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Premises and Equipment | 12 Months Ended
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Mar. 31, 2016
Notes |
Premises and Equipment | 6. PREMISES AND EQUIPMENT Premises and equipment consisted of the following at the dates indicated (in thousands):
| March 31, |
|  | 2016 |  |  |  | 2015 |
Land | $ | 4,177 |  |  | $ | 4,177 |
Buildings and improvements |  | 13,974 |  |  |  | 13,971 |
Leasehold improvements |  | 1,286 |  |  |  | 1,286 |
Furniture and equipment |  | 9,876 |  |  |  | 10,471 |
Building under capitalized lease |  | 2,956 |  |  |  | 2,715 |
Construction in progress |  | 720 |  |  |  | 720 |
Total |  | 32,989 |  |  |  | 33,340 |
Less accumulated depreciation and amortization |  | (18,394 | ) |  |  | (17,906 | )
Premises and equipment, net | $ | 14,595 |  |  | $ | 15,434 |
Depreciation expense was $1.3 million, $1.4 million and $1.4 million for the years ended March 31, 2016, 2015 and 2014, respectively. During fiscal year 2006, the Company entered into a capital lease for the shell of the building constructed as the Company’s operations center. During the second quarter of fiscal 2016, the Company modified the lease agreement on its operations center reducing the Company’s square footage leased and extending the lease agreement to November 2039. For the years ended March 31, 2016, 2015 and 2014, the Company recorded $89,000, $113,000 and $113,000, respectively, in amortization expense related to this capital lease. At both March 31, 2016 and 2015, accumulated amortization for the capital lease totaled $1.1 million 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 lives of the respective leases. At March 31, 2016, the remaining deferred gain was $1.2 million and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets. 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. The following is a schedule of future minimum lease payments under the Company’s capital lease 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, 2016 (in thousands):
Year Ending March 31: |  | Operating Leases |  |  |  | Capital Lease |
2017 | $ | 1,382 |  |  | $ | 197 |
2018 |  | 1,325 |  |  |  | 198 |
2019 |  | 1,220 |  |  |  | 202 |
2020 |  | 1,190 |  |  |  | 205 |
2021 |  | 672 |  |  |  | 208 |
Thereafter |  | 1,981 |  |  |  | 4,268 |
Total minimum lease payments | $ | 7,770 |  |  |  | 5,278 |
Less amount representing interest |  |  |  |  |  | (2,803 | )
Present value of net minimum lease payments |  |  |  |  | $ | 2,475 |
Rent expense was $1.8 million, $1.9 million and $1.8 million for the years ended March 31, 2016, 2015 and 2014, respectively.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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