PREMISES, EQUIPMENT AND LEASES |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREMISES, EQUIPMENT AND LEASES | PREMISES, EQUIPMENT AND LEASES A summary of premises, equipment and leases at December 31, 2024 and December 31, 2023 is as follows:
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $5.0 million, $4.8 million, and $4.8 million, respectively. The Company has entered into operating leases, primarily for banking offices and operating facilities, which have remaining lease terms of 3 months to 13 years, some of which may include options to extend the lease terms for up to an additional 10 years. The options to extend are included in the remaining lease term if they are reasonably certain to be exercised. The Company had operating lease right-of-use assets of $8.8 million and $7.7 million as of December 31, 2024 and December 31, 2023, respectively, included in on our consolidated balance sheets. The operating lease liabilities of the Company were $10.1 million and $9.3 million as of December 31, 2024 and December 31, 2023, respectively, and are included in accrued interest payable and on our consolidated balance sheets. Information related to operating leases for the years ended December 31, 2024 and 2023 was as follows:
Net rent expense under operating leases, included in occupancy and equipment expense, was $1.4 million, $1.4 million and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. The projected minimum rental payments under the terms of the leases as of December 31, 2024 were as follows:
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