Note 7 - Operating Leases

6 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

7. OPERATING LEASES

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

2037.

One of its facility leases contains price escalations and a renewal option for

five

years. 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 recognition, and the Company has elected to exclude non-lease components. At

September 30, 2020,

the weighted average remaining lease terms is

13.7

years, the weighted average discount rate is

7.5%

and for both the

six

months ended

September 30, 2020

and

2019,

the operating lease costs are

$296,000.

Supplemental balance sheet information related to leases consist of the following as of:

Operating leases	Balance Sheet Classification	September 30, 2020			March 31, 2020
		(in thousands)
Right-of-use assets	Operating lease right-of-use assets	$	4,128		$	4,128
Accumulated lease amortization	Operating lease right-of-use assets		(450	)		(294	)
Total right-of-use assets		$	3,678		$	3,834
Current lease liabilities	Operating lease obligations	$	333		$	319
Non-current lease liabilities	Long-term operating lease obligations		3,349			3,519
Total lease liabilities		$	3,682		$	3,838

Maturities of lease liabilities at

September 30, 2020

are as follows:

Payments	(in thousands)
Remainder of 2021	$	298
2022		592
2023		426
2024		371
2025		356
Thereafter		3,818
Total undiscounted lease payments		5,861
Less: present value discount		(2,179	)
Total lease liability balance	$	3,682