Leases (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Supplemental Balance Sheet Information Related to Leases

The following table represents the Company’s lease right-of-use assets and lease liabilities on the condensed consolidated statements of financial condition. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the condensed consolidated statements of financial condition.

	As of March 31, 2019 (unaudited)			As of December 31, 2018
Assets
Lease right-of-use assets		$	2,257,000		—
Liabilities
Lease liabilities		$	2,530,000		—

Schedule of Additional Information Related to Leases

Lease Term and Discount Rate
Weighted average remaining lease term – operating leases (in years)	4.3
Weighted average discount rate – operating leases	5.0	%

Schedule of Lease Costs and Other Lease Information

The following table represents lease costs and other lease information. The Company elected to separate the lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Three Months Ended March 31, 2019
Operating lease cost	$	148,000
Short-term lease cost		130,000
Variable lease cost		17,000
Sublease income		—
Total lease cost	$	295,000

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	147,000

Lease right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	1,680,000

Schedule of Maturities of Lease Liabilities

Future annual minimum payments for operating leases with initial terms of greater than one year as of March 31, 2019 were as follows:

Year	Amount
2019	$	676,000
2020		891,000
2021		728,000
2022		489,000
2023		468,000
2024		39,000
Thereafter		—
Remaining balance of lease payments		3,291,000
Lease payments related to leases not commenced as of March 31, 2019		480,000
Difference between undiscounted cash flows and discounted cash flows		304,000
Other reconciling items		(23,000	)
Lease liabilities	$	2,530,000