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INCOME TAXES

12 Months Ended

Mar. 31, 2022

INCOME TAXES

INCOME TAXES

10.  INCOME TAXES

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

​

​	​	​	​	​	​	​	​	​	​
​		Year Ended March 31
​		2022			2021			2020
Current	​	$	5,446	​	$	4,410	​	$	5,404
Deferred	​		1,010	​		(1,429)	​		(574)
Total	​	$	6,456	​	$	2,981	​	$	4,830

​

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 31,			March 31,
​		2022			2021
Deferred tax assets:	​	​	​	​	​	​
Deferred compensation	​	$	57	​	$	75
Allowance for loan losses	​		3,588	​		4,725
Accrued expenses	​		170	​		212
Accumulated depreciation and amortization	​		881	​		862
Deferred gain on sale	​		52	​		90
Deferred income	​	​	107	​	​	—
Purchase accounting	​		74	​		101
Net unrealized loss on investment securities available for sale	​		3,141	​		50
Operating lease liabilities	​	​	1,993	​	​	2,204
Other	​		420	​		412
Total deferred tax assets	​		10,483	​		8,731
Deferred tax liabilities:	​			​
FHLB stock dividend	​		(38)	​		(38)
Prepaid expenses	​		(171)	​		(214)
Operating lease ROU assets	​	​	(1,898)	​	​	(2,108)
Loan fees/costs	​		(875)	​		(952)
Total deferred tax liabilities	​		(2,982)	​		(3,312)
Deferred tax assets, net	​	$	7,501	​	$	5,419

​

A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows for the years indicated:

​

​	​	​	​	​	​	​	​
​	​	Year Ended March 31,					​
​		2022		2021		2022	​
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		(0.7)		(1.5)		(1.0)	​
Other, net		(0.4)		(0.3)		0.6	​
Effective federal income tax rate		22.8	%	22.1	%	23.5	%

​

For the fiscal years ended March 31, 2022 and 2021, the Company utilized a federal corporate income tax rate of 21.0%. The Bank’s retained earnings at March 31, 2022 and 2021 include a base year allowance for loan losses, which amounted to $2.2  million, for which no federal income tax liability has been recognized. The related unrecognized deferred tax liability at March 31, 2022 and 2021 was $528,000. This represents the balance of the allowance for loan losses created for tax purposes as of December 31, 1987. This amount is subject to recapture in the unlikely event that the Company’s banking subsidiaries (1) make distributions in excess of current and accumulated earnings and profits, as calculated for federal tax purposes, (2) redeem their stock, or (3) liquidate. Management does not expect this temporary difference to reverse in the foreseeable future.

At March 31, 2022 and 2021, the Company had no unrecognized tax benefits or uncertain tax positions. In addition, the Company had no accrued interest or penalties related to income tax matters as of March 31, 2022 and 2021. It is the Company’s policy to recognize potential accrued interest and penalties related to income tax matters as a component of the provision for income taxes. The Company is subject to U.S federal and State of Oregon income taxes. The years 2019 to 2021 remain open to examination for federal income taxes, and the years 2018 to 2021 remain open to State of Oregon examination.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section S99
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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