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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
PREMISES AND EQUIPMENT | 5. PREMISES AND EQUIPMENT The following table presents premises and equipment as of December 31,
(In thousands) |  | 2023 |  |  | 2022 |
Land and land improvements |  | $ | 6,881 |  |  | $ | 6,853 |
Buildings |  |  | 12,259 |  |  |  | 12,332 |
Furniture and equipment |  |  | 27,085 |  |  |  | 25,484 |
Leasehold improvements |  |  | 15,101 |  |  |  | 14,891 |
Projects in progress |  |  | 1,817 |  |  |  | 1,046 |
|  |  | 63,143 |  |  |  | 60,606 |
Less: accumulated depreciation |  |  | 38,977 |  |  |  | 36,775 |
Total |  | $ | 24,166 |  |  | $ | 23,831 |
The following table presents finance lease right-of-use assets as of December 31,
(In thousands) |  | 2023 |  |  | 2022 |
Land and buildings |  | $ | 11,237 |  |  | $ | 11,237 |
Less: accumulated depreciation |  |  | 9,150 |  |  |  | 8,402 |
Total |  | $ | 2,087 |  |  | $ | 2,835 |
Projects in progress represents costs associated with smaller renovation or equipment installation projects at various locations. The Company recorded depreciation expense of $3.7 million, $3.5 million, and $3.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company leases its corporate headquarters building under a capital lease, classified as a finance lease right-of-use asset in accordance with lease accounting guidance. The lease arrangement requires monthly payments through 2025. Related depreciation expense of $607,000 is included in each of the 2023, 2022 and 2021 results. The Company also leases its Gladstone branch after completing a sale-leaseback transaction involving the property in 2011. The lease arrangement requires monthly payments through 2031. The deferred gain was removed as a cumulative-effect adjustment in accordance with lease accounting guidance. Related depreciation expense and accumulated depreciation of $141,000 is included in each of the 2023, 2022 and 2021 results. The following is a schedule by year of future minimum lease payments under finance lease right-of-use asset, together with the present value of net minimum lease payments as of December 31, 2023:
(In thousands) |  |  |
2024 |  | $ | 1,456 |
2025 |  |  | 939 |
2026 |  |  | 215 |
2027 |  |  | 226 |
2028 |  |  | 226 |
Thereafter |  |  | 677 |
Total minimum lease payments |  |  | 3,739 |
Less: amount representing interest |  |  | 309 |
Present value of net minimum lease payments |  | $ | 3,430 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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