Premises and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Premises and Equipment

Premises and Equipment

At December 31, 2022 and 2021, premises and equipment consisted of the following:

(In thousands)	December 31,
	2022		2021
Land	$	12,819	$	12,819
Buildings	19,046		19,046
Leasehold Improvements	3,058		3,058
Furniture, equipment, and software	12,674		12,264
Construction-in-progress	69		65
Premises and equipment, gross	47,666		47,252
Accumulated depreciation and amortization	(17,025)		(15,752)
Premises and equipment, net	$	30,641	$	31,500

In 2021, the Bank sold a building located in the City New Haven, Connecticut for a cash proceed of $1.5 million, and recognized a gain of $550,000, which is included in other income of the consolidated statements of operations. No property was sold in 2022. For the years ended December 31, 2022, 2021 and 2020, depreciation and amortization expense related to premises and equipment totaled $1.3 million, $1.4 million, and $1.5 million, respectively.