Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

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:

	2021				2020
$ in thousands	Amount		Percent		Amount		Percent
Statutory Federal income tax expense (benefit)	$	(818)	21.0	%	$	(1,139)	21.0	%
State and local income tax, net of Federal tax benefit	(70)		12.0		(719)		13.2
Impact of income tax rate changes	(25)		0.6		186		(3.4)
Change in valuation allowance	917		(33.5)		1,661		(30.6)
Other	(4)		(0.1)		11		(0.2)
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	2021		2020
Deferred Tax Assets:
Allowance for loan losses	$	1,723	$	1,689
Compensation and benefits	16		—
Nonaccrual loan interest	54		40
Net operating loss carryforward	18,890		18,732
New markets tax credit	3,434		3,452
Depreciation	(916)		(5)
Unrealized loss (gain) on available-for-sale securities	667		(313)
Other	248		124
Total Deferred Tax Assets	24,116		23,719
Deferred Tax Liabilities:
Other	370		1,098
Total Deferred Tax Liabilities	370		1,098
Deferred Tax Assets, net	23,746		22,621
Valuation Allowance	(23,746)		(22,621)
Deferred Tax Assets, net of valuation allowance	$	—	$	—