PREMISES AND FIXED ASSETS, NET

12 Months Ended

Dec. 31, 2013

PREMISES AND FIXED ASSETS, NET [Abstract]

8. PREMISES AND FIXED ASSETS, NET

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

	December 31, 2013			December 31, 2012
Land	$	7,067		$	7,067
Buildings		19,445			23,332
Leasehold improvements		11,665			10,661
Furniture, fixtures and equipment		13,366			12,793
Premises and fixed assets, gross		51,543			53,853
Less: accumulated depreciation and amortization		(25,466	)		(23,335	)
Premises and fixed assets, gross	$	26,077		$	30,518
Premises held for sale(1)		3,624			-

(1) At December 31, 2013, the Company had a pending contract of sale on a real estate premises with a net book value of $3,624. The net proceeds from the sale, which is expected to close during the year ending December 31, 2014, are anticipated to exceed the current book value, thus the book value has been retained as its recorded balance as of December 31, 2013.

Depreciation and amortization expense amounted to approximately $2,780, $2,828 and $2,851 during the years ended December 31, 2013, 2012 and 2011, respectively. Proceeds from the sales of premises and fixed assets were $17,477 during the year ended December 31, 2012. A gain of $13,726 was recognized on these sales. There were no sales of premises and fixed assets during the years ended December 31, 2013 and 2011.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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