PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2016
PREMISES AND EQUIPMENT  
PREMISES AND EQUIPMENT

6.PREMISES AND EQUIPMENT

 

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

 

 

 

 

 

 

 

 

 

December 31, (in thousands)

    

2016

    

2015

 

 

 

 

 

 

 

 

 

Land

 

$
6,365

 

$
3,055

 

Buildings and improvements

 

 
36,140

 

 
25,447

 

Furniture, fixtures and equipment

 

 
38,911

 

 
34,066

 

Leasehold improvements

 

 
17,246

 

 
15,830

 

Construction in progress

 

 

 —

 

 

 —

 

Total premises and equipment

 

 
98,662

 

 
78,398

 

Less: Accumulated depreciation and amortization

 

 
55,793

 

 
47,292

 

Premises and equipment, net

 

$
42,869

 

$
31,106

 

 

 

 

The Company held three former banking centers for sale as of December 31, 2016. The Company closed its Hudson, Florida banking center in January 2015 and has held the property for sale since closing.  In addition, the Company obtained two Florida-based, former banking centers in its May 17, 2016 Cornerstone acquisition. The Company carried all three former banking centers for sale at a value of $2 million, inclusive of accumulated depreciation, at December 31, 2016.

 

In July 2015, the Company sold its banking center in Elizabethtown, Kentucky and recognized a $28,000 gain on the transaction. The premises of the banking center were carried at approximately $1 million, which equated to the total cost of the premises less accumulated depreciation. 

 

Depreciation expense related to premises and equipment follows:

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,  (in thousands)

    

2016

    

2015

    

2014

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

$
7,495

 

$
6,742

 

$
6,363