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Premises and Equipment | 12 Months Ended
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Dec. 31, 2023
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) |
|  | 2023 |  |  | 2022 |
Land |  | $ | 6,838 |  |  | $ | 6,896 |
Buildings (useful life 15-39 years) |  |  | 40,831 |  |  |  | 34,501 |
Furnishings (useful life 3-15 years) |  |  | 30,425 |  |  |  | 26,448 |
|  |  | 78,094 |  |  |  | 67,845 |
Less: Accumulated depreciation |  |  | (42,304 | ) |  |  | (39,464 | )
Premises and Equipment (Net) |  | $ | 35,790 |  |  | $ | 28,381 |
Depreciation expense for the years ended December 31, 2023, 2022, and 2021 amounted to $3.4, $2.7, and $2.6 million, respectively. At the end of 2023, construction in progress was $8 thousand for a new LPO to be opened by end of 2024. Construction in progress of $278 thousand as of December 31, 2022 related to the construction of three new offices which were operational by end of October 2023.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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