Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.4
Leases
3 Months Ended
Dec. 31, 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 Company’s leases generally provide for payment of basic rent plus a share of building real estate taxes, maintenance costs and utilities.

 

Operating lease expenses was $561 and $660 for the three-month periods ended December 31, 2020 and 2019, respectively.

 

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

 

 

 

Three Months Ended

December 31,

 

 

 

2020

 

 

2019

 

Cash paid for operating lease liabilities

 

$ 493

 

 

 

555

 

  

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

 

 

 

December 31,

2020

 

Weighted average remaining lease term for operating leases

 

2.5 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, 2020, including certain closed offices are as follows:

 

Remainder of Fiscal 2021

 

$ 1,378

 

Fiscal 2022

 

 

1,686

 

Fiscal 2023

 

 

1,159

 

Fiscal 2024

 

 

898

 

Fiscal 2025

 

 

434

 

Thereafter

 

 

108

 

Less: Imputed interest

 

 

(543 )

Present value of operating lease liabilities (a)

 

$ 5,120

 

  

(a)    Includes current portion of $1,576 for operating leases.