Leases (Tables)

9 Months Ended

Sep. 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 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	%