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Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

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:


				September 30,				December 31,
		Balance Sheet Location		2021				2020
Operating Lease Right of Use Assets:
Gross carrying amount		Other assets		$	26,990			$	23,697
Accumulated amortization		Other assets			(4,536	)			(3,741	)
Net book value				$	22,454			$	19,956

Operating Lease Liabilities:
Right of use lease obligations		Other liabilities		$	24,212			$	21,507

Summary of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information:


		Three months ended September 30,								Nine months ended September 30,
		2021				2020				2021				2020
Lease costs:
Operating lease costs		$	687			$	663			$	2,162			$	2,018
Variable lease costs (1)			137				111				325				313
Sublease income			—				(12	)			(23	)			(35	)
Net lease costs		$	824			$	762			$	2,464			$	2,296

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases										$	2,008			$	1,947
Right of use assets obtained in exchange for new operating lease liabilities										$	4,178			$	470

(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 September 30, 2021 (in thousands):


Twelve months ended September 30,
2022	$	2,380
2023		2,048
2024		1,508
2025		1,416
2026		1,338
Thereafter		30,217
Total future minimum operating lease payments		38,907
Amounts representing interest		(14,695	)
Present value of net future minimum operating lease payments	$	24,212