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PREMISES AND EQUIPMENT
 12 Months Ended
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.