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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |
Land and land improvements |  | $ | 6,881 |  |  | $ | 6,881 |
Buildings |  |  | 13,385 |  |  |  | 12,259 |
Furniture and equipment |  |  | 30,022 |  |  |  | 27,085 |
Leasehold improvements |  |  | 15,654 |  |  |  | 15,101 |
Projects in progress |  |  | 4,767 |  |  |  | 1,817 |
|  |  | 70,709 |  |  |  | 63,143 |
Less: accumulated depreciation |  |  | 41,821 |  |  |  | 38,977 |
Total |  | $ | 28,888 |  |  | $ | 24,166 |
The following table presents finance lease right-of-use assets as of December 31,
(In thousands) |  | 2024 |  |  | 2023 |
Finance lease |  | $ | 2,814 |  |  | $ | 11,237 |
Less: accumulated depreciation |  |  | 1,829 |  |  |  | 9,150 |
Total |  | $ | 985 |  |  | $ | 2,087 |
Projects in progress represents costs associated with smaller renovation or equipment installation projects at various locations. The Company recorded depreciation expense of $3.5 million, $3.7 million, and $3.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. The Company modified the existing lease for its corporate headquarters building in 2024 which is classified as an operating lease right-of-use asset in accordance with lease accounting guidance. The lease arrangement requires monthly payments through 2036. Under the previous lease, the main office was classified as a finance lease with related depreciation expense of $202,000 in 2024 and $607,000 for both the 2023 and 2022 periods. 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 2024, 2023 and 2022 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, 2024:
(In thousands) |  |  |
2025 |  | $ | 215 |
2026 |  |  | 215 |
2027 |  |  | 226 |
2028 |  |  | 226 |
2029 |  |  | 226 |
Thereafter |  |  | 451 |
Total minimum lease payments |  |  | 1,559 |
Less: amount representing interest |  |  | 211 |
Present value of net minimum lease payments |  | $ | 1,348 |

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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/1943274/2147477798/958-360-50-6 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/1943274/2147477798/958-360-50-1 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/1943274/2147477798/958-360-50-7 + Details
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