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PREMISES AND EQUIPMENT (Tables)
12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment Including Finance Lease Right of Use Assets

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

 

Schedule of Future Minimum Lease Payments Under Finance Lease Right-of-Use Asset

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