Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

21. Leases

We adopted ASU 2016-02, “Leases, (Topic 842)” on January 1, 2019, which resulted in the recognition of operating leases on the balance sheet in 2019 and going forward. See Note 2 for more information on the adoption of ASU 2016-02. Right-of-use assets are included in the other assets line item and lease liabilities are included in the other liabilities line item of the consolidated balance sheet. We also elected certain practical expedients that allow us not to reassess existing leases under the new guidance. We determine if a contract contains a lease at inception and recognize operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. Since our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

The Company’s operating lease obligations predominately pertain to office leases utilized in the operation of our business. Our leases have remaining terms of 1 to 13 years, some of which include options to extend the leases. The components of lease expense and other lease information as of and during the three- and six-month periods ended June 30, 2020 and 2019 were as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Operating lease cost	$	751	$	816	$	1,541	$	1,356
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	555	$	552	$	991	$	1,103
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	—	$	—

Other lease information as of June 30, 2020 and December 31, 2019 are as follows (in thousands):

	June 30,		December 31,
	2020		2019
Operating lease right-of-use assets	$	14,972	$	16,044
Operating lease liabilities	$	16,862	$	17,347
Weighted-average remaining lease term - operating leases		10.4		10.6
Weighted-average discount rate - operating leases		5.87%		5.88%

We incurred $12 thousand in short-term lease payments not included in our lease liability during the six months ended June 30, 2020.

Future minimum lease payments under non-cancellable leases as of June 30, 2020 and December 31, 2019 were as follows (in thousands):

	June 30,			December 31,
	2020			2019
2020	$	1,482	$	2,473
2021		2,172		2,172
2022		2,171		2,171
2023		1,885		1,885
2024		1,941		1,941
Thereafter		13,325		13,325
Total future minimum lease payments	$	22,976	$	23,967
Less imputed interest	$	(6,114)	$	(6,620)
Total operating lease liability	$	16,862	$	17,347