v3.25.4
Office Properties and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Office Properties and Equipment Office Properties and Equipment
Office properties and equipment consisted of the following at December 31 of the years indicated.
(dollars in thousands)20252024
Land$13,615 $13,657 
Buildings and improvements49,943 41,266 
Furniture and equipment19,164 19,016 
Total office properties and equipment82,722 73,939 
Less accumulated depreciation33,727 31,615 
Total office properties and equipment, net$48,995 $42,324 
Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $3,311,000, $3,498,000 and $3,571,000, respectively.
The Company leases space under non-cancelable operating leases agreements for certain bank branch facilities with remaining lease terms of 1 to 10 years. Certain lease arrangements contain extension options which typically range from 2 to 10 years at the fair market rental rates. The lease and asset liability considers renewal options when they are reasonably certain of being exercised. Refer to Note 2, Summary of Significant Accounting Policies.
The following table summarizes net lease cost and selected other information related to operating leases at December 31 of the years indicated.
(dollars in thousands)202520242023
Net lease cost:
Operating lease cost$1,428 $1,693 $1,442 
Variable lease cost— — — 
Net lease cost$1,428 $1,693 $1,442 
Selected other operating lease information
Weighted average remaining lease term (years)6.66.17.0
Weighted average discount rate6.0%5.9%5.7%
The following table summarizes the maturity of remaining lease liabilities.
Years Ending December 31, (dollars in thousands)
2026$1,303 
20271,249 
20281,159 
20291,150 
20301,126 
Thereafter9,034 
  Total future minimum lease payments15,021 
Less: amount representing interest(5,439)
Present value of net future minimum lease payments$9,582