Note 5 - Land, Premises, and Equipment, Net |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment Disclosure [Text Block] |
NOTE 5 Land, Premises and Equipment, Net
Components of land, premises and equipment, net at March 31, 2025 and December 31, 2024 were as follows:
Depreciation expense was $1.1 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively.
The Company’s West Fargo, North Dakota branch is listed for sale for $3.8 million and is expected to sell within the next 12 months. At March 31, 2025, the facility had a carrying value of approximately $0.4 million. The Company expects to record a gain on the sale upon closing, as the expected sale price is greater than the property’s carrying value. Total assets held for sale by the Company at March 31, 2025 were $0.4 million and was included in other assets on the Company’s consolidated balance sheet and not included in the table above.
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