A summary of the cost and accumulated depreciation of premises and equipment at December 31, 2021 and 2020 follows:


(dollars in thousands)	December 31,
	2021		2020
Land	$	4,957	$	4,406
Building and improvements	25,087		25,043
Furniture and equipment	10,150		10,185
Automobiles	168		163
Total cost	40,362		39,797
Less accumulated depreciation	(18,935)		(19,526)
Premises and equipment, net	$	21,427	$	20,271

The Company's operating lease agreements are primarily for branches and office space. Topic 842 requires operating lease agreements to be recognized on the consolidated balance sheet as a right-of-use-asset with a corresponding lease liability. The table below details the Right of Use asset (net of accumulated amortization), lease liability and other information related to the Company's operating leases:


(dollars in thousands)	December 31, 2021			December 31, 2020
Operating Leases
Operating lease right of use asset, net	$	6,124		$	7,831
Operating lease liability	$	6,343		$	8,088
Weighted average remaining lease term	17.21 years			18.2 years
Weighted average discount rate	3.51		%	3.52		%
Remaining lease term - min	6.3 years			0.7 years
Remaining lease term - max	23.0 years			24.0 years

The table below details the Company's lease cost, which is included in occupancy expense in the Consolidated Statements of Income.


(dollars in thousands)	December 31, 2021		December 31, 2020

Operating lease cost	$	635	$	791

Cash paid for lease liability	$	617	$	697

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:


(dollars in thousands)	As of December 31, 2021
Lease payments due:
Within one year	$	530
After one but within two years	538
After two but within three years	543
After three but within four years	579
After four but within five years	594
After five years	5,826
Total undiscounted cash flows	8,610
Discount on cash flows	(2,267)
Total lease liability	$	6,343

Future minimum rental commitments under non-cancellable operating leases are as follows at December 31, 2021:


(dollar in thousands)
2022	$	530
2023	538
2024	543
2025	579
2026	594
Thereafter	5,826
Total	$	8,610

During the year ended December 31, 2021, the Company sold a small office condo held for sale with a fair value of $0.4 million that was recorded as a non-recurring Level 3 asset. The Company recorded an impairment of $25,000 based on fair value of the of the property during 2021.