Operating leases

6 Months Ended

Dec. 31, 2022

Operating leases [Abstract]

Operating leases

(13)        Operating leases

The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain non-lease components, which are 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 December 31, 2022 and June 30, 2022, and for the three and six months ended December 31, 2022 and 2021:

(In thousands, except weighted-average information).
Operating lease amounts:	December 31, 2022		June 30, 2022
Right-of-use assets	$	1,817	$	1,980
Lease liabilities	$	1,881	$	2,040

	For the three months ended December 31,
	2022			2021
(In thousands)
Other information:
Operating outgoing cash flows from operating leases		$	90		$	87
Right-of-use assets obtained in exchange for new operating lease liabilities		$	-		$	415
Lease costs:
Operating lease cost		$	82		$	81
Variable lease cost		$	10		$	10

	For the six months ended December 31,
	2022		2021
(In thousands)
Other information:
Operating outgoing cash flows from operating leases	$	179	$	174
Right-of-use assets obtained in exchange for new operating lease liabilities	$	-	$	415
Lease costs:
Operating lease cost	$	163	$	161
Variable lease cost	$	20	$	20

The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of December 31, 2022:

(in thousands)
Within the twelve months ended December 31,
2023	$	366
2024		377
2025		369
2026		340
2027		258
Thereafter		285
Total undiscounted cash flow		1,995
Less net present value adjustment		(114	)
Lease Liability	$	1,881
Weighted-average remaining lease term (Years)		4.39
Weighted-average discount rate		2.15	%

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 consolidated statements of financial condition.