PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

NOTE 6 — PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows as of December 31, 2020 and 2019 (in thousands):

	Year Ended December 31,
	2020		2019
Furniture and Equipment (useful life of 3 to 7 years)	$	12,343	$	9,961
Furniture and Equipment in Process		—		2,175
Leasehold Improvements (useful life of 3 to 10 years)		15,687		11,092
Leasehold Improvements in Process		—		3,768
Total Premises and Equipment		28,030		26,996
Less accumulated depreciation and amortization		(14,555)		(14,896)
Total Premises and Equipment, net	$	13,475	$	12,100

Depreciation and amortization expense amounted to $2.5 million and $1.6 for the years ended December 31, 2020 and 2019, respectively.