Premises and Equipment

12 Months Ended

Dec. 31, 2021

Premises and Equipment

Premises and Equipment

Note 7: Premises and Equipment

Premises and equipment at December 31, were as follows:

	2021						2020
			Accumulated						Accumulated
			Depreciation/		Net Book				Depreciation/		Net Book
	Cost		Amortization		Value		Cost		Amortization		Value
Land	$	42,375	$	-	$	42,375	$	18,501	$	-	$	18,501
Buildings		59,313		26,959		32,354		43,579		25,909		17,670
Leasehold improvements		2,324		1,004		1,320		2,324		699		1,625
Furniture and equipment		57,533		45,577		11,956		51,461		43,780		7,681
Total Premises and Equipment	$	161,545	$	73,540	$	88,005	$	115,865	$	70,388	$	45,477

Total premises and equipment increased $42.5 million at December 31, 2021, compared to December 31, 2020, due to the West Suburban acquisition.  Subsequent to the acquisition, the Company evaluated all branches for overlap and potential closure.  Thirteen locations were identified for closure and potential future sale, which are expected to occur in the second and third quarters of 2022.  

The Company performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate the branch carrying value may not be recoverable.  For the year ended December 31, 2021, impairment charges of $3.8 million were recorded within occupancy, furniture and equipment expense in the Consolidated Statements of Income related to four branches identified for closure.