PREMISES AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

PREMISES AND EQUIPMENT, NET

PREMISES AND EQUIPMENT, NET

NOTE 6 – PREMISES AND EQUIPMENT, NET

The following presents a summary of the cost and accumulated depreciation of premises and equipment as of December 31 (in thousands):

	2021		2020
Building and building improvements	$	12,190	$	—
Leasehold improvements, including artwork		11,464		9,440
Land		4,980		—
Equipment and software		6,144		5,504
Gross premise and equipment		34,778		14,944
Less: accumulated depreciation		(10,802)		(9,624)
Premises and equipment, net	$	23,976	$	5,320

During the year ended December 31, 2021, the Company acquired buildings and land associated with the Teton Acquisition. These assets were recorded at their fair value on December 31, 2021 and the buildings will be depreciated over their remaining useful lives. During the year ended December 31, 2020, the Company retired leasehold improvements, equipment, and software in the amount of $1.1 million for an immaterial loss.

Depreciation expense for premises and equipment for the years ended December 31, 2021 and 2020 totaled $1.2 million and $1.1 million, respectively.