Premises and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Premises and Equipment | 7. Premises and Equipment The following table presents the components of premises and equipment at December 31, 2025 and 2024:
During the year ended December 31, 2025, the Corporation entered into a contract to sell one of its retail branch properties for $1.6 million. At the time of the contracted sale, the Corporation recorded a $0.2 million loss to write down the property to contracted sales price less estimated closing costs. $1.6 million was reclassified as real estate held for sale and is included in other assets on the consolidated statement of financial condition at December 31, 2025. The contracted sale was finalized in February 2026. The Corporation recorded depreciation expense of $2.5 million and $3.3 million for the years ended December 31, 2025 and 2024, respectively. |
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