Operating Leases

12 Months Ended

Jun. 30, 2022

Operating Leases [Abstract]

Operating Leases

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, 2022 and 2021:

(In thousands, except weighted-average information).
Operating lease amounts:	2022		2021
Right-of-use assets	$	1,980	$	1,887
Lease liabilities	$	2,040	$	1,921
Other information:
Operating outgoing cash flows from operating leases	$	352	$	339
Right-of-use assets obtained in exchange for new operating lease liabilities	$	415	$	625

(In thousands)
Lease costs	2022		2021
Operating lease cost	$	322	$	321
Variable lease cost	$	44	$	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, 2022:

(in thousands)
Within the twelve months ended June 30,
2023	$	359
2024		374
2025		377
2026		352
2027		302
Thereafter		409
Total undiscounted cash flow		2,173
Less net present value adjustment		(133	)
Lease liability	$	2,040

	2022			2021
Weighted-average remaining lease term (years)		4.88			5.76
Weighted-average discount rate		2.13	%		2.24	%

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.