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Office Properties and Equipment | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Office Properties and Equipment | Office Properties and Equipment Office properties and equipment consisted of the following at December 31 of the years indicated.
(dollars in thousands) |  | 2023 |  | 2022
Land |  | $ | 13,709 |  |  | $ | 13,709 |
Buildings and improvements |  | 38,599 |  |  | 37,732 |
Furniture and equipment |  | 18,850 |  |  | 18,189 |
Total office properties and equipment |  | 71,158 |  |  | 69,630 |
Less accumulated depreciation |  | 29,178 |  |  | 26,070 |
Total office properties and equipment, net |  | $ | 41,980 |  |  | $ | 43,560 |
Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $3,571,000, $3,464,000 and $3,084,000, respectively. Foreclosed assets and ORE are recorded within accrued interest receivable and other assets in the Statements of Financial Condition as of December 31, 2023 and 2022. For more information on the Company's policy on foreclosed assets and ORE, refer to Note 2, Summary of Significant Accounting Policies. The Company leases space under non-cancelable operating leases agreements for certain bank branch facilities with remaining lease terms of 1 to 10 years. Certain lease arrangements contain extension options which typically range from 4 to 10 years at the fair market rental rates. The lease and asset liability considers renewal options when they are reasonably certain of being exercised. Refer to Note 2, Summary of Significant Accounting Policies. The following table summarizes net lease cost and selected other information related to operating leases at December 31 of the years indicated.
(dollars in thousands) |  | 2023 |  | 2022 |  | 2021
Net lease cost: |  |  |  |  |  |
Operating lease cost |  | $ | 1,442 |  |  | $ | 1,197 |  |  | $ | 513 |
Variable lease cost |  | — |  |  | — |  |  | — |
Net lease cost |  | $ | 1,442 |  |  | $ | 1,197 |  |  | $ | 513 |
Selected other operating lease information |  |  |  |  |  |
Weighted average remaining lease term (years) |  | 7.0 |  | 6.7 |  | 9.3
Weighted average discount rate |  | 5.7% |  | 5.7% |  | 5.9%
The following table summarizes the maturity of remaining lease liabilities.
Years Ending December 31, | (dollars in thousands)
2024 | $ | 1,540 |
2025 | 1,227 |
2026 | 1,241 |
2027 | 1,256 |
2028 | 1,170 |
Thereafter | 11,313 |
Total future minimum lease payments | 17,747 |
Less: amount representing interest | (6,327) |
Present value of net future minimum lease payments | $ | 11,420 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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