Operating Leases

12 Months Ended

Jun. 30, 2023

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, 2023 and 2022:

(In thousands, except weighted-average information).
Operating lease amounts:	2023		2022
Right-of-use assets	$	2,188	$	1,980
Lease liabilities	$	2,277	$	2,040
Other information:
Operating outgoing cash flows from operating leases	$	373	$	352
Right-of-use assets obtained in exchange for new operating lease liabilities	$	561	$	415

(In thousands)
Lease costs	2023		2022
Operating lease cost	$	359	$	322
Variable lease cost	$	43	$	44

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, 2023:

(In thousands)
Within the twelve months ended June 30,
2024	$	455
2025		459
2026		436
2027		387
2028		330
Thereafter		401
Total undiscounted cash flow		2,468
Less net present value adjustment		(191	)
Lease liability	$	2,277

	2023			2022
Weighted-average remaining lease term (years)		5.84			4.88
Weighted-average discount rate		2.69	%		2.13	%

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 condition.