Note 5 - Land, Premises and Equipment, Net

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 5 Land, Premises and Equipment, Net

Components of land, premises and equipment, net at June 30, 2025 and December 31, 2024 were as follows: 

	June 30,			December 31,
(dollars in thousands)	2025			2024
Land (1)	$	7,155		$	7,155
Buildings and improvements (1)		39,312			36,961
Leasehold improvements		2,657			2,657
Furniture, fixtures, and equipment		41,247			38,540
		90,371			85,313
Less accumulated depreciation		(47,678	)		(45,533	)
Total	$	42,693		$	39,780

(1) Excludes assets held for sale.

Depreciation expense was $1.1 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively. Depreciation expense was $2.2 million and $1.3 million for the six months ended June 30, 2025 and 2024, respectively. 

The Company’s West Fargo, North Dakota branch is listed for sale for $3.8 million and is expected to sell within the next 12 months. At  June 30, 2025, the facility had a carrying value of approximately $0.4 million. The Company expects to record a gain on the sale upon closing, as the expected sale price is greater than the property’s carrying value. Total assets held for sale by the Company at  June 30, 2025 were $0.4 million and were included in other assets on the Company’s consolidated balance sheet and not included in the table above.