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LEASES | 6 Months Ended
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Sep. 30, 2019
LEASES |
LEASES | 15. LEASES The Company has a finance lease for the shell of the building constructed as the Company's operations center which expires in November 2039. The Company is obligated under various noncancelable operating lease agreements for land, buildings and equipment that require future minimum rental payments. The Company does not have any operating leases with an initial term of 12 months or less. Certain operating leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Certain operating leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. Lease extensions are not reasonably certain and the Company generally does not recognize payments occurring during option periods in the calculation of its operating lease right-of-use assets and operating lease liabilities. The Company adopted the requirements of ASC Topic 842 effective April 1, 2019, which required the Company to record in the consolidated balance sheet an operating lease right-of-use asset and an operating lease liability for leases with an initial term of more than 12 months for leases that existed as of April 1, 2019. The periods prior to the date of adoption are accounted for under superseded ASC Topic 840; therefore, the following disclosures include only the period for which ASC Topic 842 was effective. 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 September 30, 2019, the remaining deferred gain was $617,000 and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets. The table below presents the lease right-of-use assets and lease liabilities recorded in the consolidated balance sheet at September 30, 2019 (in thousands):
|  |  |  |  | Classification in the
Leases |  |  |  |  | consolidated balance sheets
Finance lease right-of-use asset |  | $ | 1,547 |  | Premises and equipment, net
Finance lease liability |  | $ | 2,387 |  | Finance lease liability
Finance lease remaining lease term |  |  | 20.18 | years |
Finance lease discount rate |  |  | 7.16 | % |
Operating lease right-of-use assets |  | $ | 4,705 |  | Prepaid expenses and other assets
Operating lease liabilities |  | $ | 4,795 |  | Accrued expenses and other liabilities
Operating lease weighted-average remaining lease term |  |  | 4.40 | years |
Operating lease weighted-average discount rate |  |  | 2.77 | % |
The table below presents certain information related to the lease costs for operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income, for the periods indicated (in thousands):
|  | Three Months Ended |  | Six Months Ended
|  | September 30, 2019 |  | September 30, 2019
Lease Costs |  |  |  |  |
Finance lease amortization of right-of-use asset |  | $ | 19 |  | 38
Finance lease interest on lease liability |  |  | 43 |  | 86
Operating lease costs |  |  | 396 |  | 791
Variable lease costs |  |  | 52 |  | 105
Total lease cost (1) |  | $ | 510 |  | 1,020
(1) income related to sub-lease activity is not significant and not presented herein. Supplemental cash flow information - Operating cash flows paid for operating lease amounts included in the measurement of lease liabilities was $443,000 and $870,000 for the three and six months ended September 30, 2019, respectively. During the three and six months ended September 30, 2019, the Company did not record any lease right-of-use assets that were exchanged for operating lease liabilities. The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s operating lease liabilities as of September 30, 2019 (in thousands):
Year Ending March 31: |  | Operating Leases |  | Finance Lease
Remaining of 2020 |  | $ | 813 |  | $ | 103
2021 |  |  | 1,011 |  |  | 208
2022 |  |  | 747 |  |  | 212
2023 |  |  | 573 |  |  | 215
2024 |  |  | 583 |  |  | 219
Thereafter |  |  | 1,507 |  |  | 3,622
Total minimum lease payments |  |  | 5,234 |  |  | 4,579
Less: amount of lease payment representing interest |  |  | (439) |  |  | (2,192)
Lease liabilities |  | $ | 4,795 |  | $ | 2,387

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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