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PREMISES, EQUIPMENT AND LEASES | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
PREMISES, EQUIPMENT AND LEASES | PREMISES, EQUIPMENT AND LEASES A summary of premises, equipment and leases at December 31, 2024 and December 31, 2023 is as follows:
| December 31, |  | December 31,
(dollars in thousands) | 2024 |  | 2023
Land | $ | 15,986 |  |  | $ | 15,968 |
Buildings and improvements | 83,296 |  |  | 78,104 |
Furniture and equipment | 36,526 |  |  | 35,797 |
Lease right-of-use assets | 8,830 |  |  | 7,673 |
Total | 144,638 |  |  | 137,542 |
Accumulated depreciation | (58,928) |  |  | (54,728) |
Premises and equipment, net | $ | 85,710 |  |  | $ | 82,814 |
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $5.0 million, $4.8 million, and $4.8 million, respectively. The Company has entered into operating leases, primarily for banking offices and operating facilities, which have remaining lease terms of 3 months to 13 years, some of which may include options to extend the lease terms for up to an additional 10 years. The options to extend are included in the remaining lease term if they are reasonably certain to be exercised. The Company had operating lease right-of-use assets of $8.8 million and $7.7 million as of December 31, 2024 and December 31, 2023, respectively, included in premises and equipment on our consolidated balance sheets. The operating lease liabilities of the Company were $10.1 million and $9.3 million as of December 31, 2024 and December 31, 2023, respectively, and are included in accrued interest payable and other liabilities on our consolidated balance sheets. Information related to operating leases for the years ended December 31, 2024 and 2023 was as follows:
|  |  | Years Ended December 31,
(dollars in thousands) |  |  |  |  | 2024 |  | 2023
Operating lease cost |  |  |  |  | $ | 1,989 |  |  | $ | 1,919 |
Operating cash flows from leases |  |  |  |  | 2,373 |  |  | 2,256 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  | 2,889 |  |  | 2,470 |
Weighted average remaining lease term |  |  |  |  | 6.9 years |  | 7.8 years
Weighted average discount rate |  |  |  |  | 3.66 | % |  | 3.41 | %
Net rent expense under operating leases, included in occupancy and equipment expense, was $1.4 million, $1.4 million and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. The projected minimum rental payments under the terms of the leases as of December 31, 2024 were as follows:
(dollars in thousands) | Amount
Year ending December 31: |
2025 | $ | 1,768 |
2026 | 1,824 |
2027 | 1,708 |
2028 | 1,659 |
2029 | 1,445 |
Thereafter | 3,103 |
Total future minimum lease payments | 11,507 |
Less imputed interest | (1,395) |
Total operating lease liabilities | $ | 10,112 |

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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/1943274/2147477798/958-360-50-6 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/1943274/2147477798/958-360-50-1 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/1943274/2147477798/958-360-50-7 + Details
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