Note 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 June 30, 2021 and 2020:

(In thousands, except weighted-average information).
Operating lease amounts:	2021		2020
Right-of-use assets	$	1,887	$	1,575
Lease liabilities	$	1,921	$	1,587

Other information:
Operating outgoing cash flows from operating leases	$	339	$	296
Right-of-use assets obtained in exchange for new operating lease liabilities	$	625	$	1,840

(In thousands)
Lease costs	2021		2020
Operating lease cost	$	321	$	268
Variable lease cost	$	40	$	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, 2021:

(in thousands)
Within the twelve months ended June 30,
2022	$	326
2023		273
2024		281
2025		283
2026		258
Thereafter		658
Total undiscounted cash flow		2,079
Less net present value adjustment		(158	)
Lease liability	$	1,921

	2021			2020
Weighted-average remaining lease term (years)		5.76			7.23
Weighted-average discount rate		2.24	%		2.53	%

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, 2021.