Annual report pursuant to Section 13 and 15(d)

Note 5 - Premises and Equipment, Net

v3.23.1
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.