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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2020
Property Plant And Equipment [Abstract] |
PREMISES AND EQUIPMENT | 4. PREMISES AND EQUIPMENT The following table presents premises and equipment as of December 31,
(In thousands) |  | 2020 |  |  | 2019 |
Land and land improvements |  | $ | 6,332 |  |  | $ | 6,332 |
Buildings |  |  | 12,749 |  |  |  | 12,741 |
Furniture and equipment |  |  | 22,911 |  |  |  | 21,594 |
Leasehold improvements |  |  | 13,479 |  |  |  | 12,228 |
Projects in progress |  |  | 555 |  |  |  | 475 |
|  |  | 56,026 |  |  |  | 53,370 |
Less: accumulated depreciation |  |  | 34,417 |  |  |  | 32,457 |
Total |  | $ | 21,609 |  |  | $ | 20,913 |
The Company has classified capital leases as a finance lease right-of-use asset under the new lease guidance for 2019. The following table presents finance lease right-of-use assets as of December 31,
(In thousands) |  | 2020 |  |  | 2019 |
Land and buildings |  | $ | 11,237 |  |  | $ | 11,237 |
Less: accumulated depreciation |  |  | 6,907 |  |  |  | 6,159 |
Total |  | $ | 4,330 |  |  | $ | 5,078 |
Projects in progress represents costs associated with renovations to the Company’s headquarters in addition to smaller renovation or equipment installation projects at other locations. The Company recorded depreciation expense of $3.1 million for each of the years ended December 31, 2020, 2019 and 2018, respectively. The Company leases its corporate headquarters building under a capital lease, classified as a finance lease right-of-use asset under the new lease guidance for 2019. The lease arrangement requires monthly payments through 2025. Related depreciation expense of $607,000 is included in each of the 2020, 2019 and 2018 results. The Company also leases its Gladstone branch after completing a sale-leaseback transaction involving the property in 2011. The lease arrangement requires monthly payments through 2031. The deferred gain was removed as a cumulative-effect adjustment upon adoption of the new accounting guidance in Topic 842 effective January 1, 2019. Related depreciation expense and accumulated depreciation of $141,000 is included in each of the 2020, 2019 and 2018 results. The following is a schedule by year of future minimum lease payments under finance lease right-of-use asset, together with the present value of net minimum lease payments as of December 31, 2020:
(In thousands) |  |  |  |
2021 |  | $ | 1,233 |
2022 |  |  | 1,391 |
2023 |  |  | 1,456 |
2024 |  |  | 1,456 |
2025 |  |  | 939 |
Thereafter |  |  | 1,344 |
Total minimum lease payments |  |  | 7,819 |
Less: amount representing interest |  |  | 1,066 |
Present value of net minimum lease payments |  | $ | 6,753 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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