Federal, State and Local Income Taxes (Tables)

6 Months Ended

Oct. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Three Months Ended October 31,					Six Months Ended October 31,
($ in thousands)	2013		2012			2013		2012
Current tax expense:
Federal	$	838	$	879		$	1,054	$	1,327
State and local		46		29			74		102
		884		908			1,128		1,429
Deferred tax expense:
Federal		24		(31	)		530		436
State and local		10		30			91		117
		34		(1	)		621		553
Income tax provision:	$	918	$	907		$	1,749	$	1,982

Schedule of components of deferred tax asset and deferred tax liability

	October 31,			April 30,
($ in thousands)	2013			2013
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(158	)	$	(136	)
Operating lease deferred obligation		70			13
Deferred professional fees		39			49
Deferred charges		277			265
Total federal tax benefit		228			191
State and local tax benefits:
NYC UBT tax credit carryforward		177			-
Other		52			36
Total state and local tax benefits		229			36
Deferred tax asset, short term	$	457		$	227

	October 31,			April 30,
($ in thousands)	2013			2013
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,679		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		2,302			1,642
Other		358			262
Total federal tax liability		19,720			18,964
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,243			2,243
Deferred non-cash post-employment compensation		(79	)		(79	)
Depreciation and amortization		292			208
Deferred professional fees		(4	)		(10	)
Total state and local tax liabilities		2,452			2,362
Deferred tax liability, long term	$	22,172		$	21,326

Schedule of effective income tax rate reconciliation

	Six Months Ended October 31,
	2013			2012
U.S. statutory federal rate		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		2.23	%		2.68	%
Effect of dividends received deductions		-0.35	%		-0.25	%
Domestic production tax credit		-0.40	%		-0.59	%
Other, net		-0.12	%		0.34	%
Effective income tax rate		36.36	%		37.18	%