Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.2
Leases
9 Months Ended
Jun. 30, 2020
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 2021. 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 $575 and $1,844, and $734 and $2,201 for the three and nine-month periods ended June 30, 2020 and 2019, respectively.

  

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

 

 

 

Nine Months Ended June 30, 2020

 

Cash paid for operating lease liabilities

 

$

1,431

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

471

 

 

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

 

 

 

June 30, 2020

 

Weighted average remaining lease term for operating leases

 

2.6 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 June 30, 2020, including certain closed offices are as follows:

 

Remainder of Fiscal 2020

 

$

477

 

Fiscal 2021

 

 

1,921

 

Fiscal 2022

 

 

1,620

 

Fiscal 2023

 

 

1,088

 

Fiscal 2024

 

 

831

 

Thereafter

 

 

449

 

Less: Imputed interest

 

 

(660

)

Present value of operating lease liabilities (a)

 

$

5,726

 

 

(a)

Includes current portion of $1,690 for operating leases.