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Income Taxes | 12 Months Ended
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Mar. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES 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) | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  |  |  |
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 | $ | — |  |  | $ | — |
At March 31, 2022, the Company had net operating carryforwards for federal purposes of approximately $46.0 million, for state purposes of approximately $71.0 million and for city purposes of approximately $59.0 million which are available to offset future federal, state and city income and which expire over varying periods from March 2030 through March 2040. Federal net operating loss carryforwards of $16.1 million do not expire, as such losses were incurred after the enactment of the Tax Cuts and Jobs Act, which provides for an unlimited loss carryforward period.. The Company has no uncertain tax positions. The Company and its subsidiaries are subject to federal, New York State and New York City income taxation. The Company is no longer subject to examination by taxing authorities for years before March 31, 2018. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination; with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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