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Leases

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lessee, Operating Leases

LEASES

The Company applies Accounting Standards Codification ("ASC") Topic 842, Leases ("ASC 842") to its leases. The Company has operating leases related to its administrative offices, seven 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 Topic 840, Leases ("ASC 840"). ASC 842 does not require previous sale and leaseback transactions accounted for under ASC 840 to be reassessed.

    As the implicit rates of the Company's existing leases are not readily determinable, the incremental borrowing rate used in determining the 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.

    As of March 31, 2024, the Company had $103 thousand and $106 thousand of ROU asset and lease liability, respectively, for finance leases related to equipment. The ROU asset is included in Premises and Equipment, net, and the lease liability is included in Advances from the FHLB-NY and Other Borrowed Money on the statements of financial condition.

    The following tables present information about the Company's leases and the related lease costs as of and for the year ended March 31, 2024:

						March 31, 2024
Weighted-average remaining lease term
Operating leases						4.3 years
Finance lease						2.6 years
Weighted-average discount rate
Operating leases						3.05		%
Finance lease						4.32		%

$ in thousands						March 31, 2024						March 31, 2023
Operating lease expense						$	2,774					$	2,860
Finance lease cost
Amortization of right-of use asset						94						84
Interest on lease liability						6						5
Cash paid for amounts included in the measurement of lease liabilities
Operating leases						2,833						2,779
Finance lease						95						96

Maturities of lease liabilities at March 31, 2024 are as follows:

$ in thousands						Operating Leases						Finance Leases
Year ending March 31,
2025						$	2,705					$	63
2026						2,687						42
2027						2,440						5
2028						2,259						—
2029						1,090						—
Thereafter						186						—
Total lease payments						11,367						110
Interest						(751)						(4)
Lease liability						$	10,616					$	106

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- References

No definition available.

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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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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