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Leases | 3 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Lessee, Operating Leases | LEASES On April 1, 2019, the Company adopted ASU No, 2016-02, "Leases (Topic 842)" and all subsequent ASUs that modified Topic 842. The Company has operating leases related to its administrative offices, eight retail branches and three ATM centers. Two of the operating leases are for branch locations where the Company had entered into a sale and leaseback transaction. The gain had been calculated utilizing the profit on sale in excess of the present value of the minimum lease payments, and the profit on the sale was deferred from gain recognition to be amortized into income over the terms of the leases in accordance with ASC 840. ASC 842 does not require previous sale and leaseback transactions accounted for under ASC 840 to be reassessed. Because the transactions had no off-market terms, the Company recorded a $5.3 million cumulative effect adjustment to retained earnings to recognize the total deferred gain balance at the adoption date. The implementation of the new standard resulted in the recognition of $20 million right-of-use ("ROU") assets and corresponding operating lease liabilities upon adoption. As the implicit rates of the Company's existing leases are not readily determinable, the discount rate used in determining the operating lease liability obligation for each individual lease was the FHLB-NY fixed-rate advance rates based on the remaining lease terms as of April 1, 2019. The weighted-average discount rate is 2.98% and the weighted-average remaining lease term is 8.50 years as of June 30, 2019. The operating lease expense was $730 thousand for the three months ended June 30, 2019. Cash paid for amounts included in the measurement of the lease liabilities was $686 thousand for the three months ended June 30, 2019. Maturities of operating lease liabilities at June 30, 2019 are as follows:
$ in thousands |  | Operating Leases
Year ending March 31, |  |
2020 |  | $ | 2,074 |
2021 |  | 2,701 |
2022 |  | 2,600 |
2023 |  | 2,462 |
2024 |  | 2,534 |
Thereafter |  | 10,231 |
Total lease payments |  | 22,602 |
Interest |  | (2,803 | )
Lease liability |  | $ | 19,799 |

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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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