PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

9. PROPERTY AND EQUIPMENT

A summary of the cost and accumulated depreciation of property and equipment follows:

	December 31,
	2020		2019
	(in thousands)
Land	$	12,420	$	11,048
Buildings and leasehold improvements		46,216		45,357
Furniture, equipment and vehicles		14,719		12,247
Fixed assets in process		1,365		646
		74,720		69,298
Less accumulated depreciation and amortization		(25,140)		(21,347)
Property and equipment, net	$	49,580	$	47,951

Depreciation and amortization expense amounted to $4.0 million, $4.4 million and $3.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the year ended December 31, 2019, land and a building with a total net book value of $9.0 million were transferred to asset held for sale, a loss of $482,000 was recognized on the transfer and the property was sold during 2020 with no additional gain or loss recorded. In addition, $17.7 million of fully depreciated property and equipment was purged from our fixed assets system when we converted to a new accounting platform in 2019.

At December 31, 2020 and 2019, fixed assets in process represents buildings in process, building improvements and equipment not placed in service.

Pursuant to the terms of noncancellable operating lease agreements in effect at December 31, 2020, pertaining to property and equipment, future minimum lease payments under various operating leases are as follows:

Years Ending December 31,		(in thousands)
2021	$	2,452
2022		2,239
2023		1,847
2024		1,644
2025		1,684
Thereafter		13,134
	$	23,000

The noncancellable lease agreements contain options to extend for periods from five to twenty-five years, the cost of which is not included above. Rent expense amounted to $2.9 million, $2.5 million and $2.0 million for the years ended December 31, 2020, 2019 and 2018 and is included in occupancy and equipment expenses in the accompanying Consolidated Statements of Income.