Lessee, Operating Leases

3 Months Ended

Mar. 31, 2019

Notes

Lessee, Operating Leases

The Company had right-of-use assets amounting to $6,655,000 and corresponding lease liabilities of $7,273,000 related to its operating leases, which are included in other assets and other liabilities, respectively, in the Condensed Consolidated Balance Sheet on March 31, 2019. The leases have remaining lease terms of 1 to 8 years, some of which include options to extend the leases for up to 5 years. Variable lease costs consist primarily of the Company’s proportionate share of real estate taxes and operating expenses related to leased

premises. The following table summarizes information pertaining to our lease obligations for the period indicated (in thousands):

		Three Months
		Ended
		March 31, 2019
Operating lease costs	$	536
Short-term lease costs		24
Variable lease costs		74
Total lease costs	$	634
Other information:
Operating cash flows from operating leases	$	(605)
Right-of-use assets obtained for operating leases	$	56
Weighted average remaining lease term-operating leases		5 years
Weighted average discount rate-operating leases		6.79%

The Company assumed $56,000 of right-of-use assets in connection with the acquisition of My1HR in January 2019, as discussed in Note 7. 

Maturities of operating lease liabilities at March 31, 2019 were as follows: 

Due in the next year	$	2,199
Due in two years		1,869
Due in three years		1,460
Due in four years		1,229
Due in five years		492
Due in remaining years		1,337
Total payments due		8,586
Present value discount		(1,313)
Operating lease liability	$	7,273