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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2021
Property, Plant and Equipment [Abstract] |
PREMISES AND EQUIPMENT | Note 4 – Premises and Equipment The following table presents the components of premises and equipment at December 31,:
(Dollars in thousands) |  | 2021 |  | 2020
Land |  | $ | 3,465 |  |  | $ | 3,936 |
Buildings and improvements |  | 13,393 |  |  | 14,350 |
Furniture, fixtures and equipment |  | 16,841 |  |  | 17,451 |
Software |  | 4,176 |  |  | 1,527 |
Construction in progress |  | 531 |  |  | 49 |
Leasehold improvements |  | 2,895 |  |  | 3,079 |
|  | 41,301 |  |  | 40,392 |
Accumulated depreciation |  | (16,249) |  |  | (14,189) |
Premises and equipment, net |  | $ | 25,052 |  |  | $ | 26,203 |
Depreciation expense totaled $3.3 million, $3.0 million and $3.0 million for 2021, 2020 and 2019, respectively. We lease certain premises, for the operation of banking offices and certain equipment under operating and finance leases. At December 31, 2021, we had lease liabilities totaling $18.6 million, of which $18.5 million was related to operating leases and $0.1 million was related to finance leases, and right-of-use assets totaling $17.5 million, all of which was related to operating leases. At December 31, 2020, we had lease liabilities totaling $18.4 million, of which $18.3 million was related to operating leases and $0.2 million was related to finance leases, and right-of-use assets totaling $17.7 million, of which $17.5 million was related to operating leases and $0.2 million was related to finance leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the years ended December 31, 2021 and December 31, 2020, the weighted-average remaining lease term for finance leases was 1.8 years and 2.3 years, respectively, and the weighted-average discount rates used in the measurement of finance lease liabilities was 2.0% and 2.4%, respectively. At December 31, 2021 and December 31, 2020, the weighted-average remaining lease term for operating leases was 12.0 years and 12.9 years, respectively, and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.8% and 2.9%, respectively. Lease costs were as follows:
(Dollars in thousands) |  | December 31, 2021 |  | December 31, 2020
Amortization of right-of-use assets, finance leases |  | $ | 59 |  |  | $ | 65 |
Interest on lease liabilities, finance leases |  | 2 |  |  | 4 |
Operating lease cost |  | 1,966 |  |  | 2,072 |
Short-term lease cost |  | 5 |  |  | 27 |
Variable lease cost |  | 38 |  |  | 38 |
Total lease cost |  | $ | 2,070 |  |  | $ | 2,206 |
There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended December 31, 2021. Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more are as follows:
|  | December 31, 2021
(Dollars in thousands) |  | Finance Leases |  | Operating Leases
2022 |  | $ | 42 |  |  | $ | 1,946 |
2023 |  | 5 |  |  | 1,897 |
2024 |  | 5 |  |  | 1,827 |
2025 |  | 4 |  |  | 1,826 |
2026 |  | — |  |  | 1,840 |
2027 and thereafter |  | — |  |  | 12,961 |
Total future minimum lease payments |  | $ | 57 |  |  | $ | 22,296 |
Less: Amounts representing interest |  | (1) |  |  | (3,752) |
Present value of net future minimum lease payments |  | $ | 56 |  |  | $ | 18,544 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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