Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax expense

Income tax expense consists of the following for the years ended March 31:

	(In thousands)
	2022		2021
Current:
Federal	$	116	$	969
State		35		-
Total current		151		969
Deferred:
Federal		800		1,447
State		97		179
Total deferred		897		1,626
Income tax expense	$	1,048	$	2,595

Schedule of deferred tax assets and liabilities

The net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes are reflected in deferred income taxes. Significant components of the Company’s deferred tax assets consist of the following as of March 31:

	(In thousands)
Deferred Tax Assets	2022		2021
Allowance for credit losses not currently deductible    for tax purposes	$	900	$	1,647
Share-based compensation		79		125
State net operating loss carryforwards		507		496
Right of use liability		1,094		826
Other items		175		158
Total deferred tax assets		2,755		3,252
Deferred tax liabilities
Right of use asset		1,062		832
Other items		308		137
Total deferred tax liabilities		1,370		969
Deferred income taxes	$	1,385	$	2,283

I

Schedule of income tax expense reflects an effective U.S tax rate

ncome tax expense reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons:

	(In thousands)
	2022		2021
Income tax expense at Federal statutory rate	$	855	$	2,303
Increase (decrease) resulting from:
State income taxes, net of Federal benefit		142		378
Other		51		(86	)
Income tax expense	$	1,048	$	2,595