Note 8 - Federal, State and Local Income Taxes (Tables)

3 Months Ended

Jul. 31, 2016

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Three Months Ended July 31,
($ in thousands)	2016			2015
Current tax expense:
Federal	$	3,577		$	1,024
State and local		325			72
Current tax expense		3,902			1,096
Deferred tax expense (benefit):
Federal		(189	)		(12	)
State and local		15			(151	)
Deferred tax expense (benefit):		(174	)		(163	)
Income tax provision	$	3,728		$	933

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	July 31,			April 30,
($ in thousands)	2016			2016
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(239	)	$	(68	)
Capital loss carryforward		-			86
Operating lease deferred obligation		41			58
Deferred professional fees		17			77
Deferred charges		249			250
Total federal tax benefit		68			403
State and local tax benefits:
Other		28			29
Total state and local tax benefits		28			29
Deferred tax asset, short term	$	96		$	432

	July 31,			April 30,
($ in thousands)	2016			2016
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,726		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		1,454			1,812
Other		(120	)		8
Total federal tax liability		18,441			18,880
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		1,702			1,704
Deferred non-cash post-employment compensation		(60	)		(60	)
Depreciation and amortization		140			174
Other		(10	)		(15	)
Total state and local tax liabilities		1,772			1,803
Deferred tax liability, long term	$	20,213		$	20,683

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Three Months Ended July 31,
	2016			2015
U.S. statutory federal tax rate		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		1.99	%		-3.57	%
Effect of dividends received deductions		-0.06	%		-0.32	%
Domestic production tax credit		0.00	%		-0.63	%
Other, net		0.03	%		0.09	%
Effective income tax rate		36.96	%		30.57	%