Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | 31-May-15 | Sep. 30, 2014 | |
Document and Entity Information: | |||
Entity Registrant Name | RIVERVIEW BANCORP INC | ||
Document Type | 10-K | ||
Document Period End Date | 31-Mar-15 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1041368 | ||
Current Fiscal Year End Date | -28 | ||
Entity Common Stock, Shares Outstanding | 22,507,890 | ||
Entity Public Float | $89,662,841 | ||
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 | FY |
RIVERVIEW_BANCORP_INC_AND_SUBS
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash, including interest-earning accounts | $58,659 | [1] | $68,577 | [2] |
Certificate of deposits held for investment | 25,969 | 36,925 | ||
Loans held for sale | 778 | 1,024 | ||
Investment securities available for sale, at fair value | 15,751 | [3] | 23,394 | [4] |
Mortgage-backed securities held to maturity, at amortized cost | 86 | [5] | 101 | [6] |
Mortgage-backed securities available for sale, at fair value | 96,712 | [7] | 78,575 | [8] |
Loans receivable | 569,010 | [9] | 520,937 | [10] |
Real estate and other personal property owned | 1,603 | 7,703 | ||
Prepaid expenses and other assets | 3,236 | 3,197 | ||
Accrued interest receivable | 2,139 | 1,836 | ||
Federal Home Loan Bank stock, at cost | 5,924 | 6,744 | ||
Premises and equipment, net | 15,434 | 16,417 | ||
Deferred income taxes, net | 12,568 | 15,433 | ||
Mortgage servicing rights, net | 399 | 369 | ||
Goodwill | 25,572 | 25,572 | ||
Core deposit intangible, net | 2 | 26 | ||
Bank owned life insurance | 24,908 | 17,691 | ||
TOTAL ASSETS | 858,750 | 824,521 | ||
LIABILITIES: | ||||
Deposit accounts | 720,850 | 690,066 | ||
Accrued expenses and other liabilities | 8,111 | 10,497 | ||
Advance payments by borrowers for taxes and insurance | 495 | 467 | ||
Junior subordinated debentures | 22,681 | 22,681 | ||
Capital lease obligations | 2,276 | 2,361 | ||
Total liabilities | 754,413 | 726,072 | ||
COMMITMENTS AND CONTINGENCIES | [11] | [11] | ||
Shareholders' equity attributable to Parent | ||||
Serial preferred stock | [12] | [12] | ||
Common Stock | 225 | [13] | 225 | [14] |
Additional paid-in capital | 65,268 | 65,195 | ||
Retained earnings | 37,830 | 33,592 | ||
Unearned shares issued to employee stock ownership trust | -284 | -387 | ||
Accumulated other comprehensive income (loss) | 762 | [15] | -647 | [15] |
Total shareholders' equity | 103,801 | 97,978 | ||
Shareholders' Equity attributable to non-controlling interest | 536 | 471 | ||
Total Shareholders' Equity, including portion attributable to non-controlling interest | 104,337 | 98,449 | ||
TOTAL LIABILITIES AND EQUITY | $858,750 | $824,521 | ||
[1] | Including interest-earning accounts of $45,490. | |||
[2] | Including interest-earning accounts of $51,715. | |||
[3] | Amortized cost of $15,927. | |||
[4] | Amortized cost of $23,866. | |||
[5] | Fair value of $88. | |||
[6] | Fair value of $104. | |||
[7] | Amortized cost of $95,382. | |||
[8] | Amortized cost of $79,083. | |||
[9] | Net of allowance for loan losses of $10,762. | |||
[10] | Net of allowance for loan losses of $12,551. | |||
[11] | See Note 20. | |||
[12] | Serial preferred stock, $.01 par value; 250,000 authorized, none issued and outstanding. | |||
[13] | Common stock, $.01 par value; 50,000,000 authorized, 22,489,890 issued and outstanding. | |||
[14] | Common stock, $.01 par value; 50,000,000 authorized, 22,471,890 issued and outstanding. | |||
[15] | All Amounts are net of tax. Amounts in parenthesis indicate debits. |
RIVERVIEW_BANCORP_INC_AND_SUBS1
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position | ||
Interest-Earning accounts included in Cash | $45,490 | $51,715 |
Amortized Cost of Investment securities available for sale | 15,927 | 23,866 |
Fair Value of Mortgage-backed securities held to maturity | 95,382 | 79,083 |
Amortized Cost of Mortgage-backed securities available for sale | 88 | 104 |
Loans receivable Allowance for Loan Losses | $10,762 | $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 | 22,489,890 | 22,471,890 |
Common stock shares outstanding | 22,489,890 | 22,471,890 |
RIVERVIEW_BANCORP_INC_AND_SUBS2
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
INTEREST INCOME: | |||
Interest and fees on loans receivable | $25,896 | $25,423 | $32,041 |
Interest on investment securities-taxable | 357 | 271 | 276 |
Interest on investment securities-non taxable | 16 | ||
Interest on mortgage-backed securities | 1,917 | 424 | 25 |
Other interest and dividends | 456 | 686 | 574 |
Total interest and dividend income | 28,626 | 26,804 | 32,932 |
INTEREST EXPENSE: | |||
Interest on deposits | 1,326 | 1,973 | 2,667 |
Interest on borrowings | 590 | 595 | 818 |
Total interest expense | 1,916 | 2,568 | 3,485 |
Net interest income | 26,710 | 24,236 | 29,447 |
Less provision for (recapture of) loan losses | -1,800 | -3,700 | 900 |
Net interest income after provision for (recapture of) loan losses | 28,510 | 27,936 | 28,547 |
NON-INTEREST INCOME: | |||
Fees and service charges | 4,317 | 4,258 | 4,695 |
Asset management fees | 2,975 | 2,630 | 2,172 |
Net gain on sale of loans held for sale | 596 | 667 | 1,386 |
Bank owned life insurance income | 716 | 553 | 585 |
Other non-interest income | 271 | 259 | 35 |
Total non-interest income | 8,875 | 8,367 | 8,873 |
NON-INTEREST EXPENSE: | |||
Salaries and employee benefits | 17,805 | 15,755 | 15,325 |
Occupancy and depreciation | 4,778 | 4,811 | 4,970 |
Data processing | 1,807 | 2,058 | 1,420 |
Amortization of core deposit intangible | 24 | 40 | 71 |
Advertising and marketing expense | 628 | 726 | 834 |
FDIC insurance premium | 627 | 1,487 | 1,532 |
State and local taxes | 559 | 462 | 547 |
Telecommunications | 295 | 304 | 384 |
Professional fees | 1,089 | 1,290 | 1,456 |
Real estate owned expenses | 994 | 2,765 | 5,781 |
Other non-interest expense | 2,138 | 2,263 | 2,438 |
Total non-interest expense | 30,744 | 31,961 | 34,758 |
Income (loss) before income taxes | 6,641 | 4,342 | 2,662 |
Provision (Benefit) for income taxes | 2,150 | -15,081 | 29 |
Net Income (Loss) | $4,491 | $19,423 | $2,633 |
Earnings (loss) per common share: | |||
Basic earnings | $0.20 | $0.87 | $0.12 |
Diluted earnings | $0.20 | $0.87 | $0.12 |
Weighted average number of shares outstanding: | |||
Weighted average number of shares outstanding, Basic | 22,392,744 | 22,367,174 | 22,342,541 |
Weighted average number of shares outstanding, Diluted | 22,431,839 | 22,369,175 | 22,342,541 |
RIVERVIEW_BANCORP_INC_AND_SUBS3
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Statements of Comprehensive Income | ||||||
Net Income (Loss) | $4,491 | $19,423 | $2,633 | |||
Other comprehensive income (loss): | ||||||
Unrealized holding gain (loss) on securities, net | 1,513 | [1] | 366 | [2] | 158 | [3] |
Reclassification adjustment of net gain from sale of available for sale securities included in income, net | -104 | [4] | [5] | [5] | ||
Other comprehensive income, attributable to parent | 1,409 | 366 | 158 | |||
Other comprehensive income (loss) attributable to non-controlling interest | 65 | 81 | 59 | |||
Total comprehensive income (loss) | $5,965 | $19,870 | $2,850 | |||
[1] | Net of tax of ($778). | |||||
[2] | Net of tax of ($189). | |||||
[3] | Net of tax of ($81). | |||||
[4] | Net of tax of $54. | |||||
[5] | Net of tax of $0. |
RIVERVIEW_BANCORP_INC_AND_SUBS4
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statements of Comprehensive Income | |||
Tax effect of unrealized holding gain (loss) on securities | ($778) | ($189) | ($81) |
Tax effect of reclassification adjustment of net gain from sale of available for sale securities | $54 | $0 | $0 |
RIVERVIEW_BANCORP_INC_AND_SUBS5
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (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, 2012 | $225 | $65,610 | $11,536 | ($593) | ($1,171) | $544 | $76,151 | |
Balance, Shares at Mar. 31, 2012 | 22,471,890 | |||||||
Net Income (Loss) | 2,633 | 2,633 | ||||||
Stock based compensation expense | 2 | 2 | ||||||
Earned ESOP shares | -61 | 103 | 42 | |||||
Unrealized holding gain (loss) on securities available for sale | 158 | 158 | ||||||
Balance, Value at Mar. 31, 2013 | 225 | 65,551 | 14,169 | -490 | -1,013 | 603 | 79,045 | |
Noncontrolling interest at Mar. 31, 2013 | 59 | 59 | ||||||
Balance, Shares at Mar. 31, 2013 | 22,471,890 | |||||||
Net Income (Loss) | 19,423 | 19,423 | ||||||
Purchase of subsidiary shares from noncontrolling interest | -399 | -213 | -612 | |||||
Stock based compensation expense | 78 | 78 | ||||||
Earned ESOP shares | -35 | 103 | 68 | |||||
Unrealized holding gain (loss) on securities available for sale | 366 | 366 | ||||||
Balance, Value at Mar. 31, 2014 | 225 | 65,195 | 33,592 | -387 | -647 | 471 | 98,449 | |
Noncontrolling interest at Mar. 31, 2014 | 81 | 81 | ||||||
Balance, Shares at Mar. 31, 2014 | 22,471,890 | |||||||
Net Income (Loss) | 4,491 | 4,491 | ||||||
Cash dividend | [1] | -253 | -253 | |||||
Exercise of stock options, Value | 0 | 48 | 48 | |||||
Exercise of stock options, Shares | 18,000 | 18,000 | ||||||
Stock based compensation expense | 26 | 26 | ||||||
Earned ESOP shares | -1 | 103 | 102 | |||||
Unrealized holding gain (loss) on securities available for sale | 1,409 | 1,409 | ||||||
Balance, Value at Mar. 31, 2015 | 225 | 65,268 | 37,830 | -284 | 762 | 536 | 104,337 | |
Noncontrolling interest at Mar. 31, 2015 | $65 | $65 | ||||||
Balance, Shares at Mar. 31, 2015 | 22,489,890 | |||||||
[1] | Cash dividend ($0.01125 per share). |
RIVERVIEW_BANCORP_INC_AND_SUBS6
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income (Loss) | $4,491 | $19,423 | $2,633 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 3,283 | 1,898 | 1,877 |
Mortgage servicing rights valuation adjustment | -2 | 1 | |
Provision for (recapture of) loan losses | -1,800 | -3,700 | 900 |
Provision (benefit) for deferred income taxes | 2,140 | -15,100 | |
Noncash expense related to ESOP | 102 | 68 | 42 |
Increase (decrease) in deferred loan origination fees, net of amortization | 190 | 102 | -333 |
Origination of loans held for sale | -17,991 | -24,413 | -29,121 |
Proceeds from sales of loans held for sale | 18,673 | 24,718 | 29,484 |
Stock based compensation expense | 26 | 78 | 2 |
Writedown of real estate owned | 715 | 2,056 | 4,974 |
Net (gain) loss on loans held for sale, sale of real estate owned, mortgage-backed securities, investment securities and premises and equipment | -663 | -640 | -1,056 |
Income from bank owned life insurance | -716 | -553 | -585 |
Changes in assets and liabilities: | |||
Prepaid expenses and other assets | -159 | 45 | 2,963 |
Accrued interest receivable | -303 | -89 | 411 |
Accrued expenses & other liabilities | -2,424 | 2,637 | -1,189 |
Net cash provided by (used in) operating activities | 5,562 | 6,531 | 11,002 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Loan repayments (originations), net | -24,270 | 24,044 | 102,784 |
Purchase of loans receivable | -22,864 | -22,082 | |
Proceeds from sale of loans held for investment | 31,394 | ||
Proceeds from call, maturity, or sale of investment securities available for sale | 9,980 | 3,000 | 5,000 |
Principal repayments on investment securities available for sale | 847 | 357 | |
Purchase of investment securities available for sale | -2,000 | -19,948 | -5,000 |
Principal repayments on mortgage-backed securities available for sale | 18,553 | 2,669 | 524 |
Principal repayments on mortgage-backed securities held to maturity | 15 | 24 | 46 |
Principal repayments on investment securities held to maturity | 493 | ||
Purchase of mortgage-backed securities available for sale | -50,199 | -81,566 | |
Proceeds from sale of mortgage-backed securities available for sale | 14,225 | 0 | 0 |
Purchase of premises and equipment and capitalized software | -464 | -835 | -2,141 |
Redemption (purchase) of certificates of deposit held for investment | 10,956 | 7,710 | -3,162 |
Proceeds from redemption of Federal Home Loan Bank stock | 820 | 410 | 196 |
Purchase of Bank owned life insurance | -6,500 | ||
Capital expenditures on real estate owned | -72 | ||
Proceeds from sale of real estate owned and premises and equipment | 5,493 | 7,347 | 8,098 |
Net cash provided by (used in) investing activities | -46,255 | -78,380 | 138,517 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in deposit accounts | 30,784 | 26,260 | -80,649 |
Purchase of subsidiary shares from noncontrolling interest | -612 | ||
Proceeds from borrowings | 25,450 | 3,000 | 9,000 |
Repayment of borrowings | -25,450 | -3,000 | -9,000 |
Principal payments under capital lease obligation | -85 | -79 | -73 |
Net increase (decrease) in advance payments by borrowers | 28 | -558 | 225 |
Proceeds from exercise of stock options | 48 | ||
Net cash provided by (used in) financing activities | 30,775 | 25,011 | -80,497 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -9,918 | -46,838 | 69,022 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 68,577 | 115,415 | 46,393 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 58,659 | 68,577 | 115,415 |
Cash paid during the period for: | |||
Interest | 5,457 | 1,974 | 2,689 |
Income taxes | 15 | 31 | 4 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Dividends declared and accrued in other liabilities | 253 | ||
Transfer of loans to real estate owned | 1,512 | 6,331 | 14,075 |
Transfer of real estate owned to loans | 1,333 | 4,946 | 3,859 |
Fair value adjustment to securities available for sale | 2,133 | 555 | 239 |
Income tax effect related to fair value adjustment | ($724) | ($189) | ($81) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2015 | |
Notes | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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. | |
The Company has also established two subsidiary grantor trusts in connection with the issuance of trust preferred securities (see Note 11). In accordance with accounting standards, the accounts and transactions of the trusts are not included in the accompanying consolidated financial statements. | |
Nature of Operations – The Bank is a seventeen branch community-oriented financial institution operating in rural and suburban communities in southwest Washington State and Multnomah and Marion counties of Oregon. The Bank is engaged primarily in the business of attracting deposits from the general public and using such funds, together with other borrowings, to invest in various commercial business, commercial real estate, multi-family real estate, real estate construction, residential real estate and consumer loans. | |
Use of Estimates in the Preparation of Financial Statements – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”), requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of related revenue and expense during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents – Cash and cash equivalents include amounts on hand, due from banks and interest-earning deposits in other banks. Cash and cash equivalents have a maturity of 90 days or less at the time of purchase. | |
Certificates of Deposit Held for Investment – Certificates of deposit held for investments include amounts invested with financial institutions for a stated interest rate and maturity date. Early withdraw penalties apply; however, the Company plans to hold these investments to maturity. | |
Loans Held for Sale – The Company identifies loans held for sale at the time of origination and such loans are carried at the lower of aggregate cost or net realizable value. Market values are derived from available market quotations for comparable pools of mortgage loans. Adjustments for unrealized losses, if any, are charged to income. | |
Gains or losses on sales of loans held for sale are recognized at the time of sale and are determined by the difference between the net sales proceeds and the allocated basis of these loans sold. The Company capitalizes mortgage servicing rights (“MSRs”) acquired through either the purchase of MSRs, the sale of originated mortgage loans or the securitization of mortgage loans with servicing rights retained. Upon sale of mortgage loans held for sale, the total cost of the loans designated for sale is allocated to mortgage loans with and without MSRs based on their relative fair values. The MSRs are included as a component of gain on sale of loans. The MSRs are amortized in proportion to and over the estimated period of the net servicing income and such amortization is reflected as a component of loan servicing income. | |
Securities – Investment securities are classified as held to maturity when the Company has the ability and positive intent to hold such securities to maturity. Investment securities held to maturity are carried at amortized cost. Unrealized losses due to fluctuations in fair value are recognized when it is determined that a credit-related other than temporary decline in value has occurred. Investment securities bought and held principally for the purpose of sale in the near term are classified as trading securities. Securities that the Company intends to hold for an indefinite period, but not necessarily to maturity are classified as available for sale. Such securities may be sold to implement the Company’s asset/liability management strategies and in response to changes in interest rates and similar factors. Securities available for sale are reported at fair value. Unrealized gains and losses, net of the related deferred tax effect, are included in total comprehensive income and are reported as a net amount in a separate component of shareholders’ equity entitled “accumulated other comprehensive income (loss).” Realized gains and losses on securities available for sale, determined using the specific identification method, are included in earnings. Amortization of premiums and accretion of discounts are recognized in interest income over the period to maturity or expected call, if sooner. | |
The Company analyzes investment securities for other than temporary impairment (“OTTI”) on a quarterly basis. OTTI is separated into a credit and noncredit component. Noncredit component losses are recorded in other comprehensive income (loss) when the Company a) does not intend to sell the security or b) is not more likely than not to have to sell the security prior to the security’s anticipated recovery. Credit component losses are reported in non-interest income. | |
Loans – Loans are stated at the amount of unpaid principal, reduced by deferred loan origination fees and an allowance for loan losses. Interest on loans is accrued daily based on the principal amount outstanding. | |
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. 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. | |
Loan origination and commitment fees and certain direct loan origination costs are deferred and amortized as an adjustment of the yield of the related loan. | |
Allowance for Loan Losses – 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 management’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 such loans that are classified as impaired, an allowance is established when the net realizable value of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. Such factors include uncertainties in economic conditions, uncertainties 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 management at the time the consolidated financial statements are prepared. | |
When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for loan losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement. | |
A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due (principal and interest) according to the contractual terms of the loan agreement. Typically, factors used in determining if a loan is impaired include, but are not limited to, loans 90 days or more delinquent, loans internally designated as substandard, loans that are on non-accrual status or trouble debt restructures. 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 three 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. | |
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 repayment potentials are considered 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. | |
A provision for loan losses is charged against income and is added to the allowance for loan losses based on regular assessments of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety. | |
Allowance for Unfunded Loan Commitments – The allowance for unfunded loan commitments is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to these unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities including an assessment of the probability of commitment usage, credit risk factors for loans outstanding to these same customers, and the terms and expiration dates of the unfunded credit facilities. The allowance for unfunded loan commitments is included in other liabilities on the consolidated balance sheets, with changes to the balance charged against non-interest expense. | |
Real Estate Owned (“REO”) – REO consists of properties acquired through foreclosure. Specific charge-offs are taken based upon detailed analysis of the fair value of collateral on the underlying loans on which the Company is in the process of foreclosing. Such collateral is transferred into REO at the fair value less estimated costs of disposal. Subsequently, the Company performs an evaluation of the properties and creates a valuation allowance with an offsetting charge to real estate owned expenses for any declines in value. The amounts the Company will ultimately recover from REO may differ from the amounts used in arriving at the net carrying value of these assets because of future market factors beyond the Company’s control or because of changes in the Company’s strategy for the sale of the property. | |
Federal Home Loan Bank Stock – The Bank, as a member of Federal Home Loan Bank of Seattle (“FHLB”), is required to maintain a minimum investment in capital stock of the FHLB based on specific percentages of its outstanding advances from the FHLB. The Company views its investment in FHLB stock as a long-term investment. Accordingly, when evaluating for impairment, the value is determined based on the ultimate redemption of the par value rather than recognizing temporary declines in value. The determination of whether a decline affects the ultimate redemption is influenced by criteria such as: 1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount and length of time a decline has persisted; 2) impact of legislative and regulatory changes on the FHLB and 3) the liquidity position of the FHLB. The Company evaluated its investment in FHLB stock for OTTI, consistent with its accounting policy. Based on the Company’s evaluation of the underlying investment, including the long-term nature of the investment, the liquidity position of the FHLB and the Company’s intent and ability to hold the investment for a period of time sufficient to be able to redeem its investment at par value, the Company did not recognize an OTTI loss on its FHLB stock. The FHLB Des Moines and FHLB Seattle announced that the members of both banks ratified the agreement and plan of merger approved by their boards of directors in September 2014. The merger became effective on May 31, 2015. | |
Premises and Equipment – Premises and equipment are stated at cost less accumulated depreciation. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvements, whichever is less. Gains or losses on dispositions are reflected in earnings. Depreciation is generally computed on the straight-line method over the following estimated useful lives: building and improvements – up to 45 years; furniture and equipment – three to twenty years; and leasehold improvements – fifteen to twenty-five years, or lease term if shorter. The cost of maintenance and repairs is charged to expense as incurred. Assets are reviewed for impairment when events indicate their carrying value may not be recoverable. If management determines impairment exists the asset is reduced by an offsetting charge to expense. | |
The capitalized lease, less accumulated amortization is included in premises and equipment. The capitalized lease is amortized on a straight-line basis over the lease term and the amortization is included in depreciation expense. | |
Mortgage Servicing Rights – Fees earned for servicing loans for the Federal Home Loan Mortgage Corporation (“FHLMC”) are reported as income when the related mortgage loan payments are collected. Loan servicing costs are charged to expense as incurred. MSRs are the rights to service loans. Loan servicing includes collecting payments, remitting funds to investors, insurance companies and tax authorities, collecting delinquent payments, and foreclosing on properties when necessary. | |
The Company records its originated MSRs at fair value in accordance with accounting standards, which requires the Company to allocate the total cost of all mortgage loans sold to the MSRs and the loans (without the MSRs) based on their relative fair values if it is practicable to estimate those fair values. The Company stratifies its MSRs based on the predominant characteristics of the underlying financial assets including the coupon interest rate and the contractual maturity of the mortgage. An estimated fair value of MSRs is determined quarterly using a discounted cash flow model. The model estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, servicing income, expected prepayment speeds, discount rate, loan maturity and interest rate. The effect of changes in market interest rates on estimated rates of loan prepayments represents the predominant risk characteristic underlying the MSRs portfolio. The Company is amortizing the MSRs in proportion to and over the period of estimated net servicing income. | |
MSRs are reviewed quarterly for impairment based on their fair value. The fair value of the MSRs, for the purposes of impairment, is measured using a discounted cash flow analysis based on market adjusted discount rates, anticipated prepayment speeds, mortgage loan term and coupon rate. Market sources are used to determine prepayment speeds, ancillary income, servicing cost and pre-tax required yield. Impairment losses are recognized through a valuation allowance for each impaired stratum, with any associated provision recorded as a component of loan servicing income. | |
Goodwill – Goodwill is initially recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. The Company performs an annual review in the third quarter of each year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. The impairment test is performed in two phases. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, a second step must be performed. In the second step the implied fair value of the reporting unit is calculated. The implied fair value of goodwill is then compared 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. As of March 31, 2015, the Company had not recognized any impairment loss on the recorded goodwill. | |
Core Deposit Intangible – Core deposit intangibles are amortized to non-interest expense using an accelerated method (based on expected attrition and cash flows of core deposit accounts purchased) over ten years. | |
Advertising and Marketing Expense – Costs incurred for advertising, merchandising, market research, community investment and business development are classified as marketing expense and are expensed as incurred. | |
Income Taxes – Income taxes are accounted for using the asset and liability method. Under this method, a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company’s income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. The Company files a consolidated federal income tax return. The Bank provides for income taxes separately and remits to the Company amounts currently due. | |
Trust Assets – Assets held by RAMCorp in a fiduciary or agency capacity for trust customers are not included in the consolidated financial statements because such items are not assets of the Company. Assets totaling $409.3 million and $359.7 million were held in trust as of March 31, 2015 and 2014, respectively. | |
Earnings Per Share – The Company accounts for earnings per share in accordance with applicable accounting standards, which requires all companies whose capital structure includes dilutive potential common shares to make a dual presentation of basic and diluted earnings per share for all periods presented. Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period, excluding restricted stock and unallocated shares owned by the Company’s Employee Stock Ownership Plan (“ESOP”). Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and has been computed after giving consideration to the weighted average diluted effect of the Company’s stock options. | |
Stock-Based Compensation – The Company accounts for stock based compensation in accordance with accounting guidance for stock compensation. The guidance requires measurement of the compensation cost for all stock-based awards based on the grant-date fair value and recognition of compensation cost over the service period of stock-based awards. The fair value of stock options is determined using the Black-Scholes valuation model. | |
Employee Stock Ownership Plan (“ESOP”) – The Company sponsors a leveraged ESOP. As shares are released, compensation expense is recorded equal to the then current market price of the shares and the shares become available for earnings per share calculations. The Company records cash dividends on unallocated shares as a reduction of debt and accrued interest. | |
Business segments – The Company operates a single business segment. The financial information that is used by the chief operating decision maker in allocating resources and assessing performance is only provided for one reportable segment for years ended March 31, 2015, 2014 and 2013. | |
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. |
Restricted_Assets
Restricted Assets | 12 Months Ended |
Mar. 31, 2015 | |
Notes | |
Restricted Assets | 2. RESTRICTED ASSETS |
Regulations of the Board of Governors of the Federal Reserve System (“Federal Reserve Board”) require that the Bank maintain minimum reserve balances either on hand or on deposit with the Federal Reserve Bank of San Francisco (“FRB”), based on a percentage of deposits. The amounts of such balances as of March 31, 2015 and 2014 were $951,000 and $765,000, respectively, which were in compliance with minimum reserve requirements. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Notes | |||||||||||||||||||
Investment Securities | 3. INVESTMENT SECURITIES | ||||||||||||||||||
The amortized cost and approximate 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-Mar-15 | |||||||||||||||||||
Trust preferred | $ | 1,919 | $ | - | $ | (107 | ) | $ | 1,812 | ||||||||||
Agency securities | 14,008 | 38 | (107 | ) | 13,939 | ||||||||||||||
Total | $ | 15,927 | $ | 38 | $ | (214 | ) | $ | 15,751 | ||||||||||
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 at March 31, 2015 are as follows (in thousands): | |||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||
31-Mar-15 | Cost | Fair Value | |||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||
Due after one year through five years | 13,000 | 12,893 | |||||||||||||||||
Due after five years through ten years | 1,008 | 1,046 | |||||||||||||||||
Due after ten years | 1,919 | 1,812 | |||||||||||||||||
Total | $ | 15,927 | $ | 15,751 | |||||||||||||||
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 | |||||||||||||||||
31-Mar-15 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
Trust preferred | $ | - | $ | - | $ | 1,812 | $ | (107 | ) | $ | 1,812 | $ | (107 | ) | |||||
Agency securities | - | - | 12,893 | (107 | ) | 12,893 | (107 | ) | |||||||||||
Total | $ | - | $ | - | $ | 14,705 | $ | (214 | ) | $ | 14,705 | $ | (214 | ) | |||||
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 March 31, 2015, 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 (representing 2% of the remaining collateral). The Company has estimated an expected default rate of 44% 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 68% 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 year ended March 31, 2015, 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 collectability 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 twelve months ended March 31, 2015. Gross realized gains on sales of investment securities totaled $31,000 for twelve months ended March 31, 2015. The Company had no sales and no realized gains or losses on investment securities for the twelve months ended March 31, 2014 or 2013. Investment securities with an amortized cost of $3.0 million and $1.0 million and a fair value of $3.0 million and $975,000 at March 31, 2015 and 2014, respectively, were pledged as collateral for government public funds held by the Bank. |
Mortgagebacked_Securities
Mortgage-backed Securities | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Notes | |||||||||||||||||||
Mortgage-backed Securities | 4. MORTGAGE-BACKED SECURITIES | ||||||||||||||||||
Mortgage-backed securities held to maturity consisted of the following at the dates indicated (in thousands): | |||||||||||||||||||
31-Mar-15 | Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||||||||
Cost | Gains | Losses | Fair | ||||||||||||||||
Value | |||||||||||||||||||
Mortgage-backed securities (1) | $ | 86 | $ | 2 | $ | - | $ | 88 | |||||||||||
31-Mar-14 | |||||||||||||||||||
Mortgage-backed securities (1) | $ | 101 | $ | 3 | $ | - | $ | 104 | |||||||||||
(1) Comprised of Federal National Mortgage Association (“FNMA”) and FHLMC issued securities. | |||||||||||||||||||
The contractual maturities of mortgage-backed securities held to maturity are as follows (in thousands): | |||||||||||||||||||
31-Mar-15 | 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 | 74 | 75 | |||||||||||||||||
Due after ten years | 12 | 13 | |||||||||||||||||
Total | $ | 86 | $ | 88 | |||||||||||||||
Mortgage-backed securities held to maturity with an amortized cost of $27,000 and $36,000 and a fair value of $27,000 and $37,000 at March 31, 2015 and 2014, respectively, were pledged as collateral for governmental public funds. | |||||||||||||||||||
Mortgage-backed securities available for sale consisted of the following at the dates indicated (in thousands): | |||||||||||||||||||
31-Mar-15 | Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||||||||
Cost | Gains | Losses | Fair | ||||||||||||||||
Value | |||||||||||||||||||
Real estate mortgage investment conduits (1) | $ | 22,455 | $ | 255 | $ | (1 | ) | $ | 22,709 | ||||||||||
Mortgage-backed securities (2) | 67,568 | 1,006 | (60 | ) | 68,514 | ||||||||||||||
Other mortgage-backed securities (3) | 5,359 | 142 | (12 | ) | 5,489 | ||||||||||||||
Total | $ | 95,382 | $ | 1,403 | $ | (73 | ) | $ | 96,712 | ||||||||||
31-Mar-14 | Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||||||||
Cost | Gains | Losses | Fair | ||||||||||||||||
Value | |||||||||||||||||||
Real estate mortgage investment conduits (1) | $ | 7,218 | $ | 9 | $ | (77 | ) | $ | 7,150 | ||||||||||
Mortgage-backed securities (2) | 65,858 | 102 | (547 | ) | 65,413 | ||||||||||||||
Other mortgage-backed securities (3) | 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 issued securities. | |||||||||||||||||||
(3) Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate secured securities issued by FNMA. | |||||||||||||||||||
The contractual maturities of mortgage-backed securities available for sale are as follows (in thousands): | |||||||||||||||||||
31-Mar-15 | Amortized | Estimated | |||||||||||||||||
Cost | Fair Value | ||||||||||||||||||
Due in one year or less | $ | - | $ | - | |||||||||||||||
Due after one year through five years | 2,476 | 2,535 | |||||||||||||||||
Due after five years through ten years | 5,306 | 5,378 | |||||||||||||||||
Due after ten years | 87,600 | 88,799 | |||||||||||||||||
Total | $ | 95,382 | $ | 96,712 | |||||||||||||||
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-Mar-15 | |||||||||||||||||||
Real estate mortgage investment conduits (1) | $ | 1,323 | $ | (1 | ) | $ | - | $ | - | $ | 1,323 | $ | (1 | ) | |||||
Mortgage-backed securities (2) | - | - | 5,098 | (60 | ) | 5,098 | (60 | ) | |||||||||||
Other mortgage-backed securities (3) | - | - | 1,417 | (12 | ) | 1,417 | (12 | ) | |||||||||||
Total | $ | 1,323 | $ | (1 | ) | $ | 6,515 | $ | (72 | ) | $ | 7,838 | $ | (73 | ) | ||||
31-Mar-14 | |||||||||||||||||||
Real estate mortgage investment conduits (4) | $ | 4,996 | $ | (77 | ) | $ | - | $ | - | $ | 4,996 | $ | (77 | ) | |||||
Mortgage-backed securities (2) | 49,177 | (547 | ) | - | - | 49,177 | (547 | ) | |||||||||||
Other mortgage-backed securities (3) | 1,526 | (13 | ) | - | - | 1,526 | (13 | ) | |||||||||||
Total | $ | 55,699 | $ | (637 | ) | $ | - | $ | - | $ | 55,699 | $ | (637 | ) | |||||
(1) Comprised of a FHLMC security | |||||||||||||||||||
(2) Comprised of FHLMC and FNMA issued securities | |||||||||||||||||||
(3) Comprised of SBA issued securities | |||||||||||||||||||
(4) Comprised of FHLMC, FNMA and Ginnie Mae 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 $14.2 million for the year ended March 31, 2015. Gross realized gains on sales of mortgage-backed securities totaled $127,000 for the year ended March 31, 2015. The Company had no sales and no realized gains or losses on mortgage-backed securities for the year ended March 31, 2014 or 2013. Mortgage-backed securities available for sale with an amortized cost of $1.3 million and $1.7 million and a fair value of $1.3 million and $1.7 million at March 31, 2015 and 2014, respectively, were pledged as collateral for government public funds held by the Bank. |
Loans_Receivable
Loans Receivable | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Notes | ||||||||||
Loans Receivable | 5. LOANS RECEIVABLE | |||||||||
Loans receivable at March 31, 2015 and 2014 are reported net of deferred loan fees totaling $2.2 million and $2.0 million, respectively. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): | ||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||
Commercial and construction | ||||||||||
Commercial business | $ | 77,186 | $ | 71,632 | ||||||
Other real estate mortgage (1) | 345,506 | 324,881 | ||||||||
Real estate construction | 30,498 | 19,482 | ||||||||
Total commercial and construction | 453,190 | 415,995 | ||||||||
Consumer | ||||||||||
Real estate one-to-four family | 89,801 | 93,007 | ||||||||
Other installment | 36,781 | 24,486 | ||||||||
Total consumer | 126,582 | 117,493 | ||||||||
Total loans | 579,772 | 533,488 | ||||||||
Less: Allowance for loan losses | 10,762 | 12,551 | ||||||||
Loans receivable, net | $ | 569,010 | $ | 520,937 | ||||||
(1) Other real estate mortgage consists of commercial real estate, land and multi-family loans. | ||||||||||
The Company originates commercial business, commercial real estate, multi-family real estate, real estate construction, residential real estate and other consumer loans. At March 31, 2015 and 2014, the Company had no loans to foreign domiciled businesses or foreign countries, or loans related to highly leveraged transactions. Substantially all of the mortgage loans in the Company’s portfolio are secured by properties located in Washington and Oregon, and accordingly, the ultimate collectibility of a substantial portion of the Company’s loan portfolio is susceptible to changes in the local economic conditions in these markets. 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 March 31, 2015, loans carried at $349.6 million were pledged as collateral to the FHLB and FRB for borrowing arrangements. | ||||||||||
Aggregate loans to officers and directors, all of which are current, consist of the following for the periods indicated (in thousands): | ||||||||||
Year Ended March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Beginning balance | $ | 854 | $ | 1,609 | $ | 1,907 | ||||
Originations | 511 | - | 226 | |||||||
Principal repayments | (132 | ) | (755 | ) | (524 | ) | ||||
Ending balance | $ | 1,233 | $ | 854 | $ | 1,609 |
Allowance_For_Loan_Losses
Allowance For Loan Losses | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Notes | |||||||||||||||||||||||||
Allowance For Loan Losses | 6. ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for loan losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement | |||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
31-Mar-15 | Commercial Business | Commercial Real Estate | Land | Multi-Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
Beginning balance | $ | 2,409 | $ | 5,269 | $ | 340 | $ | 203 | $ | 387 | $ | 2,653 | $ | 1,290 | $ | 12,551 | |||||||||
Provision for (recapture of) | (1,060 | ) | (768 | ) | (72 | ) | 145 | 382 | (164 | ) | (263 | ) | (1,800 | ) | |||||||||||
loan losses | |||||||||||||||||||||||||
Charge-offs | (120 | ) | (233 | ) | - | - | - | (111 | ) | - | (464 | ) | |||||||||||||
Recoveries | 34 | - | 271 | - | - | 170 | - | 475 | |||||||||||||||||
Ending balance | $ | 1,263 | $ | 4,268 | $ | 539 | $ | 348 | $ | 769 | $ | 2,548 | $ | 1,027 | $ | 10,762 | |||||||||
31-Mar-14 | Commercial Business | Commercial Real Estate | Land | Multi-Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
Beginning balance | $ | 2,128 | $ | 5,979 | $ | 2,019 | $ | 541 | $ | 221 | $ | 2,949 | $ | 1,806 | $ | 15,643 | |||||||||
Provision for (recapture of) | 95 | (417 | ) | (2,439 | ) | (338 | ) | 173 | (258 | ) | (516 | ) | (3,700 | ) | |||||||||||
loan losses | |||||||||||||||||||||||||
Charge-offs | (340 | ) | (316 | ) | (90 | ) | - | (11 | ) | (349 | ) | - | (1,106 | ) | |||||||||||
Recoveries | 526 | 23 | 850 | - | 4 | 311 | - | 1,714 | |||||||||||||||||
Ending balance | $ | 2,409 | $ | 5,269 | $ | 340 | $ | 203 | $ | 387 | $ | 2,653 | $ | 1,290 | $ | 12,551 | |||||||||
31-Mar-13 | Commercial Business | Commercial Real Estate | Land | Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
Beginning balance | $ | 2,688 | $ | 5,599 | $ | 4,906 | $ | 1,121 | $ | 412 | $ | 3,274 | $ | 1,921 | $ | 19,921 | |||||||||
Provision for (recapture of) | 928 | 1,865 | (2,149 | ) | (197 | ) | (278 | ) | 846 | (115 | ) | 900 | |||||||||||||
loan losses | |||||||||||||||||||||||||
Charge-offs | (1,606 | ) | (1,494 | ) | (1,753 | ) | (622 | ) | (141 | ) | (1,310 | ) | - | (6,926 | ) | ||||||||||
Recoveries | 118 | 9 | 1,015 | 239 | 228 | 139 | - | 1,748 | |||||||||||||||||
Ending balance | $ | 2,128 | $ | 5,979 | $ | 2,019 | $ | 541 | $ | 221 | $ | 2,949 | $ | 1,806 | $ | 15,643 | |||||||||
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-Mar-15 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||||
Commercial business | $ | - | $ | 1,263 | $ | 1,263 | $ | 1,091 | $ | 76,095 | $ | 77,186 | |||||||||||||
Commercial real estate | - | 4,268 | 4,268 | 15,939 | 283,752 | 299,691 | |||||||||||||||||||
Land | - | 539 | 539 | 801 | 14,557 | 15,358 | |||||||||||||||||||
Multi-family | - | 348 | 348 | 1,922 | 28,535 | 30,457 | |||||||||||||||||||
Real estate construction | - | 769 | 769 | - | 30,498 | 30,498 | |||||||||||||||||||
Consumer | 147 | 2,401 | 2,548 | 2,622 | 123,960 | 126,582 | |||||||||||||||||||
Unallocated | - | 1,027 | 1,027 | - | - | - | |||||||||||||||||||
Total | $ | 147 | $ | 10,615 | $ | 10,762 | $ | 22,375 | $ | 557,397 | $ | 579,772 | |||||||||||||
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 | |||||||||||||
Changes in the allowance for unfunded loan commitments were as follows for the periods indicated (in thousands): | |||||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Beginning balance | $ | 294 | $ | 229 | $ | 217 | |||||||||||||||||||
Net change in allowance for unfunded loan commitments | (35 | ) | 65 | 12 | |||||||||||||||||||||
Ending balance | $ | 259 | $ | 294 | $ | 229 | |||||||||||||||||||
The following tables present an analysis of past due loans at the dates indicated (in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 30-89 Days Past Due | Greater Than 90 Days (Non-Accrual) | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||
Commercial business | $ | 359 | $ | - | $ | 359 | $ | 76,827 | $ | 77,186 | $ | - | |||||||||||||
Commercial real estate | 225 | 3,291 | 3,516 | 296,175 | 299,691 | - | |||||||||||||||||||
Land | - | 801 | 801 | 14,557 | 15,358 | - | |||||||||||||||||||
Multi-family | - | - | - | 30,457 | 30,457 | - | |||||||||||||||||||
Real estate construction | - | - | - | 30,498 | 30,498 | - | |||||||||||||||||||
Consumer | 902 | 1,226 | 2,128 | 124,454 | 126,582 | - | |||||||||||||||||||
Total | $ | 1,486 | $ | 5,318 | $ | 6,804 | $ | 572,968 | $ | 579,772 | $ | - | |||||||||||||
30-89 Days Past Due | Greater Than 90 Days (Non-Accrual) | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | ||||||||||||||||||||
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 | $ | - | |||||||||||||
Interest income foregone on non-accrual loans was $433,000, $949,000 and $1.4 million for the years ended March 31, 2015, 2014 and 2013, respectively. | |||||||||||||||||||||||||
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 well-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-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Weighted-Average Risk Grade | Classified Loans (2) | Weighted-Average Risk Grade | Classified Loans (2) | ||||||||||||||||||||||
Commercial business | 3.3 | $ | 566 | 3.54 | $ | 8,419 | |||||||||||||||||||
Commercial real estate | 3.66 | 6,965 | 3.87 | 19,838 | |||||||||||||||||||||
Land | 4.19 | 801 | 3.88 | 800 | |||||||||||||||||||||
Multi-family | 3.53 | 1,935 | 3.81 | 2,028 | |||||||||||||||||||||
Real estate construction | 3.42 | 1,828 | 3.08 | - | |||||||||||||||||||||
Consumer (1) | 7 | 1,226 | 7 | 2,729 | |||||||||||||||||||||
Total | 3.6 | $ | 13,321 | 3.82 | $ | 33,814 | |||||||||||||||||||
Total loans risk rated | $ | 453,568 | $ | 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: The following tables present an analysis of impaired loans at the dates and for the periods indicated (in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 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 | $ | 1,091 | $ | - | $ | 1,091 | $ | 1,125 | $ | - | |||||||||||||||
Commercial real estate | 15,939 | - | 15,939 | 17,188 | - | ||||||||||||||||||||
Land | 801 | - | 801 | 804 | - | ||||||||||||||||||||
Multi-family | 1,922 | - | 1,922 | 2,058 | - | ||||||||||||||||||||
Real estate construction | - | - | - | - | - | ||||||||||||||||||||
Consumer | 1,276 | 1,346 | 2,622 | 3,211 | 147 | ||||||||||||||||||||
Total | $ | 21,029 | $ | 1,346 | $ | 22,375 | $ | 24,386 | $ | 147 | |||||||||||||||
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 | - | ||||||||||||||||||||
Real estate construction | - | - | - | - | - | ||||||||||||||||||||
Consumer | 2,596 | 1,413 | 4,009 | 4,639 | 142 | ||||||||||||||||||||
Total | $ | 24,371 | $ | 1,579 | $ | 25,950 | $ | 29,271 | $ | 279 | |||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
Average Recorded Investment | Interest Recognized on Impaired Loans | Average Recorded Investment | Interest Recognized on Impaired Loans | Average Recorded Investment | Interest Recognized on Impaired Loans | ||||||||||||||||||||
Commercial business | $ | 1,075 | $ | 62 | $ | 1,150 | $ | 43 | $ | 3,986 | $ | 98 | |||||||||||||
Commercial real estate | 17,136 | 478 | 19,451 | 472 | 20,705 | 388 | |||||||||||||||||||
Land | 817 | - | 1,854 | 5 | 6,818 | 78 | |||||||||||||||||||
Multi-family | 2,176 | 17 | 2,758 | 16 | 7,822 | 127 | |||||||||||||||||||
Real estate construction | - | - | 69 | - | 2,365 | - | |||||||||||||||||||
Consumer | 3,187 | 85 | 3,679 | 47 | 4,961 | 105 | |||||||||||||||||||
Total | $ | 24,391 | $ | 642 | $ | 28,961 | $ | 583 | $ | 46,657 | $ | 796 | |||||||||||||
A trouble debt restructurings (“TDR”) is a loan 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 (dollars in thousands): | |||||||||||||||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | ||||||||||||||||||||||||
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 | - | $ | - | $ | - | 3 | $ | 504 | $ | 465 | |||||||||||||||
Commercial real estate | 1 | 344 | 327 | 4 | 6,295 | 6,210 | |||||||||||||||||||
Multi-family | - | - | - | 1 | 2,562 | 2,014 | |||||||||||||||||||
Consumer | - | - | - | 4 | 573 | 561 | |||||||||||||||||||
Total | 1 | $ | 344 | $ | 327 | 12 | $ | 9,934 | $ | 9,250 | |||||||||||||||
There were no TDRs that were recorded in the twelve months prior to March 31, 2015 and 2014 that subsequently defaulted in the twelve months ended March 31, 2015 and 2014. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Notes | ||||||||
Premises and Equipment | 7. PREMISES AND EQUIPMENT | |||||||
Premises and equipment consisted of the following at the dates indicated (in thousands): | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Land | $ | 4,177 | $ | 4,177 | ||||
Buildings and improvements | 13,971 | 13,925 | ||||||
Leasehold improvements | 1,286 | 1,429 | ||||||
Furniture and equipment | 10,471 | 10,533 | ||||||
Buildings under capitalized leases | 2,715 | 2,715 | ||||||
Construction in progress | 720 | 720 | ||||||
Total | 33,340 | 33,499 | ||||||
Less accumulated depreciation and amortization | (17,906 | ) | (17,082 | ) | ||||
Premises and equipment, net | $ | 15,434 | $ | 16,417 | ||||
Depreciation expense was $1.4 million, $1.4 million and $1.5 million for the years ended March 31, 2015, 2014 and 2013, respectively. The Company is obligated under various noncancellable lease agreements for land and buildings that require future minimum rental payments, exclusive of taxes and other charges. | ||||||||
During fiscal year 2006, the Company entered into a capital lease for the shell of the building constructed as the Company’s operations center. The lease period is for twelve years with two six-year lease renewal options. For the years ended March 31, 2015, 2014 and 2013, the Company recorded $113,000 in amortization expense. At March 31, 2015 and 2014, accumulated amortization for the capital lease totaled $1.1 million and $939,000, respectively. | ||||||||
In March 2010, the Company sold two of its branch locations. The Company maintains a substantial continuing involvement in the locations through various non-cancellable operating leases that contain certain renewal options. The resulting gain on sale of $2.1 million was deferred and is being amortized over the life of the respective leases. At March 31, 2015, the deferred gain was $1.3 million and is included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. | ||||||||
The following is a schedule of future minimum lease payments under capital leases together with the present value of net minimum lease payments and the future minimum rental payments required under operating leases that have initial or noncancellable lease terms in excess of one year as of March 31, 2015 (in thousands): | ||||||||
Year Ending March 31: | Operating Lease | Capital Lease | ||||||
2016 | $ | 1,534 | $ | 251 | ||||
2017 | 1,395 | 251 | ||||||
2018 | 1,317 | 251 | ||||||
2019 | 1,054 | 251 | ||||||
2020 | 1,023 | 251 | ||||||
Thereafter | 1,273 | 2,427 | ||||||
Total minimum lease payments | $ | 7,596 | 3,682 | |||||
Less amount representing interest | (1,406 | ) | ||||||
Present value of net minimum lease payments | $ | 2,276 | ||||||
Rent expense was $1.9 million, $1.8 million and $1.8 million for the years ended March 31, 2015, 2014 and 2013, respectively. |
Real_Estate_Owned
Real Estate Owned | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Notes | |||||||||||
Real Estate Owned | 8. REAL ESTATE OWNED | ||||||||||
The following table is a summary of the activity in REO for the periods indicated (in thousands): | |||||||||||
Year Ended March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Balance at beginning of year, net | $ | 7,703 | $ | 15,638 | $ | 18,731 | |||||
Additions | 1,512 | 6,564 | 14,207 | ||||||||
Dispositions | (6,897 | ) | (12,443 | ) | (12,326 | ) | |||||
Writedowns | (715 | ) | (2,056 | ) | (4,974 | ) | |||||
Balance at end of year, net | $ | 1,603 | $ | 7,703 | $ | 15,638 | |||||
REO expenses for the year ended March 31, 2015 consisted of write-downs on existing REO properties of $715,000 and operating expenses of $279,000. Net losses on dispositions of REO totaled $80,000 for the year ended March 31, 2015, and were included in other non-interest income in the accompanying Consolidated Statements of Income. REO expenses for the year ended March 31, 2014 consisted of write-downs on existing REO properties of $2.1 million, operating expenses of $709,000 and net losses on dispositions of REO of $245,000. REO expenses for the year ended March 31, 2013 consisted of write-downs on existing REO properties of $5.0 million, operating expenses of $807,000 and net losses on dispositions of REO of $384,000. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2015 | |
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. | |
An interim impairment test was not deemed necessary as of March 31, 2015, due to there not being a significant change in the reporting unit’s assets and liabilities, the amount that the fair value of the reporting unit exceeded the carrying value as of the most recent valuation, and because the Company determined that, based on an analysis of events that have occurred and circumstances that have changed since the most recent valuation date, the likelihood that a current fair value determination would be less than the current carrying amount of the reporting unit is remote. |
Deposit_Accounts
Deposit Accounts | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Notes | |||||||||||||
Deposit Accounts | 10. DEPOSIT ACCOUNTS | ||||||||||||
Deposit accounts consisted of the following at the dates indicated (dollars in thousands): | |||||||||||||
Account Type | Weighted Average Rate (1) | 31-Mar-15 | Weighted Average Rate (1) | 31-Mar-14 | |||||||||
Non-interest-bearing | 0 | % | $ | 151,953 | 0 | % | $ | 128,635 | |||||
Interest checking | 0.07 | 115,461 | 0.07 | 104,543 | |||||||||
Money market | 0.12 | 237,465 | 0.12 | 227,933 | |||||||||
Savings accounts | 0.1 | 77,132 | 0.1 | 66,702 | |||||||||
Certificates of deposit | 0.58 | 138,839 | 0.67 | 162,253 | |||||||||
Total | 0.17 | % | $ | 720,850 | 0.22 | % | $ | 690,066 | |||||
(1) The weighted average rate is based on interest rates at the end of the year. | |||||||||||||
Certificates of deposit in amounts of $100,000 or more totaled $76.3 million and $90.2 million at March 31, 2015 and 2014, respectively. | |||||||||||||
Interest expense by deposit type was as follows for the periods indicated (in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Interest checking | $ | 79 | $ | 102 | $ | 135 | |||||||
Money market | 277 | 477 | 602 | ||||||||||
Savings accounts | 71 | 87 | 92 | ||||||||||
Certificate of deposit | 899 | 1,307 | 1,838 | ||||||||||
Total | $ | 1,326 | $ | 1,973 | $ | 2,667 | |||||||
Junior_Subordinated_Debenture
Junior Subordinated Debenture | 12 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Notes | |||||||||||||||
Junior Subordinated Debenture | 11. JUNIOR SUBORDINATED DEBENTURES | ||||||||||||||
At March 31, 2015, 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 that had been 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 March 31, 2015 and 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 current Debentures at March 31, 2015 (dollars 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 | % | 1.63 | % | Mar-36 | ||||||
Riverview Bancorp Statutory Trust II | Jun-07 | 15,464 | Variable (2) | 7.03 | % | 1.62 | % | 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% | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Notes | |||||||||||
Income Taxes | 12. INCOME TAXES | ||||||||||
Income tax provision (benefit) consisted of the following for the periods indicated (in thousands): | |||||||||||
Year Ended | |||||||||||
March 31, | 31-Mar-14 | 31-Mar-13 | |||||||||
2015 | |||||||||||
Current | $ | 16 | $ | 19 | $ | 29 | |||||
Deferred | 2,140 | (15,100 | ) | - | |||||||
Total | $ | 2,156 | $ | (15,081 | ) | $ | 29 | ||||
The tax effect of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows at the dates indicated (in thousands): | |||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||
Deferred tax assets: | |||||||||||
Deferred compensation | $ | 107 | $ | 105 | |||||||
Loan loss reserve | 3,913 | 4,560 | |||||||||
Accrued expenses | 193 | 203 | |||||||||
Accumulated depreciation | 789 | 736 | |||||||||
Deferred gain on sale | 475 | 532 | |||||||||
Net operating loss carryforwards | 8,150 | 8,191 | |||||||||
Net unrealized loss on securities available for sale | - | 332 | |||||||||
Impairment on investment security | 151 | 150 | |||||||||
REO expense | 155 | 1,681 | |||||||||
Non-compete agreement | 66 | 80 | |||||||||
Other | 558 | 465 | |||||||||
Total deferred tax asset | 14,557 | 17,035 | |||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||
Deferred tax liabilities: | |||||||||||
FHLB stock dividend | (857 | ) | (975 | ) | |||||||
Purchase accounting | (1 | ) | (9 | ) | |||||||
Net unrealized gain on securities available for sale | (393 | ) | - | ||||||||
Prepaid expense | (198 | ) | (161 | ) | |||||||
Loan fees/costs | (540 | ) | (454 | ) | |||||||
Other | - | (3 | ) | ||||||||
Total deferred tax liability | (1,989 | ) | (1,602 | ) | |||||||
Deferred tax asset, net | $ | 12,568 | $ | 15,433 | |||||||
A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate as follows for the periods indicated: | |||||||||||
Year Ended | |||||||||||
31-Mar-15 | 31-Mar-14 | 31-Mar-13 | |||||||||
Statutory federal income tax rate | 34 | % | 34 | % | 34 | % | |||||
State and local income tax rate | 1.6 | 1.5 | 1.9 | ||||||||
ESOP market value adjustment | - | (0.3 | ) | 0.8 | |||||||
Interest income on municipal securities | - | - | (0.2 | ) | |||||||
Bank owned life insurance | (3.8 | ) | (4.4 | ) | (7.6 | ) | |||||
Valuation adjustment | - | (365.9 | ) | (23.9 | ) | ||||||
Other, net | 0.4 | (5.9 | ) | (3.9 | ) | ||||||
Effective federal income tax rate | 32.2 | % | (341.0 | )% | 1.1 | % | |||||
During fiscal year 2015, the Bank sold $16.8 million in investment and mortgage-backed securities which resulted in a realized gain of $158,000. There were no sales of securities for the years ended March 31, 2014 and 2013. The tax effects of certain tax benefits related to stock options are recorded directly to shareholders’ equity. | |||||||||||
The Bank’s retained earnings at March 31, 2015 and 2014 included base year bad debt reserves, which amounted to $2.2 million, for which no federal income tax liability has been recognized. The amount of unrecognized deferred tax liability at March 31, 2015 and 2014 was $781,000. This represents the balance of bad debt reserves created for tax purposes as of December 31, 1987. These amounts are subject to recapture in the unlikely event that the Company’s banking subsidiaries (1) make distributions in excess of current and accumulated earnings and profits, as calculated for federal tax purposes, (2) redeem their stock, or (3) liquidate. Management does not expect this temporary difference to reverse in the foreseeable future. At March 31, 2015, the Company had a deferred tax asset of $8.2 million for federal and state net operating loss carryforwards, respectively, which will expire in years 2032 through 2035. | |||||||||||
At March 31, 2015 and 2014, the Company had no unrecognized tax benefits or uncertain tax positions. In addition, the Company had no accrued interest or penalties as of March 31, 2015 or 2014. It is the Company’s policy to recognize potential accrued interest and penalties as a component of income tax expense. The Company is subject to U.S. federal income tax and income tax of the State of Oregon. The years 2011 to 2014 remain open to examination for federal income taxes, and years 2010 to 2014 remain open to State examination. | |||||||||||
The Company reversed its deferred tax asset valuation allowance as of March 31, 2014 due to management’s determination that it was “more likely than not” that the Company’s deferred tax assets would be realized. “More likely than not” is defined as greater than 50% probability of occurrence. A determination as to the ultimate realization of the deferred tax assets is dependent upon management’s judgment and evaluation of both positive and negative evidence, forecasts of future taxable income, applicable tax planning strategies, and an assessment of current and future economic and business conditions. The determination resulted from consideration of both the positive and negative evidence available that can be objectively verified. Considering the guidance in paragraphs 21-23 of Accounting Standards Codification 740-10-30, forming a conclusion that a valuation allowance is not needed is difficult when there is negative evidence such as cumulative losses in recent years. At March 31, 2014, the Company was in a cumulative loss position over a three year period which is considered a significant piece of negative evidence that is difficult to overcome. Accordingly, in its determination of the deferred tax assets, the Company analyzed and evaluated the nature and timing of relevant facts and circumstances with respect to its cumulative loss. As a result of this analysis management concluded it was more likely than not that forecasted earnings performance would allow for the realization of the deferred tax assets in a timely manner. At March 31, 2015, the Company returned to a cumulative income position over a three year period. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Notes | ||||||||||||||||
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS | |||||||||||||||
Retirement Plan - The Riverview Bancorp, Inc. Employees’ Savings and Profit Sharing Plan (the “Plan”) is a defined contribution profit-sharing plan incorporating the provisions of Section 401(k) of the Internal Revenue Code. Company expenses related to the Plan for the years ended March 31, 2015, 2014 and 2013 were $212,000, $195,000 and $192,000, respectively. | ||||||||||||||||
Directors Deferred Compensation Plan - Directors may elect to defer their monthly directors’ fees until retirement with no income tax payable by the director until retirement benefits are received. Chairman, President, Executive and Senior Vice Presidents of the Company may also defer salary into this plan. This alternative is made available to them through a nonqualified deferred compensation plan. The Company accrues annual interest on the unfunded liability under the Directors Deferred Compensation Plan based upon a formula relating to gross revenues, which amounted to 3.36%, 3.18% and 4.15% for the years ended March 31, 2015, 2014 and 2013, respectively. The estimated liability under the plan is accrued as earned by the participant. At March 31, 2015 and 2014, the Company’s aggregate liability under the plan was $302,000 and $297,000, respectively. | ||||||||||||||||
Stock Option Plans - 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 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 year ended March 31, 2014, the Company granted 87,154 stock options. The weighted average fair value of stock options granted during the year ended March 31, 2014 was $1.18. The Company did not grant stock options during the years ended March 31, 2015 and 2013. | ||||||||||||||||
The Black-Scholes model uses the assumptions listed in the following table: | ||||||||||||||||
Risk Free Interest Rate | Expected | Expected | Expected | |||||||||||||
Life (years) | Volatility | Dividends | ||||||||||||||
Fiscal 2015 | - | % | - | - | % | - | % | |||||||||
Fiscal 2014 | 1.95 | 6.25 | 51.87 | 2.04 | ||||||||||||
Fiscal 2013 | - | - | - | - | ||||||||||||
As of March 31, 2015, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense. The Company recognized pre-tax compensation expense related to stock options of $26,000, $78,000 and $2,000 for the years ended March 31, 2015, 2014 and 2013, respectively. | ||||||||||||||||
The following table presents the activity related to options under all plans for the years indicated. | ||||||||||||||||
Year Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Number of Shares | Weighted Average Exercise Price | 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 | 440,500 | $ | 8.87 | |||||||
Grants | - | - | 87,154 | 2.78 | - | - | ||||||||||
Options exercised | (18,000 | ) | 2.69 | - | - | - | - | |||||||||
Forfeited | (32,000 | ) | 9.55 | - | - | (3,000 | ) | 1.97 | ||||||||
Expired | - | - | (20,000 | ) | 8.98 | (30,000 | ) | 7 | ||||||||
Balance, end of period | 424,654 | $ | 8 | 474,654 | $ | 7.91 | 407,500 | $ | 9.05 | |||||||
Additional information regarding options outstanding as of March 31, 2015 is as follows: | ||||||||||||||||
` | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Weighted Avg | Weighted | Weighted | ||||||||||||||
Remaining | Average | Average | ||||||||||||||
Range of | Contractual | Number | Exercise | Number | Exercise | |||||||||||
Exercise Price | Life (years) | Outstanding | Price | Exercisable | Price | |||||||||||
$1.97 - $6.17 | 5.69 | 228,154 | $ | 3.78 | 228,154 | $ | 3.78 | |||||||||
$7.49 - $9.51 | 3.22 | 2,500 | 8.12 | 2,500 | 8.12 | |||||||||||
$10.10 - $10.83 | 1.65 | 9,000 | 10.37 | 9,000 | 10.37 | |||||||||||
$12.98 - $14.52 | 1.06 | 185,000 | 13.1 | 185,000 | 13.1 | |||||||||||
424,654 | $ | 8 | 424,654 | $ | 8 | |||||||||||
The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures. | ||||||||||||||||
Year Ended March 31, 2015 | Year Ended March 31, 2014 | |||||||||||||||
Stock options fully vested and expected to vest: | ||||||||||||||||
Number | 424,654 | 469,896 | ||||||||||||||
Weighted average exercise price | $ | 8 | $ | 7.96 | ||||||||||||
Aggregate intrinsic value (1) | $ | 225,000 | $ | 71,000 | ||||||||||||
Weighted average contractual term of options (years) | 3.57 | 4.57 | ||||||||||||||
Stock options fully vested and currently exercisable: | ||||||||||||||||
Number | 424,654 | 385,900 | ||||||||||||||
Weighted average exercise price | $ | 8 | $ | 9.09 | ||||||||||||
Aggregate intrinsic value (1) | $ | 225,000 | $ | 16,000 | ||||||||||||
Weighted average contractual term of options (years) | 3.57 | 3.54 | ||||||||||||||
(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. | ||||||||||||||||
The total intrinsic value of stock options exercised was $35,000 for the year ended March 31, 2015. There were no stock options exercised for the years ended March 31, 2014 and 2013. |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes | |||||||||
Employee Stock Ownership Plan | 14. EMPLOYEE STOCK OWNERSHIP PLAN | ||||||||
The Company sponsors an ESOP that covers all employees with at least one year and 1,000 hours of service who are over the age of 21. Shares are released and allocated to participant accounts on December 31 of each year until 2017. ESOP compensation expense included in salaries and employee benefits was $102,000, $68,000 and $42,000 for the years ended March 31, 2015, 2014 and 2013, respectively. | |||||||||
ESOP share activity is summarized in the following table: | |||||||||
Fair Value of Unreleased | Unreleased | Allocated | Total | ||||||
Shares | ESOP | and Released | |||||||
Shares | Shares | ||||||||
Balance, March 31, 2012 | $ | 334,000 | 147,798 | 814,786 | 962,584 | ||||
Allocation December 31, 2012 | (24,633 | ) | 24,633 | - | |||||
Balance, March 31, 2013 | $ | 325,000 | 123,165 | 839,419 | 962,584 | ||||
Allocation December 31, 2013 | (24,633 | ) | 24,633 | - | |||||
Balance, March 31, 2014 | $ | 338,000 | 98,532 | 864,052 | 962,584 | ||||
Allocation December 31, 2014 | (24,633 | ) | 24,633 | - | |||||
Balance, March 31, 2015 | $ | 332,500 | 73,899 | 888,685 | 962,584 |
Shareholders_Equity_and_Regula
Shareholders' Equity and Regulatory Capital Requirements | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Notes | ||||||||||||||||
Shareholders' Equity and Regulatory Capital Requirements | 15. SHAREHOLDERS’ EQUITY AND REGULATORY CAPITAL REQUIREMENTS | |||||||||||||||
The Company’s articles of incorporation authorize 250,000 shares of serial preferred stock. No preferred shares were issued or outstanding at March 31, 2015 or 2014. | ||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the Office of the Comptroller of the Currency (“OCC”). Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | ||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and tier I capital to risk-weighted assets, core capital to total assets and tangible capital to tangible assets (set forth in the table below). Management believes the Bank met all capital adequacy requirements to which it was subject to as of March 31, 2015. | ||||||||||||||||
Effective January 1, 2015 (with some changes transitioned into full effectiveness over two to four years), the Bank is now subject to new capital requirements adopted by the OCC, which create a new required ratio for common equity Tier 1 (“CET1”) capital, increases the leverage and Tier 1 capital ratios, changes the risk-weightings of certain assets for purposes of the risk-based capital ratios, creates an additional capital conservation buffer over the required capital ratios and changes what qualifies as capital for purposes of meeting these various capital requirements. The Bank is required to maintain additional levels of Tier 1 common equity over the minimum risk-based capital levels before it may pay dividends, repurchase shares or pay discretionary bonuses. | ||||||||||||||||
The new minimum requirements are a ratio of common equity Tier 1 capital (CET1 capital) to total risk-weighted assets the (“CET1 risk-based ratio”) of 4.5%, a Tier 1 capital ratio of 6.0%, a total capital ratio of 8.0%, and a leverage ratio of 4.0%. | ||||||||||||||||
In addition to the capital requirements, there are a number of changes in what constitutes regulatory capital, subject to a certain transition period. These changes include the phasing-out of certain instruments as qualifying capital. The Bank does not have any of these instruments. Mortgage servicing and deferred tax assets over designated percentages of CET1 are deducted from capital, subject to a transition period ending December 31, 2017. CET1 consists of Tier 1 capital less all capital components that are not considered common equity. In addition, Tier 1 capital includes accumulated other comprehensive income, which includes all unrealized gains and losses on available for sale debt and equity securities, subject to a transition period ending December 31, 2017. Because of the Bank’s asset size, the Bank is not considered an advanced approaches banking organization and has elected to permanently opt-out of the inclusion of unrealized gains and losses on available for sale debt and equity securities in its capital calculations. | ||||||||||||||||
The new requirements also include changes in the risk-weighting of assets to better reflect credit risk and other risk exposure. These include a 150% risk weight (up from 100%) for certain high volatility commercial real estate acquisition, development and construction loans and for non-residential mortgage loans that are 90 days past due or otherwise in nonaccrual status; a 20% (up from 0%) credit conversion factor for the unused portion of a commitment with an original maturity of one year or less that is not unconditionally cancellable; and a 250% risk weight (up from 100%) for mortgage servicing and deferred tax assets that are not deducted from capital. | ||||||||||||||||
In addition to the minimum CET1, Tier 1 and total capital ratios, the Bank will have to maintain a capital conservation buffer consisting of additional CET1 capital equal to 2.5% of risk-weighted assets above the required minimum levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses based on percentages of eligible retained income that could be utilized for such actions. This new capital conservation buffer requirement is to be phased in beginning in January 2016 at 0.625% of risk-weighted assets and increasing each year until fully implemented in January 2019. | ||||||||||||||||
Under the new standards, in order to be considered well-capitalized, the Bank must maintain a CET1 risk-based ratio of 6.5% (new), a Tier 1 risk-based ratio of 8% (increased from 6%), a total risk-based capital ratio of 10% (unchanged) and a leverage ratio of 5% (unchanged). | ||||||||||||||||
As of March 31, 2015, the most recent notification from the OCC categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. The Bank’s actual and required minimum capital amounts and ratios are as follows at the dates indicated (dollars in thousands): | ||||||||||||||||
Actual | For Capital Adequacy Purposes | “Well Capitalized” Under Prompt Corrective Action | ||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
31-Mar-15 | ||||||||||||||||
Total Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | $ | 95,713 | 15.89 | % | $ | 48,188 | 8 | % | $ | 72,282 | 12 | -1% | ||||
Tier 1 Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | 88,122 | 14.63 | 36,141 | 6 | 48,188 | 8 | ||||||||||
Common equity tier 1 Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | 88,122 | 14.63 | 27,106 | 4.5 | 39,152 | 6.5 | ||||||||||
Tier 1 Capital (Leverage): | ||||||||||||||||
(To Adjusted Tangible Assets) | 88,122 | 10.89 | 32,355 | 4 | 72,799 | 9 | (1) | |||||||||
Tangible Capital: | ||||||||||||||||
(To Tangible Assets) | 88,122 | 10.89 | 12,133 | 1.5 | N/A | N/A | ||||||||||
Actual | For Capital Adequacy Purposes | “Well Capitalized” Under Prompt Corrective Action | ||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
31-Mar-14 | ||||||||||||||||
Total Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | $ | 90,733 | 16.66 | % | $ | 43,572 | 8 | % | $ | 65,359 | 12 | -1% | ||||
Tier 1 Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | 83,850 | 15.4 | 21,786 | 4 | 32,679 | 6 | ||||||||||
Tier 1 Capital (Leverage): | ||||||||||||||||
(To Adjusted Tangible Assets) | 83,850 | 10.71 | 31,320 | 4 | 70,469 | 9 | (1) | |||||||||
Tangible Capital: | ||||||||||||||||
(To Tangible Assets) | 83,850 | 10.71 | 11,745 | 1.5 | N/A | N/A | ||||||||||
(1) The Bank agreed with the OCC to establish higher minimum capital ratios and to maintain a Tier 1 capital (leverage) ratio of not less than 9.0% and a total risked-based capital ratio of not less than 12.0% in order to be deemed “well capitalized”. | ||||||||||||||||
For a savings and loan holding company with less than $1.0 billion in assets, the capital guidelines apply on a bank only basis and the Federal Reserve expects the holding company’s subsidiary banks to be well capitalized under the prompt corrective action regulations. If the Company was subject to regulatory guidelines for bank holding companies with $1.0 billion or more in assets, at March 31, 2015, the Company would have exceeded all regulatory capital requirements | ||||||||||||||||
At periodic intervals, the OCC and the FDIC routinely examine the Bank’s financial condition and risk management processes as part of their legally prescribed oversight. Based on their examinations, these regulators can direct that the Company’s Consolidated Financial Statements be adjusted in accordance with their findings. A future examination by the OCC or the FDIC could include a review of certain transactions or other amounts reported in the Company’s 2015 Consolidated Financial Statements. The Company did not repurchase any shares of common stock for the years ended March 31, 2015, 2014 or 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (loss) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Notes | |||||||||||
Accumulated Other Comprehensive Income (loss) | 16. 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): | |||||||||||
Unrealized Gains and Losses on | |||||||||||
Available for Sale Securities (1) | |||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | Year ended March 31, 2013 | |||||||||
Beginning Balance | $ | (647 | ) | $ | (1,013 | ) | $ | (1,171 | ) | ||
Other comprehensive income (loss) | 1,513 | 366 | 158 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) (2) | (104 | ) | - | - | |||||||
Net current-period other comprehensive income (loss) | 1,409 | 366 | 158 | ||||||||
Ending Balance | $ | 762 | $ | (647 | ) | $ | (1,013 | ) | |||
(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 | |||||||||||
Year ended | Year ended | Year ended | Affected Line Item in the | ||||||||
31-Mar-15 | 31-Mar-14 | 31-Mar-13 | Consolidated Statement of Income | ||||||||
Investment securities and mortgage-backed securities gains | $ | 158 | $ | - | $ | - | Other non-interest income | ||||
Income tax expense | (54 | ) | - | - | Provision for income taxes | ||||||
Securities gains, net of tax | $ | 104 | $ | - | $ | - |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Notes | ||||||||||
Earnings Per Share | 17. EARNINGS PER SHARE | |||||||||
Basic earnings per share (“EPS”) is computed by dividing net income 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 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 ESOP that have not been allocated are not considered to be outstanding for the purpose of computing EPS. | ||||||||||
For the years ended March 31, 2015, 2014 and 2013, stock options for 234,000, 439,000 and 419,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. | ||||||||||
Year Ended March 31, | ||||||||||
(Dollars and share data in thousands, except per share data) | 2015 | 2014 | 2013 | |||||||
Basic EPS computation: | ||||||||||
Numerator-net income (loss) | $ | 4,491 | $ | 19,423 | $ | 2,633 | ||||
Denominator-weighted average common shares outstanding | 22,393 | 22,367 | 22,343 | |||||||
Basic EPS | $ | 0.2 | $ | 0.87 | $ | 0.12 | ||||
Diluted EPS computation: | ||||||||||
Numerator-net income (loss) | $ | 4,491 | $ | 19,423 | $ | 2,633 | ||||
Denominator-weighted average common shares outstanding | 22,393 | 22,367 | 22,343 | |||||||
Effect of dilutive stock options | 39 | 2 | - | |||||||
Weighted average common shares and common stock equivalents | 22,432 | 22,369 | 22,343 | |||||||
Diluted EPS | $ | 0.2 | $ | 0.87 | $ | 0.12 |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Notes | ||||||||||||
Fair Value Measurement | 18. 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 tables present assets that are measured at fair value on a recurring basis at the dates indicated (in thousands). | ||||||||||||
Fair value measurements using | ||||||||||||
31-Mar-15 | Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | |||||||||
Fair value | (Level 1) | (Level 2) | (Level 3) | |||||||||
Investment securities available for sale: | ||||||||||||
Trust preferred | $ | 1,812 | $ | - | $ | - | $ | 1,812 | ||||
Agency securities | 13,939 | - | 13,939 | - | ||||||||
Mortgage-backed securities available for sale: | ||||||||||||
Real estate mortgage investment conduits | 22,709 | - | 22,709 | - | ||||||||
Mortgage-backed securities | 68,514 | - | 68,514 | - | ||||||||
Other mortgage-backed securities | 5,489 | - | 5,489 | - | ||||||||
Total recurring assets measured at fair value | $ | 112,463 | $ | - | $ | 110,651 | $ | 1,812 | ||||
31-Mar-14 | ||||||||||||
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 table presents 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 Levels 1, 2, or 3 for the year ended March 31, 2015 and 2014. | ||||||||||||
For the Year Ended March 31, 2015 | For the Year Ended March 31, 2014 | |||||||||||
Beginning balance | $ | 1,903 | $ | 1,238 | ||||||||
Transfers in to Level 3 | - | - | ||||||||||
Included in earnings (1) | - | - | ||||||||||
Included in other comprehensive income | (91 | ) | 665 | |||||||||
Ending balance | $ | 1,812 | $ | 1,903 | ||||||||
(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 REO which were marked down using fair value measures during the year ended March 31, 2015. The following are assets that were adjusted based on fair value measurements that are performed on a nonrecurring basis (in thousands): | ||||||||||||
Fair value measurements at using | ||||||||||||
31-Mar-15 | Fair Value | Quoted prices in active markets for identical assets (Level 1) | Other observable inputs | Significant unobservable inputs | ||||||||
(Level 2) | (Level 3) | |||||||||||
Loans measured for impairment | $ | 3,059 | $ | - | $ | - | $ | 3,059 | ||||
Real estate owned | 1,193 | - | - | 1,193 | ||||||||
Total nonrecurring assets measured at fair value | $ | 4,252 | $ | - | $ | - | $ | 4,252 | ||||
The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at March 31, 2015: | ||||||||||||
Valuation technique | Significant unobservable inputs | Range (1) | ||||||||||
Loans measured for impairment | 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 March 31, 2015. | ||||||||||||
The following method was used to estimate the fair value: | ||||||||||||
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 1 – Summary of Significant Accounting Policies – 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. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Notes | |||||||||||||||
Fair Value Of Financial Instruments | 19. 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-Mar-15 | Carry Value | (Level 1) | (Level 2) | (Level 3) | Fair Value | ||||||||||
Assets: | |||||||||||||||
Cash | $ | 58,659 | $ | 58,659 | $ | - | $ | - | $ | 58,659 | |||||
Certificates of deposit held for investment | 25,969 | - | 26,256 | - | 26,256 | ||||||||||
Investment securities available for sale | 15,751 | - | 13,939 | 1,812 | 15,751 | ||||||||||
Mortgage-backed securities held to maturity | 86 | - | 88 | - | 88 | ||||||||||
Mortgage-backed securities available for sale | 96,712 | - | 96,712 | - | 96,712 | ||||||||||
Loans receivable, net | 569,010 | - | - | 548,908 | 548,908 | ||||||||||
Loans held for sale | 778 | - | 778 | - | 778 | ||||||||||
Federal Home Loan Bank stock | 5,924 | - | 5,924 | - | 5,924 | ||||||||||
Liabilities: | |||||||||||||||
Demand – savings deposits | 582,011 | 582,011 | - | - | 582,011 | ||||||||||
Time deposits | 138,839 | - | 138,744 | - | 138,744 | ||||||||||
Junior subordinated debentures | 22,681 | - | - | 9,769 | 9,769 | ||||||||||
31-Mar-14 | |||||||||||||||
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 18 – 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. | |||||||||||||||
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 | 12 Months Ended |
Mar. 31, 2015 | |
Notes | |
Commitments and Contingencies | 20. COMMITMENTS AND CONTINGENCIES |
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. At March 31, 2015, the Company had outstanding commitments to extend credit totaling $17.1 million, unused lines of credit totaling $60.4 million and undisbursed construction loans totaling $21.6 million. | |
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. At March 31, 2015 and 2014, standby letters of credit totaled $1.1 million and $771,000, respectively. | |
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. As of March 31, 2015, loans under warranty totaled $117.7 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. At March 31, 2015, the Company had firm commitments to sell $2.1 million of residential loans to the FHLMC. Typically, these agreements are short term fixed rate commitments and no material gain or loss is likely. | |
The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof and, municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depositary, the assessment attributable to all public depositaries is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company has not incurred any losses related to public depository funds for the years ended March 31, 2015, 2014 and 2013. | |
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 adverse effect, if any, on the Company’s financial position or results of operations. | |
The Bank has entered into employment contracts with certain key employees, which provide for contingent payment subject to future events. |
Condensed_Financial_Informatio
Condensed Financial Information of Parent Company Only Disclosure | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Notes | ||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure | 21. RIVERVIEW BANCORP, INC. (PARENT COMPANY) | |||||||||||||||
BALANCE SHEETS | ||||||||||||||||
March 31, 2015 AND 2014 | ||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents (including interest earning accounts of | $ | 3,140 | $ | 1,106 | ||||||||||||
$3,111 and $1,056) | ||||||||||||||||
Investment in the Bank | 121,178 | 120,897 | ||||||||||||||
Other assets | 2,439 | 2,350 | ||||||||||||||
TOTAL ASSETS | $ | 126,757 | $ | 124,353 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Accrued expenses and other liabilities | $ | 275 | $ | 3,694 | ||||||||||||
Borrowings | 22,681 | 22,681 | ||||||||||||||
Shareholders' equity | 103,801 | 97,978 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 126,757 | $ | 124,353 | ||||||||||||
STATEMENTS OF INCOME | ||||||||||||||||
years ended March 31, 2015, 2014 and 2013 | ||||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
INCOME: | ||||||||||||||||
Dividend income from Bank | $ | 6,000 | $ | - | $ | - | ||||||||||
Interest on investment securities and other short-term investments | 13 | 13 | 20 | |||||||||||||
Interest on loan receivable from the Bank | 33 | 42 | 50 | |||||||||||||
Total income | 6,046 | 55 | 70 | |||||||||||||
EXPENSE: | ||||||||||||||||
Management service fees paid to the Bank | 143 | 143 | 143 | |||||||||||||
Other expenses | 457 | 459 | 685 | |||||||||||||
Total expense | 600 | 602 | 828 | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY | ||||||||||||||||
IN UNDISTRIBUTED LOSS OF THE BANK | 5,446 | (547 | ) | (758 | ) | |||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | (197 | ) | (1,365 | ) | (258 | ) | ||||||||||
INCOME (LOSS) OF PARENT COMPANY | 5,643 | 818 | (500 | ) | ||||||||||||
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK | (1,152 | ) | 18,605 | 3,133 | ||||||||||||
NET INCOME (LOSS) | $ | 4,491 | $ | 19,423 | $ | 2,633 | ||||||||||
There were no items of other comprehensive income for the parent Company. | ||||||||||||||||
RIVERVIEW BANCORP, INC. (PARENT COMPANY) | ||||||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||||||
YEARS ENDED MARCH 31, 2015, 2014 AND 2013 | ||||||||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net income (loss) | $ | 4,491 | $ | 19,423 | $ | 2,633 | ||||||||||
Adjustments to reconcile net income (loss) cash provided by | ||||||||||||||||
(used in) operating activities: | ||||||||||||||||
Equity in undistributed (earnings) loss of the Bank | 1,152 | (18,605 | ) | (3,133 | ) | |||||||||||
Benefit for deferred income taxes | (197 | ) | (1,364 | ) | - | |||||||||||
Earned ESOP shares | 102 | 68 | 42 | |||||||||||||
Stock based compensation | 26 | 78 | 2 | |||||||||||||
Changes in assets and liabilities | ||||||||||||||||
Other assets | 110 | 131 | 577 | |||||||||||||
Accrued expenses and other liabilities | (3,698 | ) | 355 | 695 | ||||||||||||
Net cash provided by (used in) operating activities | 1,986 | 86 | 816 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Additional investment in subsidiary | - | - | (2,700 | ) | ||||||||||||
Net cash used in investing activities | - | - | (2,700 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Proceeds from exercise of stock options | 48 | - | - | |||||||||||||
Net cash provided by financing activities | 48 | - | - | |||||||||||||
NET INCREASE (DECREASE) IN CASH | 2,034 | 86 | (1,884 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1,106 | 1,020 | 2,904 | |||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 3,140 | $ | 1,106 | $ | 1,020 | ||||||||||
Riverview Bancorp, Inc. | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited): | ||||||||||||||||
(Dollars in thousands, except share data) | Three Months Ended | |||||||||||||||
31-Mar | 31-Dec | 30-Sep | 30-Jun | |||||||||||||
Fiscal 2015: | ||||||||||||||||
Interest income | $ | 7,347 | $ | 7,203 | $ | 7,210 | $ | 6,866 | ||||||||
Interest expense | 434 | 485 | 490 | 507 | ||||||||||||
Net interest income | 6,913 | 6,718 | 6,720 | 6,359 | ||||||||||||
Provision for (recapture of) loan losses | (750 | ) | (400 | ) | (350 | ) | (300 | ) | ||||||||
Non-interest income | 2,178 | 2,264 | 2,223 | 2,210 | ||||||||||||
Non-interest expense | 7,689 | 7,646 | 7,674 | 7,735 | ||||||||||||
Income before income taxes | 2,152 | 1,736 | 1,619 | 1,134 | ||||||||||||
Provision (benefit) for income taxes | 634 | 587 | 535 | 394 | ||||||||||||
Net income | $ | 1,518 | $ | 1,149 | $ | 1,084 | $ | 740 | ||||||||
Basic earnings per share (1) | $ | 0.07 | $ | 0.05 | $ | 0.05 | $ | 0.03 | ||||||||
Diluted earnings per share (1) | $ | 0.07 | $ | 0.05 | $ | 0.05 | $ | 0.03 | ||||||||
(Dollars in thousands, except share data) | Three Months Ended | |||||||||||||||
31-Mar | 31-Dec | 30-Sep | 30-Jun | |||||||||||||
Fiscal 2014: | ||||||||||||||||
Interest income | $ | 6,536 | $ | 6,673 | $ | 6,764 | $ | 6,831 | ||||||||
Interest expense | 582 | 645 | 664 | 677 | ||||||||||||
Net interest income | 5,954 | 6,028 | 6,100 | 6,154 | ||||||||||||
Provision for (recapture of) loan losses | (1,200 | ) | - | - | (2,500 | ) | ||||||||||
Non-interest income | 1,850 | 2,384 | 1,887 | 2,246 | ||||||||||||
Non-interest expense | 7,460 | 7,611 | 7,647 | 9,243 | ||||||||||||
Income (loss) before income taxes | 1,544 | 801 | 340 | 1,657 | ||||||||||||
Provision for income taxes | (15,097 | ) | - | (1 | ) | 17 | ||||||||||
Net income (loss) | $ | 16,641 | $ | 801 | $ | 341 | $ | 1,640 | ||||||||
Basic earnings (loss) per share (1) | $ | 0.74 | $ | 0.04 | $ | 0.02 | $ | 0.07 | ||||||||
Diluted earnings (loss) per share (1) | $ | 0.74 | $ | 0.04 | $ | 0.02 | $ | 0.07 | ||||||||
(1) Quarterly earnings per share may vary from annual earnings per share due to rounding. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Principles of Consolidation | 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. |
The Company has also established two subsidiary grantor trusts in connection with the issuance of trust preferred securities (see Note 11). In accordance with accounting standards, the accounts and transactions of the trusts are not included in the accompanying consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies: Nature of Operations (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Nature of Operations | Nature of Operations – The Bank is a seventeen branch community-oriented financial institution operating in rural and suburban communities in southwest Washington State and Multnomah and Marion counties of Oregon. The Bank is engaged primarily in the business of attracting deposits from the general public and using such funds, together with other borrowings, to invest in various commercial business, commercial real estate, multi-family real estate, real estate construction, residential real estate and consumer loans. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Use of Estimates, Policy | Use of Estimates in the Preparation of Financial Statements – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”), requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of related revenue and expense during the reporting period. Actual results could differ from those estimates. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Cash and Cash Equivalents Policy | Cash and Cash Equivalents – Cash and cash equivalents include amounts on hand, due from banks and interest-earning deposits in other banks. Cash and cash equivalents have a maturity of 90 days or less at the time of purchase. |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies: Certificates of Deposit Held for Investment (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Certificates of Deposit Held for Investment | Certificates of Deposit Held for Investment – Certificates of deposit held for investments include amounts invested with financial institutions for a stated interest rate and maturity date. Early withdraw penalties apply; however, the Company plans to hold these investments to maturity. |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies: Loans Held for Sale (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Loans Held for Sale | Loans Held for Sale – The Company identifies loans held for sale at the time of origination and such loans are carried at the lower of aggregate cost or net realizable value. Market values are derived from available market quotations for comparable pools of mortgage loans. Adjustments for unrealized losses, if any, are charged to income. |
Gains or losses on sales of loans held for sale are recognized at the time of sale and are determined by the difference between the net sales proceeds and the allocated basis of these loans sold. The Company capitalizes mortgage servicing rights (“MSRs”) acquired through either the purchase of MSRs, the sale of originated mortgage loans or the securitization of mortgage loans with servicing rights retained. Upon sale of mortgage loans held for sale, the total cost of the loans designated for sale is allocated to mortgage loans with and without MSRs based on their relative fair values. The MSRs are included as a component of gain on sale of loans. The MSRs are amortized in proportion to and over the estimated period of the net servicing income and such amortization is reflected as a component of loan servicing income. |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies: Securities, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Securities, Policy | Securities – Investment securities are classified as held to maturity when the Company has the ability and positive intent to hold such securities to maturity. Investment securities held to maturity are carried at amortized cost. Unrealized losses due to fluctuations in fair value are recognized when it is determined that a credit-related other than temporary decline in value has occurred. Investment securities bought and held principally for the purpose of sale in the near term are classified as trading securities. Securities that the Company intends to hold for an indefinite period, but not necessarily to maturity are classified as available for sale. Such securities may be sold to implement the Company’s asset/liability management strategies and in response to changes in interest rates and similar factors. Securities available for sale are reported at fair value. Unrealized gains and losses, net of the related deferred tax effect, are included in total comprehensive income and are reported as a net amount in a separate component of shareholders’ equity entitled “accumulated other comprehensive income (loss).” Realized gains and losses on securities available for sale, determined using the specific identification method, are included in earnings. Amortization of premiums and accretion of discounts are recognized in interest income over the period to maturity or expected call, if sooner. |
The Company analyzes investment securities for other than temporary impairment (“OTTI”) on a quarterly basis. OTTI is separated into a credit and noncredit component. Noncredit component losses are recorded in other comprehensive income (loss) when the Company a) does not intend to sell the security or b) is not more likely than not to have to sell the security prior to the security’s anticipated recovery. Credit component losses are reported in non-interest income. |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies: Loans, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Loans, Policy | Loans – Loans are stated at the amount of unpaid principal, reduced by deferred loan origination fees and an allowance for loan losses. Interest on loans is accrued daily based on the principal amount outstanding. |
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. 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. | |
Loan origination and commitment fees and certain direct loan origination costs are deferred and amortized as an adjustment of the yield of the related loan. |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies: Allowance for Loan Losses Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Allowance for Loan Losses Policy | Allowance for Loan Losses – 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 management’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 such loans that are classified as impaired, an allowance is established when the net realizable value of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. Such factors include uncertainties in economic conditions, uncertainties 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 management at the time the consolidated financial statements are prepared. |
When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for loan losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement. | |
A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due (principal and interest) according to the contractual terms of the loan agreement. Typically, factors used in determining if a loan is impaired include, but are not limited to, loans 90 days or more delinquent, loans internally designated as substandard, loans that are on non-accrual status or trouble debt restructures. 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 three 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. | |
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 repayment potentials are considered 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. | |
A provision for loan losses is charged against income and is added to the allowance for loan losses based on regular assessments of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety. |
Recovered_Sheet1
Summary of Significant Accounting Policies: Allowance for Unfunded Loan Commitments (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Allowance for Unfunded Loan Commitments | Allowance for Unfunded Loan Commitments – The allowance for unfunded loan commitments is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to these unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities including an assessment of the probability of commitment usage, credit risk factors for loans outstanding to these same customers, and the terms and expiration dates of the unfunded credit facilities. The allowance for unfunded loan commitments is included in other liabilities on the consolidated balance sheets, with changes to the balance charged against non-interest expense. |
Recovered_Sheet2
Summary of Significant Accounting Policies: Real Estate Owned ('REO'), Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Real Estate Owned ('REO'), Policy | Real Estate Owned (“REO”) – REO consists of properties acquired through foreclosure. Specific charge-offs are taken based upon detailed analysis of the fair value of collateral on the underlying loans on which the Company is in the process of foreclosing. Such collateral is transferred into REO at the fair value less estimated costs of disposal. Subsequently, the Company performs an evaluation of the properties and creates a valuation allowance with an offsetting charge to real estate owned expenses for any declines in value. The amounts the Company will ultimately recover from REO may differ from the amounts used in arriving at the net carrying value of these assets because of future market factors beyond the Company’s control or because of changes in the Company’s strategy for the sale of the property. |
Recovered_Sheet3
Summary of Significant Accounting Policies: Federal Home Loan Bank Stock (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock – The Bank, as a member of Federal Home Loan Bank of Seattle (“FHLB”), is required to maintain a minimum investment in capital stock of the FHLB based on specific percentages of its outstanding advances from the FHLB. The Company views its investment in FHLB stock as a long-term investment. Accordingly, when evaluating for impairment, the value is determined based on the ultimate redemption of the par value rather than recognizing temporary declines in value. The determination of whether a decline affects the ultimate redemption is influenced by criteria such as: 1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount and length of time a decline has persisted; 2) impact of legislative and regulatory changes on the FHLB and 3) the liquidity position of the FHLB. The Company evaluated its investment in FHLB stock for OTTI, consistent with its accounting policy. Based on the Company’s evaluation of the underlying investment, including the long-term nature of the investment, the liquidity position of the FHLB and the Company’s intent and ability to hold the investment for a period of time sufficient to be able to redeem its investment at par value, the Company did not recognize an OTTI loss on its FHLB stock. The FHLB Des Moines and FHLB Seattle announced that the members of both banks ratified the agreement and plan of merger approved by their boards of directors in September 2014. The merger became effective on May 31, 2015. |
Recovered_Sheet4
Summary of Significant Accounting Policies: Premises and Equipment, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Premises and Equipment, Policy | Premises and Equipment – Premises and equipment are stated at cost less accumulated depreciation. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvements, whichever is less. Gains or losses on dispositions are reflected in earnings. Depreciation is generally computed on the straight-line method over the following estimated useful lives: building and improvements – up to 45 years; furniture and equipment – three to twenty years; and leasehold improvements – fifteen to twenty-five years, or lease term if shorter. The cost of maintenance and repairs is charged to expense as incurred. Assets are reviewed for impairment when events indicate their carrying value may not be recoverable. If management determines impairment exists the asset is reduced by an offsetting charge to expense. |
The capitalized lease, less accumulated amortization is included in premises and equipment. The capitalized lease is amortized on a straight-line basis over the lease term and the amortization is included in depreciation expense. |
Recovered_Sheet5
Summary of Significant Accounting Policies: Mortgage Servicing Rights (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Mortgage Servicing Rights | Mortgage Servicing Rights – Fees earned for servicing loans for the Federal Home Loan Mortgage Corporation (“FHLMC”) are reported as income when the related mortgage loan payments are collected. Loan servicing costs are charged to expense as incurred. MSRs are the rights to service loans. Loan servicing includes collecting payments, remitting funds to investors, insurance companies and tax authorities, collecting delinquent payments, and foreclosing on properties when necessary. |
The Company records its originated MSRs at fair value in accordance with accounting standards, which requires the Company to allocate the total cost of all mortgage loans sold to the MSRs and the loans (without the MSRs) based on their relative fair values if it is practicable to estimate those fair values. The Company stratifies its MSRs based on the predominant characteristics of the underlying financial assets including the coupon interest rate and the contractual maturity of the mortgage. An estimated fair value of MSRs is determined quarterly using a discounted cash flow model. The model estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, servicing income, expected prepayment speeds, discount rate, loan maturity and interest rate. The effect of changes in market interest rates on estimated rates of loan prepayments represents the predominant risk characteristic underlying the MSRs portfolio. The Company is amortizing the MSRs in proportion to and over the period of estimated net servicing income. | |
MSRs are reviewed quarterly for impairment based on their fair value. The fair value of the MSRs, for the purposes of impairment, is measured using a discounted cash flow analysis based on market adjusted discount rates, anticipated prepayment speeds, mortgage loan term and coupon rate. Market sources are used to determine prepayment speeds, ancillary income, servicing cost and pre-tax required yield. Impairment losses are recognized through a valuation allowance for each impaired stratum, with any associated provision recorded as a component of loan servicing income. |
Recovered_Sheet6
Summary of Significant Accounting Policies: Goodwill and Intangible Assets, Goodwill, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill – Goodwill is initially recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. The Company performs an annual review in the third quarter of each year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. The impairment test is performed in two phases. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, a second step must be performed. In the second step the implied fair value of the reporting unit is calculated. The implied fair value of goodwill is then compared 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. As of March 31, 2015, the Company had not recognized any impairment loss on the recorded goodwill. |
Recovered_Sheet7
Summary of Significant Accounting Policies: Core Deposit Intangible, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Core Deposit Intangible, Policy | Core Deposit Intangible – Core deposit intangibles are amortized to non-interest expense using an accelerated method (based on expected attrition and cash flows of core deposit accounts purchased) over ten years. |
Recovered_Sheet8
Summary of Significant Accounting Policies: Advertising and Marketing Expense, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Advertising and Marketing Expense, Policy | Advertising and Marketing Expense – Costs incurred for advertising, merchandising, market research, community investment and business development are classified as marketing expense and are expensed as incurred. |
Recovered_Sheet9
Summary of Significant Accounting Policies: Income Tax, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Income Tax, Policy | Income Taxes – Income taxes are accounted for using the asset and liability method. Under this method, a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company’s income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. The Company files a consolidated federal income tax return. The Bank provides for income taxes separately and remits to the Company amounts currently due. |
Recovered_Sheet10
Summary of Significant Accounting Policies: Trust Assets, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Trust Assets, Policy | Trust Assets – Assets held by RAMCorp in a fiduciary or agency capacity for trust customers are not included in the consolidated financial statements because such items are not assets of the Company. Assets totaling $409.3 million and $359.7 million were held in trust as of March 31, 2015 and 2014, respectively. |
Recovered_Sheet11
Summary of Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Earnings Per Share, Policy | Earnings Per Share – The Company accounts for earnings per share in accordance with applicable accounting standards, which requires all companies whose capital structure includes dilutive potential common shares to make a dual presentation of basic and diluted earnings per share for all periods presented. Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period, excluding restricted stock and unallocated shares owned by the Company’s Employee Stock Ownership Plan (“ESOP”). Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and has been computed after giving consideration to the weighted average diluted effect of the Company’s stock options. |
Recovered_Sheet12
Summary of Significant Accounting Policies: Share-based Compensation, Option and Incentive Plans Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Share-based Compensation, Option and Incentive Plans Policy | Stock-Based Compensation – The Company accounts for stock based compensation in accordance with accounting guidance for stock compensation. The guidance requires measurement of the compensation cost for all stock-based awards based on the grant-date fair value and recognition of compensation cost over the service period of stock-based awards. The fair value of stock options is determined using the Black-Scholes valuation model. |
Recovered_Sheet13
Summary of Significant Accounting Policies: Employee Stock Ownership Plan (ESOP), Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Employee Stock Ownership Plan (ESOP), Policy | Employee Stock Ownership Plan (“ESOP”) – The Company sponsors a leveraged ESOP. As shares are released, compensation expense is recorded equal to the then current market price of the shares and the shares become available for earnings per share calculations. The Company records cash dividends on unallocated shares as a reduction of debt and accrued interest. |
Recovered_Sheet14
Summary of Significant Accounting Policies: Business Segments, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Business Segments, Policy | Business segments – The Company operates a single business segment. The financial information that is used by the chief operating decision maker in allocating resources and assessing performance is only provided for one reportable segment for years ended March 31, 2015, 2014 and 2013. |
Recovered_Sheet15
Summary of Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
New Accounting Pronouncements, Policy | 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. |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share: Earnings Per Share Policy, Basic (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Earnings Per Share Policy, Basic | Basic earnings per share (“EPS”) is computed by dividing net income 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) | 12 Months Ended |
Mar. 31, 2015 | |
Policies | |
Earnings Per Share Policy, Diluted | Diluted EPS is computed by dividing net income 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 ESOP that have not been allocated are not considered to be outstanding for the purpose of computing EPS. |
Investment_Securities_Availabl
Investment Securities: Available-for-sale Securities (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Tables/Schedules | ||||||||||||
Available-for-sale Securities | ||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||
31-Mar-15 | ||||||||||||
Trust preferred | $ | 1,919 | $ | - | $ | (107 | ) | $ | 1,812 | |||
Agency securities | 14,008 | 38 | (107 | ) | 13,939 | |||||||
Total | $ | 15,927 | $ | 38 | $ | (214 | ) | $ | 15,751 | |||
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) | 12 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Tables/Schedules | |||||||
Schedule of Held to Maturity Securities, Contractual maturities | |||||||
Amortized | Estimated | ||||||
31-Mar-15 | Cost | Fair Value | |||||
Due in one year or less | $ | - | $ | - | |||
Due after one year through five years | 13,000 | 12,893 | |||||
Due after five years through ten years | 1,008 | 1,046 | |||||
Due after ten years | 1,919 | 1,812 | |||||
Total | $ | 15,927 | $ | 15,751 |
Investment_Securities_Schedule1
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Tables/Schedules | |||||||||||||||||||
Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
31-Mar-15 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
Trust preferred | $ | - | $ | - | $ | 1,812 | $ | (107 | ) | $ | 1,812 | $ | (107 | ) | |||||
Agency securities | - | - | 12,893 | (107 | ) | 12,893 | (107 | ) | |||||||||||
Total | $ | - | $ | - | $ | 14,705 | $ | (214 | ) | $ | 14,705 | $ | (214 | ) | |||||
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) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of mortgage-backed securities held to maturity | |||||||||||||
31-Mar-15 | Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||
Cost | Gains | Losses | Fair | ||||||||||
Value | |||||||||||||
Mortgage-backed securities (1) | $ | 86 | $ | 2 | $ | - | $ | 88 | |||||
31-Mar-14 | |||||||||||||
Mortgage-backed securities (1) | $ | 101 | $ | 3 | $ | - | $ | 104 | |||||
(1) Comprised of Federal National Mortgage Association (“FNMA”) and FHLMC issued securities. |
Mortgagebacked_Securities_Sche1
Mortgage-backed Securities: Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities (Tables) | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Tables/Schedules | ||||||
Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities | ||||||
31-Mar-15 | 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 | 74 | 75 | ||||
Due after ten years | 12 | 13 | ||||
Total | $ | 86 | $ | 88 |
Mortgagebacked_Securities_Sche2
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of available-for-sale mortgage-backed securities | |||||||||||||
31-Mar-15 | Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||
Cost | Gains | Losses | Fair | ||||||||||
Value | |||||||||||||
Real estate mortgage investment conduits (1) | $ | 22,455 | $ | 255 | $ | (1 | ) | $ | 22,709 | ||||
Mortgage-backed securities (2) | 67,568 | 1,006 | (60 | ) | 68,514 | ||||||||
Other mortgage-backed securities (3) | 5,359 | 142 | (12 | ) | 5,489 | ||||||||
Total | $ | 95,382 | $ | 1,403 | $ | (73 | ) | $ | 96,712 | ||||
31-Mar-14 | Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||
Cost | Gains | Losses | Fair | ||||||||||
Value | |||||||||||||
Real estate mortgage investment conduits (1) | $ | 7,218 | $ | 9 | $ | (77 | ) | $ | 7,150 | ||||
Mortgage-backed securities (2) | 65,858 | 102 | (547 | ) | 65,413 | ||||||||
Other mortgage-backed securities (3) | 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 issued securities. | |||||||||||||
(3) Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate secured securities issued by FNMA. |
Mortgagebacked_Securities_Sche3
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities, Contractual Maturities (Tables) | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Tables/Schedules | ||||||
Schedule of available-for-sale mortgage-backed securities, Contractual Maturities | ||||||
31-Mar-15 | Amortized | Estimated | ||||
Cost | Fair Value | |||||
Due in one year or less | $ | - | $ | - | ||
Due after one year through five years | 2,476 | 2,535 | ||||
Due after five years through ten years | 5,306 | 5,378 | ||||
Due after ten years | 87,600 | 88,799 | ||||
Total | $ | 95,382 | $ | 96,712 |
Mortgagebacked_Securities_Sche4
Mortgage-backed Securities: Schedule of Temporarily Impaired Mortgage-backed securities, Fair Value and Unrealized Losses (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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-Mar-15 | |||||||||||||||||||
Real estate mortgage investment conduits (1) | $ | 1,323 | $ | (1 | ) | $ | - | $ | - | $ | 1,323 | $ | (1 | ) | |||||
Mortgage-backed securities (2) | - | - | 5,098 | (60 | ) | 5,098 | (60 | ) | |||||||||||
Other mortgage-backed securities (3) | - | - | 1,417 | (12 | ) | 1,417 | (12 | ) | |||||||||||
Total | $ | 1,323 | $ | (1 | ) | $ | 6,515 | $ | (72 | ) | $ | 7,838 | $ | (73 | ) | ||||
31-Mar-14 | |||||||||||||||||||
Real estate mortgage investment conduits (4) | $ | 4,996 | $ | (77 | ) | $ | - | $ | - | $ | 4,996 | $ | (77 | ) | |||||
Mortgage-backed securities (2) | 49,177 | (547 | ) | - | - | 49,177 | (547 | ) | |||||||||||
Other mortgage-backed securities (3) | 1,526 | (13 | ) | - | - | 1,526 | (13 | ) | |||||||||||
Total | $ | 55,699 | $ | (637 | ) | $ | - | $ | - | $ | 55,699 | $ | (637 | ) | |||||
(1) Comprised of a FHLMC security | |||||||||||||||||||
(2) Comprised of FHLMC and FNMA issued securities | |||||||||||||||||||
(3) Comprised of SBA issued securities | |||||||||||||||||||
(4) Comprised of FHLMC, FNMA and Ginnie Mae issued securities. |
Loans_Receivable_Schedule_of_A
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Tables/Schedules | ||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ||||||
31-Mar-15 | 31-Mar-14 | |||||
Commercial and construction | ||||||
Commercial business | $ | 77,186 | $ | 71,632 | ||
Other real estate mortgage (1) | 345,506 | 324,881 | ||||
Real estate construction | 30,498 | 19,482 | ||||
Total commercial and construction | 453,190 | 415,995 | ||||
Consumer | ||||||
Real estate one-to-four family | 89,801 | 93,007 | ||||
Other installment | 36,781 | 24,486 | ||||
Total consumer | 126,582 | 117,493 | ||||
Total loans | 579,772 | 533,488 | ||||
Less: Allowance for loan losses | 10,762 | 12,551 | ||||
Loans receivable, net | $ | 569,010 | $ | 520,937 | ||
(1) Other real estate mortgage consists of commercial real estate, land and multi-family loans. |
Loans_Receivable_Schedule_of_R
Loans Receivable: Schedule of Related Party Transactions (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Tables/Schedules | ||||||||||
Schedule of Related Party Transactions | ||||||||||
Year Ended March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Beginning balance | $ | 854 | $ | 1,609 | $ | 1,907 | ||||
Originations | 511 | - | 226 | |||||||
Principal repayments | (132 | ) | (755 | ) | (524 | ) | ||||
Ending balance | $ | 1,233 | $ | 854 | $ | 1,609 |
Allowance_For_Loan_Losses_Sche
Allowance For Loan Losses: Schedule of reconciliation of the allowance for loan losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Tables/Schedules | |||||||||||||||||||||||||
Schedule of reconciliation of the allowance for loan losses | |||||||||||||||||||||||||
31-Mar-15 | Commercial Business | Commercial Real Estate | Land | Multi-Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
Beginning balance | $ | 2,409 | $ | 5,269 | $ | 340 | $ | 203 | $ | 387 | $ | 2,653 | $ | 1,290 | $ | 12,551 | |||||||||
Provision for (recapture of) | (1,060 | ) | (768 | ) | (72 | ) | 145 | 382 | (164 | ) | (263 | ) | (1,800 | ) | |||||||||||
loan losses | |||||||||||||||||||||||||
Charge-offs | (120 | ) | (233 | ) | - | - | - | (111 | ) | - | (464 | ) | |||||||||||||
Recoveries | 34 | - | 271 | - | - | 170 | - | 475 | |||||||||||||||||
Ending balance | $ | 1,263 | $ | 4,268 | $ | 539 | $ | 348 | $ | 769 | $ | 2,548 | $ | 1,027 | $ | 10,762 | |||||||||
31-Mar-14 | Commercial Business | Commercial Real Estate | Land | Multi-Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
Beginning balance | $ | 2,128 | $ | 5,979 | $ | 2,019 | $ | 541 | $ | 221 | $ | 2,949 | $ | 1,806 | $ | 15,643 | |||||||||
Provision for (recapture of) | 95 | (417 | ) | (2,439 | ) | (338 | ) | 173 | (258 | ) | (516 | ) | (3,700 | ) | |||||||||||
loan losses | |||||||||||||||||||||||||
Charge-offs | (340 | ) | (316 | ) | (90 | ) | - | (11 | ) | (349 | ) | - | (1,106 | ) | |||||||||||
Recoveries | 526 | 23 | 850 | - | 4 | 311 | - | 1,714 | |||||||||||||||||
Ending balance | $ | 2,409 | $ | 5,269 | $ | 340 | $ | 203 | $ | 387 | $ | 2,653 | $ | 1,290 | $ | 12,551 | |||||||||
31-Mar-13 | Commercial Business | Commercial Real Estate | Land | Family | Real Estate Construction | Consumer | Unallocated | Total | |||||||||||||||||
Beginning balance | $ | 2,688 | $ | 5,599 | $ | 4,906 | $ | 1,121 | $ | 412 | $ | 3,274 | $ | 1,921 | $ | 19,921 | |||||||||
Provision for (recapture of) | 928 | 1,865 | (2,149 | ) | (197 | ) | (278 | ) | 846 | (115 | ) | 900 | |||||||||||||
loan losses | |||||||||||||||||||||||||
Charge-offs | (1,606 | ) | (1,494 | ) | (1,753 | ) | (622 | ) | (141 | ) | (1,310 | ) | - | (6,926 | ) | ||||||||||
Recoveries | 118 | 9 | 1,015 | 239 | 228 | 139 | - | 1,748 | |||||||||||||||||
Ending balance | $ | 2,128 | $ | 5,979 | $ | 2,019 | $ | 541 | $ | 221 | $ | 2,949 | $ | 1,806 | $ | 15,643 |
Allowance_For_Loan_Losses_Sche1
Allowance For Loan Losses: Schedule of Impaired Financing Receivables (Tables) | 12 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Tables/Schedules | ||||||||||||||||||
Schedule of Impaired Financing Receivables | ||||||||||||||||||
Allowance for loan losses | Recorded investment in loans | |||||||||||||||||
31-Mar-15 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | ||||||||||||
Commercial business | $ | - | $ | 1,263 | $ | 1,263 | $ | 1,091 | $ | 76,095 | $ | 77,186 | ||||||
Commercial real estate | - | 4,268 | 4,268 | 15,939 | 283,752 | 299,691 | ||||||||||||
Land | - | 539 | 539 | 801 | 14,557 | 15,358 | ||||||||||||
Multi-family | - | 348 | 348 | 1,922 | 28,535 | 30,457 | ||||||||||||
Real estate construction | - | 769 | 769 | - | 30,498 | 30,498 | ||||||||||||
Consumer | 147 | 2,401 | 2,548 | 2,622 | 123,960 | 126,582 | ||||||||||||
Unallocated | - | 1,027 | 1,027 | - | - | - | ||||||||||||
Total | $ | 147 | $ | 10,615 | $ | 10,762 | $ | 22,375 | $ | 557,397 | $ | 579,772 | ||||||
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_Sche2
Allowance For Loan Losses: Schedule of Changes in the allowance for unfunded loan commitments (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Tables/Schedules | ||||||||||
Schedule of Changes in the allowance for unfunded loan commitments | ||||||||||
Year Ended March 31, | ||||||||||
2015 | 2014 | 2013 | ||||||||
Beginning balance | $ | 294 | $ | 229 | $ | 217 | ||||
Net change in allowance for unfunded loan commitments | (35 | ) | 65 | 12 | ||||||
Ending balance | $ | 259 | $ | 294 | $ | 229 |
Allowance_For_Loan_Losses_Fina
Allowance For Loan Losses: Financing Receivables, Aging of loans (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Tables/Schedules | |||||||||||||||||||
Financing Receivables, Aging of loans | |||||||||||||||||||
31-Mar-15 | 30-89 Days Past Due | Greater Than 90 Days (Non-Accrual) | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||
Commercial business | $ | 359 | $ | - | $ | 359 | $ | 76,827 | $ | 77,186 | $ | - | |||||||
Commercial real estate | 225 | 3,291 | 3,516 | 296,175 | 299,691 | - | |||||||||||||
Land | - | 801 | 801 | 14,557 | 15,358 | - | |||||||||||||
Multi-family | - | - | - | 30,457 | 30,457 | - | |||||||||||||
Real estate construction | - | - | - | 30,498 | 30,498 | - | |||||||||||||
Consumer | 902 | 1,226 | 2,128 | 124,454 | 126,582 | - | |||||||||||||
Total | $ | 1,486 | $ | 5,318 | $ | 6,804 | $ | 572,968 | $ | 579,772 | $ | - | |||||||
30-89 Days Past Due | Greater Than 90 Days (Non-Accrual) | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | ||||||||||||||
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_Sche3
Allowance For Loan Losses: Schedule of Credit Quality Indicators (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of Credit Quality Indicators | |||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||
Weighted-Average Risk Grade | Classified Loans (2) | Weighted-Average Risk Grade | Classified Loans (2) | ||||||||||
Commercial business | 3.3 | $ | 566 | 3.54 | $ | 8,419 | |||||||
Commercial real estate | 3.66 | 6,965 | 3.87 | 19,838 | |||||||||
Land | 4.19 | 801 | 3.88 | 800 | |||||||||
Multi-family | 3.53 | 1,935 | 3.81 | 2,028 | |||||||||
Real estate construction | 3.42 | 1,828 | 3.08 | - | |||||||||
Consumer (1) | 7 | 1,226 | 7 | 2,729 | |||||||||
Total | 3.6 | $ | 13,321 | 3.82 | $ | 33,814 | |||||||
Total loans risk rated | $ | 453,568 | $ | 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) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Tables/Schedules | |||||||||||||||||
Impaired Financing Receivables | |||||||||||||||||
31-Mar-15 | 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 | $ | 1,091 | $ | - | $ | 1,091 | $ | 1,125 | $ | - | |||||||
Commercial real estate | 15,939 | - | 15,939 | 17,188 | - | ||||||||||||
Land | 801 | - | 801 | 804 | - | ||||||||||||
Multi-family | 1,922 | - | 1,922 | 2,058 | - | ||||||||||||
Real estate construction | - | - | - | - | - | ||||||||||||
Consumer | 1,276 | 1,346 | 2,622 | 3,211 | 147 | ||||||||||||
Total | $ | 21,029 | $ | 1,346 | $ | 22,375 | $ | 24,386 | $ | 147 | |||||||
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 | - | ||||||||||||
Real estate construction | - | - | - | - | - | ||||||||||||
Consumer | 2,596 | 1,413 | 4,009 | 4,639 | 142 | ||||||||||||
Total | $ | 24,371 | $ | 1,579 | $ | 25,950 | $ | 29,271 | $ | 279 |
Allowance_For_Loan_Losses_Sche4
Allowance For Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Tables/Schedules | |||||||||||||||||||
Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized | |||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||
31-Mar-15 | 31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Average Recorded Investment | Interest Recognized on Impaired Loans | Average Recorded Investment | Interest Recognized on Impaired Loans | Average Recorded Investment | Interest Recognized on Impaired Loans | ||||||||||||||
Commercial business | $ | 1,075 | $ | 62 | $ | 1,150 | $ | 43 | $ | 3,986 | $ | 98 | |||||||
Commercial real estate | 17,136 | 478 | 19,451 | 472 | 20,705 | 388 | |||||||||||||
Land | 817 | - | 1,854 | 5 | 6,818 | 78 | |||||||||||||
Multi-family | 2,176 | 17 | 2,758 | 16 | 7,822 | 127 | |||||||||||||
Real estate construction | - | - | 69 | - | 2,365 | - | |||||||||||||
Consumer | 3,187 | 85 | 3,679 | 47 | 4,961 | 105 | |||||||||||||
Total | $ | 24,391 | $ | 642 | $ | 28,961 | $ | 583 | $ | 46,657 | $ | 796 |
Allowance_For_Loan_Losses_Trou
Allowance For Loan Losses: Troubled Debt Restructurings on Financing Receivables (Tables) | 12 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Tables/Schedules | ||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ||||||||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | |||||||||||||||||
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 | - | $ | - | $ | - | 3 | $ | 504 | $ | 465 | ||||||||
Commercial real estate | 1 | 344 | 327 | 4 | 6,295 | 6,210 | ||||||||||||
Multi-family | - | - | - | 1 | 2,562 | 2,014 | ||||||||||||
Consumer | - | - | - | 4 | 573 | 561 | ||||||||||||
Total | 1 | $ | 344 | $ | 327 | 12 | $ | 9,934 | $ | 9,250 | ||||||||
Premises_and_Equipment_Schedul
Premises and Equipment: Schedule of Premises and Equipment (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Tables/Schedules | ||||||||
Schedule of Premises and Equipment | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Land | $ | 4,177 | $ | 4,177 | ||||
Buildings and improvements | 13,971 | 13,925 | ||||||
Leasehold improvements | 1,286 | 1,429 | ||||||
Furniture and equipment | 10,471 | 10,533 | ||||||
Buildings under capitalized leases | 2,715 | 2,715 | ||||||
Construction in progress | 720 | 720 | ||||||
Total | 33,340 | 33,499 | ||||||
Less accumulated depreciation and amortization | (17,906 | ) | (17,082 | ) | ||||
Premises and equipment, net | $ | 15,434 | $ | 16,417 |
Premises_and_Equipment_Schedul1
Premises and Equipment: Schedule of Future Minimum Lease Payments for Capital Leases (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Tables/Schedules | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | ||||||||
Year Ending March 31: | Operating Lease | Capital Lease | ||||||
2016 | $ | 1,534 | $ | 251 | ||||
2017 | 1,395 | 251 | ||||||
2018 | 1,317 | 251 | ||||||
2019 | 1,054 | 251 | ||||||
2020 | 1,023 | 251 | ||||||
Thereafter | 1,273 | 2,427 | ||||||
Total minimum lease payments | $ | 7,596 | 3,682 | |||||
Less amount representing interest | (1,406 | ) | ||||||
Present value of net minimum lease payments | $ | 2,276 |
Real_Estate_Owned_Schedule_of_
Real Estate Owned: Schedule of activity in REO (Real Estate Owned) (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Tables/Schedules | |||||||||||
Schedule of activity in REO (Real Estate Owned) | |||||||||||
Year Ended March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Balance at beginning of year, net | $ | 7,703 | $ | 15,638 | $ | 18,731 | |||||
Additions | 1,512 | 6,564 | 14,207 | ||||||||
Dispositions | (6,897 | ) | (12,443 | ) | (12,326 | ) | |||||
Writedowns | (715 | ) | (2,056 | ) | (4,974 | ) | |||||
Balance at end of year, net | $ | 1,603 | $ | 7,703 | $ | 15,638 | |||||
Deposit_Accounts_Schedule_of_D
Deposit Accounts: Schedule of Deposit Accounts (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of Deposit Accounts | |||||||||||||
Account Type | Weighted Average Rate (1) | 31-Mar-15 | Weighted Average Rate (1) | 31-Mar-14 | |||||||||
Non-interest-bearing | 0 | % | $ | 151,953 | 0 | % | $ | 128,635 | |||||
Interest checking | 0.07 | 115,461 | 0.07 | 104,543 | |||||||||
Money market | 0.12 | 237,465 | 0.12 | 227,933 | |||||||||
Savings accounts | 0.1 | 77,132 | 0.1 | 66,702 | |||||||||
Certificates of deposit | 0.58 | 138,839 | 0.67 | 162,253 | |||||||||
Total | 0.17 | % | $ | 720,850 | 0.22 | % | $ | 690,066 | |||||
(1) The weighted average rate is based on interest rates at the end of the year. |
Deposit_Accounts_Schedule_of_I
Deposit Accounts: Schedule of Interest Expense by Deposit Type (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Tables/Schedules | |||||||||||
Schedule of Interest Expense by Deposit Type | |||||||||||
Year Ended March 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Interest checking | $ | 79 | $ | 102 | $ | 135 | |||||
Money market | 277 | 477 | 602 | ||||||||
Savings accounts | 71 | 87 | 92 | ||||||||
Certificate of deposit | 899 | 1,307 | 1,838 | ||||||||
Total | $ | 1,326 | $ | 1,973 | $ | 2,667 | |||||
Junior_Subordinated_Debenture_
Junior Subordinated Debenture: Schedule of terms of the current Debentures (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 | % | 1.63 | % | Mar-36 | ||||||
Riverview Bancorp Statutory Trust II | Jun-07 | 15,464 | Variable (2) | 7.03 | % | 1.62 | % | 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% | |||||||||||||||
Income_Taxes_Schedule_of_Compo
Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Tables/Schedules | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ||||||||||
Year Ended | ||||||||||
March 31, | 31-Mar-14 | 31-Mar-13 | ||||||||
2015 | ||||||||||
Current | $ | 16 | $ | 19 | $ | 29 | ||||
Deferred | 2,140 | (15,100 | ) | - | ||||||
Total | $ | 2,156 | $ | (15,081 | ) | $ | 29 |
Income_Taxes_Schedule_of_Defer
Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Tables/Schedules | |||||||
Schedule of Deferred Tax Assets and Liabilities | |||||||
31-Mar-15 | 31-Mar-14 | ||||||
Deferred tax assets: | |||||||
Deferred compensation | $ | 107 | $ | 105 | |||
Loan loss reserve | 3,913 | 4,560 | |||||
Accrued expenses | 193 | 203 | |||||
Accumulated depreciation | 789 | 736 | |||||
Deferred gain on sale | 475 | 532 | |||||
Net operating loss carryforwards | 8,150 | 8,191 | |||||
Net unrealized loss on securities available for sale | - | 332 | |||||
Impairment on investment security | 151 | 150 | |||||
REO expense | 155 | 1,681 | |||||
Non-compete agreement | 66 | 80 | |||||
Other | 558 | 465 | |||||
Total deferred tax asset | 14,557 | 17,035 | |||||
31-Mar-15 | 31-Mar-14 | ||||||
Deferred tax liabilities: | |||||||
FHLB stock dividend | (857 | ) | (975 | ) | |||
Purchase accounting | (1 | ) | (9 | ) | |||
Net unrealized gain on securities available for sale | (393 | ) | - | ||||
Prepaid expense | (198 | ) | (161 | ) | |||
Loan fees/costs | (540 | ) | (454 | ) | |||
Other | - | (3 | ) | ||||
Total deferred tax liability | (1,989 | ) | (1,602 | ) | |||
Deferred tax asset, net | $ | 12,568 | $ | 15,433 |
Income_Taxes_Schedule_of_Effec
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Tables/Schedules | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation | |||||||||||
Year Ended | |||||||||||
31-Mar-15 | 31-Mar-14 | 31-Mar-13 | |||||||||
Statutory federal income tax rate | 34 | % | 34 | % | 34 | % | |||||
State and local income tax rate | 1.6 | 1.5 | 1.9 | ||||||||
ESOP market value adjustment | - | (0.3 | ) | 0.8 | |||||||
Interest income on municipal securities | - | - | (0.2 | ) | |||||||
Bank owned life insurance | (3.8 | ) | (4.4 | ) | (7.6 | ) | |||||
Valuation adjustment | - | (365.9 | ) | (23.9 | ) | ||||||
Other, net | 0.4 | (5.9 | ) | (3.9 | ) | ||||||
Effective federal income tax rate | 32.2 | % | (341.0 | )% | 1.1 | % | |||||
Employee_Benefit_Plans_Schedul
Employee Benefit Plans: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Tables/Schedules | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ||||||||||||
Risk Free Interest Rate | Expected | Expected | Expected | |||||||||
Life (years) | Volatility | Dividends | ||||||||||
Fiscal 2015 | - | % | - | - | % | - | % | |||||
Fiscal 2014 | 1.95 | 6.25 | 51.87 | 2.04 | ||||||||
Fiscal 2013 | - | - | - | - |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans: Schedule of activity related to options under all plans (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Tables/Schedules | ||||||||||||||||
Schedule of activity related to options under all plans | ||||||||||||||||
Year Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||
Number of Shares | Weighted Average Exercise Price | 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 | 440,500 | $ | 8.87 | |||||||
Grants | - | - | 87,154 | 2.78 | - | - | ||||||||||
Options exercised | (18,000 | ) | 2.69 | - | - | - | - | |||||||||
Forfeited | (32,000 | ) | 9.55 | - | - | (3,000 | ) | 1.97 | ||||||||
Expired | - | - | (20,000 | ) | 8.98 | (30,000 | ) | 7 | ||||||||
Balance, end of period | 424,654 | $ | 8 | 474,654 | $ | 7.91 | 407,500 | $ | 9.05 |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans: Schedule of additional information regarding options outstanding, by exercise price range (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Tables/Schedules | |||||||||||||
Schedule of additional information regarding options outstanding, by exercise price range | ` | ||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Weighted Avg | Weighted | Weighted | |||||||||||
Remaining | Average | Average | |||||||||||
Range of | Contractual | Number | Exercise | Number | Exercise | ||||||||
Exercise Price | Life (years) | Outstanding | Price | Exercisable | Price | ||||||||
$1.97 - $6.17 | 5.69 | 228,154 | $ | 3.78 | 228,154 | $ | 3.78 | ||||||
$7.49 - $9.51 | 3.22 | 2,500 | 8.12 | 2,500 | 8.12 | ||||||||
$10.10 - $10.83 | 1.65 | 9,000 | 10.37 | 9,000 | 10.37 | ||||||||
$12.98 - $14.52 | 1.06 | 185,000 | 13.1 | 185,000 | 13.1 | ||||||||
424,654 | $ | 8 | 424,654 | $ | 8 |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans: Schedule of Stock Options Outstanding, less estimated forfeitures (Tables) | 12 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Tables/Schedules | ||||||||
Schedule of Stock Options Outstanding, less estimated forfeitures | ||||||||
Year Ended March 31, 2015 | Year Ended March 31, 2014 | |||||||
Stock options fully vested and expected to vest: | ||||||||
Number | 424,654 | 469,896 | ||||||
Weighted average exercise price | $ | 8 | $ | 7.96 | ||||
Aggregate intrinsic value (1) | $ | 225,000 | $ | 71,000 | ||||
Weighted average contractual term of options (years) | 3.57 | 4.57 | ||||||
Stock options fully vested and currently exercisable: | ||||||||
Number | 424,654 | 385,900 | ||||||
Weighted average exercise price | $ | 8 | $ | 9.09 | ||||
Aggregate intrinsic value (1) | $ | 225,000 | $ | 16,000 | ||||
Weighted average contractual term of options (years) | 3.57 | 3.54 | ||||||
(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. |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan: Employee Stock Ownership Plan (ESOP) Disclosures (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Tables/Schedules | |||||||||
Employee Stock Ownership Plan (ESOP) Disclosures | |||||||||
Fair Value of Unreleased | Unreleased | Allocated | Total | ||||||
Shares | ESOP | and Released | |||||||
Shares | Shares | ||||||||
Balance, March 31, 2012 | $ | 334,000 | 147,798 | 814,786 | 962,584 | ||||
Allocation December 31, 2012 | (24,633 | ) | 24,633 | - | |||||
Balance, March 31, 2013 | $ | 325,000 | 123,165 | 839,419 | 962,584 | ||||
Allocation December 31, 2013 | (24,633 | ) | 24,633 | - | |||||
Balance, March 31, 2014 | $ | 338,000 | 98,532 | 864,052 | 962,584 | ||||
Allocation December 31, 2014 | (24,633 | ) | 24,633 | - | |||||
Balance, March 31, 2015 | $ | 332,500 | 73,899 | 888,685 | 962,584 |
Shareholders_Equity_and_Regula1
Shareholders' Equity and Regulatory Capital Requirements: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Tables/Schedules | ||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ||||||||||||||||
Actual | For Capital Adequacy Purposes | “Well Capitalized” Under Prompt Corrective Action | ||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
31-Mar-15 | ||||||||||||||||
Total Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | $ | 95,713 | 15.89 | % | $ | 48,188 | 8 | % | $ | 72,282 | 12 | -1% | ||||
Tier 1 Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | 88,122 | 14.63 | 36,141 | 6 | 48,188 | 8 | ||||||||||
Common equity tier 1 Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | 88,122 | 14.63 | 27,106 | 4.5 | 39,152 | 6.5 | ||||||||||
Tier 1 Capital (Leverage): | ||||||||||||||||
(To Adjusted Tangible Assets) | 88,122 | 10.89 | 32,355 | 4 | 72,799 | 9 | (1) | |||||||||
Tangible Capital: | ||||||||||||||||
(To Tangible Assets) | 88,122 | 10.89 | 12,133 | 1.5 | N/A | N/A | ||||||||||
Actual | For Capital Adequacy Purposes | “Well Capitalized” Under Prompt Corrective Action | ||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
31-Mar-14 | ||||||||||||||||
Total Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | $ | 90,733 | 16.66 | % | $ | 43,572 | 8 | % | $ | 65,359 | 12 | -1% | ||||
Tier 1 Capital: | ||||||||||||||||
(To Risk-Weighted Assets) | 83,850 | 15.4 | 21,786 | 4 | 32,679 | 6 | ||||||||||
Tier 1 Capital (Leverage): | ||||||||||||||||
(To Adjusted Tangible Assets) | 83,850 | 10.71 | 31,320 | 4 | 70,469 | 9 | (1) | |||||||||
Tangible Capital: | ||||||||||||||||
(To Tangible Assets) | 83,850 | 10.71 | 11,745 | 1.5 | N/A | N/A | ||||||||||
(1) The Bank agreed with the OCC to establish higher minimum capital ratios and to maintain a Tier 1 capital (leverage) ratio of not less than 9.0% and a total risked-based capital ratio of not less than 12.0% in order to be deemed “well capitalized”. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (loss): Schedule of Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Tables/Schedules | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ||||||||||
Unrealized Gains and Losses on | ||||||||||
Available for Sale Securities (1) | ||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | Year ended March 31, 2013 | ||||||||
Beginning Balance | $ | (647 | ) | $ | (1,013 | ) | $ | (1,171 | ) | |
Other comprehensive income (loss) | 1,513 | 366 | 158 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) (2) | (104 | ) | - | - | ||||||
Net current-period other comprehensive income (loss) | 1,409 | 366 | 158 | |||||||
Ending Balance | $ | 762 | $ | (647 | ) | $ | (1,013 | ) | ||
(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) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Tables/Schedules | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Unrealized gain and losses on | |||||||||||
available for sale securities | |||||||||||
Year ended | Year ended | Year ended | Affected Line Item in the | ||||||||
31-Mar-15 | 31-Mar-14 | 31-Mar-13 | Consolidated Statement of Income | ||||||||
Investment securities and mortgage-backed securities gains | $ | 158 | $ | - | $ | - | Other non-interest income | ||||
Income tax expense | (54 | ) | - | - | Provision for income taxes | ||||||
Securities gains, net of tax | $ | 104 | $ | - | $ | - |
Earnings_Per_Share_Schedule_of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Tables/Schedules | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ||||||||||
Year Ended March 31, | ||||||||||
(Dollars and share data in thousands, except per share data) | 2015 | 2014 | 2013 | |||||||
Basic EPS computation: | ||||||||||
Numerator-net income (loss) | $ | 4,491 | $ | 19,423 | $ | 2,633 | ||||
Denominator-weighted average common shares outstanding | 22,393 | 22,367 | 22,343 | |||||||
Basic EPS | $ | 0.2 | $ | 0.87 | $ | 0.12 | ||||
Diluted EPS computation: | ||||||||||
Numerator-net income (loss) | $ | 4,491 | $ | 19,423 | $ | 2,633 | ||||
Denominator-weighted average common shares outstanding | 22,393 | 22,367 | 22,343 | |||||||
Effect of dilutive stock options | 39 | 2 | - | |||||||
Weighted average common shares and common stock equivalents | 22,432 | 22,369 | 22,343 | |||||||
Diluted EPS | $ | 0.2 | $ | 0.87 | $ | 0.12 |
Fair_Value_Measurement_Schedul
Fair Value Measurement: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Tables/Schedules | ||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ||||||||||||
Fair value measurements using | ||||||||||||
31-Mar-15 | Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | |||||||||
Fair value | (Level 1) | (Level 2) | (Level 3) | |||||||||
Investment securities available for sale: | ||||||||||||
Trust preferred | $ | 1,812 | $ | - | $ | - | $ | 1,812 | ||||
Agency securities | 13,939 | - | 13,939 | - | ||||||||
Mortgage-backed securities available for sale: | ||||||||||||
Real estate mortgage investment conduits | 22,709 | - | 22,709 | - | ||||||||
Mortgage-backed securities | 68,514 | - | 68,514 | - | ||||||||
Other mortgage-backed securities | 5,489 | - | 5,489 | - | ||||||||
Total recurring assets measured at fair value | $ | 112,463 | $ | - | $ | 110,651 | $ | 1,812 | ||||
31-Mar-14 | ||||||||||||
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) | 12 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Tables/Schedules | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |||||||
For the Year Ended March 31, 2015 | For the Year Ended March 31, 2014 | ||||||
Beginning balance | $ | 1,903 | $ | 1,238 | |||
Transfers in to Level 3 | - | - | |||||
Included in earnings (1) | - | - | |||||
Included in other comprehensive income | (91 | ) | 665 | ||||
Ending balance | $ | 1,812 | $ | 1,903 | |||
(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) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Tables/Schedules | ||||||||||||
Schedule of Assets measured at fair value on a non-recurring basis | ||||||||||||
Fair value measurements at using | ||||||||||||
31-Mar-15 | Fair Value | Quoted prices in active markets for identical assets (Level 1) | Other observable inputs | Significant unobservable inputs | ||||||||
(Level 2) | (Level 3) | |||||||||||
Loans measured for impairment | $ | 3,059 | $ | - | $ | - | $ | 3,059 | ||||
Real estate owned | 1,193 | - | - | 1,193 | ||||||||
Total nonrecurring assets measured at fair value | $ | 4,252 | $ | - | $ | - | $ | 4,252 |
Fair_Value_Measurement_Fair_Va1
Fair Value Measurement: Fair Value Measurements, Nonrecurring, Valuation Techniques (Tables) | 12 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Tables/Schedules | |||||||
Fair Value Measurements, Nonrecurring, Valuation Techniques | |||||||
Valuation technique | Significant unobservable inputs | Range (1) | |||||
Loans measured for impairment | 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 March 31, 2015. |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments: Fair Value, Option, Quantitative Disclosures (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Tables/Schedules | |||||||||||||||
Fair Value, Option, Quantitative Disclosures | |||||||||||||||
Quoted prices in active markets for identical assets | Other observable inputs | Significant unobservable inputs | |||||||||||||
31-Mar-15 | Carry Value | (Level 1) | (Level 2) | (Level 3) | Fair Value | ||||||||||
Assets: | |||||||||||||||
Cash | $ | 58,659 | $ | 58,659 | $ | - | $ | - | $ | 58,659 | |||||
Certificates of deposit held for investment | 25,969 | - | 26,256 | - | 26,256 | ||||||||||
Investment securities available for sale | 15,751 | - | 13,939 | 1,812 | 15,751 | ||||||||||
Mortgage-backed securities held to maturity | 86 | - | 88 | - | 88 | ||||||||||
Mortgage-backed securities available for sale | 96,712 | - | 96,712 | - | 96,712 | ||||||||||
Loans receivable, net | 569,010 | - | - | 548,908 | 548,908 | ||||||||||
Loans held for sale | 778 | - | 778 | - | 778 | ||||||||||
Federal Home Loan Bank stock | 5,924 | - | 5,924 | - | 5,924 | ||||||||||
Liabilities: | |||||||||||||||
Demand – savings deposits | 582,011 | 582,011 | - | - | 582,011 | ||||||||||
Time deposits | 138,839 | - | 138,744 | - | 138,744 | ||||||||||
Junior subordinated debentures | 22,681 | - | - | 9,769 | 9,769 | ||||||||||
31-Mar-14 | |||||||||||||||
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 |
Condensed_Financial_Informatio1
Condensed Financial Information of Parent Company Only Disclosure: Condensed Balance Sheet (Tables) | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Tables/Schedules | ||||||
Condensed Balance Sheet | ||||||
BALANCE SHEETS | ||||||
March 31, 2015 AND 2014 | ||||||
(In thousands) | 2015 | 2014 | ||||
ASSETS | ||||||
Cash and cash equivalents (including interest earning accounts of | $ | 3,140 | $ | 1,106 | ||
$3,111 and $1,056) | ||||||
Investment in the Bank | 121,178 | 120,897 | ||||
Other assets | 2,439 | 2,350 | ||||
TOTAL ASSETS | $ | 126,757 | $ | 124,353 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Accrued expenses and other liabilities | $ | 275 | $ | 3,694 | ||
Borrowings | 22,681 | 22,681 | ||||
Shareholders' equity | 103,801 | 97,978 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 126,757 | $ | 124,353 |
Condensed_Financial_Informatio2
Condensed Financial Information of Parent Company Only Disclosure: Condensed Income Statement (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Tables/Schedules | ||||||||||
Condensed Income Statement | ||||||||||
STATEMENTS OF INCOME | ||||||||||
years ended March 31, 2015, 2014 and 2013 | ||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||
INCOME: | ||||||||||
Dividend income from Bank | $ | 6,000 | $ | - | $ | - | ||||
Interest on investment securities and other short-term investments | 13 | 13 | 20 | |||||||
Interest on loan receivable from the Bank | 33 | 42 | 50 | |||||||
Total income | 6,046 | 55 | 70 | |||||||
EXPENSE: | ||||||||||
Management service fees paid to the Bank | 143 | 143 | 143 | |||||||
Other expenses | 457 | 459 | 685 | |||||||
Total expense | 600 | 602 | 828 | |||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY | ||||||||||
IN UNDISTRIBUTED LOSS OF THE BANK | 5,446 | (547 | ) | (758 | ) | |||||
PROVISION (BENEFIT) FOR INCOME TAXES | (197 | ) | (1,365 | ) | (258 | ) | ||||
INCOME (LOSS) OF PARENT COMPANY | 5,643 | 818 | (500 | ) | ||||||
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK | (1,152 | ) | 18,605 | 3,133 | ||||||
NET INCOME (LOSS) | $ | 4,491 | $ | 19,423 | $ | 2,633 |
Condensed_Financial_Informatio3
Condensed Financial Information of Parent Company Only Disclosure: Condensed Cash Flow Statement (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Tables/Schedules | ||||||||||
Condensed Cash Flow Statement | ||||||||||
RIVERVIEW BANCORP, INC. (PARENT COMPANY) | ||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||
YEARS ENDED MARCH 31, 2015, 2014 AND 2013 | ||||||||||
(In thousands) | 2015 | 2014 | 2013 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net income (loss) | $ | 4,491 | $ | 19,423 | $ | 2,633 | ||||
Adjustments to reconcile net income (loss) cash provided by | ||||||||||
(used in) operating activities: | ||||||||||
Equity in undistributed (earnings) loss of the Bank | 1,152 | (18,605 | ) | (3,133 | ) | |||||
Benefit for deferred income taxes | (197 | ) | (1,364 | ) | - | |||||
Earned ESOP shares | 102 | 68 | 42 | |||||||
Stock based compensation | 26 | 78 | 2 | |||||||
Changes in assets and liabilities | ||||||||||
Other assets | 110 | 131 | 577 | |||||||
Accrued expenses and other liabilities | (3,698 | ) | 355 | 695 | ||||||
Net cash provided by (used in) operating activities | 1,986 | 86 | 816 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Additional investment in subsidiary | - | - | (2,700 | ) | ||||||
Net cash used in investing activities | - | - | (2,700 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from exercise of stock options | 48 | - | - | |||||||
Net cash provided by financing activities | 48 | - | - | |||||||
NET INCREASE (DECREASE) IN CASH | 2,034 | 86 | (1,884 | ) | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1,106 | 1,020 | 2,904 | |||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 3,140 | $ | 1,106 | $ | 1,020 | ||||
Condensed_Financial_Informatio4
Condensed Financial Information of Parent Company Only Disclosure: Schedule of Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Tables/Schedules | ||||||||||||||||
Schedule of Quarterly Financial Information | Riverview Bancorp, Inc. | |||||||||||||||
Selected Quarterly Financial Data (Unaudited): | ||||||||||||||||
(Dollars in thousands, except share data) | Three Months Ended | |||||||||||||||
31-Mar | 31-Dec | 30-Sep | 30-Jun | |||||||||||||
Fiscal 2015: | ||||||||||||||||
Interest income | $ | 7,347 | $ | 7,203 | $ | 7,210 | $ | 6,866 | ||||||||
Interest expense | 434 | 485 | 490 | 507 | ||||||||||||
Net interest income | 6,913 | 6,718 | 6,720 | 6,359 | ||||||||||||
Provision for (recapture of) loan losses | (750 | ) | (400 | ) | (350 | ) | (300 | ) | ||||||||
Non-interest income | 2,178 | 2,264 | 2,223 | 2,210 | ||||||||||||
Non-interest expense | 7,689 | 7,646 | 7,674 | 7,735 | ||||||||||||
Income before income taxes | 2,152 | 1,736 | 1,619 | 1,134 | ||||||||||||
Provision (benefit) for income taxes | 634 | 587 | 535 | 394 | ||||||||||||
Net income | $ | 1,518 | $ | 1,149 | $ | 1,084 | $ | 740 | ||||||||
Basic earnings per share (1) | $ | 0.07 | $ | 0.05 | $ | 0.05 | $ | 0.03 | ||||||||
Diluted earnings per share (1) | $ | 0.07 | $ | 0.05 | $ | 0.05 | $ | 0.03 | ||||||||
(Dollars in thousands, except share data) | Three Months Ended | |||||||||||||||
31-Mar | 31-Dec | 30-Sep | 30-Jun | |||||||||||||
Fiscal 2014: | ||||||||||||||||
Interest income | $ | 6,536 | $ | 6,673 | $ | 6,764 | $ | 6,831 | ||||||||
Interest expense | 582 | 645 | 664 | 677 | ||||||||||||
Net interest income | 5,954 | 6,028 | 6,100 | 6,154 | ||||||||||||
Provision for (recapture of) loan losses | (1,200 | ) | - | - | (2,500 | ) | ||||||||||
Non-interest income | 1,850 | 2,384 | 1,887 | 2,246 | ||||||||||||
Non-interest expense | 7,460 | 7,611 | 7,647 | 9,243 | ||||||||||||
Income (loss) before income taxes | 1,544 | 801 | 340 | 1,657 | ||||||||||||
Provision for income taxes | (15,097 | ) | - | (1 | ) | 17 | ||||||||||
Net income (loss) | $ | 16,641 | $ | 801 | $ | 341 | $ | 1,640 | ||||||||
Basic earnings (loss) per share (1) | $ | 0.74 | $ | 0.04 | $ | 0.02 | $ | 0.07 | ||||||||
Diluted earnings (loss) per share (1) | $ | 0.74 | $ | 0.04 | $ | 0.02 | $ | 0.07 | ||||||||
(1) Quarterly earnings per share may vary from annual earnings per share due to rounding. |
Recovered_Sheet16
Summary of Significant Accounting Policies: Trust Assets, Policy (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Details | ||
Assets Held-in-trust | $409.30 | $359.70 |
Restricted_Assets_Details
Restricted Assets (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Details | ||
Minimum Reserve Balance | $951 | $765 |
Investment_Securities_Availabl1
Investment Securities: Available-for-sale Securities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment Securities | ||
Available-for-sale Securities, Amortized Cost Basis | $15,927 | $23,866 |
Available-for-sale Securities, Gross Unrealized Gains | 38 | 6 |
Available-for-sale Securities, Gross Unrealized Losses | -214 | -478 |
Available-for-sale Securities, Fair Value Disclosure | 15,751 | 23,394 |
Trust preferred | ||
Available-for-sale Securities, Amortized Cost Basis | 1,919 | 1,919 |
Available-for-sale Securities, Gross Unrealized Losses | -107 | -16 |
Available-for-sale Securities, Fair Value Disclosure | 1,812 | 1,903 |
US Government Agencies Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 14,008 | 21,947 |
Available-for-sale Securities, Gross Unrealized Gains | 38 | 6 |
Available-for-sale Securities, Gross Unrealized Losses | -107 | -462 |
Available-for-sale Securities, Fair Value Disclosure | $13,939 | $21,491 |
Investment_Securities_Schedule2
Investment Securities: Schedule of Held to Maturity Securities, Contractual maturities (Details) (Investment Securities, USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Investment Securities | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $13,000 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 12,893 |
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 | 1,046 |
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 | 1,812 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 15,927 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $15,751 |
Investment_Securities_Schedule3
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Trust preferred | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $1,903 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -16 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,812 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -107 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,812 | 1,903 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -107 | -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 | 12,893 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -107 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,893 | 17,985 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -107 | -462 |
Investment Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,888 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -478 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,705 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -214 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,705 | 19,888 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($214) | ($478) |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Details | |||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $2,500,000 | $0 | $0 |
Investment Securities, Gross Realized Gains from Sales | $31,000 | $0 | $0 |
Investment_Securities_Schedule4
Investment Securities: Schedule of Investment Securities pledged as collateral (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Details | ||
Investment securities pledged as collateral, amortized cost | $3,000 | $1,000 |
Investment securities pledged as collateral, fair value | $3,000 | $975 |
Mortgagebacked_Securities_Sche5
Mortgage-backed Securities: Schedule of mortgage-backed securities held to maturity (Details) (Mortgage-backed, USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Mortgage-backed | ||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $86 | [1] | $101 | [1] |
Held-to-maturity Securities, Unrecognized Holding Gain | 2 | [1] | 3 | [1] |
Held-to-maturity Securities, Fair Value | $88 | [1] | $104 | [1] |
[1] | Comprised of Federal National Mortgage Association (BFNMAB) and FHLMC issued securities. |
Mortgagebacked_Securities_Sche6
Mortgage-backed Securities: Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities (Details) (Collateralized Mortgage Backed Securities, USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Collateralized Mortgage Backed Securities | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | $74 |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 75 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 12 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 13 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | 86 |
Held-to-maturity Securities, Debt Maturities, Fair Value | $88 |
Mortgagebacked_Securities_Deta
Mortgage-backed Securities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Details | ||
Mortgage-backed securities held to maturity pledged as collateral, Amortized Cost | $27 | $36 |
Mortgage-backed securities held to maturity pledged as collateral, Fair Value | $27 | $37 |
Mortgagebacked_Securities_Sche7
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Real estate mortgage investment conduits | ||||
Available-for-sale Securities, Amortized Cost Basis | $22,455 | $7,218 | [1] | |
Available-for-sale Securities, Gross Unrealized Gains | 255 | 9 | [1] | |
Available-for-sale Securities, Gross Unrealized Losses | -1 | -77 | [1] | |
Available-for-sale Securities, Fair Value Disclosure | 22,709 | 7,150 | [1] | |
Collateralized Mortgage Backed Securities | ||||
Available-for-sale Securities, Amortized Cost Basis | 67,568 | [2] | 65,858 | [2] |
Available-for-sale Securities, Gross Unrealized Gains | 1,006 | [2] | 102 | [2] |
Available-for-sale Securities, Gross Unrealized Losses | -60 | [2] | -547 | [2] |
Available-for-sale Securities, Fair Value Disclosure | 68,514 | [2] | 65,413 | [2] |
Other mortgage-backed securities | ||||
Available-for-sale Securities, Amortized Cost Basis | 5,359 | [3] | 6,007 | [3] |
Available-for-sale Securities, Gross Unrealized Gains | 142 | [3] | 18 | [3] |
Available-for-sale Securities, Gross Unrealized Losses | -12 | [3] | -13 | [3] |
Available-for-sale Securities, Fair Value Disclosure | 5,489 | [3] | 6,012 | [3] |
Mortgage-backed securities available for sale | ||||
Available-for-sale Securities, Amortized Cost Basis | 95,382 | 79,083 | ||
Available-for-sale Securities, Gross Unrealized Gains | 1,403 | 129 | ||
Available-for-sale Securities, Gross Unrealized Losses | -73 | -637 | ||
Available-for-sale Securities, Fair Value Disclosure | $96,712 | $78,575 | ||
[1] | Comprised of FHLMC and FNMA issued securities. | |||
[2] | Comprised of FHLMC, FNMA and Ginnie Mae issued securities. | |||
[3] | Comprised of U.S. Small Business Administration (BSBAB) issued securities and commercial real estate secured securities issued by FNMA. |
Mortgagebacked_Securities_Sche8
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities, Contractual Maturities (Details) (Collateralized Mortgage Backed Securities, USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Collateralized Mortgage Backed Securities | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $2,476 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 2,535 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 5,306 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 5,378 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 87,600 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 88,799 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 95,382 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $96,712 |
Mortgagebacked_Securities_Sche9
Mortgage-backed Securities: Schedule of Temporarily Impaired Mortgage-backed securities, Fair Value and Unrealized Losses (Details) (USD $) | Mar. 31, 2015 | 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 | $1,323 | [1] | $4,996 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -1 | [1] | -77 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,323 | [1] | 4,996 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -1 | [1] | -77 | [2] |
Mortgage-backed | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 49,177 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -547 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,098 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -60 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,098 | [3] | 49,177 | [3] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -60 | [3] | -547 | [3] |
Other mortgage-backed securities | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,526 | [4] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -13 | [4] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,417 | [4] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -12 | [4] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,417 | [4] | 1,526 | [4] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -12 | [4] | -13 | [4] |
All Mortgage-backed Securities | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,323 | 55,699 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -1 | -637 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,515 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -72 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,838 | 55,699 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($73) | ($637) | ||
[1] | Comprised of a FHLMC security. | |||
[2] | Comprised of FHLMC, FNMA and Ginnie Mae issued securities. | |||
[3] | Comprised of FHLMC and FNMA issued securities. | |||
[4] | Comprised of SBA issued securities. |
Mortgagebacked_Securities_Mort
Mortgage-backed Securities: Mortgage-backed Securities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Proceeds from sale of mortgage-backed securities available for sale | $14,225 | $0 | $0 |
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | 127 | 0 | 0 |
Available-for-sale mortgage-backed securities pledged as collateral, Amortized Cost | 1,300 | 1,700 | |
Available-for-sale mortgage-backed securities pledged as collateral, Fair Value | $1,300 | $1,700 |
Loans_Receivable_Schedule_of_A1
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Gross | $579,772 | $533,488 |
Loans receivable Allowance for Loan Losses | 10,762 | 12,551 |
Financing Receivable, Net | 569,010 | 520,937 |
Commercial business | ||
Financing Receivable, Gross | 77,186 | 71,632 |
Other real estate mortgage | ||
Financing Receivable, Gross | 345,506 | 324,881 |
Real estate construction | ||
Financing Receivable, Gross | 30,498 | 19,482 |
Total commercial and construction | ||
Financing Receivable, Gross | 453,190 | 415,995 |
Real estate one-to-four family | ||
Financing Receivable, Gross | 89,801 | 93,007 |
Other installment | ||
Financing Receivable, Gross | 36,781 | 24,486 |
Consumer | ||
Financing Receivable, Gross | $126,582 | $117,493 |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Details | |
Loans Pledged as Collateral | $349,600 |
Loans_Receivable_Schedule_of_R1
Loans Receivable: Schedule of Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Loans to Officers and Directors, Beginning balance | $854 | $1,609 | $1,907 |
Loans to Officers and Directors, Originations | 511 | 226 | |
Loans to Officers and Directors, Principal repayments | -132 | -755 | -524 |
Loans to Officers and Directors, Ending balance | $1,233 | $854 | $1,609 |
Allowance_For_Loan_Losses_Sche5
Allowance For Loan Losses: Schedule of reconciliation of the allowance for loan losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Loans and Leases Receivable, Allowance, Beginning Balance | $12,551 | $15,643 | $19,921 |
Allowance for Loan and Lease Losses, Provision for (recapture of) Loss, Gross | -1,800 | -3,700 | 900 |
Allowance for Loan and Lease Losses, Charge-offs | -464 | -1,106 | -6,926 |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 475 | 1,714 | 1,748 |
Loans and Leases Receivable, Allowance, Ending Balance | 10,762 | 12,551 | 15,643 |
Commercial business | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,409 | 2,128 | 2,688 |
Allowance for Loan and Lease Losses, Provision for (recapture of) Loss, Gross | -1,060 | 95 | 928 |
Allowance for Loan and Lease Losses, Charge-offs | -120 | -340 | -1,606 |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 34 | 526 | 118 |
Loans and Leases Receivable, Allowance, Ending Balance | 1,263 | 2,409 | 2,128 |
Commercial Real Estate | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 5,269 | 5,979 | 5,599 |
Allowance for Loan and Lease Losses, Provision for (recapture of) Loss, Gross | -768 | -417 | 1,865 |
Allowance for Loan and Lease Losses, Charge-offs | -233 | -316 | -1,494 |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 23 | 9 | |
Loans and Leases Receivable, Allowance, Ending Balance | 4,268 | 5,269 | 5,979 |
Land | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 340 | 2,019 | 4,906 |
Allowance for Loan and Lease Losses, Provision for (recapture of) Loss, Gross | -72 | -2,439 | -2,149 |
Allowance for Loan and Lease Losses, Charge-offs | -90 | -1,753 | |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 271 | 850 | 1,015 |
Loans and Leases Receivable, Allowance, Ending Balance | 539 | 340 | 2,019 |
Multi-Family | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 203 | 541 | 1,121 |
Allowance for Loan and Lease Losses, Provision for (recapture of) Loss, Gross | 145 | -338 | -197 |
Allowance for Loan and Lease Losses, Charge-offs | -622 | ||
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 239 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 348 | 203 | 541 |
Real estate construction | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 387 | 221 | 412 |
Allowance for Loan and Lease Losses, Provision for (recapture of) Loss, Gross | 382 | 173 | -278 |
Allowance for Loan and Lease Losses, Charge-offs | -11 | -141 | |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 4 | 228 | |
Loans and Leases Receivable, Allowance, Ending Balance | 769 | 387 | 221 |
Consumer | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,653 | 2,949 | 3,274 |
Allowance for Loan and Lease Losses, Provision for (recapture of) Loss, Gross | -164 | -258 | 846 |
Allowance for Loan and Lease Losses, Charge-offs | -111 | -349 | -1,310 |
Allowance for Loan and Lease Losses, Recoveries of Bad Debts | 170 | 311 | 139 |
Loans and Leases Receivable, Allowance, Ending Balance | 2,548 | 2,653 | 2,949 |
Unallocated | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,290 | 1,806 | 1,921 |
Allowance for Loan and Lease Losses, Provision for (recapture of) Loss, Gross | -263 | -516 | -115 |
Loans and Leases Receivable, Allowance, Ending Balance | $1,027 | $1,290 | $1,806 |
Allowance_For_Loan_Losses_Sche6
Allowance For Loan Losses: Schedule of Impaired Financing Receivables (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $147 | $279 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 10,615 | 12,272 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 10,762 | 12,551 |
Financing Receivable, Individually Evaluated for Impairment | 22,375 | 25,950 |
Financing Receivable, Collectively Evaluated for Impairment | 557,397 | 507,538 |
Financing Receivable, Evaluated for Impairment | 579,772 | 533,488 |
Commercial business | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,263 | 2,409 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 1,263 | 2,409 |
Financing Receivable, Individually Evaluated for Impairment | 1,091 | 947 |
Financing Receivable, Collectively Evaluated for Impairment | 76,095 | 70,685 |
Financing Receivable, Evaluated for Impairment | 77,186 | 71,632 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 137 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,268 | 5,132 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 4,268 | 5,269 |
Financing Receivable, Individually Evaluated for Impairment | 15,939 | 18,122 |
Financing Receivable, Collectively Evaluated for Impairment | 283,752 | 269,386 |
Financing Receivable, Evaluated for Impairment | 299,691 | 287,508 |
Land | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 539 | 340 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 539 | 340 |
Financing Receivable, Individually Evaluated for Impairment | 801 | 858 |
Financing Receivable, Collectively Evaluated for Impairment | 14,557 | 15,387 |
Financing Receivable, Evaluated for Impairment | 15,358 | 16,245 |
Multi-Family | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 348 | 203 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 348 | 203 |
Financing Receivable, Individually Evaluated for Impairment | 1,922 | 2,014 |
Financing Receivable, Collectively Evaluated for Impairment | 28,535 | 19,114 |
Financing Receivable, Evaluated for Impairment | 30,457 | 21,128 |
Real estate construction | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 769 | 387 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 769 | 387 |
Financing Receivable, Collectively Evaluated for Impairment | 30,498 | 19,482 |
Financing Receivable, Evaluated for Impairment | 30,498 | 19,482 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 147 | 142 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,401 | 2,511 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 2,548 | 2,653 |
Financing Receivable, Individually Evaluated for Impairment | 2,622 | 4,009 |
Financing Receivable, Collectively Evaluated for Impairment | 123,960 | 113,484 |
Financing Receivable, Evaluated for Impairment | 126,582 | 117,493 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,027 | 1,290 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | $1,027 | $1,290 |
Allowance_For_Loan_Losses_Sche7
Allowance For Loan Losses: Schedule of Changes in the allowance for unfunded loan commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Allowance for unfunded loan commitments, Beginning balance | $294 | $229 | $217 |
Change in Allowance for unfunded loan commitments | -35 | 65 | 12 |
Allowance for unfunded loan commitments, Ending Balance | $259 | $294 | $229 |
Allowance_For_Loan_Losses_Fina1
Allowance For Loan Losses: Financing Receivables, Aging of loans (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | $1,486 | $2,247 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 5,318 | 14,062 |
Financing Receivable, Recorded Investment, Past Due | 6,804 | 16,309 |
Financing Receivable, Recorded Investment, Current | 572,968 | 517,179 |
Total Loans Receivable | 579,772 | 533,488 |
Commercial business | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 359 | 120 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 452 | |
Financing Receivable, Recorded Investment, Past Due | 359 | 572 |
Financing Receivable, Recorded Investment, Current | 76,827 | 71,060 |
Total Loans Receivable | 77,186 | 71,632 |
Commercial Real Estate | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 225 | 188 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 3,291 | 8,067 |
Financing Receivable, Recorded Investment, Past Due | 3,516 | 8,255 |
Financing Receivable, Recorded Investment, Current | 296,175 | 279,253 |
Total Loans Receivable | 299,691 | 287,508 |
Land | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 801 | 800 |
Financing Receivable, Recorded Investment, Past Due | 801 | 800 |
Financing Receivable, Recorded Investment, Current | 14,557 | 15,445 |
Total Loans Receivable | 15,358 | 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 | 2,014 | |
Financing Receivable, Recorded Investment, Past Due | 2,373 | |
Financing Receivable, Recorded Investment, Current | 30,457 | 18,755 |
Total Loans Receivable | 30,457 | 21,128 |
Real estate construction | ||
Financing Receivable, Recorded Investment, Current | 30,498 | 19,482 |
Total Loans Receivable | 30,498 | 19,482 |
Consumer | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 902 | 1,580 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,226 | 2,729 |
Financing Receivable, Recorded Investment, Past Due | 2,128 | 4,309 |
Financing Receivable, Recorded Investment, Current | 124,454 | 113,184 |
Total Loans Receivable | $126,582 | $117,493 |
Allowance_For_Loan_Losses_Inte
Allowance For Loan Losses: Interest income foregone (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Interest income foregone on non-accrual loans | $433 | $949 | $1,400 |
Allowance_For_Loan_Losses_Sche8
Allowance For Loan Losses: Schedule of Credit Quality Indicators (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Weighted Average Risk Grade | 3.6 | 3.82 | ||
Loans Receivable, Credit Quality Classified | $13,321 | [1] | $33,814 | [2] |
Total of risk-rated loans | 453,568 | 418,503 | ||
Commercial business | ||||
Weighted Average Risk Grade | 3.3 | 3.54 | ||
Loans Receivable, Credit Quality Classified | 566 | [1] | 8,419 | [2] |
Commercial Real Estate | ||||
Weighted Average Risk Grade | 3.66 | 3.87 | ||
Loans Receivable, Credit Quality Classified | 6,965 | [1] | 19,838 | [2] |
Land | ||||
Weighted Average Risk Grade | 4.19 | 3.88 | ||
Loans Receivable, Credit Quality Classified | 801 | [1] | 800 | [2] |
Multi-Family | ||||
Weighted Average Risk Grade | 3.53 | 3.81 | ||
Loans Receivable, Credit Quality Classified | 1,935 | [1] | 2,028 | [2] |
Real estate construction | ||||
Weighted Average Risk Grade | 3.42 | 3.08 | ||
Loans Receivable, Credit Quality Classified | 1,828 | [1] | ||
Consumer | ||||
Weighted Average Risk Grade | 7 | [3] | 7 | [3] |
Loans Receivable, Credit Quality Classified | $1,226 | [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 $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $21,029 | $24,371 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,346 | 1,579 |
Impaired Financing Receivable, Recorded Investment | 22,375 | 25,950 |
Impaired Financing Receivable, Unpaid Principal Balance | 24,386 | 29,271 |
Impaired Financing Receivable, Related Allowance | 147 | 279 |
Commercial business | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,091 | 947 |
Impaired Financing Receivable, Recorded Investment | 1,091 | 947 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,125 | 1,067 |
Commercial Real Estate | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 15,939 | 17,956 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 166 | |
Impaired Financing Receivable, Recorded Investment | 15,939 | 18,122 |
Impaired Financing Receivable, Unpaid Principal Balance | 17,188 | 20,601 |
Impaired Financing Receivable, Related Allowance | 137 | |
Land | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 801 | 858 |
Impaired Financing Receivable, Recorded Investment | 801 | 858 |
Impaired Financing Receivable, Unpaid Principal Balance | 804 | 861 |
Multi-Family | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,922 | 2,014 |
Impaired Financing Receivable, Recorded Investment | 1,922 | 2,014 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,058 | 2,103 |
Consumer | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,276 | 2,596 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,346 | 1,413 |
Impaired Financing Receivable, Recorded Investment | 2,622 | 4,009 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,211 | 4,639 |
Impaired Financing Receivable, Related Allowance | $147 | $142 |
Allowance_For_Loan_Losses_Sche9
Allowance For Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Impaired Financing Receivable, Average Recorded Investment | $24,391 | $28,961 | $46,657 |
Interest recognized on impaired loans | 642 | 583 | 796 |
Commercial business | |||
Impaired Financing Receivable, Average Recorded Investment | 1,075 | 1,150 | 3,986 |
Interest recognized on impaired loans | 62 | 43 | 98 |
Commercial Real Estate | |||
Impaired Financing Receivable, Average Recorded Investment | 17,136 | 19,451 | 20,705 |
Interest recognized on impaired loans | 478 | 472 | 388 |
Land | |||
Impaired Financing Receivable, Average Recorded Investment | 817 | 1,854 | 6,818 |
Interest recognized on impaired loans | 5 | 78 | |
Multi-Family | |||
Impaired Financing Receivable, Average Recorded Investment | 2,176 | 2,758 | 7,822 |
Interest recognized on impaired loans | 17 | 16 | 127 |
Real estate construction | |||
Impaired Financing Receivable, Average Recorded Investment | 69 | 2,365 | |
Consumer | |||
Impaired Financing Receivable, Average Recorded Investment | 3,187 | 3,679 | 4,961 |
Interest recognized on impaired loans | $85 | $47 | $105 |
Allowance_For_Loan_Losses_Trou1
Allowance For Loan Losses: Troubled Debt Restructurings on Financing Receivables (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 12 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $344 | $9,934 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 327 | 9,250 |
Commercial business | ||
Financing Receivable, Modifications, Number of Contracts | 3 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 504 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 465 | |
Commercial Real Estate | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 4 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 344 | 6,295 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 327 | 6,210 |
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 | 2,014 | |
Consumer | ||
Financing Receivable, Modifications, Number of Contracts | 4 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 573 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $561 |
Allowance_For_Loan_Losses_Deta
Allowance For Loan Losses (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Details | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $0 | $0 |
Premises_and_Equipment_Schedul2
Premises and Equipment: Schedule of Premises and Equipment (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment, Gross | $33,340 | $33,499 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -17,906 | -17,082 |
Premises and equipment, net | 15,434 | 16,417 |
Land | ||
Property, Plant and Equipment, Gross | 4,177 | 4,177 |
Building and Building Improvements | ||
Property, Plant and Equipment, Gross | 13,971 | 13,925 |
Leasehold Improvements | ||
Property, Plant and Equipment, Gross | 1,286 | 1,429 |
Office Equipment | ||
Property, Plant and Equipment, Gross | 10,471 | 10,533 |
Buildings under capitalized leases | ||
Property, Plant and Equipment, Gross | 2,715 | 2,715 |
Construction in progress | ||
Property, Plant and Equipment, Gross | $720 | $720 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Details | |||
Premises and Equipment, Depreciation expense | $1,400,000 | $1,400,000 | $1,500,000 |
Premises and Equipment, Amortization expense | 113,000 | 113,000 | 113,000 |
Premises and Equipment, Accumulated amortization for capital lease | 1,100,000 | 939,000 | |
Operating Leases, Rent Expense | $1,900,000 | $1,800,000 | $1,800,000 |
Premises_and_Equipment_Schedul3
Premises and Equipment: Schedule of Future Minimum Lease Payments for Capital Leases (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Details | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $1,534 |
Capital Leases, Future Minimum Payments, Next Rolling Twelve Months | 251 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,395 |
Capital Leases, Future Minimum Payments, Due in Rolling Year Two | 251 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,317 |
Capital Leases, Future Minimum Payments, Due in Rolling Year Three | 251 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,054 |
Capital Leases, Future Minimum Payments, Due in Rolling Year Four | 251 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,023 |
Capital Leases, Future Minimum Payments, Due in Rolling Year Five | 251 |
Operating Leases, Future Minimum Payments, Due Thereafter | 1,273 |
Capital Leases, Future Minimum Payments, Due in Rolling after Year Five | 2,427 |
Operating Leases, Future Minimum Payments Due | 7,596 |
Capital Leases, Future Minimum Payments Due | 3,682 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | -1,406 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | $2,276 |
Real_Estate_Owned_Schedule_of_1
Real Estate Owned: Schedule of activity in REO (Real Estate Owned) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Real Estate Owned, Beginning Balance | $7,703 | $15,638 | $18,731 |
Real Estate Owned, Additions | 1,512 | 6,564 | 14,207 |
Real Estate Owned, Dispositions | -6,897 | -12,443 | -12,326 |
Real Estate Owned, Writedowns | -715 | -2,056 | -4,974 |
Real Estate Owned, Ending Balance | $1,603 | $7,703 | $15,638 |
Real_Estate_Owned_Details
Real Estate Owned (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Real Estate Owned, Expenses, Write-downs | $715 | $2,100 | $5,000 |
Real Estate Owned, Operating Expenses | 279 | 709 | 807 |
Net losses on dispositions of Real Estate Owned (REO) | $80 | $245 | $384 |
Deposit_Accounts_Schedule_of_D1
Deposit Accounts: Schedule of Deposit Accounts (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deposit Accounts, Weighted Average Interest Rate | 0.17% | 0.22% |
Deposit Accounts, Balance | $720,850 | $690,066 |
Non-interest-bearing | ||
Deposit Accounts, Weighted Average Interest Rate | 0.00% | 0.00% |
Deposit Accounts, Balance | 151,953 | 128,635 |
Interest checking | ||
Deposit Accounts, Weighted Average Interest Rate | 0.07% | 0.07% |
Deposit Accounts, Balance | 115,461 | 104,543 |
Money market | ||
Deposit Accounts, Weighted Average Interest Rate | 0.12% | 0.12% |
Deposit Accounts, Balance | 237,465 | 227,933 |
Savings accounts | ||
Deposit Accounts, Weighted Average Interest Rate | 0.10% | 0.10% |
Deposit Accounts, Balance | 77,132 | 66,702 |
Certificates of deposit | ||
Deposit Accounts, Weighted Average Interest Rate | 0.58% | 0.67% |
Deposit Accounts, Balance | $138,839 | $162,253 |
Deposit_Accounts_Details
Deposit Accounts (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Details | ||
Certificates of deposit in amounts of $100,000 or more | $76,300 | $90,200 |
Deposit_Accounts_Schedule_of_I1
Deposit Accounts: Schedule of Interest Expense by Deposit Type (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Interest Expense, Interest Checking | $79 | $102 | $135 |
Interest Expense, Money Market Deposits | 277 | 477 | 602 |
Interest Expense, Savings Deposits | 71 | 87 | 92 |
Interest Expense, Certificate of Deposit | 899 | 1,307 | 1,838 |
Interest on deposits | $1,326 | $1,973 | $2,667 |
Junior_Subordinated_Debenture_1
Junior Subordinated Debenture (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Details | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $22,700 | |
Deferred interest payments related to debentures | 4,000 | |
Debentures issued to grantor trusts | 22,700 | |
Common securities issued by grantor trusts | $681 |
Junior_Subordinated_Debenture_2
Junior Subordinated Debenture: Schedule of terms of the current Debentures (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
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 | 1.63% |
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 | 1.62% |
Debt Instrument, Maturity Date, Description | Sep-37 |
Income_Taxes_Schedule_of_Compo1
Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Current Income Tax Expense (Benefit) | $16 | $19 | $29 |
Deferred Income Tax Expense (Benefit) | 2,140 | -15,100 | |
Income Tax Provision (Benefit), Current and Deferred | $2,156 | ($15,081) | $29 |
Income_Taxes_Schedule_of_Defer1
Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Gross | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $107 | $105 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | 3,913 | 4,560 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 193 | 203 |
Accumulated Depreciation | 789 | 736 |
Deferred Gain On Sale | 475 | 532 |
Deferred Tax Assets, Operating Loss Carryforwards | 8,150 | 8,191 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 332 | |
Impairment On Investment Security | 151 | 150 |
REO Expense | 155 | 1,681 |
Non-compete Agreement | 66 | 80 |
Deferred Tax Assets, Other | 558 | 465 |
Deferred Tax Assets, Net of Valuation Allowance | 14,557 | 17,035 |
Deferred Tax Liabilities, Gross | ||
Deferred Tax Liabilities, FHLB Stock Dividend | -857 | -975 |
Deferred Tax Liabilities, Purchase Accounting | -1 | -9 |
Deferred Tax Liabilities, Prepaid Expenses | -198 | -161 |
Deferred Tax Liabilities, Loan Fees and Costs | -540 | -454 |
Deferred Tax Liabilities, Other | -3 | |
Deferred Tax Liabilities, Gross | -1,989 | -1,602 |
Deferred Tax Assets, Net | $12,568 | $15,433 |
Income_Taxes_Schedule_of_Effec1
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Details | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 1.60% | 1.50% | 1.90% |
Esop Market Value Adjustment | -0.30% | 0.80% | |
Interest Income On Municipal Securities | -0.20% | ||
Bank Owned Life Insurance | -3.80% | -4.40% | -7.60% |
Valuation Adjustment | -365.90% | -23.90% | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.40% | -5.90% | -3.90% |
Effective Income Tax Rate Reconciliation, Percent | 32.20% | -341.00% | 1.10% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Details | |||
Proceeds from sale of Investment and Mortgage-backed securities | $16,800,000 | $0 | $0 |
Realized gain on sale of Investment and Mortgage-backed securities | 158,000 | 0 | 0 |
Deferred Tax Liabilities, Unrecognized | 781,000 | 781,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $8,200,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 87,154 | ||
Unrecognized compensation cost related to nonvested stock options | $0 | ||
Pre-tax compensation expense related to stock options | 26,000 | 78,000 | 2,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $35,000 | $0 | $0 |
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 | ||
1998 and 2003 Stock Option Plan | |||
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. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 87,154 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $1.18 |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) (1998 and 2003 Stock Option Plan, Fiscal 2014) | 12 Months Ended |
Mar. 31, 2014 | |
1998 and 2003 Stock Option Plan | Fiscal 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.95% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 51.87% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.04% |
Employee_Benefit_Plans_Schedul5
Employee Benefit Plans: Schedule of activity related to options under all plans (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Details | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 474,654 | 407,500 | 440,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $7.91 | $9.05 | $8.87 |
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 | ||
Exercise of stock options, Shares | 18,000 | ||
Exercise of stock options, Shares | -18,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $2.69 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -32,000 | -3,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $9.55 | $1.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | -20,000 | -30,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $8.98 | $7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 424,654 | 474,654 | 407,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $8 | $7.91 | $9.05 |
Employee_Benefit_Plans_Schedul6
Employee Benefit Plans: Schedule of additional information regarding options outstanding, by exercise price range (Details) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 424,654 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $8 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 424,654 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $8 |
$1.97 - $6.17 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 8 months 8 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 228,154 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $3.78 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 228,154 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $3.78 |
$7.49 - $9.51 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 2 months 19 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 2,500 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $8.12 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 2,500 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $8.12 |
$10.10 - $10.83 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 7 months 24 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 9,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $10.37 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 9,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $10.37 |
$12.98 - $14.52 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 22 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 185,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $13.10 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 185,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $13.10 |
Employee_Benefit_Plans_Schedul7
Employee Benefit Plans: Schedule of Stock Options Outstanding, less estimated forfeitures (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Details | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 424,654 | 469,896 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $8 | $7.96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $225 | [1] | $71 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 6 months 25 days | 4 years 6 months 25 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 424,654 | 385,900 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $8 | $9.09 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $225 | [1] | $16 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 3 years 6 months 25 days | 3 years 6 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. |
Employee_Stock_Ownership_Plan_1
Employee Stock Ownership Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Employee Stock Ownership Plan (ESOP), Plan Description | The Company sponsors an ESOP that covers all employees with at least one year and 1,000 hours of service who are over the age of 21. | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $102 | $68 | $42 |
Employee_Stock_Ownership_Plan_2
Employee Stock Ownership Plan: Employee Stock Ownership Plan (ESOP) Disclosures (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Details | ||||
ESOP shares, fair value of unreleased shares | $332,500 | $338,000 | $325,000 | $334,000 |
ESOP shares, unreleased | 73,899 | 98,532 | 123,165 | 147,798 |
ESOP shares, allocated and released | 888,685 | 864,052 | 839,419 | 814,786 |
ESOP shares | 962,584 | 962,584 | 962,584 | 962,584 |
ESOP shares, allocation | 24,633 | 24,633 | 24,633 |
Shareholders_Equity_and_Regula2
Shareholders' Equity and Regulatory Capital Requirements (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Details | |||
Serial preferred stock shares authorized | 250,000 | 250,000 | |
Serial preferred shares issued | 0 | 0 | |
Serial preferred shares outstanding | 0 | 0 | |
Stock Repurchased During Period, Shares | 0 | 0 | 0 |
Shareholders_Equity_and_Regula3
Shareholders' Equity and Regulatory Capital Requirements: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Details | ||
Capital | $95,713 | $90,733 |
Capital to Risk Weighted Assets | 15.89% | 16.66% |
Capital Required for Capital Adequacy | 48,188 | 43,572 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 72,282 | 65,359 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 12.00% | 12.00% |
Tier One Risk Based Capital | 88,122 | 83,850 |
Tier One Risk Based Capital to Risk Weighted Assets | 14.63% | 15.40% |
Tier One Risk Based Capital Required for Capital Adequacy | 36,141 | 21,786 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 48,188 | 32,679 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Common Equity Tier 1 Capital | 88,122 | |
Common Equity Tier1 Capital to risk-weighted assets | 14.63% | |
Common Equity Tier 1 Capital, for Capital Adequacy | 27,106 | |
Common Equity Tier1 Capital for adequacy to risk-weighted assets | 4.50% | |
Common Equity Tier 1 Capital, required to be well capitalized | 39,152 | |
Common Equity Tier1 Capital to be well capitalized to risk-weighted assets | 6.50% | |
Tier One Leverage Capital | 88,122 | 83,850 |
Tier One Leverage Capital to Average Assets | 10.89% | 10.71% |
Tier One Leverage Capital Required for Capital Adequacy | 32,355 | 31,320 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | 72,799 | 70,469 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 9.00% | 9.00% |
Tangible Capital | 88,122 | 83,850 |
Tangible Capital to Tangible Assets | 10.89% | 10.71% |
Tangible Capital Required for Capital Adequacy | $12,133 | $11,745 |
Tangible Capital Required for Capital Adequacy to Tangible Assets | 1.50% | 1.50% |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (loss): Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Details | ||||||
Accumulated other comprehensive income (loss) | ($647) | [1] | ($1,013) | [1] | ($1,171) | [1] |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,513 | [1] | 366 | [1] | 158 | [1] |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -104 | [2] | ||||
Other Comprehensive Income (Loss), Net of Tax | 1,409 | [1] | 366 | [1] | 158 | [1] |
Accumulated other comprehensive income (loss) | $762 | [1] | ($647) | [1] | ($1,013) | [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 $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Details | |
Investment securities and mortgage-backed securities gains | $158 |
Income tax expense | -54 |
Securities gains, net of tax | $104 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Details | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 234,000 | 439,000 | 419,000 |
Earnings_Per_Share_Schedule_of1
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Details | |||
Net Income (Loss) | $4,491 | $19,423 | $2,633 |
Weighted average number of shares outstanding, Basic | 22,392,744 | 22,367,174 | 22,342,541 |
Basic earnings | $0.20 | $0.87 | $0.12 |
Effect of dilutive stock options | 39,000 | 2,000 | |
Weighted average number of shares outstanding, Diluted | 22,431,839 | 22,369,175 | 22,342,541 |
Diluted earnings | $0.20 | $0.87 | $0.12 |
Fair_Value_Measurement_Schedul2
Fair Value Measurement: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments, Fair Value Disclosure | $112,463 | $101,969 |
Trust preferred | ||
Investments, Fair Value Disclosure | 1,812 | 1,903 |
US Government Agencies Debt Securities | ||
Investments, Fair Value Disclosure | 13,939 | 21,491 |
Real estate mortgage investment conduits | ||
Investments, Fair Value Disclosure | 22,709 | 7,150 |
Mortgage-backed | ||
Investments, Fair Value Disclosure | 68,514 | 65,413 |
Other mortgage-backed securities | ||
Investments, Fair Value Disclosure | 5,489 | 6,012 |
Fair Value, Inputs, Level 2 | ||
Investments, Fair Value Disclosure | 110,651 | 100,066 |
Fair Value, Inputs, Level 2 | US Government Agencies Debt Securities | ||
Investments, Fair Value Disclosure | 13,939 | 21,491 |
Fair Value, Inputs, Level 2 | Real estate mortgage investment conduits | ||
Investments, Fair Value Disclosure | 22,709 | 7,150 |
Fair Value, Inputs, Level 2 | Mortgage-backed | ||
Investments, Fair Value Disclosure | 68,514 | 65,413 |
Fair Value, Inputs, Level 2 | Other mortgage-backed securities | ||
Investments, Fair Value Disclosure | 5,489 | 6,012 |
Fair Value, Inputs, Level 3 | ||
Investments, Fair Value Disclosure | 1,812 | 1,903 |
Fair Value, Inputs, Level 3 | Trust preferred | ||
Investments, Fair Value Disclosure | $1,812 | $1,903 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) | 12 Months Ended |
Mar. 31, 2015 | |
Details | |
Fair Value, Level 3 Transfers in, Description | There were no transfers of assets in to or out of Levels 1, 2, or 3 for the year ended March 31, 2015 and 2014. |
Fair_Value_Measurement_Fair_Va2
Fair Value Measurement: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
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) | -91 | 665 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $1,812 | $1,903 |
Fair_Value_Measurement_Schedul3
Fair Value Measurement: Schedule of Assets measured at fair value on a non-recurring basis (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Assets, Fair Value Disclosure, Nonrecurring | $4,252 |
Impaired loans | |
Assets, Fair Value Disclosure, Nonrecurring | 3,059 |
Real estate owned | |
Assets, Fair Value Disclosure, Nonrecurring | 1,193 |
Fair Value, Inputs, Level 3 | |
Assets, Fair Value Disclosure, Nonrecurring | 4,252 |
Fair Value, Inputs, Level 3 | Impaired loans | |
Assets, Fair Value Disclosure, Nonrecurring | 3,059 |
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) | 12 Months Ended |
Mar. 31, 2015 | |
Impaired loans | |
Fair Value Measurements, Valuation Techniques | Appraised value |
Significant unobservable inputs | Adjustment for market conditions |
Market adjustment to appraisals | 0.00% |
Real estate owned | |
Fair Value Measurements, Valuation Techniques | Appraised value |
Significant unobservable inputs | Adjustment for market conditions |
Market adjustment to appraisals | 0.00% |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments: Fair Value, Option, Quantitative Disclosures (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 | Cash | ||
Value of Assets | $58,659 | $68,577 |
Fair Value, Inputs, Level 1 | Demand Deposits | ||
Value of Liabilities | 582,011 | 527,813 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Value of Assets | 26,256 | 37,176 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | ||
Value of Assets | 13,939 | 21,491 |
Fair Value, Inputs, Level 2 | Mortgage-backed securities held to maturity | ||
Value of Assets | 88 | 104 |
Fair Value, Inputs, Level 2 | Mortgage-backed securities available for sale | ||
Value of Assets | 96,712 | 78,575 |
Fair Value, Inputs, Level 2 | Loans held for sale | ||
Value of Assets | 778 | 1,024 |
Fair Value, Inputs, Level 2 | Federal Home Loan Bank Borrowings | ||
Value of Assets | 5,924 | 6,744 |
Fair Value, Inputs, Level 2 | Time Deposits | ||
Value of Liabilities | 138,744 | 162,020 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | ||
Value of Assets | 1,812 | 1,903 |
Fair Value, Inputs, Level 3 | Loans Receivable | ||
Value of Assets | 548,908 | 480,454 |
Fair Value, Inputs, Level 3 | Subordinated Debt Obligations | ||
Value of Liabilities | 9,769 | 11,233 |
Estimate of Fair Value, Fair Value Disclosure | Cash | ||
Value of Assets | 58,659 | 68,577 |
Estimate of Fair Value, Fair Value Disclosure | Certificates of Deposit | ||
Value of Assets | 26,256 | 37,176 |
Estimate of Fair Value, Fair Value Disclosure | Available-for-sale Securities | ||
Value of Assets | 15,751 | 23,394 |
Estimate of Fair Value, Fair Value Disclosure | Mortgage-backed securities held to maturity | ||
Value of Assets | 88 | 104 |
Estimate of Fair Value, Fair Value Disclosure | Mortgage-backed securities available for sale | ||
Value of Assets | 96,712 | 78,575 |
Estimate of Fair Value, Fair Value Disclosure | Loans Receivable | ||
Value of Assets | 548,908 | 480,454 |
Estimate of Fair Value, Fair Value Disclosure | Loans held for sale | ||
Value of Assets | 778 | 1,024 |
Estimate of Fair Value, Fair Value Disclosure | Federal Home Loan Bank Borrowings | ||
Value of Assets | 5,924 | 6,744 |
Estimate of Fair Value, Fair Value Disclosure | Demand Deposits | ||
Value of Liabilities | 582,011 | 527,813 |
Estimate of Fair Value, Fair Value Disclosure | Time Deposits | ||
Value of Liabilities | 138,744 | 162,020 |
Estimate of Fair Value, Fair Value Disclosure | Subordinated Debt Obligations | ||
Value of Liabilities | 9,769 | 11,233 |
Carrying (Reported) Amount, Fair Value Disclosure | Cash | ||
Value of Assets | 58,659 | 68,577 |
Carrying (Reported) Amount, Fair Value Disclosure | Certificates of Deposit | ||
Value of Assets | 25,969 | 36,925 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | ||
Value of Assets | 15,751 | 23,394 |
Carrying (Reported) Amount, Fair Value Disclosure | Mortgage-backed securities held to maturity | ||
Value of Assets | 86 | 101 |
Carrying (Reported) Amount, Fair Value Disclosure | Mortgage-backed securities available for sale | ||
Value of Assets | 96,712 | 78,575 |
Carrying (Reported) Amount, Fair Value Disclosure | Loans Receivable | ||
Value of Assets | 569,010 | 520,937 |
Carrying (Reported) Amount, Fair Value Disclosure | Loans held for sale | ||
Value of Assets | 778 | 1,024 |
Carrying (Reported) Amount, Fair Value Disclosure | Federal Home Loan Bank Borrowings | ||
Value of Assets | 5,924 | 6,744 |
Carrying (Reported) Amount, Fair Value Disclosure | Demand Deposits | ||
Value of Liabilities | 582,011 | 527,813 |
Carrying (Reported) Amount, Fair Value Disclosure | Time Deposits | ||
Value of Liabilities | 138,839 | 162,253 |
Carrying (Reported) Amount, Fair Value Disclosure | Subordinated Debt Obligations | ||
Value of Liabilities | $22,681 | $22,681 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ||||
Outstanding commitments to extend credit | $17,100 | |||
Unused lines of credit | 60,400 | |||
Undisbursed construction loans | 21,600 | |||
Standby letters of credit | 1,100 | 771,000 | ||
Loans under warranty | 117,700 | |||
Loans and Leases Receivable, Commitments to Purchase or Sell | 2,100 | [1] | ||
Losses related to public depository funds | $0 | $0 | $0 | |
[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. |
Condensed_Financial_Informatio5
Condensed Financial Information of Parent Company Only Disclosure: Condensed Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
ASSETS | ||||||
Cash and Cash Equivalents at Carrying Value | $58,659 | $68,577 | $115,415 | $46,393 | ||
TOTAL ASSETS | 858,750 | 824,521 | ||||
LIABILITIES AND EQUITY | ||||||
Total shareholders' equity | 103,801 | 97,978 | ||||
TOTAL LIABILITIES AND EQUITY | 858,750 | 824,521 | ||||
Parent Company | ||||||
ASSETS | ||||||
Cash and Cash Equivalents at Carrying Value | 3,140 | [1] | 1,106 | [2] | 1,020 | 2,904 |
Investment in The Bank | 121,178 | 120,897 | ||||
Other Assets, Current | 2,439 | 2,350 | ||||
TOTAL ASSETS | 126,757 | 124,353 | ||||
LIABILITIES AND EQUITY | ||||||
Accrued Expenses and Other Liabilities | 275 | 3,694 | ||||
Borrowings | 22,681 | 22,681 | ||||
Total shareholders' equity | 103,801 | 97,978 | ||||
TOTAL LIABILITIES AND EQUITY | $126,757 | $124,353 | ||||
[1] | Including interest earning accounts of $3,111. | |||||
[2] | Including interest earning accounts of $1,056. |
Condensed_Financial_Informatio6
Condensed Financial Information of Parent Company Only Disclosure: Condensed Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Expenses | ||||||||||
Provision (Benefit) for income taxes | $2,150 | ($15,081) | $29 | |||||||
Net Income (Loss) | 4,491 | 19,423 | 2,633 | |||||||
Parent Company | ||||||||||
Investment Income, Dividend | 6,000 | |||||||||
Interest On Investment Securities and Other Short-term Investments | 13 | 13 | 20 | |||||||
Interest On Loan Receivable From The Bank | 33 | 42 | 50 | |||||||
Revenues, Total | 6,046 | 55 | 70 | |||||||
Operating Expenses | ||||||||||
Management Service Fees Paid To The Bank | 143 | 143 | 143 | |||||||
Other Cost and Expense, Operating | 457 | 459 | 685 | |||||||
Operating Costs and Expenses, Total | 600 | 602 | 828 | |||||||
Loss before income taxes and equity in undistributed loss of the bank | 5,446 | -547 | -758 | |||||||
Provision (Benefit) for income taxes | 634 | 587 | 535 | 394 | -15,097 | -1 | 17 | -197 | -1,365 | -258 |
Income (Loss) Attributable to Parent | 5,643 | 818 | -500 | |||||||
Undistributed Earnings of Domestic Subsidiaries | -1,152 | 18,605 | -1,152 | 18,605 | 3,133 | |||||
Net Income (Loss) | $4,491 | $19,423 | $2,633 |
Condensed_Financial_Informatio7
Condensed Financial Information of Parent Company Only Disclosure: Condensed Cash Flow Statement (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net Income (Loss) | $4,491 | $19,423 | $2,633 | ||
Increase (Decrease) in Operating Capital | |||||
Other Assets | -2 | 1 | |||
Net cash provided by (used in) operating activities | 5,562 | 6,531 | 11,002 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Net cash provided by (used in) investing activities | -46,255 | -78,380 | 138,517 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Exercise of stock options, Value | 48 | ||||
Net cash provided by (used in) financing activities | 30,775 | 25,011 | -80,497 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -9,918 | -46,838 | 69,022 | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 68,577 | 115,415 | 46,393 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 58,659 | 68,577 | 115,415 | ||
Parent Company | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net Income (Loss) | 4,491 | 19,423 | 2,633 | ||
Equity in undistributed (earnings) loss of the Bank | 1,152 | -18,605 | -3,133 | ||
Benefit For Deferred Income Taxes | -197 | -1,364 | |||
Earned ESOP Shares | 102 | 68 | 42 | ||
Share-based Compensation | 26 | 78 | 2 | ||
Increase (Decrease) in Operating Capital | |||||
Other Assets | 110 | 131 | 577 | ||
Increase (decrease) in Accrued expenses and other liabilities | -3,698 | 355 | 695 | ||
Net cash provided by (used in) operating activities | 1,986 | 86 | 816 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Additional investment in subsidiary | -2,700 | ||||
Net cash provided by (used in) investing activities | -2,700 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Exercise of stock options, Value | 48 | ||||
Net cash provided by (used in) financing activities | 48 | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,034 | 86 | -1,884 | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,106 | [1] | 1,020 | 2,904 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $3,140 | [2] | $1,106 | [1] | $1,020 |
[1] | Including interest earning accounts of $1,056. | ||||
[2] | Including interest earning accounts of $3,111. |
Condensed_Financial_Informatio8
Condensed Financial Information of Parent Company Only Disclosure: Schedule of Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||||||
Total interest expense | $1,916 | $2,568 | $3,485 | ||||||||||||||||
Net interest income | 26,710 | 24,236 | 29,447 | ||||||||||||||||
Less provision for (recapture of) loan losses | -1,800 | -3,700 | 900 | ||||||||||||||||
Total non-interest income | 8,875 | 8,367 | 8,873 | ||||||||||||||||
Total non-interest expense | 30,744 | 31,961 | 34,758 | ||||||||||||||||
Provision (Benefit) for income taxes | 2,150 | -15,081 | 29 | ||||||||||||||||
Basic earnings | $0.20 | $0.87 | $0.12 | ||||||||||||||||
Diluted earnings | $0.20 | $0.87 | $0.12 | ||||||||||||||||
Parent Company | |||||||||||||||||||
Interest Income, Operating | 7,347 | 7,203 | 7,210 | 6,866 | 6,536 | 6,673 | 6,764 | 6,831 | |||||||||||
Total interest expense | 434 | 485 | 490 | 507 | 582 | 645 | 664 | 677 | |||||||||||
Net interest income | 6,913 | 6,718 | 6,720 | 6,359 | 5,954 | 6,028 | 6,100 | 6,154 | |||||||||||
Less provision for (recapture of) loan losses | -750 | -400 | -350 | -300 | -1,200 | -2,500 | |||||||||||||
Total non-interest income | 2,178 | 2,264 | 2,223 | 2,210 | 1,850 | 2,384 | 1,887 | 2,246 | |||||||||||
Total non-interest expense | 7,689 | 7,646 | 7,674 | 7,735 | 7,460 | 7,611 | 7,647 | 9,243 | |||||||||||
Income (loss) Before Income Taxes | 2,152 | 1,736 | 1,619 | 1,134 | 1,544 | 801 | 340 | 1,657 | |||||||||||
Provision (Benefit) for income taxes | 634 | 587 | 535 | 394 | -15,097 | -1 | 17 | -197 | -1,365 | -258 | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic, Total | $1,518 | $1,149 | $1,084 | $740 | $16,641 | $801 | $341 | $1,640 | |||||||||||
Basic earnings | $0.07 | [1] | $0.05 | [1] | $0.05 | [1] | $0.03 | [1] | $0.74 | [1] | $0.04 | [1] | $0.02 | [1] | $0.07 | [1] | |||
Diluted earnings | $0.07 | [1] | $0.05 | [1] | $0.05 | [1] | $0.03 | [1] | $0.74 | [1] | $0.04 | [1] | $0.02 | [1] | $0.07 | [1] | |||
[1] | Quarterly earnings per share may vary from annual earnings per share due to rounding. |