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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 | PREMISES AND EQUIPMENT Premises and equipment at December 31, 2023 and 2022 are as follows (in thousands):
|  | 2023 |  | 2022
Land |  | $ | 4,664 |  |  | $ | 4,674 |
Buildings |  | 40,727 |  |  | 40,419 |
Projects in progress |  | 11 |  |  | 82 |
Equipment and furniture |  | 37,237 |  |  | 36,964 |
Leasehold improvements |  | 4,874 |  |  | 4,874 |
|  | 87,513 |  |  | 87,013 |
Less accumulated depreciation and amortization |  | 72,942 |  |  | 70,900 |
Net book value |  | $ | 14,571 |  |  | $ | 16,113 |
Depreciation expense was $2.0 million and $2.2 million for 2023 and 2022, respectively. Finance Leases The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2036. The Corporation has included these finance leases in premises and equipment as follows:
|  | 2023 |  | 2022
Buildings |  | $ | 5,572 |  |  | $ | 5,572 |
Accumulated depreciation |  | (2,872) |  |  | (2,540) |
Net book value |  | $ | 2,700 |  |  | $ | 3,032 |

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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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