Operating leases

9 Months Ended

Mar. 31, 2023

(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 Company entered into a new lease commitment for a new branch location in East Greenbush, NY during the quarter ended March 31, 2023.

The following includes quantitative data related to the Company’s operating leases as of March 31, 2023 and June 30, 2022, and for the three and nine months ended March 31, 2023 and 2022:

(In thousands, except weighted-average information).
Operating lease amounts:	March 31, 2023		June 30, 2022
Right-of-use assets	$	2,291	$	1,980
Lease liabilities	$	2,364	$	2,040

	For the three months ended March 31,
	2023			2022
(In thousands)
Other information:
Operating outgoing cash flows from operating leases		$	90		$	89
Right-of-use assets obtained in exchange for new operating lease liabilities		$	561		$	-

Lease costs:
Operating lease cost		$	87		$	81
Variable lease cost		$	12		$	12

	For the nine months ended March 31,
	2023		2022
(In thousands)
Other information:
Operating outgoing cash flows from operating leases	$	269	$	263
Right-of-use assets obtained in exchange for new operating lease liabilities	$	561	$	415

Lease costs:
Operating lease cost	$	250	$	242
Variable lease cost	$	32	$	32

The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of March 31, 2023:

(in thousands)
Within the twelve months ended March 31,
2023	$	329
2024		458
2025		452
2026		425
2027		345
Thereafter		562
Total undiscounted cash flow		2,571
Less net present value adjustment		(207	)
Lease Liability	$	2,364

Weighted-average remaining lease term (Years)		5.04
Weighted-average discount rate		2.66	%

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.