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Bank Premises and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Bank Premises and Equipment, Net

NOTE 6. Bank Premises and Equipment, Net

The major classes of bank premises and equipment and the total accumulated depreciation at December 31, 2024 and 2023 were as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Land

 

$

6,119

 

 

$

6,644

 

Buildings and improvements

 

 

13,671

 

 

 

19,247

 

Furniture and equipment

 

 

9,967

 

 

 

9,729

 

 

$

29,757

 

 

$

35,620

 

Less accumulated depreciation

 

 

15,418

 

 

 

17,512

 

Bank premises and equipment, net

 

$

14,339

 

 

$

18,108

 

 

Depreciation expense on buildings and improvements was $504 thousand and $498 thousand for the years ended 2024 and 2023, respectively. Depreciation expense on furniture and equipment was $475 thousand and $504 thousand for the years ended 2024 and 2023, respectively.

 

The Company sold its operation center and branch building in Winchester, Virginia and simultaneously entered into a twelve-year operating lease with the purchaser. The transaction qualified as a sale and the Company recorded a gain on the sale and disposal of the premises totaling $3.9 million. Refer to Note 13 for further discussion of the Company's leasing arrangements.