Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | RIVERVIEW BANCORP INC | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Trading Symbol | rvsb | |
Amendment Flag | false | |
Entity Central Index Key | 1,041,368 | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 22,507,890 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
RIVERVIEW BANCORP, INC. AND SUB
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | |||
ASSETS | |||||
Cash, including interest-earning accounts | $ 48,149 | [1] | $ 58,659 | [2] | |
Certificate of deposits held for investment | 25,471 | 25,969 | |||
Loans held for sale | 215 | 778 | |||
Investment securities available for sale, at fair value | [3] | 15,678 | 15,751 | ||
Mortgage-backed securities held to maturity, at amortized cost | 83 | [4] | 86 | [5] | |
Mortgage-backed securities available for sale, at fair value | 124,296 | [6] | 96,712 | [7] | |
Loans receivable | 559,844 | [8] | 569,010 | [9] | |
Real estate and other personal property owned | 1,349 | 1,603 | |||
Prepaid expenses and other assets | 3,635 | 3,236 | |||
Accrued interest receivable | 2,069 | 2,139 | |||
Federal Home Loan Bank stock, at cost | 988 | 5,924 | |||
Premises and equipment, net | 15,172 | 15,434 | |||
Deferred income taxes, net | 12,128 | 12,568 | |||
Mortgage servicing rights, net | 411 | 399 | |||
Goodwill | 25,572 | 25,572 | |||
Core deposit intangible, net | 2 | ||||
Bank owned life insurance | 25,105 | 24,908 | |||
TOTAL ASSETS | 860,165 | 858,750 | |||
LIABILITIES: | |||||
Deposit accounts | 722,461 | 720,850 | |||
Accrued expenses and other liabilities | 7,363 | 8,111 | |||
Advance payments by borrowers for taxes and insurance | 415 | 495 | |||
Junior subordinated debentures | 22,681 | 22,681 | |||
Capital lease obligations | 2,254 | 2,276 | |||
Total liabilities | $ 755,174 | $ 754,413 | |||
COMMITMENTS AND CONTINGENCIES | [10] | ||||
Shareholders' equity | |||||
Serial preferred stock | [11] | ||||
Common Stock | $ 225 | $ 225 | |||
Additional paid-in capital | 65,331 | 65,268 | |||
Retained earnings | 39,144 | 37,830 | |||
Unearned shares issued to employee stock ownership trust | (258) | (284) | |||
Accumulated other comprehensive income (loss) | (2) | 762 | |||
Total shareholders' equity | 104,440 | 103,801 | |||
Shareholders' Equity attributable to non-controlling interest | 551 | 536 | |||
Total Shareholders' Equity, including portion attributable to non-controlling interest | 104,991 | 104,337 | |||
TOTAL LIABILITIES AND EQUITY | $ 860,165 | $ 858,750 | |||
[1] | Including interest-earning accounts of $33,271. | ||||
[2] | Including interest-earning accounts of $45,490. | ||||
[3] | Amortized cost of $15,927, at June 30 and March 31, 2015 | ||||
[4] | Fair value of $85. | ||||
[5] | Fair value of $88. | ||||
[6] | Amortized cost of $124,050. | ||||
[7] | Amortized cost of $95,382. | ||||
[8] | Net of allowance for loan losses of $10,337. | ||||
[9] | Net of allowance for loan losses of $10,762. | ||||
[10] | See Note 14. | ||||
[11] | Serial preferred stock, $.01 par value; 250,000 authorized, none issued and outstanding. |
RIVERVIEW BANCORP, INC. AND SU3
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Statement of Financial Position | ||
Interest-Earning accounts included in Cash | $ 33,271 | $ 45,490 |
Amortized Cost of Investment securities available for sale | 15,927 | 15,927 |
Fair Value of Mortgage-backed securities held to maturity | 85 | 88 |
Amortized Cost of Mortgage-backed securities available for sale | 124,050 | 95,382 |
Loans receivable Allowance for Loan Losses | $ 10,337 | $ 10,762 |
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 | 22,507,890 | 22,489,890 |
Common stock shares outstanding | 22,507,890 | 22,489,890 |
RIVERVIEW BANCORP, INC. AND SU4
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
INTEREST AND DIVIDEND INCOME: | ||
Interest and fees on loans receivable | $ 6,860 | $ 6,171 |
Interest on investment securities-taxable | 64 | 84 |
Interest on mortgage-backed securities | 518 | 480 |
Other interest and dividends | 119 | 131 |
Total interest and dividend income | 7,561 | 6,866 |
INTEREST EXPENSE: | ||
Interest on deposits | 303 | 360 |
Interest on borrowings | 134 | 147 |
Total interest expense | 437 | 507 |
Net interest income | 7,124 | 6,359 |
Less provision for (recapture of) loan losses | (500) | (300) |
Net interest income after provision for (recapture of) loan losses | 7,624 | 6,659 |
NON-INTEREST INCOME: | ||
Fees and service charges | 1,296 | 1,070 |
Asset management fees | 824 | 820 |
Net gain on sale of loans held for sale | 221 | 126 |
Bank owned life insurance income | 197 | 138 |
Other non-interest income | 11 | 56 |
Total non-interest income | 2,549 | 2,210 |
NON-INTEREST EXPENSE: | ||
Salaries and employee benefits | 4,414 | 4,174 |
Occupancy and depreciation | 1,169 | 1,087 |
Data processing | 490 | 470 |
Amortization of core deposit intangible | 2 | 6 |
Advertising and marketing expense | 176 | 150 |
FDIC insurance premium | 126 | 175 |
State and local taxes | 137 | 137 |
Telecommunications | 73 | 76 |
Professional fees | 233 | 289 |
Real estate owned expenses | 279 | 616 |
Other non-interest expense | 646 | 555 |
Total non-interest expense | 7,745 | 7,735 |
Income (loss) before income taxes | 2,428 | 1,134 |
Provision (Benefit) for income taxes | 833 | 394 |
Net Income (Loss) | $ 1,595 | $ 740 |
Earnings (loss) per common share: | ||
Basic earnings | $ 0.07 | $ 0.03 |
Diluted earnings | $ 0.07 | $ 0.03 |
Weighted average number of shares outstanding: | ||
Weighted average number of shares outstanding, Basic | 22,434,327 | 22,382,595 |
Weighted average number of shares outstanding, Diluted | 22,477,006 | 22,408,775 |
RIVERVIEW BANCORP, INC. AND SU5
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | |||
Statements of Comprehensive Income | ||||
Net Income (Loss) | $ 1,595 | $ 740 | ||
Other comprehensive income (loss) attributable to parent: | ||||
Unrealized holding gain (loss) on securities, net | (764) | [1] | 599 | [2] |
Other comprehensive income (loss) attributable to non-controlling interest | 15 | 19 | ||
Total comprehensive income (loss) | $ 846 | $ 1,358 | ||
[1] | Net of tax of $393. | |||
[2] | Net of tax of ($308). |
RIVERVIEW BANCORP, INC. AND SU6
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statements of Comprehensive Income | ||
Tax effect of unrealized holding gain (loss) on securities | $ 393 | $ 308 |
RIVERVIEW BANCORP, INC. AND SU7
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned Shares Issued to Employee Stock Ownership Trust | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | |
Balance, Value at Mar. 31, 2014 | $ 225 | $ 65,195 | $ 33,592 | $ (387) | $ (647) | $ 471 | $ 98,449 | |
Balance, Shares at Mar. 31, 2014 | 22,471,890 | |||||||
Net Income (Loss) | 740 | 740 | ||||||
Stock based compensation expense | 26 | 26 | ||||||
Earned ESOP shares | (3) | 26 | 23 | |||||
Unrealized holding gain (loss) on securities available for sale | 599 | 599 | ||||||
Noncontrolling interest | 19 | 19 | ||||||
Balance, Value at Jun. 30, 2014 | $ 225 | 65,218 | 34,332 | (361) | (48) | 490 | 99,856 | |
Balance, Shares at Jun. 30, 2014 | 22,471,890 | |||||||
Balance, Value at Mar. 31, 2015 | $ 225 | $ 65,268 | 37,830 | $ (284) | $ 762 | $ 536 | 104,337 | |
Balance, Shares at Mar. 31, 2015 | 22,489,890 | |||||||
Net Income (Loss) | 1,595 | 1,595 | ||||||
Cash dividend | [1] | (281) | (281) | |||||
Exercise of stock options, Value | $ 62 | 62 | ||||||
Exercise of stock options, Shares | 18,000 | |||||||
Earned ESOP shares | 1 | $ 26 | 27 | |||||
Unrealized holding gain (loss) on securities available for sale | $ (764) | (764) | ||||||
Noncontrolling interest | $ 15 | 15 | ||||||
Balance, Value at Jun. 30, 2015 | $ 225 | $ 65,331 | $ 39,144 | $ (258) | $ (2) | $ 551 | $ 104,991 | |
Balance, Shares at Jun. 30, 2015 | 22,507,890 | |||||||
[1] | Cash dividend ($0.0125 per share). |
RIVERVIEW BANCORP, INC. AND SU8
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ 1,595 | $ 740 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 782 | 746 |
Provision for (recapture of) loan losses | (500) | (300) |
Provision (benefit) for deferred income taxes | 833 | 377 |
Noncash expense related to ESOP | 26 | 23 |
Increase (decrease) in deferred loan origination fees, net of amortization | (36) | (39) |
Origination of loans held for sale | (6,054) | (3,640) |
Proceeds from sales of loans held for sale | 6,780 | 3,945 |
Stock based compensation expense | 26 | |
Writedown of real estate owned | 135 | 513 |
Net (gain) loss on loans held for sale, sale of real estate owned, mortgage-backed securities, investment securities and premises and equipment | (184) | (130) |
Income from bank owned life insurance | (197) | (138) |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | (416) | (703) |
Accrued interest receivable | 70 | (128) |
Accrued expenses & other liabilities | (722) | 2,318 |
Net cash provided by (used in) operating activities | 2,112 | 3,610 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loan repayments (originations), net | 9,559 | (4,849) |
Purchase of loans receivable | (8,726) | |
Proceeds from call, maturity, or sale of investment securities available for sale | 4,000 | |
Purchase of investment securities available for sale | (2,000) | |
Principal repayments on mortgage-backed securities available for sale | 5,067 | 3,444 |
Principal repayments on mortgage-backed securities held to maturity | 3 | 3 |
Purchase of mortgage-backed securities available for sale | (33,968) | (22,780) |
Purchase of premises and equipment and capitalized software | (123) | (202) |
Redemption (purchase) of certificates of deposit held for investment | 498 | 2,490 |
Proceeds from redemption of Federal Home Loan Bank stock | 4,936 | 211 |
Proceeds from sale of real estate owned and premises and equipment | 88 | 1,326 |
Net cash provided by (used in) investing activities | (13,940) | (27,083) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposit accounts | 1,611 | (3,425) |
Dividends Paid | (253) | |
Principal payments under capital lease obligation | (22) | (21) |
Net increase (decrease) in advance payments by borrowers | (80) | (102) |
Proceeds from exercise of stock options | 62 | |
Net cash provided by (used in) financing activities | 1,318 | (3,548) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (10,510) | (27,021) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 58,659 | 68,577 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 48,149 | 41,556 |
Cash paid during the period for: | ||
Interest | 395 | 381 |
Income taxes | 15 | 15 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Dividends declared and accrued in other liabilities | 281 | |
Transfer of loans to real estate owned | 52 | |
Unrealized holding gain (loss) on securities available for sale | (1,157) | 907 |
Income tax effect related to fair value adjustment | $ 393 | $ (308) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim unaudited financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2015 (“2015 Form 10-K”). The unaudited consolidated results of operations for the three months ended June 30, 2015 are not necessarily indicative of the results, which may be expected for the entire fiscal year ending March 31, 2016. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation
Principles of Consolidation | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Principles of Consolidation | 2. PRINCIPLES OF CONSOLIDATION The accompanying unaudited consolidated financial statements include the accounts of: Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community Bank (the “Bank”); the Bank’s wholly-owned subsidiary, Riverview Services, Inc.; and the Bank’s majority-owned subsidiary, Riverview Asset Management Corp. (“RAMCorp”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. |
Stock Plans And Stock-Based Com
Stock Plans And Stock-Based Compensation | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Stock Plans And Stock-Based Compensation | 3. STOCK PLANS AND STOCK-BASED COMPENSATION In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1998 and expired in October 2008. Accordingly, no further option awards may be granted under the 1998 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 1998 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 2003 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. The following table presents activity related to stock options outstanding for the periods shown. Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, beginning of period 424,654 $ 8.00 474,654 $ 7.91 Options exercised (18,000 ) 3.49 - - Forfeited (8,000 ) 12.98 - - Expired (4,000 ) 10.60 (28,000 ) 9.06 Balance, end of period 394,654 8.08 446,654 7.83 The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures. Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Stock options fully vested and expected to vest: Number 394,654 441,896 Weighted average exercise price $ 8.08 $ 7.89 Aggregate intrinsic value (1) $ 169,000 $ 122,000 Weighted average contractual term of options (years) 3.31 4.39 Stock options fully vested and currently exercisable: Number 394,654 357,900 Weighted average exercise price $ 8.08 $ 9.09 Aggregate intrinsic value (1) $ 169,000 $ 29,000 Weighted average contractual term of options (years) 3.31 3.30 (1) There was no stock-based compensation expense related to stock options for the three months ended June 30, 2015. Stock-based compensation expense related to stock options for the three months ended June 30, 2014 was $26,000. As of June 30, 2015, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense. The total intrinsic value of stock options exercised was $16,000 for the three months ended June 30, 2015. There were no stock options exercised for the three months ended June 30, 2014. The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes based stock option valuation model. There were no stock options granted during the three months ended June 30, 2015 and 2014. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Earnings Per Share | 4. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the ’s common stock during the period. Common stock equivalents arise from assumed exercise of outstanding stock options. Shares owned by the Company’s Employee Stock Ownership Plan (“ESOP”) that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted EPS. As of June 30, 2015 and 2014, there were 99,000 and 74,000 shares, respectively, that had not been allocated under the Company’s ESOP. For the three months ended June 30, 2015 and 2014, stock options for 227,000 and 342,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the periods indicated: Three Months Ended June 30, 2015 2014 Basic EPS computation: Numerator-net income $ 1,595,000 $ 740,000 Denominator-weighted average common shares outstanding 22,434,327 22,382,595 Basic EPS $ 0.07 $ 0.03 Diluted EPS computation: Numerator-net income $ 1,595,000 $ 740,000 Denominator-weighted average common shares outstanding 22,434,327 22,382,595 Effect of dilutive stock options 42,679 26,180 Weighted average common shares and common stock equivalents 22,477,006 22,408,775 Diluted EPS $ 0.07 $ 0.03 |
Investment Securities
Investment Securities | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Investment Securities | 5. 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 June 30, 2015 Trust preferred $ 1,919 $ - $ (139 ) $ 1,780 Agency securities 14,008 23 (133 ) 13,898 Total $ 15,927 $ 23 $ (272 ) $ 15,678 March 31, 2015 Trust preferred $ 1,919 $ - $ (107 ) $ 1,812 Agency securities 14,008 38 (107 ) 13,939 Total $ 15,927 $ 38 $ (214 ) $ 15,751 The contractual maturities of investment securities available for sale are as follows (in thousands): June 30, 2015 Amortized Cost Estimated Fair Value Due after one year through five years $ 13,000 $ 12,867 Due after five years through ten years 1,008 1,031 Due after ten years 1,919 1,780 Total $ 15,927 $ 15,678 Expected maturities of investment securities available for sale will differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties 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 Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses June 30, 2015 Trust preferred $ - $ - $ 1,780 $ (139 ) $ 1,780 $ (139 ) Agency securities - - 12,867 (133 ) 12,867 (133 ) Total $ - $ - $ 14,647 $ (272 ) $ 14,647 $ (272 ) Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2015 Trust preferred $ - $ - $ 1,812 $ (107 ) $ 1,812 $ (107 ) Agency securities - - 12,893 (107 ) 12,893 (107 ) Total $ - $ - $ 14,705 $ (214 ) $ 14,705 $ (214 ) At June 30, 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 72% would trigger additional other than temporary impairment (“OTTI”) of this security. The Company utilized a discount rate of 10% to estimate the fair value of this security. There was no excess subordination on this security. During the three months ended June 30, 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 Company’s 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 the above table are considered temporary. The Company realized no gains or losses on sales of investment securities for the three months ended June 30, 2015 and 2014. Investment securities with an amortized cost of $3.0 million and a fair value of $3.0 million at both June 30, 2015 and March 31, 2015 were pledged as collateral for governmental public funds held by the Bank. |
Mortgage-backed Securities
Mortgage-backed Securities | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Mortgage-backed Securities | 6. MORTGAGE-BACKED SECURITIES Mortgage-backed securities held to maturity consisted of the following at the dates indicated (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2015 Mortgage-backed securities (1) $ 83 $ 2 $ - $ 85 March 31, 2015 Mortgage-backed securities (1) $ 86 $ 2 $ - $ 88 (1) Comprised of Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) issued securities. The contractual maturities of mortgage-backed securities classified as held to maturity are as follows (in thousands): June 30, 2015 Amortized Cost Estimated Fair Value Due after five years through ten years $ 71 $ 73 Due after ten years 12 12 Total $ 83 $ 85 Mortgage-backed securities held to maturity with an amortized cost of $26,000 and $27,000 at June 30, 2015 and March 31, 2015, respectively, and a fair value of $27,000 at both June 30, 2015 and March 31, 2015 were pledged as collateral for governmental public funds held by the Bank. Mortgage-backed securities available for sale consisted of the following at the dates indicated (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Real estate mortgage investment conduits (1) $ 37,503 $ 158 $ (113 ) $ 37,548 Mortgage-backed securities (1) 81,313 385 (255 ) 81,443 Other mortgage-backed securities (2) 5,234 78 (7 ) 5,305 Total $ 124,050 $ 621 $ (375 ) $ 124,296 March 31, 2015 Real estate mortgage investment conduits (1) $ 22,455 $ 255 $ (1 ) $ 22,709 Mortgage-backed securities (1) 67,568 1,006 (60 ) 68,514 Other mortgage-backed securities (2) 5,359 142 (12 ) 5,489 Total $ 95,382 $ 1,403 $ (73 ) $ 96,712 (1) (2) The contractual maturities of mortgage-backed securities available for sale are as follows (in thousands): June 30, 2015 Amortized Cost Estimated Fair Value Due after one year through five years $ 2,474 $ 2,511 Due after five years through ten years 7,121 7,128 Due after ten years 114,455 114,657 Total $ 124,050 $ 124,296 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. 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 Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses June 30, 2015 Real estate mortgage investment conduits (1) $ 16,809 $ (113 ) $ - $ - $ 16,809 $ (113 ) Mortgage-backed securities (2) 25,670 (90 ) 4,834 (165 ) 30,504 (255 ) Other mortgage-backed securities (3) - - 1,410 (7 ) 1,410 (7 ) Total $ 42,479 $ (203 ) $ 6,244 $ (172 ) $ 48,723 $ (375 ) Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses March 31, 2015 Real estate mortgage investment conduits (4) $ 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 ) (1) (2) (3) (4) 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. Mortgage-backed securities available for sale with an amortized cost of $1.3 million and a fair value of $1.3 million at both June 30, 2015 and March 31, 2015 were pledged as collateral for governmental public funds held by the Bank. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Loans Receivable | 7. LOANS RECEIVABLE Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): June 30, 2015 March 31, 2015 Commercial and construction Commercial business $ 79,764 $ 77,186 Other real estate mortgage (1) 348,691 345,506 Real estate construction 20,397 30,498 Total commercial and construction 448,852 453,190 Consumer Real estate one-to-four family 87,837 89,801 Other installment 33,492 36,781 Total consumer 121,329 126,582 Total loans 570,181 579,772 Less: Allowance for loan losses 10,337 10,762 Loans receivable, net $ 559,844 $ 569,010 (1) 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 June 30, 2015, loans carried at $359.4 million were pledged as collateral to the Federal Home Loan Bank of Des Moines (“FHLB”) and Federal Reserve Bank of San Francisco (“FRB”) pursuant to/under borrowing agreements. Most of the Bank’s business activity is with customers located in the states of Washington and Oregon. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive loss. As of June 30, 2015 and March 31, 2015, the Bank had no loans to any one borrower in excess of the regulatory limit. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Allowance for Loan Losses | 8. ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is maintained at a level sufficient to provide for estimated loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon the CompanyÂ’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 (less estimated selling costs, if applicable) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans based on the CompanyÂ’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 consolidated 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. ManagementÂ’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 CompanyÂ’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 the current business cycle, a detailed analysis of impaired loans and other factors as deemed appropriate. These factors are evaluated on a quarterly basis. Loss rates used by the Company are affected as changes in these factors increase or decrease from quarter to quarter. The Company also considers bank regulatory examination results and findings of credit examiners in its quarterly evaluation of the allowance for loan losses. The following tables present a reconciliation of the allowance for loan losses for the periods indicated (in thousands): Three months ended June 30, 2015 Commercial Business Commercial Real Estate Land Multi-Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 1,263 $ 4,268 $ 539 $ 348 $ 769 $ 2,548 $ 1,027 $ 10,762 Provision for (recapture of) loan losses 195 (22 ) (99 ) (129 ) (147 ) (196 ) (102 ) (500 ) Charge-offs - - - - - (14 ) - (14 ) Recoveries 11 - 62 - - 16 - 89 Ending balance $ 1,469 $ 4,246 $ 502 $ 219 $ 622 $ 2,354 $ 925 $ 10,337 Three months ended June 30, 2014 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) loan losses (805 ) 149 (105 ) 57 (33 ) 218 219 (300 ) Charge-offs - (25 ) - - - (30 ) - (55 ) Recoveries 2 - 62 - - 21 - 85 Ending balance $ 1,606 $ 5,393 $ 297 $ 260 $ 354 $ 2,862 $ 1,509 $ 12,281 The following tables present an analysis of loans receivable and the 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 June 30, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 1,469 $ 1,469 $ 620 $ 79,144 $ 79,764 Commercial real estate - 4,246 4,246 14,675 299,716 314,391 Land - 502 502 801 13,979 14,780 Multi-family - 219 219 1,913 17,607 19,520 Real estate construction - 622 622 - 20,397 20,397 Consumer 124 2,230 2,354 1,877 119,452 121,329 Unallocated - 925 925 - - - Total $ 124 $ 10,213 $ 10,337 $ 19,886 $ 550,295 $ 570,181 March 31, 2015 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 Non-accrual loans: The following tables present an analysis of past due loans at the dates indicated (in thousands): June 30, 2015 30-89 Days Past Due 90 Days and Greater (Non-Accrual) Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Commercial business $ 196 $ - $ 196 $ 79,568 $ 79,764 $ - Commercial real estate 224 2,567 2,791 311,600 314,391 - Land - 801 801 13,979 14,780 - Multi-family - - - 19,520 19,520 - Real estate construction - - - 20,397 20,397 - Consumer 358 405 763 120,566 121,329 - Total $ 778 $ 3,773 $ 4,551 $ 565,630 $ 570,181 $ - March 31, 2015 30-89 Days Past Due 90 Days and Greater (Non-Accrual) Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Commercial business $ 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 $ - Credit quality indicators: Pass Watch Special mention Substandard Doubtful Loss The following tables present an analysis of credit quality indicators at the dates indicated (dollars in thousands): June 30, 2015 March 31, 2015 Weighted-Average Risk Grade Classified Loans (2) Weighted-Average Risk Grade Classified Loans (2) Commercial business 3.31 $ 290 3.30 $ 566 Commercial real estate 3.64 6,209 3.66 6,965 Land 4.05 801 4.19 801 Multi-family 3.65 1,925 3.53 1,935 Real estate construction 3.30 1,811 3.42 1,828 Consumer (1) 7.00 405 7.00 1,226 Total 3.58 $ 11,441 3.60 $ 13,321 Total loans risk rated $ 448,446 $ 453,568 (1) (2) Impaired loans: The following tables present an analysis of impaired loans at the dates and for the periods indicated (in thousands): June 30, 2015 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 $ 620 $ - $ 620 $ 622 $ - Commercial real estate 14,675 - 14,675 15,812 - Land 801 - 801 804 - Multi-family 1,913 - 1,913 2,057 - Consumer 652 1,225 1,877 2,068 124 Total $ 18,661 $ 1,225 $ 19,886 $ 21,363 $ 124 March 31, 2015 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 - Consumer 1,276 1,346 2,622 3,211 147 Total $ 21,029 $ 1,346 $ 22,375 $ 24,386 $ 147 Three Months ended June 30, 2015 Three Months ended June 30, 2014 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 855 $ 6 $ 938 $ 11 Commercial real estate 15,307 133 17,785 112 Land 801 - 842 - Multi-family 1,917 26 2,179 - Consumer 2,250 17 3,996 19 Total $ 21,130 $ 182 $ 25,740 $ 142 TDRs are loans where the Company, for economic or legal reasons related to the borrower's financial condition, has granted a concession to the borrower that it would otherwise not consider. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or face amount of the loan, a reduction of accrued interest, or an extension of the maturity date(s) at a stated interest rate lower than the current market rate for a new loan with similar risk. TDRs are considered impaired loans and as such, impairment is measured as described for impaired loans above. At June 30, 2015 and March 31, 2015, the Company had TDRs totaling $19.6 million and $21.4 million, respectively, of which $16.5 million and $17.3 million, respectively, were on accrual status. At June 30, 2015, the Company had no commitments at these dates to lend additional funds on these loans. At June 30, 2015, all of the CompanyÂ’s TDRs are paying as agreed except for one of the CompanyÂ’s TDRs that defaulted since the loan was modified. The following table presents new TDRs for the periods indicated: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 (Dollars in Thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial real estate 0 $ 0 $ 0 1 $ 344 $ 346 Total 0 $ 0 $ 0 1 $ 344 $ 346 There were no loans modified as a TDR within the previous twelve months that subsequently defaulted during the three months ended June 30, 2015. In accordance with the CompanyÂ’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 of the underlying collateral would result in full repayment of the outstanding loan balance. Once any other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off. Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed loan loss it is promptly charged off. |
Goodwill
Goodwill | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Goodwill | 9. GOODWILL Goodwill and certain other 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 goodwill exists. The goodwill impairment test involves a two-step process. The first step is a comparison of the reporting unitÂ’s fair value to its carrying value. If the reporting unitÂ’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. GAAP with respect to goodwill require that the Company compare the implied fair value of goodwill to the carrying amount of goodwill on the CompanyÂ’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 CompanyÂ’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 CompanyÂ’s step one test indicated that the reporting unitÂ’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 CompanyÂ’s goodwill will not be written down in future periods. An interim impairment test was not deemed necessary as of June 30, 2015, due to there not being a significant change in the reporting unitÂ’s assets, liabilities and stock price since the date of the most recent goodwill impairment assessment, the amount by which the fair value of the reporting unit exceeded the carrying value as of the date of the most recent goodwill impairment test, 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. |
Junior Subordinated Debenture
Junior Subordinated Debenture | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Junior Subordinated Debenture | 10. JUNIOR SUBORDINATED DEBENTURES At June 30, 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 deferral period, distributions on the corresponding trust preferred securities will also be deferred and the Company may not pay cash dividends to the holders of shares of our common stock. 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 June 30, 2015 and March 31, 2015, is included in prepaid expenses and other assets in the consolidated balance sheets. The Company records interest expense on the Debentures in the consolidated statements of income. The following table is a summary of the terms of the Debentures at June 30, 2015 (dollars in thousands): Issuance Trust Issuance Date Amount Outstanding Rate Type Initial Rate Current Rate Maturity Date Riverview Bancorp Statutory Trust I 12/2005 $ 7,217 Variable (1) 5.88 % 1.65 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 1.64 % 9/2037 $ 22,681 (1) (2) |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Fair Value Measurement | 11. FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. The categories of fair value measurements prescribed by GAAP and used in the tables presented under fair value measurements are as follows: Quoted prices in active markets for identical assets (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets or liabilities 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 or liabilities, 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 an 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). Estimated fair value measurements using June 30, 2015 Total estimated fair value Level 1 Level 2 Level 3 Investment securities available for sale: Trust preferred $ 1,780 $ - $ - $ 1,780 Agency securities 13,898 - 13,898 - Mortgage-backed securities available for sale: Real estate mortgage investment conduits 37,548 - 37,548 - Mortgage-backed securities 81,443 - 81,443 - Other mortgage-backed securities 5,305 - 5,305 - Total recurring assets measured at fair value $ 139,974 $ - $ 138,194 $ 1,780 March 31, 2015 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 There were no transfers of assets in to or out of Level 1, 2 or 3 for the three months ended June 30, 2015 and 2014. The following table presents a reconciliation of assets that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2015 and 2014 (in thousands). For the Three Months Ended June 30, 2015 June 30, 2014 Available for sale securities Available for sale securities Beginning balance $ 1,812 $ 1,903 Transfers in to Level 3 - - Included in earnings (1) - - Included in other comprehensive income (32 ) (28 ) Ending balance $ 1,780 $ 1,875 (1) The following methods were used to estimate the fair value of each class of financial instrument above: Investments and Mortgage-Backed Securities 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. The Company’s third-party pricing service has established processes for the Company to submit inquiries regarding the estimated fair value. The Company’s third-party pricing service will review the inputs to the evaluation in light of any new market data presented by the Company. The Company’s third-party pricing service may then affirm the original estimated fair value 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 securities is inactive. This determination was made by the Company after considering the last known trade dates for this specific security, the low number of transactions for similar types of securities, the low number of new issuances for similar securities, the bid-ask spread in the brokered markets in which these securities trade, the 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 security was classified as Level 3 in the fair value hierarchy. The Company utilized observable inputs where available and 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 estimate of assumptions that a market participant would use to price the security. Significant unobservable inputs included the discount rate, the 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 and historical repayment information, as well as the Company’s future expectations of the capital markets. The following table presents certain loans and real estate owned (“REO”) which were marked down to their fair value using fair value measures during the three months ended June 30, 2015. The following are assets that are measured at fair value on a nonrecurring basis (in thousands). Estimated fair value measurements using June 30, 2015 Total estimated fair value Level 1 Level 2 Level 3 Impaired loans $ 949 $ - $ - $ 949 REO 970 - - 970 Total nonrecurring assets measured at fair value $ 1,919 $ - $ - $ 1,919 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at June 30, 2015: Valuation technique Significant unobservable inputs Range Impaired loans (1) Appraised value Adjustment for market conditions 0% REO Appraised value Adjustment for market conditions 0% - 10.6% (1) The following methods were used to estimate the fair value of each class of financial instrument above: Impaired loans In determining the estimated net realizable value of the underlying collateral, the Company primarily uses 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 of 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, the Company considers the fair value of impaired loans to be highly sensitive to changes in market conditions. REO The Company 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 of 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, the Company consider the fair value of REO to be highly sensitive to changes in market conditions. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
New Accounting Pronouncements | 12. 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” (“ASU 2014-04”). ASU 2014-04 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 ASU 2014-04, 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 periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. Adoption of the new guidance did not 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" (“ASU 2014-09”). ASU 2014-09 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: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. Adoption of ASU 2014-09 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" (“ASU 2014-15”). ASU 2014-15 provides guidance in connection with preparing financial statements for each annual and interim reporting period for which 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 consolidated financial statements are issued (or within one year after the date that the consolidated financial statements are available to be issued when applicable). ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for interim periods within annual periods beginning after December 15, 2016. Adoption of ASU 2014-15 is not expected to have a significant impact on the Company's consolidated financial statements. In January 2015, the FASB issued ASU 2015-01, “Income Statement - Extraordinary and Unusual Items” (“ASU 2015-01”). ASU 2015-01 eliminates the need to separately classify, present and disclose extraordinary events. The disclosure of events or transactions that are unusual or infrequent in nature will be included in other guidance. The amendments in ASU 2015-01 are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of ASU 2015-01 is not expected to have a significant impact on the Company's consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU 2015-02 focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, ASU 2015-02 simplifies the FASB Accounting Standards Codification and improves current GAAP by placing more emphasis on risk of loss when determining a controlling financial interest. ASU 2015-02 will be effective for periods beginning after December 15, 2015 for public companies. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2015-02 is not expected to have a significant impact on the Company's consolidated financial statements. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Fair Value Of Financial Instruments | 13. 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): June 30, 2015 Carry value Quoted prices in active markets for identical assets (Level 1) Other observable inputs (Level 2) Significant unobservable inputs (Level 3) Fair value Assets: Cash and cash equivalents $ 48,149 $ 48,149 $ - $ - $ 48,149 Certificates of deposit held for investment 25,471 - 25,649 - 25,649 Loans held for sale 215 - 215 - 215 Investment securities available for sale 15,678 - 13,898 1,780 15,678 Mortgage-backed securities held to maturity 83 - 85 - 85 Mortgage-backed securities available for sale 124,296 - 124,296 - 124,296 Loans receivable, net 559,844 - - 539,593 539,593 Federal Home Loan Bank stock 988 - 988 - 988 Liabilities: Demand – savings deposits 587,855 587,855 - - 587,855 Time deposits 134,606 - 134,287 - 134,287 Junior subordinated debentures 22,681 - - 8,320 8,320 March 31, 2015 Assets: Cash and cash equivalents $ 58,659 $ 58,659 $ - $ - $ 58,659 Certificates of deposit held for investment 25,969 - 26,256 - 26,256 Loans held for sale 778 - 778 - 778 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 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 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 and cash equivalents Certificates of deposit held for investment – The fair value of certificates of deposit with stated maturities 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 11 – Fair Value Measurements). 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 Deposits – The fair value of deposits with no stated maturities 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 maturities 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 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 | 3 Months Ended |
Jun. 30, 2015 | |
Notes | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES Off-balance sheet arrangements Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. These guarantees are primarily used to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies and is required in instances where the Company deems necessary. Significant off-balance sheet commitments at June 30, 2015 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 14,501 Fixed-rate 13,085 Standby letters of credit 1,105 Undisbursed loan funds, and unused lines of credit 75,654 Total $ 104,345 At June 30, 2015, the Company had firm commitments to sell $1.2 million of residential loans to the FHLMC. Typically, these agreements are short-term fixed rate commitments and no material gain or loss is likely. Other Contractual Obligations. The Company is party to litigation arising in the ordinary course of business. In the opinion of management, these actions will not have a material effect, if any, on the CompanyÂ’s consolidated financial position, results of operations and cash flows. |
Basis of Presentation_ Presenta
Basis of Presentation: Presentation of Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Presentation of Accounting Policies | The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim unaudited financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2015 (“2015 Form 10-K”). The unaudited consolidated results of operations for the three months ended June 30, 2015 are not necessarily indicative of the results, which may be expected for the entire fiscal year ending March 31, 2016. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation_ Co
Principles of Consolidation: Consolidation Policy (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Consolidation Policy | The accompanying unaudited consolidated financial statements include the accounts of: Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community Bank (the “Bank”); the Bank’s wholly-owned subsidiary, Riverview Services, Inc.; and the Bank’s majority-owned subsidiary, Riverview Asset Management Corp. (“RAMCorp”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. |
Stock Plans And Stock-Based C25
Stock Plans And Stock-Based Compensation: Share Based Compensation Option and Incentive Plans Policy (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Share Based Compensation Option and Incentive Plans Policy | In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1998 and expired in October 2008. Accordingly, no further option awards may be granted under the 1998 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 1998 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 2003 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. |
Earnings Per Share_ Earnings Pe
Earnings Per Share: Earnings Per Share Policy, Basic (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Earnings Per Share Policy, Basic | Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. |
Earnings Per Share_ Earnings 27
Earnings Per Share: Earnings Per Share Policy, Diluted (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Policies | |
Earnings Per Share Policy, Diluted | Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the ’s common stock during the period. Common stock equivalents arise from assumed exercise of outstanding stock options. Shares owned by the Company’s Employee Stock Ownership Plan (“ESOP”) that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted EPS. |
Stock Plans And Stock-Based C28
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Stock Options Outstanding | Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, beginning of period 424,654 $ 8.00 474,654 $ 7.91 Options exercised (18,000 ) 3.49 - - Forfeited (8,000 ) 12.98 - - Expired (4,000 ) 10.60 (28,000 ) 9.06 Balance, end of period 394,654 8.08 446,654 7.83 |
Stock Plans And Stock-Based C29
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding, less estimated forfeitures (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Stock Options Outstanding, less estimated forfeitures | Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Stock options fully vested and expected to vest: Number 394,654 441,896 Weighted average exercise price $ 8.08 $ 7.89 Aggregate intrinsic value (1) $ 169,000 $ 122,000 Weighted average contractual term of options (years) 3.31 4.39 Stock options fully vested and currently exercisable: Number 394,654 357,900 Weighted average exercise price $ 8.08 $ 9.09 Aggregate intrinsic value (1) $ 169,000 $ 29,000 Weighted average contractual term of options (years) 3.31 3.30 (1) |
Earnings Per Share_ Schedule of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended June 30, 2015 2014 Basic EPS computation: Numerator-net income $ 1,595,000 $ 740,000 Denominator-weighted average common shares outstanding 22,434,327 22,382,595 Basic EPS $ 0.07 $ 0.03 Diluted EPS computation: Numerator-net income $ 1,595,000 $ 740,000 Denominator-weighted average common shares outstanding 22,434,327 22,382,595 Effect of dilutive stock options 42,679 26,180 Weighted average common shares and common stock equivalents 22,477,006 22,408,775 Diluted EPS $ 0.07 $ 0.03 |
Investment Securities_ Availabl
Investment Securities: Available-for-sale Securities (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Available-for-sale Securities | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2015 Trust preferred $ 1,919 $ - $ (139 ) $ 1,780 Agency securities 14,008 23 (133 ) 13,898 Total $ 15,927 $ 23 $ (272 ) $ 15,678 March 31, 2015 Trust preferred $ 1,919 $ - $ (107 ) $ 1,812 Agency securities 14,008 38 (107 ) 13,939 Total $ 15,927 $ 38 $ (214 ) $ 15,751 |
Investment Securities_ Schedule
Investment Securities: Schedule of Held to Maturity Securities, Contractual maturities (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Held to Maturity Securities, Contractual maturities | June 30, 2015 Amortized Cost Estimated Fair Value Due after one year through five years $ 13,000 $ 12,867 Due after five years through ten years 1,008 1,031 Due after ten years 1,919 1,780 Total $ 15,927 $ 15,678 |
Investment Securities_ Schedu33
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses | Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses June 30, 2015 Trust preferred $ - $ - $ 1,780 $ (139 ) $ 1,780 $ (139 ) Agency securities - - 12,867 (133 ) 12,867 (133 ) Total $ - $ - $ 14,647 $ (272 ) $ 14,647 $ (272 ) Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2015 Trust preferred $ - $ - $ 1,812 $ (107 ) $ 1,812 $ (107 ) Agency securities - - 12,893 (107 ) 12,893 (107 ) Total $ - $ - $ 14,705 $ (214 ) $ 14,705 $ (214 ) |
Mortgage-backed Securities_ Sch
Mortgage-backed Securities: Schedule of mortgage-backed securities held to maturity (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of mortgage-backed securities held to maturity | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2015 Mortgage-backed securities (1) $ 83 $ 2 $ - $ 85 March 31, 2015 Mortgage-backed securities (1) $ 86 $ 2 $ - $ 88 (1) Comprised of Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) issued securities. |
Mortgage-backed Securities_ S35
Mortgage-backed Securities: Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities | June 30, 2015 Amortized Cost Estimated Fair Value Due after five years through ten years $ 71 $ 73 Due after ten years 12 12 Total $ 83 $ 85 |
Mortgage-backed Securities_ S36
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of available-for-sale mortgage-backed securities | June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Real estate mortgage investment conduits (1) $ 37,503 $ 158 $ (113 ) $ 37,548 Mortgage-backed securities (1) 81,313 385 (255 ) 81,443 Other mortgage-backed securities (2) 5,234 78 (7 ) 5,305 Total $ 124,050 $ 621 $ (375 ) $ 124,296 March 31, 2015 Real estate mortgage investment conduits (1) $ 22,455 $ 255 $ (1 ) $ 22,709 Mortgage-backed securities (1) 67,568 1,006 (60 ) 68,514 Other mortgage-backed securities (2) 5,359 142 (12 ) 5,489 Total $ 95,382 $ 1,403 $ (73 ) $ 96,712 (1) (2) |
Mortgage-backed Securities_ S37
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities, Contractual Maturities (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of available-for-sale mortgage-backed securities, Contractual Maturities | June 30, 2015 Amortized Cost Estimated Fair Value Due after one year through five years $ 2,474 $ 2,511 Due after five years through ten years 7,121 7,128 Due after ten years 114,455 114,657 Total $ 124,050 $ 124,296 |
Mortgage-backed Securities_ S38
Mortgage-backed Securities: Schedule of Temporarily Impaired Mortgage-backed securities, Fair Value and Unrealized Losses (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Temporarily Impaired Mortgage-backed securities, Fair Value and Unrealized Losses | Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses June 30, 2015 Real estate mortgage investment conduits (1) $ 16,809 $ (113 ) $ - $ - $ 16,809 $ (113 ) Mortgage-backed securities (2) 25,670 (90 ) 4,834 (165 ) 30,504 (255 ) Other mortgage-backed securities (3) - - 1,410 (7 ) 1,410 (7 ) Total $ 42,479 $ (203 ) $ 6,244 $ (172 ) $ 48,723 $ (375 ) Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses March 31, 2015 Real estate mortgage investment conduits (4) $ 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 ) (1) (2) (3) (4) |
Loans Receivable_ Schedule of A
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Accounts, Notes, Loans and Financing Receivable | June 30, 2015 March 31, 2015 Commercial and construction Commercial business $ 79,764 $ 77,186 Other real estate mortgage (1) 348,691 345,506 Real estate construction 20,397 30,498 Total commercial and construction 448,852 453,190 Consumer Real estate one-to-four family 87,837 89,801 Other installment 33,492 36,781 Total consumer 121,329 126,582 Total loans 570,181 579,772 Less: Allowance for loan losses 10,337 10,762 Loans receivable, net $ 559,844 $ 569,010 (1) |
Allowance for Loan Losses_ Sche
Allowance for Loan Losses: Schedule of reconciliation of the allowance for loan losses (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of reconciliation of the allowance for loan losses | Three months ended June 30, 2015 Commercial Business Commercial Real Estate Land Multi-Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 1,263 $ 4,268 $ 539 $ 348 $ 769 $ 2,548 $ 1,027 $ 10,762 Provision for (recapture of) loan losses 195 (22 ) (99 ) (129 ) (147 ) (196 ) (102 ) (500 ) Charge-offs - - - - - (14 ) - (14 ) Recoveries 11 - 62 - - 16 - 89 Ending balance $ 1,469 $ 4,246 $ 502 $ 219 $ 622 $ 2,354 $ 925 $ 10,337 Three months ended June 30, 2014 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) loan losses (805 ) 149 (105 ) 57 (33 ) 218 219 (300 ) Charge-offs - (25 ) - - - (30 ) - (55 ) Recoveries 2 - 62 - - 21 - 85 Ending balance $ 1,606 $ 5,393 $ 297 $ 260 $ 354 $ 2,862 $ 1,509 $ 12,281 |
Allowance for Loan Losses_ Sc41
Allowance for Loan Losses: Schedule of Impaired Financing Receivables (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Impaired Financing Receivables | Allowance for loan losses Recorded investment in loans June 30, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 1,469 $ 1,469 $ 620 $ 79,144 $ 79,764 Commercial real estate - 4,246 4,246 14,675 299,716 314,391 Land - 502 502 801 13,979 14,780 Multi-family - 219 219 1,913 17,607 19,520 Real estate construction - 622 622 - 20,397 20,397 Consumer 124 2,230 2,354 1,877 119,452 121,329 Unallocated - 925 925 - - - Total $ 124 $ 10,213 $ 10,337 $ 19,886 $ 550,295 $ 570,181 March 31, 2015 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 |
Allowance for Loan Losses_ Fina
Allowance for Loan Losses: Financing Receivables, Aging of loans (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Financing Receivables, Aging of loans | June 30, 2015 30-89 Days Past Due 90 Days and Greater (Non-Accrual) Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Commercial business $ 196 $ - $ 196 $ 79,568 $ 79,764 $ - Commercial real estate 224 2,567 2,791 311,600 314,391 - Land - 801 801 13,979 14,780 - Multi-family - - - 19,520 19,520 - Real estate construction - - - 20,397 20,397 - Consumer 358 405 763 120,566 121,329 - Total $ 778 $ 3,773 $ 4,551 $ 565,630 $ 570,181 $ - March 31, 2015 30-89 Days Past Due 90 Days and Greater (Non-Accrual) Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Commercial business $ 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 $ - |
Allowance for Loan Losses_ Sc43
Allowance for Loan Losses: Schedule of Credit Quality Indicators (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Credit Quality Indicators | June 30, 2015 March 31, 2015 Weighted-Average Risk Grade Classified Loans (2) Weighted-Average Risk Grade Classified Loans (2) Commercial business 3.31 $ 290 3.30 $ 566 Commercial real estate 3.64 6,209 3.66 6,965 Land 4.05 801 4.19 801 Multi-family 3.65 1,925 3.53 1,935 Real estate construction 3.30 1,811 3.42 1,828 Consumer (1) 7.00 405 7.00 1,226 Total 3.58 $ 11,441 3.60 $ 13,321 Total loans risk rated $ 448,446 $ 453,568 (1) (2) |
Allowance for Loan Losses_ Impa
Allowance for Loan Losses: Impaired Financing Receivables (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Impaired Financing Receivables | June 30, 2015 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 $ 620 $ - $ 620 $ 622 $ - Commercial real estate 14,675 - 14,675 15,812 - Land 801 - 801 804 - Multi-family 1,913 - 1,913 2,057 - Consumer 652 1,225 1,877 2,068 124 Total $ 18,661 $ 1,225 $ 19,886 $ 21,363 $ 124 March 31, 2015 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 - Consumer 1,276 1,346 2,622 3,211 147 Total $ 21,029 $ 1,346 $ 22,375 $ 24,386 $ 147 |
Allowance for Loan Losses_ Sc45
Allowance for Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized | Three Months ended June 30, 2015 Three Months ended June 30, 2014 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 855 $ 6 $ 938 $ 11 Commercial real estate 15,307 133 17,785 112 Land 801 - 842 - Multi-family 1,917 26 2,179 - Consumer 2,250 17 3,996 19 Total $ 21,130 $ 182 $ 25,740 $ 142 |
Allowance for Loan Losses_ Trou
Allowance for Loan Losses: Troubled Debt Restructurings on Financing Receivables (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Troubled Debt Restructurings on Financing Receivables | Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 (Dollars in Thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial real estate 0 $ 0 $ 0 1 $ 344 $ 346 Total 0 $ 0 $ 0 1 $ 344 $ 346 |
Junior Subordinated Debenture_
Junior Subordinated Debenture: Schedule of terms of the current Debentures (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of terms of the current Debentures | Issuance Trust Issuance Date Amount Outstanding Rate Type Initial Rate Current Rate Maturity Date Riverview Bancorp Statutory Trust I 12/2005 $ 7,217 Variable (1) 5.88 % 1.65 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 1.64 % 9/2037 $ 22,681 (1) (2) |
Fair Value Measurement_ Schedul
Fair Value Measurement: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Estimated fair value measurements using June 30, 2015 Total estimated fair value Level 1 Level 2 Level 3 Investment securities available for sale: Trust preferred $ 1,780 $ - $ - $ 1,780 Agency securities 13,898 - 13,898 - Mortgage-backed securities available for sale: Real estate mortgage investment conduits 37,548 - 37,548 - Mortgage-backed securities 81,443 - 81,443 - Other mortgage-backed securities 5,305 - 5,305 - Total recurring assets measured at fair value $ 139,974 $ - $ 138,194 $ 1,780 March 31, 2015 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 |
Fair Value Measurement_ Fair Va
Fair Value Measurement: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | For the Three Months Ended June 30, 2015 June 30, 2014 Available for sale securities Available for sale securities Beginning balance $ 1,812 $ 1,903 Transfers in to Level 3 - - Included in earnings (1) - - Included in other comprehensive income (32 ) (28 ) Ending balance $ 1,780 $ 1,875 (1) |
Fair Value Measurement_ Sched50
Fair Value Measurement: Schedule of Assets measured at fair value on a non-recurring basis (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Assets measured at fair value on a non-recurring basis | Estimated fair value measurements using June 30, 2015 Total estimated fair value Level 1 Level 2 Level 3 Impaired loans $ 949 $ - $ - $ 949 REO 970 - - 970 Total nonrecurring assets measured at fair value $ 1,919 $ - $ - $ 1,919 |
Fair Value Measurement_ Fair 51
Fair Value Measurement: Fair Value Measurements, Nonrecurring, Valuation Techniques (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Fair Value Measurements, Nonrecurring, Valuation Techniques | Valuation technique Significant unobservable inputs Range Impaired loans (1) Appraised value Adjustment for market conditions 0% REO Appraised value Adjustment for market conditions 0% - 10.6% (1) |
Fair Value Of Financial Instr52
Fair Value Of Financial Instruments: Fair Value, Option, Quantitative Disclosures (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Fair Value, Option, Quantitative Disclosures | June 30, 2015 Carry value Quoted prices in active markets for identical assets (Level 1) Other observable inputs (Level 2) Significant unobservable inputs (Level 3) Fair value Assets: Cash and cash equivalents $ 48,149 $ 48,149 $ - $ - $ 48,149 Certificates of deposit held for investment 25,471 - 25,649 - 25,649 Loans held for sale 215 - 215 - 215 Investment securities available for sale 15,678 - 13,898 1,780 15,678 Mortgage-backed securities held to maturity 83 - 85 - 85 Mortgage-backed securities available for sale 124,296 - 124,296 - 124,296 Loans receivable, net 559,844 - - 539,593 539,593 Federal Home Loan Bank stock 988 - 988 - 988 Liabilities: Demand – savings deposits 587,855 587,855 - - 587,855 Time deposits 134,606 - 134,287 - 134,287 Junior subordinated debentures 22,681 - - 8,320 8,320 March 31, 2015 Assets: Cash and cash equivalents $ 58,659 $ 58,659 $ - $ - $ 58,659 Certificates of deposit held for investment 25,969 - 26,256 - 26,256 Loans held for sale 778 - 778 - 778 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 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 |
Commitments and Contingencies_
Commitments and Contingencies: Schedule of significant off-balance sheet commitments (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of significant off-balance sheet commitments | Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 14,501 Fixed-rate 13,085 Standby letters of credit 1,105 Undisbursed loan funds, and unused lines of credit 75,654 Total $ 104,345 |
Stock Plans And Stock-Based C54
Stock Plans And Stock-Based Compensation: Share Based Compensation Option and Incentive Plans Policy (Details) - Jun. 30, 2015 - shares | Total |
1998 Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award, Description | In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1998 and expired in October 2008. |
2003 Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award, Description | In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and expired in July 2013. |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 0 |
Stock Plans And Stock-Based C55
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding (Details) - 1998 and 2003 Stock Option Plan - $ / shares | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 424,654 | 474,654 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 8 | $ 7.91 |
Exercise of stock options, Shares | (18,000) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 3.49 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (8,000) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 12.98 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (4,000) | (28,000) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 10.60 | $ 9.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 394,654 | 446,654 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 8.08 | $ 7.83 |
Stock Plans And Stock-Based C56
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding, less estimated forfeitures (Details) - 2003 Stock Option Plan - USD ($) | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 394,654 | 441,896 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 8.08 | $ 7.89 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | [1] | $ 169,000 | $ 122,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 3 months 22 days | 4 years 4 months 20 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 394,654 | 357,900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 8.08 | $ 9.09 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | [1] | $ 169,000 | $ 29,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 22 days | 3 years 3 months 18 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 CompanyÂ’s common stock. |
Stock Plans And Stock-Based C57
Stock Plans And Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stock-based compensation expense | $ 0 | $ 26,000 |
Intrinsic value of stock options exercised | $ 16,000 | $ 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. |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Details | ||
Number of unallocated ESOP shares | 99,000 | 74,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 227,000 | 342,000 |
Earnings Per Share_ Schedule 59
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net Income (Loss) | $ 1,595 | $ 740 |
Weighted average number of shares outstanding, Basic | 22,434,327 | 22,382,595 |
Basic earnings | $ 0.07 | $ 0.03 |
Weighted average number of shares outstanding, Diluted | 22,477,006 | 22,408,775 |
Diluted earnings | $ 0.07 | $ 0.03 |
EpsComputationMember | ||
Net Income (Loss) | $ 1,595 | $ 740 |
Weighted average number of shares outstanding, Basic | 22,434,327 | 22,382,595 |
Basic earnings | $ 0.07 | $ 0.03 |
Weighted average number of shares outstanding, Diluted | 22,434,327 | 22,382,595 |
Effect of dilutive stock options | 42,679 | 26,180 |
Weighted average common shares and common stock equivalents | 22,477,006 | 22,408,775 |
Diluted earnings | $ 0.07 | $ 0.03 |
Investment Securities_ Availa60
Investment Securities: Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Jun. 30, 2015 | |
Investment securities available for sale, at fair value | [1] | $ 15,751 | $ 15,678 |
Investments | Trust preferred | |||
Available-for-sale Securities, Amortized Cost Basis | 1,919 | 1,919 | |
Available-for-sale Securities, Gross Unrealized Loss | (107) | (139) | |
Investment securities available for sale, at fair value | 1,812 | 1,780 | |
Investments | US Government Agencies Debt Securities | |||
Available-for-sale Securities, Amortized Cost Basis | 14,008 | 14,008 | |
Available-for-sale Securities, Gross Unrealized Gain | 38 | 23 | |
Available-for-sale Securities, Gross Unrealized Loss | (107) | (133) | |
Investment securities available for sale, at fair value | 13,939 | 13,898 | |
Investments | Investment | |||
Available-for-sale Securities, Amortized Cost Basis | 15,927 | 15,927 | |
Available-for-sale Securities, Gross Unrealized Gain | 38 | 23 | |
Available-for-sale Securities, Gross Unrealized Loss | (214) | (272) | |
Investment securities available for sale, at fair value | $ 15,751 | $ 15,678 | |
[1] | Amortized cost of $15,927, at June 30 and March 31, 2015 |
Investment Securities_ Schedu61
Investment Securities: Schedule of Held to Maturity Securities, Contractual maturities (Details) - Investment $ in Thousands | Jun. 30, 2015USD ($) |
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 | 12,867 |
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 | 1,031 |
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 | 1,780 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 15,927 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 15,678 |
Investment Securities_ Schedu62
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Details) - Investments - USD ($) $ in Thousands | Mar. 31, 2015 | Jun. 30, 2015 |
Trust preferred | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 1,812 | $ 1,780 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (107) | (139) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,812 | 1,780 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (107) | (139) |
US Government Agencies Debt Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,893 | 12,867 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (107) | (133) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,893 | 12,867 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (107) | (133) |
Investment | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,705 | 14,647 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (214) | (272) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,705 | 14,647 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ (214) | $ (272) |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Details | |||
Represents the monetary amount of InvestmentSecuritiesGrossRealizedGainsFromSales, during the indicated time period. | $ 0 | $ 0 | |
Investment securities pledged as collateral, amortized cost | 3,000,000 | $ 3,000,000 | |
Investment securities pledged as collateral, fair value | $ 3,000,000 | $ 3,000,000 |
Mortgage-backed Securities_ S64
Mortgage-backed Securities: Schedule of mortgage-backed securities held to maturity (Details) - Mortgage-backed Securities - Mortgage-backed - USD ($) $ in Thousands | Mar. 31, 2015 | Jun. 30, 2015 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [1] | $ 86 | $ 83 |
Held-to-maturity securities, Gross Unrealized Gains | [1] | 2 | 2 |
Held-to-maturity Securities, Fair Value | [1] | $ 88 | $ 85 |
[1] | Comprised of Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“ FHLMC”) issued securities. |
Mortgage-backed Securities_ S65
Mortgage-backed Securities: Schedule of held-to-maturity mortgage-backed securities, Contractual Maturities (Details) - Collateralized Mortgage Backed Securities $ in Thousands | Jun. 30, 2015USD ($) |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | $ 71 |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 73 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 12 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 12 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis | 83 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value | $ 85 |
Mortgage-backed Securities (Det
Mortgage-backed Securities (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Details | ||
Mortgage-backed securities held to maturity pledged as collateral, Amortized Cost | $ 26,000 | $ 27,000 |
Mortgage-backed securities held to maturity pledged as collateral, Fair Value | 27,000 | 27,000 |
Available-for-sale mortgage-backed securities pledged as collateral, Amortized Cost | 1,300,000 | 1,300,000 |
Available-for-sale mortgage-backed securities pledged as collateral, Fair Value | $ 1,300,000 | $ 1,300,000 |
Mortgage-backed Securities_ S67
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Jun. 30, 2015 | ||
Mortgage-backed securities available for sale, at fair value | $ 96,712 | [1] | $ 124,296 | [2] |
Mortgage-backed Securities | Real estate mortgage investment conduits | ||||
Available-for-sale Securities, Amortized Cost Basis | 22,455 | 37,503 | ||
Available-for-sale Securities, Gross Unrealized Gain | 255 | 158 | ||
Available-for-sale Securities, Gross Unrealized Loss | (1) | (113) | ||
Mortgage-backed securities available for sale, at fair value | 22,709 | 37,548 | ||
Mortgage-backed Securities | Mortgage-backed | ||||
Available-for-sale Securities, Amortized Cost Basis | 67,568 | 81,313 | [3] | |
Available-for-sale Securities, Gross Unrealized Gain | 1,006 | 385 | [3] | |
Available-for-sale Securities, Gross Unrealized Loss | (60) | (255) | [3] | |
Mortgage-backed securities available for sale, at fair value | 68,514 | 81,443 | [3] | |
Mortgage-backed Securities | Other mortgage-backed securities | ||||
Available-for-sale Securities, Amortized Cost Basis | 5,359 | [4] | 5,234 | [5] |
Available-for-sale Securities, Gross Unrealized Gain | 142 | [4] | 78 | [5] |
Available-for-sale Securities, Gross Unrealized Loss | (12) | [4] | (7) | [5] |
Mortgage-backed securities available for sale, at fair value | 5,489 | [4] | 5,305 | [5] |
Mortgage-backed Securities | Total Real Estate Mortgage investment conduits and mortgage-backed securities | ||||
Available-for-sale Securities, Amortized Cost Basis | 95,382 | 124,050 | ||
Available-for-sale Securities, Gross Unrealized Gain | 1,403 | 621 | ||
Available-for-sale Securities, Gross Unrealized Loss | (73) | (375) | ||
Mortgage-backed securities available for sale, at fair value | $ 96,712 | $ 124,296 | ||
[1] | Amortized cost of $95,382. | |||
[2] | Amortized cost of $124,050. | |||
[3] | Comprised of FHLMC, FNMA and Ginnie Mae (“GNMA”) issued securities. | |||
[4] | Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by private issuers. | |||
[5] | Comprised of U.S. Small Business Administration (“SBA”) issued securities and Commercial Real Estate (“CRE”) secured securities issued by private issuers. |
Mortgage-backed Securities_ S68
Mortgage-backed Securities: Schedule of available-for-sale mortgage-backed securities, Contractual Maturities (Details) - Collateralized Mortgage Backed Securities $ in Thousands | Jun. 30, 2015USD ($) |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $ 2,474 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 2,511 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 7,121 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 7,128 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 114,455 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 114,657 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 124,050 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 124,296 |
Mortgage-backed Securities_ S69
Mortgage-backed Securities: Schedule of Temporarily Impaired Mortgage-backed securities, Fair Value and Unrealized Losses (Details) - Mortgage-backed Securities - USD ($) $ in Thousands | Mar. 31, 2015 | Jun. 30, 2015 | |||
Real estate mortgage investment conduits | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,323 | [1] | $ 16,809 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (1) | [1] | (113) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,323 | [1] | 16,809 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (1) | [1] | (113) | ||
Mortgage-backed | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [2] | 25,670 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | [2] | (90) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,098 | 4,834 | [2] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (60) | (165) | [2] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,098 | 30,504 | [2] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (60) | (255) | [2] | ||
Other mortgage-backed securities | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,417 | 1,410 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (12) | (7) | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,417 | 1,410 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (12) | (7) | [3] | ||
Total Real Estate Mortgage investment conduits and mortgage-backed securities | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,323 | 42,479 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (1) | (203) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 6,515 | 6,244 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (72) | (172) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,838 | 48,723 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ (73) | $ (375) | |||
[1] | Comprised of a FHLMC security. | ||||
[2] | Comprised of FHLMC and FNMA issued securities. | ||||
[3] | Comprised of SBA issued securities. |
Loans Receivable_ Schedule of70
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Financing Receivable, Gross | $ 570,181 | $ 579,772 |
Loans receivable Allowance for Loan Losses | 10,337 | 10,762 |
Financing Receivable, Net | 559,844 | 569,010 |
Commercial business | ||
Financing Receivable, Gross | 79,764 | 77,186 |
Other real estate mortgage | ||
Financing Receivable, Gross | 348,691 | 345,506 |
Real estate construction | ||
Financing Receivable, Gross | 20,397 | 30,498 |
Total commercial and construction | ||
Financing Receivable, Gross | 448,852 | 453,190 |
Real estate one-to-four family | ||
Financing Receivable, Gross | 87,837 | 89,801 |
Other installment | ||
Financing Receivable, Gross | 33,492 | 36,781 |
Consumer | ||
Financing Receivable, Gross | $ 121,329 | $ 126,582 |
Loans Receivable (Details)
Loans Receivable (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Details | |
Loans Pledged as Collateral | $ 359,400 |
Allowance for Loan Losses_ Sc72
Allowance for Loan Losses: Schedule of reconciliation of the allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Loans and Leases Receivable, Allowance, Beginning Balance | $ 10,762 | $ 12,551 |
Provision for Loan and Lease Losses | (500) | (300) |
Allowance for Loan and Lease Losses, Charge-offs | (14) | (55) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 89 | 85 |
Loans and Leases Receivable, Allowance, Ending Balance | 10,337 | 12,281 |
Commercial business | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,263 | 2,409 |
Provision for Loan and Lease Losses | 195 | (805) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 11 | 2 |
Loans and Leases Receivable, Allowance, Ending Balance | 1,469 | 1,606 |
Commercial Real Estate | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 4,268 | 5,269 |
Provision for Loan and Lease Losses | (22) | 149 |
Allowance for Loan and Lease Losses, Charge-offs | (25) | |
Loans and Leases Receivable, Allowance, Ending Balance | 4,246 | 5,393 |
Land | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 539 | 340 |
Provision for Loan and Lease Losses | (99) | (105) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 62 | 62 |
Loans and Leases Receivable, Allowance, Ending Balance | 502 | 297 |
Multi-Family | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 348 | 203 |
Provision for Loan and Lease Losses | (129) | 57 |
Loans and Leases Receivable, Allowance, Ending Balance | 219 | 260 |
Real estate construction | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 769 | 387 |
Provision for Loan and Lease Losses | (147) | (33) |
Loans and Leases Receivable, Allowance, Ending Balance | 622 | 354 |
Consumer | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,548 | 2,653 |
Provision for Loan and Lease Losses | (196) | 218 |
Allowance for Loan and Lease Losses, Charge-offs | (14) | (30) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 16 | 21 |
Loans and Leases Receivable, Allowance, Ending Balance | 2,354 | 2,862 |
Unallocated | ||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,027 | 1,290 |
Provision for Loan and Lease Losses | (102) | 219 |
Loans and Leases Receivable, Allowance, Ending Balance | $ 925 | $ 1,509 |
Allowance for Loan Losses_ Sc73
Allowance for Loan Losses: Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 124 | $ 147 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 10,213 | 10,615 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 10,337 | 10,762 |
Financing Receivable, Individually Evaluated for Impairment | 19,886 | 22,375 |
Financing Receivable, Collectively Evaluated for Impairment | 550,295 | 557,397 |
Financing Receivable, Evaluated for Impairment | 570,181 | 579,772 |
Commercial business | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,469 | 1,263 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 1,469 | 1,263 |
Financing Receivable, Individually Evaluated for Impairment | 620 | 1,091 |
Financing Receivable, Collectively Evaluated for Impairment | 79,144 | 76,095 |
Financing Receivable, Evaluated for Impairment | 79,764 | 77,186 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,246 | 4,268 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 4,246 | 4,268 |
Financing Receivable, Individually Evaluated for Impairment | 14,675 | 15,939 |
Financing Receivable, Collectively Evaluated for Impairment | 299,716 | 283,752 |
Financing Receivable, Evaluated for Impairment | 314,391 | 299,691 |
Land | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 502 | 539 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 502 | 539 |
Financing Receivable, Individually Evaluated for Impairment | 801 | 801 |
Financing Receivable, Collectively Evaluated for Impairment | 13,979 | 14,557 |
Financing Receivable, Evaluated for Impairment | 14,780 | 15,358 |
Multi-Family | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 219 | 348 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 219 | 348 |
Financing Receivable, Individually Evaluated for Impairment | 1,913 | 1,922 |
Financing Receivable, Collectively Evaluated for Impairment | 17,607 | 28,535 |
Financing Receivable, Evaluated for Impairment | 19,520 | 30,457 |
Real estate construction | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 622 | 769 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 622 | 769 |
Financing Receivable, Collectively Evaluated for Impairment | 20,397 | 30,498 |
Financing Receivable, Evaluated for Impairment | 20,397 | 30,498 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 124 | 147 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,230 | 2,401 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 2,354 | 2,548 |
Financing Receivable, Individually Evaluated for Impairment | 1,877 | 2,622 |
Financing Receivable, Collectively Evaluated for Impairment | 119,452 | 123,960 |
Financing Receivable, Evaluated for Impairment | 121,329 | 126,582 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 925 | 1,027 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | $ 925 | $ 1,027 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) | 3 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2015USD ($) | |
Details | |||
Interest income foregone on non-accrual loans | $ 27,000 | $ 144,000 | |
Loans and Leases Receivable, Impaired, Description | A loan is considered impaired when it is probable that the Company will be unable to collect all amounts 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, whether the loan is 90 days or more delinquent, internally designated as substandard or worse, on non-accrual status or represents a troubled debt restructuring (“TDR”). | ||
Financing Receivable, Modifications, Nature and Extent of Transaction | TDRs are loans where the Company, for economic or legal reasons related to the borrower's financial condition, has granted a concession to the borrower that it would otherwise not consider. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or face amount of the loan, a reduction of accrued interest, or an extension of the maturity date(s) at a stated interest rate lower than the current market rate for a new loan with similar risk. | ||
Total Troubled Debt Restructured Loans | $ 19,600,000 | $ 21,400,000 | |
Troubled debt restructured loans, Acrual of Interest | $ 16,500,000 | $ 17,300,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 |
Allowance for Loan Losses_ Fi75
Allowance for Loan Losses: Financing Receivables, Aging of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Financing Receivable Recorded Investment, 30 to 89 days past due | $ 778 | $ 1,486 |
Financing Receivable Recorded Investment, 90 days and greater, non-accrual | 3,773 | 5,318 |
Financing Receivable, Recorded Investment, Past Due | 4,551 | 6,804 |
Financing Receivable, Recorded Investment, Current | 565,630 | 572,968 |
Loans and Leases Receivable, Gross | 570,181 | 579,772 |
Commercial business | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 196 | 359 |
Financing Receivable, Recorded Investment, Past Due | 196 | 359 |
Financing Receivable, Recorded Investment, Current | 79,568 | 76,827 |
Loans and Leases Receivable, Gross | 79,764 | 77,186 |
Commercial Real Estate | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 224 | 225 |
Financing Receivable Recorded Investment, 90 days and greater, non-accrual | 2,567 | 3,291 |
Financing Receivable, Recorded Investment, Past Due | 2,791 | 3,516 |
Financing Receivable, Recorded Investment, Current | 311,600 | 296,175 |
Loans and Leases Receivable, Gross | 314,391 | 299,691 |
Land | ||
Financing Receivable Recorded Investment, 90 days and greater, non-accrual | 801 | 801 |
Financing Receivable, Recorded Investment, Past Due | 801 | 801 |
Financing Receivable, Recorded Investment, Current | 13,979 | 14,557 |
Loans and Leases Receivable, Gross | 14,780 | 15,358 |
Multi-Family | ||
Financing Receivable, Recorded Investment, Current | 19,520 | 30,457 |
Loans and Leases Receivable, Gross | 19,520 | 30,457 |
Real estate construction | ||
Financing Receivable, Recorded Investment, Current | 20,397 | 30,498 |
Loans and Leases Receivable, Gross | 20,397 | 30,498 |
Consumer | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 358 | 902 |
Financing Receivable Recorded Investment, 90 days and greater, non-accrual | 405 | 1,226 |
Financing Receivable, Recorded Investment, Past Due | 763 | 2,128 |
Financing Receivable, Recorded Investment, Current | 120,566 | 124,454 |
Loans and Leases Receivable, Gross | $ 121,329 | $ 126,582 |
Allowance for Loan Losses_ Sc76
Allowance for Loan Losses: Schedule of Credit Quality Indicators (Details) $ in Thousands | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | |
Weighted Average Risk Grade | 3.58 | 3.60 | |
Loans Receivable, Credit Quality Classified | [1] | $ 11,441 | $ 13,321 |
Total of risk-rated loans | $ 448,446 | $ 453,568 | |
Commercial business | |||
Weighted Average Risk Grade | 3.31 | 3.30 | |
Loans Receivable, Credit Quality Classified | [1] | $ 290 | $ 566 |
Commercial Real Estate | |||
Weighted Average Risk Grade | 3.64 | 3.66 | |
Loans Receivable, Credit Quality Classified | [1] | $ 6,209 | $ 6,965 |
Land | |||
Weighted Average Risk Grade | 4.05 | 4.19 | |
Loans Receivable, Credit Quality Classified | [1] | $ 801 | $ 801 |
Multi-Family | |||
Weighted Average Risk Grade | 3.65 | 3.53 | |
Loans Receivable, Credit Quality Classified | [1] | $ 1,925 | $ 1,935 |
Real estate construction | |||
Weighted Average Risk Grade | 3.30 | 3.42 | |
Loans Receivable, Credit Quality Classified | [1] | $ 1,811 | $ 1,828 |
Consumer | |||
Weighted Average Risk Grade | [2] | 7 | 7 |
Loans Receivable, Credit Quality Classified | [1] | $ 405 | $ 1,226 |
[1] | Classified loans consist of substandard, doubtful and loss loans. | ||
[2] | 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_ Im77
Allowance for Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 18,661 | $ 21,029 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,225 | 1,346 |
Impaired Financing Receivable, Recorded Investment | 19,886 | 22,375 |
Impaired Financing Receivable, Unpaid Principal Balance | 21,363 | 24,386 |
Impaired Financing Receivable, Related Allowance | 124 | 147 |
Commercial business | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 620 | 1,091 |
Impaired Financing Receivable, Recorded Investment | 620 | 1,091 |
Impaired Financing Receivable, Unpaid Principal Balance | 622 | 1,125 |
Commercial Real Estate | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 14,675 | 15,939 |
Impaired Financing Receivable, Recorded Investment | 14,675 | 15,939 |
Impaired Financing Receivable, Unpaid Principal Balance | 15,812 | 17,188 |
Land | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 801 | 801 |
Impaired Financing Receivable, Recorded Investment | 801 | 801 |
Impaired Financing Receivable, Unpaid Principal Balance | 804 | 804 |
Multi-Family | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,913 | 1,922 |
Impaired Financing Receivable, Recorded Investment | 1,913 | 1,922 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,057 | 2,058 |
Consumer | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 652 | 1,276 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,225 | 1,346 |
Impaired Financing Receivable, Recorded Investment | 1,877 | 2,622 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,068 | 3,211 |
Impaired Financing Receivable, Related Allowance | $ 124 | $ 147 |
Allowance for Loan Losses_ Sc78
Allowance for Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Impaired Financing Receivable, Average Recorded Investment | $ 21,130 | $ 25,740 |
Impaired Financing Receivable, Interest Income, Accrual Method | 182 | 142 |
Commercial business | ||
Impaired Financing Receivable, Average Recorded Investment | 855 | 938 |
Impaired Financing Receivable, Interest Income, Accrual Method | 6 | 11 |
Commercial Real Estate | ||
Impaired Financing Receivable, Average Recorded Investment | 15,307 | 17,785 |
Impaired Financing Receivable, Interest Income, Accrual Method | 133 | 112 |
Land | ||
Impaired Financing Receivable, Average Recorded Investment | 801 | 842 |
Multi-Family | ||
Impaired Financing Receivable, Average Recorded Investment | 1,917 | 2,179 |
Impaired Financing Receivable, Interest Income, Accrual Method | 26 | |
Consumer | ||
Impaired Financing Receivable, Average Recorded Investment | 2,250 | 3,996 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 17 | $ 19 |
Allowance for Loan Losses_ Tr79
Allowance for Loan Losses: Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Financing Receivable, Modifications, Number of Contracts | 0 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 344 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 346 |
Commercial Real Estate | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 344 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 346 |
Junior Subordinated Debenture (
Junior Subordinated Debenture (Details) | Jun. 30, 2015USD ($) |
Details | |
Debentures issued to grantor trusts | $ 22,700,000 |
Common securities issued by grantor trusts | $ 681,000 |
Junior Subordinated Debenture81
Junior Subordinated Debenture: Schedule of terms of the current Debentures (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Long-term Debt, Gross | $ 22,681 |
Riverview Bancorp Statutory Trust I | |
Debt Instrument, date of issuance | 12/2005 |
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 | 1.65% |
Debt Instrument, Maturity Date, Description | 3/2036 |
Riverview Bancorp Statutory Trust II | |
Debt Instrument, date of issuance | 06/2007 |
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 | 1.64% |
Debt Instrument, Maturity Date, Description | 9/2037 |
Fair Value Measurement_ Sched82
Fair Value Measurement: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Investments, Fair Value Disclosure | $ 139,974 | $ 112,463 |
Trust preferred | ||
Investments, Fair Value Disclosure | 1,780 | 1,812 |
US Government Agencies Debt Securities | ||
Investments, Fair Value Disclosure | 13,898 | 13,939 |
Real estate mortgage investment conduits | ||
Investments, Fair Value Disclosure | 37,548 | 22,709 |
Mortgage-backed | ||
Investments, Fair Value Disclosure | 81,443 | 68,514 |
Other mortgage-backed securities | ||
Investments, Fair Value Disclosure | 5,305 | 5,489 |
Fair Value, Inputs, Level 2 | ||
Investments, Fair Value Disclosure | 138,194 | 110,651 |
Fair Value, Inputs, Level 2 | US Government Agencies Debt Securities | ||
Investments, Fair Value Disclosure | 13,898 | 13,939 |
Fair Value, Inputs, Level 2 | Real estate mortgage investment conduits | ||
Investments, Fair Value Disclosure | 37,548 | 22,709 |
Fair Value, Inputs, Level 2 | Mortgage-backed | ||
Investments, Fair Value Disclosure | 81,443 | 68,514 |
Fair Value, Inputs, Level 2 | Other mortgage-backed securities | ||
Investments, Fair Value Disclosure | 5,305 | 5,489 |
Fair Value, Inputs, Level 3 | ||
Investments, Fair Value Disclosure | 1,780 | 1,812 |
Fair Value, Inputs, Level 3 | Trust preferred | ||
Investments, Fair Value Disclosure | $ 1,780 | $ 1,812 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Details | ||
Fair value measurements, transfer of assets across levels | $ 0 | $ 0 |
Fair Value Measurement_ Fair 84
Fair Value Measurement: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Details | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $ 1,812 | $ 1,903 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (32) | (28) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 1,780 | $ 1,875 |
Fair Value Measurement_ Sched85
Fair Value Measurement: Schedule of Assets measured at fair value on a non-recurring basis (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Assets, Fair Value Disclosure, Nonrecurring | $ 1,919 |
Impaired loans | |
Assets, Fair Value Disclosure, Nonrecurring | 949 |
Real estate owned | |
Assets, Fair Value Disclosure, Nonrecurring | 970 |
Fair Value, Inputs, Level 3 | |
Assets, Fair Value Disclosure, Nonrecurring | 1,919 |
Fair Value, Inputs, Level 3 | Impaired loans | |
Assets, Fair Value Disclosure, Nonrecurring | 949 |
Fair Value, Inputs, Level 3 | Real estate owned | |
Assets, Fair Value Disclosure, Nonrecurring | $ 970 |
Fair Value Measurement_ Fair 86
Fair Value Measurement: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details) - 3 months ended Jun. 30, 2015 | Total | |
Impairment loans | ||
Fair Value Measurements, Valuation Techniques | Appraised value | |
Significant unobservable inputs | Adjustment for market conditions | |
Market adjustment to appraisals | [1] | 0.00% |
Real estate owned | ||
Fair Value Measurements, Valuation Techniques | Appraised value | |
Significant unobservable inputs | Adjustment for market conditions | |
Real estate owned | Minimum | ||
Market adjustment to appraisals | [1] | 0.00% |
Real estate owned | Maximum | ||
Market adjustment to appraisals | [1] | 10.60% |
[1] | There were no adjustments to appraised values at June 30, 2015. |
Fair Value Of Financial Instr87
Fair Value Of Financial Instruments: Fair Value, Option, Quantitative Disclosures (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 |
Carry Value | Cash | ||
Value of Assets | $ 48,149 | $ 58,659 |
Carry Value | Certificates of Deposit | ||
Value of Assets | 25,471 | 25,969 |
Carry Value | Loans held for sale | ||
Value of Assets | 215 | 778 |
Carry Value | Available-for-sale Securities | ||
Value of Assets | 15,678 | 15,751 |
Carry Value | Mortgage-backed securities held to maturity | ||
Value of Assets | 83 | 86 |
Carry Value | Mortgage-backed securities available for sale | ||
Value of Assets | 124,296 | 96,712 |
Carry Value | Loans Receivable | ||
Value of Assets | 559,844 | 569,010 |
Carry Value | Federal Home Loan Bank Borrowings | ||
Value of Assets | 988 | 5,924 |
Carry Value | Demand Deposits | ||
Value of Liabilities | 587,855 | 582,011 |
Carry Value | Time Deposits | ||
Value of Liabilities | 134,606 | 138,839 |
Carry Value | Subordinated Debt Obligations | ||
Value of Liabilities | 22,681 | 22,681 |
Fair Value, Inputs, Level 1 | Cash | ||
Value of Assets | 48,149 | 58,659 |
Fair Value, Inputs, Level 1 | Demand Deposits | ||
Value of Liabilities | 587,855 | 582,011 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Value of Assets | 25,649 | 26,256 |
Fair Value, Inputs, Level 2 | Loans held for sale | ||
Value of Assets | 215 | 778 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | ||
Value of Assets | 13,898 | 13,939 |
Fair Value, Inputs, Level 2 | Mortgage-backed securities held to maturity | ||
Value of Assets | 85 | 88 |
Fair Value, Inputs, Level 2 | Mortgage-backed securities available for sale | ||
Value of Assets | 124,296 | 96,712 |
Fair Value, Inputs, Level 2 | Federal Home Loan Bank Borrowings | ||
Value of Assets | 988 | 5,924 |
Fair Value, Inputs, Level 2 | Time Deposits | ||
Value of Liabilities | 134,287 | 138,744 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | ||
Value of Assets | 1,780 | 1,812 |
Fair Value, Inputs, Level 3 | Loans Receivable | ||
Value of Assets | 539,593 | 548,908 |
Fair Value, Inputs, Level 3 | Subordinated Debt Obligations | ||
Value of Liabilities | 8,320 | 9,769 |
Estimate of Fair Value, Fair Value Disclosure | Cash | ||
Value of Assets | 48,149 | 58,659 |
Estimate of Fair Value, Fair Value Disclosure | Certificates of Deposit | ||
Value of Assets | 25,649 | 26,256 |
Estimate of Fair Value, Fair Value Disclosure | Loans held for sale | ||
Value of Assets | 215 | 778 |
Estimate of Fair Value, Fair Value Disclosure | Available-for-sale Securities | ||
Value of Assets | 15,678 | 15,751 |
Estimate of Fair Value, Fair Value Disclosure | Mortgage-backed securities held to maturity | ||
Value of Assets | 85 | 88 |
Estimate of Fair Value, Fair Value Disclosure | Mortgage-backed securities available for sale | ||
Value of Assets | 124,296 | 96,712 |
Estimate of Fair Value, Fair Value Disclosure | Loans Receivable | ||
Value of Assets | 539,593 | 548,908 |
Estimate of Fair Value, Fair Value Disclosure | Federal Home Loan Bank Borrowings | ||
Value of Assets | 988 | 5,924 |
Estimate of Fair Value, Fair Value Disclosure | Demand Deposits | ||
Value of Liabilities | 587,855 | 582,011 |
Estimate of Fair Value, Fair Value Disclosure | Time Deposits | ||
Value of Liabilities | 134,287 | 138,744 |
Estimate of Fair Value, Fair Value Disclosure | Subordinated Debt Obligations | ||
Value of Liabilities | $ 8,320 | $ 9,769 |
Commitments and Contingencies88
Commitments and Contingencies: Schedule of significant off-balance sheet commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES | [1] | ||
CommitmentsToOriginateLoansMember | |||
Commitments to originate loans, Adjustable Rate | $ 14,501 | ||
Commitments to originate loans, Fixed Rate | 13,085 | ||
Standby letters of credit | 1,105 | ||
Undisbursed loan funds, and unused lines of credit | 75,654 | ||
COMMITMENTS AND CONTINGENCIES | $ 104,345 | ||
[1] | See Note 14. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | |
Details | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | [1] | $ 1,200 |
Loans under warranty | [2] | $ 118,500 |
[1] | Commitments to sell residential loans to the FHLMC. Typically, these agreements are short term fixed rate commitments and no material gain or loss is likely. | |
[2] | Substantially represents the unpaid principal balance of the Company's loans serviced for FHLMC. The Bank believes that the potential for loss under these arrangements is remote. Accordingly, no contingent liability has been recorded in the consolidated financial statements. |