NOTE 5 - ASSETS HELD FOR SALE

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

NOTE 5 - ASSETS HELD FOR SALE

NOTE 5 - ASSETS HELD FOR SALE

The Bank is in the process of relocating its retail branch in Poughkeepsie, New York to a leased facility nearby. As part of this relocation process, the Bank has entered into an agreement with a third party to sell the building that houses its Poughkeepsie, New York retail branch. As of September 30, 2021, the current branch location met the accounting guidance criteria to be classified as assets held for sale. There are no liabilities held for sale associated with this location.

Following is a summary of the assets held for sale, which are recorded in other assets within the consolidated balance sheet as of September 30, 2021:

Buildings and leasehold improvements $700,000

An impairment expense of $144 thousand was recorded in third quarter 2021 as a result of the net book value exceeding the agreed upon sale price. This impairment expense was recorded within the consolidated statement of income within non-interest expense and within write-down of assets on the consolidated statement of cash flows.