Leases (Tables)

3 Months Ended

Mar. 31, 2020

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:

		March 31,			December 31,
	Balance Sheet Location	2020			2019
Operating Lease Right of Use Assets:
Gross carrying amount	Other assets	$	23,555		$	23,224
Accumulated amortization	Other assets		(2,325	)		(1,861	)
Net book value		$	21,230		$	21,363

Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	22,697		$	22,800

Summary of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information:

	Three months ended March 31,
	2020			2019
Lease costs:
Operating lease costs	$	677		$	693
Variable lease costs ⁽¹⁾		101			96
Sublease income		(11	)		(12	)
Net lease costs	$	767		$	777

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	648		$	688
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	$	334		$	325

⁽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 March 31, 2020 (in thousands):

Twelve months ended March 31,
2021	$	1,950
2022		2,442
2023		1,990
2024		1,610
2025		1,291
Thereafter		25,982
Total future minimum operating lease payments		35,265
Amounts representing interest		(12,568	)
Present value of net future minimum operating lease payments	$	22,697