PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

5.PREMISES AND EQUIPMENT

A summary of the cost and accumulated depreciation of premises and equipment follows:

December 31, (in thousands)	2019		2018
Land	$	3,818	$	4,185
Buildings and improvements		33,819		35,264
Furniture, fixtures and equipment		48,782		43,245
Leasehold improvements		20,649		19,638
Construction in progress		2,232		—
Total premises and equipment		109,300		102,332
Less: Accumulated depreciation and amortization		63,940		59,206
Premises and equipment, net	$	45,360	$	43,126

The Company held three former banking centers for sale as of December 31, 2018 and sold one of these properties during 2019.  Banking centers held for sale as of December 31, 2019 included two Florida-based former banking centers. The Company carried the two remaining former banking centers at a value of $836,000, inclusive of accumulated depreciation, at December 31, 2019.

The Company sold its former East Bay, Florida banking center in December 2019 for a $339,000 net gain.   The Company sold its former Port Richey, Florida banking center in 2018 and recognized a $14,000 loss. 

Depreciation expense related to premises and equipment follows:

Years Ended December 31,  (in thousands)	2019		2018		2017
Depreciation expense	$	9,230	$	9,347	$	8,472