Leases

12 Months Ended

Jun. 30, 2024

The Company leases certain premises and equipment under operating leases. As of June 30, 2024, the Company had right-of-use assets totaling $14.5 million and lease liabilities totaling $15.3 million, which were recorded in other assets and other liabilities, respectively, on the Statement of Financial Condition. By comparison at June 30, 2023, the Company had right-of-use assets of totaling $16.1 million and lease liabilities of totaling $17.2 million.

As of June 30, 2024, the weighted average remaining lease term for operating leases was 5.85 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.16%. Total operating lease costs for the years ended June 30, 2024, 2023 and 2022 was $3.5 million, $3.7 million and $3.7 million, respectively.

There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended June 30, 2024. At June 30, 2024, 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 June 30, 2024 and 2023 is as follows:


	June 30,
	2024		2023
	(In Thousands)
Less than one year	$	3,390	$	3,445
After one year but within two years	3,360		3,183
After two years but within three years	3,262		3,071
After three years but within four years	2,254		2,963
After four years but within five years	1,740		1,941
Greater than five years	2,847		4,305
Total undiscounted cash flows	16,853		18,908
Less: discount on cash flows	(1,531)		(1,687)
Total lease liability	$	15,322	$	17,221