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Leases (Tables) | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Lease, Cost | Lease expense is included in office and technology expenses in the Consolidated Statements of Income. Information regarding the Company’s operating leases follows:
(in thousands) | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019
Operating leases | $ | 312 |  | $ | 944 |
Short-term leases (b) | 30 |  | 103 |
Lease expense | $ | 342 |  | $ | 1,047 |
Sub-lease income | — |  | — |
Lease cost | $ | 342 |  | $ | 1,047 |
(b) |  | Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.
Lessee, Operating Lease Liability, Current and Non-current | Components of the operating lease liability presented on the Consolidated Balance Sheets are as follows:
(in thousands) | As of September 30, 2019
Current: |
Operating lease liabilities | $ | 1,045 |
Non-current: |
Operating lease liabilities | 3,577 |
Total operating lease liabilities | $ | 4,622 |
Lessee, Operating Lease, Liability, Maturity | The future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of September 30, 2019, are summarized as follows:
Year Ended (in thousands) |
2019 | $ | 308 |
2020 | 1,208 |
2021 | 1,122 |
2022 | 893 |
2023 | 585 |
Thereafter | 1,029 |
Total undiscounted payments | $ | 5,145 |
Less: present value adjustment | (523 | )
Operating lease liabilities | $ | 4,622 |
Operating Lease Other Information | Supplemental lease information is as follows:
As of September 30, 2019 |
Weighted average remaining lease term (years) | 5.09 |
Weighted average discount rate | 4.2 | %

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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