Income Taxes

12 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The provision for income taxes consists of the following for the years ended March 31:

	2013		2012		2011
Current:
Federal	$	10,187,010	$	11,799,843	$	10,275,756
State		1,661,860		1,881,400		1,683,652
Total current		11,848,870		13,681,243		11,959,408
Deferred:
Federal		598,674		211,544		(1,237,850	)
State		97,665		33,729		(202,818	)
Total deferred		696,339		245,273		(1,440,668	)
Income tax expense	$	12,545,209	$	13,926,516	$	10,518,740

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:

	2013		2012
Allowance for credit losses not currently deductible for tax purposes	$	7,448,933	$	8,456,988
Share-based compensation		522,573		436,131
Interest rate swaps		193,258		—
Other items		262,197		230,181
Deferred income taxes	$	8,426,961	$	9,123,300

The provision for income taxes reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons:

	2013		2012		2011
Provision for income taxes at Federal statutory rate	$	11,370,154	$	12,651,896	$	9,550,462
Increase resulting from:
State income taxes, net of Federal benefit		1,143,692		1,244,834		966,543
Other		31,363		29,786		1,735
Income tax expense	$	12,545,209	$	13,926,516	$	10,518,740