v3.26.1
Pension Plan (Tables)
12 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Fair Value of Plan Assets

The following table presents by level, within the fair value hierarchy, the pension plan's investments at fair value as of March 31, 2026 and 2025:

 

 

 

Estimated Fair Value

 

At March 31, 2026

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Pooled separate accounts:

 

(Dollars in thousands)

 

Fixed income

 

$

5,221

 

 

$

 

 

$

5,221

 

 

$

 

Equity

 

 

1,455

 

 

 

 

 

 

1,455

 

 

 

 

Real estate

 

 

618

 

 

 

 

 

 

618

 

 

 

 

Total plan assets

 

$

7,294

 

 

$

 

 

$

7,294

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Pooled separate accounts:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income

 

$

4,642

 

 

$

 

 

$

4,642

 

 

$

 

Equity

 

 

1,231

 

 

 

 

 

 

1,231

 

 

 

 

Real estate

 

 

586

 

 

 

 

 

 

586

 

 

 

 

Total plan assets

 

$

6,459

 

 

$

 

 

$

6,459

 

 

$

 

 

Schedule of Reconciliation of Changes in Benefit Obligations and Plan Assets

Using a measurement date of March 31, the following tables provide a reconciliation of the benefit obligations, plan assets, and funded status of the pension plan:

 

 

 

2026

 

 

2025

 

Change in benefit obligations:

 

(Dollars in thousands)

 

Benefit obligation - beginning of year

 

$

7,918

 

 

$

8,329

 

Service cost

 

 

320

 

 

 

335

 

Interest cost

 

 

402

 

 

 

422

 

Actuarial gain

 

 

(368

)

 

 

(709

)

Benefits paid

 

 

(224

)

 

 

(459

)

Benefit obligation - end of year

 

$

8,048

 

 

$

7,918

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets - beginning of year

 

$

6,459

 

 

$

6,074

 

Return on plan assets

 

 

459

 

 

 

244

 

Contributed by employer

 

 

600

 

 

 

600

 

Benefits paid

 

 

(224

)

 

 

(459

)

Fair value of plan assets - end of year

 

$

7,294

 

 

$

6,459

 

Funded status - March 31

 

$

(754

)

 

$

(1,459

)

Schedule of Net Periodic Benefit Cost

Net periodic cost included the following components:

 

 

 

Year Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(Dollars in thousands)

 

Service cost

 

$

320

 

 

$

335

 

Interest cost

 

 

402

 

 

 

422

 

Expected return on plan assets

 

 

(284

)

 

 

(331

)

Net period benefit costs

 

$

438

 

 

$

426

 

Schedule of Defined Benefit Plan, Assumptions

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at March 31, 2026 and 2025, are as follows:

 

 

 

Year Ended March 31,

 

 

 

2026

 

 

2025

 

Discount rate - benefit obligation

 

 

5.75

%

 

 

5.55

%

Discount rate - benefit cost

 

 

5.55

%

 

 

5.20

%

Expected return on plan assets

 

 

5.25

%

 

 

5.40

%

Rate of compensation increase

 

 

4.00

%

 

 

4.00

%

 

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in following fiscal years:

 

12 Months Ending March 31,

 

Benefit Payments

 

 

 

(Dollars in thousands)

 

2027

 

$

150

 

2028

 

 

2,110

 

2029

 

 

1,680

 

2030

 

 

650

 

2031

 

 

200

 

2032-2036

 

 

2,840

 

Total benefit payments

 

$

7,630