Leases

3 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

8.Leases

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.

	Three Months Ended September 30,
	2023		2022
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$296		$2
Weighted-average remaining lease term, in years		4.0		3.8
Weighted-average discount rate	1.8		3.3

Future undiscounted minimum lease payments for operating leases with initial terms of one year or more as of September 30, 2023 are as follows:

September 30, 2023	(Dollars in thousands)
2023	$	410
2024		1,054
2025		839
2026		504
2027		393
Thereafter		454
Total future minimum lease payments		3,654
Less: imputed interest		(192	)
Total	$	3,462