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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2022
Income Tax Disclosure [Abstract] |
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:
| 2022 |  | 2021 |  |
$ in thousands | Amount |  | Percent |  | Amount |  | Percent |  |  |  |
Statutory Federal income tax expense (benefit) | $ | (177) |  |  | 21.0 | % |  | $ | (818) |  |  | 21.0 | % |  |  |  |
State and local income tax, net of Federal tax benefit | — |  |  | — |  |  | (70) |  |  | 12.0 |  |  |  |  |
Impact of income tax rate changes | — |  |  | — |  |  | (25) |  |  | 0.6 |  |  |  |  |
Change in valuation allowance | 174 |  |  | (20.7) |  |  | 917 |  |  | (33.5) |  |  |  |  |
Other | 3 |  |  | (0.3) |  |  | (4) |  |  | (0.1) |  |  |  |  |
Total income tax expense (benefit) | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  |  |  |
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 | 2022 |  | 2021
Deferred Tax Assets: |  |  |
Allowance for loan losses | $ | 1,874 |  |  | $ | 1,723 |
Compensation and benefits | 39 |  |  | 16 |
Nonaccrual loan interest | 89 |  |  | 54 |
Net operating loss carryforward | 17,692 |  |  | 18,890 |
New markets tax credit | 3,434 |  |  | 3,434 |
Unrealized loss on available-for-sale securities | 1,399 |  |  | 667 |
Other | 291 |  |  | 248 |
Total Deferred Tax Assets | 24,818 |  |  | 25,032 |
Deferred Tax Liabilities: |  |  |
Depreciation | 815 |  |  | 916 |
Other | 94 |  |  | 370 |
Total Deferred Tax Liabilities | 909 |  |  | 1,286 |
Deferred Tax Assets, net | 23,909 |  |  | 23,746 |
Valuation Allowance | (23,909) |  |  | (23,746) |
Deferred Tax Assets, net of valuation allowance | $ | — |  |  | $ | — |

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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=121826272&loc=d3e32537-109319 + Details
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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=121826272&loc=d3e32687-109319 + Details
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