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Premises and Equipment
 12 Months Ended
Dec. 31, 2024
Premises and Equipment  
Premises and Equipment

(4) Premises and Equipment

 

Major classifications of premises and equipment at December 31, 2024 and 2023 are summarized as follows:

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Land

 

$4,365

 

 

 

4,373

 

Buildings and improvements

 

 

18,602

 

 

 

19,054

 

Furniture and equipment

 

 

21,600

 

 

 

20,607

 

Construction in process

 

 

103

 

 

 

532

 

 

 

 

 

 

 

 

 

 

Total premises and equipment

 

 

44,670

 

 

 

44,566

 

 

 

 

 

 

 

 

 

 

Less accumulated depreciation

 

 

(29,823)

 

 

(27,864)

 

 

 

 

 

 

 

 

 

Total net premises and equipment

 

$14,847

 

 

 

16,702

 

 

The Bank recognized depreciation expense totaling $2.1 million, $2.2 million and $2.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

 

The Bank had a $362,000 write-off of leasehold improvements for the year ended December 31, 2024 due to the closure of Bank’s branch in Cary, North Carolina in 2024, which is included in other non-interest expense. The Bank had $184,000 net gains on the sale of and write-downs on premises and equipment for the year ended December 31, 2023. The Bank had $85,000 net losses on the sale of and write-downs on premises and equipment for the year ended December 31, 2022.