PREMISES, EQUIPMENT, AND CAPITAL LEASES, NET

The following table summarizes premises, equipment, and capital lease, net, as of the dates indicated:



	December 31,
($ in thousands)	2018			2017
Land	$	9,020		$	10,160
Building and improvement	109,228			110,168
Furniture, fixtures, and equipment	41,576			36,946
Leasehold improvements	13,531			12,807
Construction in process	1,043			175
Total	174,398			170,256
Less accumulated depreciation	(45,004		)	(34,557		)
Premises, equipment and capital lease, net	$	129,394		$	135,699

On March 30, 2017, the Company completed the sale of specific assets and activities related to its Banc Home Loans division. The transaction included net book values of $1.7 million of furniture, fixtures, and equipment and $748 thousand of leasehold improvements at the transaction date.

During the years ended December 31, 2018, 2017, and 2016, the Company recorded an impairment loss of $2.0 million, $2.0 million, and $595 thousand respectively, on previously capitalized software projects that were abandoned in All Other Expense on the Consolidated Statements of Operations.

The Company recognized depreciation expense of $10.9 million, $12.4 million and $11.7 million for the years ended December 31, 2018, 2017, and 2016, respectively.

The Company leases certain equipment under capital leases. Capital lease obligations totaled $1.1 million and $1.5 million at December 31, 2018 and 2017, respectively. The capital lease arrangements require monthly payments through 2021.

The Company leases certain properties under operating leases. Total rent expense for the years ended December 31, 2018, 2017, and 2016 amounted to $7.1 million, $11.0 million and $16.8 million, respectively. Pursuant to the terms of non-cancellable lease agreements in effect at December 31, 2018 pertaining to banking premises and equipment, future minimum rent commitments, including contractual rent escalations, under various operating leases are as follows, before considering renewal options that generally are present.

The following table presents the future commitments under operating leases and capital leases as of December 31, 2018:



($ in thousands)	2019		2020		2021		2022		2023		2024 and After		Total
Commitments under operating leases	$	6,472	$	6,087	$	4,466	$	3,087	$	2,258	$	7,767	$	30,137
Commitments under capital lease	579		487		17		—		—		—		1,083
Total	$	7,051	$	6,574	$	4,483	$	3,087	$	2,258	$	7,767	$	31,220