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INCOME TAXES | 12 Months Ended
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Mar. 31, 2025
INCOME TAXES |
INCOME TAXES | 10. INCOME TAXES Provision for income taxes consisted of the following for the years indicated (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended March 31
​ |  | 2025 |  | 2024 |  | 2023
Current | ​ | $ | 1,074 | ​ | $ | 967 | ​ | $ | 5,754
Deferred | ​ |  | 261 | ​ |  | (165) | ​ |  | (144)
Total | ​ | $ | 1,335 | ​ | $ | 802 | ​ | $ | 5,610
​ 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,
​ |  | 2025 |  | 2024
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Deferred compensation | ​ | $ | 22 | ​ | $ | 17
ACL | ​ |  | 3,758 | ​ |  | 3,768
Accrued expenses | ​ |  | 185 | ​ |  | 520
Accumulated depreciation and amortization | ​ |  | 1,079 | ​ |  | 977
Deferred gain on sale | ​ |  | — | ​ |  | 17
Deferred income | ​ | ​ | 29 | ​ | ​ | 43
Net unrealized loss on investment securities available for sale | ​ |  | 4,201 | ​ |  | 5,093
Operating lease liabilities | ​ | ​ | 1,072 | ​ | ​ | 1,387
Other | ​ |  | 324 | ​ |  | 371
Total deferred tax assets | ​ |  | 10,670 | ​ |  | 12,193
Deferred tax liabilities: | ​ |  |  | ​ |  |
FHLB stock dividends | ​ |  | (35) | ​ |  | (38)
Prepaid expenses | ​ |  | (339) | ​ |  | (325)
Operating lease ROU assets | ​ | ​ | (1,019) | ​ | ​ | (1,315)
Loan fees/costs | ​ |  | (652) | ​ |  | (737)
Total deferred tax liabilities | ​ |  | (2,045) | ​ |  | (2,415)
Deferred tax assets, net | ​ | $ | 8,625 | ​ | $ | 9,778
​ 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, | ​
​ |  | 2025 |  | 2024 |  | 2023 | ​
Statutory federal income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State and local income tax rate |  | 4.0 |  | 5.2 |  | 3.0 | ​
Employee Stock Ownership Plan ("ESOP") market value adjustment |  | (0.2) |  | (0.5) |  | (0.1) | ​
BOLI |  | (3.2) |  | (4.8) |  | (0.8) | ​
Other, net |  | (0.2) |  | (3.1) |  | 0.6 | ​
Effective federal income tax rate |  | 21.4 | % | 17.8 | % | 23.7 | %
​ For the fiscal years ended March 31, 2025 and 2024, the Company utilized a federal corporate income tax rate of 21.0%. The Bank’s retained earnings at March 31, 2025 and 2024 include a base year ACL, 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, 2025 and 2024 was $528,000. This represents the balance of the ACL 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, 2025 and 2024, 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, 2025 and 2024. 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 2022 to 2024 remain open to examination for federal income taxes, and the years 2021 to 2024 remain open to State of Oregon examination.

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