PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

NOTE 6 – PREMISES AND EQUIPMENT

Major classifications of premises and equipment, stated at cost, are as follows.

	2024			2023
Land	$	21,104		$	21,161
Buildings and improvements		101,513			96,204
Furniture, fixtures and equipment		34,003			30,582
		156,620			147,947
Less: accumulated depreciation		(39,488	)		(35,315	)
Premises and equipment, net	$	117,132		$	112,632

At December 31, 2024, the Company had lease liabilities totaling $3,601 and right-of-use assets totaling $3,600 related to operating leases. At December 31, 2023, the Company had lease liabilities totaling $3,307 and right-of-use assets totaling $3,291 related to operating leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets.

Right-of-use asset and lease obligations by type of property are listed below.

December 31, 2024	Right-of-Use Asset		Lease Liability		Weighted Average Lease Term in Years		Weighted Average Discount Rate
Operating Leases
Land and building leases	$	3,600	$	3,601		12.5		3.29	%
Total operating leases	$	3,600	$	3,601		12.5		3.29	%

December 31, 2023	Right-of-Use Asset		Lease Liability		Weighted Average Lease Term in Years		Weighted Average Discount Rate
Operating leases
Land and building leases	$	3,291	$	3,307		14.8		3.00	%
Total operating leases	$	3,291	$	3,307		14.8		3.00	%

During 2023, the Company terminated two leases with a right-of-use asset balance of $2,051, lease liability of $2,062 and fees paid of $184, resulting in a loss of $173.

Operating lease costs are listed below.

	2024		2023		2022
Operating lease cost	$	597	$	745	$	844
Short-term lease cost		—		—		—
Variable lease cost		79		110		59
Total operating lease cost	$	676	$	855	$	903

There were no sales and leaseback transactions, leverage leases, lease transactions with related parties or leases that had not yet commenced during the periods ended December 31, 2024 or 2023.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability as of December 31, 2024, is listed below.

Lease payments
Due in one year or less	$	578
Due after one year through two years		623
Due after two years through three years		561
Due after three years through four years		435
Due after four years through five years		243
Thereafter		1,993
Total undiscounted cash flows		4,433
Discount on cash flows		(832	)
Total	$	3,601