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Leases

3 Months Ended

Sep. 30, 2024

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,
	2024		2023
	(Dollars in thousands)
Operating lease cost	$	240	$	296
Cash paid for amounts included in the measurement of lease liabilities	$	234	$	296

Future undiscounted minimum lease payments for operating leases with initial terms of one year or more as of September 30, 2024 are as follows:


September 30, 2024	(Dollars in thousands)
2025	$	906
2026		691
2027		398
2028		319
2029		246
Thereafter		—
Total future minimum lease payments		2,560
Less: imputed interest		(155	)
Total	$	2,405