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

Note 5 - Premises and Equipment, Net

12 Months Ended

Dec. 31, 2023

Note 5 – Premises and Equipment, Net

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

	(Dollars in thousands)
	2023			2022
Cost:
Land	$	11,773		$	11,773
Buildings and improvements		41,794			40,753
Furniture and equipment		19,401			19,434
Total cost		72,968			71,960
Less accumulated depreciation		(34,532	)		(31,748	)
Premises and equipment, net	$	38,436		$	40,212

Depreciation expense was approximately $2.9 million and $3.0 million for 2023 and 2022, respectively.