Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.3.a.u2
Leases
3 Months Ended
Dec. 31, 2019
Leases  
5. Leases

The Company leases space for all its branch offices, which are generally located either in downtown or suburban business centers, and for its corporate headquarters. Branch offices are generally leased over periods ranging from three to five years. The corporate office lease expires in 2020. The leases generally provide for payment of basic rent plus a share of building real estate taxes, maintenance costs and utilities.

 

Operating lease expenses was approximately $660 and $760 for the three-month periods ended December 31, 2019 and 2018, respectively.

 

Supplemental cash flow information related to leases consisted of the following:

 

 

Three Months

Ended

December 31,

2019

 

Cash paid for operating lease liabilities

 

$

555

 

Supplemental balance sheet information related to leases consisted of the following:

 

 

December 31,

2019

 

Weighted average remaining lease term for operating leases

 

2.8 years

 

Weighted average discount rate for operating leases

 

6.0

%

 

The table below reconciles the undiscounted future minimum lease payments under non-cancelable lease agreements having initial terms in excess of one year to the total operating lease liabilities recognized on the unaudited condensed consolidated balance sheet as of December 31, 2019, including certain closed offices are as follows:

 

Remainder of Fiscal 2020

 

$

1,469

 

Fiscal 2021

 

1,597

 

Fiscal 2022

 

1,485

 

Fiscal 2023

 

1,007

 

Fiscal 2024

 

779

 

Thereafter

 

427

 

Less: Imputed interest

 

(820

)

Present value of operating lease liabilities (a)

 

$

5,944

 

__________

(a) Includes current portion of $1,555 for operating leases.