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PREMISES AND EQUIPMENT

12 Months Ended

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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- References

No definition available.

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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

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-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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