Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

9. Leases

The Company has various lease agreements in place for facilities and equipment. Terms of these leases include, in some instances, scheduled rent increases, renewals, purchase options and maintenance costs, and vary by lease. These lease obligations expire at various dates through 2025. The Company determines if an arrangement is a lease at inception. The Company does not currently have any finance leases. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at commencement to determine the present value of the lease payments. Right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. As of March 31, 2021, the amount of right-of-use assets and lease liabilities were $1.1 million and $1.2 million, respectively. Aggregate lease expense for the three months ended March 31, 2021 was $0.2 million, consisting of $0.1 million in operating lease expense for lease liabilities and $0.1 million in short-term lease cost.

Maturities of lease liabilities as of March 31, 2021 were as follows:

(Dollars in thousands)	Operating Leases			Weighted-Average Remaining Term in Years
2021		432
2022		362
2023		274
2024		144
2025		124
Thereafter		-
Total lease payments		1,336
Less imputed interest (based on 6.6% weighted-average discount rate)		(141	)
Present value of lease liability	$	1,195			3.1