LEASES (Tables)

12 Months Ended

Mar. 31, 2023

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 sheet at the dates indicated (dollars in thousands):

	March 31,			March 31,			Classification in the
Leases	2023			2022			consolidated balance sheets
Finance lease ROU assets	$	1,278		$	1,355		Financing lease ROU assets
Finance lease liability	$	2,229		$	2,283		Finance lease liability
Finance lease remaining lease term		16.68	years		17.68	years
Finance lease discount rate		7.16	%		7.16	%
Operating lease ROU assets	$	6,705		$	7,907		Prepaid expenses and other assets
Operating lease liabilities	$	7,064		$	8,306		Accrued expenses and other liabilities
Operating lease weighted-average remaining lease term		6.15	years		7.02	years
Operating lease weighted-average discount rate		1.78	%		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):

	Year ended		Year ended		Year ended
Lease Costs	March 31, 2023		March 31, 2022		March 31, 2021
Finance lease amortization of ROU asset	$	77	$	77	$	77
Finance lease interest on lease liability		162		165		168
Operating lease costs		1,133		1,266		1,312
Variable lease costs		209		209		209
Total lease cost (1)	$	1,581	$	1,717	$	1,766

⁽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 March 31, 2023 (in thousands):

Year Ending March 31:	Operating		Finance
	Leases		Lease
2024	$	1,370	$	219
2025		1,375		222
2026		1,125		226
2027		1,116		230
2028		899		232
Thereafter		1,632		2,712
Total minimum lease payments		7,517		3,841
Less: amount of lease payment representing interest		(453)		(1,612)
Lease liabilities	$	7,064	$	2,229