Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
9 Months Ended
Jun. 30, 2022
Leases  
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 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 $548 and $1,625, and $551 and $1,674 for the three and nine-month periods ended June 30, 2022 and 2021, respectively.

 

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

 

 

 

Nine Months Ended June 30,

 

 

 

2022

 

 

2021

 

Cash paid for operating lease liabilities

 

$ 1,490

 

 

 

1,425

 

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

 

 

 

June 30, 2022

 

 

September 30, 2021

 

Weighted average remaining lease term for operating leases (in years)

 

 

2.0

 

 

 

2.7

 

Weighted average discount rate for operating leases

 

 

5.0 %

 

 

5.9 %

 

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, 2022, including certain closed offices are as follows:

 

Remainder of Fiscal 2022

 

$ 482

 

Fiscal 2023

 

 

1,472

 

Fiscal 2024

 

 

1,172

 

Fiscal 2025

 

 

602

 

Fiscal 2026

 

 

194

 

Thereafter

 

 

29

 

Less: Imputed interest

 

 

(293 )

Present value of operating lease liabilities (a)

 

$ 3,658

 

 

(a) Includes current portion of $1,462 for operating leases.