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Leases | 3 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | Note 8. Leases The Company maintains lease agreements related to its branch network and for its corporate headquarters. The branch lease agreements range from one to five years and generally contain options to extend from one to three years. The corporate headquarters lease agreement was renewed with a lease maturity date of March 2023. All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on a rate or index that may change after the commencement date, other than the passage of time. The Company’s lease liability was $4.2 million and $4.4 million as of June 30, 2022 and March 31, 2022, respectively. This liability is calculated using the present value of the remaining minimum rental payments and a discount rate of 6.5 percent, which is based on the Company's incremental borrowing rate. Despite the fact that the Company's incremental borrowing rate has improved to 3.30 percent as of June 30, 2022, the Company has determined that keeping the discount rate at 6.5 percent for the foreseeable future is reasonable. While the Company's new Line of Credit was established at a lower rate, due to the current state of the economy, SOFR rates have been increasing. Financial experts predict that the forward curve of the interest rate forecast will rise in the near future. The lease asset was $4.1 million and $4.3 mi llion as of June 30, 2022 and March 31, 2022, respectively. Future minimum lease payments under non-cancellable operating leases in effect as of June 30, 2022, are as follows:
in thousands |  |  |
FY2023 (remaining nine months) |  | $ | 1,251 |
FY2024 |  |  | 1,215 |
FY2025 |  |  | 972 |
FY2026 |  |  | 581 |
FY2027 |  |  | 298 |
Thereafter |  | $ | 482 |
Total future minimum lease payments |  |  | 4,799 |
Present value adjustment |  |  | (571 | )
Operating lease liability |  | $ | 4,228 |
The following table reports information about the Company’s lease cost for the three months ended June 30, 2022 (in thousands):
Lease cost: |  |  |  |
Operating lease cost |  | $ | 458 |
Variable lease cost |  |  | 95 |
Total lease cost |  | $ | 553 |
The following table reports information about the Company’s lease cost for the three months ended June 30, 2021 (in thousands):
Lease cost: |  |  |  |
Operating lease cost |  | $ | 390 |
Variable lease cost |  |  | 86 |
Total lease cost |  | $ | 476 |
The following table reports other information about the Company’s leases for the three months ended June 30, 2022 (dollar amounts in thousands):
Other Lease Information |  |  |  |
Operating Lease - Operating Cash Flows (Fixed Payments) |  | $ | 445 |
Operating Lease - Operating Cash Flows (Liability Reduction) |  | $ | 379 |
Weighted Average Lease Term - Operating Leases |  |  | 4.0 years |
Weighted Average Discount Rate - Operating Leases |  |  | 6.5% |
The following table reports other information about the Company’s leases for the three months ended June 30, 2021 (dollar amounts in thousands):
Other Lease Information |  |  |  |
Operating Lease - Operating Cash Flows (Fixed Payments) |  | $ | 385 |
Operating Lease - Operating Cash Flows (Liability Reduction) |  | $ | 335 |
Weighted Average Lease Term - Operating Leases |  |  | 3.0 years |
Weighted Average Discount Rate - Operating Leases |  |  | 6.5% |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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