Leases (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019		Six Months Ended June 30, 2019
Operating leases	$	315	$	629
Short-term leases (b)	42		76
Lease expense	$	357	$	705
Sub-lease income	—		—
Lease cost	$	357	$	705



(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 June 30, 2019
Current:
Operating lease liabilities	$	1,054
Non-current:
Operating lease liabilities	3,609
Total operating lease liabilities	$	4,663

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 June 30, 2019, are summarized as follows:



Year Ended (in thousands)
2019	$	621
2020	1,206
2021	1,100
2022	857
2023	548
Thereafter	851
Total undiscounted payments	$	5,183
Less: present value adjustment	(520		)
Operating lease liabilities	$	4,663

Operating Lease Other Information

Supplemental lease information is as follows:



As of June 30, 2019
Weighted average remaining lease term (years)	5.00
Weighted average discount rate	4.2	%