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LEASES | 12 Months Ended
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Mar. 31, 2022
LEASES |
LEASES | 17. 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 also obligated under various noncancelable operating lease agreements for land, buildings and equipment that require future minimum rental payments. For each operating lease with an initial term of more than 12 months, the Company records an operating lease ROU asset (representing the right to use the underlying asset for the lease term) and an operating lease liability (representing the obligation to make lease payments required under the terms of the lease). ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate – derived from information available at the lease commencement date – as the discount rate when determining the present value of lease 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 include payments occurring during option periods in the calculation of its operating lease ROU assets and operating lease liabilities. The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheet at the dates indicated (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | March 31, |  | Classification in the
Leases |  | 2022 |  | 2021 |  | consolidated balance sheets
Finance lease ROU assets | ​ | $ | 1,355 |  | $ | 1,432 |  | Financing lease ROU assets
Finance lease liability | ​ | $ | 2,283 |  | $ | 2,329 |  | Finance lease liability
Finance lease remaining lease term | ​ |  | 17.68 | years |  | 18.68 | years | ​
Finance lease discount rate | ​ |  | 7.16 | % |  | 7.16 | % |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease ROU assets | ​ | $ | 7,907 |  | $ | 8,782 |  | Prepaid expenses and other assets
Operating lease liabilities | ​ | $ | 8,306 |  | $ | 9,201 |  | Accrued expenses and other liabilities
Operating lease weighted-average remaining lease term | ​ |  | 7.02 | years |  | 7.87 | years | ​
Operating lease weighted-average discount rate | ​ |  | 1.81 | % |  | 1.77 | % |
​ 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 at the dates indicated (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended | ​ | Year ended | ​ | Year ended
Lease Costs |  | March 31, 2022 |  | March 31, 2021 | ​ | March 31, 2020
Finance lease amortization of ROU asset | ​ | $ | 77 | ​ | $ | 77 | ​ | $ | 77
Finance lease interest on lease liability | ​ |  | 165 | ​ |  | 168 | ​ | ​ | 171
Operating lease costs | ​ |  | 1,266 | ​ |  | 1,312 | ​ | ​ | 1,508
Variable lease costs | ​ |  | 209 | ​ |  | 209 | ​ | ​ | 209
Total lease cost (1) | ​ | $ | 1,717 | ​ | $ | 1,766 | ​ | $ | 1,965
​ (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 $1.5 million, $1.5 million and $1.7 million for the years ended March 31, 2022, 2021 and 2020, respectively. During the years ended March 31, 2022, 2021 and 2020, the Company recorded operating lease ROU assets that were exchanged for operating lease liabilities of $441,000, $6.1 million and $5.6 million, respectively. ​ The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of March 31, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending March 31: |  | Operating |  | Finance
​ | ​ | Leases | ​ | Lease
2023 | ​ | $ | 1,352 | ​ | $ | 215
2024 | ​ |  | 1,370 | ​ |  | 219
2025 | ​ |  | 1,375 | ​ |  | 222
2026 | ​ |  | 1,125 | ​ |  | 226
2027 | ​ |  | 1,116 | ​ |  | 230
Thereafter | ​ |  | 2,531 | ​ |  | 2,944
Total minimum lease payments | ​ |  | 8,869 | ​ |  | 4,056
Less: amount of lease payment representing interest | ​ |  | (563) | ​ |  | (1,773)
Lease liabilities | ​ | $ | 8,306 | ​ | $ | 2,283
​

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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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