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Leases | 9 Months Ended
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Mar. 31, 2024
Leases |
Leases | Note 9: Leases The Corporation accounts for its leases in accordance with ASC 842 which requires the Corporation to record liabilities for future lease obligations as well as assets representing the right to use the underlying leased assets. The Corporation's leases primarily represent future obligations to make payments for the use of buildings, space or equipment for its operations. Liabilities to make future lease payments are recorded in accounts payable, accrued interest and other liabilities, while right-of-use assets are recorded in premises and equipment in the Corporation's Condensed Consolidated Statements of Financial Condition. At March 31, 2024, all of the Corporation's leases were classified as operating leases and the Corporation did not have any operating leases with an initial term of 12 months or less ("short-term leases"). Liabilities to make future lease payments and right-of-use assets are recorded for operating leases and do not include short-term leases. These liabilities and right-of-use assets are determined based on the total contractual base rents for each lease, which include options to extend or renew each lease, where applicable, and where the Corporation believes it has an economic incentive to extend or renew the lease. Since lease extensions are not reasonably certain, the Corporation generally does not recognize payments occurring during option periods in the calculation of its operating right-of-use lease assets and operating lease liabilities. The Corporation utilizes the FHLB – San Francisco rates as a discount rate for each of the remaining contractual terms at the adoption date as well as for future leases if the discount rate is not stated in the lease. For leases that contain variable lease payments, the Corporation assumes future lease payment escalations based on a lease payment escalation rate specified in the lease or the specified index rate observed at the time of lease commencement. Liabilities to make future lease payments are accounted for using the interest method, being reduced by periodic contractual lease payments net of periodic interest accretion. Right-of-use assets for operating leases are amortized over the term of the associated lease by amounts that represent the difference between periodic straight-line lease expense and periodic interest accretion in the related liability to make future lease payments. For the quarters ended March 31, 2024 and 2023, expenses associated with the Corporation’s leases totaled $222,000 and $220,000, respectively. For the nine months ended March 31, 2024 and 2023, expenses associated with the Corporation’s leases totaled $716,000 and $651,000, respectively. Expenses associated with the Corporation’s leases are recorded in either premises and occupancy or equipment, as applicable, in the Condensed Consolidated Statements of Operations. The following tables present supplemental information related to operating leases at the date and for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of
(In Thousands) | ​ | March 31, 2024 | ​ | ​ | June 30, 2023
Condensed Consolidated Statements of Condition: |  | ​ |  |  | ​ |
Premises and equipment - Operating lease right of use assets | ​ | $ | 1,550 |  | $ | 2,147
Accounts payable, accrued interest and other liabilities – Operating lease liabilities | ​ | $ | 1,612 |  | $ | 2,169
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quarter Ended | ​ | Nine Months Ended
​ |  | March 31, |  | March 31,
(In Thousands) | ​ | 2024 | ​ | ​ | 2023 | ​ | 2024 | ​ | ​ | 2023
Condensed Consolidated Statements of Operations: | ​ |  |  |  | ​ |  | ​ |  |  |  | ​ |
Premises and occupancy expenses from operating leases(1) | ​ | $ | 188 |  | $ | 195 | ​ | $ | 613 |  | $ | 581
Equipment expenses from operating leases | ​ | ​ | 34 |  | ​ | 25 | ​ | ​ | 103 |  | ​ | 70
Total lease expense | ​ | $ | 222 | ​ | $ | 220 | ​ | $ | 716 | ​ | $ | 651
​
(1) | Includes immaterial variable lease costs.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended | ​ | Nine Months Ended
(In Thousands) | ​ | March 31, 2024 | ​ | March 31, 2023
Condensed Consolidated Statements of Cash Flows: | ​ |  |  |  | ​ |
Operating cash flows from operating leases, net | ​ | $ | 666 |  | $ | 657
​ ​ The following table provides information related to remaining minimum contractual lease payments and other information associated with the Corporation’s leases as of March 31, 2024: ​
​ | ​ | ​ | ​ | ​
​ |  | Amount(1) |
Year Ending June 30, |  | (In Thousands) | ​
2024 | ​ | $ | 218 | ​
2025 | ​ |  | 678 | ​
2026 | ​ |  | 387 | ​
2027 | ​ |  | 192 | ​
2028 | ​ |  | 156 | ​
Thereafter | ​ |  | 74 | ​
Total contract lease payments | ​ | $ | 1,705 | ​
​ | ​ | ​ | ​ | ​
Total liability to make lease payments | ​ | $ | 1,612 | ​
Difference in undiscounted and discounted future lease payments | ​ | $ | 93 | ​
Weighted average discount rate | ​ |  | 3.30 | %
Weighted average remaining lease term (years) | ​ |  | 3.1 | ​
​
(1) | Contractual base rents do not include property taxes and other operating expenses due under respective lease agreements.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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