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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
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:
| 2024 |  | 2023 |  |
$ in thousands | Amount |  | Percent |  | Amount |  | Percent |  |  |  |
Statutory Federal income tax expense (benefit) | $ | (625) |  |  | 21.0 | % |  | $ | (924) |  |  | 21.0 | % |  |  |  |
Federal deferred tax adjustments | 4 |  |  | (0.2) |  |  | — |  |  | — |  |  |  |  |
Change in valuation allowance | 713 |  |  | (23.9) |  |  | 953 |  |  | (21.7) |  |  |  |  |
Bank owned life insurance | (96) |  |  | 3.2 |  |  | — |  |  | — |  |  |  |  |
Other | 4 |  |  | (0.1) |  |  | (29) |  |  | 0.7 |  |  |  |  |
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 | 2024 |  | 2023
Deferred Tax Assets: |  |  |
Allowance for credit losses | $ | 1,987 |  |  | $ | 1,742 |
Compensation and benefits | 39 |  |  | 39 |
Nonaccrual loan interest | 188 |  |  | 63 |
Net operating loss carryforward | 20,168 |  |  | 19,191 |
New markets tax credit | 3,434 |  |  | 3,434 |
Unrealized loss on available-for-sale securities | 2,668 |  |  | 2,565 |
Lease liability | 3,629 |  |  | 4,452 |
Other | 58 |  |  | 33 |
Total Deferred Tax Assets | 32,171 |  |  | 31,519 |
Deferred Tax Liabilities: |  |  |
Depreciation | 501 |  |  | 671 |
ROU asset | 3,366 |  |  | 4,169 |
Other | — |  |  | 52 |
Total Deferred Tax Liabilities | 3,867 |  |  | 4,892 |
Deferred Tax Assets, net | 28,304 |  |  | 26,627 |
Valuation Allowance | (28,304) |  |  | (26,627) |
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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + 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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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