PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

12 Months Ended

Dec. 31, 2022

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

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

	December 31,
(In thousands)	2022		2021
Land	$	10,824	$	10,824
Buildings		21,688		21,323
Leasehold improvements		26,862		26,120
Furniture, fixtures and equipment		25,750		25,110
Premises and fixed assets, gross	$	85,124	$	83,377
Less: accumulated depreciation and amortization		(38,375)		(33,009)
Premises and fixed assets, net	$	46,749	$	50,368

Depreciation and amortization expense amounted to $7.4 million, $6.5 million and $4.1 million during the years ended December 31, 2022, 2021 and 2020, respectively.

Premises Held for Sale

There were no premises held for sale as of December 31, 2022. The aggregate recorded balance of the Company’s premises held for sale was $556 thousand at December 31, 2021

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 each of the years ended December 31, 2022 and 2021, the Company sold one real estate property utilized as a retail branch totaling $1.9 million and $2.2 million, respectively. The Company recorded a gain of $1.4 million and $550 thousand in gain on sale of securities and other assets in the consolidated statements of income.