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PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT PREMISES AND EQUIPMENT
Premises and equipment as of December 31, 2025 and 2024 are as follows (in thousands):
 20252024
Land$4,298 $4,298 
Buildings39,602 39,462 
Projects in progress11 78 
Equipment and furniture37,251 36,975 
Leasehold improvements5,701 5,726 
 86,863 86,539 
Less accumulated depreciation and amortization71,462 70,164 
Net book value$15,401 $16,375 
Depreciation expense was $1.9 million and $1.8 million for 2025 and 2024, respectively.

In July 2024, after receiving required approvals from the FRBNY and the NYSDFS, the Corporation announced the closure of its branch at 806 West Buffalo Street, Ithaca, New York, ("Ithaca Station") effective November 15, 2024. Management determined to classify the property as held for sale as of December 31, 2024, pursuant to the requirements of ASC 360 - Property, Plant, and Equipment. At the initial held for sale measurement date, the disposal group’s (held for sale property's) carrying value was $0.7 million, compared to an appraised value less selling costs of $1.3 million, therefore the held for sale property was initially measured at $0.7 million. As of December 31, 2024, $0.7 million was included in the line item premises and equipment, net, on the Corporation’s Consolidated Balance Sheets related to this held for sale asset. The proceeds from the sale totaled $1.3 million, resulting in the recognition of a $0.6 million gain during the year ended December 31, 2025.


Finance Leases

The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2044.

The Corporation has included these finance leases in premises and equipment as follows:
 20252024
Buildings$6,507 $6,507 
Accumulated amortization(3,615)(3,236)
Net book value$2,892 $3,271