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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2023
PREMISES AND EQUIPMENT |
PREMISES AND EQUIPMENT | NOTE 4. PREMISES AND EQUIPMENT Premises and equipment at December 31, 2023 and December 31, 2022 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ | ​ | Estimated Useful
(in thousands, except years) |  | ​ | 2023 |  | ​ | 2022 |  | Life
Land | ​ | $ | 3,882 | ​ | $ | 4,934 |  | N/A
Buildings and improvements | ​ |  | 60,168 | ​ |  | 56,239 |  | 5-39 years
Furniture and equipment | ​ |  | 17,630 | ​ |  | 16,225 |  | 3-8 years
Premises and equipment, gross | ​ |  | 81,680 | ​ |  | 77,398 |  |
Accumulated depreciation | ​ |  | (33,393) | ​ |  | (29,776) |  |
Premises and equipment, net | ​ | $ | 48,287 | ​ | $ | 47,622 |  |
​ Depreciation expense for the years ended December 31, 2023 and 2022 amounted to $4.2 million, and was $4.6 million for the year ended December 31, 2021. Premises held for sale for the years ended December 31, 2023, 2022 and 2021 were $1.2 million, $252 thousand and $226 thousand, respectively, and are included in other assets. We measure premises held for sale at the lower of amortized cost or estimated fair value less 6% selling costs. We did not sell any premises held for sale in 2023 or 2022. We sold $579 thousand of premises held for sale in 2021 for a net loss of $291 thousand. There were no impairment charges recognized in 2023 and 2022. There were $157 thousand of impairment charges recognized in 2021 due to the demolition of a building.

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