v3.25.1
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2025
INCOME TAXES  
Schedule of provision for income taxes

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

    

Year Ended March 31

    

2025

    

2024

    

2023

Current

$

1,074

$

967

$

5,754

Deferred

 

261

 

(165)

 

(144)

Total

$

1,335

$

802

$

5,610

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,

 

2025

 

2024

Deferred tax assets:

Deferred compensation

$

22

$

17

ACL

 

3,758

 

3,768

Accrued expenses

 

185

 

520

Accumulated depreciation and amortization

 

1,079

 

977

Deferred gain on sale

 

 

17

Deferred income

29

43

Net unrealized loss on investment securities available for sale

 

4,201

 

5,093

Operating lease liabilities

1,072

1,387

Other

 

324

 

371

Total deferred tax assets

 

10,670

 

12,193

Deferred tax liabilities:

 

  

 

  

FHLB stock dividends

 

(35)

 

(38)

Prepaid expenses

 

(339)

 

(325)

Operating lease ROU assets

(1,019)

(1,315)

Loan fees/costs

 

(652)

 

(737)

Total deferred tax liabilities

 

(2,045)

 

(2,415)

Deferred tax assets, net

$

8,625

$

9,778

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

Year Ended March 31, 

    

2025

    

2024

    

2023

Statutory federal income tax rate

 

21.0

%

21.0

%

21.0

%

State and local income tax rate

 

4.0

 

5.2

 

3.0

Employee Stock Ownership Plan ("ESOP") market value adjustment

 

(0.2)

 

(0.5)

 

(0.1)

BOLI

 

(3.2)

 

(4.8)

 

(0.8)

Other, net

 

(0.2)

 

(3.1)

 

0.6

Effective federal income tax rate

 

21.4

%

17.8

%

23.7

%