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Premises and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Premises and Equipment Note 5 – Premises and Equipment

The major categories of banking premises and equipment and accumulated depreciation at December 31 are summarized below:

 

 

 

(In Thousands)

 

 

 

2022

 

 

2021

 

Land

 

$

6,896

 

 

$

6,652

 

Buildings (useful life 15-39 years)

 

 

34,501

 

 

 

30,929

 

Furnishings (useful life 3-15 years)

 

 

26,448

 

 

 

23,160

 

 

 

 

67,845

 

 

 

60,741

 

Less: Accumulated depreciation

 

 

(39,464

)

 

 

(33,828

)

Premises and Equipment (Net)

 

$

28,381

 

 

$

26,913

 

 

Depreciation expense for the years ended December 31, 2022, 2021, and 2020 amounted to $2.7, $2.6, and $2.5 million, respectively.

 

Construction in progress of $278 thousand as of December 31, 2022 relates to the construction of three new offices which are expected to be operational by end of third quarter 2023.