Premises and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Premises and Equipment

NOTE 7 - PREMISES AND EQUIPMENT

Year-end premises and equipment were as follows:

	At December 31,
	2024			2023
Land and improvements	$	8,303		$	8,392
Buildings and improvements		40,494			40,418
Furniture and equipment		66,352			76,564
Total		115,149			125,374
Accumulated depreciation		(67,983	)		(68,605	)
Premises and equipment, net	$	47,166		$	56,769

Depreciation expense was $9,545 in 2024, $10,760 in 2023 and $4,456 in 2022.

The Company is the lessor of equipment under operating leases to customers. The operating lease assets are presented within furniture and equipment in the table above and classified on the Consolidated Balance Sheets as premises and equipment. The total cost of leased assets at December 31, 2024 and 2023, was $31,168 and $41,730, respectively, and total accumulated depreciation on leased assets was ($12,032) and ($15,163), respectively. Depreciation expense on lease assets for the years ended December 31, 2024, 2023, and 2022 was $8,283, $9,636, and $1,918, respectively. The increase in depreciation expense from 2022 is due to the acquisition of operating leases in connection with the acquisition of VFG during the fourth quarter of 2022, resulting in a partial year depreciation expense.