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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2021

INCOME TAXES

Schedule of provision for income taxes

Provision for income taxes consisted of the following for the periods indicated (in thousands):

		Year Ended March 31
		2021			2020			2019
Current		$	4,410		$	5,404		$	5,157
Deferred			(1,429)			(574)			(11)
Total		$	2,981		$	4,830		$	5,146

Schedule of deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows at the dates indicated (in thousands):

		March			March
		31,			31,
		2021			2020
Deferred tax assets:
Deferred compensation		$	75		$	63
Allowance for loan losses			4,725			3,143
Accrued expenses			212			137
Accumulated depreciation and amortization			862			935
Deferred gain on sale			90			129
Purchase accounting			101			123
Net unrealized loss on investment securities available for sale			50			—
Operating lease liabilities			2,204			971
Other			412			352
Total deferred tax assets			8,731			5,853
Deferred tax liabilities:
FHLB stock dividend			(38)			(38)
Prepaid expenses			(214)			(84)
Operating lease right-of-use assets			(2,108)			(947)
Net unrealized gain on investment securities available for sale			-			(663)
Loan fees/costs			(952)			(844)
Total deferred tax liabilities			(3,312)			(2,576)
Deferred tax assets, net		$	5,419		$	3,277

Schedule of reconciliation of effective income tax rate with the federal statutory tax rate

		Year Ended March 31,
		2021		2020		2019
Statutory federal income tax rate		21.0	%	21.0	%	21.0	%
State and local income tax rate		3.0		3.0		3.0
ESOP market value adjustment		(0.1)		(0.1)		(0.1)
BOLI		(1.5)		(1.0)		(0.8)
Other, net		(0.3)		0.6		(0.1)
Effective federal income tax rate		22.1	%	23.5	%	23.0	%

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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