The Company accounts for its leases in accordance with ASC Topic 842. The Company's right-of-use asset and operating lease liability are recognized at lease commencement based on the present value of the remaining lease payment obligations using discount rates that represent the Company’s incremental borrowing rate as of the lease commencement dates. The Company leases only office space and equipment under operating leases, with original lease terms ranging from five to ten years. The Company elected not to include short-term leases with initial terms of twelve months or less on the consolidated statements of financial condition. The operating lease agreements recognized on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability, as well as other information related to the Company's operating leases, are summarized in the table below.


	Year Ended June 30,
	2025			2024
	(Dollars in thousands)
Right-of-use asset	$	3,156		$	2,311
Lease liability	$	3,211		$	2,403
Weighted-average remaining lease term, in years		4.23			3.57
Weighted-average discount rate		1.50	%		1.70	%

Future undiscounted minimum lease payments for operating leases with initial terms of one year or more as of June 30, 2025 are as follows:


	June 30, 2025
	(In thousands)
June 30, 2026	$	854
June 30, 2027		797
June 30, 2028		695
June 30, 2029		643
June 30, 2030		262
Thereafter		62
Total future minimum lease payments		3,313
Less: imputed interest		(102	)
Total	$	3,211

Future undiscounted minimum lease payments for operating leases with initial terms of one year or more as of June 30, 2025 are as follows:


	Year Ended June 30,
	2025		2024
	(In thousands)
Operating lease cost	$	878	$	834
Cash paid for amounts included in measurement of lease liabilities	$	818	$	816