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Banking Premises and Equipment

12 Months Ended

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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- References

No definition available.

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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

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