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BENEFIT PLANS (Tables)

12 Months Ended

Apr. 30, 2022

BENEFIT PLANS

Schedule of net periodic pension cost

Net periodic pension cost for 2022 and 2021 was comprised of the following components (in thousands):

​

​	​	​	​	​	​	​
​	​	Year Ended April 30,
​		2022			2021
Interest cost on projected benefit obligation	​	$	503	​	$	504
Expected return on assets	​		(1,535)	​		(1,409)
Plan expenses	​		150	​		340
Recognized net actuarial loss	​		392	​		529
Net periodic pension cost	​	$	(490)	​	$	(36)

Schedule of assumptions used in determining net periodic pension cost

​

​	​	​	​	​	​
​	​	Year Ended April 30,
​		2022		2021
Discount rate used to determine net periodic pension cost		2.48	%	2.29	%
Discount rate used to determine pension benefit obligation		3.97	%	2.48	%
Expected long-term rate of return on assets used for pension cost on assets		7.75	%	7.75	%

Schedule of pension plan's benefit obligation and assets

The following table sets forth changes in the pension plan’s benefit obligation and assets, and summarizes components of amounts recognized in the Company’s consolidated balance sheet (in thousands):

​

​	​	​	​	​	​	​
​	​	April 30,
​		2022			2021
Change in benefit obligation:		​			​
Benefit obligation at beginning of year	​	$	21,578	​	$	23,274
Interest cost	​		503	​		504
Actuarial gain	​		(2,414)	​		(537)
Benefits paid	​		(1,703)	​		(1,663)
Benefit obligation at end of year	​	$	17,964	​	$	21,578
Change in plan assets:	​			​
Fair value of plan assets at beginning of year	​	$	21,102	​	$	18,260
Actual return on plan assets	​		(1,239)	​		2,808
Company contributions	​		—	​		1,847
Benefits paid	​		(1,703)	​		(1,663)
Plan expenses	​		(106)	​		(150)
Fair value of plan assets at end of year	​	$	18,054	​	$	21,102
Overfunded (underfunded) status	​	$	90	​	$	(476)

Schedule of accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs

The following table summarizes the amounts recorded in accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs (in thousands):

​

​	​	​	​	​	​	​
​	​	Year Ended April 30,
​		2022			2021
Pretax accumulated comprehensive loss	​	$	8,350	​	$	8,426

Schedule of changes in accumulated other comprehensive loss related to the pension plan

The following table summarizes the changes in accumulated other comprehensive loss related to the pension plan for the years ended April 30, 2022 and 2021 (in thousands):

​

​	​	​	​	​	​	​
​	​	Pension Benefits
​		Pretax			Net of Tax
Accumulated comprehensive loss, May 1, 2020	​	$	11,082	​	$	6,467
Net actuarial gain	​	​	(2,127)	​	​	(1,483)
Amortization of net loss	​		(529)	​		(361)
Accumulated comprehensive loss, April 30, 2021	​	$	8,426	​	$	4,623
Net actuarial loss	​	​	316	​	​	214
Amortization of net loss	​	​	(392)	​	​	(264)
Accumulated comprehensive loss, April 30, 2022	​	$	8,350	​	$	4,573

Schedule of asset allocation for the pension plan by asset category

​

​	​	​	​	​	​
​	​	April 30,
​		2022		2021
Equity securities		57	%	51	%
Fixed income securities		38		39	​
Other (principally cash and cash equivalents)		5		10	​
Total		100	%	100	%

Schedule of fair value hierarchy the pension plan's assets

The following table sets forth by level within the fair value hierarchy the pension plan’s assets at fair value as of April 30, 2022 and 2021 (in thousands):

2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

Level 1

Level 2

Level 3

Cash and cash equivalents

​

$

791

​

$

791

​

$

—

​

$

—

Investments at fair value:

​

​

​

​

​

​

​

Equity securities

​

10,348

​

10,348

​

—

​

—

Fixed income securities

​

6,915

​

6,915

​

—

​

—

Total assets at fair value

​

$

18,054

​

$

18,054

​

$

—

​

$

—

​

2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

Level 1

Level 2

Level 3

Cash and cash equivalents

​

$

2,215

​

$

2,215

​

$

—

​

$

—

Investments at fair value:

​

​

​

​

​

​

​

Equity securities

​

10,707

​

10,707

​

—

​

—

Fixed income securities

​

8,180

​

8,180

​

—

​

—

Total assets at fair value

​

$

21,102

​

$

21,102

​

$

—

​

$

—

Schedule of restricted share award activity

The restricted share award activity for 2022 was as follows:

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	Number of	​	Grant Date Fair Value
Restricted share awards		Shares		Per Share
Non-vested as of May 1, 2021		29,000	​	$	6.18
Granted during 2022		13,000	​		11.50
Vested during 2022		(20,500)	​		6.61
Forfeited during 2022		—	​		—
Non-vested as of April 30, 2022	​	21,500	​	$	8.98

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