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PREMISES AND EQUIPMENT

12 Months Ended

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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- 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.

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-Topic 360
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