Annual report pursuant to Section 13 and 15(d)

Leases

v3.20.4
Leases
12 Months Ended
Sep. 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 were $2,433 and $2,872 for fiscal 2020 and 2019, respectively.

 

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

 

 

 

Fiscal 2020

 

Cash paid for operating lease liabilities

 

$

1,946

 

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

 

$

733

 

 

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

 

 

 

Fiscal 2020

 

Weighted average remaining lease term for operating leases

 

2.4 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 consolidated balance sheet as of September 30, 2020, including certain closed offices are as follows:

 

Fiscal 2021

 

$

1,848

 

Fiscal 2022

 

 

1,686

 

Fiscal 2023

 

 

1,159

 

Fiscal 2024

 

 

898

 

Fiscal 2025

 

 

434

 

Thereafter

 

 

108

 

Less: Imputed interest

 

 

(591

)

Present value of operating lease liabilities (a)

 

$

5,542

 

 

(a) Includes current portion of $1,615 for operating leases.

 

Disclosures related to periods prior to adoption of ASU 2016-02

 

The Company adopted ASU 2016-02 using a modified retrospective adoption method at October 1, 2019 as noted in Note 3. As of September 30, 2019, future minimum lease payments due under non-cancelable lease agreements having initial terms in excess of one year, including certain closed offices are as follows:

 

Fiscal 2020

 

$

1,990

 

Fiscal 2021

 

 

1,597

 

Fiscal 2022

 

 

1,485

 

Fiscal 2023

 

 

1,007

 

Fiscal 2024

 

 

779

 

Thereafter

 

 

427

 

Total

 

$

7,285