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Office Properties and Equipment
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Office Properties and Equipment Office Properties and Equipment
Office properties and equipment consisted of the following as of December 31 of the years indicated.

(dollars in thousands)
20192018
Land
$14,245  $14,034  
Buildings and improvements
36,364  34,311  
Furniture and equipment
14,499  15,197  
Total office properties and equipment
65,108  63,542  
Less accumulated depreciation
18,683  16,418  
Total office properties and equipment, net
$46,425  $47,124  

Depreciation expense for the years ended December 31, 2019, 2018 and 2017 was $2,875,000, $2,504,000 and $1,959,000, respectively.
During the fourth quarter of 2019, the Company determined that certain buildings met the criteria to be classified as assets held for sale. The carrying value of $1,275,000 was transferred from office properties and equipment to foreclosed assets and ORE and has been recorded within accrued interest receivable and other assets in the Statements of Financial Condition as of December 31, 2019. The sales of two of these properties, with total carrying value of $410,000, are expected to close during the first quarter of 2020. For more information on the Company's policy on foreclosed assets and ORE, refer to Note 2 - Summary of Significant Accounting Policies.