(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 guarantee. The following includes quantitative data related to the Company’s operating leases as of September 30, 2020:

(In thousands, except weighted-average information).
Operating lease amounts:	September 30, 2020		June 30, 2020
Right-of-use assets	$	2,122	$	1,575
Lease liabilities	$	2,138	$	1,587

	For the three months ended September 30,
	2020		2019
(In thousands)
Other information:
Operating outgoing cash flows from operating leases	$	88	$	78
Right-of-use assets obtained in exchange for new operating lease liabilities	$	625	$	1,840

Lease costs:
Operating lease cost	$	80	$	72
Variable lease cost	$	10	$	10

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 September 30, 2020:

(in thousands)
Within the twelve months ended September 30,
2021	$	338
2022		310
2023		270
2024		283
2025		280
Thereafter		848
Total undiscounted cash flow		2,329
Less net present value adjustment		(191	)
Lease Liability	$	2,138

Weighted-average remaining lease term (Years)		6.39
Weighted-average discount rate		2.22	%

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 statement of condition. The Company entered into a new lease commitment for a new branch location on Wolf Road, in Colonie, NY during the year ended June 30, 2020. This lease commenced on July 1, 2020.