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PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

NOTE 4.           PREMISES AND EQUIPMENT

Premises and equipment at December 31, 2024 and December 31, 2023 are summarized as follows:

​

​	​	​	​	​	​	​	​	​
​		​	​		​	​	​	Estimated Useful
(in thousands, except years)		​	2024		​	2023		Life
Land	​	$	4,807	​	$	3,882		N/A
Buildings and improvements	​		59,860	​		60,168		5-39 years
Furniture and equipment	​		19,590	​		17,630		3-8 years
Premises and equipment, gross	​		84,257	​		81,680
Accumulated depreciation	​		(33,020)	​		(33,393)
Premises and equipment, net	​	$	51,237	​	$	48,287

​

Depreciation expense for the years ended December 31, 2024 and 2023 amounted to $4.2 million, and was $4.3 million for the year ended December 31, 2022.

Premises held for sale for the years ended December 31, 2024, 2023 and 2022 were $419 thousand, $1.2 million and $252 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 anticipated selling costs.  We sold $903 thousand of premises held for sale in 2024 that resulted in a gain of $232 thousand, which is included in the gain on sales of premises and equipment, net. We did not sell any premises held for sale in 2023 or 2022. There were no impairment charges recognized in 2024, 2023 and 2022.

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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
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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