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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

		(In thousands)
		2020				2019
Current:
Federal		$	(4,440	)		$	(39	)
State			6				(66	)
Total current			(4,434	)			(105	)
Deferred:
Federal			3,008				(844	)
State			207				9
Total deferred			3,215				(835	)
Income tax benefit		$	(1,219	)		$	(940	)

Schedule of deferred tax assets and liabilities

		(In thousands)
Deferred Tax Assets		2020				2019
Allowance for credit losses not currently deductible    for tax purposes		$	2,948			$	4,431
Share-based compensation			320				276
Federal and state net operating loss carryforwards			458				2,293
Right of use liability			462				-
Other items			249				201
Total deferred tax assets			4,437				7,201
Deferred tax liabilities
Right of use asset			457				-
Other items			71				77
Total deferred tax liabilities			528				77
Deferred income taxes		$	3,909			$	7,124

Schedule of provision (benefit) for income taxes reflects an effective tax rate

		(In thousands)
		2020				2019
Provision (benefit) for income taxes at Federal statutory rate		$	479			$	(845	)
Increase (decrease) resulting from:
Federal Fiscal Year 2020 NOL rate differential			(414	)			-
Federal Fiscal Year 2019 NOL rate differential			(1,362	)			-
State income taxes, net of Federal benefit			91				(206	)
Tax Reform – Rate Change			-				160
Other			(13	)			(49	)
Income tax expense (benefit)		$	(1,219	)		$	(940	)

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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