Operating leases

9 Months Ended

Mar. 31, 2022

Operating leases [Abstract]

Operating leases

(13)        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 March 31, 2022 and June 30, 2021, and for the three and nine months ended March 31, 2022 and 2021:

(In thousands, except weighted-average information).
Operating lease amounts:	March 31, 2022		June 30, 2021
Right-of-use assets	$	2,061	$	1,887
Lease liabilities	$	2,118	$	1,921

	For the three months ended March 31,
	2022		2021
(In thousands)
Other information:
Operating outgoing cash flows from operating leases	$	89	$	82
Lease costs:
Operating lease cost	$	81	$	81
Variable lease cost	$	12	$	10

	For the nine months ended March 31,
	2022		2021
(In thousands)
Other information:
Operating outgoing cash flows from operating leases	$	263	$	225
Right-of-use assets obtained in exchange for new operating lease liabilities	$	415	$	625
Lease costs:
Operating lease cost	$	242	$	241
Variable lease cost	$	32	$	30

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 March 31, 2022:

(in thousands)
Within the twelve months ended March 31,
2023	$	357
2024		370
2025		377
2026		361
2027		321
Thereafter		476
Total undiscounted cash flow		2,262
Less net present value adjustment		(144	)
Lease Liability	$	2,118
Weighted-average remaining lease term (Years)		5.13
Weighted-average discount rate		2.13	%

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.