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Leases | 3 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Lessee, Operating Leases | LEASES The Company applies ASC Topic 842, Leases ("ASC 842") to its leases. The Company has operating leases related to its administrative offices and seven retail branches. 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 of June 30, 2024, operating ROU lease assets and related lease liabilities totaled $9.3 million and $10.0 million, respectively. As of March 31, 2024, operating ROU lease assets and related lease liabilities totaled $9.8 million and $10.6 million, respectively. 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 June 30, 2024, the Company had $58 thousand and $60 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 three months ended June 30, 2024:
|  | June 30, 2024
Weighted-average remaining lease term |  |
Operating leases |  | 4.2 years
Finance lease |  | 2.1 years
Weighted-average discount rate |  |
Operating leases |  | 3.05 | %
Finance lease |  | 4.87 | %
|  | Three Months Ended June 30, |  |
$ in thousands |  | 2024 |  | 2023 |  |  |  |
Operating lease expense |  | $ | 706 |  |  | $ | 692 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of use asset |  | 14 |  |  | 28 |  |  |  |  |
Interest on lease liability |  | 1 |  |  | 2 |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating leases |  | 734 |  |  | 711 |  |  |  |  |
Finance lease |  | 18 |  |  | 34 |  |  |  |  |
Maturities of lease liabilities at June 30, 2024 are as follows:
$ in thousands |  | Operating Leases |  | Finance Leases
Year ending March 31, |  |  |  |
2025 |  | $ | 2,013 |  |  | $ | 36 |
2026 |  | 2,687 |  |  | 26 |
2027 |  | 2,440 |  |  | — |
2028 |  | 2,259 |  |  | — |
2029 |  | 1,090 |  |  | — |
Thereafter |  | 186 |  |  | — |
Total lease payments |  | 10,675 |  |  | 62 |
Interest |  | (672) |  |  | (2) |
Lease liability |  | $ | 10,003 |  |  | $ | 60 |

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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 + Details
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