Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Summary of Balance Sheet Information Related to Leases

The following table represents the lease right-of-use assets and lease liabilities recorded on the condensed consolidated balance sheet at June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020		December 31, 2019
Operating lease right-of-use assets	$	7,166	$	7,641
Operating lease liabilities	$	7,561	$	8,010

Summary of Components of the Leases and Supplemental Cash Flow Information

The following table represents the components of lease expense (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease expense
Office leases	$	307	$	305	$	614	$	610
Equipment leases	5		5		10		10
Sublease income	(3)		(4)		(6)		(6)
Net lease expense	$	309	$	306	$	618	$	614

Lease term and discount rate by lease type consist of the following:

	June 30, 2020
Weighted-average remaining lease term (in years):
Office leases	8.34
Equipment leases	1.92
Weighted-average discount rate (annualized):
Office leases	2.65	%
Equipment leases	1.62	%

Supplemental cash flow information related to leases was as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Cash paid for amounts included in the measurement of lease liabilities for operating leases:
Operating cash flows
Office leases	$	291	$	232	$	582	$	517
Equipment leases	$	5	$	5	$	10	$	10

Schedule of Lease Liability Maturities

The following table represents the maturity of lease liabilities:

	June 30, 2020
	Office leases		Equipment leases
Operating Lease Commitments
Remainder of 2020	$	515	$	10
2021	1,042		20
2022	1,017		9
2023	989		—
2024	968		—
Thereafter	3,896		—
Total lease payments	8,427		39
Less: Present value discount	904		1
Present value of lease liabilities	$	7,523	$	38