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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2023
PREMISES AND EQUIPMENT |
PREMISES AND EQUIPMENT | 8.PREMISES AND EQUIPMENT: Premises and equipment are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(Dollar amounts in thousands) |  | 2023 |  | 2022
Land | ​ | $ | 17,379 | ​ | $ | 17,888
Building and leasehold improvements | ​ |  | 68,166 | ​ |  | 70,310
Furniture and equipment | ​ |  | 52,201 | ​ |  | 46,669
​ | ​ |  | 137,746 | ​ |  | 134,867
Less accumulated depreciation | ​ |  | (70,460) | ​ |  | (68,720)
TOTAL | ​ | $ | 67,286 | ​ | $ | 66,147
​ Aggregate depreciation expense was $5.4 million, $4.8 million and $4.6 million for 2023, 2022 and 2021, respectively. On October 31, 2022, First Financial Corporation issued a press release announcing plans to optimize its banking center network as part of a plan to improve operating efficiencies and accommodate changing customer preferences. On January 31, 2023, the Corporation closed and consolidated seven of its seventy-two branches. These consolidations are projected to save the Corporation approximately $1.5 million per year in operating expenses, commencing in the first quarter of 2023. The Corporation recognized an impairment of $1.3 million on the value of the land and buildings on the owned buildings at these branches. One branch was leased, and no loss was recognized on the terminated lease. The Company leases certain branch properties and equipment under operating leases. Rent expense was $1.2 million, $1.2 million, and $1.4 million for 2023, 2022, and 2021. Rent commitments, before considering renewal options that generally are present, were as follows: ​
​ | ​ | ​ | ​
2024 |  | $ | 890
2025 | ​ |  | 865
2026 | ​ |  | 798
2027 | ​ |  | 773
2028 | ​ |  | 663
Thereafter | ​ |  | 2,205
​ | ​ | $ | 6,194
​ See Note 19 for additional discussion on leases.

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