Premises and Equipment

12 Months Ended

Dec. 31, 2016

NOTE 7. PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows (in thousands):


		As of December 31,
(In thousands)	Estimated Useful Lives	2016		2015
Land		$	1,156	$	1,156
Buildings and leasehold improvements	5 - 39 years		6,993		5,433
Furniture, fixtures and equipment	3 - 7 years		5,647		7,796
Premises and equipment, gross			13,796		14,385
Less accumulated depreciation and amortization			(8,398)		(10,426)
Premises and equipment, net		$	5,398	$	3,959

Depreciation and amortization expense related to premises and equipment was approximately $598 thousand and $634 thousand, for the years ended 2016 and 2015, respectively. In 2015, we sold a Company owned building. We received $1.4 million in proceeds and recorded a gain of $324 thousand as a result of this sale. We did not sell any properties in 2016. During 2016, we retired fully depreciated assets that had an original cost basis of $2.6 million.