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PREMISES AND EQUIPMENT

12 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

8. PREMISES AND EQUIPMENT

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

		March 31,
		2019				2018
Land		$	4,531			$	4,710
Buildings and improvements			15,349				15,281
Leasehold improvements			1,666				1,666
Furniture and equipment			10,694				10,783
Building under capitalized lease			2,956				2,956
Construction in progress			733				720
Total			35,929				36,116
Less accumulated depreciation and amortization			(20,471	)			(20,333	)
Premises and equipment, net		$	15,458			$	15,783

Depreciation and amortization expense was $1.1 million, $1.2 million and $1.1 million for the years ended March 31, 2019, 2018 and 2017, respectively.

The Company has a capital lease for the shell of the building constructed as the Company's operations center which expires in November 2039. For each of the years ended March 31, 2019, 2018 and 2017, the Company recorded $77,000 in amortization expense related to this capital lease. At March 31, 2019 and 2018, accumulated amortization for the capital lease totaled $1.4 million and $1.3 million, 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 lives of the respective leases. At March 31, 2019, the remaining deferred gain was $697,000 and is included in accrued expenses and other liabilities in the accompanying 2019 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, 2019 (in thousands):

Year Ending March 31:		Operating Leases				Capital Lease
2020		$	1,492			$	205
2021			905				208
2022			677				212
2023			527				215
2024			535				219
Thereafter			1,453				3,622
Total minimum lease payments		$	5,589				4,681
Less amount representing interest							(2,278	)
Present value of net minimum lease payments						$	2,403

Rent expense was $2.0 million, $2.1 million and $1.8 million for the years ended March 31, 2019, 2018 and 2017, respectively.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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