Premises and Equipment

12 Months Ended

Jun. 30, 2021

Premises and Equipment

Premises and Equipment

Note 9 – Premises and Equipment

The components of premises and equipment are as follows as of June 30, 2021 and 2020:

	June 30,
(Dollars in thousands)	2021		2020
Land	$	2,581	$	4,144
Office buildings and improvements		12,932		14,493
Furniture, fixtures and equipment		2,428		1,918
Automobiles		50		50
		17,991		20,605
Accumulated depreciation		(4,552)		(3,872)
	$	13,439	$	16,733

Depreciation expense amounted to $985 thousand and $582 thousand for the years ended June 30, 2021 and 2020, respectively.

During the year ended June 30, 2021, the Company sold six commercial real estate properties from premises and equipment with a total carrying value of $3.2 million and recorded a $495 thousand net gain on sale. Two of the six properties sold were former Bank branches that were consolidated into a third existing branch based on branch deposit levels and close geographic proximity of the three consolidating branches. The remaining four properties sold were acquired as part of the acquisitions of Fidelity and Washington effective May 1, 2020.