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Leases (Tables)
3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Schedule of Cost Components of Operating Lease

The cost components of the operating leases were as follows for the three months ended March 31, 2024 and 2023:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Lease Cost

 

 

 

 

 

 

Operating lease expense

 

$

412

 

 

$

412

 

Variable lease expense(1)

 

 

208

 

 

 

197

 

Lease Term and Discount Rate

 

 

 

 

 

 

Weighted average remaining lease term (years)

 

 

7.09

 

 

 

7.98

 

Weighted average discount rate

 

 

3.87

%

 

 

3.92

%

 

(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 March 31, 2024 were as follows:

 

Year ending December 31:

 

2024

 

$

1,269

 

2025

 

 

1,747

 

2026

 

 

1,815

 

2027

 

 

1,802

 

2028

 

 

1,102

 

2029 and thereafter

 

 

4,193

 

Total future minimum lease payments

 

$

11,928

 

Less: imputed interest

 

 

(1,503

)

Present value of lease liabilities

 

$

10,425