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Leases (Tables)
 9 Months Ended
Sep. 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:

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

Balance Sheet Location

 

2022

 

 

2021

 

Operating Lease Right of Use Assets:

 

 

 

 

 

 

 

 

Gross carrying amount

 

Other assets

 

$

35,876

 

 

$

27,063

 

Accumulated amortization

 

Other assets

 

 

(5,500

)

 

 

(4,993

)

Net book value

 

 

 

$

30,376

 

 

$

22,070

 

 

 

 

 

 

 

 

 

 

Operating Lease Liabilities:

 

 

 

 

 

 

 

 

Right of use lease obligations

 

Other liabilities

 

$

32,405

 

 

$

23,867

 
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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease costs

 

$

788

 

 

$

687

 

 

$

2,120

 

 

$

2,162

 

Variable lease costs (1)

 

 

116

 

 

 

137

 

 

 

361

 

 

 

325

 

Sublease income

 

 

(23

)

 

 

—

 

 

 

(46

)

 

 

(23

)

Net lease costs

 

$

881

 

 

$

824

 

 

$

2,435

 

 

$

2,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other information:

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

678

 

 

$

659

 

 

$

2,035

 

 

$

2,008

 

Right of use assets obtained in exchange for new operating lease liabilities

 

$

9,612

 

 

$

—

 

 

$

9,802

 

 

$

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 September 30, 2022 (in thousands):

 

Twelve months ended September 30,

 

 

2023

$

673

 

2024

 

2,700

 

2025

 

2,530

 

2026

 

2,459

 

2027

 

2,378

 

Thereafter

 

41,333

 

Total future minimum operating lease payments (1)

 

52,073

 

Amounts representing interest

 

(19,668

)

Present value of net future minimum operating lease payments

$

32,405

 

 

(1)
Operating lease payments exclude $448 thousand of future minimum lease payments for leases signed but not yet commenced.