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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax (benefit) expense for the years ended March 31 are as follows:

$ in thousands		2019				2018
Income tax expense
Federal:
Current expense		$	—			$	174
Deferred benefit		—				(340		)
Total		—				(166		)
State: Current expense		133				133
Total income tax expense (benefit)		$	133			$	(33	)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the expected Federal income tax rate to the consolidated effective tax rate for the years ended March 31:

	2019							2018
$ in thousands	Amount				Percent			Amount				Percent
Statutory Federal income tax expense (benefit)	$	(1,218	)		(21.0	)%		$	1,638			30.8	%
State and local income tax, net of Federal tax benefit	105				1.8			92				1.7
Impact of income tax rate changes	—				—			3,283				61.7
Credit and NOL adjustments	—				—			(2,148		)		(40.4	)
Change in valuation allowance	1,332				23.0			(3,061		)		(57.5	)
Other	(86		)		(1.6	)		163				3.1
Total income tax expense (benefit)	$	133			2.2	%		$	(33	)		(0.6	)%

Deferred Tax Assets and Liabilities

Tax effects of existing temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are included in other assets at March 31 as follows:

$ in thousands	2019				2018
Deferred Tax Assets:
Allowance for loan losses	$	1,561			$	1,727
Nonaccrual loan interest	41				109
Deferred gain - sale leaseback transactions	1,803				2,006
Net operating loss carryforward	16,248				12,419
New markets tax credit	3,452				3,452
AMT credits	170				340
Depreciation	821				1,864
Unrealized loss on available-for-sale securities	1,092				1,105
Total Deferred Tax Assets	25,188				23,022
Deferred Tax Liabilities:
Other	1,073				676
Total Deferred Tax Liabilities	1,073				676
Deferred Tax Assets, net	24,115				22,346
Valuation Allowance	(23,945		)		(21,952		)
Deferred Tax Assets, net of valuation allowance	$	170			$	394

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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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