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Premises and Equipment

12 Months Ended

Mar. 31, 2014

7. PREMISES AND EQUIPMENT

Premises and equipment consisted of the following (in thousands):

	March 31,
		2014			2013

Land	$	4,177		$	4,177
Buildings and improvements		13,925			13,921
Leasehold improvements		1,429			1,426
Furniture and equipment		10,533			10,732
Buildings under capitalized leases		2,715			2,715
Construction in progress		720			720
Total		33,499			33,691
Less accumulated depreciation and amortization		(17,082	)		(15,998	)
Premises and equipment, net	$	16,417		$	17,693

Depreciation expense was $1.4 million, $1.5 million and $1.5 million for the years ended March 31, 2014, 2013 and 2012, 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, 2014, 2013 and 2012, the Company recorded $113,000 in amortization expense. At March 31, 2014 and 2013, accumulated amortization for the capital lease totaled $939,000 and $827,000, 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, 2014, the deferred gain was $1.5 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, 2014 (in thousands):

Year Ending March 31:		Operating Lease		Capital Lease
2015	$	1,783	$	251
2016		1,595		251
2017		1,569		251
2018		1,441		251
2019		1,054		251
Thereafter		2,295		2,679
Total minimum lease payments	$	9,737		3,934
Less amount representing interest				(1,573	)
Present value of net minimum lease payments			$	2,361

Rent expense was $1.8 million for the years ended March 31, 2014, 2013 and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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