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v3.23.2

BENEFIT PLANS (Tables) | 12 Months Ended
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Apr. 30, 2023
BENEFIT PLANS |
Schedule of net periodic pension cost | Net periodic pension cost for 2023 and 2022 was comprised of the following components (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30,
​ |  | 2023 |  | 2022
Interest cost on projected benefit obligation | ​ | $ | 603 | ​ | $ | 503
Expected return on assets | ​ |  | (1,123) | ​ |  | (1,535)
Plan expenses | ​ |  | 106 | ​ |  | 150
Recognized net actuarial loss | ​ |  | 372 | ​ |  | 392
Net periodic pension cost | ​ | $ | (42) | ​ | $ | (490)
Settlement | ​ | ​ | 7,597 | ​ | ​ | -
Net periodic pension cost after settlement | ​ | ​ | 7,555 | ​ | ​ | (490)
Schedule of assumptions used in determining net periodic pension cost and the pension benefit | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, |
​ |  | 2023 |  | 2022 |
Discount rate used to determine net periodic pension cost |  | 3.97 | % | 2.48 | %
Discount rate used to determine pension benefit obligation |  | N/A | ​ | 3.97 | %
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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30,
​ |  | 2023 |  | 2022
Change in benefit obligation: |  | ​ |  |  | ​ |
Benefit obligation at beginning of year | ​ | $ | 17,964 | ​ | $ | 21,578
Service cost | ​ | ​ | 106 | ​ | ​ | 150
Interest cost | ​ |  | 603 | ​ |  | 503
Actuarial gain | ​ |  | (1,667) | ​ |  | (2,414)
Benefits paid | ​ |  | (1,366) | ​ |  | (1,853)
Settlement | ​ | ​ | (15,357) | ​ | ​ | -
Benefit obligation at end of year | ​ | $ | 283 | ​ | $ | 17,964
Change in plan assets: | ​ |  |  | ​ |  | ​
Fair value of plan assets at beginning of year | ​ | $ | 18,054 | ​ | $ | 21,102
Actual return on plan assets | ​ |  | (103) | ​ |  | (1,239)
Company contributions | ​ |  | — | ​ |  | —
Benefits paid | ​ |  | (1,366) | ​ |  | (1,703)
Plan expenses | ​ |  | (198) | ​ |  | (106)
Settlement | ​ | ​ | (15,357) | ​ | ​ | —
Fair value of plan assets at end of year | ​ | $ | 1,030 | ​ | $ | 18,054
Overfunded status | ​ | $ | 747 | ​ | $ | 90
Schedule of accumulated other comprehensive income (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 income (loss), which have not yet been recognized as a component of net periodic pension costs (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30,
​ |  | 2023 |  | 2022
Pretax accumulated comprehensive income (loss) | ​ | $ | 138 | ​ | $ | (8,350)
Schedule of changes in accumulated other comprehensive income (loss) related to the pension plan | The following table summarizes the changes in accumulated other comprehensive income (loss) related to the pension plan for the years ended April 30, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Benefits
​ |  | Pretax |  | Net of Tax
Accumulated comprehensive loss, May 1, 2021 | ​ | $ | 8,426 | ​ | $ | 4,623
Net actuarial gain | ​ |  | 316 | ​ |  | 214
Amortization of net loss | ​ |  | (392) | ​ |  | (264)
Accumulated comprehensive loss, April 30, 2022 | ​ | $ | 8,350 | ​ | $ | 4,573
Net actuarial loss | ​ | ​ | (372) | ​ | ​ | (302)
Amortization of net loss | ​ | ​ | (243) | ​ | ​ | (198)
Settlement | ​ | ​ | (7,597) | ​ | ​ | (5,243)
Accumulated comprehensive income (loss), April 30, 2023 | ​ | $ | 138 | ​ | $ | (1,170)
Schedule of asset allocation for the pension plan by asset category | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, |
​ |  | 2023 |  | 2022 |
Equity securities |  | — | % | 57 | %
Fixed income securities |  | — |  | 38 | ​
Cash and cash equivalents |  | 100 |  | 5 | ​
Total |  | 100 | % | 100 | %
Schedule of fair value hierarchy the pension plan's assets | 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | ​ | $ | 1,030 | ​ | $ | 1,030 | ​ | $ | — | ​ | $ | —
Total assets at fair value | ​ | $ | 1,030 | ​ | $ | 1,030 | ​ | $ | — | ​ | $ | —
​ 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 | ​ | $ | — | ​ | $ | —
Schedule of restricted share award activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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
Granted during 2023 |  | 14,600 | ​ |  | 11.17
Vested during 2023 |  | (9,833) | ​ |  | 8.09
Forfeited during 2023 |  | — | ​ | ​ | —
Non-vested as of April 30, 2023 | ​ | 26,267 | ​ | ​ | 10.53

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