Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit)

The income tax expense (benefit) consists of the following for the years ended March 31:

	(In thousands)
	2021		2020
Current:
Federal	$	969	$	(4,440	)
State		-		6
Total current		969		(4,434	)
Deferred:
Federal		1,447		3,008
State		179		207
Total deferred		1,626		3,215
Income tax expense (benefit)	$	2,595	$	(1,219	)

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	2021		2020
Allowance for credit losses not currently deductible    for tax purposes	$	1,647	$	2,948
Share-based compensation		125		320
State net operating loss carryforwards		496		458
Right of use liability		826		462
Other items		158		249
Total deferred tax assets		3,252		4,437
Deferred tax liabilities
Right of use asset		832		457
Other items		137		71
Total deferred tax liabilities		969		528
Deferred income taxes	$	2,283	$	3,909

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

The income tax expense (benefit) reflects an effective U.S tax rate, which differs from the corporate tax rate for the following reasons:

	(In thousands)
	2021			2020
Income tax expense (benefit) at Federal statutory rate	$	2,303		$	479
Increase (decrease) resulting from:
Federal Fiscal Year 2020 NOL rate differential		-			(414	)
Federal Fiscal Year 2019 NOL rate differential		-			(1,362	)
State income taxes, net of Federal benefit		378			91
Other		(86	)		(13	)
Income tax expense (benefit)	$	2,595		$	(1,219	)