Federal, State and Local Income Taxes (Tables)

9 Months Ended

Jan. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

	Three Months Ended January 31,						Nine Months Ended January 31,
($ in thousands)	2016			2015			2016			2015
Current tax expense:
Federal	$	906		$	716		$	2,916		$	2,668
State and local		62			9			189			161
Current tax expense		968			725			3,105			2,829
Deferred tax expense (benefit):
Federal		(271	)		198			(449	)		198
State and local		(1	)		(129	)		(222	)		(65	)
Deferred tax expense (benefit):		(272	)		69			(671	)		133
Income tax provision	$	696		$	794		$	2,434		$	2,962

Schedule of components of deferred tax asset and deferred tax liability

	January 31,		April 30,
($ in thousands)	2016		2015
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	26	$	(57	)
Operating lease deferred obligation		70		70
Deferred professional fees		76		34
Deferred charges		173		263
Total federal tax benefit		345		310
State and local tax benefits:
Other		30		46
Total state and local tax benefits		30		46
Deferred tax asset, short term	$	375	$	356

	January 31,			April 30,
($ in thousands)	2016			2015
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,716		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		2,229			2,435
Other		332			401
Total federal tax liability		19,658			19,896
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		1,735			1,970
Deferred non-cash post-employment compensation		(61	)		(69	)
Depreciation and amortization		218			271
Other		(22	)		(4	)
Total state and local tax liabilities		1,870			2,168
Deferred tax liability, long term	$	21,528		$	22,064

Schedule of effective income tax rate reconciliation

	Nine Months Ended January 31,
	2016			2015
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		-1.38	%		0.09	%
Effect of dividends received deductions		-0.70	%		-0.36	%
Domestic production tax credit		-0.54	%		-0.62	%
Write-off of goodwill		-			-1.85	%
Settlement of tax audits		-3.60	%		-
Other, net		-			0.09	%
Effective income tax rate		28.78	%		32.35	%