PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

12 Months Ended

Dec. 31, 2021

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

7. PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

Premises and Fixed Assets, Net

As a result of the Merger, the Company acquired $37.9 million of premises and fixed assets, net on the Merger Date.

The following is a summary of premises and fixed assets, net:

	December 31,
(In thousands)	2021		2020
Land	$	10,824	$	1,600
Buildings		21,323		10,265
Leasehold improvements		26,120		23,445
Furniture, fixtures and equipment		25,110		20,945
Premises and fixed assets, gross	$	83,377	$	56,255
Less: accumulated depreciation and amortization		(33,009)		(37,202)
Premises and fixed assets, net	$	50,368	$	19,053

Depreciation and amortization expense amounted to $6.5 million, $4.1 million and $4.7 million during the years ended December 31, 2021, 2020 and 2019, respectively.

Premises Held for Sale

The aggregate recorded balance of the Company’s premises held for sale was $556 thousand at December 31, 2021.  There were no premises held for sale as of December 31, 2020.

During the year ended December 31, 2021, the Company transferred two real estate properties utilized as retail branches to premises held for sale totaling $2.8 million.

During the year ended December 31, 2021, the Company sold one real estate property utilized as a retail branch totaling $2.2 million and recorded a gain of $550 thousand in Gain on sale of securities and other assets in the consolidated financial statements. There were no sales of premises held for sale during the years ended December 31, 2020 or 2019.