BANK PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

BANK PREMISES AND EQUIPMENT

NOTE 9 BANK PREMISES AND EQUIPMENT

Depreciation expense for the year ended December 31, 2023 and 2022 was $1.6 million and $1.7 million, respectively. Bank premises and equipment as of December 31, 2023 and 2022 are summarized as follows:

 Schedule of bank premises and equipment

(Dollars are in thousands)		2023		2022
Land	$	7,206	$	7,371
Buildings and improvements	15,329		15,972
Furniture and equipment	12,672		13,965
Construction in progress		16		-
		35,223		37,308
Less accumulated depreciation	(16,958)		(18,018)
Bank Premises and Equipment	$	18,265	$	19,290

As presented in Note 14 Other Real Estate Owned, the Bank sold three former branch locations during 2022. These properties with a combined carrying value of $2.0 million, were transferred to other real estate owned during 2021, resulting in an increase to OREO of $950,0000, and disposal and valuation costs of approximately $1.1 million.