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PREMISES AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2019
PREMISES AND EQUIPMENT, NET  
PREMISES AND EQUIPMENT, NET

NOTE 6 – PREMISES AND EQUIPMENT, NET

The following presents a summary of the cost and accumulated depreciation of premises and equipment at December 31 (in thousands):

 

 

 

 

 

 

 

 

 

    

2019

    

2018

Leasehold improvements, including artwork

 

$

10,174

 

$

10,026

Equipment and software

 

 

4,658

 

 

6,916

Gross premise and equipment

 

 

14,832

 

 

16,942

Less: accumulated depreciation

 

 

(9,614)

 

 

(10,842)

Premises and equipment, net

 

$

5,218

 

$

6,100

 

During the year ended December 31, 2019, the Company retired leasehold improvements, equipment and software in the amount of $2.5 million that were fully depreciated and no longer in service. Assets retired in the amount of $2.2 million originated in the Wealth Management segment and assets retired in the amount of $0.3 million originated in the Capital Management segment.

 

Depreciation expense for premises and equipment for the years ended December 31, 2019 and 2018 totaled  $1.3 million and $1.4 million, respectively.