INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2023

INCOME TAXES

Schedule of provision for income taxes

Provision for income taxes consisted of the following for the periods indicated (in thousands):

	Year Ended March 31
	2023		2022		2021
Current	$	5,754	$	5,446	$	4,410
Deferred		(144)		1,010		(1,429)
Total	$	5,610	$	6,456	$	2,981

Schedule of deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows at the dates indicated (in thousands):

	March 31,		March 31,
	2023		2022
Deferred tax assets:
Deferred compensation	$	78	$	57
Allowance for loan losses		3,772		3,588
Accrued expenses		160		170
Accumulated depreciation and amortization		918		881
Deferred gain on sale		34		52
Deferred income		57		107
Purchase accounting		46		74
Net unrealized loss on investment securities available for sale		5,782		3,141
Operating lease liabilities		1,695		1,993
Other		429		420
Total deferred tax assets		12,971		10,483
Deferred tax liabilities:
FHLB stock dividends		(38)		(38)
Prepaid expenses		(241)		(171)
Operating lease ROU assets		(1,609)		(1,898)
Loan fees/costs		(797)		(875)
Total deferred tax liabilities		(2,685)		(2,982)
Deferred tax assets, net	$	10,286	$	7,501

Schedule of reconciliation of effective income tax rate with the federal statutory tax rate

	Year Ended March 31,
	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income tax rate	3.0		3.0		3.0
Employee Stock Ownership Plan ("ESOP") market value adjustment	(0.1)		(0.1)		(0.1)
BOLI	(0.8)		(0.7)		(1.5)
Other, net	0.6		(0.4)		(0.3)
Effective federal income tax rate	23.7	%	22.8	%	22.1	%