(In thousands)	2021		2020
Land and land improvements	$	6,947	$	6,332
Buildings		13,404		12,749
Furniture and equipment		24,285		22,911
Leasehold improvements		13,861		13,479
Projects in progress		187		555
		58,684		56,026
Less: accumulated depreciation		35,640		34,417
Total	$	23,044	$	21,609

The following table presents finance lease right-of-use assets as of December 31,

(In thousands)	2021		2020
Land and buildings	$	11,237	$	11,237
Less: accumulated depreciation		7,655		6,907
Total	$	3,582	$	4,330

Projects in progress represents costs associated with smaller renovation or equipment installation projects at various locations.

The Company recorded depreciation expense of $3.2 million for the year ended December 31, 2021 and $3.1 million for each of the years ended December 31, 2020 and 2019.

The Company leases its corporate headquarters building under a capital lease, classified as a finance lease right-of-use asset in accordance with lease accounting guidance. The lease arrangement requires monthly payments through 2025. Related depreciation expense of $607,000 is included in each of the 2021, 2020 and 2019 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 in accordance with lease accounting guidance. Related depreciation expense and accumulated depreciation of $141,000 is included in each of the 2021, 2020 and 2019 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, 2021:

(In thousands)
2022	$	1,391
2023		1,456
2024		1,456
2025		939
2026		215
Thereafter		1,129
Total minimum lease payments		6,586
Less: amount representing interest		766
Present value of net minimum lease payments	$	5,820