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

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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):

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2019

    

2018

Land

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$

44,578

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$

41,494

Land improvements and buildings

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123,189

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119,649

Leasehold improvements

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20,597

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10,266

Furniture and equipment

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71,469

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62,154

Construction in progress

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3,549

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6,956

Total

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263,382

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240,519

Less accumulated depreciation and amortization

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102,309

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93,552

Bank premises and equipment, net

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$

161,073

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$

146,967

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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.

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