Leases

12 Months Ended

Dec. 31, 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 1 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 which have lease and non-lease components 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 one 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 periods ended December 31, 2020 and 2019 are as follows (in thousands):

	Twelve Months Ended
	December 31,
	2020		2019
Operating lease cost	$	3,010	$	2,936
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,473	$	1,889
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—

We incurred $19 thousand and $26 thousand in short-term lease payments not included in our lease liability during the years ended December 31, 2020 and 2019, respectively.

The components of lease expense and other lease information as of and during the twelve month periods ended December 31, 2020 and 2019 are as follows (in thousands):

	December 31,
	2020		2019
Operating lease right-of-use assets	$	13,986	$	16,044
Operating lease liabilities	$	15,862	$	17,347
Weighted-average remaining lease term - operating leases		10.2		10.6
Weighted-average discount rate - operating leases		5.88%		5.88%

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

	December 31,			December 31,
	2020		2019
2020	$	—	$	2,473
2021		2,172		2,172
2022		2,171		2,171
2023		1,885		1,885
2024		1,940		1,940
Thereafter		13,326		13,326
Total future minimum lease payments	$	21,494	$	23,967
Less imputed interest	$	(5,632)	$	(6,620)
Total operating lease liability	$	15,862	$	17,347