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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Year-end premises and equipment at December 31, 2019 and December 31, 2018 are summarized as follows:
(in thousands, except years) |  | 2019 |  | 2018 |  | Estimated Useful Life
Land |  | $ | 5,028 |  |  | $ | 4,837 |  |  | N/A
Buildings and improvements |  | 52,363 |  |  | 50,933 |  |  | 5 -39 years
Furniture and equipment |  | 13,573 |  |  | 9,098 |  |  | 3 - 7 years
Premises and equipment, gross |  | 70,964 |  |  | 64,868 |  |  |
Accumulated depreciation |  | (19,759 | ) |  | (16,064 | ) |  |
Premises and equipment, net |  | $ | 51,205 |  |  | $ | 48,804 |  |  |
Depreciation expense for the years ended December 31, 2019, 2018 and 2017 amounted to $4.1 million, $3.7 million and $3.5 million, respectively. Included in other assets is $1.8 million of premises held for sale as of December 31, 2019 that was identified as part of the Company's strategic review and branch optimization exercise, approved by the Board of Directors in September 2019. There was no property held for sale as of December 31, 2018. The Company measures assets held for sale at the lower of carrying amount or estimated fair value less 6% selling costs. The losses from this transfer of premises and equipment to premises held for sale totaled $1.0 million for 2019. There were no impairment charges recognized through December 31, 2019.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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