Note 9 - Premises and Equipment

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 9.  PREMISES AND EQUIPMENT

Land is carried at cost, while premises and equipment are stated at cost less accumulated depreciation.  Depreciation is computed primarily by the straight-line method for premises and equipment over the estimated useful lives of the assets.  The estimated useful lives employed are on average 30 years for premises and 3 to 10 years for furniture and equipment.  Repairs and maintenance expenditures are charged to operating expenses as incurred.  Major improvements and additions to premises and equipment, including construction period interest costs, are capitalized.  No interest was capitalized during 2023 or 2022.

The major categories of premises and equipment and accumulated depreciation at December 31, 2023 and 2022 are summarized as follows:

Dollars in thousands	2023			2022
Land	$	14,708		$	13,729
Buildings and improvements		53,370			44,620
Furniture and equipment		33,900			31,827
		101,978			90,176
Less accumulated depreciation		(38,940	)		(36,195	)
Total premises and equipment, net	$	63,038		$	53,981

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 approximated $3.85 million, $3.61million and $3.59 million, respectively.