NOTE 5 – ASSETS HELD FOR SALE

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

NOTE 5 – ASSETS HELD FOR SALE

NOTE 5 – ASSETS HELD FOR SALE

In January 2022, the Bank relocated its retail branch in Poughkeepsie, New York to a leased facility nearby. As part of this relocation process, the Bank entered into an agreement with a third party to sell the building that houses its Poughkeepsie, New York retail branch. The sale was completed in January 2022. As of December 31, 2021, the former branch location met the accounting guidance criteria to be classified an asset held for sale. The asset is carried at fair value. There are no liabilities held for sale associated with this location.

Following is a summary of the assets held for sale, which are recorded in other assets within the consolidated balance sheet as of December 31, 2021:

Buildings and leasehold improvements $700,000

An impairment expense of $144 thousand was recorded in third quarter 2021 as a result of the net book value exceeding the agreed upon sale price. This impairment expense was recorded within the consolidated statement of income within non-interest expense and within disposals of premises and equipment on the consolidated statement of cash flows.