CASH 2017 Annual Report

125 Activities related to the sale of securities are summarized below. 2017 2016 2015 September 30, (Dollars in Thousands) Available For Sale Proceeds from sales $ 457,306 $ 285,508 $ 566,371 Gross gains on sales 4,091 1,459 2,753 Gross losses on sales 4,628 1,785 4,387 Net (loss) on available for sale securities (537) (326) (1,634) Held To Maturity Net carrying amount of securities sold $ 5,826 $ — $ — Gross realized gain on sales 92 — — Gross realized losses on sales 48 — — Net gain on held to maturity securities 44 — — The Company's decision to sell securities held to maturity in the fourth quarter of fiscal 2017 was due to credit deteriorations of the securities based on the Company's internal credit analysis as well as respective downgrades from credit agencies. NOTE 7. PREMISES, FURNITURE AND EQUIPMENT, NET Year-end premises and equipment were as follows: September 30, 2017 2016 (Dollars in Thousands) Land $ 1,578 $ 1,578 Buildings 10,642 10,482 Furniture, fixtures, and equipment 46,934 41,756 Capitalized leases 2,259 2,259 61,413 56,075 Less: accumulated depreciation and amortization (42,093) (37,449) Net book value $ 19,320 $ 18,626 Depreciation expense of premises, furniture and equipment included in occupancy and equipment expense was approximately $5.5 million, $5.4 million and $4.6 million for the years ended September 30, 2017, 2016 and 2015, respectively. Amortization expense on capitalized leases for the years ended September 30, 2017, 2016 and 2015, was $0.1 million, $0.2 million and $0.2 million, respectively, and is included in occupancy and equipment expense. Substantially all of the Company's capitalized leases at September 30, 2017 were building leases.