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Premises and Equipment
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Premises and Equipment
Note 4 – Premises and Equipment

The following table presents the components of premises and equipment as of the periods shown:
(Dollars in thousands)September 30, 2022December 31, 2021
Land$3,465 $3,465 
Buildings and improvements13,393 13,393 
Furniture, fixtures and equipment17,968 16,841 
Software5,805 4,176 
Construction in progress437 531 
Leasehold improvements2,963 2,895 
44,031 41,301 
Accumulated depreciation(19,363)(16,249)
Premises and equipment, net$24,668 $25,052 

We lease certain premises and equipment under operating and finance leases. At September 30, 2022, we had lease liabilities totaling $15.3 million, substantially all of which was related to operating leases, and right-of-use assets totaling $14.2 million, substantially all of which was related to operating leases. At September 30, 2022, the weighted-average remaining lease term for operating leases was 11.7 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.0%. At September 30, 2022, the weighted-average remaining lease term for finance leases was 3.0 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 0.7%.
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, 2021, the weighted-average remaining lease term for operating leases was 12 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.8%. At December 31, 2021, the weighted-average remaining lease term for finance leases was 1.8 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 2.0%.

Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively.

The following table presents lease costs for the periods shown:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2022202120222021
Operating lease cost$445 $504 $1,335 $1,458 
Short-term lease cost8 2 22 4 
Variable lease cost10 9 29 29 
Amortization of right-of-use assets, finance leases13 16 42 44 
Interest on lease liabilities, finance leases— — — 2 
Total lease cost$476 $531 $1,428 $1,537 

For operating leases with initial or remaining terms of one year or more as of September 30, 2022, the following table presents future minimum payments for the twelve month periods ended September 30:
(Dollars in thousands)Operating Leases
2023$1,682 
20241,578 
20251,572 
20261,587 
20271,608 
2028 and thereafter10,521 
Total future minimum lease payments$18,548 
Less: Amounts representing interest(3,229)
Present value of net future minimum lease payments$15,319 

There are no material future minimum payments on finance leases as of September 30, 2022.
Premises and Equipment
Note 4 – Premises and Equipment

The following table presents the components of premises and equipment as of the periods shown:
(Dollars in thousands)September 30, 2022December 31, 2021
Land$3,465 $3,465 
Buildings and improvements13,393 13,393 
Furniture, fixtures and equipment17,968 16,841 
Software5,805 4,176 
Construction in progress437 531 
Leasehold improvements2,963 2,895 
44,031 41,301 
Accumulated depreciation(19,363)(16,249)
Premises and equipment, net$24,668 $25,052 

We lease certain premises and equipment under operating and finance leases. At September 30, 2022, we had lease liabilities totaling $15.3 million, substantially all of which was related to operating leases, and right-of-use assets totaling $14.2 million, substantially all of which was related to operating leases. At September 30, 2022, the weighted-average remaining lease term for operating leases was 11.7 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.0%. At September 30, 2022, the weighted-average remaining lease term for finance leases was 3.0 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 0.7%.
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, 2021, the weighted-average remaining lease term for operating leases was 12 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.8%. At December 31, 2021, the weighted-average remaining lease term for finance leases was 1.8 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 2.0%.

Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively.

The following table presents lease costs for the periods shown:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2022202120222021
Operating lease cost$445 $504 $1,335 $1,458 
Short-term lease cost8 2 22 4 
Variable lease cost10 9 29 29 
Amortization of right-of-use assets, finance leases13 16 42 44 
Interest on lease liabilities, finance leases— — — 2 
Total lease cost$476 $531 $1,428 $1,537 

For operating leases with initial or remaining terms of one year or more as of September 30, 2022, the following table presents future minimum payments for the twelve month periods ended September 30:
(Dollars in thousands)Operating Leases
2023$1,682 
20241,578 
20251,572 
20261,587 
20271,608 
2028 and thereafter10,521 
Total future minimum lease payments$18,548 
Less: Amounts representing interest(3,229)
Present value of net future minimum lease payments$15,319 

There are no material future minimum payments on finance leases as of September 30, 2022.