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Note 5 - Land, Premises and Equipment, Net
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 5 Land, Premises and Equipment, Net

 

Components of land, premises and equipment, net at September 30, 2025 and December 31, 2024 were as follows: 

 

   

September 30,

    

December 31,

  

(dollars in thousands)

  

2025

    

2024

  

Land (1)

   $ 7,155     $ 7,155  

Buildings and improvements (1)

     40,715       36,961  

Leasehold improvements

     2,657       2,657  

Furniture, fixtures, and equipment

     42,253       38,540  
      92,780       85,313  

Less accumulated depreciation

     (48,683 )     (45,533 )

Total

   $ 44,097     $ 39,780  

(1)

Excludes assets held for sale.

 

Depreciation expense was $1.1 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense was $3.3 million and $2.1 million for the nine months ended September 30, 2025 and 2024, respectively. 

 

The Company’s West Fargo, North Dakota branch is listed for sale for $3.8 million and is expected to sell within the next 12 months. At  September 30, 2025, the facility had a carrying value of approximately $0.4 million. The Company expects to record a gain on the sale upon closing, as the expected sale price is greater than the property’s carrying value. Total assets held for sale by the Company at  September 30, 2025 were $0.4 million and were included in other assets on the Company’s consolidated balance sheet and not included in the table above.