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LEASES (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2021
LEASES |
Schedule of lease right-of-use assets and lease liabilities | The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheet at the dates indicated (in thousands):
|  | March 31, |  |  | March 31, |  | Classification in the
Leases |  | 2021 |  |  | 2020 |  | consolidated balance sheets
Finance lease ROU assets |  | $ | 1,432 |  |  | $ | 1,508 |  | Financing lease ROU assets
Finance lease liability |  | $ | 2,329 |  |  | $ | 2,369 |  | Finance lease liability
Finance lease remaining lease term |  |  | 18.68 | years |  |  | 19.68 | years |
Finance lease discount rate |  |  | 7.16 | % |  |  | 7.16 | % |
Operating lease ROU assets |  | $ | 8,782 |  |  | $ | 3,949 |  | Prepaid expenses and other assets
Operating lease liabilities |  | $ | 9,201 |  |  | $ | 4,046 |  | Accrued expenses and other liabilities
Operating lease weighted-average remaining lease term |  |  | 7.87 | years |  |  | 3.92 | years |
Operating lease weighted-average discount rate |  |  | 1.77 | % |  |  | 2.77 | % |
Schedule of lease costs for finance and operating leases | 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 at the dates indicated (in thousands):
|  | Year |  | Year
|  | ended |  | ended
|  | March 31, |  | March 31,
Lease Costs |  | 2021 |  | 2020
Finance lease amortization of right-of-use asset |  | $ | 77 |  | $ | 77
Finance lease interest on lease liability |  |  | 168 |  |  | 171
Operating lease costs |  |  | 1,312 |  |  | 1,508
Variable lease costs |  |  | 209 |  |  | 209
Total lease cost (1) |  | $ | 1,766 |  | $ | 1,965
(1) income related to sub-lease activity is not significant and not presented herein.
Schedule of reconciliation of the undiscounted cash flows related to the Company's lease liabilities | The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of March 31, 2021 (in thousands):
Years Ending March 31: |  | Operating |  | Finance
|  | Leases |  | Lease
2022 |  | $ | 1,448 |  | $ | 212
2023 |  |  | 1,274 |  |  | 215
2024 |  |  | 1,290 |  |  | 219
2025 |  |  | 1,292 |  |  | 222
2026 |  |  | 1,040 |  |  | 226
Thereafter |  |  | 3,527 |  |  | 3,174
Total minimum lease payments |  |  | 9,871 |  |  | 4,268
Less: amount of lease payment representing interest |  |  | (670) |  |  | (1,939)
Lease liabilities |  | $ | 9,201 |  | $ | 2,329

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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