Year end premises and equipment owned and utilized in the operations of the Company and the related depreciation and amortization expense were as follows:
(in thousands)20252024
Leasehold improvements$3,068 $2,710 
Furniture and equipment5,406 4,973 
Vehicle 54 
Software5,932 3,440 
Construction in progress115 1,292 
Land700 700 
Building6,380 6,320 
21,601 19,489 
Less: Accumulated depreciation and amortization(10,548)(9,228)
Premises and equipment11,053 10,261 
Net lease asset4,019 5,264 
Premises and equipment, net$15,072 $15,525 
Depreciation and amortization expense$1,424 $737 
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Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2024Mar 17, 2025
2023Mar 15, 2024
2022Mar 15, 2023
2021Mar 15, 2022
2020Mar 15, 2021
2019Mar 16, 2020
2018Apr 1, 2019

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.