PREMISES AND EQUIPMENT

9 Months Ended

Sep. 30, 2022

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

NOTE 7: PREMISES AND EQUIPMENT

The components of premises and equipment as of the dates indicated below were as follows:

(Dollars in thousands)	September 30, 2022		December 31, 2021
Land	$	15,484	$	15,484
Buildings and leasehold improvements		62,260		64,298
Furniture and equipment		17,619		17,087
Vehicles		248		248
Construction in progress		476		496
		96,087		97,613
Less accumulated depreciation		(40,493)		(39,196)
Premises and equipment, net	$	55,594	$	58,417

Depreciation expense was $2.5 million and $2.6 million for the nine months ended September 30, 2022 and 2021, respectively and $842,000 and $871,000 for the three months ended September 30, 2022 and 2021, respectively. Depreciation expense is included in net occupancy expense in the Company’s condensed consolidated statements of income.

During the nine months ended September 30, 2022, the Company recorded a loss of $1.2 million, which is included in net gains on sales of assets in the condensed consolidated income statement, for disposals of buildings and improvements and furniture and equipment for a land lease that was terminated early at the request of the lessor.