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Income Taxes

12 Months Ended

Mar. 31, 2017

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)
		2017				2016				2015
Current:
Federal		$	4,563			$	6,964			$	7,688
State			724				1,054				1,196
Total current			5,287				8,018				8,884
Deferred:
Federal			(1,688	)			(254	)			308
State			(268	)			(38	)			48
Total deferred			(1,956	)			(292	)			356
Income tax expense		$	3,331			$	7,726			$	9,240

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)
		2017				2016
Allowance for credit losses not currently deductible for tax purposes		$	7,742			$	5,918
Share-based compensation			487				491
Interest rate swap agreements			(6	)			78
Other items			282				128
Deferred income taxes		$	8,505			$	6,615

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)
		2017				2016				2015
Provision for income taxes at Federal statutory rate		$	3,059			$	7,037			$	9,134
Increase (decrease) resulting from:
State income taxes, net of Federal benefit			297				660				809
Transaction costs			—				—				(734	)
Other			(25	)			29				31
Income tax expense		$	3,331			$	7,726			$	9,240

The Company’s effective tax rate decreased to 38.11% in fiscal 2017 from 38.43% in fiscal 2016. The effective rate was 35.41% in fiscal 2015. 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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