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Premises and Equipment | 12 Months Ended
--- | ---
Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Premises and Equipment | P remises and Equipment Premises and equipment are carried at cost and consist of the following:
As of December 31, | 2024 |  | 2023
Land | $ | 6,232,000 |  |  | $ | 6,319,000 |
Land improvements | 2,043,000 |  |  | 1,960,000 |
Buildings | 33,033,000 |  |  | 32,180,000 |
Equipment | 11,217,000 |  |  | 11,161,000 |
| 52,525,000 |  |  | 51,620,000 |
Less accumulated depreciation | 24,670,000 |  |  | 22,936,000 |
Total premises and equipment | $ | 27,855,000 |  |  | $ | 28,684,000 |
Future minimum receipts under lease agreements at December 31, 2024 by year and in the aggregate are:
2025 | $116,000 |
2026 | 116,000 |
2027 | 116,000 |
2028 | 4,000 |
2029 | 4,000 |
Thereafter | 8,000 |
| $364,000 |
Leases The Company enters into operating leases in the normal course of business primarily for bank branch locations. The Company's operating leases have remaining terms ranging from four to 20 years, including options to renew. The right‑of‑use asset and lease liability by lease type, and the associated balance sheet classifications as of December 31, 2024 and 2023 were as follows:
Balance Sheet Classification
| 2024 | 2023
Right-of-use assets: |  |  |
Operating leases | Premises and equipment, net | $565,000 | $652,000
Lease liabilities: |  |  |
Operating leases | Other liabilities | $565,000 | $652,000
Supplemental Lease Information
As of December 31, | 2024 |  | 2023 |
Operating lease weighted average remaining lease term (years) | 14.7 |  | 14.5 |
Operating lease weighted average discount rate | 1.73 |  | % | 1.69 |  | %
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases | $97,000 |  | $97,000 |
Lease expense for the year ended December 31, 2024 related to these leases was $97,000. There was $97,000 in lease expense for 2023 and $97,000 for 2022. Future lease payments for operating leases with initial terms of one year or more as of December 31, 2024 are as follows:
2025 | $97,000
2026 | 91,000 |
2027 | 28,000 |
2028 | 28,000 |
2029 | 28,000 |
Thereafter | 375,000 |
Total undiscounted lease payments | 647,000 |
Less: imputed interest | 82,000 |
Net lease liability | $565,000

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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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