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INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2023
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
​ |  | 2023 |  | 2022 |  | 2021
Current | ​ | $ | 5,754 | ​ | $ | 5,446 | ​ | $ | 4,410
Deferred | ​ |  | (144) | ​ |  | 1,010 | ​ |  | (1,429)
Total | ​ | $ | 5,610 | ​ | $ | 6,456 | ​ | $ | 2,981
​
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,
​ |  | 2023 |  | 2022
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Deferred compensation | ​ | $ | 78 | ​ | $ | 57
Allowance for loan losses | ​ |  | 3,772 | ​ |  | 3,588
Accrued expenses | ​ |  | 160 | ​ |  | 170
Accumulated depreciation and amortization | ​ |  | 918 | ​ |  | 881
Deferred gain on sale | ​ |  | 34 | ​ |  | 52
Deferred income | ​ | ​ | 57 | ​ | ​ | 107
Purchase accounting | ​ |  | 46 | ​ |  | 74
Net unrealized loss on investment securities available for sale | ​ |  | 5,782 | ​ |  | 3,141
Operating lease liabilities | ​ | ​ | 1,695 | ​ | ​ | 1,993
Other | ​ |  | 429 | ​ |  | 420
Total deferred tax assets | ​ |  | 12,971 | ​ |  | 10,483
Deferred tax liabilities: | ​ |  |  | ​ |  |
FHLB stock dividends | ​ |  | (38) | ​ |  | (38)
Prepaid expenses | ​ |  | (241) | ​ |  | (171)
Operating lease ROU assets | ​ | ​ | (1,609) | ​ | ​ | (1,898)
Loan fees/costs | ​ |  | (797) | ​ |  | (875)
Total deferred tax liabilities | ​ |  | (2,685) | ​ |  | (2,982)
Deferred tax assets, net | ​ | $ | 10,286 | ​ | $ | 7,501
Schedule of reconciliation of effective income tax rate with the federal statutory tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 | ​
Statutory federal income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State and local income tax rate |  | 3.0 |  | 3.0 |  | 3.0 | ​
Employee Stock Ownership Plan ("ESOP") market value adjustment |  | (0.1) |  | (0.1) |  | (0.1) | ​
BOLI |  | (0.8) |  | (0.7) |  | (1.5) | ​
Other, net |  | 0.6 |  | (0.4) |  | (0.3) | ​
Effective federal income tax rate |  | 23.7 | % | 22.8 | % | 22.1 | %

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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