Properties And Equipment

12 Months Ended

Dec. 31, 2014

12. Properties and Equipment

Properties and equipment was comprised of (in thousands):



		As of December 31,
		2014	2013
Land	$	2,270	2,270
Buildings and leasehold improvements		9,868	9,750
Furniture and equipment		7,573	3,364
Total		19,711	15,384
Less accumulated depreciation		(2,032)	(560)
Office properties and equipment - net	$	17,679	14,824

Included in selling, general and administrative expenses on the Company’s Consolidated Statement of Operations was $2.0 million, $0.7 million and $5.5 million of depreciation expense for the years ended December 31, 2014, 2013 and 2012, respectively. During the year ended December 31, 2013, the Company sold a public storage operating facility with a carrying value of $4.9 million for a $1.0 million gain.

Land and buildings with a carrying value of $2.1 million were pledged as collateral for the $1.6 million Centennial Bank loan.