Premises and Equipment

12 Months Ended

Jun. 30, 2023

Premises and Equipment

Premises and Equipment

Note 7 – Premises and Equipment

The components of premises and equipment are as follows as of June 30, 2023 and 2022:

	June 30,
(Dollars in thousands)	2023		2022
Land	$	1,778	$	2,156
Office buildings and improvements		9,080		11,769
Furniture, fixtures and equipment		2,273		2,540
Automobiles		58		58
		13,189		16,523
Accumulated depreciation		(4,135)		(4,827)
	$	9,054	$	11,696

Depreciation expense amounted to $1.0 million and $975 thousand for the years ended June 30, 2023 and 2022, respectively.

During the three months ended September 30, 2022, the Company made a strategic decision to close the Bank’s branch office located in Collingswood, New Jersey and to consolidate the deposits from this branch office into the Bank’s Audubon, New Jersey branch office after assessing the branch’s profitability and its close geographic proximity to the Audubon, New Jersey branch location. The branch office located in Collingswood, New Jersey was closed effective December 31, 2022. During the quarter ended June 30, 2023, the Company transferred one property with a total carrying value of $1.1 million as of June 30, 2023 to the held for sale classification.  The Company intends to sell this property by December 31, 2023.