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

6 Months Ended

Oct. 31, 2022

Notes Tables

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

	Three Months Ended October 31,						Six Months Ended October 31,
($ in thousands)	2022			2021			2022			2021
Current tax expense:
Federal	$	1,252		$	1,556		$	2,390		$	3,022
State and local		110			325			467			594
Current tax expense		1,362			1,881			2,857			3,616
Deferred tax expense (benefit):
Federal		(11	)		77			(99	)		118
State and local		40			(134	)		40			(343	)
Deferred tax expense (benefit):		29			(57	)		(59	)		(225	)
Income tax provision	$	1,391		$	1,824		$	2,798		$	3,391

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

	October 31,			April 30,
($ in thousands)	2022			2022
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	10,669		$	10,669
Deferred non-cash post-employment compensation		(372	)		(372	)
Depreciation and amortization		68			77
Unrealized gain on securities held for sale		821			909
Right of Use Asset		(186	)		(188	)
Deferred charges		(160	)		(154	)
Other		(299	)		(300	)
Total federal tax liability		10,541			10,641
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,101			2,131
Deferred non-cash post-employment compensation		(73	)		(74	)
Depreciation and amortization		124			180
Unrealized gain on securities held for sale		161			194
Other		212			54
Total state and local tax liabilities		2,525			2,485
Deferred tax liability, long-term	$	13,066		$	13,126

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

	Six Months Ended October 31,
	2022			2021
U.S. statutory federal tax rate		21.00	%		21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		3.37	%		1.11	%
Non-taxable SBA loan forgiveness		-			(2.75	)%
Effect of dividends received deductions		(0.23	)%		(0.33	)%
Other, net		0.01	%		0.02	%
Effective income tax rate		24.15	%		19.05	%