Note 7 - Operating Leases

9 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

7. OPERATING LEASES

The Company leases it facilities, equipment and land under non-cancelable operating leases expiring through

2037.

Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and liabilities were recognized at

April 1, 2019

based on the present value of lease payments over the lease term, using the Bank’s incremental borrowing rate based on the information available. At

December 31, 2019,

the weighted average remaining lease terms is

14.0

years, the weighted average discount rate is

7.5%

and the operating lease costs are

$445,000.

Supplemental balance sheet information related to leases at

December 31, 2019

is as follows:

Operating leases	Balance Sheet Classification	(in thousands)
Right-of-use assets	Operating lease right-of-use assets, net	$	3,909
Current lease liabilities	Operating lease obligations	$	311
Non-current lease liabilities	Long-term operating lease obligations		3,603
Total lease liabilities		$	3,914

Maturities of lease liabilities at

December 31, 2019

are as follows:

Payments	(in thousands)
Remainder of 2020	$	592
2021		594
2022		593
2023		371
2024		371
Thereafter		3,785
Total undiscounted lease payments		6,306
Less: present value discount		(2,392	)
Total lease liability balance	$	3,914