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Note 5 - Premises and Equipment

12 Months Ended

Dec. 31, 2021

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)
		2021				2020
Land and land improvements		$	8,888			$	8,753
Leasehold improvements			69				69
Buildings			26,091				25,985
Furniture and equipment			11,145				10,687
Total cost			46,193				45,494
Accumulated depreciation			(16,313	)			(16,005	)
Premises and equipment, net		$	29,880			$	29,489

Depreciation expense was $2.6 million, $2.7 million and $1.6 million for 2021, 2020 and 2019, respectively.

The Bank leases certain branch properties and automated-teller machine locations in its normal course of business. Rent expense totaled $153,000, $83,000, and $72,000 for 2021, 2020 and 2019, 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):

2022		$	221
2023			169
2024			115
2025			106
2026			46
Total undiscounted cash flows			657
Less discount			27
Total operating lease liabilities		$	630

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No definition available.

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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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