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Leases (Tables)
 6 Months Ended
Jun. 30, 2024
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

 

2024

 

 

2023

 

Operating Lease Right of Use Assets:

 

 

 

 

 

 

 

 

Gross carrying amount

 

Other assets

 

$

39,328

 

 

$

38,684

 

Accumulated amortization

 

Other assets

 

 

(8,052

)

 

 

(7,160

)

Net book value

 

 

 

$

31,276

 

 

$

31,524

 

 

 

 

 

 

 

 

 

 

Operating Lease Liabilities:

 

 

 

 

 

 

 

 

Right of use lease obligations

 

Other liabilities

 

$

33,605

 

 

$

33,788

 
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,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease costs

 

$

778

 

 

$

759

 

 

$

1,552

 

 

$

1,535

 

Variable lease costs (1)

 

 

89

 

 

 

94

 

 

 

195

 

 

 

211

 

Sublease income

 

 

(37

)

 

 

(24

)

 

 

(67

)

 

 

(48

)

Net lease costs

 

$

830

 

 

$

829

 

 

$

1,680

 

 

$

1,698

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other information:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

754

 

 

$

752

 

 

$

1,508

 

 

$

1,442

 

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

 

$

350

 

 

$

912

 

 

$

678

 

 

$

1,235

 

 

(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, 2024 (in thousands):

 

Twelve months ended June 30,

 

 

2024

$

1,508

 

2025

 

2,927

 

2026

 

2,775

 

2027

 

2,748

 

2028

 

2,464

 

Thereafter

 

37,256

 

Total future minimum operating lease payments

 

49,678

 

Amounts representing interest

 

(16,073

)

Present value of net future minimum operating lease payments

$

33,605