Leases (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Classification of Right of Use Assets and Lease Liabilities

The following table represents the consolidated statements of financial condition classification of the Company’s right of use assets and lease liabilities as of December 31 (in thousands):

		2019			2018
	Balance Sheet Location
Operating Lease Right of Use Assets:
Gross carrying amount	Other assets	$	23,224		$	—
Accumulated amortization	Other assets		(1,861	)		—
Net book value		$	21,363		$	—

Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	22,800		$	—

Summary of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information for the years ended December 31 (in thousands):

	2019			2018		2017
Lease Costs:
Operating lease costs	$	2,758		$	—	$	—
Variable lease costs ⁽¹⁾		428			—		—
Sublease income		(46	)		—		—
Net lease costs	$	3,140		$	—	$	—

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,641		$	—	$	—
Initial recognition of operating lease right of use assets	$	23,275		$	—	$	—
Initial recognition of operating lease liabilities	$	23,985		$	—	$	—
Right of use assets obtained in exchange for new operating lease liabilities	$	620		$	—	$	—

⁽¹⁾	Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities.

Summary of Future Minimum Payments Under Non-cancellable Operating Leases

Future minimum payments under non-cancellable operating leases with initial or remaining terms of one year or more are as follows at December 31, 2019 (in thousands):

Year ended December 31,
2020	$	2,523
2021		2,308
2022		1,857
2023		1,493
2024		1,182
Thereafter		25,931
Total future minimum operating lease payments		35,294
Amounts representing interest		(12,494	)
Present value of net future minimum operating lease payments	$	22,800