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Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Summary of Balance Sheet Information Related to Leases The following table presents the lease right-of-use assets and lease liabilities recorded on the condensed consolidated balance sheet at the dates indicated (in thousands):
March 31, 2021December 31, 2020
Operating lease right-of-use assets$6,475 $6,722 
Operating lease liabilities$6,894 $7,134 
Summary of Components of the Leases and Supplemental Cash Flow Information
The following table presents the components of lease expense for the periods indicated (in thousands):
Three Months Ended March 31,
20212020
Operating lease expense
Office leases$273 $307 
Equipment leases— 5 
Sublease income(3)(3)
Net lease expense$270 $309 
Lease term and discount rate by lease type consist of the following at the dates indicated:
March 31, 2021March 31, 2020
Weighted-average remaining lease term:
Office leases7.67 years8.53 years
Equipment leases— 0.17 years
Weighted-average discount rate (annualized):
Office leases2.66 %2.65 %
Equipment leases— %1.62 %
Supplemental cash flow information related to leases was as follows for the periods indicated (in thousands):
Three Months Ended March 31,
20212020
Cash paid for amounts included in the measurement of lease liabilities for operating leases:
Operating cash flows
Office leases$258 $291 
Equipment leases$— $5 
Schedule of Lease Liability Maturities The following table presents the maturity of lease liabilities at the date indicated:
March 31, 2021
Office Leases
Operating Lease Commitments
Remainder of 2021$784 
20221,016 
2023989 
2024968 
2025885 
Thereafter3,012 
Total lease payments7,654 
Less: Present value discount760 
Present value of lease liabilities$6,894