Operating Leases

12 Months Ended

Jun. 30, 2024

Operating Leases [Abstract]

Operating Leases

Note 15. 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 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, 2024 and 2023:

(In thousands)
Operating lease amounts:	2024		2023
Right-of-use assets	$	2,071	$	2,188
Lease liabilities	$	2,159	$	2,277
Other information:
Operating outgoing cash flows from operating leases	$	471	$	373
Right-of-use assets obtained in exchange for new operating lease liabilities	$	251	$	561

(In thousands)
Lease costs	2024		2023
Operating lease cost	$	426	$	359
Variable lease cost	$	44	$	43

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, 2024:

(In thousands, except weighted-average information)
Within the twelve months ended June 30,
2025	$	501
2026		488
2027		442
2028		372
2029		228
Thereafter		313
Total undiscounted cash flow		2,344
Less net present value adjustment		(185	)
Lease liability	$	2,159

	2024			2023
Weighted-average remaining lease term (years)		5.20			5.84
Weighted-average discount rate		3.03	%		2.69	%

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.