Premises and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Note 5 – Premises and Equipment

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


(Dollars in thousands)
	2023			2022
Land and land improvements	$	8,415		$	8,327
Leasehold improvements		81			81
Buildings		29,635			26,823
Furniture and equipment		12,558			11,208
Total cost		50,689			46,439
Accumulated depreciation		(20,939	)		(18,207	)
Premises and equipment, net	$	29,750		$	28,232

Depreciation expense was $2.5 million, $2.7 million, and $2.6 million in 2023, 2022 and 2021, respectively.

The Bank leases certain branch properties and automated-teller machine locations in its normal course of business. Rent expense totaled $327,000, $211,000, and $153,000 for 2023, 2022 and 2021, 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):


	2024	$	314
	2025		230
	2026		168
	2027		65
Total undiscounted cash flows			777
Less discount			68
Total operating lease liabilities		$	709