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Federal, State and Local Income Taxes (Tables)

9 Months Ended

Jan. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

		Three Months Ended January 31,								Nine Months Ended January 31,
($ in thousands)		2015				2014				2015				2014
Current tax expense:
Federal		$	716			$	949			$	2,668			$	2,003
State and local			9				66				161				140
Current tax expense			725				1,015				2,829				2,143
Deferred tax expense:
Federal			198				(9	)			198				521
State and local			(129	)			20				(65	)			111
Deferred tax expense			69				11				133				632
Income tax provision:		$	794			$	1,026			$	2,962			$	2,775

Schedule of components of deferred tax asset and deferred tax liability

		January 31,				April 30,
($ in thousands)		2015				2014
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale		$	(116	)		$	(134	)
Operating lease deferred obligation			70				70
Deferred professional fees			33				36
Deferred charges			247				327
Total federal tax benefit			234				299
State and local tax benefits:
Other			45				65
Total state and local tax benefits			45				65
Deferred tax asset, short term		$	279			$	364
		January 31,				April 30,
($ in thousands)		2015				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			2,474				2,416
Other			548				646
Total federal tax liability			20,082				20,122
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			1,942				2,181
Deferred non-cash post-employment compensation			(68	)			(76	)
Depreciation and amortization			271				298
Deferred professional fees			(43	)			(5	)
Other			39				-
Total state and local tax liabilities			2,141				2,398
Deferred tax liability, long term		$	22,223			$	22,520

Schedule of effective income tax rate reconciliation

		Nine Months Ended January 31,
		2015				2014
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			0.09	%			1.97	%
Effect of dividends received deductions			-0.36	%			-0.42	%
Domestic production tax credit			-0.62	%			-0.46	%
Writeoff of goodwill			-1.85	%			0.00	%
Other, net			0.09	%			-0.79	%
Effective income tax rate			32.35	%			35.30	%

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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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