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Office Properties and Equipment
 12 Months Ended
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)20232022
Land$13,709 $13,709 
Buildings and improvements38,599 37,732 
Furniture and equipment18,850 18,189 
Total office properties and equipment71,158 69,630 
Less accumulated depreciation29,178 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)202320222021
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)7.06.79.3
Weighted average discount rate5.7%5.7%5.9%
The following table summarizes the maturity of remaining lease liabilities.
Years Ending December 31, (dollars in thousands)
2024
$1,540 
20251,227 
20261,241 
20271,256 
20281,170 
Thereafter11,313 
  Total future minimum lease payments17,747 
Less: amount representing interest(6,327)
Present value of net future minimum lease payments$11,420