Finward Bancorp Annual report pursuant to Section 13 and 15(d)

Note 5 - Premises and Equipment, Net

12 Months Ended

Dec. 31, 2020

Note 5 – Premises and Equipment, Net

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

	(Dollars in thousands)
	2020			2019
Cost:
Land	$	8,933		$	8,936
Buildings and improvements		33,394			30,863
Furniture and equipment		18,066			16,904
Total cost		60,393			56,703
Less accumulated depreciation		(29,608	)		(27,296	)
Premises and equipment, net	$	30,785		$	29,407

Depreciation expense was approximately $2.3 million and $1.9 million for 2020 and 2019, respectively.