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Leases (Tables)

3 Months Ended

Mar. 31, 2025

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		2025				2024
Operating Lease Right of Use Assets:
Gross carrying amount		Other assets		$	39,609			$	39,343
Accumulated amortization		Other assets			(9,402	)			(8,974	)
Net book value				$	30,207			$	30,369

Operating Lease Liabilities:
Right of use lease obligations		Other liabilities		$	32,632			$	32,763

Summary of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information:


		Three months ended March 31,
		2025				2024
Lease costs:
Operating lease costs		$	777			$	774
Variable lease costs (1)			127				106
Sublease income			(34	)			(30	)
Net lease costs		$	870			$	850

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	756			$	754
Right of use assets obtained in exchange for new operating lease liabilities		$	311			$	328

(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, 2025 (in thousands):


Twelve months ended March 31,
2025	$	2,230
2026		2,844
2027		2,817
2028		2,533
2029		2,231
Thereafter		35,106
Total future minimum operating lease payments		47,761
Amounts representing interest		(15,129	)
Present value of net future minimum operating lease payments	$	32,632