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Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Components of Occupancy Expense

The following table presents the components of occupancy expense for the years ended December 31, 2020 and 2019:

 

Lease cost:

Classification

2020

 

 

2019

 

 

 

(In thousands)

 

Operating lease cost

Occupancy

$

13,455

 

 

$

10,875

 

Operating lease cost for subleased/assigned properties

Other, net

 

2,404

 

 

 

2,422

 

Variable lease costs

Occupancy

 

26

 

 

 

169

 

Sublease income for subleased/assigned properties

Other, net

 

(2,420

)

 

 

(2,422

)

Net lease cost

 

$

13,465

 

 

$

11,044

 

 

 

 

 

 

 

 

 

 

Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and weighted average discount rate are as follows:

 

 

 

As of December 31,

Lease Term and Discount Rate

 

2020

 

2019

Weighted average remaining lease term (in years)

 

 

12.3

 

 

 

 

 

13.3

 

 

Weighted average discount rate

 

 

5.9

 

%

 

 

5.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Maturity of Lease Liabilities

The following table presents the maturity of lease liabilities as of December 31, 2020:

 

 

(In thousands)

 

2021

$

12,131

 

2022

 

10,516

 

2023

 

10,270

 

2024

 

10,937

 

2025

 

10,937

 

2026 and thereafter

 

79,003

 

Total lease payments

 

133,794

 

Less: interest

 

40,182

 

Present value of lease liabilities

$

93,612