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BENEFIT PLANS (Tables)

12 Months Ended

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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