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PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

NOTE 4.           PREMISES AND EQUIPMENT

Premises and equipment at December 31, 2021 and December 31, 2020 are summarized as follows:

​

​	​	​	​	​	​	​	​	​
​		​	​		​	​	​	Estimated Useful
(in thousands, except years)		​	2021		​	2020		Life
Land	​	$	4,949	​	$	5,531		N/A
Buildings and improvements	​		55,499	​		55,366		5-39 years
Furniture and equipment	​		14,661	​		13,865		3-8 years
Premises and equipment, gross	​		75,109	​		74,762
Accumulated depreciation	​		(25,727)	​		(22,304)
Premises and equipment, net	​	$	49,382	​	$	52,458

​

Depreciation expense for the years ended December 31, 2021, 2020 and 2019 amounted to $4.6 million, $4.8 million and $4.1 million, respectively.

Premises held for sale for the years ended December 31, 2021 and 2020 were $226 thousand and $962 thousand, respectively and are included in other assets. The Company measures assets held for sale at the lower of amortized cost or estimated fair value less 6% selling costs. The Company sold $579 thousand of premises held for sale in 2021 for a net loss of $291 thousand.  The Company sold $802 thousand of premises held for sale in 2020 at a gain of $122 thousand, there were no sales in 2019. There were $157 thousand of impairment charges recognized in 2021 due to the demolition of a building and no impairment charges recognized in 2020 and 2019.

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- References

No definition available.

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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

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-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

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