Premises and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Premises and Equipment

5.Premises and Equipment

Components of premises and equipment were as follows at December 31:

	2024			2023
Land and land improvements	$	15,934		$	16,001
Buildings		41,131			40,941
Furniture, fixtures and equipment		19,602			18,767
Leasehold improvements		6,024			6,024
Construction		4,542			386
Total premises and equipment		87,233			82,119
Less accumulated depreciation		(33,088	)		(30,664	)
Total premises and equipment, net	$	54,145		$	51,455

Depreciation and leasehold amortization expense approximated $2.5 million and $2.4 million for the years ended December 31, 2024 and 2023, respectively.

Leases

The Company’s operating leases are primarily for office space and equipment.

Other information related to operating leases is as follows as of December 31:

	2024			2023
Right-of-use assets obtained in exchange for lease obligations	$	935		$	—
Lease assets, included in other assets on the statements of financial condition	$	9,416		$	9,270
Lease liabilities, included in other liabilities on the statements of financial condition	$	9,512		$	9,338
Weighted average remaining lease term	16 years			17 years
Weighted average discount rate		3.00	%		2.66	%

As lessee, operating lease liabilities under non-cancellable leases are as follows:

2025	$	1,222
2026		1,150
2027		1,044
2028		900
2029		892
2030 and thereafter		7,841
Total lease payments		13,049
Less: interest		(3,537	)
Present value of lease liabilities	$	9,512

For the years ended December 31, 2024 and 2023, lease costs, which approximate cash paid for amounts included in the measurement of lease liabilities, included in the statements of operations were approximately $1,911 and $1,960, respectively.