PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

12 Months Ended

Dec. 31, 2024

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

6. 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)	2024		2023
Land	$	5,808	$	10,824
Buildings		14,417		21,173
Leasehold improvements		29,817		28,307
Furniture, fixtures and equipment		28,690		25,909
Premises and fixed assets, gross	$	78,732	$	86,213
Less: accumulated depreciation and amortization		(43,874)		(41,345)
Premises and fixed assets, net	$	34,858	$	44,868

Depreciation and amortization expense amounted to $7.0 million, $6.7 million and $7.4 million during the years ended December 31, 2024, 2023 and 2022, respectively.

Premises Held for Sale

During the year ended December 31, 2024, the Company transferred two real estate properties utilized as retail branches to premises held for sale totaling $9.2 million. 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.

During the year ended December 31, 2024, the Company sold three real estate properties utilized as retail branches for $19.3 million and recorded an associated gain of $9.1 million in gain on sale of other assets in the consolidated statements of operations. There were no premises held for sale as of December 31, 2024.