XML 43 R29.htm IDEA: XBRL DOCUMENT
v3.21.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of income tax expense (benefit) | The income tax expense (benefit) consists of the following for the years ended March 31:
|  | (In thousands) |
|  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 969 |  |  | $ | (4,440 | )
State |  |  | - |  |  |  | 6 |
Total current |  |  | 969 |  |  |  | (4,434 | )
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 1,447 |  |  |  | 3,008 |
State |  |  | 179 |  |  |  | 207 |
Total deferred |  |  | 1,626 |  |  |  | 3,215 |
Income tax expense (benefit) |  | $ | 2,595 |  |  | $ | (1,219 | )
Schedule of deferred tax assets and liabilities | 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) |
Deferred Tax Assets |  | 2021 |  |  | 2020 |
Allowance for credit losses not currently deductible for tax purposes |  | $ | 1,647 |  |  | $ | 2,948 |
Share-based compensation |  |  | 125 |  |  |  | 320 |
State net operating loss carryforwards |  |  | 496 |  |  |  | 458 |
Right of use liability |  |  | 826 |  |  |  | 462 |
Other items |  |  | 158 |  |  |  | 249 |
Total deferred tax assets |  |  | 3,252 |  |  |  | 4,437 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Right of use asset |  |  | 832 |  |  |  | 457 |
Other items |  |  | 137 |  |  |  | 71 |
Total deferred tax liabilities |  |  | 969 |  |  |  | 528 |
Deferred income taxes |  | $ | 2,283 |  |  | $ | 3,909 |
Schedule of income tax expense (benefit) reflects an effective U.S tax rate | The income tax expense (benefit) reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons:
|  | (In thousands) |
|  | 2021 |  |  | 2020 |
Income tax expense (benefit) at Federal statutory rate |  | $ | 2,303 |  |  | $ | 479 |
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 |  |  | 378 |  |  |  | 91 |
Other |  |  | (86 | ) |  |  | (13 | )
Income tax expense (benefit) |  | $ | 2,595 |  |  | $ | (1,219 | )

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration