Quarterly report pursuant to Section 13 or 15(d)

PREMISES AND EQUIPMENT - NET

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PREMISES AND EQUIPMENT - NET
 9 Months Ended
Sep. 30, 2017
PREMISES AND EQUIPMENT - NET [Abstract]  
PREMISES AND EQUIPMENT - NET
NOTE 6 – PREMISES AND EQUIPMENT – NET

Premises and equipment were as follows (dollars in thousands):
 
   
September 30,
    
December 31,
  
   
2017
    
2016
  
Land
  
$
16,384
    
$
18,227
  
Building
    
43,625
      
43,600
  
Leasehold improvements
    
782
      
779
  
Furniture and equipment
    
21,243
      
20,576
  
Construction in progress
    
240
      
358
  
     
82,274
      
83,540
  
Less accumulated depreciation
    
(35,452
)
    
(33,514
)
   
$
46,822
    
$
50,026
  

During the nine months ended September 30, 2017, the Company sold land parcels that had been held for several years as sites for future branch expansion.  One location was in northwest Grand Rapids (Walker) and was sold for $590,000, resulting in a net loss on sale of $70,000.  The other location was in southwest Grand Rapids (Metro Village) and was sold for $1.2 million, resulting in a net loss on sale of $176,000.  These losses are included in other noninterest income in the Consolidated Statements of Income for the three and nine month periods ended September 30, 2017.