(14)	Operating leases

The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain lease components, which are generally accounted for separately. The Company’s lease agreements do not contain any residual value guarantees. The following includes quantitative data related to the Company’s operating leases as of March 31, 2020:

(In thousands, except weighted-average information).
Operating Lease Amounts	March 31, 2020
Right-of-use assets	$	1,638
Lease liabilities	$	1,647

Other Information:
Operating outgoing cash flows from operating leases	$	226
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,840
Weighted-average remaining lease term (Years)		7.43
Weighted-average discount rate		2.52	%

	Three months ended March 31, 2020		Nine months ended March 31, 2020
(In thousands)
Lease Costs
Operating lease cost	$	63	$	205
Variable lease cost	$	10	$	30

The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding common area maintenance charges and real estate taxes, as of March 31, 2020:

(in thousands)
Within the twelve months ended March 31,
2021	$	282
2022		272
2023		217
2024		212
2025		217
Thereafter		613
Total undiscounted cash flow		1,813
Less net present value adjustment		(166	)
Lease Liability	$	1,647

Right-of-use assets are included in prepaid expenses and other assets, and lease liabilities are included in accrued expenses and other liabilities within the Company’s statement of condition. The Company entered into a new lease commitment for a new branch location on Wolf Road, in Colonie, NY during the three and nine months ended March 31, 2020. This lease had not yet commenced at March 31, 2020.