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Leases (Tables)

12 Months Ended

Dec. 31, 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 as of December 31 (in thousands):


				2022				2021
		Balance Sheet Location
Operating Lease Right of Use Assets:
Gross carrying amount		Other assets		$	36,723			$	27,063
Accumulated amortization		Other assets			(5,603	)			(4,993	)
Net book value				$	31,120			$	22,070

Operating Lease Liabilities:
Right of use lease obligations		Other liabilities		$	33,229			$	23,867

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):


		2022				2021				2020
Lease Costs:
Operating lease costs		$	2,885			$	2,830			$	2,673
Variable lease costs (1)			475				427				410
Sublease income			(69	)			(23	)			(46	)
Net lease costs		$	3,291			$	3,234			$	3,037

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	2,587			$	2,647			$	2,599
Right of use assets obtained in exchange for new operating lease liabilities		$	11,006			$	4,251			$	477

(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, 2022 (in thousands):


Year ended December 31(1),
2023		$	2,925
2024			2,888
2025			2,785
2026			2,641
2027			2,612
Thereafter			39,337
Total future minimum operating lease payments			53,188
Amounts representing interest			(19,959	)
Present value of net future minimum operating lease payments		$	33,229