Operating leases

6 Months Ended

Dec. 31, 2023

Operating leases [Abstract]

Operating leases

(12)        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 December 31, 2023 and June 30, 2023, and for the three and six months ended December 31, 2023 and 2022:

(In thousands, except weighted-average information)
Operating lease amounts:	December 31, 2023		June 30, 2023
Right-of-use assets	$	2,014	$	2,188
Lease liabilities	$	2,105	$	2,277

	For the three months ended December 31,
	2023			2022
(In thousands)
Other information:
Operating outgoing cash flows from operating leases		$	115		$	90
Right-of-use assets obtained in exchange for new operating lease liabilities		$	-		$	-
Lease costs:
Operating lease cost		$	106		$	82
Variable lease cost		$	11		$	10

	For the six months ended December 31,
	2023		2022
(In thousands)
Other information:
Operating outgoing cash flows from operating leases	$	228	$	179
Right-of-use assets obtained in exchange for new operating lease liabilities	$	561	$	-
Lease costs:
Operating lease cost	$	208	$	163
Variable lease cost	$	22	$	20

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

(in thousands)
Within the twelve months ended December 31,
2024	$	458
2025		453
2026		441
2027		349
2028		266
Thereafter		297
Total undiscounted cash flow		2,264
Less net present value adjustment		(159	)
Lease Liability	$	2,105
Weighted-average remaining lease term (Years)		5.39
Weighted-average discount rate		2.77	%

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.