Annual report pursuant to Section 13 and 15(d)

PREMISES AND EQUIPMENT

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PREMISES AND EQUIPMENT
12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT

5. PREMISES AND EQUIPMENT

Amounts presented 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, 2019 and 2018 are as follows (dollars in thousands):

    

2019

    

2018

Land

$

44,578

$

41,494

Land improvements and buildings

 

123,189

 

119,649

Leasehold improvements

 

20,597

 

10,266

Furniture and equipment

 

71,469

 

62,154

Construction in progress

 

3,549

 

6,956

Total

 

263,382

 

240,519

Less accumulated depreciation and amortization

 

102,309

 

93,552

Bank premises and equipment, net

$

161,073

$

146,967

Depreciation expense for the years ended December 31, 2019, 2018, and 2017 was $15.0 million, $13.6 million, and $10.9 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.