The following table presents the components of premises and equipment at December 31:

(Dollars in thousands)20252024
Land$1,030 $1,072 
Buildings and improvements7,779 7,779 
Furniture, fixtures and equipment9,842 14,931 
Software3,005 6,787 
Construction in progress636 270 
Leasehold improvements2,811 2,836 
Premises and equipment, gross25,103 33,675 
Accumulated depreciation(14,724)(21,200)
Premises and equipment, net$10,379 $12,475 
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Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 13, 2025
2023Mar 13, 2024
2022Mar 16, 2023
2021Mar 10, 2022
2020Mar 9, 2021
2019Mar 13, 2020
2018Mar 8, 2019
2017Mar 8, 2018
2016Mar 10, 2017
2015Mar 9, 2016

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.