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Premises and Equipment
 12 Months Ended
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.