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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 6—PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

   December 31, 
(Dollars in thousands)  2024   2023 
Land  $9,804   $9,804 
Premises   28,768    28,708 
Equipment   8,681    8,203 
Property and equipment in progress   118    14 
Property and equipment, gross   47,371    46,729 
Accumulated depreciation   17,396    16,140 
Property and Equipment Net  $29,975   $30,589 

 

Depreciation expense included in operating expenses for the years ended December 31, 2024, 2023 and 2022 amounted to $1.7 million, $1.8 million, and $1.6 million, respectively.

 

As of December 31, 2024 and December 31, 2023 there were no premises held-for-sale. There was no gain or loss on premises held for sale during the years ended December 31, 2024 and December 31, 2023. There was a loss on sale of property and equipment of $5,000 during the year ended December 31, 2024. There was no gain or loss on sale of property and equipment during the year ended December 31, 2023.

 

During the year ended December 31, 2022, the Company sold a warehouse that had been previously used for storage. Loss on premises held-for-sale was $73 thousand for the year ended December 31, 2022. Loss on sale of property and equipment was $45 thousand during the year ended December 31, 2022.