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Leases (Tables) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Schedule of Supplemental Balance Sheet Information Related to Leases | As of December 31, 2021, the Company does not believe that any of the renewal options under the existing leases are reasonably certain to be exercised; however, the Company will continue to assess and monitor the lease renewal options on an ongoing basis.
|  | As of December 31, 2021 |  | As of December 31, 2020
Assets |  |  |  |  |  |  |
Lease right-of-use assets |  | $ | 2,662,000 |  | $ | 2,290,000 |
Liabilities |  |  |  |  |  |  |
Lease liabilities |  | $ | 2,933,000 |  | $ | 2,612,000 |
Schedule of Additional Information Related to Leases | The calculated amounts of the lease right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company leases miscellaneous office equipment, but they are immaterial and therefore the Company records the costs associated with this office equipment on the statements of income rather than capitalizing them as lease right-of-use assets. The Company determined a discount rate of 5.0% would approximate the Company’s cost to obtain financing given its size, growth, and risk profile. Siebert 2021 Form-10K 56
Lease Term and Discount Rate |  | As of December 31, 2021 |  | As of December 31, 2020
Weighted average remaining lease term – operating leases (in years) |  |  | 2.9 |  |  | 2.2 |
Weighted average discount rate – operating leases |  |  | 5.0 | % |  | 5.0 | %
Schedule of Lease Costs and Other Lease Information | The following table represents lease costs and other lease information. The Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance and utilities which are usually determined by the leased square footage in proportion to the overall office building.
|  | Year Ended December 31,
|  | 2021 |  |  | 2020
Operating lease cost |  | $ | 1,653,000 |  |  | $ | 2,314,000 |
Short-term lease cost |  |  | 97,000 |  |  |  | 102,000 |
Variable lease cost |  |  | 180,000 |  |  |  | 351,000 |
Sublease income |  |  | — |  |  |  | — |
Total Rent and occupancy |  | $ | 1,930,000 |  |  | $ | 2,767,000 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,665,000 |  |  | $ | 2,457,000 |
Lease right-of-use assets obtained in exchange for new lease liabilities |  |  |  |  |  |  |  |
Operating leases |  | $ | 1,966,000 |  |  | $ | 2,353,000 |
Schedule of Maturities of Lease Liabilities | Future annual minimum payments for operating leases with initial terms of greater than one year as of December 31, 2021 were as follows:
Year |  | Amount |
2022 |  | $ | 1,344,000 |
2023 |  |  | 940,000 |
2024 |  |  | 399,000 |
2025 |  |  | 325,000 |
2026 |  |  | 139,000 |
Remaining balance of lease payments |  |  | 3,147,000 |
Less: difference between undiscounted cash flows and discounted cash flows |  |  | 214,000 |
Lease liabilities |  | $ | 2,933,000 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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