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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | LEASES Leases - The Bank leases certain of its branch facilities and administrative offices under noncancelable operating leases with terms extending through 2033. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Operating lease cost is comprised of lease expense recognized on a straight-line basis, the amortization of the right-of-use asset and the implicit interest accreted on the operating lease liability. Operating lease cost is included in occupancy and equipment expense on our consolidated statements of income. We evaluate the lease term by assuming the exercise of options to extend that are reasonably assured and those option periods covered by an option to terminate the lease, if deemed not reasonably certain to be exercised. The lease term is used to determine the straight-line expense and limits the depreciable life of any related leasehold improvements. Certain leases require us to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises. These expenses are classified in occupancy and equipment expense on our consolidated statements of income, consistent with similar costs for owned locations, but is not included in operating lease cost below. We calculate the lease liability using a discount rate that represents our incremental borrowing rate at the lease commencement date. Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2023 are as follows (in thousands):
Years Ending December 31, |  |
2024 |  | 2,214 |
2025 |  | 1,720 |
2023 |  | 1,535 |
2027 |  | 1,305 |
2028 |  | 663 |
Thereafter |  | 1,920 |
Total lease payments |  | 9,357 |
Less: imputed interest |  | (237) |
Present value of operating lease liabilities |  | $ | 9,120 |
The table below summarizes the total lease cost for the period ending:
(Dollars in thousands) |  |  |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021 |
Operating lease cost |  |  |  | $ | 2,375 |  |  | $ | 2,187 |  |  | $ | 2,088 |  |
Short-term lease cost |  |  |  | — |  |  | — |  |  | 3 |  |
Variable lease cost |  |  |  | 347 |  |  | 307 |  |  | 353 |  |
Total lease cost |  |  |  | $ | 2,722 |  |  | $ | 2,494 |  |  | $ | 2,444 |  |
The table below summarizes other information related to our operating leases:
|  | December 31, 2023 |  | December 31, 2022
Weighted average remaining lease term, in years |  | 5.91 |  | 6.38
Weighted average discount rate |  | 1.40 | % |  | 1.50 | %
The table below shows operating lease right of use assets and operating lease liabilities as of :
(Dollars in thousands) |  | December 31, 2023 |  | December 31, 2022
Operating lease right-of-use assets |  | $ | 8,311 |  |  | $ | 10,629 |
Operating lease liabilities |  | $ | 9,120 |  |  | $ | 11,449 |
The right-of-use-assets and lease liabilities are included with other assets and other liabilities on the consolidated balance sheet, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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