LEASES (Tables)

9 Months Ended

Dec. 31, 2022

LEASES

Schedule of lease right-of-use assets and lease liabilities

The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheets at the dates indicated (in thousands):

	December 31,			March 31,			Classification in the
Leases	2022			2022			consolidated balance sheets
Finance lease ROU assets	$	1,298		$	1,355		Financing lease ROU assets
Finance lease liability	$	2,243		$	2,283		Finance lease liability
Finance lease remaining lease term		16.93	years		17.68	years
Finance lease discount rate		7.16	%		7.16	%
Operating lease ROU assets	$	7,008		$	7,907		Prepaid expenses and other assets
Operating lease liabilities	$	7,379		$	8,306		Accrued expenses and other liabilities
Operating lease weighted-average remaining lease term		6.36	years		7.02	years
Operating lease weighted-average discount rate		1.79	%		1.81	%

Schedule of lease costs for finance and operating leases

The table below presents certain information related to the lease costs for operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income at the dates indicated (in thousands):

	Three months ended		Three months ended
Lease Costs	December 31, 2022		December 31, 2021
Finance lease amortization of right-of-use asset	$	20	$	20
Finance lease interest on lease liability		41		41
Operating lease costs		283		316
Variable lease costs		52		53
Total lease cost (1)	$	396	$	430

	Nine months ended		Nine months ended
Lease Costs	December 31, 2022		December 31, 2021
Finance lease amortization of right-of-use asset	$	58	$	58
Finance lease interest on lease liability		122		124
Operating lease costs		849		946
Variable lease costs		157		158
Total lease cost (1)	$	1,186	$	1,286

(1) Income related to sub-lease activity is not significant and not presented herein.

Schedule of maturities of operating lease liabilities

The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2022 (in thousands):

Year Ending March 31:	Operating		Finance
	Leases		Lease
Remaining of 2023	$	340	$	54
2024		1,370		219
2025		1,375		222
2026		1,125		226
2027		1,116		230
Thereafter		2,530		2,944
Total minimum lease payments		7,856		3,895
Less: amount of lease payment representing interest		(477)		(1,652)
Lease liabilities	$	7,379	$	2,243

Schedule of maturities of finance lease liabilities

The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2022 (in thousands):

Year Ending March 31:	Operating		Finance
	Leases		Lease
Remaining of 2023	$	340	$	54
2024		1,370		219
2025		1,375		222
2026		1,125		226
2027		1,116		230
Thereafter		2,530		2,944
Total minimum lease payments		7,856		3,895
Less: amount of lease payment representing interest		(477)		(1,652)
Lease liabilities	$	7,379	$	2,243