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Federal, State and Local Income Taxes (Tables)

6 Months Ended

Oct. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

		Three Months Ended October 31,								Six Months Ended October 31,
($ in thousands)		2014				2013				2014				2013
Current tax expense:
Federal		$	1,083			$	838			$	1,952			$	1,054
State and local			62				46				152				74
Current tax expense			1,145				884				2,104				1,128
Deferred tax expense:
Federal			(106	)			24				-				530
State and local			40				10				64				91
Deferred tax expense			(66	)			34				64				621
Income tax provision:		$	1,079			$	918			$	2,168			$	1,749

Schedule of components of deferred tax asset and deferred tax liability

		October 31,				April 30,
($ in thousands)		2014				2014
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale		$	(124	)		$	(134	)
Operating lease deferred obligation			70				70
Deferred professional fees			30				36
Deferred charges			268				327
Total federal tax benefit			244				299
State and local tax benefits:
Other			54				65
Total state and local tax benefits			54				65
Deferred tax asset, short term		$	298			$	364

		October 31,				April 30,
($ in thousands)		2014				2014
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM		$	17,679			$	17,679
Deferred non-cash post-employment compensation			(619	)			(619	)
Depreciation and amortization			2,463				2,416
Other			530				646
Total federal tax liability			20,053				20,122
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			2,185				2,181
Deferred non-cash post-employment compensation			(77	)			(76	)
Depreciation and amortization			304				298
Deferred professional fees			(4	)			(5	)
Total state and local tax liabilities			2,408				2,398
Deferred tax liability, long term		$	22,461			$	22,520

Schedule of effective income tax rate reconciliation

		Six Months Ended October 31,
		2014				2013
U.S. statutory federal rate			35.00	%			35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit			2.27	%			2.23	%
Effect of dividends received deductions			-0.29	%			-0.35	%
Domestic production tax credit			-0.65	%			-0.40	%
Other, net			-1.28	%			-0.12	%
Effective income tax rate			35.05	%			36.36	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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