Operating leases

9 Months Ended

Mar. 31, 2024

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 March 31, 2024 and June 30, 2023, and for the three and nine months ended March 31, 2024 and 2023:

(In thousands)
Operating lease amounts:	March 31, 2024		June 30, 2023
Right-of-use assets	$	2,178	$	2,188
Lease liabilities	$	2,267	$	2,277

	For the three months ended March 31,
(In thousands)	2024		2023
Other information:
Operating outgoing cash flows from operating leases	$	118	$	90
Right-of-use assets obtained in exchange for new operating lease liabilities	$	251	$	561
Lease costs:
Operating lease cost	$	105	$	87
Variable lease cost	$	11	$	12

	For the nine months ended March 31,
(In thousands)	2024		2023
Other information:
Operating outgoing cash flows from operating leases	$	346	$	269
Right-of-use assets obtained in exchange for new operating lease liabilities	$	251	$	561
Lease costs:
Operating lease cost	$	313	$	250
Variable lease cost	$	33	$	32

The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of March 31, 2024:

(In thousands, except weighted-average information)
Within the twelve months ended March 31,
2024	$	498
2025		490
2026		464
2027		383
2028		265
Thereafter		364
Total undiscounted cash flow		2,464
Less net present value adjustment		(197	)
Lease Liability	$	2,267
Weighted-average remaining lease term (Years)		5.42
Weighted-average discount rate		3.01	%

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.