Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the expected Federal income tax rate to the consolidated effective tax rate for the years ended March 31:


	2020						2019
$ in thousands	Amount		Percent		Amount		Percent
Statutory Federal income tax expense (benefit)	$	(1,139)	21.0	%	$	(1,218)	21.0	%
State and local income tax, net of Federal tax benefit	(719)		13.2		(28)		0.4
Impact of income tax rate changes	186		(3.4)		—		—





Change in valuation allowance	1,661		(30.6)		1,332		(23.0)
Other	11		(0.2)		(86)		1.6
Total income tax expense (benefit)	$	—	—	%	$	—	—	%

Deferred Tax Assets and Liabilities

Tax effects of existing temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are included in other assets at March 31 as follows:


$ in thousands	2020		2019
Deferred Tax Assets:
Allowance for loan losses	$	1,689	$	1,561


Nonaccrual loan interest	40		41
Deferred gain - sale leaseback transactions	—		1,803
Net operating loss carryforward	18,732		16,248
New markets tax credit	3,452		3,452
AMT credits	—		170
Depreciation	(5)		821



Unrealized (gain) loss on available-for-sale securities	(313)		1,092
Other	124		—
Total Deferred Tax Assets	23,719		25,188
Deferred Tax Liabilities:


Other	1,098		1,073
Total Deferred Tax Liabilities	1,098		1,073
Deferred Tax Assets, net	22,621		24,115
Valuation Allowance	(22,621)		(23,945)
Deferred Tax Assets, net of valuation allowance	$	—	$	170