Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income tax expense (benefit) from continuing operations consists of:



	Current			Deferred		Total
Year ended March 31, 2019
Continuing Operations- Federal	$	20,508,247		(1,833,943	)	18,674,304
Continuing Operations- State and local	(871,439		)	(1,821,808	)	(2,693,247	)
	$	19,636,808		(3,655,751	)	15,981,057

Year ended March 31, 2018
Continuing Operations- Federal	$	32,398,898		12,073,220		44,472,118
Continuing Operations- State and local	3,191,525			94,165		3,285,690
	$	35,590,423		12,167,385		47,757,808

Year ended March 31, 2017
Continuing Operations- Federal	$	34,930,677		(14,658	)	34,916,019
Continuing Operations- State and local	3,215,621			25,852		3,241,473
	$	38,146,298		11,194		38,157,492

Income tax expense reconciliation to U.S federal income tax rate to pretax income

Income tax expense from continuing operations was $16.0 million, $47.8 million, and $38.2 million, for the years ended March 31, 2019, 2018, and 2017, respectively, and differed from the amounts computed by applying the U.S. federal income tax rate of 21% for fiscal 2019, 31.55% for fiscal 2018, and 35% for fiscal year 2017 to pretax income from continuing operations as a result of the following:



	2019			2018		2017
Expected income tax	$	18,874,500		30,556,455		37,081,756
Increase (reduction) in income taxes resulting from:
State tax (excluding state tax credits), net of federal benefit	1,576,915			2,249,055		2,106,957
State tax credits	(3,704,580		)	—		—
Revalue deferred tax assets and liabilities	(852,523		)	10,516,827		—
Foreign transition tax	—			4,854,640		—
Uncertain tax positions	(183,929		)	(340,993	)	(1,015,222	)
State tax adjustment for amended returns	—			—		238,301
Other, net	270,674			(78,176	)	(254,300	)
	$	15,981,057		47,757,808		38,157,492

Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities

The tax effects of temporary differences from continuing operations that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2019 and 2018 are presented below:



	2019			2018
Deferred tax assets:
Allowance for loan losses	$	20,162,369		16,263,086
Unearned insurance commissions	9,308,138			8,711,298
Accrued expenses primarily related to employee benefits	9,271,182			8,470,247
Reserve for uncollectible interest	1,011,584			795,259
Foreign tax credit carryforward	3,254,926			3,254,926
Capital loss carryforward	7,856,176			—
State net operating loss carryforwards	1,021,275			—

Gross deferred tax assets	51,885,650			37,494,816
Less valuation allowance	(11,112,376		)	(3,256,200	)
Net deferred tax assets	40,773,274			34,238,616

Deferred tax liabilities:
Fair value adjustment for loans receivable	(9,589,188		)	(6,556,078	)
Property and equipment	(2,426,786		)	(2,957,534	)
Intangible assets	(1,610,258		)	(1,592,173	)
Deferred net loan origination costs	(1,593,385		)	(1,402,733	)
Prepaid expenses	(1,054,110		)	(1,554,950	)
Other	(668,648		)	—
Gross deferred tax liabilities	(16,942,375		)	(14,063,468	)

Deferred income taxes, net	$	23,830,899		20,175,148

Reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits at March 31, 2019, 2018, and 2017 are presented below:



	2019			2018		2017
Unrecognized tax benefit balance beginning of year	$	6,946,229		7,264,966		9,395,413
Gross increases (decreases) for tax positions of current year	54,025			166,375		(237,746	)
Gross increases (decreases) for tax positions of prior years	(138,405		)	8,228		637,166
Settlements with tax authorities	(1,356,714		)	—		(2,403,982	)
Lapse of statute of limitations	(1,461,512		)	(493,340	)	(125,885	)
Unrecognized tax benefit balance end of year	$	4,043,623		6,946,229		7,264,966