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Note 5 - Premises and Equipment

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 5 – Premises and Equipment

As of December 31, premises and equipment consisted of the following:

(Dollars in thousands)
		2020				2019
Land and land improvements		$	8,753			$	7,576
Leasehold improvements			69				38
Buildings			25,985				20,251
Furniture and equipment			10,687				11,078
Total cost			45,494				38,943
Accumulated depreciation			(16,005	)			(14,678	)
Premises and equipment, net		$	29,489			$	24,265

Depreciation expense was $2,721,000, $1,610,000, and $1,183,000 for 2020, 2019 and 2018, respectively.

The Bank leases certain branch properties and automated-teller machine locations in its normal course of business. Rent expense totaled $83,000, $72,000, and $108,000 for 2020, 2019 and 2018, respectively. The associated right of use assets are included in the applicable categories of fixed assets in the above table and the net book value of such assets approximates the operating lease liability. Rent commitments under non-cancelable operating leases were as follows, before considering renewal options that generally are present (dollars in thousands):

2021		$	138
2022			120
2023			75
2024			28
2025			14
Total undiscounted cash flows			375
Less discount			15
Total operating lease liabilities		$	360

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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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