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Note 5 - Premises and Equipment
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

Note 5 – Premises and Equipment

 

As of December 31, premises and equipment consisted of the following:

 

(Dollars in thousands)

               
   

2022

   

2021

 

Land and land improvements

  $ 8,327     $ 8,888  

Leasehold improvements

    81       69  

Buildings

    26,823       26,091  

Furniture and equipment

    11,208       11,145  

Total cost

    46,439       46,193  

Accumulated depreciation

    (18,207 )     (16,313 )

Premises and equipment, net

  $ 28,232     $ 29,880  

 

Depreciation expense was $2.7 million, and $2.6 million in 2022 and 2021, respectively.

 

The Bank leases certain branch properties and automated-teller machine locations in its normal course of business. Rent expense totaled $211,000, and $153,000 for 2022 and 2021, respectively. The associated right of use assets are included in the applicable categories of fixed assets in the above table and the net book value of such assets approximates the operating lease liability. Rent commitments under non-cancelable operating leases were as follows, before considering renewal options that generally are present (dollars in thousands):

 

2023

  $ 322  

2024

    232  

2025

    227  

2026

    166  

2027

    65  

Total undiscounted cash flows

    1,012  

Less discount

    119  

Total operating lease liabilities

  $ 893