Premises and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment

PREMISES AND EQUIPMENT (Dollars In Thousands)

A summary of premises and equipment at December 31, 2023 and 2022 is presented below:

	2023		2022
Land and Bank Premises	$	60,123	$	41,295
Equipment, Furniture and Fixtures	37,948		35,107
Construction in Progress	1,099		15,855
Leasehold Improvements	5,127		5,083
Total Cost	104,297		97,340
Accumulated Depreciation and Amortization	(49,115)		(45,486)
Net Owned Premises and Equipment	55,182		51,854
Leased Assets (see Note 18)	4,460		4,637
Net Premises and Equipment	$	59,642	$	56,491

Amounts charged to expense for depreciation totaled $3,752, $3,330 and $2,993 in 2023, 2022 and 2021, respectively. During 2023 the multi-year renovation project to enhance and improve the downtown Glens Falls Main Campus was completed and accordingly,amounts previously reflected in Construction in Progress were transferred into the appropriate asset category.