v3.26.1
Bank Premises and Equipment, Net
 6 Months Ended
Jun. 30, 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):
June 30, 2026December 31, 2025
Land$6,450 $6,370 
Leasehold improvements142 142 
Buildings and building improvements26,786 26,157 
Furniture, fixtures, and equipment7,568 7,197 
Construction in progress— 501 
Total cost40,946 40,367 
Accumulated depreciation(13,976)(12,796)
Net$26,970 $27,571 
Depreciation expense for the three months ended June 30, 2026 and 2025 amounted to $585,000 and $613,000, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 amounted to $1.2 million and $1.3 million, respectively.
Future undiscounted lease payments for operating leases with initial terms of one year of more as of June 30, 2026 are as follows (dollars in thousands):
2026$497 
2027537 
2028233 
202999 
2030— 
Total undiscounted lease payments1,366 
Less discount to net present value(248)
Total operating lease liabilities$1,118 
The lease liability is included in other liabilities in the Company’s Consolidated Balance Sheet.
The weighted average remaining discount rate was 5.00% and weighted average remaining life was 2.02 years at June 30, 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 June 30, 2026 and 2025 amounted to $317,000 and $328,000, respectively. Total rent expense for the six months ended June 30, 2026 and 2025 amounted to $609,000 and $635,000, 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 $292,000 for the three months ended June 30, 2026 and 2025, respectively. Rental income for the six months ended June 30, 2026 and 2025 was $910,000 and $580,000, respectively.
Future income from non-cancelable lease agreements in effect at June 30, 2026 is as follows (dollars in thousands):
2026$934 
20271,754 
20281,356 
20291,025 
2030982 
Thereafter983 
Total$7,034 
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):
June 30, 2026December 31, 2025
Land$6,450 $6,370 
Leasehold improvements142 142 
Buildings and building improvements26,786 26,157 
Furniture, fixtures, and equipment7,568 7,197 
Construction in progress— 501 
Total cost40,946 40,367 
Accumulated depreciation(13,976)(12,796)
Net$26,970 $27,571 
Depreciation expense for the three months ended June 30, 2026 and 2025 amounted to $585,000 and $613,000, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 amounted to $1.2 million and $1.3 million, respectively.
Future undiscounted lease payments for operating leases with initial terms of one year of more as of June 30, 2026 are as follows (dollars in thousands):
2026$497 
2027537 
2028233 
202999 
2030— 
Total undiscounted lease payments1,366 
Less discount to net present value(248)
Total operating lease liabilities$1,118 
The lease liability is included in other liabilities in the Company’s Consolidated Balance Sheet.
The weighted average remaining discount rate was 5.00% and weighted average remaining life was 2.02 years at June 30, 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 June 30, 2026 and 2025 amounted to $317,000 and $328,000, respectively. Total rent expense for the six months ended June 30, 2026 and 2025 amounted to $609,000 and $635,000, 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 $292,000 for the three months ended June 30, 2026 and 2025, respectively. Rental income for the six months ended June 30, 2026 and 2025 was $910,000 and $580,000, respectively.
Future income from non-cancelable lease agreements in effect at June 30, 2026 is as follows (dollars in thousands):
2026$934 
20271,754 
20281,356 
20291,025 
2030982 
Thereafter983 
Total$7,034 
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):
June 30, 2026December 31, 2025
Land$6,450 $6,370 
Leasehold improvements142 142 
Buildings and building improvements26,786 26,157 
Furniture, fixtures, and equipment7,568 7,197 
Construction in progress— 501 
Total cost40,946 40,367 
Accumulated depreciation(13,976)(12,796)
Net$26,970 $27,571 
Depreciation expense for the three months ended June 30, 2026 and 2025 amounted to $585,000 and $613,000, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 amounted to $1.2 million and $1.3 million, respectively.
Future undiscounted lease payments for operating leases with initial terms of one year of more as of June 30, 2026 are as follows (dollars in thousands):
2026$497 
2027537 
2028233 
202999 
2030— 
Total undiscounted lease payments1,366 
Less discount to net present value(248)
Total operating lease liabilities$1,118 
The lease liability is included in other liabilities in the Company’s Consolidated Balance Sheet.
The weighted average remaining discount rate was 5.00% and weighted average remaining life was 2.02 years at June 30, 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 June 30, 2026 and 2025 amounted to $317,000 and $328,000, respectively. Total rent expense for the six months ended June 30, 2026 and 2025 amounted to $609,000 and $635,000, 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 $292,000 for the three months ended June 30, 2026 and 2025, respectively. Rental income for the six months ended June 30, 2026 and 2025 was $910,000 and $580,000, respectively.
Future income from non-cancelable lease agreements in effect at June 30, 2026 is as follows (dollars in thousands):
2026$934 
20271,754 
20281,356 
20291,025 
2030982 
Thereafter983 
Total$7,034