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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2021
Property, Plant and Equipment [Abstract] |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Premises and equipment at December 31, 2021 and 2020 are as follows (in thousands):
|  | 2021 |  | 2020
Land |  | $ | 4,710 |  |  | $ | 4,803 |
Buildings |  | 40,726 |  |  | 41,957 |
Projects in progress |  | 5 |  |  | 65 |
Equipment and furniture |  | 37,183 |  |  | 37,183 |
Leasehold improvements |  | 5,318 |  |  | 5,285 |
|  | 87,942 |  |  | 89,293 |
Less accumulated depreciation and amortization |  | 69,973 |  |  | 69,174 |
Net book value |  | $ | 17,969 |  |  | $ | 20,119 |
Depreciation expense was $2.5 million and $2.9 million for 2021 and 2020, respectively. Capital Leases The Corporation leases certain buildings under capital leases. The lease arrangements require monthly payments through 2036. The Corporation has included these leases in premises and equipment as follows:
|  | 2021 |  | 2020
Buildings |  | $ | 5,572 |  |  | $ | 5,572 |
Accumulated depreciation |  | (2,208) |  |  | (1,875) |
Net book value |  | $ | 3,364 |  |  | $ | 3,697 |

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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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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