Leases (Tables)

3 Months Ended

Mar. 31, 2019

Lease expense is included in office and technology expenses in the Consolidated Statements of Income. Information regarding the Company’s operating leases is as follows:



(in thousands)	Three Months Ended March 31, 2019
Operating leases	$	314
Short-term leases (b)	34
Lease expense	$	348
Sub-lease income	—
Lease cost	$	348



(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 March 31, 2019
Current:
Operating lease liabilities	$	1,056
Non-current:
Operating lease liabilities	3,871
Total operating lease liabilities	$	4,927

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 March 31, 2019, are summarized as follows:



Year Ended (in thousands)
2019	$	936
2020	1,206
2021	1,100
2022	857
2023	549
Thereafter	851
Total undiscounted payments	$	5,499
Less: present value adjustment	(572		)
Operating lease liabilities	$	4,927

Operating Lease Other Information

Supplemental lease information is as follows:



As of March 31, 2019
Weighted average remaining lease term (years)	5.20
Weighted average discount rate	4.2	%