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Premises and Equipment | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022
Land |  | $ | 3,465 |  |  | $ | 3,465 |
Buildings and improvements |  | 13,393 |  |  | 13,393 |
Furniture, fixtures and equipment |  | 18,300 |  |  | 17,549 |
Software |  | 7,140 |  |  | 6,019 |
Construction in progress |  | 45 |  |  | 508 |
Leasehold improvements |  | 2,836 |  |  | 2,836 |
|  | 45,179 |  |  | 43,770 |
Accumulated depreciation |  | (24,251) |  |  | (20,140) |
Premises and equipment, net |  | $ | 20,928 |  |  | $ | 23,630 |
Depreciation expense totaled $4.6 million, $4.4 million and $3.3 million for 2023, 2022 and 2021, respectively. We lease certain premises and equipment under operating and finance leases. At December 31, 2023, we had lease liabilities totaling $14.0 million and right-of-use assets totaling $12.9 million, substantially all of which was related to operating leases. At December 31, 2023, the weighted-average remaining lease term for operating leases was 10.5 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.1%. At December 31, 2022, we had lease liabilities totaling $15.0 million and right-of-use assets totaling $13.9 million, substantially all of which was related to operating leases. At December 31, 2022, the weighted-average remaining lease term for operating leases was 11.6 years, and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.0%. Lease liabilities and right-of-use assets are reflected in accrued interest payable and other liabilities and accrued interest receivable and other assets, respectively. The following shows lease costs for the years ended:
(Dollars in thousands) |  | December 31, 2023 |  | December 31, 2022
Amortization of right-of-use assets, finance leases |  | $ | 10 |  |  | $ | 57 |
Operating lease cost |  | 1,795 |  |  | 1,781 |
Short-term lease cost |  | 8 |  |  | 32 |
Variable lease cost |  | 38 |  |  | 38 |
Total lease cost |  | $ | 1,851 |  |  | $ | 1,908 |
There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended December 31, 2023. For operating leases with initial or remaining terms of one year or more as of December 31, 2023, the following table presents future minimum payments for the twelve month periods ended December 31:
(Dollars in thousands) |  |  |  | Operating Leases
2024 |  |  |  | $ | 1,793 |
2025 |  |  |  | 1,738 |
2026 |  |  |  | 1,611 |
2027 |  |  |  | 1,641 |
2028 |  |  |  | 1,629 |
2029 and thereafter |  |  |  | 8,320 |
Total future minimum lease payments |  |  |  | $ | 16,732 |
Less: Amounts representing interest |  |  |  | (2,698) |
Present value of net future minimum lease payments |  |  |  | $ | 14,034 |
There are no material future minimum payments on finance leases as of December 31, 2023.

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