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Note 5 - Premises and Equipment, Net
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

Note 5 – Premises and Equipment, Net

At year end, premises and equipment are summarized as follows:

 

  

(Dollars in thousands)

 
  

2022

  

2021

 

Cost:

        

Land

 $11,773  $8,933 

Buildings and improvements

  40,753   35,837 

Furniture and equipment

  19,434   18,724 

Total cost

  71,960   63,494 

Less accumulated depreciation

  (31,748)  (32,109)

Premises and equipment, net

 $40,212  $31,385 

 

Depreciation expense was approximately $3.0 million and $2.5 million for 2022 and 2021, respectively.

 

During 2022, three branches were closed and transferred to assets held for sale with a carrying balance of $1.8 million as of December 31, 2022, there were no assets held for sale as of December 31, 2021. During the year ended December 31, 2022, impairment losses of $1.2 million were recognized on premises and are reflected in other non-interest expense. Branches owned by the Company and actively marketed for sale are transferred to assets held for sale based on the lower of carrying value or fair value, less estimated costs to sell.