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Leases (Tables)
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Schedule of Components of Operating Lease Expense

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating lease cost

 

$

1,181

 

 

$

1,184

 

 

$

3,548

 

 

$

3,549

 

Variable lease cost

 

 

74

 

 

 

79

 

 

 

238

 

 

 

224

 

Total

 

$

1,255

 

 

$

1,263

 

 

$

3,786

 

 

$

3,773

 

Schedule of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term (in years) and discount rate were as follows:

 

 

September 30, 2023

 

 

December 31, 2022

 

Weighted-average remaining lease term

 

 

6.3

 

 

 

6.8

 

Weighted-average discount rate

 

 

2.31

%

 

 

2.26

%

 

Schedule of Future Minimum Lease Payments

The following table presents the future minimum lease payments under the Company's operating leases liabilities as of September 30, 2023 (in thousands):

Remainder of 2023

 

 

 

$

988

 

2024

 

 

 

 

5,873

 

2025

 

 

 

 

4,615

 

2026

 

 

 

 

4,209

 

2027

 

 

 

 

3,942

 

Thereafter

 

 

 

 

11,069

 

Total lease payments

 

 

 

$

30,696

 

Less: imputed interest

 

 

 

 

(2,190

)

Lease liabilities

 

 

 

$

28,506