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PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

8. PREMISES AND EQUIPMENT

An analysis of premises and equipment follows:

​

​	​	​	​	​	​	​
​	​	AT  DECEMBER 31,
​		2024			2023
​	​	(IN THOUSANDS)
Land	​	$	1,225	​	$	1,225
Premises	​		29,696	​		30,624
Furniture and equipment	​		8,097	​		8,258
Leasehold improvements	​		1,229	​		1,196
Total at cost	​		40,247	​		41,303
Less: Accumulated depreciation and amortization	​		26,019	​		27,154
Premises and equipment, net	​	$	14,228	​	$	14,149

​

The Company recorded depreciation and amortization expense of $1.7 million for the years ended December 31, 2024 and 2023.

The Company utilizes a contract cleaner to provide janitorial services for several office locations. The contract cleaner is owned by a Director of the Company. The amount paid to this related party totaled $233,000 and $293,000 for the years ended December 31, 2024 and 2023, respectively.

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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.

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