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Premises and Equipment | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023
Land |  | $ | 1,072 |  |  | $ | 3,465 |
Buildings and improvements |  | 7,779 |  |  | 13,393 |
Furniture, fixtures and equipment |  | 14,931 |  |  | 18,300 |
Software |  | 6,787 |  |  | 7,140 |
Construction in progress |  | 270 |  |  | 45 |
Leasehold improvements |  | 2,836 |  |  | 2,836 |
|  | 33,675 |  |  | 45,179 |
Accumulated depreciation |  | (21,200) |  |  | (24,251) |
Premises and equipment, net |  | $ | 12,475 |  |  | $ | 20,928 |
Depreciation expense totaled $3.8 million, $4.6 million and $4.4 million for 2024, 2023 and 2022, respectively. In December 2024, we completed a sale-leaseback transaction with a purchase price of $17.6 million. The sale was for four branch locations and the initial lease term is 15 years. The sale-leaseback transaction resulted in a pre-tax gain on sale of assets of $11.8 million. Lease liabilities and right-of-use assets totaled $15.5 million for the sale-leaseback transaction and the amounts are included in the total lease liabilities and right-of-use assets discussed below. We lease certain premises and equipment under operating and finance leases. At December 31, 2024, we had lease liabilities totaling $28.1 million and right-of-use assets totaling $26.9 million, substantially all of which was related to operating leases. At December 31, 2024, the weighted-average remaining lease term for operating leases was 12.8 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 5.9%. 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%. 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, 2024 |  | December 31, 2023 |  | December 31, 2022
Operating lease cost |  | $ | 1,990 |  |  | $ | 1,795 |  |  | $ | 1,781 |
Amortization of right-of-use assets, finance leases |  | 1 |  |  | 10 |  |  | 57 |
Short-term lease cost |  | — |  |  | 8 |  |  | 32 |
Variable lease cost |  | — |  |  | 38 |  |  | 38 |
Sublease payments received |  | (388) |  |  | (385) |  |  | — |
Total lease cost |  | $ | 1,603 |  |  | $ | 1,466 |  |  | $ | 1,908 |
There were no sale-leaseback transactions, leveraged leases or lease transactions with related parties during the year ended December 31, 2024. For operating leases with initial or remaining terms of one year or more as of December 31, 2024, the following table presents future minimum payments for the twelve month periods ended December 31:
(Dollars in thousands) |  |  |  | Operating Leases
2025 |  |  |  | $ | 3,234 |
2026 |  |  |  | 3,169 |
2027 |  |  |  | 3,241 |
2028 |  |  |  | 3,261 |
2029 |  |  |  | 3,023 |
2030 and thereafter |  |  |  | 25,547 |
Total future minimum lease payments |  |  |  | $ | 41,475 |
Less: Amounts representing interest |  |  |  | (13,398) |
Present value of net future minimum lease payments |  |  |  | $ | 28,077 |
Future minimum payments on finance leases were not material as of December 31, 2024.

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