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Income Taxes

12 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The provision for income taxes consists of the following for the years ended March 31:

		(In thousands)
		2016				2015				2014
Current:
Federal		$	6,931			$	7,688			$	8,709
State			1,049				1,196				1,395
Total current			7,980				8,884				10,104
Deferred:
Federal			(221	)			308				1,474
State			(33	)			48				236
Total deferred			(254	)			356				1,710
Income tax expense		$	7,726			$	9,240			$	11,814

The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes are reflected in deferred income taxes. Significant components of the Company’s deferred tax assets consist of the following as of March 31:

		(In thousands)
		2016				2015
Allowance for credit losses not currently deductible for tax purposes		$	5,918			$	5,552
Share-based compensation			491				514
Interest rate swap agreements			78				69
Other items			128				226
Deferred income taxes		$	6,615			$	6,361

The provision for income taxes reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons:

		(In thousands)
		2016				2015				2014
Provision for income taxes at Federal statutory rate		$	7,037			$	9,134			$	9,981
Increase (decrease) resulting from:
State income taxes, net of Federal benefit			660				809				1,059
Transaction costs			0				(734	)			734
Other			29				31				40
Income tax expense		$	7,726			$	9,240			$	11,814

The Company’s effective tax rate increased to 38.43% in fiscal 2016 from 35.41% in fiscal 2015 and 41.73% in fiscal 2014. The Company had approximately $2.1 million of previously non-deductible expenses associated with the potential sale of the Company in 2014. Since the sale of the Company was not consummated, the $2.1 million became deductible in 2015 creating a favorable effective tax rate.

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- References

No definition available.

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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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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