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Leases (Tables)

3 Months Ended

Mar. 31, 2023

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:


				March 31,				December 31,
		Balance Sheet Location		2023				2022
Operating Lease Right of Use Assets:
Gross carrying amount		Other assets		$	36,960			$	36,723
Accumulated amortization		Other assets			(6,010	)			(5,603	)
Net book value				$	30,950			$	31,120

Operating Lease Liabilities:
Right of use lease obligations		Other liabilities		$	33,148			$	33,229

Summary of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information:


		Three months ended March 31,
		2023				2022
Lease costs:
Operating lease costs		$	776			$	668
Variable lease costs (1)			117				113
Sublease income			(24	)			(12	)
Net lease costs		$	869			$	769

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	690			$	643
Right of use assets obtained in exchange for new operating lease liabilities		$	323			$	90

(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, 2023 (in thousands):


Twelve months ended March 31,
2024	$	2,248
2025		2,899
2026		2,795
2027		2,641
2028		2,612
Thereafter		39,337
Total future minimum operating lease payments		52,532
Amounts representing interest		(19,384	)
Present value of net future minimum operating lease payments	$	33,148