Annual report pursuant to Section 13 and 15(d)

Leases

v3.21.4
Leases
12 Months Ended
Sep. 30, 2021
Leases  
5. 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 2026. 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 $2,191 and $2,433 for fiscal 2021 and 2020, respectively.

 

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

  

 

 

Fiscal

2021

 

 

Fiscal

2020

 

Cash paid for operating lease liabilities

 

$ 1,893

 

 

 

1,946

 

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

 

$ 656

 

 

 

733

 

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

 

 

 

Fiscal

2021

 

 

Fiscal

2020

 

Weighted average remaining lease term for operating leases

 

2.7 years

 

 

2.4 years

 

Weighted average discount rate for operating leases

 

 

5.9 %

 

 

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, 2021, including certain closed offices are as follows:

 

Fiscal 2022

 

$ 1,888

 

Fiscal 2023

 

 

1,365

 

Fiscal 2024

 

 

1,079

 

Fiscal 2025

 

 

572

 

Fiscal 2026

 

 

194

 

Thereafter

 

 

29

 

Less: Imputed interest

 

 

(440 )

Present value of operating lease liabilities (a)

 

$ 4,687

 

 

 

(a)

Includes current portion of $1,681 for operating leases.