Premises and Equipment, Net

12 Months Ended

Dec. 31, 2016

Property Plant And Equipment [Abstract]

Note 7 – Premises and Equipment, Net

At December 31, 2017 and 2016, premises and equipment consisted of the following ($ in thousands):

	December 31,
	2017		2016
Land	$	52,335	$	51,097
Buildings and leasehold improvements		197,372		195,296
Furniture and equipment		166,071		172,170
Total cost of premises and equipment		415,778		418,563
Less accumulated depreciation and amortization		237,425		239,319
Premises and equipment, net		178,353		179,244
Assets held for sale		986		5,743
Total premises and equipment, net	$	179,339	$	184,987

Assets held for sale consisted of three closed branches at December 31, 2017 compared to five closed branches and two parcels of land previously purchased for expansion at December 31, 2016. These properties were transferred from land and premises to assets held for sale due to Trustmark’s intent to sell these properties over the next twelve months as a result of its strategic branch initiatives. As a result, property valuation adjustments of $338 thousand and $750 thousand were recognized and included in other expense for 2017 and 2016, respectively, with no property valuation adjustments recognized in 2015.

Depreciation and amortization of premises and equipment totaled $14.3 million in 2017, $13.2 million in 2016 and $14.0 million in 2015.