Leases (Tables)

3 Months Ended

Mar. 31, 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:

		March 31,			December 31,
	Balance Sheet Location	2024			2023
Operating Lease Right of Use Assets:
Gross carrying amount	Other assets	$	38,978		$	38,684
Accumulated amortization	Other assets		(7,594	)		(7,160	)
Net book value		$	31,384		$	31,524
Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	33,680		$	33,788

Summary of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information:

	Three months ended March 31,
	2024			2023
Lease costs:
Operating lease costs	$	774		$	776
Variable lease costs (1)		106			117
Sublease income		(30	)		(24	)
Net lease costs	$	850		$	869
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	754		$	690
Right of use assets obtained in exchange for new operating lease liabilities	$	328		$	323

(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, 2024 (in thousands):

Twelve months ended March 31,
2024	$	2,231
2025		2,887
2026		2,733
2027		2,705
2028		2,421
Thereafter		37,013
Total future minimum operating lease payments		49,990
Amounts representing interest		(16,310	)
Present value of net future minimum operating lease payments	$	33,680