(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 guarantee.

The following includes quantitative data related to the Company’s operating leases as of March 31, 2021 and June 30, 2020, and for the three and nine months ended March 31, 2021 and 2020:

(In thousands, except weighted-average information).
Operating lease amounts:	March 31, 2021		June 30, 2020
Right-of-use assets	$	1,966	$	1,575
Lease liabilities	$	1,994	$	1,587

	Three months ended March 31,		Three months ended March 31,
		2021		2020
(In thousands)
Other information:
Operating outgoing cash flows from operating leases	$	82	$	70
Right-of-use assets obtained in exchange for new operating lease liabilities	$	-	$	-

Lease costs:
Operating lease cost	$	81	$	63
Variable lease cost	$	10	$	10

	Nine months ended March 31,		Nine months ended March 31,
	2021		2020
(In thousands)
Other information:
Operating outgoing cash flows from operating leases	$	225	$	226
Right-of-use assets obtained in exchange for new operating lease liabilities	$	625	$	1,840

Lease costs:
Operating lease cost	$	241	$	205
Variable lease cost	$	30	$	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, 2021:

(in thousands)
Within the twelve months ended March 31,
2021	$	337
2022		282
2023		276
2024		283
2025		266
Thereafter		721
Total undiscounted cash flow		2,165
Less net present value adjustment		(171	)
Lease Liability	$	1,994

Weighted-average remaining lease term (Years)		5.97
Weighted-average discount rate		2.23	%

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 commenced on July 1, 2020.