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

Note 5 - Premises and Equipment, Net

12 Months Ended

Dec. 31, 2021

Note 5 – Premises and Equipment, Net

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

	(Dollars in thousands)
	2021			2020
Cost:
Land	$	8,933		$	8,933
Buildings and improvements		35,837			33,394
Furniture and equipment		18,724			18,066
Total cost		63,494			60,393
Less accumulated depreciation		(32,109	)		(29,608	)
Premises and equipment, net	$	31,385		$	30,785

Depreciation expense was approximately $2.5 million and $2.3 million for 2021 and 2020, respectively.