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Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Cost Components of Operating Lease

The cost components of the operating leases were as follows for the three and six months ended June 30, 2024 and 2023:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Lease Cost

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease expense

 

$

411

 

 

$

411

 

 

$

823

 

 

$

823

 

Variable lease expense(1)

 

 

205

 

 

 

198

 

 

 

413

 

 

 

395

 

Lease Term and Discount Rate

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term (years)

 

 

6.87

 

 

 

7.77

 

 

 

6.87

 

 

 

7.77

 

Weighted average discount rate

 

 

3.86

%

 

 

3.90

%

 

 

3.86

%

 

 

3.90

%

 

(1)
Variable lease costs are payments that vary because of changes in facts or circumstances and include common area maintenance and property taxes related to the premises. Variable lease costs are excluded from the calculation of minimum lease payments.
Future Minimum Lease Payments

Future minimum lease payments as of June 30, 2024 were as follows:

 

Year ending December 31:

 

2024

 

$

854

 

2025

 

 

1,736

 

2026

 

 

1,804

 

2027

 

 

1,791

 

2028

 

 

1,090

 

2029 and thereafter

 

 

4,148

 

Total future minimum lease payments

 

$

11,423

 

Less: imputed interest

 

 

(1,390

)

Present value of lease liabilities

 

$

10,033