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Premises And Equipment | 12 Months Ended
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Mar. 31, 2012
Premises And Equipment: |
Premises And Equipment |
7. | PREMISES AND EQUIPMENT
Premises and equipment consisted of the following (in thousands):
| March 31, |
|  | 2012 |  |  |  | 2011 |
Land | $ | 3,213 |  |  | $ | 3,213 |
Buildings and improvements |  | 11,987 |  |  |  | 11,968 |
Leasehold improvements |  | 1,413 |  |  |  | 1,413 |
Furniture and equipment |  | 10,046 |  |  |  | 9,985 |
Buildings under capitalized leases |  | 2,715 |  |  |  | 2,715 |
Construction in progress |  | 2,544 |  |  |  | 690 |
Total |  | 31,918 |  |  |  | 29,984 |
Less accumulated depreciation and amortization |  | (14,850 | ) |  |  | (13,884 | )
Premises and equipment, net | $ | 17,068 |  |  | $ | 16,100 |
Depreciation expense was $1.5 million, $1.5 million and $1.7 million for the years ended March 31, 2012, 2011 and 2010, respectively. The Company is obligated under various noncancellable lease agreements for land and buildings that require future minimum rental payments, exclusive of taxes and other charges. During fiscal year 2006, the Company entered into a capital lease for the shell of the building constructed as the Company’s operations center. The lease period is for twelve years with two six-year lease renewal options. For the years ended March 31, 2012, 2011 and 2010, the Company recorded $113,000 in amortization expense. At March 31, 2012 and 2011, accumulated amortization for the capital lease totaled $714,000 and $601,000, respectively. In March 2010, the Company sold two of its branch locations. The Company maintains a substantial continuing involvement in the locations through various non-cancellable operating leases that contain certain renewal options. The resulting gain on sale of $2.1 million was deferred and is being amortized over the life of the respective leases. At March 31, 2012, the deferred gain was $1.8 million and is included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. The following is a schedule of future minimum lease payments under capital leases together with the present value of net minimum lease payments and the future minimum rental payments required under operating leases that have initial or noncancellable lease terms in excess of one year as of March 31, 2012 (in thousands):
Year Ending March 31: |  | Operating Lease |  |  |  | Capital Lease |
2013 | $ | 1,767 |  |  | $ | 251 |
2014 |  | 1,662 |  |  |  | 251 |
2015 |  | 1,580 |  |  |  | 251 |
2016 |  | 1,595 |  |  |  | 251 |
2017 |  | 1,569 |  |  |  | 251 |
Thereafter |  | 4,790 |  |  |  | 3,180 |
Total minimum lease payments | $ | 12,963 |  |  |  | 4,435 |
Less amount representing interest |  |  |  |  |  | (1,922 | )
Present value of net minimum lease payments |  |  |  |  | $ | 2,513 |
Rent expense was $1.8 million, $1.8 million and $1.7 million for the years ended March 31, 2012, 2011 and 2010, respectively.

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