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Leases | 3 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases | 12. LEASES The Company adopted ASU 2016-02, “Leases (Topic 842)” and all subsequent ASUs that modified Topic 842 on July 1, 2019. Topic 842 requires lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. At September 30, 2019, operating lease right-of-use assets of $16.4 million and operating lease liabilities of $16.9 million were included in other assets and other liabilities, respectively, on our Consolidated Statements of Financial Condition. The calculated amount of the right-of-use asset and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum lease payments. The discount rate used in determining the lease liability for each individual lease was the Company’s incremental borrowing rate at the time of adoption of ASU 2016-02, on a collateralized basis, over a similar term. For the three months ended September 30, 2019, the weighted average remaining lease term for operating leases was 8.71 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.58%. The Company has elected to account for lease and non-lease components separately since such amounts are readily determinable under the Company’s lease contracts. Total operating lease costs were $1.1 million for the three months ended September 30, 2019. Net rent expense for the three months ended September 30, 2018, prior to the adoption of ASU 2016-02 was $757,000. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three months ended September 30, 2019. At September 30, 2019, the Company had no leases that had not yet commenced. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at September 30, 2019 is as follows:
|  |  |  |  | September 30, |
|  |  |  |  | 2019 |
|  |  |  |  | (In Thousands) |
Less than one year |  |  |  |  | $ | 2,327 |
After one year but within two years |  |  |  |  |  | 2,864 |
After two years but within three years |  |  |  |  |  | 2,575 |
After three years but within four years |  |  |  |  |  | 2,132 |
After four years but within five years |  |  |  |  |  | 1,513 |
Greater than five years |  |  |  |  |  | 7,786 |
Total undiscounted cash flows |  |  |  |  |  | 19,197 |
Less: discount on cash flows |  |  |  |  |  | (2,261 | )
Total lease liability |  |  |  |  | $ | 16,936 |

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