary Data" of this Form 10-K for further discussion regarding discontinued operations.

The Company’s premises and equipment as of December 31, 2020 and 2019 are as follows (dollars in thousands):


	2020		2019
Land	$	39,845	$	44,578
Land improvements and buildings		129,497		123,189
Leasehold improvements		24,037		20,597
Furniture and equipment		80,191		71,469
Construction in progress		2,497		3,549
Total		276,067		263,382
Accumulated depreciation and amortization		(112,238)		(102,309)
Bank premises and equipment, net	$	163,829	$	161,073

Depreciation expense for the years ended December 31, 2020, 2019, and 2018 was $15.2 million, $15.0 million, and $13.6 million, respectively. Refer to Note 7 “Leases” in Item 8 “Financial Statements and Supplementary Data” of this Form 10-K for further discussion regarding the Company’s leasing arrangements.