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

9 Months Ended

Jan. 31, 2024

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)	2024			2023			2024			2023
Current tax expense:
Federal	$	1,195		$	1,191		$	3,657		$	3,581
State and local		469			364			979			831
Current tax expense		1,664			1,555			4,636			4,412
Deferred tax expense (benefit):
Federal		288			184			(18	)		85
State and local		(107	)		(68	)		(171	)		(28	)
Deferred tax expense (benefit):		181			116			(189	)		57
Income tax provision	$	1,845		$	1,671		$	4,447		$	4,469

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

	January 31,			April 30,
($ in thousands)	2024			2023
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		70			59
Unrealized gain/(loss) on fixed income securities held for sale		(7	)		99
Unrealized gain on equity securities		895			919
Right of Use Asset		(154	)		(174	)
Deferred charges		(133	)		(136	)
Other		(461	)		(432	)
Total federal tax liability		10,507			10,632
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,252			2,062
Deferred non-cash post-employment compensation		(78	)		(72	)
Depreciation and amortization		15			125
Unrealized gain/(loss) on fixed income securities held for sale		(2	)		19
Unrealized gain on equity securities		189			178
Other		(61	)		185
Total state and local tax liabilities		2,315			2,497
Deferred tax liability, long-term	$	12,822		$	13,129

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

	Nine Months Ended January 31,
	2024			2023
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		3.04	%		3.39	%
Effect of dividends received deductions		(0.24	)%		(0.25	)%
Other, net		-			0.01	%
Effective income tax rate		23.80	%		24.15	%