v3.26.1
Bank Premises and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Bank Premises and Equipment, Net Bank Premises and Equipment, Net
The following table shows a summary of the cost and accumulated depreciation of premises and equipment as of the dates indicated (dollars in thousands):
March 31, 2026December 31, 2025
Land$6,396 $6,370 
Leasehold improvements142 142 
Buildings and building improvements26,786 26,157 
Furniture, fixtures, and equipment7,453 7,197 
Construction in progress7 501 
Total cost40,784 40,367 
Accumulated depreciation(13,390)(12,796)
Net$27,394 $27,571 
Depreciation expense for the three months ended March 31, 2026 and 2025 amounted to $594,000 and $662,000, respectively.
Future undiscounted lease payments for operating leases with initial terms of one year of more as of March 31, 2026 are as follows (dollars in thousands):
2026$837 
2027504 
2028233 
202999 
2030— 
Total undiscounted lease payments1,673 
Less discount to net present value(335)
Total operating lease liabilities$1,338 
The lease liability is included in other liabilities in the Company’s Consolidated Balance Sheet.
The weighted average remaining discount rate was 5.85% and weighted average remaining life was 2.09 years at March 31, 2026.
The leases contain options to extend for periods from 1 year to 5 years. The cost of such rentals is not included above. Total rent expense for the three months ended March 31, 2026 and 2025 amounted to $292,000 and $307,000, respectively.
The Company also leases portions of its deposit branch and its operations center to third parties. The amounts included in occupancy and equipment expense are net of rental income of $455,000 and $289,000 for the three months ended March 31, 2026 and 2025, respectively.
Future income from non-cancelable lease agreements in effect at March 31, 2026 is as follows (dollars in thousands):
2026$1,402 
20271,754 
20281,356 
20291,025 
2030982 
Thereafter983 
Total$7,502 
Bank Premises and Equipment, Net Bank Premises and Equipment, Net
The following table shows a summary of the cost and accumulated depreciation of premises and equipment as of the dates indicated (dollars in thousands):
March 31, 2026December 31, 2025
Land$6,396 $6,370 
Leasehold improvements142 142 
Buildings and building improvements26,786 26,157 
Furniture, fixtures, and equipment7,453 7,197 
Construction in progress7 501 
Total cost40,784 40,367 
Accumulated depreciation(13,390)(12,796)
Net$27,394 $27,571 
Depreciation expense for the three months ended March 31, 2026 and 2025 amounted to $594,000 and $662,000, respectively.
Future undiscounted lease payments for operating leases with initial terms of one year of more as of March 31, 2026 are as follows (dollars in thousands):
2026$837 
2027504 
2028233 
202999 
2030— 
Total undiscounted lease payments1,673 
Less discount to net present value(335)
Total operating lease liabilities$1,338 
The lease liability is included in other liabilities in the Company’s Consolidated Balance Sheet.
The weighted average remaining discount rate was 5.85% and weighted average remaining life was 2.09 years at March 31, 2026.
The leases contain options to extend for periods from 1 year to 5 years. The cost of such rentals is not included above. Total rent expense for the three months ended March 31, 2026 and 2025 amounted to $292,000 and $307,000, respectively.
The Company also leases portions of its deposit branch and its operations center to third parties. The amounts included in occupancy and equipment expense are net of rental income of $455,000 and $289,000 for the three months ended March 31, 2026 and 2025, respectively.
Future income from non-cancelable lease agreements in effect at March 31, 2026 is as follows (dollars in thousands):
2026$1,402 
20271,754 
20281,356 
20291,025 
2030982 
Thereafter983 
Total$7,502 
Bank Premises and Equipment, Net Bank Premises and Equipment, Net
The following table shows a summary of the cost and accumulated depreciation of premises and equipment as of the dates indicated (dollars in thousands):
March 31, 2026December 31, 2025
Land$6,396 $6,370 
Leasehold improvements142 142 
Buildings and building improvements26,786 26,157 
Furniture, fixtures, and equipment7,453 7,197 
Construction in progress7 501 
Total cost40,784 40,367 
Accumulated depreciation(13,390)(12,796)
Net$27,394 $27,571 
Depreciation expense for the three months ended March 31, 2026 and 2025 amounted to $594,000 and $662,000, respectively.
Future undiscounted lease payments for operating leases with initial terms of one year of more as of March 31, 2026 are as follows (dollars in thousands):
2026$837 
2027504 
2028233 
202999 
2030— 
Total undiscounted lease payments1,673 
Less discount to net present value(335)
Total operating lease liabilities$1,338 
The lease liability is included in other liabilities in the Company’s Consolidated Balance Sheet.
The weighted average remaining discount rate was 5.85% and weighted average remaining life was 2.09 years at March 31, 2026.
The leases contain options to extend for periods from 1 year to 5 years. The cost of such rentals is not included above. Total rent expense for the three months ended March 31, 2026 and 2025 amounted to $292,000 and $307,000, respectively.
The Company also leases portions of its deposit branch and its operations center to third parties. The amounts included in occupancy and equipment expense are net of rental income of $455,000 and $289,000 for the three months ended March 31, 2026 and 2025, respectively.
Future income from non-cancelable lease agreements in effect at March 31, 2026 is as follows (dollars in thousands):
2026$1,402 
20271,754 
20281,356 
20291,025 
2030982 
Thereafter983 
Total$7,502