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Premises and Equipment

12 Months Ended

Dec. 31, 2024

Premises and Equipment

Premises and Equipment

Note 7: Premises and Equipment

​

Premises and equipment are summarized as follows for the years ended December 31, 2024 and 2023:

​	​	​	​	​	​	​	​	​
​	​	Range of	​	December 31,		​	December 31,
(dollars in thousands)	​	Useful Lives		2024			2023
Land	​	N/A	​	$	8,145	​	$	8,119
Building	​	15 - 39 Years	​		43,580	​		41,266
Leasehold Improvements	​	3 ‑ 10 Years	​		2,022	​		1,951
Furniture and Equipment	​	2 ‑ 5 Years	​		6,411	​		6,544
Construction in Progress	​	N/A	​		357	​		—
Subtotal	​	​	​		60,515	​		57,880
Accumulated Depreciation	​	​	​		(10,982)	​		(8,994)
Totals	​	​	​	$	49,533	​	$	48,886

​

Depreciation and amortization expense charged to noninterest expense for the years ended December 31, 2024, 2023 and 2022, totaled $2.4 million, $2.5 million and $2.6 million, respectively. Construction in progress represents amounts paid for the construction of the Bank’s new branch building in Lake Elmo, Minnesota. Construction is expected to be completed in 2025.

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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

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-Topic 360
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-Name Accounting Standards Codification
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