At December 31, 2025 and December 31, 2024, premises and equipment consisted of the following:
December 31,
20252024
(In thousands)
Land$850 $850 
Building5,067 5,057 
Right-of-use asset9,975 11,071 
Leasehold improvements7,021 6,692 
Furniture and fixtures3,002 2,935 
Equipment and software6,707 7,781 
Premises and equipment, gross32,622 34,386 
Accumulated depreciation and amortization(11,040)(10,530)
Premises and equipment, net$21,582 $23,856 
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Historical Timeline

Fiscal YearFiled
2025Mar 4, 2026Showing above
2024Mar 5, 2025
2023Mar 12, 2024

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.