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

9 Months Ended

Jan. 31, 2023

Notes Tables

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

	Three Months Ended January 31,						Nine Months Ended January 31,
($ in thousands)	2023			2022			2023			2022
Current tax expense:
Federal	$	1,191		$	1,662		$	3,581		$	4,684
State and local		364			472			831			1,066
Current tax expense		1,555			2,134			4,412			5,750
Deferred tax expense (benefit):
Federal		184			(175	)		85			(57	)
State and local		(68	)		(46	)		(28	)		(389	)
Deferred tax expense (benefit):		116			(221	)		57			(446	)
Income tax provision	$	1,671		$	1,913		$	4,469		$	5,304

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

	January 31,			April 30,
($ in thousands)	2023			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		63			77
Unrealized gain on securities held for sale		1,002			909
Right of Use Asset		(180	)		(188	)
Deferred charges		(147	)		(154	)
Other		(277	)		(300	)
Total federal tax liability		10,758			10,641
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,122			2,131
Deferred non-cash post-employment compensation		(74	)		(74	)
Depreciation and amortization		128			180
Unrealized gain on securities held for sale		199			194
Other		164			54
Total state and local tax liabilities		2,539			2,485
Deferred tax liability, long-term	$	13,297		$	13,126

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

	Nine Months Ended January 31,
	2023			2022
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		3.39	%		2.11	%
Non-taxable SBA loan forgiveness		-			(1.93	)%
Effect of dividends received deductions		(0.25	)%		(0.26	)%
Other, net		0.01	%		0.02	%
Effective income tax rate		24.15	%		20.94	%