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Leases (Tables)

6 Months Ended

Jun. 30, 2022

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:


				June 30,				December 31,
		Balance Sheet Location		2022				2021
Operating Lease Right of Use Assets:
Gross carrying amount		Other assets		$	27,239			$	27,063
Accumulated amortization		Other assets			(5,989	)			(4,993	)
Net book value				$	21,250			$	22,070

Operating Lease Liabilities:
Right of use lease obligations		Other liabilities		$	23,193			$	23,867

Summary of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information:


		Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
Lease costs:
Operating lease costs		$	664			$	795			$	1,332			$	1,475
Variable lease costs (1)			132				90				245				188
Sublease income			(11	)			(12	)			(23	)			(23	)
Net lease costs		$	785			$	873			$	1,554			$	1,640

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	714			$	688			$	1,357			$	1,349
Right of use assets obtained in exchange for new operating lease liabilities		$	100			$	3,314			$	190			$	4,178

(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 June 30, 2022 (in thousands):


Twelve months ended June 30,
2023	$	1,091
2024		1,769
2025		1,456
2026		1,382
2027		1,299
Thereafter		29,573
Total future minimum operating lease payments		36,570
Amounts representing interest		(13,377	)
Present value of net future minimum operating lease payments	$	23,193

(1)

Operating lease payments exclude $14.5 million of future minimum lease payments for leases signed but not yet commenced.