LEASES (Tables)

6 Months Ended

Sep. 30, 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 sheets at the dates indicated (in thousands):

	September 30,			March 31,			Classification in the
Leases	2023			2023			consolidated balance sheets
Finance lease ROU assets	$	1,240		$	1,278		Financing lease ROU assets
Finance lease liability	$	2,200		$	2,229		Finance lease liability
Finance lease remaining lease term		16.18	years		16.68	years
Finance lease discount rate		7.16	%		7.16	%
Operating lease ROU assets	$	6,095		$	6,705		Prepaid expenses and other assets
Operating lease liabilities	$	6,427		$	7,064		Accrued expenses and other liabilities
Operating lease weighted-average remaining lease term		5.73	years		6.15	years
Operating lease weighted-average discount rate		1.76	%		1.78	%

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	September 30, 2023		September 30, 2022
Finance lease amortization of right-of-use asset	$	19	$	19
Finance lease interest on lease liability		40		40
Operating lease costs		283		283
Variable lease costs		52		53
Total lease cost (1)	$	394	$	395

	Six months ended		Six months ended
Lease Costs	September 30, 2023		September 30, 2022
Finance lease amortization of ROU asset	$	38	$	38
Finance lease interest on lease liability		80		81
Operating lease costs		566		566
Variable lease costs		104		105
Total lease cost (1)	$	788	$	790

(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 September 30, 2023 (in thousands):

Fiscal Year Ending March 31:	Operating		Finance
	Leases		Lease
Remainder of Fiscal 2024	$	688	$	111
2025		1,375		222
2026		1,125		226
2027		1,116		230
2028		899		232
Thereafter		1,631		2,711
Total minimum lease payments		6,834		3,732
Less: amount of lease payments representing interest		(407)		(1,532)
Lease liabilities	$	6,427	$	2,200

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 September 30, 2023 (in thousands):

Fiscal Year Ending March 31:	Operating		Finance
	Leases		Lease
Remainder of Fiscal 2024	$	688	$	111
2025		1,375		222
2026		1,125		226
2027		1,116		230
2028		899		232
Thereafter		1,631		2,711
Total minimum lease payments		6,834		3,732
Less: amount of lease payments representing interest		(407)		(1,532)
Lease liabilities	$	6,427	$	2,200