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Note 6 - Operating Leases

6 Months Ended

Sep. 30, 2022

6.	OPERATING LEASES

The Company leases 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. The Company also leases two 84-month solar leases, which are included in the right-of-use assets and liabilities. At September 30, 2022, the weighted average remaining lease terms was 12.1 years, the weighted average discount rate was 7.2%, and for the six months ended September 30, 2022 and 2021, the operating lease costs were $344,000 and $296,000, respectively.

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

Operating leases	Balance Sheet Classification	September 30, 2022			March 31, 2022
		(in thousands)
Right-of-use assets	Operating lease right-of-use assets	$	4,720		$	4,720
Accumulated lease amortization	Operating lease right-of-use assets		(1,147	)		(933	)

Total right-of-use assets		$	3,573		$	3,787

Current lease liabilities	Operating lease obligations	$	294		$	393
Non-current lease liabilities	Long-term operating lease obligations		3,265			3,386

Total lease liabilities		$	3,559		$	3,779

Maturities of lease liabilities at September 30, 2022 are as follows:

Payments	(in thousands)
Remainder of 2023	$	268
2024		480
2025		465
2026		439
2027		437
Thereafter		3,246
Total undiscounted lease payments		5,335
Less: present value discount		(1,776	)
Total lease liability balance	$	3,559