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INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

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

​

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 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

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

​

​	​	​	​	​	​	​	​
​	​	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	%

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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

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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
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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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