Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 8 ‑ Leases:

The Company leases certain office space and equipment for use in its operations. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Some leases contain renewal options and, in accordance with ASC Topic 842, Leases, the lease term includes those renewals only to the extent that they are reasonably certain to be exercised.

Lease cost included in the accompanying unaudited condensed consolidated statements of income as a component of selling, general and administrative costs is presented in the table below (in thousands).

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Operating leases costs	$	170	$	143	$	339	$	286
Variable lease costs - operating	$	74	$	48	$	110	$	88

The following table presents additional information about the Company’s leases (dollars in thousands):

	June 30, 2024		December 31, 2023
Right-of-use (ROU) assets	$	2,141	$	1,789
Lease liabilities	$	2,217	$	1,837

ROU assets are included within other assets and lease liabilities are included within accrued expenses and other liabilities in the accompanying unaudited condensed consolidated balance sheets.

As of June 30, 2024, the Company had additional operating leases, primarily for division office space, that had not yet commenced with undiscounted fixed lease payments of approximately $1.1 million. These operating leases will commence in 2024 with lease terms ranging from 2 to 6 years.