PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Land	$	10,824	$	10,824
Buildings		21,173		21,688
Leasehold improvements		28,307		26,862
Furniture, fixtures and equipment		25,909		25,750
Premises and fixed assets, gross	$	86,213	$	85,124
Less: accumulated depreciation and amortization		(41,345)		(38,375)
Premises and fixed assets, net	$	44,868	$	46,749

Depreciation and amortization expense amounted to $6.7 million, $7.4 million and $6.5 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Premises Held for Sale

During the year ended December 31, 2023, the Company transferred one real estate property utilized as a retail branch to premises held for sale totaling $905 thousand. There were no premises held for sale as of December 31, 2022.

During the year ended December 31, 2022, the Company sold one real estate property utilized as a retail branch for $1.9 million and recorded an associated gain of $1.4 million in Gain on sale of securities and other assets in the consolidated statements of operations.