PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

NOTE 4.           PREMISES AND EQUIPMENT

Premises and equipment at December 31, 2022 and December 31, 2021 are summarized as follows:

					Estimated Useful
(in thousands, except years)		2022		2021	Life
Land	$	4,934	$	4,949	N/A
Buildings and improvements		56,239		55,499	5-39 years
Furniture and equipment		16,225		14,661	3-8 years
Premises and equipment, gross		77,398		75,109
Accumulated depreciation		(29,776)		(25,727)
Premises and equipment, net	$	47,622	$	49,382

Depreciation expense for the years ended December 31, 2022, 2021 and 2020 amounted to $4.2 million, $4.6 million and $4.8 million, respectively.

Premises held for sale for the years ended December 31, 2022 and 2021 were $252 thousand and are included in other assets. We measure premises held for sale at the lower of amortized cost or estimated fair value less 6% selling costs.  We did not sell any premises held for sale in 2022. We sold $579 thousand of premises held for sale in 2021 for a net loss of $291 thousand.  We sold $802 thousand of premises held for sale in 2020 at a gain of $122 thousand. There were $157 thousand of impairment charges recognized in 2021 due to the demolition of a building and no impairment charges recognized in 2022 and 2020.