Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Feb. 12, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | RIVERVIEW BANCORP INC | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1041368 | |
Current Fiscal Year End Date | -28 | |
Entity Common Stock, Shares Outstanding | 22,471,890 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
RIVERVIEW_BANCORP_INC_AND_SUBS
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash, including interest-earning accounts | $21,981 | [1] | $68,577 | [2] |
Certificate of deposits held for investment | 27,214 | 36,925 | ||
Loans held for sale | 724 | 1,024 | ||
Investment securities available for sale, at fair value | 17,150 | [3] | 23,394 | [4] |
Mortgage-backed securities held to maturity, at amortized cost | 88 | [5] | 101 | [6] |
Mortgage-backed securities available for sale, at fair value | 101,216 | [7] | 78,575 | [8] |
Loans receivable | 567,398 | [9] | 520,937 | [10] |
Real estate and other personal property owned | 1,604 | 7,703 | ||
Prepaid expenses and other assets | 3,041 | 3,197 | ||
Accrued interest receivable | 2,024 | 1,836 | ||
Federal Home Loan Bank stock, at cost | 6,120 | 6,744 | ||
Premises and equipment, net | 15,683 | 16,417 | ||
Deferred income taxes, net | 13,500 | 15,433 | ||
Mortgage servicing rights, net | 393 | 369 | ||
Goodwill | 25,572 | 25,572 | ||
Core deposit intangible, net | 8 | 26 | ||
Bank owned life insurance | 24,719 | 17,691 | ||
TOTAL ASSETS | 828,435 | 824,521 | ||
LIABILITIES: | ||||
Deposit accounts | 689,330 | 690,066 | ||
Accrued expenses and other liabilities | 9,397 | 10,497 | ||
Advance payments by borrowers for taxes and insurance | 199 | 467 | ||
Federal Home Loan Bank advances | 2,100 | |||
Junior subordinated debentures | 22,681 | 22,681 | ||
Capital lease obligations | 2,298 | 2,361 | ||
Total liabilities | 726,005 | 726,072 | ||
COMMITMENTS AND CONTINGENCIES | [11] | [11] | ||
Shareholders' equity | ||||
Serial preferred stock | [12] | [12] | ||
Common Stock | 225 | [13] | 225 | [13] |
Additional paid-in capital | 65,217 | 65,195 | ||
Retained earnings | 36,565 | 33,592 | ||
Unearned shares issued to employee stock ownership trust | -310 | -387 | ||
Accumulated other comprehensive loss | 215 | [14] | -647 | [14] |
Total shareholders' equity | 101,912 | 97,978 | ||
Noncontrolling interest | 518 | 471 | ||
Total equity | 102,430 | 98,449 | ||
TOTAL LIABILITIES AND EQUITY | $828,435 | $824,521 | ||
[1] | Including interest-earning accounts of $5,872. | |||
[2] | Including interest-earning accounts of $51,715. | |||
[3] | Amortized cost of $17,427. | |||
[4] | Amortized cost of $23,866. | |||
[5] | Fair value of $90. | |||
[6] | Fair value of $104. | |||
[7] | Amortized cost of $100,613. | |||
[8] | Amortized cost of $79,083. | |||
[9] | Net of allowance for loan losses of $11,701. | |||
[10] | Net of allowance for loan losses of $12,551. | |||
[11] | See Note 16. | |||
[12] | Serial preferred stock, $.01 par value; 250,000 authorized, issued and outstanding: none. | |||
[13] | Common stock, $.01 par value; 50,000,000 authorized December 31, 2014 and March 31, 2014 - 22,471,890 issued and outstanding. | |||
[14] | All Amounts are net of tax. Amounts in parenthesis indicate debits. |
RIVERVIEW_BANCORP_INC_AND_SUBS1
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position | ||
Interest-Earning accounts included in Cash | $5,872 | $51,715 |
Amortized Cost of Investment securities available for sale | 17,427 | 23,866 |
Amortized Cost of Mortgage-backed securities available for sale | 90 | 104 |
Fair Value of Mortgage-backed securities held to maturity | 100,613 | 79,083 |
Loans receivable Allowance for Loan Losses | $11,701 | $12,551 |
Serial preferred stock par value per share | $0.01 | $0.01 |
Serial preferred stock shares authorized | 250,000 | 250,000 |
Serial preferred stock shares issued | 0 | 0 |
Serial preferred stock shares outstanding | 0 | 0 |
Common stock par value per share | $0.01 | $0.01 |
Common stock shares authorized | 50,000,000 | 50,000,000 |
Common stock shares issued | 22,471,890 | 22,471,890 |
Common stock shares outstanding | 22,471,890 | 22,471,890 |
RIVERVIEW_BANCORP_INC_AND_SUBS2
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
INTEREST INCOME: | ||||
Interest and fees on loans receivable | $6,498 | $6,319 | $19,155 | $19,389 |
Interest on investment securities-taxable | 75 | 75 | 257 | 191 |
Interest on mortgage-backed securities | 520 | 88 | 1,508 | 156 |
Other interest and dividends | 110 | 191 | 359 | 532 |
Total interest and dividend income | 7,203 | 6,673 | 21,279 | 20,268 |
INTEREST EXPENSE: | ||||
Interest on deposits | 322 | 496 | 1,024 | 1,537 |
Interest on borrowings | 163 | 149 | 458 | 449 |
Total interest expense | 485 | 645 | 1,482 | 1,986 |
Net interest income | 6,718 | 6,028 | 19,797 | 18,282 |
Less provision for (recapture of) loan losses | -400 | -1,050 | -2,500 | |
Net interest income after provision for (recapture of) loan losses | 7,118 | 6,028 | 20,847 | 20,782 |
NON-INTEREST INCOME: | ||||
Fees and service charges | 1,032 | 1,177 | 3,260 | 3,301 |
Asset management fees | 718 | 605 | 2,248 | 1,936 |
Net gain on sale of loans held for sale | 154 | 176 | 435 | 609 |
Bank owned life insurance income | 196 | 136 | 528 | 419 |
Other non-interest income | 164 | 290 | 226 | 252 |
Total non-interest income | 2,264 | 2,384 | 6,697 | 6,517 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 4,472 | 3,959 | 12,987 | 11,696 |
Occupancy and depreciation | 1,223 | 1,187 | 3,632 | 3,621 |
Data processing | 495 | 523 | 1,399 | 1,641 |
Amortization of core deposit intangible | 6 | 7 | 18 | 33 |
Advertising and marketing expense | 169 | 170 | 522 | 578 |
FDIC insurance premium | 143 | 400 | 498 | 1,228 |
State and local taxes | 162 | 106 | 416 | 340 |
Telecommunications | 73 | 78 | 223 | 227 |
Professional fees | 302 | 342 | 848 | 995 |
Real estate owned expenses | 99 | 298 | 901 | 2,402 |
Other non-interest expense | 502 | 541 | 1,611 | 1,740 |
Total non-interest expense | 7,646 | 7,611 | 23,055 | 24,501 |
Income (loss) before income taxes | 1,736 | 801 | 4,489 | 2,798 |
Provision (Benefit) for income taxes | 587 | 1,516 | 16 | |
Net Income (Loss) | $1,149 | $801 | $2,973 | $2,782 |
Earnings (loss) per common share: | ||||
Basic earnings | $0.05 | $0.04 | $0.13 | $0.12 |
Diluted earnings | $0.05 | $0.04 | $0.13 | $0.12 |
Weighted average number of shares outstanding: | ||||
Weighted average number of shares outstanding, Basic | 22,394,910 | 22,370,277 | 22,388,775 | 22,364,142 |
Weighted average number of shares outstanding, Diluted | 22,439,195 | 22,371,914 | 22,421,330 | 22,365,224 |
RIVERVIEW_BANCORP_INC_AND_SUBS3
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Statements of Comprehensive Income | ||||||||
Net Income (Loss) | $1,149 | $801 | $2,973 | $2,782 | ||||
Other comprehensive income (loss): | ||||||||
Unrealized holding gain (loss) on securities, net | 531 | [1] | -149 | [2] | 966 | [3] | 338 | [4] |
Reclassification adjustment of net gain from sale of available for sale securities included in income | -104 | [5] | [6] | -104 | [5] | [6] | ||
Other comprehensive income (loss), total | 427 | [7] | -149 | [7] | 862 | [7] | 338 | [7] |
Noncontrolling interest | 13 | 16 | 47 | 62 | ||||
Total comprehensive income (loss) | $1,589 | $668 | $3,882 | $3,182 | ||||
[1] | Net of tax of ($274). | |||||||
[2] | Net of tax of $77. | |||||||
[3] | Net of tax of ($497). | |||||||
[4] | Net of tax of ($174). | |||||||
[5] | Net of tax of $54. | |||||||
[6] | Net of tax of $0. | |||||||
[7] | All Amounts are net of tax. Amounts in parenthesis indicate debits. |
RIVERVIEW_BANCORP_INC_AND_SUBS4
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statements of Comprehensive Income | ||||
Tax effect of unrealized holding gain (loss) on securities | ($274) | $77 | ($497) | ($174) |
Reclassifications out of other comprehensive income (loss) | $54 | $0 | $54 | $0 |
RIVERVIEW_BANCORP_INC_AND_SUBS5
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned Shares Issued to Employee Stock Ownership Trust | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total |
In Thousands, except Share data | |||||||
Balance, Value at Mar. 31, 2013 | $225 | $65,551 | $14,169 | ($490) | ($1,013) | $603 | $79,045 |
Balance, Shares at Mar. 31, 2013 | 22,471,890 | ||||||
Net Income (Loss) | 2,782 | 2,782 | |||||
Purchase of subsidiary shares from noncontrolling interest | -399 | -213 | -612 | ||||
Stock based compensation expense | 53 | 53 | |||||
Earned ESOP shares | -29 | 77 | 48 | ||||
Unrealized holding gain (loss) on securities available for sale | 338 | 338 | |||||
Balance, Value at Dec. 31, 2013 | 225 | 65,176 | 16,951 | -413 | -675 | 452 | 81,716 |
Noncontrolling interest at Dec. 31, 2013 | 62 | 62 | |||||
Balance, Shares at Dec. 31, 2013 | 22,471,890 | ||||||
Balance, Value at Mar. 31, 2014 | 225 | 65,195 | 33,592 | -387 | -647 | 471 | 98,449 |
Balance, Shares at Mar. 31, 2014 | 22,471,890 | ||||||
Net Income (Loss) | 2,973 | 2,973 | |||||
Stock based compensation expense | 26 | 26 | |||||
Earned ESOP shares | -4 | 77 | 73 | ||||
Unrealized holding gain (loss) on securities available for sale | 862 | 862 | |||||
Balance, Value at Dec. 31, 2014 | 225 | 65,217 | 36,565 | -310 | 215 | 518 | 102,430 |
Noncontrolling interest at Dec. 31, 2014 | $47 | $47 | |||||
Balance, Shares at Dec. 31, 2014 | 22,471,890 |
RIVERVIEW_BANCORP_INC_AND_SUBS6
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $2,973 | $2,782 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 2,394 | 1,330 |
Provision for (recapture of) loan losses | -1,050 | -2,500 |
Provision for deferred income taxes | 1,490 | |
Noncash expense related to ESOP | 73 | 48 |
Increase (decrease) in deferred loan origination fees, net of amortization | 73 | -21 |
Origination of loans held for sale | -13,130 | -21,474 |
Proceeds from sales of loans held for sale | 13,734 | 22,615 |
Stock based compensation expense | 26 | 53 |
Writedown of real estate owned | 715 | 1,607 |
Net (gain) loss on loans held for sale, sale of real estate owned, mortgage-backed securities, investment securities and premises and equipment | -501 | -470 |
Income from bank owned life insurance | -528 | -419 |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | 74 | 322 |
Accrued interest receivable | -187 | 77 |
Accrued expenses & other liabilities | -944 | 779 |
Net cash provided by (used in) operating activities | 5,212 | 4,729 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loan repayments, net | -23,335 | 19,363 |
Purchase of loans receivable | -22,545 | -7,646 |
Proceeds from call, maturity, or sale of investment securities available for sale | 8,480 | 3,000 |
Principal repayments on investment securities available for sale | 847 | |
Principal repayments on mortgage-backed securities available for sale | 13,660 | 1,121 |
Principal repayments on mortgage-backed securities held to maturity | 13 | 20 |
Purchase of investment securities available for sale | -2,000 | -16,448 |
Purchase of mortgage-backed securities available for sale | -50,199 | -35,775 |
Proceeds from sale of mortgage-backed securities available for sale | 14,225 | |
Redemption (purchase) of certificates of deposit held for investment | 9,711 | 7,461 |
Proceeds from redemption of Federal Home Loan Bank stock | 624 | 196 |
Purchase of Bank owned life insurance | -6,500 | |
Purchase of premises and equipment and capitalized software | -367 | -738 |
Proceeds from sale of real estate owned and premises and equipment | 5,392 | 7,633 |
Net cash provided by (used in) investing activities | -52,841 | -20,966 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposit accounts | -736 | 25,465 |
Purchase of subsidiary shares from noncontrolling interest | -612 | |
Proceeds from borrowings | 25,450 | 2,000 |
Repayment of borrowings | -23,350 | -2,000 |
Principal payments under capital lease obligation | -63 | -59 |
Net increase (decrease) in advance payments by borrowers | -268 | -832 |
Net cash provided by (used in) financing activities | 1,033 | 23,962 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -46,596 | 7,725 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 68,577 | 115,415 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 21,981 | 123,140 |
Cash paid during the period for: | ||
Interest | 5,048 | 1,535 |
Income taxes | 15 | 29 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Transfer of loans to real estate owned | 804 | 5,782 |
Transfer of real estate owned to loans | 726 | 196 |
Fair value adjustment to securities available for sale | 1,305 | 512 |
Income tax effect related to fair value adjustment | ($443) | ($174) |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2014 | |
Notes | |
Basis of Presentation | 1. BASIS OF PRESENTATION |
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim unaudited financial statements have been included. All such adjustments are of a normal recurring nature. | |
The unaudited consolidated financial statements should be read in conjunction with the audited financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2014 (“2014 Form 10-K”). The results of operations for the nine months ended December 31, 2014 are not necessarily indicative of the results, which may be expected for the fiscal year ending March 31, 2015. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Principles_of_Consolidation
Principles of Consolidation | 9 Months Ended |
Dec. 31, 2014 | |
Notes | |
Principles of Consolidation | 2. PRINCIPLES OF CONSOLIDATION |
The accompanying consolidated financial statements include the accounts of: Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community Bank (the “Bank”); the Bank’s wholly-owned subsidiary, Riverview Services, Inc.; and the Bank’s majority owned subsidiary, Riverview Asset Management Corp. (“RAMCorp”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. |
Stock_Plans_And_StockBased_Com
Stock Plans And Stock-Based Compensation | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Notes | ||||||||||||
Stock Plans And Stock-Based Compensation | 3. STOCK PLANS AND STOCK-BASED COMPENSATION | |||||||||||
In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1998 and expired in October 2008. Accordingly, no further option awards may be granted under the 1998 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 1998 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. | ||||||||||||
In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 2003 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. | ||||||||||||
The following table presents information on stock options outstanding for the periods shown. | ||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | |||||||||
Balance, beginning of period | 474,654 | $ | 7.91 | 407,500 | $ | 9.05 | ||||||
Grants | - | - | 87,154 | 2.78 | ||||||||
Expired | (32,000 | ) | 9.55 | (20,000 | ) | 8.98 | ||||||
Balance, end of period | 442,654 | $ | 7.79 | 474,654 | $ | 7.91 | ||||||
The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures. | ||||||||||||
Nine Months | Nine Months | |||||||||||
Ended | Ended | |||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
Stock options fully vested and expected to vest: | ||||||||||||
Number | 442,504 | 469,896 | ||||||||||
Weighted average exercise price | $ | 7.79 | $ | 7.96 | ||||||||
Aggregate intrinsic value (1) | $ | 253,000 | $ | 18,000 | ||||||||
Weighted average contractual term of options (years) | 3.95 | 4.81 | ||||||||||
Stock options fully vested and currently exercisable: | ||||||||||||
Number | 442,054 | 385,300 | ||||||||||
Weighted average exercise price | $ | 7.79 | $ | 9.1 | ||||||||
Aggregate intrinsic value (1) | $ | 253,000 | $ | 7,000 | ||||||||
Weighted average contractual term of options (years) | 3.95 | 3.79 | ||||||||||
(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s stock. | ||||||||||||
Stock-based compensation expense related to stock options for the nine months ended December 31, 2014 and 2013 was $26,000 and $53,000, respectively. As of December 31, 2014, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense. | ||||||||||||
The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes based stock option valuation model. The fair value of all awards is amortized on a straight-line basis over the requisite service periods, which are generally the vesting periods. The expected life of options granted represents the period of time that they are expected to be outstanding. The expected life is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules. Expected volatility was estimated at the date of grant based on the historical volatility of the Company’s common stock. Expected dividends are based on dividend trends and the market value of the Company’s common stock at the time of grant. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. During the nine months ended December 31, 2014, there were no stock options granted. During the nine months ended December 31, 2013, the Company granted 87,154 stock options. The weighted average fair value of stock options granted during the nine months ended December 31, 2013 was $1.18. | ||||||||||||
The Black-Scholes model uses the assumptions listed in the following table: | ||||||||||||
Risk Free Interest Rate | Expected | Expected | Expected | |||||||||
Life (years) | Volatility | Dividends | ||||||||||
Fiscal 2014 | 1.95% | 6.25 | 51.87% | 2.04% |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Notes | |||||||||||||
Earnings Per Share | 4. EARNINGS PER SHARE | ||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. | |||||||||||||
Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from assumed exercise of outstanding stock options. Shares owned by the Company’s Employee Stock Ownership Plan (“ESOP”) that have not been allocated are not considered to be outstanding for the purpose of computing earnings per share. | |||||||||||||
For the three and nine months ended December 31, 2014, stock options for 233,000 and 235,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and nine months ended December 31, 2013, stock options for 460,000 and 432,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. | |||||||||||||
Three Months Ended December 31, | Nine Months Ended | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Basic EPS computation: | |||||||||||||
Numerator-net income | $ | 1,149,000 | $ | 801,000 | $ | 2,973,000 | $ | 2,782,000 | |||||
Denominator-weighted average common shares outstanding | 22,394,910 | 22,370,277 | 22,388,775 | 22,364,142 | |||||||||
Basic EPS | $ | 0.05 | $ | 0.04 | $ | 0.13 | $ | 0.12 | |||||
Diluted EPS computation: | |||||||||||||
Numerator-net income | $ | 1,149,000 | $ | 801,000 | $ | 2,973,000 | $ | 2,782,000 | |||||
Denominator-weighted average common shares outstanding | 22,394,910 | 22,370,277 | 22,388,775 | 22,364,142 | |||||||||
Effect of dilutive stock options | 44,285 | 1,637 | 32,555 | 1,082 | |||||||||
Weighted average common shares and common stock equivalents | 22,439,195 | 22,371,914 | 22,421,330 | 22,365,224 | |||||||||
Diluted EPS | $ | 0.05 | $ | 0.04 | $ | 0.13 | $ | 0.12 |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Notes | |||||||||||||||||||
Investment Securities | 5. INVESTMENT SECURITIES | ||||||||||||||||||
The amortized cost and fair value of investment securities available for sale consisted of the following at the dates indicated (in thousands): | |||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Trust preferred | $ | 1,919 | $ | - | $ | (59 | ) | $ | 1,860 | ||||||||||
Agency securities | 15,508 | 23 | (241 | ) | 15,290 | ||||||||||||||
Total | $ | 17,427 | $ | 23 | $ | (300 | ) | $ | 17,150 | ||||||||||
31-Mar-14 | |||||||||||||||||||
Trust preferred | $ | 1,919 | $ | - | $ | (16 | ) | $ | 1,903 | ||||||||||
Agency securities | 21,947 | 6 | (462 | ) | 21,491 | ||||||||||||||
Total | $ | 23,866 | $ | 6 | $ | (478 | ) | $ | 23,394 | ||||||||||
The contractual maturities of investment securities available for sale are as follows (in thousands): | |||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||
31-Dec-14 | Cost | Fair Value | |||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||
Due after one year through five years | 14,500 | 14,262 | |||||||||||||||||
Due after five years through ten years | 1,008 | 1,028 | |||||||||||||||||
Due after ten years | 1,919 | 1,860 | |||||||||||||||||
Total | $ | 17,427 | $ | 17,150 | |||||||||||||||
The fair value of temporarily impaired securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands): | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Dec-14 | |||||||||||||||||||
Trust preferred | $ | 1,860 | $ | (59 | ) | $ | - | $ | - | $ | 1,860 | $ | (59 | ) | |||||
Agency securities | - | - | 12,759 | (241 | ) | 12,759 | (241 | ) | |||||||||||
Total | $ | 1,860 | $ | (59 | ) | $ | 12,759 | $ | (241 | ) | $ | 14,619 | $ | (300 | ) | ||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Mar-14 | |||||||||||||||||||
Trust preferred | $ | 1,903 | $ | (16 | ) | $ | - | $ | - | $ | 1,903 | $ | (16 | ) | |||||
Agency securities | 17,985 | (462 | ) | - | - | 17,985 | (462 | ) | |||||||||||
Total | $ | 19,888 | $ | (478 | ) | $ | - | $ | - | $ | 19,888 | $ | (478 | ) | |||||
At December 31, 2014, the Company had a single collateralized debt obligation which is secured by a pool of trust preferred securities issued by 15 other holding companies. The Company holds the mezzanine tranche of this security. All tranches senior to the mezzanine tranche have been repaid by the issuer. Four of the issuers of trust preferred securities in this pool have defaulted (representing 51% of the remaining collateral, including excess collateral), and one other issuer is currently deferring interest payments (2% of the remaining collateral). The Company has estimated an expected default rate of 43% for its portion of this security. The expected default rate was estimated based primarily on an analysis of the financial condition of the underlying issuers. The Company estimates that a default rate of 69% would trigger additional other than temporary impairment (“OTTI”) of this security. The Company utilized a discount rate of 10% to estimate the fair value of this security. There was no excess subordination on this security. | |||||||||||||||||||
During the three and nine months ended December 31, 2014, the Company determined that there was no additional OTTI charge on the above collateralized debt obligation. The Company does not intend to sell this security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of the remaining amortized cost basis. | |||||||||||||||||||
To determine the component of gross OTTI related to credit losses, the Company compared the amortized cost basis of the collateralized debt obligation to the present value of the revised expected cash flows, discounted using the current pre-impairment yield. The revised expected cash flow estimates are based primarily on an analysis of default rates, prepayment speeds and third-party analytical reports. Significant judgment of management is required in this analysis that includes, but is not limited to, assumptions regarding the ultimate collectibility of principal and interest on the underlying collateral. | |||||||||||||||||||
The unrealized losses on the above agency securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of the agency securities to recover as the agency securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that the agency securities are other than temporarily impaired because of their credit quality or related to any issuer or industry specific event. Based on management’s evaluation and intent, the unrealized losses related to the agency securities in this table are considered temporary. | |||||||||||||||||||
Proceeds from sale of investment securities totaled $2.5 million for the three and nine months ended December 31, 2014. Gross realized gains on sales of investment securities totaled $31,000 for both the three and nine months ended December 31, 2014. The Company had no sales and no realized gains or losses on investment securities for the three and nine months ended December 31, 2013. Investment securities with an amortized cost of $3.0 million and $1.0 million and a fair value of $2.9 million and $975,000 at December 31, 2014 and March 31, 2014, respectively, were pledged as collateral for government public funds held by the Bank. |
Mortgagebacked_Securities
Mortgage-backed Securities | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Notes | |||||||||||||||||||
Mortgage-backed Securities | 6. MORTGAGE-BACKED SECURITIES | ||||||||||||||||||
Mortgage-backed securities held to maturity consisted of the following at the dates indicated (in thousands): | |||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated | ||||||||||||||||
Cost | Gains | Losses | Fair | ||||||||||||||||
Value | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Mortgage-backed securities (1) | $ | 88 | $ | 2 | $ | - | $ | 90 | |||||||||||
31-Mar-14 | |||||||||||||||||||
Mortgage-backed securities (1) | $ | 101 | $ | 3 | $ | - | $ | 104 | |||||||||||
(1) Comprised of Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“ FHLMC”) issued securities. | |||||||||||||||||||
The contractual maturities of mortgage-backed securities classified as held to maturity are as follows (in thousands): | |||||||||||||||||||
31-Dec-14 | Amortized | Estimated | |||||||||||||||||
Cost | Fair Value | ||||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||
Due after one year through five years | - | - | |||||||||||||||||
Due after five years through ten years | 75 | 77 | |||||||||||||||||
Due after ten years | 13 | 13 | |||||||||||||||||
Total | $ | 88 | $ | 90 | |||||||||||||||
Mortgage-backed securities held to maturity with an amortized cost of $28,000 and $36,000 and a fair value of $28,000 and $37,000 at December 31, 2014 and March 31, 2014, respectively, were pledged as collateral for governmental public funds held by the Company. | |||||||||||||||||||
Mortgage-backed securities available for sale consisted of the following at the dates indicated (in thousands): | |||||||||||||||||||
31-Dec-14 | Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||||||||
Cost | Gains | Losses | Fair | ||||||||||||||||
Value | |||||||||||||||||||
Real estate mortgage investment conduits (1) | $ | 23,802 | $ | 56 | $ | (54 | ) | $ | 23,804 | ||||||||||
Mortgage-backed securities (2) | 71,240 | 614 | (107 | ) | 71,747 | ||||||||||||||
Other mortgage-backed securities (3) | 5,571 | 110 | (16 | ) | 5,665 | ||||||||||||||
Total | $ | 100,613 | $ | 780 | $ | (177 | ) | $ | 101,216 | ||||||||||
31-Mar-14 | |||||||||||||||||||
Real estate mortgage investment conduits | $ | 7,218 | $ | 9 | $ | (77 | ) | $ | 7,150 | ||||||||||
Mortgage-backed securities | 65,858 | 102 | (547 | ) | 65,413 | ||||||||||||||
Other mortgage-backed securities | 6,007 | 18 | (13 | ) | 6,012 | ||||||||||||||
Total | $ | 79,083 | $ | 129 | $ | (637 | ) | $ | 78,575 | ||||||||||
(1) Comprised of FHLMC and FNMA issued securities. | |||||||||||||||||||
(2) Comprised of FHLMC, FNMA and Ginnie Mae (“GNMA”) issued securities. | |||||||||||||||||||
(3) Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by private issuers. | |||||||||||||||||||
The contractual maturities of mortgage-backed securities available for sale are as follows (in thousands): | |||||||||||||||||||
31-Dec-14 | Amortized | Estimated | |||||||||||||||||
Cost | Fair Value | ||||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||
Due after one year through five years | 2,478 | 2,493 | |||||||||||||||||
Due after five years through ten years | 5,585 | 5,616 | |||||||||||||||||
Due after ten years | 92,550 | 93,107 | |||||||||||||||||
Total | $ | 100,613 | $ | 101,216 | |||||||||||||||
The fair value of temporarily impaired securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands): | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Dec-14 | |||||||||||||||||||
Real estate mortgage investment conduits | $ | 14,822 | $ | (54 | ) | $ | - | $ | - | $ | 14,822 | $ | (54 | ) | |||||
Mortgage-backed securities (1) | 4,348 | (7 | ) | 5,202 | (100 | ) | 9,550 | (107 | ) | ||||||||||
Other mortgage-backed securities (2) | - | - | 1,451 | (16 | ) | 1,451 | (16 | ) | |||||||||||
Total | $ | 19,170 | $ | (61 | ) | $ | 6,653 | $ | (116 | ) | $ | 25,823 | $ | (177 | ) | ||||
31-Mar-14 | |||||||||||||||||||
Real estate mortgage investment conduits | $ | 4,996 | $ | (77 | ) | $ | - | $ | - | $ | 4,996 | $ | (77 | ) | |||||
Mortgage-backed securities | 49,177 | (547 | ) | - | - | 49,177 | (547 | ) | |||||||||||
Other mortgage-backed securities | 1,526 | (13 | ) | - | - | 1,526 | (13 | ) | |||||||||||
Total | $ | 55,699 | $ | (637 | ) | $ | - | $ | - | $ | 55,699 | $ | (637 | ) | |||||
(1) Comprised of FHLMC and FNMA issued securities. | |||||||||||||||||||
(2) Comprised of SBA issued securities. | |||||||||||||||||||
The unrealized losses on the above mortgage-backed securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of the mortgage-backed securities to recover as the mortgage-backed securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that the mortgage-backed securities are impaired because of their credit quality or related to any issuer or industry specific event. Based on management’s evaluation and intent, the unrealized losses related to the mortgage-backed securities in this table are considered temporary. | |||||||||||||||||||
Expected maturities of mortgage-backed securities held to maturity and available for sale will differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. | |||||||||||||||||||
Proceeds from sale of mortgage-backed securities totaled $14.3 million for the three and nine months ended December 31, 2014. Gross realized gains on sales of mortgage-backed securities totaled $127,000 for both the three and nine months ended December 31, 2014. The Company had no sales and no realized gains or losses on mortgage-backed securities for the three and nine months ended December 31, 2013. Mortgage-backed securities available for sale with an amortized cost of $1.5 million and $1.7 million and a fair value of $1.5 million and $1.7 million at December 31, 2014 and March 31, 2014, respectively, were pledged as collateral for government public funds held by the Bank. |
Loans_Receivable
Loans Receivable | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Notes | ||||||
Loans Receivable | 7. LOANS RECEIVABLE | |||||
Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): | ||||||
December 31, | March 31, | |||||
2014 | 2014 | |||||
Commercial and construction | ||||||
Commercial business | $ | 82,284 | $ | 71,632 | ||
Other real estate mortgage (1) | 337,030 | 324,881 | ||||
Real estate construction | 29,199 | 19,482 | ||||
Total commercial and construction | 448,513 | 415,995 | ||||
Consumer | ||||||
Real estate one-to-four family | 90,865 | 93,007 | ||||
Other installment | 39,721 | 24,486 | ||||
Total consumer | 130,586 | 117,493 | ||||
Total loans | 579,099 | 533,488 | ||||
Less: Allowance for loan losses | 11,701 | 12,551 | ||||
Loans receivable, net | $ | 567,398 | $ | 520,937 | ||
(1) Other real estate mortgage consists of commercial real estate, land and multi-family loans. | ||||||
The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At December 31, 2014, loans carried at $340.8 million were pledged as collateral to the Federal Home Loan Bank of Seattle (“FHLB”) and Federal Reserve Bank of San Francisco (“FRB”) pursuant to/under borrowing agreements. | ||||||
Most of the Bank’s business activity is with customers located in the states of Washington and Oregon. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive loss. As of December 31, 2014 and March 31, 2014, the Bank had no loans to any one borrower in excess of the regulatory limit. |
Allowance_for_Loan_Losses
Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Notes | |||||||||||||||||||||||||
Allowance for Loan Losses | 8. ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||
Allowance for loan loss: The allowance for loan losses is maintained at a level sufficient to provide for probable loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon the Company’s ongoing quarterly assessment of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, delinquency levels, actual loan loss experience, current economic conditions and detailed analysis of individual loans for which full collectability may not be assured. The detailed analysis includes techniques to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are considered impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans based on the Company’s risk rating system and historical loss experience adjusted for qualitative factors. The Company calculates its historical loss rates using the average of the last four quarterly 24-month periods. The Company calculates and applies its historical loss rates by individual loan types in its portfolio. These historical loss rates are adjusted for qualitative and environmental factors. An unallocated component is maintained to cover uncertainties that the Company believes have resulted in incurred losses that have not yet been allocated to specific elements of the general and specific components of the allowance for loan losses. Such factors include uncertainties in economic conditions and in identifying triggering events that directly correlate to subsequent loss rates, changes in appraised value of underlying collateral, risk factors that have not yet manifested themselves in loss allocation factors and historical loss experience data that may not precisely correspond to the current portfolio or economic conditions. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The appropriate allowance level is estimated based upon factors and trends identified by the Company as of the date of the filing of the financial statements. | |||||||||||||||||||||||||
Management’s evaluation of the allowance for loan losses is based on ongoing, quarterly assessments of the known and inherent risks in the loan portfolio. Loss factors are based on the Company’s historical loss experience with additional consideration and adjustments made for changes in economic conditions, changes in the amount and composition of the loan portfolio, delinquency rates, changes in collateral values, seasoning of the loan portfolio, duration of current business cycle, a detailed analysis of impaired loans and other factors as deemed appropriate. These factors are evaluated on a quarterly basis. Loss rates used by the Company are affected as changes in these factors increase or decrease from quarter to quarter. The Company also considers bank regulatory examination results and findings of credit examiners in its quarterly evaluation of the allowance for loan losses. | |||||||||||||||||||||||||
The following tables present a reconciliation of the allowance for loan losses for the periods indicated (in thousands): | |||||||||||||||||||||||||
Three months ended | Commercial Business | Commercial Real Estate | Land | Multi-Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Beginning balance | $ | 1,579 | $ | 5,187 | $ | 265 | $ | 360 | $ | 319 | $ | 2,822 | $ | 1,469 | $ | 12,001 | |||||||||
Provision for (recapture of) loan losses | 117 | (868 | ) | 192 | (1 | ) | 461 | 60 | (361 | ) | (400 | ) | |||||||||||||
Charge-offs | (16 | ) | - | - | - | - | (27 | ) | - | (43 | ) | ||||||||||||||
Recoveries | 24 | - | 102 | - | - | 17 | - | 143 | |||||||||||||||||
Ending balance | $ | 1,704 | $ | 4,319 | $ | 559 | $ | 359 | $ | 780 | $ | 2,872 | $ | 1,108 | $ | 11,701 | |||||||||
Nine months ended | Commercial Business | Commercial Real Estate | Land | Multi-Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Beginning balance | $ | 2,409 | $ | 5,269 | $ | 340 | $ | 203 | $ | 387 | $ | 2,653 | $ | 1,290 | $ | 12,551 | |||||||||
Provision for (recapture of) loan losses | (644 | ) | (922 | ) | (1 | ) | 156 | 393 | 150 | (182 | ) | (1,050 | ) | ||||||||||||
Charge-offs | (89 | ) | (28 | ) | - | - | - | (85 | ) | - | (202 | ) | |||||||||||||
Recoveries | 28 | - | 220 | - | - | 154 | - | 402 | |||||||||||||||||
Ending balance | $ | 1,704 | $ | 4,319 | $ | 559 | $ | 359 | $ | 780 | $ | 2,872 | $ | 1,108 | $ | 11,701 | |||||||||
Three months ended | Commercial | Commercial | Land | Multi- | Real | Consumer | Unallocated | Total | |||||||||||||||||
31-Dec-13 | Business | Real | Family | Estate | |||||||||||||||||||||
Estate | Construction | ||||||||||||||||||||||||
Beginning balance | $ | 1,913 | $ | 6,787 | $ | 815 | $ | 269 | $ | 235 | $ | 1,845 | $ | 1,832 | $ | 13,696 | |||||||||
Provision for (recapture of) loan losses | (170 | ) | (652 | ) | (782 | ) | (101 | ) | 5 | 215 | 1,485 | - | |||||||||||||
Charge-offs | (36 | ) | (102 | ) | - | - | - | (137 | ) | - | (275 | ) | |||||||||||||
Recoveries | 306 | 8 | 289 | - | - | 24 | - | 627 | |||||||||||||||||
Ending balance | $ | 2,013 | $ | 6,041 | $ | 322 | $ | 168 | $ | 240 | $ | 1,947 | $ | 3,317 | $ | 14,048 | |||||||||
Nine months ended | Commercial | Commercial | Land | Multi- | Real | Consumer | Unallocated | Total | |||||||||||||||||
31-Dec-13 | Business | Real | Family | Estate | |||||||||||||||||||||
Estate | Construction | ||||||||||||||||||||||||
Beginning balance | $ | 2,128 | $ | 5,979 | $ | 2,019 | $ | 541 | $ | 221 | $ | 2,949 | $ | 1,806 | $ | 15,643 | |||||||||
Provision for (recapture of) loan losses | (503 | ) | 313 | (2,461 | ) | (373 | ) | 22 | (1,009 | ) | 1,511 | (2,500 | ) | ||||||||||||
Charge-offs | (135 | ) | (274 | ) | (45 | ) | - | (7 | ) | (293 | ) | - | (754 | ) | |||||||||||
Recoveries | 523 | 23 | 809 | - | 4 | 300 | - | 1,659 | |||||||||||||||||
Ending balance | $ | 2,013 | $ | 6,041 | $ | 322 | $ | 168 | $ | 240 | $ | 1,947 | $ | 3,317 | $ | 14,048 | |||||||||
The following tables present an analysis of loans receivable and allowance for loan losses, which were evaluated individually and collectively for impairment at the dates indicated (in thousands): | |||||||||||||||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||||||||||||||
31-Dec-14 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||||
Commercial business | $ | - | $ | 1,704 | $ | 1,704 | $ | 1,188 | $ | 81,096 | $ | 82,284 | |||||||||||||
Commercial real estate | 9 | 4,310 | 4,319 | 17,048 | 273,367 | 290,415 | |||||||||||||||||||
Land | - | 559 | 559 | 800 | 14,262 | 15,062 | |||||||||||||||||||
Multi-family | - | 359 | 359 | 2,290 | 29,263 | 31,553 | |||||||||||||||||||
Real estate construction | - | 780 | 780 | - | 29,199 | 29,199 | |||||||||||||||||||
Consumer | 127 | 2,745 | 2,872 | 2,635 | 127,951 | 130,586 | |||||||||||||||||||
Unallocated | - | 1,108 | 1,108 | - | - | - | |||||||||||||||||||
Total | $ | 136 | $ | 11,565 | $ | 11,701 | $ | 23,961 | $ | 555,138 | $ | 579,099 | |||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Commercial business | $ | - | $ | 2,409 | $ | 2,409 | $ | 947 | $ | 70,685 | $ | 71,632 | |||||||||||||
Commercial real estate | 137 | 5,132 | 5,269 | 18,122 | 269,386 | 287,508 | |||||||||||||||||||
Land | - | 340 | 340 | 858 | 15,387 | 16,245 | |||||||||||||||||||
Multi-family | - | 203 | 203 | 2,014 | 19,114 | 21,128 | |||||||||||||||||||
Real estate construction | - | 387 | 387 | - | 19,482 | 19,482 | |||||||||||||||||||
Consumer | 142 | 2,511 | 2,653 | 4,009 | 113,484 | 117,493 | |||||||||||||||||||
Unallocated | - | 1,290 | 1,290 | - | - | - | |||||||||||||||||||
Total | $ | 279 | $ | 12,272 | $ | 12,551 | $ | 25,950 | $ | 507,538 | $ | 533,488 | |||||||||||||
Non-accrual loans: Loans are reviewed regularly and it is the Company’s general policy that a loan is past due when it is 30 days to 89 days delinquent. In general, when a loan is 90 days delinquent or when collection of principal or interest appears doubtful, it is placed on non-accrual status, at which time the accrual of interest ceases and a reserve for unrecoverable accrued interest is established and charged against operations. As a general practice, payments received on non-accrual loans are applied to reduce the outstanding principal balance on a cost recovery method. As a general practice, a loan is not removed from non-accrual status until all delinquent principal, interest and late fees have been brought current and the borrower has demonstrated a history of performance based upon the contractual terms of the note. Interest income foregone on non-accrual loans was $83,000 and $165,000 during the three months ended December 31, 2014 and 2013, respectively. Interest income foregone on non-accrual loans was $351,000 and $777,000 during the nine months ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
The following tables present an analysis of past due loans at the dates indicated (in thousands): | |||||||||||||||||||||||||
31-Dec-14 | 30-89 Days Past Due | 90 Days and Greater (Non-Accrual) | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||
Commercial business | $ | 183 | $ | 96 | $ | 279 | $ | 82,005 | $ | 82,284 | $ | - | |||||||||||||
Commercial real estate | 1,562 | 3,003 | 4,565 | 285,850 | 290,415 | - | |||||||||||||||||||
Land | - | 800 | 800 | 14,262 | 15,062 | - | |||||||||||||||||||
Multi-family | - | 2,290 | 2,290 | 29,263 | 31,553 | - | |||||||||||||||||||
Real estate construction | - | - | - | 29,199 | 29,199 | - | |||||||||||||||||||
Consumer | 825 | 1,540 | 2,365 | 128,221 | 130,586 | - | |||||||||||||||||||
Total | $ | 2,570 | $ | 7,729 | $ | 10,299 | $ | 568,800 | $ | 579,099 | $ | - | |||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Commercial business | $ | 120 | $ | 452 | $ | 572 | $ | 71,060 | $ | 71,632 | $ | - | |||||||||||||
Commercial real estate | 188 | 8,067 | 8,255 | 279,253 | 287,508 | - | |||||||||||||||||||
Land | - | 800 | 800 | 15,445 | 16,245 | - | |||||||||||||||||||
Multi-family | 359 | 2,014 | 2,373 | 18,755 | 21,128 | - | |||||||||||||||||||
Real estate construction | - | - | - | 19,482 | 19,482 | - | |||||||||||||||||||
Consumer | 1,580 | 2,729 | 4,309 | 113,184 | 117,493 | - | |||||||||||||||||||
Total | $ | 2,247 | $ | 14,062 | $ | 16,309 | $ | 517,179 | $ | 533,488 | $ | - | |||||||||||||
Credit quality indicators: The Company monitors credit risk in its loan portfolio using a risk rating system for all commercial (non-consumer) loans. The risk rating system is a measure of the credit risk of the borrower based on their historical, current and anticipated financial characteristics. The Company assigns a risk rating to each commercial loan at origination and subsequently updates these ratings, as necessary, so the risk rating continues to reflect the appropriate risk characteristics of the loan. Application of appropriate risk ratings is key to management of the loan portfolio risk. In arriving at the rating, the Company considers the following factors: delinquency, payment history, quality of management, liquidity, leverage, earning trends, alternative funding sources, geographic risk, industry risk, cash flow adequacy, account practices, asset protection and extraordinary risks. Consumer loans, including custom construction loans, are not assigned a risk rating but rather are grouped into homogeneous pools with similar risk characteristics. When a consumer loan is delinquent 90 days, it is placed on non-accrual status and assigned a substandard risk rating. Loss factors are assigned to each risk rating and homogeneous pool based on historical loss experience for similar loans. This historical loss experience is adjusted for qualitative factors that are likely to cause the estimated credit losses to differ from the Company’s historical loss experience. The Company uses these loss factors to estimate the general component of its allowance for loan loss. | |||||||||||||||||||||||||
Pass - These loans have risk rating between 1 and 4 and are to borrowers that meet normal credit standards. Any deficiencies in satisfactory asset quality, liquidity, debt servicing capacity and coverage are offset by strengths in other areas. The borrower currently has the capacity to perform according to the loan terms. Any concerns about risk factors such as stability of margins, stability of cash flows, liquidity, dependence on a single product/supplier/customer, depth of management, etc., are offset by strength in other areas. Typically, the operating assets of the company and/or real estate will secure these loans. Management is considered competent. The borrower has the ability to repay the debt in the normal course of business. | |||||||||||||||||||||||||
Watch – These loans have a risk rating of 5 and would typically have many of the attributes of loans in the pass rating. However, there would typically be some reason for additional management oversight, such as recent financial setbacks, deteriorating financial position, industry concerns and failure to perform on other borrowing obligations. Loans with this rating are to be monitored closely in an effort to correct deficiencies. | |||||||||||||||||||||||||
Special mention – These loans have a risk rating of 6 and are rated in accordance with regulatory guidelines. These loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the credit position at some future date. These assets pose elevated risk, but their weakness does not yet justify a “Substandard” classification. | |||||||||||||||||||||||||
Substandard – These loans have a risk rating of 7 and are rated in accordance with regulatory guidelines, for which the accrual of interest may or may not be discontinued. By definition under regulatory guidelines, a “Substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment, or an event outside of the normal course of business. | |||||||||||||||||||||||||
Doubtful - These loans have a risk rating of 8 and are rated in accordance with regulatory guidelines. Such loans are placed on non-accrual status and may be dependent upon collateral having a value that is difficult to determine or upon some near-term event which lacks certainty. | |||||||||||||||||||||||||
Loss - These loans have a risk rating of 9 and are rated in accordance with regulatory guidelines. Such loans are to be charged-off or charged-down when payment is acknowledged to be uncertain or when the timing or value of payments cannot be determined. “Loss” is not intended to imply that the loan or some portion of it will never be paid, nor does it in any way imply that there has been a forgiveness of debt. | |||||||||||||||||||||||||
The following tables present an analysis of credit quality indicators at the dates indicated (dollars in thousands): | |||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||
Weighted-Average Risk Grade | Classified Loans(2) | Weighted-Average Risk Grade | Classified Loans(2) | ||||||||||||||||||||||
Commercial business | 3.4 | $ | 673 | 3.54 | $ | 8,419 | |||||||||||||||||||
Commercial real estate | 3.69 | 12,193 | 3.87 | 19,838 | |||||||||||||||||||||
Land | 4.21 | 800 | 3.88 | 800 | |||||||||||||||||||||
Multi-family | 3.55 | 2,303 | 3.81 | 2,028 | |||||||||||||||||||||
Real estate construction | 3.5 | 1,843 | 3.08 | - | |||||||||||||||||||||
Consumer (1) | 7 | 1,540 | 7 | 2,729 | |||||||||||||||||||||
Total | 3.64 | $ | 19,352 | 3.82 | $ | 33,814 | |||||||||||||||||||
Total loans risk rated | $ | 449,298 | $ | 418,503 | |||||||||||||||||||||
(1) Consumer loans are primarily evaluated on a homogenous pool level and generally not individually risk rated unless certain factors are met. | |||||||||||||||||||||||||
(2) Classified loans consist of substandard, doubtful and loss loans. | |||||||||||||||||||||||||
Impaired loans: A loan is considered impaired when it is probable that the Company will be unable to collect all amounts (principal and interest) due according to the contractual terms of the original loan agreement. Typically, factors used in determining if a loan is impaired include, but are not limited to, whether the loan is 90 days or more delinquent, internally designated as substandard or worse, on non-accrual status or represents a troubled debt restructuring (“TDR”). The majority of the Company’s impaired loans are considered collateral dependent. When a loan is considered collateral dependent, impairment is measured using the estimated value of the underlying collateral, less any prior liens, and when applicable, less estimated selling costs. For impaired loans that are not collateral dependent, impairment is measured using the present value of expected future cash flows, discounted at the loan’s original effective interest rate. When the net realizable value of the impaired loan is less than the recorded investment in the loan (including accrued interest, net deferred loan fees or costs, and unamortized premium or discount), an impairment is recognized by adjusting an allocation of the allowance for loan losses. Subsequent to the initial allocation of allowance to the individual loan, the Company may conclude that it is appropriate to record a charge-off of the impaired portion of the loan. When a charge-off is recorded the loan balance is reduced and the specific allowance is eliminated. Generally, when a collateral dependent loan is initially measured for impairment and does not have an appraisal performed in the last six months, the Company obtains an updated market valuation. Subsequently, the Company generally obtains an updated market valuation on an annual basis. The valuation may occur more frequently if the Company determines that there is an indication that the market value may have declined. | |||||||||||||||||||||||||
The following tables present an analysis of impaired loans at the dates and for the periods indicated (in thousands): | |||||||||||||||||||||||||
31-Dec-14 | Recorded Investment with No Specific Valuation Allowance | Recorded Investment with Specific Valuation Allowance | Total Recorded Investment | Unpaid Principal Balance | Related Specific Valuation Allowance | ||||||||||||||||||||
Commercial business | $ | 1,188 | $ | - | $ | 1,188 | $ | 1,342 | $ | - | |||||||||||||||
Commercial real estate | 15,486 | 1,562 | 17,048 | 17,907 | 9 | ||||||||||||||||||||
Land | 800 | - | 800 | 804 | - | ||||||||||||||||||||
Multi-family | 2,290 | - | 2,290 | 2,462 | - | ||||||||||||||||||||
Consumer | 1,286 | 1,349 | 2,635 | 3,238 | 127 | ||||||||||||||||||||
Total | $ | 21,050 | $ | 2,911 | $ | 23,961 | $ | 25,753 | $ | 136 | |||||||||||||||
31-Mar-14 | Recorded Investment with No Specific Valuation Allowance | Recorded Investment with Specific Valuation Allowance | Total Recorded Investment | Unpaid Principal Balance | Related Specific Valuation Allowance | ||||||||||||||||||||
Commercial business | $ | 947 | $ | - | $ | 947 | $ | 1,067 | $ | - | |||||||||||||||
Commercial real estate | 17,956 | 166 | 18,122 | 20,601 | 137 | ||||||||||||||||||||
Land | 858 | - | 858 | 861 | - | ||||||||||||||||||||
Multi-family | 2,014 | - | 2,014 | 2,103 | - | ||||||||||||||||||||
Consumer | 2,596 | 1,413 | 4,009 | 4,639 | 142 | ||||||||||||||||||||
Total | $ | 24,371 | $ | 1,579 | $ | 25,950 | $ | 29,271 | $ | 279 | |||||||||||||||
Three Months ended | Three Months ended | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Average Recorded Investment | Interest Recognized on Impaired Loans | Average Recorded Investment | Interest Recognized on Impaired Loans | ||||||||||||||||||||||
Commercial business | $ | 1,203 | $ | 14 | $ | 1,610 | $ | 14 | |||||||||||||||||
Commercial real estate | 17,086 | 121 | 17,452 | 111 | |||||||||||||||||||||
Land | 800 | - | 1,640 | 1 | |||||||||||||||||||||
Multi-family | 2,299 | - | 2,298 | - | |||||||||||||||||||||
Consumer | 2,662 | 18 | 3,103 | 7 | |||||||||||||||||||||
Total | $ | 24,050 | $ | 153 | $ | 26,103 | $ | 133 | |||||||||||||||||
Nine Months ended | Nine Months ended | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Average Recorded Investment | Interest Recognized on Impaired Loans | Average Recorded Investment | Interest Recognized on Impaired Loans | ||||||||||||||||||||||
Commercial business | $ | 1,070 | $ | 36 | $ | 1,201 | $ | 37 | |||||||||||||||||
Commercial real estate | 17,436 | 346 | 19,783 | 362 | |||||||||||||||||||||
Land | 821 | - | 2,103 | 5 | |||||||||||||||||||||
Multi-family | 2,239 | - | 2,944 | 15 | |||||||||||||||||||||
Real estate construction | - | - | 86 | - | |||||||||||||||||||||
Consumer | 3,329 | 56 | 3,597 | 30 | |||||||||||||||||||||
Total | $ | 24,895 | $ | 438 | $ | 29,714 | $ | 449 | |||||||||||||||||
TDRs are loans where the Company, for economic or legal reasons related to the borrower's financial condition, has granted a concession to the borrower that it would otherwise not consider. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or face amount of the loan, a reduction of accrued interest, or an extension of the maturity date(s) at a stated interest rate lower than the current market rate for a new loan with similar risk. | |||||||||||||||||||||||||
TDRs are considered impaired loans and as such, when a loan is deemed to be impaired, the amount of the impairment is measured using discounted cash flows using the original note rate, except when the loan is collateral dependent. In these cases, the estimated fair value of the collateral, less selling costs (when applicable) is used. Impairment is recognized as a specific component within the allowance for loan losses if the value of the impaired loan is less than the recorded investment in the loan. When the amount of the impairment represents a confirmed loss, it is charged off against the allowance for loan losses. | |||||||||||||||||||||||||
The following table presents new TDRs for the periods indicated: | |||||||||||||||||||||||||
Nine Months Ended December 31, 2014 | Nine Months Ended December 31, 2013 | ||||||||||||||||||||||||
(Dollars in Thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
Commercial business | - | $ | - | $ | - | 2 | $ | 310 | $ | 270 | |||||||||||||||
Commercial real estate | 1 | 344 | 333 | 1 | 4,525 | 4,330 | |||||||||||||||||||
Multi-family | - | - | - | 1 | 2,562 | 2,065 | |||||||||||||||||||
Consumer | - | - | - | 1 | 43 | 41 | |||||||||||||||||||
Total | 1 | $ | 344 | $ | 333 | 5 | $ | 7,440 | $ | 6,706 | |||||||||||||||
There were no TDRs recorded in the twelve months prior to December 31, 2014 and 2013 that defaulted in the nine months ended December 31, 2014 and 2013. | |||||||||||||||||||||||||
In accordance with the Company’s policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent six months or more that have not received at least 75% of their required monthly payment in the last 90 days are charged-off. In addition, loans discharged in bankruptcy proceedings are charged-off. Loans under bankruptcy protection with no payments received for four consecutive months will be charged-off. The outstanding balance of a secured loan that is in excess of the net realizable value is generally charged-off if no payments are received for four to five consecutive months. However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale would result in full repayment of the outstanding loan balance. Once any of these or other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off, unless an updated valuation of the collateral reveals no impairment. Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed loan loss it is promptly charged off. |
Goodwill
Goodwill | 9 Months Ended |
Dec. 31, 2014 | |
Notes | |
Goodwill | 9. GOODWILL |
Goodwill and intangibles generally arise from business combinations accounted for under the purchase method. Goodwill and other intangibles deemed to have indefinite lives generated from purchase business combinations are not subject to amortization and are instead tested for impairment not less than annually. The Company has one reporting unit, the Bank, for purposes of computing goodwill. | |
The Company performed an impairment assessment as of October 31, 2014 and determined that no impairment of the goodwill asset exists. The goodwill impairment test involves a two-step process. The first step is a comparison of the reporting unit’s fair value to its carrying value. If the reporting unit’s fair value is less than its carrying value, the Company would be required to progress to the second step. In the second step, the Company calculates the implied fair value of goodwill. The GAAP standards with respect to goodwill require that the Company compare the implied fair value of goodwill to the carrying amount of goodwill on the Company’s balance sheet. If the carrying amount of the goodwill is greater than the implied fair value of that goodwill, an impairment loss must be recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as goodwill recognized in a business combination. The estimated fair value of the Company is allocated to all of the Company’s individual assets and liabilities, including any unrecognized identifiable intangible assets, as if the Company had been acquired in a business combination and the estimated fair value of the Company is the price paid to acquire it. The allocation process is performed only for purposes of determining the amount of goodwill impairment, as no assets or liabilities are written up or down, nor are any additional unrecognized identifiable intangible assets recorded as a part of this process. The results of the Company’s step one test indicated that the reporting unit’s fair value was greater than its carrying value and therefore a step two analysis was not required; however, no assurance can be given that the Company’s goodwill will not be written down in future periods. |
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances | 9 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Notes | |||||||
Federal Home Loan Bank Advances | 10. FEDERAL HOME LOAN BANK ADVANCES | ||||||
FHLB borrowings are summarized as follows (dollars in thousands): | |||||||
December 31, | March 31, | ||||||
2014 | 2014 | ||||||
Federal Home Loan Bank advances | $ | 2,100 | $ | - | |||
Weighted average interest rate: | 0.34% | - | % |
Junior_Subordinated_Debenture
Junior Subordinated Debenture | 9 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Notes | ||||||||||||||
Junior Subordinated Debenture | 11. JUNIOR SUBORDINATED DEBENTURES | |||||||||||||
At December 31, 2014, the Company had two wholly-owned subsidiary grantor trusts that were established for the purpose of issuing trust preferred securities and common securities. The trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in each trust agreement. The trusts used the net proceeds from each of the offerings to purchase a like amount of junior subordinated debentures (the “Debentures”) of the Company. The Debentures are the sole assets of the trusts. The Company’s obligations under the Debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon maturity of the Debentures, or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole or in part on or after specific dates, at a redemption price specified in the indentures governing the Debentures plus any accrued but unpaid interest to the redemption date. The Company also has the right to defer the payment of interest on each of the Debentures for a period not to exceed 20 consecutive quarters, provided that the deferral period does not extend beyond the stated maturity. During such deferred period, distributions on the corresponding trust preferred securities is also deferred. Beginning in the first quarter of fiscal 2011, the Company elected to defer regularly scheduled interest payments on its outstanding $22.7 million aggregate principal amount of the Debentures. During the quarter-ended December 31, 2014, the Company paid the entire $4.0 million of interest deferred on the Debentures and the trust preferred securities holders received payment of their deferred distribution. | ||||||||||||||
The Debentures issued by the Company to the grantor trusts, totaling $22.7 million, are reflected in the Consolidated Balance Sheets in the liabilities section, under the caption “junior subordinated debentures.” The common securities issued by the grantor trusts were purchased by the Company, and the Company’s investment in the common securities of $681,000 at December 31, 2014 and March 31, 2014, is included in prepaid expenses and other assets in the Consolidated Balance Sheets. The Company records interest expense on the Debentures in the Consolidated Statements of Income. | ||||||||||||||
The following table is a summary of the terms of the Debentures at December 31, 2014 (in thousands): | ||||||||||||||
Issuance Trust | Issuance Date | Amount Outstanding | Rate Type | Initial Rate | Current Rate | Maturing Date | ||||||||
Riverview Bancorp Statutory Trust I | Dec-05 | $ | 7,217 | Variable (1) | 5.88% | 1.60% | Mar-36 | |||||||
Riverview Bancorp Statutory Trust II | Jun-07 | 15,464 | Variable (2) | 7.03% | 1.59% | Sep-37 | ||||||||
$ | 22,681 | |||||||||||||
(1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36% | ||||||||||||||
(2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35% |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (loss) | 9 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Notes | ||||||||||||||
Accumulated Other Comprehensive Income (loss) | 12. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
The following table presents the changes in accumulated other comprehensive income (loss) by component for the periods indicated (in thousands): | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Beginning Balance | $ | (212 | ) | $ | (526 | ) | $ | (647 | ) | $ | (1,013 | ) | ||
Other comprehensive income (loss) | 531 | (149 | ) | 966 | 338 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) (2) | (104 | ) | - | (104 | ) | - | ||||||||
Net current-period other comprehensive income (loss) | 427 | (149 | ) | 862 | 338 | |||||||||
Ending Balance | $ | 215 | $ | (675 | ) | $ | 215 | $ | (675 | ) | ||||
(1) All Amounts are net of tax. Amounts in parenthesis indicate debits. | ||||||||||||||
(2) See following table for details about reclassifications. | ||||||||||||||
The following table presents details regarding the reclassifications from accumulated other comprehensive income for the periods indicated (in thousands): | ||||||||||||||
Unrealized gain and losses on | ||||||||||||||
available for sale securities | ||||||||||||||
Three Months Ended December 31, | Nine Months Ended | Affected Line Item in the Consolidated Statement | ||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | of Income | ||||||||||
Investment securities and mortgage-backed securities gains | $ | 158 | $ | - | $ | 158 | $ | - | Other non-interest income | |||||
Income tax expense | (54 | ) | - | (54 | ) | - | Provision for income taxes | |||||||
Securities gains, net of tax | $ | 104 | $ | - | $ | 104 | $ | - |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Notes | ||||||||||||
Fair Value Measurement | 13. FAIR VALUE MEASUREMENT | |||||||||||
Accounting guidance regarding fair value measurements defines fair value and establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. The following definitions describe the categories used in the tables presented under fair value measurement. | ||||||||||||
Quoted prices in active markets for identical assets (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An active market for the asset is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||||||||||
Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets, quoted prices for securities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means. | ||||||||||||
Significant unobservable inputs (Level 3): Inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | ||||||||||||
Financial instruments are presented in the tables that follow by recurring or nonrecurring measurement status. Recurring assets are initially measured at fair value and are required to be remeasured at fair value in the financial statements at each reporting date. Assets measured on a nonrecurring basis are assets that, as a result of an event or circumstance, were required to be remeasured at fair value after initial recognition in the financial statements at some time during the reporting period. | ||||||||||||
The following table presents assets that are measured at fair value on a recurring basis at the dates indicated (in thousands): | ||||||||||||
Fair value measurements using | ||||||||||||
31-Dec-14 | Fair value | Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | ||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Investment securities available for sale: | ||||||||||||
Trust preferred | $ | 1,860 | $ | - | $ | - | $ | 1,860 | ||||
Agency securities | 15,290 | - | 15,290 | - | ||||||||
Mortgage-backed securities available for sale: | ||||||||||||
Real estate mortgage investment conduits | 23,804 | - | 23,804 | - | ||||||||
Mortgage-backed securities | 71,747 | - | 71,747 | - | ||||||||
Other mortgage-backed securities | 5,665 | - | 5,665 | - | ||||||||
Total recurring assets measured at fair value | $ | 118,366 | $ | - | $ | 116,506 | $ | 1,860 | ||||
31-Mar-14 | Fair value | Quoted prices | Other | Significant | ||||||||
in active | observable | unobservable | ||||||||||
markets for | inputs | inputs | ||||||||||
identical | (Level 2) | (Level 3) | ||||||||||
assets | ||||||||||||
(Level 1) | ||||||||||||
Investment securities available for sale: | ||||||||||||
Trust preferred | $ | 1,903 | $ | - | $ | - | $ | 1,903 | ||||
Agency securities | 21,491 | - | 21,491 | - | ||||||||
Mortgage-backed securities available for sale: | ||||||||||||
Real estate mortgage investment conduits | 7,150 | - | 7,150 | - | ||||||||
Mortgage-backed securities | 65,413 | - | 65,413 | - | ||||||||
Other mortgage-backed securities | 6,012 | - | 6,012 | - | ||||||||
Total recurring assets measured at fair value | $ | 101,969 | $ | - | $ | 100,066 | $ | 1,903 | ||||
The following tables present a reconciliation of assets that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands). There were no transfers of assets in to or out of Level 1, 2 or 3 for the nine months ended December 31, 2014 and 2013. | ||||||||||||
For the Nine Months Ended December 31, 2014 | For the Nine Months Ended December 31, 2013 | |||||||||||
Available for sale securities | Available for sale securities | |||||||||||
Beginning balance | $ | 1,903 | $ | 1,238 | ||||||||
Transfers in to Level 3 | - | - | ||||||||||
Included in earnings (1) | - | - | ||||||||||
Included in other comprehensive income | (43 | ) | 683 | |||||||||
Ending balance | $ | 1,860 | $ | 1,921 | ||||||||
(1) Included in other non-interest income | ||||||||||||
The following method was used to estimate the fair value of each class of financial instrument above: | ||||||||||||
Investments and Mortgage-Backed Securities – Investments and mortgage-backed securities available-for-sale are included within Level 1 of the hierarchy when quoted prices in an active market for identical assets are available. The Company uses a third party pricing service to assist the Company in determining the fair value of its Level 2 securities, which incorporates pricing models and/or quoted prices of investment securities with similar characteristics. The Company’s Level 3 assets consist of a single pooled trust preferred security. | ||||||||||||
For Level 2 securities, the independent pricing service provides pricing information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data from market research publications. Investments securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. The Company’s third-party pricing service has established processes for us to submit inquiries regarding quoted prices. The Company’s third-party pricing service will review the inputs to the evaluation in light of any new market data presented by us. The Company’s third-party pricing service may then affirm the original quoted price or may update the evaluation on a going forward basis. | ||||||||||||
Management reviews the pricing information received from the third party-pricing service through a combination of procedures that include an evaluation of methodologies used by the pricing service, analytical reviews and performance analysis of the prices against statistics and trends. Based on this review, management determines whether the current placement of the security in the fair value hierarchy is appropriate or whether transfers may be warranted. As necessary, the Company compares prices received from the pricing service to discounted cash flow models or through performing independent valuations of inputs and assumptions similar to those used by the pricing service in order to ensure prices represent a reasonable estimate of fair value. | ||||||||||||
The Company has determined that the market for its collateralized debt obligation secured by a pool of trust preferred pooled securities was inactive. This determination was made by the Company after considering the last known trade date for this specific security, the low number of transactions for similar types of securities, the low number of new issuances for similar securities, the increased implied liquidity risk premium for similar securities, the lack of information that is released publicly and discussions with third-party industry analysts. Due to the inactivity in the market, observable market data was not readily available for all significant inputs for this security. Accordingly, the trust preferred pooled security was classified as Level 3 in the fair value hierarchy. The Company utilized observable inputs where available, unobservable data and modeled the cash flows adjusted by an appropriate liquidity and credit risk adjusted discount rate using an income approach valuation technique in order to measure the fair value of the security. Significant unobservable inputs were used that reflect the Company’s assumptions of what a market participant would use to price the security. Significant unobservable inputs included selecting an appropriate discount rate, default rate and repayment assumptions. The Company estimated the discount rate by comparing rates for similarly rated corporate bonds, with additional consideration given to market liquidity. The default rates and repayment assumptions were estimated based on the individual issuer’s financial conditions, historical repayment information, as well as the Company’s future expectations of the capital markets. | ||||||||||||
The following table represents certain loans and real estate owned (“REO”) which were marked down to their fair value using fair value measures during the nine months ended December 31, 2014. The following are assets that are measured at fair value on a nonrecurring basis (in thousands). | ||||||||||||
Fair value measurements using | ||||||||||||
31-Dec-14 | Fair value | Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | ||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Impaired loans | $ | 3,426 | $ | - | $ | - | $ | 3,426 | ||||
Real estate owned | 1,193 | - | - | 1,193 | ||||||||
Total nonrecurring assets measured at fair value | $ | 4,619 | $ | - | $ | - | $ | 4,619 | ||||
The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at December 31, 2014: | ||||||||||||
Valuation technique | Significant unobservable inputs | Range (1) | ||||||||||
Impaired loans | Appraised value | Adjustment for market conditions | 0% | |||||||||
Real estate owned | Appraised value | Adjustment for market conditions | 0% | |||||||||
(1) There were no adjustments to appraised values at December 31, 2014. | ||||||||||||
The following method was used to estimate the fair value of each class of financial instrument above: | ||||||||||||
Impaired loans – A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. For information regarding the Company’s method for estimating the fair value of impaired loans, see Note 8 – Allowance for Loan Losses. | ||||||||||||
In determining the net realizable value of the underlying collateral, we primarily use third party appraisals which may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available and include consideration for variations in location, size, and income production capacity of the property. Additionally, the appraisals are periodically further adjusted by the Company in consideration of charges that may be incurred in the event of foreclosure and are based on management’s historical knowledge, changes in business factors and changes in market conditions. | ||||||||||||
Impaired loans are reviewed and evaluated quarterly for additional impairment and adjusted accordingly, based on the same factors identified above. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions, we consider the fair value of impaired loans to be highly sensitive to changes in market conditions. | ||||||||||||
Real estate owned – REO is real property that the Bank has taken ownership of in partial or full satisfaction of a loan or loans. REO is recorded at the fair value less estimated costs to sell. This amount becomes the property’s new basis. Any write downs based on the property’s fair value less estimated costs to sell at the date of acquisition are charged to the allowance for loan losses. At acquisition date, any write ups, where the fair value less estimated costs to sell exceeds the loan basis, are first recovered through the allowance for loan losses if there was a prior charge-off and then applied to any outstanding accrued interest. If no prior charge-off or accrued interest is present, the amount is recorded as gain on transfer of REO. | ||||||||||||
Management considers third party appraisals in determining the fair value of particular properties. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available and include consideration for variations in location, size, and income production capacity of the property. Additionally, the appraisals are periodically further adjusted by the Company in consideration of charges that may be incurred in the event of foreclosure and are based on management’s historical knowledge, changes in business factors and changes in market conditions. | ||||||||||||
Management periodically reviews REO to ensure the property is carried at the lower of its new basis or fair value, net of estimated costs to sell. Any additional write-downs based on re-evaluation of the property fair value are charged to non-interest expense. Because of the high degree of judgment required in estimating the fair value of REO and because of the relationship between fair value and general economic conditions, we consider the fair value of REO to be highly sensitive to changes in market conditions. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2014 | |
Notes | |
New Accounting Pronouncements | 14. NEW ACCOUNTING PRONOUNCEMENTS |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure”. The ASU clarifies when a creditor would be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that all or a portion of the loan would be derecognized and the real estate property recognized. Under the guidance, a consumer loan collateralized by residential real estate should be reclassified to other real estate owned when (1) the creditor obtains legal title to the residential property or (2) the borrower conveys all interest in the property to the creditor to satisfy the loan by completing a deed in lieu of foreclosure or similar agreement. In addition, an entity is required to disclose the amount of residential real estate meeting the conditions above, and the recorded investment in consumer mortgage loans secured by residential real estate that are in the process of foreclosure. ASU 2014-04 is effective for annual and interim reporting periods within those annual periods, beginning after December 15, 2014. Adoption of the new guidance is not expected to have a significant impact on the Company's consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment.” The ASU clarifies and improves disclosures when a disposal of a component of an entity or group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. ASU 2014-08 is effective for annual and interim reporting periods within those annual periods, beginning after December 15, 2014. Adoption of the new guidance is not expected to have a significant impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers." This implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for annual and interim reporting periods within those annual periods, beginning after December 15, 2016. Adoption of the new guidance is not expected to have a significant impact on the Company's consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern." This ASU provides guidance in connection with preparing financial statements for each annual and interim reporting period, that an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 is effective for annual periods after December 15, 2016 and for annual periods and interim periods thereafter. Adoption of the new guidance is not expected to have a significant impact on the Company's consolidated financial statements. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Notes | |||||||||||||||
Fair Value Of Financial Instruments | 15. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||
The following disclosure of the estimated fair value of financial instruments is made in accordance with applicable accounting standards. The Company, using available market information and appropriate valuation methodologies, has determined the estimated fair value amounts. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in the future. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |||||||||||||||
The estimated fair value of financial instruments is as follows at the dates indicated (in thousands): | |||||||||||||||
Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | |||||||||||||
31-Dec-14 | Carry value | (Level 1) | (Level 2) | (Level 3) | Fair value | ||||||||||
Assets: | |||||||||||||||
Cash | $ | 21,981 | $ | 21,981 | $ | - | $ | - | $ | 21,981 | |||||
Certificates of deposit held for investment | 27,214 | - | 27,408 | - | 27,408 | ||||||||||
Investment securities available for sale | 17,150 | - | 15,290 | 1,860 | 17,150 | ||||||||||
Mortgage-backed securities held to maturity | 88 | - | 90 | - | 90 | ||||||||||
Mortgage-backed securities available for sale | 101,216 | - | 101,216 | - | 101,216 | ||||||||||
Loans receivable, net | 567,398 | - | - | 524,376 | 524,376 | ||||||||||
Loans held for sale | 724 | - | 724 | - | 724 | ||||||||||
Federal Home Loan Bank stock | 6,120 | - | 6,120 | - | 6,120 | ||||||||||
Liabilities: | |||||||||||||||
Demand – savings deposits | 548,301 | 548,301 | - | - | 548,301 | ||||||||||
Time deposits | 141,029 | - | 140,681 | - | 140,681 | ||||||||||
Federal Home Loan Bank advances | 2,100 | - | 2,100 | - | 2,100 | ||||||||||
Junior subordinated debentures | 22,681 | - | - | 10,255 | 10,255 | ||||||||||
Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | |||||||||||||
31-Mar-14 | Carry value | (Level 1) | (Level 2) | (Level 3) | Fair value | ||||||||||
Assets: | |||||||||||||||
Cash | $ | 68,577 | $ | 68,577 | $ | - | $ | - | $ | 68,577 | |||||
Certificates of deposit held for investment | 36,925 | - | 37,176 | - | 37,176 | ||||||||||
Investment securities available for sale | 23,394 | - | 21,491 | 1,903 | 23,394 | ||||||||||
Mortgage-backed securities held to maturity | 101 | - | 104 | - | 104 | ||||||||||
Mortgage-backed securities available for sale | 78,575 | - | 78,575 | - | 78,575 | ||||||||||
Loans receivable, net | 520,937 | - | - | 480,454 | 480,454 | ||||||||||
Loans held for sale | 1,024 | - | 1,024 | - | 1,024 | ||||||||||
Federal Home Loan Bank stock | 6,744 | - | 6,744 | - | 6,744 | ||||||||||
Liabilities: | |||||||||||||||
Demand – savings deposits | $ | 527,813 | 527,813 | - | - | 527,813 | |||||||||
Time deposits | 162,253 | - | 162,020 | - | 162,020 | ||||||||||
Junior subordinated debentures | 22,681 | - | - | 11,233 | 11,233 | ||||||||||
Fair value estimates were based on existing financial instruments without attempting to estimate the value of anticipated future business. The fair value was not estimated for assets and liabilities that were not considered financial instruments. | |||||||||||||||
Fair value estimates, methods and assumptions are set forth below. | |||||||||||||||
Cash – Fair value approximates the carrying amount. | |||||||||||||||
Certificates of Deposit held for investment – The fair value of certificates of deposit with stated maturity was based on the discounted value of contractual cash flows. The discount rate was estimated using rates currently available in the local market. | |||||||||||||||
Investments and Mortgage-Backed Securities – Fair values were based on quoted market rates and dealer quotes. The fair value of the trust preferred investment was determined using a discounted cash flow method (see also Note 13 – Fair Value Measurement). | |||||||||||||||
Loans Receivable and Loans Held for Sale – Loans were priced using a discounted cash flow analysis. The fair value of loans held for sale was based on the loans carrying value as the agreements to sell these loans are short term fixed rate commitments and no material difference between the carrying value is likely. | |||||||||||||||
Federal Home Loan Bank stock – The carrying amount approximates the estimated fair value of this investment. | |||||||||||||||
Deposits – The fair value of deposits with no stated maturity such as non-interest-bearing demand deposits, interest checking, money market and savings accounts was equal to the amount payable on demand. The fair value of time deposits with stated maturity was based on the discounted value of contractual cash flows. The discount rate was estimated using rates currently available in the local market. | |||||||||||||||
Federal Home Loan Bank Advances – The fair value of FHLB advances was based on the carrying value as the advances are overnight (short-term) advances. | |||||||||||||||
Junior Subordinated Debentures – The fair value of the Debentures was based on the discounted cash flow method. Management believes that the discount rate utilized is indicative of those that would be used by market participants for similar types of debentures. | |||||||||||||||
Off-Balance Sheet Financial Instruments – The estimated fair value of loan commitments approximates fees recorded associated with such commitments. Since the majority of the Company’s off-balance-sheet instruments consist of non-fee producing, variable rate commitments, the Company has determined they do not have a distinguishable fair value. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES | ||
Off-balance sheet arrangements. The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments generally include commitments to originate mortgage, commercial and consumer loans. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Company’s maximum exposure to credit loss in the event of nonperformance by the borrower is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to originate loans are conditional, and are honored for up to 45 days subject to the Company’s usual terms and conditions. Collateral is not required to support commitments. | |||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily used to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies and is required in instances where the Company deems necessary. | |||
Significant off-balance sheet commitments at December 31, 2014 are listed below (in thousands): | |||
Contract or Notional Amount | |||
Commitments to originate loans: | |||
Adjustable-rate | $ | 23,840 | |
Fixed-rate | 6,734 | ||
Standby letters of credit | 791 | ||
Undisbursed loan funds, and unused lines of credit | 75,354 | ||
Total | $ | 106,719 | |
At December 31, 2014, the Company had firm commitments to sell $3.1 million of residential loans to the FHLMC. Typically, these agreements are short term fixed rate commitments and no material gain or loss is likely. | |||
Other Contractual Obligations. In connection with certain asset sales, the Company typically makes representations and warranties about the underlying assets conforming to specified guidelines. If the underlying assets do not conform to the specifications, the Company may have an obligation to repurchase the assets or indemnify the purchaser against loss. At December 31, 2014, loans under warranty totaled $117.2 million, which substantially represents the unpaid principal balance of the Company’s loans serviced for FHLMC. The Company believes that the potential for loss under these arrangements is remote. Accordingly, no contingent liability has been recorded in the consolidated financial statements. | |||
The Company is party to litigation arising in the ordinary course of business. In the opinion of management, these actions will not have a material effect, if any, on the Company’s financial position, results of operations and cash flows. |
Basis_of_Presentation_Presenta
Basis of Presentation: Presentation of Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
Policies | |
Presentation of Accounting Policies | The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim unaudited financial statements have been included. All such adjustments are of a normal recurring nature. |
The unaudited consolidated financial statements should be read in conjunction with the audited financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2014 (“2014 Form 10-K”). The results of operations for the nine months ended December 31, 2014 are not necessarily indicative of the results, which may be expected for the fiscal year ending March 31, 2015. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Principles_of_Consolidation_Co
Principles of Consolidation: Consolidation Policy (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
Policies | |
Consolidation Policy | The accompanying consolidated financial statements include the accounts of: Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community Bank (the “Bank”); the Bank’s wholly-owned subsidiary, Riverview Services, Inc.; and the Bank’s majority owned subsidiary, Riverview Asset Management Corp. (“RAMCorp”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. |
Stock_Plans_And_StockBased_Com1
Stock Plans And Stock-Based Compensation: Share Based Compensation Option and Incentive Plans Policy (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
Policies | |
Share Based Compensation Option and Incentive Plans Policy | In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1998 and expired in October 2008. Accordingly, no further option awards may be granted under the 1998 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 1998 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. |
In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 2003 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share: Earnings Per Share Policy, Basic (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
Policies | |
Earnings Per Share Policy, Basic | Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. |
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share: Earnings Per Share Policy, Diluted (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
Policies | |
Earnings Per Share Policy, Diluted | Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from assumed exercise of outstanding stock options. Shares owned by the Company’s Employee Stock Ownership Plan (“ESOP”) that have not been allocated are not considered to be outstanding for the purpose of computing earnings per share. |
Stock_Plans_And_StockBased_Com2
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding (Tables) | 9 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Tables/Schedules | |||||||||||
Schedule of Stock Options Outstanding | |||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||
Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | ||||||||
Balance, beginning of period | 474,654 | $ | 7.91 | 407,500 | $ | 9.05 | |||||
Grants | - | - | 87,154 | 2.78 | |||||||
Expired | (32,000 | ) | 9.55 | (20,000 | ) | 8.98 | |||||
Balance, end of period | 442,654 | $ | 7.79 | 474,654 | $ | 7.91 |
Stock_Plans_And_StockBased_Com3
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding, less estimated forfeitures (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Tables/Schedules | ||||||||
Schedule of Stock Options Outstanding, less estimated forfeitures | ||||||||
Nine Months | Nine Months | |||||||
Ended | Ended | |||||||
31-Dec-14 | 31-Dec-13 | |||||||
Stock options fully vested and expected to vest: | ||||||||
Number | 442,504 | 469,896 | ||||||
Weighted average exercise price | $ | 7.79 | $ | 7.96 | ||||
Aggregate intrinsic value (1) | $ | 253,000 | $ | 18,000 | ||||
Weighted average contractual term of options (years) | 3.95 | 4.81 | ||||||
Stock options fully vested and currently exercisable: | ||||||||
Number | 442,054 | 385,300 | ||||||
Weighted average exercise price | $ | 7.79 | $ | 9.1 | ||||
Aggregate intrinsic value (1) | $ | 253,000 | $ | 7,000 | ||||
Weighted average contractual term of options (years) | 3.95 | 3.79 | ||||||
(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s stock. |
Stock_Plans_And_StockBased_Com4
Stock Plans And Stock-Based Compensation: Schedule of Black Scholes model assumptions for fair value of stock options granted (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Tables/Schedules | ||||||||||||
Schedule of Black Scholes model assumptions for fair value of stock options granted | ||||||||||||
Risk Free Interest Rate | Expected | Expected | Expected | |||||||||
Life (years) | Volatility | Dividends | ||||||||||
Fiscal 2014 | 1.95% | 6.25 | 51.87% | 2.04% |
Earnings_Per_Share_Schedule_of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | |||||||||||||
Three Months Ended December 31, | Nine Months Ended | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Basic EPS computation: | |||||||||||||
Numerator-net income | $ | 1,149,000 | $ | 801,000 | $ | 2,973,000 | $ | 2,782,000 | |||||
Denominator-weighted average common shares outstanding | 22,394,910 | 22,370,277 | 22,388,775 | 22,364,142 | |||||||||
Basic EPS | $ | 0.05 | $ | 0.04 | $ | 0.13 | $ | 0.12 | |||||
Diluted EPS computation: | |||||||||||||
Numerator-net income | $ | 1,149,000 | $ | 801,000 | $ | 2,973,000 | $ | 2,782,000 | |||||
Denominator-weighted average common shares outstanding | 22,394,910 | 22,370,277 | 22,388,775 | 22,364,142 | |||||||||
Effect of dilutive stock options | 44,285 | 1,637 | 32,555 | 1,082 | |||||||||
Weighted average common shares and common stock equivalents | 22,439,195 | 22,371,914 | 22,421,330 | 22,365,224 | |||||||||
Diluted EPS | $ | 0.05 | $ | 0.04 | $ | 0.13 | $ | 0.12 |
Investment_Securities_Availabl
Investment Securities: Available-for-sale Securities (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Tables/Schedules | ||||||||||||
Available-for-sale Securities | ||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||
31-Dec-14 | ||||||||||||
Trust preferred | $ | 1,919 | $ | - | $ | (59 | ) | $ | 1,860 | |||
Agency securities | 15,508 | 23 | (241 | ) | 15,290 | |||||||
Total | $ | 17,427 | $ | 23 | $ | (300 | ) | $ | 17,150 | |||
31-Mar-14 | ||||||||||||
Trust preferred | $ | 1,919 | $ | - | $ | (16 | ) | $ | 1,903 | |||
Agency securities | 21,947 | 6 | (462 | ) | 21,491 | |||||||
Total | $ | 23,866 | $ | 6 | $ | (478 | ) | $ | 23,394 |
Investment_Securities_Schedule
Investment Securities: Schedule of Held to Maturity Securities, Contractual maturities (Tables) | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Tables/Schedules | ||||||
Schedule of Held to Maturity Securities, Contractual maturities | ||||||
Amortized | Estimated | |||||
31-Dec-14 | Cost | Fair Value | ||||
Due in one year or less | $ | - | $ | - | ||
Due after one year through five years | 14,500 | 14,262 | ||||
Due after five years through ten years | 1,008 | 1,028 | ||||
Due after ten years | 1,919 | 1,860 | ||||
Total | $ | 17,427 | $ | 17,150 |
Investment_Securities_Schedule1
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Tables) | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Tables/Schedules | |||||||||||||||||||
Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Dec-14 | |||||||||||||||||||
Trust preferred | $ | 1,860 | $ | (59 | ) | $ | - | $ | - | $ | 1,860 | $ | (59 | ) | |||||
Agency securities | - | - | 12,759 | (241 | ) | 12,759 | (241 | ) | |||||||||||
Total | $ | 1,860 | $ | (59 | ) | $ | 12,759 | $ | (241 | ) | $ | 14,619 | $ | (300 | ) | ||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Mar-14 | |||||||||||||||||||
Trust preferred | $ | 1,903 | $ | (16 | ) | $ | - | $ | - | $ | 1,903 | $ | (16 | ) | |||||
Agency securities | 17,985 | (462 | ) | - | - | 17,985 | (462 | ) | |||||||||||
Total | $ | 19,888 | $ | (478 | ) | $ | - | $ | - | $ | 19,888 | $ | (478 | ) | |||||
Mortgagebacked_Securities_Sche
Mortgage-backed Securities: Schedule of mortgage-backed securities held to maturity (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of mortgage-backed securities held to maturity | |||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated | ||||||||||
Cost | Gains | Losses | Fair | ||||||||||
Value | |||||||||||||
31-Dec-14 | |||||||||||||
Mortgage-backed securities (1) | $ | 88 | $ | 2 | $ | - | $ | 90 | |||||
31-Mar-14 | |||||||||||||
Mortgage-backed securities (1) | $ | 101 | $ | 3 | $ | - | $ | 104 | |||||
(1) Comprised of Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“ FHLMC”) issued securities. |
Mortgagebacked_Securities_Sche1
Mortgage-backed Securities: Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities (Tables) | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Tables/Schedules | ||||||
Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities | ||||||
31-Dec-14 | Amortized | Estimated | ||||
Cost | Fair Value | |||||
Due in one year or less | $ | - | $ | - | ||
Due after one year through five years | - | - | ||||
Due after five years through ten years | 75 | 77 | ||||
Due after ten years | 13 | 13 | ||||
Total | $ | 88 | $ | 90 |
Mortgagebacked_Securities_Sche2
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of available-for-sale mortgage-backed securities | |||||||||||||
31-Dec-14 | Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||
Cost | Gains | Losses | Fair | ||||||||||
Value | |||||||||||||
Real estate mortgage investment conduits (1) | $ | 23,802 | $ | 56 | $ | (54 | ) | $ | 23,804 | ||||
Mortgage-backed securities (2) | 71,240 | 614 | (107 | ) | 71,747 | ||||||||
Other mortgage-backed securities (3) | 5,571 | 110 | (16 | ) | 5,665 | ||||||||
Total | $ | 100,613 | $ | 780 | $ | (177 | ) | $ | 101,216 | ||||
31-Mar-14 | |||||||||||||
Real estate mortgage investment conduits | $ | 7,218 | $ | 9 | $ | (77 | ) | $ | 7,150 | ||||
Mortgage-backed securities | 65,858 | 102 | (547 | ) | 65,413 | ||||||||
Other mortgage-backed securities | 6,007 | 18 | (13 | ) | 6,012 | ||||||||
Total | $ | 79,083 | $ | 129 | $ | (637 | ) | $ | 78,575 | ||||
(1) Comprised of FHLMC and FNMA issued securities. | |||||||||||||
(2) Comprised of FHLMC, FNMA and Ginnie Mae (“GNMA”) issued securities. | |||||||||||||
(3) Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by private issuers. |
Mortgagebacked_Securities_Sche3
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities, Contractual Maturities (Tables) | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Tables/Schedules | ||||||
Schedule of available-for-sale mortgage-backed securities, Contractual Maturities | ||||||
31-Dec-14 | Amortized | Estimated | ||||
Cost | Fair Value | |||||
Due in one year or less | $ | - | $ | - | ||
Due after one year through five years | 2,478 | 2,493 | ||||
Due after five years through ten years | 5,585 | 5,616 | ||||
Due after ten years | 92,550 | 93,107 | ||||
Total | $ | 100,613 | $ | 101,216 |
Mortgagebacked_Securities_Sche4
Mortgage-backed Securities: Schedule of Temporarily Impaired Mortgage-backed securities, Fair Value and Unrealized Losses (Tables) | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Tables/Schedules | |||||||||||||||||||
Schedule of Temporarily Impaired Mortgage-backed securities, Fair Value and Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Dec-14 | |||||||||||||||||||
Real estate mortgage investment conduits | $ | 14,822 | $ | (54 | ) | $ | - | $ | - | $ | 14,822 | $ | (54 | ) | |||||
Mortgage-backed securities (1) | 4,348 | (7 | ) | 5,202 | (100 | ) | 9,550 | (107 | ) | ||||||||||
Other mortgage-backed securities (2) | - | - | 1,451 | (16 | ) | 1,451 | (16 | ) | |||||||||||
Total | $ | 19,170 | $ | (61 | ) | $ | 6,653 | $ | (116 | ) | $ | 25,823 | $ | (177 | ) | ||||
31-Mar-14 | |||||||||||||||||||
Real estate mortgage investment conduits | $ | 4,996 | $ | (77 | ) | $ | - | $ | - | $ | 4,996 | $ | (77 | ) | |||||
Mortgage-backed securities | 49,177 | (547 | ) | - | - | 49,177 | (547 | ) | |||||||||||
Other mortgage-backed securities | 1,526 | (13 | ) | - | - | 1,526 | (13 | ) | |||||||||||
Total | $ | 55,699 | $ | (637 | ) | $ | - | $ | - | $ | 55,699 | $ | (637 | ) | |||||
(1) Comprised of FHLMC and FNMA issued securities. | |||||||||||||||||||
(2) Comprised of SBA issued securities. |
Loans_Receivable_Schedule_of_A
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Tables/Schedules | ||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ||||||
December 31, | March 31, | |||||
2014 | 2014 | |||||
Commercial and construction | ||||||
Commercial business | $ | 82,284 | $ | 71,632 | ||
Other real estate mortgage (1) | 337,030 | 324,881 | ||||
Real estate construction | 29,199 | 19,482 | ||||
Total commercial and construction | 448,513 | 415,995 | ||||
Consumer | ||||||
Real estate one-to-four family | 90,865 | 93,007 | ||||
Other installment | 39,721 | 24,486 | ||||
Total consumer | 130,586 | 117,493 | ||||
Total loans | 579,099 | 533,488 | ||||
Less: Allowance for loan losses | 11,701 | 12,551 | ||||
Loans receivable, net | $ | 567,398 | $ | 520,937 | ||
(1) Other real estate mortgage consists of commercial real estate, land and multi-family loans. |
Allowance_for_Loan_Losses_Sche
Allowance for Loan Losses: Schedule of reconciliation of the allowance for loan losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Tables/Schedules | |||||||||||||||||||||||||
Schedule of reconciliation of the allowance for loan losses | |||||||||||||||||||||||||
Three months ended | Commercial Business | Commercial Real Estate | Land | Multi-Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Beginning balance | $ | 1,579 | $ | 5,187 | $ | 265 | $ | 360 | $ | 319 | $ | 2,822 | $ | 1,469 | $ | 12,001 | |||||||||
Provision for (recapture of) loan losses | 117 | (868 | ) | 192 | (1 | ) | 461 | 60 | (361 | ) | (400 | ) | |||||||||||||
Charge-offs | (16 | ) | - | - | - | - | (27 | ) | - | (43 | ) | ||||||||||||||
Recoveries | 24 | - | 102 | - | - | 17 | - | 143 | |||||||||||||||||
Ending balance | $ | 1,704 | $ | 4,319 | $ | 559 | $ | 359 | $ | 780 | $ | 2,872 | $ | 1,108 | $ | 11,701 | |||||||||
Nine months ended | Commercial Business | Commercial Real Estate | Land | Multi-Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Beginning balance | $ | 2,409 | $ | 5,269 | $ | 340 | $ | 203 | $ | 387 | $ | 2,653 | $ | 1,290 | $ | 12,551 | |||||||||
Provision for (recapture of) loan losses | (644 | ) | (922 | ) | (1 | ) | 156 | 393 | 150 | (182 | ) | (1,050 | ) | ||||||||||||
Charge-offs | (89 | ) | (28 | ) | - | - | - | (85 | ) | - | (202 | ) | |||||||||||||
Recoveries | 28 | - | 220 | - | - | 154 | - | 402 | |||||||||||||||||
Ending balance | $ | 1,704 | $ | 4,319 | $ | 559 | $ | 359 | $ | 780 | $ | 2,872 | $ | 1,108 | $ | 11,701 | |||||||||
Three months ended | Commercial | Commercial | Land | Multi- | Real | Consumer | Unallocated | Total | |||||||||||||||||
31-Dec-13 | Business | Real | Family | Estate | |||||||||||||||||||||
Estate | Construction | ||||||||||||||||||||||||
Beginning balance | $ | 1,913 | $ | 6,787 | $ | 815 | $ | 269 | $ | 235 | $ | 1,845 | $ | 1,832 | $ | 13,696 | |||||||||
Provision for (recapture of) loan losses | (170 | ) | (652 | ) | (782 | ) | (101 | ) | 5 | 215 | 1,485 | - | |||||||||||||
Charge-offs | (36 | ) | (102 | ) | - | - | - | (137 | ) | - | (275 | ) | |||||||||||||
Recoveries | 306 | 8 | 289 | - | - | 24 | - | 627 | |||||||||||||||||
Ending balance | $ | 2,013 | $ | 6,041 | $ | 322 | $ | 168 | $ | 240 | $ | 1,947 | $ | 3,317 | $ | 14,048 | |||||||||
Nine months ended | Commercial | Commercial | Land | Multi- | Real | Consumer | Unallocated | Total | |||||||||||||||||
31-Dec-13 | Business | Real | Family | Estate | |||||||||||||||||||||
Estate | Construction | ||||||||||||||||||||||||
Beginning balance | $ | 2,128 | $ | 5,979 | $ | 2,019 | $ | 541 | $ | 221 | $ | 2,949 | $ | 1,806 | $ | 15,643 | |||||||||
Provision for (recapture of) loan losses | (503 | ) | 313 | (2,461 | ) | (373 | ) | 22 | (1,009 | ) | 1,511 | (2,500 | ) | ||||||||||||
Charge-offs | (135 | ) | (274 | ) | (45 | ) | - | (7 | ) | (293 | ) | - | (754 | ) | |||||||||||
Recoveries | 523 | 23 | 809 | - | 4 | 300 | - | 1,659 | |||||||||||||||||
Ending balance | $ | 2,013 | $ | 6,041 | $ | 322 | $ | 168 | $ | 240 | $ | 1,947 | $ | 3,317 | $ | 14,048 |
Allowance_for_Loan_Losses_Sche1
Allowance for Loan Losses: Schedule of Impaired Financing Receivables (Tables) | 9 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Tables/Schedules | |||||||||||||||||||
Schedule of Impaired Financing Receivables | |||||||||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||||||||
31-Dec-14 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||
Commercial business | $ | - | $ | 1,704 | $ | 1,704 | $ | 1,188 | $ | 81,096 | $ | 82,284 | |||||||
Commercial real estate | 9 | 4,310 | 4,319 | 17,048 | 273,367 | 290,415 | |||||||||||||
Land | - | 559 | 559 | 800 | 14,262 | 15,062 | |||||||||||||
Multi-family | - | 359 | 359 | 2,290 | 29,263 | 31,553 | |||||||||||||
Real estate construction | - | 780 | 780 | - | 29,199 | 29,199 | |||||||||||||
Consumer | 127 | 2,745 | 2,872 | 2,635 | 127,951 | 130,586 | |||||||||||||
Unallocated | - | 1,108 | 1,108 | - | - | - | |||||||||||||
Total | $ | 136 | $ | 11,565 | $ | 11,701 | $ | 23,961 | $ | 555,138 | $ | 579,099 | |||||||
31-Mar-14 | |||||||||||||||||||
Commercial business | $ | - | $ | 2,409 | $ | 2,409 | $ | 947 | $ | 70,685 | $ | 71,632 | |||||||
Commercial real estate | 137 | 5,132 | 5,269 | 18,122 | 269,386 | 287,508 | |||||||||||||
Land | - | 340 | 340 | 858 | 15,387 | 16,245 | |||||||||||||
Multi-family | - | 203 | 203 | 2,014 | 19,114 | 21,128 | |||||||||||||
Real estate construction | - | 387 | 387 | - | 19,482 | 19,482 | |||||||||||||
Consumer | 142 | 2,511 | 2,653 | 4,009 | 113,484 | 117,493 | |||||||||||||
Unallocated | - | 1,290 | 1,290 | - | - | - | |||||||||||||
Total | $ | 279 | $ | 12,272 | $ | 12,551 | $ | 25,950 | $ | 507,538 | $ | 533,488 |
Allowance_for_Loan_Losses_Fina
Allowance for Loan Losses: Financing Receivables, Aging of loans (Tables) | 9 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Tables/Schedules | ||||||||||||||||||
Financing Receivables, Aging of loans | ||||||||||||||||||
31-Dec-14 | 30-89 Days Past Due | 90 Days and Greater (Non-Accrual) | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | ||||||||||||
Commercial business | $ | 183 | $ | 96 | $ | 279 | $ | 82,005 | $ | 82,284 | $ | - | ||||||
Commercial real estate | 1,562 | 3,003 | 4,565 | 285,850 | 290,415 | - | ||||||||||||
Land | - | 800 | 800 | 14,262 | 15,062 | - | ||||||||||||
Multi-family | - | 2,290 | 2,290 | 29,263 | 31,553 | - | ||||||||||||
Real estate construction | - | - | - | 29,199 | 29,199 | - | ||||||||||||
Consumer | 825 | 1,540 | 2,365 | 128,221 | 130,586 | - | ||||||||||||
Total | $ | 2,570 | $ | 7,729 | $ | 10,299 | $ | 568,800 | $ | 579,099 | $ | - | ||||||
31-Mar-14 | ||||||||||||||||||
Commercial business | $ | 120 | $ | 452 | $ | 572 | $ | 71,060 | $ | 71,632 | $ | - | ||||||
Commercial real estate | 188 | 8,067 | 8,255 | 279,253 | 287,508 | - | ||||||||||||
Land | - | 800 | 800 | 15,445 | 16,245 | - | ||||||||||||
Multi-family | 359 | 2,014 | 2,373 | 18,755 | 21,128 | - | ||||||||||||
Real estate construction | - | - | - | 19,482 | 19,482 | - | ||||||||||||
Consumer | 1,580 | 2,729 | 4,309 | 113,184 | 117,493 | - | ||||||||||||
Total | $ | 2,247 | $ | 14,062 | $ | 16,309 | $ | 517,179 | $ | 533,488 | $ | - |
Allowance_for_Loan_Losses_Sche2
Allowance for Loan Losses: Schedule of Credit Quality Indicators (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of Credit Quality Indicators | |||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||
Weighted-Average Risk Grade | Classified Loans(2) | Weighted-Average Risk Grade | Classified Loans(2) | ||||||||||
Commercial business | 3.4 | $ | 673 | 3.54 | $ | 8,419 | |||||||
Commercial real estate | 3.69 | 12,193 | 3.87 | 19,838 | |||||||||
Land | 4.21 | 800 | 3.88 | 800 | |||||||||
Multi-family | 3.55 | 2,303 | 3.81 | 2,028 | |||||||||
Real estate construction | 3.5 | 1,843 | 3.08 | - | |||||||||
Consumer (1) | 7 | 1,540 | 7 | 2,729 | |||||||||
Total | 3.64 | $ | 19,352 | 3.82 | $ | 33,814 | |||||||
Total loans risk rated | $ | 449,298 | $ | 418,503 | |||||||||
(1) Consumer loans are primarily evaluated on a homogenous pool level and generally not individually risk rated unless certain factors are met. | |||||||||||||
(2) Classified loans consist of substandard, doubtful and loss loans. |
Allowance_for_Loan_Losses_Impa
Allowance for Loan Losses: Impaired Financing Receivables (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Tables/Schedules | ||||||||||||||||
Impaired Financing Receivables | ||||||||||||||||
31-Dec-14 | Recorded Investment with No Specific Valuation Allowance | Recorded Investment with Specific Valuation Allowance | Total Recorded Investment | Unpaid Principal Balance | Related Specific Valuation Allowance | |||||||||||
Commercial business | $ | 1,188 | $ | - | $ | 1,188 | $ | 1,342 | $ | - | ||||||
Commercial real estate | 15,486 | 1,562 | 17,048 | 17,907 | 9 | |||||||||||
Land | 800 | - | 800 | 804 | - | |||||||||||
Multi-family | 2,290 | - | 2,290 | 2,462 | - | |||||||||||
Consumer | 1,286 | 1,349 | 2,635 | 3,238 | 127 | |||||||||||
Total | $ | 21,050 | $ | 2,911 | $ | 23,961 | $ | 25,753 | $ | 136 | ||||||
31-Mar-14 | Recorded Investment with No Specific Valuation Allowance | Recorded Investment with Specific Valuation Allowance | Total Recorded Investment | Unpaid Principal Balance | Related Specific Valuation Allowance | |||||||||||
Commercial business | $ | 947 | $ | - | $ | 947 | $ | 1,067 | $ | - | ||||||
Commercial real estate | 17,956 | 166 | 18,122 | 20,601 | 137 | |||||||||||
Land | 858 | - | 858 | 861 | - | |||||||||||
Multi-family | 2,014 | - | 2,014 | 2,103 | - | |||||||||||
Consumer | 2,596 | 1,413 | 4,009 | 4,639 | 142 | |||||||||||
Total | $ | 24,371 | $ | 1,579 | $ | 25,950 | $ | 29,271 | $ | 279 | ||||||
Allowance_for_Loan_Losses_Sche3
Allowance for Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized | |||||||||||||
Three Months ended | Three Months ended | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Average Recorded Investment | Interest Recognized on Impaired Loans | Average Recorded Investment | Interest Recognized on Impaired Loans | ||||||||||
Commercial business | $ | 1,203 | $ | 14 | $ | 1,610 | $ | 14 | |||||
Commercial real estate | 17,086 | 121 | 17,452 | 111 | |||||||||
Land | 800 | - | 1,640 | 1 | |||||||||
Multi-family | 2,299 | - | 2,298 | - | |||||||||
Consumer | 2,662 | 18 | 3,103 | 7 | |||||||||
Total | $ | 24,050 | $ | 153 | $ | 26,103 | $ | 133 | |||||
Nine Months ended | Nine Months ended | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Average Recorded Investment | Interest Recognized on Impaired Loans | Average Recorded Investment | Interest Recognized on Impaired Loans | ||||||||||
Commercial business | $ | 1,070 | $ | 36 | $ | 1,201 | $ | 37 | |||||
Commercial real estate | 17,436 | 346 | 19,783 | 362 | |||||||||
Land | 821 | - | 2,103 | 5 | |||||||||
Multi-family | 2,239 | - | 2,944 | 15 | |||||||||
Real estate construction | - | - | 86 | - | |||||||||
Consumer | 3,329 | 56 | 3,597 | 30 | |||||||||
Total | $ | 24,895 | $ | 438 | $ | 29,714 | $ | 449 |
Allowance_for_Loan_Losses_Trou
Allowance for Loan Losses: Troubled Debt Restructurings on Financing Receivables (Tables) | 9 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Tables/Schedules | ||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ||||||||||||||||||
Nine Months Ended December 31, 2014 | Nine Months Ended December 31, 2013 | |||||||||||||||||
(Dollars in Thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||
Commercial business | - | $ | - | $ | - | 2 | $ | 310 | $ | 270 | ||||||||
Commercial real estate | 1 | 344 | 333 | 1 | 4,525 | 4,330 | ||||||||||||
Multi-family | - | - | - | 1 | 2,562 | 2,065 | ||||||||||||
Consumer | - | - | - | 1 | 43 | 41 | ||||||||||||
Total | 1 | $ | 344 | $ | 333 | 5 | $ | 7,440 | $ | 6,706 |
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances: Federal Home Loan Bank, Advances (Tables) | 9 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Tables/Schedules | |||||||
Federal Home Loan Bank, Advances | |||||||
December 31, | March 31, | ||||||
2014 | 2014 | ||||||
Federal Home Loan Bank advances | $ | 2,100 | $ | - | |||
Weighted average interest rate: | 0.34% | - | % |
Junior_Subordinated_Debenture_
Junior Subordinated Debenture: Schedule of terms of the current Debentures (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Tables/Schedules | ||||||||||||||
Schedule of terms of the current Debentures | ||||||||||||||
Issuance Trust | Issuance Date | Amount Outstanding | Rate Type | Initial Rate | Current Rate | Maturing Date | ||||||||
Riverview Bancorp Statutory Trust I | Dec-05 | $ | 7,217 | Variable (1) | 5.88% | 1.60% | Mar-36 | |||||||
Riverview Bancorp Statutory Trust II | Jun-07 | 15,464 | Variable (2) | 7.03% | 1.59% | Sep-37 | ||||||||
$ | 22,681 | |||||||||||||
(1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36% | ||||||||||||||
(2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35% |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (loss): Schedule of Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Beginning Balance | $ | (212 | ) | $ | (526 | ) | $ | (647 | ) | $ | (1,013 | ) | |
Other comprehensive income (loss) | 531 | (149 | ) | 966 | 338 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) (2) | (104 | ) | - | (104 | ) | - | |||||||
Net current-period other comprehensive income (loss) | 427 | (149 | ) | 862 | 338 | ||||||||
Ending Balance | $ | 215 | $ | (675 | ) | $ | 215 | $ | (675 | ) | |||
(1) All Amounts are net of tax. Amounts in parenthesis indicate debits. | |||||||||||||
(2) See following table for details about reclassifications. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (loss): Reclassification out of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Tables/Schedules | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Unrealized gain and losses on | ||||||||||||||
available for sale securities | ||||||||||||||
Three Months Ended December 31, | Nine Months Ended | Affected Line Item in the Consolidated Statement | ||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | of Income | ||||||||||
Investment securities and mortgage-backed securities gains | $ | 158 | $ | - | $ | 158 | $ | - | Other non-interest income | |||||
Income tax expense | (54 | ) | - | (54 | ) | - | Provision for income taxes | |||||||
Securities gains, net of tax | $ | 104 | $ | - | $ | 104 | $ | - |
Fair_Value_Measurement_Schedul
Fair Value Measurement: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Tables/Schedules | ||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ||||||||||||
Fair value measurements using | ||||||||||||
31-Dec-14 | Fair value | Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | ||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Investment securities available for sale: | ||||||||||||
Trust preferred | $ | 1,860 | $ | - | $ | - | $ | 1,860 | ||||
Agency securities | 15,290 | - | 15,290 | - | ||||||||
Mortgage-backed securities available for sale: | ||||||||||||
Real estate mortgage investment conduits | 23,804 | - | 23,804 | - | ||||||||
Mortgage-backed securities | 71,747 | - | 71,747 | - | ||||||||
Other mortgage-backed securities | 5,665 | - | 5,665 | - | ||||||||
Total recurring assets measured at fair value | $ | 118,366 | $ | - | $ | 116,506 | $ | 1,860 | ||||
31-Mar-14 | Fair value | Quoted prices | Other | Significant | ||||||||
in active | observable | unobservable | ||||||||||
markets for | inputs | inputs | ||||||||||
identical | (Level 2) | (Level 3) | ||||||||||
assets | ||||||||||||
(Level 1) | ||||||||||||
Investment securities available for sale: | ||||||||||||
Trust preferred | $ | 1,903 | $ | - | $ | - | $ | 1,903 | ||||
Agency securities | 21,491 | - | 21,491 | - | ||||||||
Mortgage-backed securities available for sale: | ||||||||||||
Real estate mortgage investment conduits | 7,150 | - | 7,150 | - | ||||||||
Mortgage-backed securities | 65,413 | - | 65,413 | - | ||||||||
Other mortgage-backed securities | 6,012 | - | 6,012 | - | ||||||||
Total recurring assets measured at fair value | $ | 101,969 | $ | - | $ | 100,066 | $ | 1,903 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Tables) | 9 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Tables/Schedules | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |||||||
For the Nine Months Ended December 31, 2014 | For the Nine Months Ended December 31, 2013 | ||||||
Available for sale securities | Available for sale securities | ||||||
Beginning balance | $ | 1,903 | $ | 1,238 | |||
Transfers in to Level 3 | - | - | |||||
Included in earnings (1) | - | - | |||||
Included in other comprehensive income | (43 | ) | 683 | ||||
Ending balance | $ | 1,860 | $ | 1,921 | |||
(1) Included in other non-interest income |
Fair_Value_Measurement_Schedul1
Fair Value Measurement: Schedule of Assets measured at fair value on a non-recurring basis (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Tables/Schedules | ||||||||||||
Schedule of Assets measured at fair value on a non-recurring basis | ||||||||||||
Fair value measurements using | ||||||||||||
31-Dec-14 | Fair value | Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | ||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Impaired loans | $ | 3,426 | $ | - | $ | - | $ | 3,426 | ||||
Real estate owned | 1,193 | - | - | 1,193 | ||||||||
Total nonrecurring assets measured at fair value | $ | 4,619 | $ | - | $ | - | $ | 4,619 |
Fair_Value_Measurement_Fair_Va1
Fair Value Measurement: Fair Value Measurements, Nonrecurring, Valuation Techniques (Tables) | 9 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Tables/Schedules | |||||||
Fair Value Measurements, Nonrecurring, Valuation Techniques | |||||||
Valuation technique | Significant unobservable inputs | Range (1) | |||||
Impaired loans | Appraised value | Adjustment for market conditions | 0% | ||||
Real estate owned | Appraised value | Adjustment for market conditions | 0% | ||||
(1) There were no adjustments to appraised values at December 31, 2014. |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments: Fair Value, Option, Quantitative Disclosures (Tables) | 9 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Tables/Schedules | |||||||||||||||
Fair Value, Option, Quantitative Disclosures | |||||||||||||||
Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | |||||||||||||
31-Dec-14 | Carry value | (Level 1) | (Level 2) | (Level 3) | Fair value | ||||||||||
Assets: | |||||||||||||||
Cash | $ | 21,981 | $ | 21,981 | $ | - | $ | - | $ | 21,981 | |||||
Certificates of deposit held for investment | 27,214 | - | 27,408 | - | 27,408 | ||||||||||
Investment securities available for sale | 17,150 | - | 15,290 | 1,860 | 17,150 | ||||||||||
Mortgage-backed securities held to maturity | 88 | - | 90 | - | 90 | ||||||||||
Mortgage-backed securities available for sale | 101,216 | - | 101,216 | - | 101,216 | ||||||||||
Loans receivable, net | 567,398 | - | - | 524,376 | 524,376 | ||||||||||
Loans held for sale | 724 | - | 724 | - | 724 | ||||||||||
Federal Home Loan Bank stock | 6,120 | - | 6,120 | - | 6,120 | ||||||||||
Liabilities: | |||||||||||||||
Demand – savings deposits | 548,301 | 548,301 | - | - | 548,301 | ||||||||||
Time deposits | 141,029 | - | 140,681 | - | 140,681 | ||||||||||
Federal Home Loan Bank advances | 2,100 | - | 2,100 | - | 2,100 | ||||||||||
Junior subordinated debentures | 22,681 | - | - | 10,255 | 10,255 | ||||||||||
Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | |||||||||||||
31-Mar-14 | Carry value | (Level 1) | (Level 2) | (Level 3) | Fair value | ||||||||||
Assets: | |||||||||||||||
Cash | $ | 68,577 | $ | 68,577 | $ | - | $ | - | $ | 68,577 | |||||
Certificates of deposit held for investment | 36,925 | - | 37,176 | - | 37,176 | ||||||||||
Investment securities available for sale | 23,394 | - | 21,491 | 1,903 | 23,394 | ||||||||||
Mortgage-backed securities held to maturity | 101 | - | 104 | - | 104 | ||||||||||
Mortgage-backed securities available for sale | 78,575 | - | 78,575 | - | 78,575 | ||||||||||
Loans receivable, net | 520,937 | - | - | 480,454 | 480,454 | ||||||||||
Loans held for sale | 1,024 | - | 1,024 | - | 1,024 | ||||||||||
Federal Home Loan Bank stock | 6,744 | - | 6,744 | - | 6,744 | ||||||||||
Liabilities: | |||||||||||||||
Demand – savings deposits | $ | 527,813 | 527,813 | - | - | 527,813 | |||||||||
Time deposits | 162,253 | - | 162,020 | - | 162,020 | ||||||||||
Junior subordinated debentures | 22,681 | - | - | 11,233 | 11,233 |
Commitments_and_Contingencies_
Commitments and Contingencies: Schedule of significant off-balance sheet commitments (Tables) | 9 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of significant off-balance sheet commitments | |||
Contract or Notional Amount | |||
Commitments to originate loans: | |||
Adjustable-rate | $ | 23,840 | |
Fixed-rate | 6,734 | ||
Standby letters of credit | 791 | ||
Undisbursed loan funds, and unused lines of credit | 75,354 | ||
Total | $ | 106,719 |
Stock_Plans_And_StockBased_Com5
Stock Plans And Stock-Based Compensation: Share Based Compensation Option and Incentive Plans Policy (Details) | 9 Months Ended |
Dec. 31, 2014 | |
1998 Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award, Description | In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1998 and expired in October 2008. |
2003 Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award, Description | In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and expired in July 2013. |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 0 |
Stock_Plans_And_StockBased_Com6
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding (Details) (1998 and 2003 Stock Option Plan, USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
1998 and 2003 Stock Option Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 474,654 | 407,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $7.91 | $9.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 87,154 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $2.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | -32,000 | -20,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $9.55 | $8.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 442,654 | 474,654 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $7.79 | $7.91 |
Stock_Plans_And_StockBased_Com7
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding, less estimated forfeitures (Details) (2003 Stock Option Plan, USD $) | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
2003 Stock Option Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 442,504 | 469,896 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $7.79 | $7.96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $253,000 | [1] | $18,000 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months 12 days | 4 years 9 months 22 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 442,054 | 385,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $7.79 | $9.10 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $253,000 | [1] | $7,000 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 3 years 11 months 12 days | 3 years 9 months 14 days | ||
[1] | The aggregate intrinsic value of a stock options represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the CompanyBs common stock. |
Stock_Plans_And_StockBased_Com8
Stock Plans And Stock-Based Compensation (Details) (1998 and 2003 Stock Option Plan, USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
1998 and 2003 Stock Option Plan | ||
Allocated Share-based Compensation Expense | $26,000 | $53,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes based stock option valuation model. |
Stock_Plans_And_StockBased_Com9
Stock Plans And Stock-Based Compensation: Schedule of Black Scholes model assumptions for fair value of stock options granted (Details) (Fiscal 2014, fair value of options) | 9 Months Ended |
Dec. 31, 2014 | |
Fiscal 2014, fair value of options | |
Fair Value Assumptions, Risk Free Interest Rate | 1.95% |
Fair Value Assumptions, Expected Term | 6 years 3 months |
Fair Value Assumptions, Expected Volatility Rate | 51.87% |
Fair Value Assumptions, Expected Dividend Rate | 2.04% |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 233,000 | 460,000 | 235,000 | 432,000 |
Earnings_Per_Share_Schedule_of1
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Income (Loss) | $1,149 | $801 | $2,973 | $2,782 |
Weighted average number of shares outstanding, Basic | 22,394,910 | 22,370,277 | 22,388,775 | 22,364,142 |
Basic earnings | $0.05 | $0.04 | $0.13 | $0.12 |
Weighted average number of shares outstanding, Diluted | 22,439,195 | 22,371,914 | 22,421,330 | 22,365,224 |
Diluted earnings | $0.05 | $0.04 | $0.13 | $0.12 |
EPS Computation | ||||
Net Income (Loss) | $1,149 | $801 | $2,973 | $2,782 |
Weighted average number of shares outstanding, Basic | 22,394,910 | 22,370,277 | 22,388,775 | 22,364,142 |
Basic earnings | $0.05 | $0.04 | $0.13 | $0.12 |
Weighted average number of shares outstanding, Diluted | 22,394,910 | 22,370,277 | 22,388,775 | 22,364,142 |
Effect of dilutive stock options | 44,285 | 1,637 | 32,555 | 1,082 |
Weighted average common shares and common stock equivalents | 22,439,195 | 22,371,914 | 22,421,330 | 22,365,224 |
Diluted earnings | $0.05 | $0.04 | $0.13 | $0.12 |
Investment_Securities_Availabl1
Investment Securities: Available-for-sale Securities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment Securities | ||
Available-for-sale Securities, Amortized Cost Basis | $17,427 | $23,866 |
Available-for-sale Securities, Gross Unrealized Gains | 23 | 6 |
Available-for-sale Securities, Gross Unrealized Losses | -300 | -478 |
Available-for-sale Securities, Fair Value Disclosure | 17,150 | 23,394 |
Trust preferred | ||
Available-for-sale Securities, Amortized Cost Basis | 1,919 | 1,919 |
Available-for-sale Securities, Gross Unrealized Losses | -59 | -16 |
Available-for-sale Securities, Fair Value Disclosure | 1,860 | 1,903 |
US Government Agencies Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 15,508 | 21,947 |
Available-for-sale Securities, Gross Unrealized Gains | 23 | 6 |
Available-for-sale Securities, Gross Unrealized Losses | -241 | -462 |
Available-for-sale Securities, Fair Value Disclosure | $15,290 | $21,491 |
Investment_Securities_Schedule2
Investment Securities: Schedule of Held to Maturity Securities, Contractual maturities (Details) (Investment Securities, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Investment Securities | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $14,500 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 14,262 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 1,008 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 1,028 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 1,919 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 1,860 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 17,427 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $17,150 |
Investment_Securities_Schedule3
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Trust preferred | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $1,860 | $1,903 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -59 | -16 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,860 | 1,903 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -59 | -16 |
US Government Agencies Debt Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 17,985 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -462 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,759 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -241 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,759 | 17,985 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -241 | -462 |
Investment Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,860 | 19,888 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -59 | -478 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,759 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -241 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,619 | 19,888 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($300) | ($478) |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Details | ||
Investment Securities, Proceeds from Sales | $2,500,000 | $2,500,000 |
Investment Securities, Gross Realized Gains from Sales | $31,000 | $31,000 |
Investment_Securities_Schedule4
Investment Securities: Schedule of Investment Securities pledged as collateral (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Details | ||
Investment securities pledged as collateral, amortized cost | $3,000,000 | $1,000,000 |
Investment securities pledged as collateral, fair value | $2,900,000 | $975,000 |
Mortgagebacked_Securities_Sche5
Mortgage-backed Securities: Schedule of mortgage-backed securities held to maturity (Details) (Mortgage-backed, USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Mortgage-backed | ||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $88 | [1] | $101 | [1] |
Held-to-maturity Securities, Unrecognized Holding Gain | 2 | [1] | 3 | [1] |
Held-to-maturity Securities, Fair Value | $90 | [1] | $104 | [1] |
[1] | Comprised of Federal National Mortgage Association (BFNMAB) and Federal Home Loan Mortgage Corporation (B FHLMCB) issued securities. |
Mortgagebacked_Securities_Sche6
Mortgage-backed Securities: Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities (Details) (Collateralized Mortgage Backed Securities, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Collateralized Mortgage Backed Securities | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | $75 |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 77 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 13 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 13 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | 88 |
Held-to-maturity Securities, Debt Maturities, Fair Value | $90 |
Mortgagebacked_Securities_Deta
Mortgage-backed Securities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Details | ||
Mortgage-backed securities held to maturity pledged as collateral, Amortized Cost | $28,000 | $36,000 |
Mortgage-backed securities held to maturity pledged as collateral, Fair Value | 28,000 | 37,000 |
Available-for-sale mortgage-backed securities pledged as collateral, Amortized Cost | 1,500,000 | 1,700,000 |
Available-for-sale mortgage-backed securities pledged as collateral, Fair Value | $1,500,000 | $1,700,000 |
Mortgagebacked_Securities_Sche7
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Real estate mortgage investment conduits | |||
Available-for-sale Securities, Amortized Cost Basis | $23,802 | $7,218 | |
Available-for-sale Securities, Gross Unrealized Gains | 56 | 9 | |
Available-for-sale Securities, Gross Unrealized Losses | -54 | -77 | |
Available-for-sale Securities, Fair Value Disclosure | 23,804 | 7,150 | |
Mortgage-backed | |||
Available-for-sale Securities, Amortized Cost Basis | 71,240 | [1] | 65,858 |
Available-for-sale Securities, Gross Unrealized Gains | 614 | [1] | 102 |
Available-for-sale Securities, Gross Unrealized Losses | -107 | [1] | -547 |
Available-for-sale Securities, Fair Value Disclosure | 71,747 | [1] | 65,413 |
Other mortgage-backed securities | |||
Available-for-sale Securities, Amortized Cost Basis | 5,571 | [2] | 6,007 |
Available-for-sale Securities, Gross Unrealized Gains | 110 | [2] | 18 |
Available-for-sale Securities, Gross Unrealized Losses | -16 | [2] | -13 |
Available-for-sale Securities, Fair Value Disclosure | 5,665 | [2] | 6,012 |
Total Real Estate mortgage investment conduits and mortgage-backed securities | |||
Available-for-sale Securities, Amortized Cost Basis | 100,613 | 79,083 | |
Available-for-sale Securities, Gross Unrealized Gains | 780 | 129 | |
Available-for-sale Securities, Gross Unrealized Losses | -177 | -637 | |
Available-for-sale Securities, Fair Value Disclosure | $101,216 | $78,575 | |
[1] | Comprised of FHLMC, FNMA and Ginnie Mae (BGNMAB) issued securities. | ||
[2] | Comprised of U.S. Small Business Administration (BSBAB) issued securities and Commercial Real Estate (BCREB) secured securities issued by private issuers. |
Mortgagebacked_Securities_Sche8
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities, Contractual Maturities (Details) (Collateralized Mortgage Backed Securities, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Collateralized Mortgage Backed Securities | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $2,478 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 2,493 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 5,585 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 5,616 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 92,550 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 93,107 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 100,613 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $101,216 |
Mortgagebacked_Securities_Sche9
Mortgage-backed Securities: Schedule of Temporarily Impaired Mortgage-backed securities, Fair Value and Unrealized Losses (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Real estate mortgage investment conduits | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $14,822 | $4,996 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -54 | -77 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,822 | 4,996 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -54 | -77 | |
Mortgage-backed | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,348 | [1] | 49,177 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -7 | [1] | -547 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,202 | [1] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -100 | [1] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,550 | [1] | 49,177 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -107 | [1] | -547 |
Other mortgage-backed securities | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,526 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -13 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,451 | [2] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -16 | [2] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,451 | [2] | 1,526 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -16 | [2] | -13 |
Total Real Estate mortgage investment conduits and mortgage-backed securities | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,170 | 55,699 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -61 | -637 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,653 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -116 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 25,823 | 55,699 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($177) | ($637) | |
[1] | Comprised of FHLMC and FNMA issued securities. | ||
[2] | Comprised of SBA issued securities. |
Recovered_Sheet1
Mortgage-backed Securities: Schedule of Proceeds from sale of mortgage-backed securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||||
Proceeds from sale of mortgage-backed securities | $14,300,000 | $0 | $14,300,000 | $0 |
Gross Realized Gain on sale of mortgage-backed securities | $127,000 | $0 | $127,000 | $0 |
Loans_Receivable_Schedule_of_A1
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Gross | $579,099 | $533,488 |
Loans receivable Allowance for Loan Losses | 11,701 | 12,551 |
Financing Receivable, Net | 567,398 | 520,937 |
Commercial business | ||
Financing Receivable, Gross | 82,284 | 71,632 |
Other real estate mortgage | ||
Financing Receivable, Gross | 337,030 | 324,881 |
Real estate construction | ||
Financing Receivable, Gross | 29,199 | 19,482 |
Total commercial and construction | ||
Financing Receivable, Gross | 448,513 | 415,995 |
Real estate one-to-four family | ||
Financing Receivable, Gross | 90,865 | 93,007 |
Other installment | ||
Financing Receivable, Gross | 39,721 | 24,486 |
Total consumer | ||
Financing Receivable, Gross | $130,586 | $117,493 |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Details | |
Loans Pledged as Collateral | $340,800 |
Allowance_for_Loan_Losses_Sche4
Allowance for Loan Losses: Schedule of reconciliation of the allowance for loan losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Loans and Leases Receivable, Allowance, Beginning Balance | $12,001 | $13,696 | $12,551 | $15,643 |
Allowance for Loan and Lease Losses, Provision for Loss, Gross | -400 | -1,050 | -2,500 | |
Allowance for Loan and Lease Losses, Charge-offs | -43 | -275 | -202 | -754 |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 143 | 627 | 402 | 1,659 |
Loans and Leases Receivable, Allowance, Ending Balance | 11,701 | 14,048 | 11,701 | 14,048 |
Commercial business | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,579 | 1,913 | 2,409 | 2,128 |
Allowance for Loan and Lease Losses, Provision for Loss, Gross | 117 | -170 | -644 | -503 |
Allowance for Loan and Lease Losses, Charge-offs | -16 | -36 | -89 | -135 |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 24 | 306 | 28 | 523 |
Loans and Leases Receivable, Allowance, Ending Balance | 1,704 | 2,013 | 1,704 | 2,013 |
Commercial Real Estate | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 5,187 | 6,787 | 5,269 | 5,979 |
Allowance for Loan and Lease Losses, Provision for Loss, Gross | -868 | -652 | -922 | 313 |
Allowance for Loan and Lease Losses, Charge-offs | -102 | -28 | -274 | |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 8 | 23 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 4,319 | 6,041 | 4,319 | 6,041 |
Land | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 265 | 815 | 340 | 2,019 |
Allowance for Loan and Lease Losses, Provision for Loss, Gross | 192 | -782 | -1 | -2,461 |
Allowance for Loan and Lease Losses, Charge-offs | -45 | |||
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 102 | 289 | 220 | 809 |
Loans and Leases Receivable, Allowance, Ending Balance | 559 | 322 | 559 | 322 |
Multi-Family | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 360 | 269 | 203 | 541 |
Allowance for Loan and Lease Losses, Provision for Loss, Gross | -1 | -101 | 156 | -373 |
Loans and Leases Receivable, Allowance, Ending Balance | 359 | 168 | 359 | 168 |
Real estate construction | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 319 | 235 | 387 | 221 |
Allowance for Loan and Lease Losses, Provision for Loss, Gross | 461 | 5 | 393 | 22 |
Allowance for Loan and Lease Losses, Charge-offs | -7 | |||
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 4 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 780 | 240 | 780 | 240 |
Total consumer | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,822 | 1,845 | 2,653 | 2,949 |
Allowance for Loan and Lease Losses, Provision for Loss, Gross | 60 | 215 | 150 | -1,009 |
Allowance for Loan and Lease Losses, Charge-offs | -27 | -137 | -85 | -293 |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 17 | 24 | 154 | 300 |
Loans and Leases Receivable, Allowance, Ending Balance | 2,872 | 1,947 | 2,872 | 1,947 |
Unallocated | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,469 | 1,832 | 1,290 | 1,806 |
Allowance for Loan and Lease Losses, Provision for Loss, Gross | -361 | 1,485 | -182 | 1,511 |
Loans and Leases Receivable, Allowance, Ending Balance | $1,108 | $3,317 | $1,108 | $3,317 |
Allowance_for_Loan_Losses_Sche5
Allowance for Loan Losses: Schedule of Impaired Financing Receivables (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $136 | $279 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,565 | 12,272 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 11,701 | 12,551 |
Financing Receivable, Individually Evaluated for Impairment | 23,961 | 25,950 |
Financing Receivable, Collectively Evaluated for Impairment | 555,138 | 507,538 |
Financing Receivable, Evaluated for Impairment | 579,099 | 533,488 |
Commercial business | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,704 | 2,409 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 1,704 | 2,409 |
Financing Receivable, Individually Evaluated for Impairment | 1,188 | 947 |
Financing Receivable, Collectively Evaluated for Impairment | 81,096 | 70,685 |
Financing Receivable, Evaluated for Impairment | 82,284 | 71,632 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 9 | 137 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,310 | 5,132 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 4,319 | 5,269 |
Financing Receivable, Individually Evaluated for Impairment | 17,048 | 18,122 |
Financing Receivable, Collectively Evaluated for Impairment | 273,367 | 269,386 |
Financing Receivable, Evaluated for Impairment | 290,415 | 287,508 |
Land | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 559 | 340 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 559 | 340 |
Financing Receivable, Individually Evaluated for Impairment | 800 | 858 |
Financing Receivable, Collectively Evaluated for Impairment | 14,262 | 15,387 |
Financing Receivable, Evaluated for Impairment | 15,062 | 16,245 |
Multi-Family | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 359 | 203 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 359 | 203 |
Financing Receivable, Individually Evaluated for Impairment | 2,290 | 2,014 |
Financing Receivable, Collectively Evaluated for Impairment | 29,263 | 19,114 |
Financing Receivable, Evaluated for Impairment | 31,553 | 21,128 |
Real estate construction | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 780 | 387 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 780 | 387 |
Financing Receivable, Collectively Evaluated for Impairment | 29,199 | 19,482 |
Financing Receivable, Evaluated for Impairment | 29,199 | 19,482 |
Total consumer | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 127 | 142 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,745 | 2,511 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 2,872 | 2,653 |
Financing Receivable, Individually Evaluated for Impairment | 2,635 | 4,009 |
Financing Receivable, Collectively Evaluated for Impairment | 127,951 | 113,484 |
Financing Receivable, Evaluated for Impairment | 130,586 | 117,493 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,108 | 1,290 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | $1,108 | $1,290 |
Allowance_for_Loan_Losses_Deta
Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||||
Interest income foregone on non-accrual loans | $83,000 | $165,000 | $351,000 | $777,000 |
Loans and Leases Receivable, Impaired, Description | : A loan is considered impaired when it is probable that the Company will be unable to collect all amounts (principal and interest) due according to the contractual terms of the original loan agreement. Typically, factors used in determining if a loan is impaired include, but are not limited to, whether the loan is 90 days or more delinquent, internally designated as substandard or worse, on non-accrual status or represents a troubled debt restructuring (“TDR”). | |||
Financing Receivable, Modifications, Nature and Extent of Transaction | TDRs are loans where the Company, for economic or legal reasons related to the borrower's financial condition, has granted a concession to the borrower that it would otherwise not consider. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or face amount of the loan, a reduction of accrued interest, or an extension of the maturity date(s) at a stated interest rate lower than the current market rate for a new loan with similar risk. | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $0 |
Allowance_for_Loan_Losses_Fina1
Allowance for Loan Losses: Financing Receivables, Aging of loans (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | $2,570 | $2,247 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 7,729 | 14,062 |
Financing Receivable, Recorded Investment, Past Due | 10,299 | 16,309 |
Financing Receivable, Recorded Investment, Current | 568,800 | 517,179 |
Financing Receivable | 579,099 | 533,488 |
Commercial business | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 183 | 120 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 96 | 452 |
Financing Receivable, Recorded Investment, Past Due | 279 | 572 |
Financing Receivable, Recorded Investment, Current | 82,005 | 71,060 |
Financing Receivable | 82,284 | 71,632 |
Commercial Real Estate | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 1,562 | 188 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 3,003 | 8,067 |
Financing Receivable, Recorded Investment, Past Due | 4,565 | 8,255 |
Financing Receivable, Recorded Investment, Current | 285,850 | 279,253 |
Financing Receivable | 290,415 | 287,508 |
Land | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 800 | 800 |
Financing Receivable, Recorded Investment, Past Due | 800 | 800 |
Financing Receivable, Recorded Investment, Current | 14,262 | 15,445 |
Financing Receivable | 15,062 | 16,245 |
Multi-Family | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 359 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,290 | 2,014 |
Financing Receivable, Recorded Investment, Past Due | 2,290 | 2,373 |
Financing Receivable, Recorded Investment, Current | 29,263 | 18,755 |
Financing Receivable | 31,553 | 21,128 |
Real estate construction | ||
Financing Receivable, Recorded Investment, Current | 29,199 | 19,482 |
Financing Receivable | 29,199 | 19,482 |
Total consumer | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 825 | 1,580 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,540 | 2,729 |
Financing Receivable, Recorded Investment, Past Due | 2,365 | 4,309 |
Financing Receivable, Recorded Investment, Current | 128,221 | 113,184 |
Financing Receivable | $130,586 | $117,493 |
Allowance_for_Loan_Losses_Sche6
Allowance for Loan Losses: Schedule of Credit Quality Indicators (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Weighted Average Risk Grade | 3.64 | 3.82 | ||
Loans Receivable, Credit Quality Classified | $19,352 | [1] | $33,814 | [2] |
Total of risk-rated loans | 449,298 | 418,503 | ||
Commercial business | ||||
Weighted Average Risk Grade | 3.4 | 3.54 | ||
Loans Receivable, Credit Quality Classified | 673 | [1] | 8,419 | [2] |
Commercial Real Estate | ||||
Weighted Average Risk Grade | 3.69 | 3.87 | ||
Loans Receivable, Credit Quality Classified | 12,193 | [1] | 19,838 | [2] |
Land | ||||
Weighted Average Risk Grade | 4.21 | 3.88 | ||
Loans Receivable, Credit Quality Classified | 800 | [1] | 800 | [2] |
Multi-Family | ||||
Weighted Average Risk Grade | 3.55 | 3.81 | ||
Loans Receivable, Credit Quality Classified | 2,303 | [1] | 2,028 | [2] |
Real estate construction | ||||
Weighted Average Risk Grade | 3.5 | 3.08 | ||
Loans Receivable, Credit Quality Classified | 1,843 | [1] | ||
Total consumer | ||||
Weighted Average Risk Grade | 7 | [3] | 7 | [3] |
Loans Receivable, Credit Quality Classified | $1,540 | [1] | $2,729 | [2] |
[1] | Classified loans consist of substandard, doubtful and loss loans. | |||
[2] | Classified loans include loans under the credit quality indicator categories of substandard, doubtful and loss. | |||
[3] | Consumer loans are primarily evaluated on a homogenous pool level and generally not individually risk rated unless certain factors are met. |
Allowance_for_Loan_Losses_Impa1
Allowance for Loan Losses: Impaired Financing Receivables (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $21,050 | $24,371 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,911 | 1,579 |
Impaired Financing Receivable, Recorded Investment | 23,961 | 25,950 |
Impaired Financing Receivable, Unpaid Principal Balance | 25,753 | 29,271 |
Impaired Financing Receivable, Related Allowance | 136 | 279 |
Commercial business | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,188 | 947 |
Impaired Financing Receivable, Recorded Investment | 1,188 | 947 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,342 | 1,067 |
Commercial Real Estate | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 15,486 | 17,956 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,562 | 166 |
Impaired Financing Receivable, Recorded Investment | 17,048 | 18,122 |
Impaired Financing Receivable, Unpaid Principal Balance | 17,907 | 20,601 |
Impaired Financing Receivable, Related Allowance | 9 | 137 |
Land | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 800 | 858 |
Impaired Financing Receivable, Recorded Investment | 800 | 858 |
Impaired Financing Receivable, Unpaid Principal Balance | 804 | 861 |
Multi-Family | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,290 | 2,014 |
Impaired Financing Receivable, Recorded Investment | 2,290 | 2,014 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,462 | 2,103 |
Total consumer | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,286 | 2,596 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,349 | 1,413 |
Impaired Financing Receivable, Recorded Investment | 2,635 | 4,009 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,238 | 4,639 |
Impaired Financing Receivable, Related Allowance | $127 | $142 |
Allowance_for_Loan_Losses_Sche7
Allowance for Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Impaired Financing Receivable, Average Recorded Investment | $24,050 | $26,103 | $24,895 | $29,714 |
Loans and Leases Receivable, Impaired, Interest Income Recognized | 153 | 133 | 438 | 449 |
Commercial business | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,203 | 1,610 | 1,070 | 1,201 |
Loans and Leases Receivable, Impaired, Interest Income Recognized | 14 | 14 | 36 | 37 |
Commercial Real Estate | ||||
Impaired Financing Receivable, Average Recorded Investment | 17,086 | 17,452 | 17,436 | 19,783 |
Loans and Leases Receivable, Impaired, Interest Income Recognized | 121 | 111 | 346 | 362 |
Land | ||||
Impaired Financing Receivable, Average Recorded Investment | 800 | 1,640 | 821 | 2,103 |
Loans and Leases Receivable, Impaired, Interest Income Recognized | 1 | 5 | ||
Multi-Family | ||||
Impaired Financing Receivable, Average Recorded Investment | 2,299 | 2,298 | 2,239 | 2,944 |
Loans and Leases Receivable, Impaired, Interest Income Recognized | 15 | |||
Total consumer | ||||
Impaired Financing Receivable, Average Recorded Investment | 2,662 | 3,103 | 3,329 | 3,597 |
Loans and Leases Receivable, Impaired, Interest Income Recognized | 18 | 7 | 56 | 30 |
Real estate construction | ||||
Impaired Financing Receivable, Average Recorded Investment | $86 |
Allowance_for_Loan_Losses_Trou1
Allowance for Loan Losses: Troubled Debt Restructurings on Financing Receivables (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 5 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $344 | $7,440 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 333 | 6,706 |
Commercial business | ||
Financing Receivable, Modifications, Number of Contracts | 2 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 310 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 270 | |
Commercial Real Estate | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 344 | 4,525 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 333 | 4,330 |
Multi-Family | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 2,562 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,065 | |
Total consumer | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 43 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $41 |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances: Federal Home Loan Bank, Advances (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Details | |
Federal Home Loan Bank Advances | $2,100 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 0.34% |
Junior_Subordinated_Debenture_1
Junior Subordinated Debenture (Details) (USD $) | 3 Months Ended |
Dec. 31, 2014 | |
Details | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $22,700,000 |
Deferred interest paid | 4,000,000 |
Debentures issued to grantor trusts | 22,700,000 |
Common securities issued by grantor trusts | $681,000 |
Junior_Subordinated_Debenture_2
Junior Subordinated Debenture: Schedule of terms of the current Debentures (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Long-term Debt, Gross | $22,681 |
Riverview Bancorp Statutory Trust I | |
Debt Instrument, date of issuance | Dec-05 |
Long-term Debt, Gross | 7,217 |
Debt Instrument, Interest Rate Terms | Variable (1) |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.88% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.60% |
Debt Instrument, Maturity Date, Description | Mar-36 |
Riverview Bancorp Statutory Trust II | |
Debt Instrument, date of issuance | Jun-07 |
Long-term Debt, Gross | $15,464 |
Debt Instrument, Interest Rate Terms | Variable (2) |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.03% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.59% |
Debt Instrument, Maturity Date, Description | Sep-37 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (loss): Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Details | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | ($212) | [1] | ($526) | [1] | ($647) | [1] | ($1,013) | [1] |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 531 | [1] | -149 | [1] | 966 | [1] | 338 | [1] |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -104 | [2] | -104 | [2] | ||||
Other comprehensive income (loss), total | 427 | [1] | -149 | [1] | 862 | [1] | 338 | [1] |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $215 | [1] | ($675) | [1] | $215 | [1] | ($675) | [1] |
[1] | All Amounts are net of tax. Amounts in parenthesis indicate debits. | |||||||
[2] | See following table for details about reclassifications. |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (loss): Reclassification out of Accumulated Other Comprehensive Income (Details) (USD $) | 9 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Net Income (Loss) | $2,973 | $2,782 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 158 | 158 | |
Income Tax Expense (Benefit) | -54 | -54 | |
Net Income (Loss) | $104 | $104 |
Fair_Value_Measurement_Schedul2
Fair Value Measurement: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments, Fair Value Disclosure | $118,366 | $101,969 |
Trust preferred | ||
Investments, Fair Value Disclosure | 1,860 | 1,903 |
US Government Agencies Debt Securities | ||
Investments, Fair Value Disclosure | 15,290 | 21,491 |
Real estate mortgage investment conduits | ||
Investments, Fair Value Disclosure | 23,804 | 7,150 |
Mortgage-backed | ||
Investments, Fair Value Disclosure | 71,747 | 65,413 |
Other mortgage-backed securities | ||
Investments, Fair Value Disclosure | 5,665 | 6,012 |
Fair Value, Inputs, Level 2 | ||
Investments, Fair Value Disclosure | 116,506 | 100,066 |
Fair Value, Inputs, Level 2 | US Government Agencies Debt Securities | ||
Investments, Fair Value Disclosure | 15,290 | 21,491 |
Fair Value, Inputs, Level 2 | Real estate mortgage investment conduits | ||
Investments, Fair Value Disclosure | 23,804 | 7,150 |
Fair Value, Inputs, Level 2 | Mortgage-backed | ||
Investments, Fair Value Disclosure | 71,747 | 65,413 |
Fair Value, Inputs, Level 2 | Other mortgage-backed securities | ||
Investments, Fair Value Disclosure | 5,665 | 6,012 |
Fair Value, Inputs, Level 3 | ||
Investments, Fair Value Disclosure | 1,860 | 1,903 |
Fair Value, Inputs, Level 3 | Trust preferred | ||
Investments, Fair Value Disclosure | $1,860 | $1,903 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Details | ||
Fair Value, Level 3 Transfers in, Description | There were no transfers of assets in to or out of Level 1, 2 or 3 | There were no transfers of assets in to or out of Level 1, 2 or 3 |
Fair_Value_Measurement_Fair_Va2
Fair Value Measurement: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $1,903 | $1,238 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -43 | 683 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $1,860 | $1,921 |
Fair_Value_Measurement_Schedul3
Fair Value Measurement: Schedule of Assets measured at fair value on a non-recurring basis (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Assets, Fair Value Disclosure, Nonrecurring | $4,619 |
Impaired loans | |
Assets, Fair Value Disclosure, Nonrecurring | 3,426 |
Real estate owned | |
Assets, Fair Value Disclosure, Nonrecurring | 1,193 |
Fair Value, Inputs, Level 3 | |
Assets, Fair Value Disclosure, Nonrecurring | 4,619 |
Fair Value, Inputs, Level 3 | Impaired loans | |
Assets, Fair Value Disclosure, Nonrecurring | 3,426 |
Fair Value, Inputs, Level 3 | Real estate owned | |
Assets, Fair Value Disclosure, Nonrecurring | $1,193 |
Fair_Value_Measurement_Fair_Va3
Fair Value Measurement: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details) | 9 Months Ended | |
Dec. 31, 2014 | ||
Loans measured for impairment | ||
Fair Value Measurements, Valuation Techniques | Appraised value | |
Significant unobservable inputs | Adjustment for market conditions | |
Market adjustment to appraisals | 0.00% | [1] |
Real estate owned | ||
Fair Value Measurements, Valuation Techniques | Appraised value | |
Significant unobservable inputs | Adjustment for market conditions | |
Market adjustment to appraisals | 0.00% | [1] |
[1] | There were no adjustments to appraised values at December 31, 2014 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments: Fair Value, Option, Quantitative Disclosures (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 | Cash | ||
Value of Assets | $21,981 | $68,577 |
Fair Value, Inputs, Level 1 | Demand Deposits | ||
Value of Liabilities | 548,301 | 527,813 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Value of Assets | 27,408 | 37,176 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | ||
Value of Assets | 15,290 | 21,491 |
Fair Value, Inputs, Level 2 | Mortgage-backed securities held to maturity | ||
Value of Assets | 90 | 104 |
Fair Value, Inputs, Level 2 | Mortgage-backed securities available for sale | ||
Value of Assets | 101,216 | 78,575 |
Fair Value, Inputs, Level 2 | Loans held for sale | ||
Value of Assets | 724 | 1,024 |
Fair Value, Inputs, Level 2 | Federal Home Loan Bank Borrowings | ||
Value of Assets | 6,120 | 6,744 |
Fair Value, Inputs, Level 2 | Time Deposits | ||
Value of Liabilities | 140,681 | 162,020 |
Fair Value, Inputs, Level 2 | Federal Home Loan Bank advances | ||
Value of Liabilities | 2,100 | |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | ||
Value of Assets | 1,860 | 1,903 |
Fair Value, Inputs, Level 3 | Loans Receivable | ||
Value of Assets | 524,376 | 480,454 |
Fair Value, Inputs, Level 3 | Subordinated Debt Obligations | ||
Value of Liabilities | 10,255 | 11,233 |
Estimate of Fair Value, Fair Value Disclosure | Cash | ||
Value of Assets | 21,981 | 68,577 |
Estimate of Fair Value, Fair Value Disclosure | Certificates of Deposit | ||
Value of Assets | 27,408 | 37,176 |
Estimate of Fair Value, Fair Value Disclosure | Available-for-sale Securities | ||
Value of Assets | 17,150 | 23,394 |
Estimate of Fair Value, Fair Value Disclosure | Mortgage-backed securities held to maturity | ||
Value of Assets | 90 | 104 |
Estimate of Fair Value, Fair Value Disclosure | Mortgage-backed securities available for sale | ||
Value of Assets | 101,216 | 78,575 |
Estimate of Fair Value, Fair Value Disclosure | Loans Receivable | ||
Value of Assets | 524,376 | 480,454 |
Estimate of Fair Value, Fair Value Disclosure | Loans held for sale | ||
Value of Assets | 724 | 1,024 |
Estimate of Fair Value, Fair Value Disclosure | Federal Home Loan Bank Borrowings | ||
Value of Assets | 6,120 | 6,744 |
Estimate of Fair Value, Fair Value Disclosure | Demand Deposits | ||
Value of Liabilities | 548,301 | 527,813 |
Estimate of Fair Value, Fair Value Disclosure | Time Deposits | ||
Value of Liabilities | 140,681 | 162,020 |
Estimate of Fair Value, Fair Value Disclosure | Federal Home Loan Bank advances | ||
Value of Liabilities | 2,100 | |
Estimate of Fair Value, Fair Value Disclosure | Subordinated Debt Obligations | ||
Value of Liabilities | 10,255 | 11,233 |
Carrying (Reported) Amount, Fair Value Disclosure | Cash | ||
Value of Assets | 21,981 | 68,577 |
Carrying (Reported) Amount, Fair Value Disclosure | Certificates of Deposit | ||
Value of Assets | 27,214 | 36,925 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | ||
Value of Assets | 17,150 | 23,394 |
Carrying (Reported) Amount, Fair Value Disclosure | Mortgage-backed securities held to maturity | ||
Value of Assets | 88 | 101 |
Carrying (Reported) Amount, Fair Value Disclosure | Mortgage-backed securities available for sale | ||
Value of Assets | 101,216 | 78,575 |
Carrying (Reported) Amount, Fair Value Disclosure | Loans Receivable | ||
Value of Assets | 567,398 | 520,937 |
Carrying (Reported) Amount, Fair Value Disclosure | Loans held for sale | ||
Value of Assets | 724 | 1,024 |
Carrying (Reported) Amount, Fair Value Disclosure | Federal Home Loan Bank Borrowings | ||
Value of Assets | 6,120 | 6,744 |
Carrying (Reported) Amount, Fair Value Disclosure | Demand Deposits | ||
Value of Liabilities | 548,301 | 527,813 |
Carrying (Reported) Amount, Fair Value Disclosure | Time Deposits | ||
Value of Liabilities | 141,029 | 162,253 |
Carrying (Reported) Amount, Fair Value Disclosure | Federal Home Loan Bank advances | ||
Value of Liabilities | 2,100 | |
Carrying (Reported) Amount, Fair Value Disclosure | Subordinated Debt Obligations | ||
Value of Liabilities | $22,681 | $22,681 |
Commitments_and_Contingencies_1
Commitments and Contingencies: Schedule of significant off-balance sheet commitments (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
COMMITMENTS AND CONTINGENCIES | [1] | [1] | ||
Commitments to Originate Loans | ||||
Commitments to originate loans, Adjustable Rate | 23,840 | |||
Commitments to originate loans, Fixed Rate | 6,734 | |||
Standby letters of credit | 791 | |||
Undisbursed loan funds, and unused lines of credit | 75,354 | |||
COMMITMENTS AND CONTINGENCIES | $106,719 | |||
[1] | See Note 16. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Details | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | $3,100 | [1] |
Loans under warranty | $117,200 | [2] |
[1] | Commitments to sell residential loans to the FHLMC. Typically, these agreements are short term fixed rate commitments and no material gain or loss is likely. | |
[2] | Substantially represents the unpaid principal balance of the Company's loans serviced for FHLMC. The Bank believes that the potential for loss under these arrangements is remote. Accordingly, no contingent liability has been recorded in the consolidated financial statements. |