Premises and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment

Note 5 – Premises and Equipment

The major categories of banking premises and equipment and accumulated depreciation at December 31 are summarized below:

	(In Thousands)
	2023			2022
Land	$	6,838		$	6,896
Buildings (useful life 15-39 years)		40,831			34,501
Furnishings (useful life 3-15 years)		30,425			26,448
		78,094			67,845
Less: Accumulated depreciation		(42,304	)		(39,464	)
Premises and Equipment (Net)	$	35,790		$	28,381

Depreciation expense for the years ended December 31, 2023, 2022, and 2021 amounted to $3.4, $2.7, and $2.6 million, respectively.

At the end of 2023, construction in progress was $8 thousand for a new LPO to be opened by end of 2024. Construction in progress of $278 thousand as of December 31, 2022 related to the construction of three new offices which were operational by end of October 2023.