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Banking Premises and Equipment | 12 Months Ended
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Dec. 31, 2017
Property, Plant and Equipment [Abstract] |
Banking Premises and Equipment | Banking Premises and Equipment A summary of banking premises and equipment at December 31, 2017 and 2016 is as follows (in thousands):
| 2017 |  | 2016
Land | $ | 12,440 |  |  | 17,594 |
Banking premises | 58,523 |  |  | 81,067 |
Furniture, fixtures and equipment | 45,184 |  |  | 43,860 |
Leasehold improvements | 35,240 |  |  | 35,455 |
Construction in progress | 1,036 |  |  | 1,103 |
| 152,423 |  |  | 179,079 |
Less accumulated depreciation and amortization | 89,238 |  |  | 94,987 |
Total banking premises and equipment | $ | 63,185 |  |  | 84,092 |
On December 13, 2017, the Company, completed the sale and leaseback of 12 of its New Jersey banking offices, which had a net book value of $14.5 million. Net proceeds from the sale totaled $20.7 million. The net gain on sale of $6.2 million will be recognized over the 10 year term of the leases as a reduction of rent expense. Depreciation expense for the years ended December 31, 2017, 2016 and 2015 amounted to $9.0 million, $9.4 million and $9.6 million, respectively.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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