v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2026
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

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2024

Current

Federal

$

(23)

$

859

$

840

State

107

214

127

Deferred

 

 

 

Federal

(1,380)

229

(144)

State

(197)

33

(21)

Total

$

(1,493)

$

1,335

$

802

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,

 

2026

 

2025

Deferred tax assets:

ACL

$

3,748

$

3,758

Accumulated depreciation and amortization

 

1,194

 

1,079

Net operating loss - federal

1,309

Net unrealized loss on investment securities available for sale

 

6,123

 

4,201

Operating lease liabilities

917

1,072

Other

 

671

 

560

Total deferred tax assets

 

13,962

 

10,670

Deferred tax liabilities:

 

  ​

 

  ​

FHLB stock dividends

 

(35)

 

(35)

Prepaid expenses

 

(351)

 

(339)

Operating lease ROU assets

(871)

(1,019)

Loan fees/costs

 

(581)

 

(652)

Total deferred tax liabilities

 

(1,838)

 

(2,045)

Deferred tax assets, net

$

12,124

$

8,625

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

Year Ended March 31, 

2026

2025

2024

Amount

Percent

Amount

Percent

Amount

Percent

Statutory federal income (loss) tax rate

$

(1,225)

(21.0)

%

$

1,310

21.0

%

$

946

21.0

%

State and local income tax (benefit), net of federal income tax effect (1)

(71)

(1.2)

 

247

4.0

 

232

5.2

Nontaxable or nondeductible item

BOLI

(207)

(3.6)

 

(197)

(3.2)

 

(214)

(4.8)

Other, net

10

0.2

 

(25)

(0.4)

 

(162)

(3.6)

Effective federal income (loss) tax rate

$

(1,493)

(25.6)

%

$

1,335

21.4

%

$

802

17.8

%

(1)State taxes in Oregon contributed to the majority of the tax effect in this category.
Schedule of cash paid for income taxes, net of refunds received, by jurisdiction

2026

2025

2024

Federal

$

965

$

(186)

$

1,500

State

Oregon

221

59

366

Other

1

Total

$

1,187

$

(127)

$

1,866