Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
6 Months Ended
Mar. 31, 2021
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 were $562 and $1,123, and $611 and $1,270 for the three and six-month periods ended March 31, 2021 and 2020, respectively.

 

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

 

 

 

Six Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Cash paid for operating lease liabilities

 

$ 947

 

 

 

1,044

 

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

 

$ 135

 

 

 

471

 

 

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

 

 

 

March 31,

2021

 

Weighted average remaining lease term for operating leases

 

 

2.6

 

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 March 31, 2021, including certain closed offices are as follows:

 

Remainder of Fiscal 2021

 

$ 930

 

Fiscal 2022

 

 

1,735

 

Fiscal 2023

 

 

1,208

 

Fiscal 2024

 

 

918

 

Fiscal 2025

 

 

434

 

Thereafter

 

 

108

 

Less: Imputed interest

 

 

(487 )

Present value of operating lease liabilities (a)

 

$ 4,846

 

 ______________

(a)     Includes current portion of $1,600 for operating leases.