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Income Taxes
 12 Months Ended
Mar. 31, 2024
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:
2024
2023
$ in thousandsAmountPercentAmountPercent
Statutory Federal income tax expense (benefit)$(625)21.0 %$(924)21.0 %
Federal deferred tax adjustments4 (0.2)— — 
Change in valuation allowance713 (23.9)953 (21.7)
Bank owned life insurance(96)3.2 — — 
Other4 (0.1)(29)0.7 
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
2024
2023
Deferred Tax Assets:
Allowance for credit losses$1,987 $1,742 
Compensation and benefits39 39 
Nonaccrual loan interest188 63 
Net operating loss carryforward20,168 19,191 
New markets tax credit3,434 3,434 
Unrealized loss on available-for-sale securities2,668 2,565 
Lease liability3,629 4,452 
Other58 33 
Total Deferred Tax Assets32,171 31,519 
Deferred Tax Liabilities:
Depreciation501 671 
ROU asset3,366 4,169 
Other— 52 
Total Deferred Tax Liabilities3,867 4,892 
Deferred Tax Assets, net28,304 26,627 
Valuation Allowance(28,304)(26,627)
Deferred Tax Assets, net of valuation allowance$— $— 

At March 31, 2024, the Company had net operating loss carryforwards for federal purposes of approximately $52.0 million, for state purposes of approximately $78.2 million and for city purposes of approximately $65.7 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 $16.4 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.