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Leases (Tables)
 9 Months Ended
Sep. 30, 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:

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

Balance Sheet Location

 

2023

 

 

2022

 

Operating Lease Right of Use Assets:

 

 

 

 

 

 

 

 

Gross carrying amount

 

Other assets

 

$

38,618

 

 

$

36,723

 

Accumulated amortization

 

Other assets

 

 

(6,726

)

 

 

(5,603

)

Net book value

 

 

 

$

31,892

 

 

$

31,120

 

 

 

 

 

 

 

 

 

 

Operating Lease Liabilities:

 

 

 

 

 

 

 

 

Right of use lease obligations

 

Other liabilities

 

$

34,125

 

 

$

33,229

 
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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease costs

 

$

773

 

 

$

788

 

 

$

2,308

 

 

$

2,120

 

Variable lease costs (1)

 

 

113

 

 

 

116

 

 

 

324

 

 

 

361

 

Sublease income

 

 

(29

)

 

 

(23

)

 

 

(77

)

 

 

(46

)

Net lease costs

 

$

857

 

 

$

881

 

 

$

2,555

 

 

$

2,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other information:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

769

 

 

$

678

 

 

$

2,212

 

 

$

2,035

 

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

 

$

932

 

 

$

9,612

 

 

$

2,167

 

 

$

9,802

 

 

(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, 2023 (in thousands):

 

Twelve months ended September 30,

 

 

2024

$

749

 

2025

 

2,966

 

2026

 

2,869

 

2027

 

2,715

 

2028

 

2,685

 

Thereafter

 

39,417

 

Total future minimum operating lease payments

 

51,401

 

Amounts representing interest

 

(17,276

)

Present value of net future minimum operating lease payments

$

34,125