Note 15. 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 June 30, 2020:

(In thousands, except weighted-average information).
Operating lease amounts:	June 30, 2020
Right-of-use assets	$	1,575
Lease liabilities	$	1,587

Other information:
Operating outgoing cash flows from operating leases	$	296
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,840
Weighted-average remaining lease term (Years)		7.23
Weighted-average discount rate		2.53	%

	Year ended June 30, 2020
(In thousands)
Lease costs
Operating lease cost	$	268
Variable lease cost	$	40

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 June 30, 2020:

(in thousands)
Within the twelve months ended June 30,
2021	$	282
2022		261
2023		208
2024		216
2025		218
Thereafter		558
Total undiscounted cash flow		1,743
Less net present value adjustment		(156	)
Lease liability	$	1,587

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 year ended June 30, 2020. This lease had not yet commenced at June 30, 2020.