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Note 6 - Premises and Equipment
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 - PREMISES AND EQUIPMENT

 

A summary of premises and equipment as of December 31, 2024 and 2023 follows:

 

   2024   2023 
  

(dollars in thousands)

 

Land

 $8,974  $8,974 

Building and improvements

  15,822   15,549 

Furniture, fixtures, and equipment

  8,673   8,411 

Leasehold improvements

  7,696   7,696 
   41,165   40,630 

Less accumulated depreciation and amortization

  (16,814)  (14,949)

Construction in progress

  250   3 

Total

 $24,601  $25,684 

 

Depreciation and leasehold amortization expense was $1.9 million, $2.0 million, and $2.0 million for 2024, 2023, and 2022.

 

There were no sales of fixed assets during 2024. A $32,000 gain on sale of fixed assets was recorded from the sale of an automobile during 2023. A $757,000 gain on sale of fixed assets was recorded from the sale of a real estate asset during 2022, which was used to house staff while traveling.