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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 | PREMISES AND EQUIPMENT Premises and equipment as of December 31, 2024 and 2023 are as follows (in thousands):
|  | 2024 |  | 2023
Land |  | $ | 4,298 |  |  | $ | 4,664 |
Buildings |  | 39,462 |  |  | 40,727 |
Projects in progress |  | 78 |  |  | 11 |
Equipment and furniture |  | 36,975 |  |  | 37,237 |
Leasehold improvements |  | 5,726 |  |  | 4,874 |
|  | 86,539 |  |  | 87,513 |
Less accumulated depreciation and amortization |  | 70,164 |  |  | 72,942 |
Net book value |  | $ | 16,375 |  |  | $ | 14,571 |
Depreciation expense was $1.8 million and $2.0 million for 2024 and 2023, respectively. In July 2024, after receiving required approvals from the FRBNY and the NYSDFS, the Corporation announced the closure of its branch at 806 West Buffalo Street, Ithaca, New York, ("Ithaca Station") effective November 15, 2024. Management determined to classify the property as held for sale as of December 31, 2024, pursuant to the requirements of ASC 360 - Property, Plant, and Equipment. At the initial held for sale measurement date, the disposal group’s (held for sale property's) carrying value was $0.7 million, compared to an appraised value less selling costs of $1.3 million, therefore the held for sale property was initially measured at $0.7 million. As of December 31, 2024, $0.7 million was included in the line item premises and equipment, net, on the Corporation’s Consolidated Balance Sheets related to this held for sale asset. During the fourth quarter of 2024, the Corporation entered into an agreement with a third party to sell the property, with a targeted closing date in the first half of 2025. Management determined there was no impairment of the disposal group during the year ended December 31, 2024. Finance Leases The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2044. The Corporation has included these finance leases in premises and equipment as follows:
|  | 2024 |  | 2023
Buildings |  | $ | 6,507 |  |  | $ | 5,572 |
Accumulated depreciation |  | (3,236) |  |  | (2,872) |
Net book value |  | $ | 3,271 |  |  | $ | 2,700 |

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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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