Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Feb. 09, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | RIVERVIEW BANCORP INC | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 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 | Q3 |
RIVERVIEW BANCORP, INC. AND SUB
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | |||
ASSETS | |||||
Cash, including interest-earning accounts | $ 28,967 | [1] | $ 58,659 | [2] | |
Certificate of deposits held for investment | 17,761 | 25,969 | |||
Loans held for sale | 400 | 778 | |||
Investment securities available for sale, at fair value | 154,292 | 112,463 | |||
Investment securities held to maturity, at amortized cost | 77 | [3] | 86 | [4] | |
Loans receivable | 600,540 | [5] | 569,010 | [6] | |
Real estate and other personal property owned | 388 | 1,603 | |||
Prepaid expenses and other assets | 3,236 | 3,238 | |||
Accrued interest receivable | 2,429 | 2,139 | |||
Federal Home Loan Bank stock, at cost | 988 | 5,924 | |||
Premises and equipment, net | 14,814 | 15,434 | |||
Deferred income taxes, net | 10,814 | 12,568 | |||
Mortgage servicing rights, net | 386 | 399 | |||
Goodwill | 25,572 | 25,572 | |||
Bank owned life insurance | 25,488 | 24,908 | |||
TOTAL ASSETS | 886,152 | 858,750 | |||
LIABILITIES: | |||||
Deposit accounts | 747,565 | 720,850 | |||
Accrued expenses and other liabilities | 7,178 | 8,111 | |||
Advance payments by borrowers for taxes and insurance | 256 | 495 | |||
Junior subordinated debentures | 22,681 | 22,681 | |||
Capital lease obligations | 2,479 | 2,276 | |||
Total liabilities | $ 780,159 | $ 754,413 | |||
COMMITMENTS AND CONTINGENCIES | [7] | ||||
Shareholders' equity | |||||
Serial preferred stock | [8] | ||||
Common Stock | $ 225 | $ 225 | |||
Additional paid-in capital | 64,417 | 65,268 | |||
Retained earnings | 41,773 | 37,830 | |||
Unearned shares issued to employee stock ownership trust | (206) | (284) | |||
Accumulated other comprehensive income (loss) | (216) | 762 | |||
Total shareholders' equity | 105,993 | 103,801 | |||
Shareholders' Equity attributable to non-controlling interest | 536 | ||||
Total Shareholders' Equity, including portion attributable to non-controlling interest | 105,993 | 104,337 | |||
TOTAL LIABILITIES AND EQUITY | $ 886,152 | $ 858,750 | |||
[1] | Including interest-earning accounts of $16,461. | ||||
[2] | Including interest-earning accounts of $45,490. | ||||
[3] | Fair value of $79. | ||||
[4] | Fair value of $88. | ||||
[5] | Net of allowance for loan losses of $10,173. | ||||
[6] | Net of allowance for loan losses of $10,762. | ||||
[7] | See Note 12. | ||||
[8] | 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 | Dec. 31, 2015 | Mar. 31, 2015 |
Statement of Financial Position | ||
Interest-Earning accounts included in Cash | $ 16,461 | $ 45,490 |
Fair Value of Mortgage-backed securities held to maturity | 79 | 88 |
Loans receivable Allowance for Loan Losses | $ 10,173 | $ 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 | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST AND DIVIDEND INCOME: | ||||
Interest and fees on loans receivable | $ 7,109 | $ 6,498 | $ 20,758 | $ 19,155 |
Interest on investment securities | 702 | 595 | 1,986 | 1,765 |
Other interest and dividends | 110 | 110 | 340 | 359 |
Total interest and dividend income | 7,921 | 7,203 | 23,084 | 21,279 |
INTEREST EXPENSE: | ||||
Interest on deposits | 290 | 322 | 893 | 1,024 |
Interest on borrowings | 144 | 163 | 417 | 458 |
Total interest expense | 434 | 485 | 1,310 | 1,482 |
Net interest income | 7,487 | 6,718 | 21,774 | 19,797 |
Less provision for (recapture of) loan losses | (400) | (800) | (1,050) | |
Net interest income after provision for (recapture of) loan losses | 7,487 | 7,118 | 22,574 | 20,847 |
NON-INTEREST INCOME: | ||||
Fees and service charges | 1,312 | 1,032 | 3,740 | 3,260 |
Asset management fees | 830 | 718 | 2,455 | 2,248 |
Net gain on sale of loans held for sale | 125 | 154 | 425 | 435 |
Bank owned life insurance income | 193 | 196 | 580 | 528 |
Other non-interest income | (43) | 164 | (18) | 226 |
Total non-interest income | 2,417 | 2,264 | 7,182 | 6,697 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 4,452 | 4,472 | 13,102 | 12,987 |
Occupancy and depreciation | 1,200 | 1,223 | 3,523 | 3,632 |
Data processing | 424 | 495 | 1,345 | 1,399 |
Advertising and marketing expense | 149 | 169 | 533 | 522 |
FDIC insurance premium | 127 | 143 | 375 | 498 |
State and local taxes | 102 | 162 | 362 | 416 |
Telecommunications | 71 | 73 | 218 | 223 |
Professional fees | 222 | 302 | 673 | 848 |
Real estate owned expenses | 65 | 99 | 511 | 901 |
Other non-interest expense | 537 | 508 | 1,736 | 1,629 |
Total non-interest expense | 7,349 | 7,646 | 22,378 | 23,055 |
Income (loss) before income taxes | 2,555 | 1,736 | 7,378 | 4,489 |
Provision (Benefit) for income taxes | 849 | 587 | 2,425 | 1,516 |
Net Income (Loss) | $ 1,706 | $ 1,149 | $ 4,953 | $ 2,973 |
Earnings (loss) per common share: | ||||
Basic earnings | $ 0.08 | $ 0.05 | $ 0.22 | $ 0.13 |
Diluted earnings | $ 0.08 | $ 0.05 | $ 0.22 | $ 0.13 |
Weighted average number of shares outstanding: | ||||
Weighted average number of shares outstanding, Basic | 22,455,543 | 22,394,910 | 22,446,463 | 22,388,775 |
Weighted average number of shares outstanding, Diluted | 22,506,341 | 22,439,195 | 22,491,546 | 22,421,330 |
RIVERVIEW BANCORP, INC. AND SU5
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Statements of Comprehensive Income | ||||||||
Net Income (Loss) | $ 1,706 | $ 1,149 | $ 4,953 | $ 2,973 | ||||
Other comprehensive income (loss) attributable to parent: | ||||||||
Unrealized holding gain (loss) on securities, net | $ (792) | [1] | 531 | [2] | $ (978) | [3] | 966 | [4] |
Reclassification adjustment of net gain from sale of available for sale securities included in income, net | [5] | (104) | [6] | [5] | (104) | [6] | ||
Other comprehensive income, attributable to parent | $ (792) | 427 | $ (978) | 862 | ||||
Other comprehensive income (loss) attributable to non-controlling interest | 13 | 13 | 47 | 47 | ||||
Total comprehensive income (loss) | $ 927 | $ 1,589 | $ 4,022 | $ 3,882 | ||||
[1] | Net of tax of $436. | |||||||
[2] | Net of tax of ($274). | |||||||
[3] | Net of tax of $511. | |||||||
[4] | Net of tax of ($497). | |||||||
[5] | Net of tax of $0. | |||||||
[6] | Net of tax of $54. |
RIVERVIEW BANCORP, INC. AND SU6
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statements of Comprehensive Income | ||||
Tax effect of unrealized holding gain (loss) on securities | $ 436 | $ (274) | $ 511 | $ (497) |
Tax effect of reclassification adjustment of net gain from sale of available for sale securities | $ 0 | $ 54 | $ 0 | $ 54 |
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) | 2,973 | 2,973 | ||||||
Stock based compensation expense | 26 | 26 | ||||||
Earned ESOP shares | (4) | 77 | 73 | |||||
Unrealized holding gain (loss) on securities available for sale | 862 | 862 | ||||||
Noncontrolling interest | 47 | 47 | ||||||
Balance, Value at Dec. 31, 2014 | $ 225 | 65,217 | 36,565 | (310) | 215 | 518 | 102,430 | |
Balance, Shares at Dec. 31, 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) | 4,953 | 4,953 | ||||||
Purchase of subsidiary shares from noncontrolling interest | $ (919) | $ (583) | (1,502) | |||||
Cash dividend | [1] | (1,010) | (1,010) | |||||
Exercise of stock options, Value | $ 62 | 62 | ||||||
Exercise of stock options, Shares | 18,000 | |||||||
Earned ESOP shares | 6 | $ 78 | 84 | |||||
Unrealized holding gain (loss) on securities available for sale | $ (978) | (978) | ||||||
Noncontrolling interest | $ 47 | 47 | ||||||
Balance, Value at Dec. 31, 2015 | $ 225 | $ 64,417 | $ 41,773 | $ (206) | $ (216) | $ 105,993 | ||
Balance, Shares at Dec. 31, 2015 | 22,507,890 | |||||||
[1] | Cash dividend ($0.045 per share). |
RIVERVIEW BANCORP, INC. AND SU8
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 9 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ 4,953 | $ 2,973 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 2,395 | 2,394 |
Provision for (recapture of) loan losses | (800) | (1,050) |
Provision (benefit) for deferred income taxes | 2,265 | 1,490 |
Expense related to ESOP | 84 | 73 |
Increase (decrease) in deferred loan origination fees, net of amortization | 400 | 73 |
Origination of loans held for sale | (12,536) | (13,130) |
Proceeds from sales of loans held for sale | 13,198 | 13,734 |
Stock based compensation expense | 26 | |
Writedown of real estate owned | 323 | 715 |
Net (gain) loss on loans held for sale, sale of real estate owned, mortgage-backed securities, investment securities and premises and equipment | (265) | (501) |
Income from bank owned life insurance | (580) | (528) |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | (30) | 74 |
Accrued interest receivable | (290) | (187) |
Accrued expenses & other liabilities | (909) | (944) |
Net cash provided by (used in) operating activities | 8,208 | 5,212 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loan repayments (originations), net | (15,948) | (23,335) |
Purchase of loans receivable | (15,618) | (22,545) |
Principal repayments on investment securities available for sale | 16,599 | 13,660 |
Principal repayments on investment securities held to maturity | 9 | 13 |
Purchase of investment securities available for sale | (60,679) | (52,199) |
Proceeds from call, maturity, or sale of investment securities available for sale | 22,705 | |
Redemption (purchase) of certificates of deposit held for investment | 8,208 | 9,711 |
Proceeds from redemption of Federal Home Loan Bank stock | 4,936 | 624 |
Purchase of Bank owned life insurance | (6,500) | |
Purchase of premises and equipment and capitalized software | (281) | (367) |
Proceeds from sale of real estate owned and premises and equipment | 744 | 5,392 |
Net cash provided by (used in) investing activities | (62,030) | (52,841) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposit accounts | 26,715 | (736) |
Purchase of subsidiary shares from noncontrolling interest | (1,502) | |
Dividends Paid | (868) | |
Proceeds from borrowings | 3,100 | 25,450 |
Repayment of borrowings | (3,100) | (23,350) |
Principal payments on capital lease obligations | (38) | (63) |
Net increase (decrease) in advance payments by borrowers | (239) | (268) |
Proceeds from exercise of stock options | 62 | |
Net cash provided by (used in) financing activities | 24,130 | 1,033 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (29,692) | (46,596) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 58,659 | 68,577 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 28,967 | 21,981 |
Cash paid during the period for: | ||
Interest | 1,180 | 5,048 |
Income taxes | 199 | 15 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Dividends declared and accrued in other liabilities | 393 | |
Transfer of loans to real estate owned | 804 | |
Transfer of real estate owned to loans | 726 | |
Adjustment to capital lease obligations and premises and equipment due to lease modification | 241 | |
Unrealized holding gain (loss) on securities available for sale | (1,489) | 1,305 |
Income tax effect related to fair value adjustment | $ 511 | $ (443) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 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 that are, in the opinion of management, necessary for a fair presentation of the interim unaudited consolidated 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 nine months ended December 31, 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. Certain prior period amounts have been reclassified to conform to the December 31, 2015 presentation; such reclassifications had no effect on net income or total equity previously reported. |
Principles of Consolidation
Principles of Consolidation | 9 Months Ended |
Dec. 31, 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”); and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc. and Riverview Asset Management Corp. (“RAMCorp”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. During the quarter-ended December 31, 2015, RAMCorp repurchased all the remaining shares held by its noncontrolling interest owner. These shares were subsequently retired by RAMCorp. This transaction resulted in the Bank’s ownership in RAMCorp increasing from 90% at September 30, 2015 to 100% at December 31, 2015. |
Stock Plans And Stock-Based Com
Stock Plans And Stock-Based Compensation | 9 Months Ended |
Dec. 31, 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 information related to stock options outstanding for the periods shown: Nine Months Ended December 31, 2015 Nine Months Ended December 31, 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 (18,000) 3.49 - - Forfeited (25,000) 9.52 - - Expired (8,000) 11.79 (32,000) 9.55 Balance, end of period 373,654 $ 8.04 442,654 $ 7.79 The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures: Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Stock options fully vested and expected to vest: Number 373,654 442,504 Weighted average exercise price $ 8.04 $ 7.79 Aggregate intrinsic value (1) $ 228,000 $ 253,000 Weighted average contractual term of options (years) 2.83 3.95 Stock options fully vested and currently exercisable: Number 373,654 442,054 Weighted average exercise price $ 8.04 $ 7.79 Aggregate intrinsic value (1) $ 228,000 $ 253,000 Weighted average contractual term of options (years) 2.83 3.95 (1) There was no stock-based compensation expense related to stock options for the nine months ended December 31, 2015. Stock-based compensation expense related to stock options for the nine months ended December 31, 2014 was $26,000. As of December 31, 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 nine months ended December 31, 2015. There were no stock options exercised during the nine months ended December 31, 2014. The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes stock option valuation model. There were no stock options granted during the nine months ended December 31, 2015 and 2014. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Dec. 31, 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 the 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 December 31, 2015 and 2014, there were 49,000 and 74,000 shares, respectively, which had not been allocated under the Company’s ESOP. For the three and nine months ended December 31, 2015, stock options for 215,000 and 221,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and nine months ended December 31, 2014, stock options for 233,000 and 235,000 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 EPS for the periods indicated: Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 Basic EPS computation: Numerator-net income $ 1,706,000 $ 1,149,000 $ 4,953,000 $ 2,973,000 Denominator-weighted average common shares outstanding 22,455,543 22,394,910 22,446,463 22,388,775 Basic EPS $ 0.08 $ 0.05 $ 0.22 $ 0.13 Diluted EPS computation: Numerator-net income $ 1,706,000 $ 1,149,000 $ 4,953,000 $ 2,973,000 Denominator-weighted average common shares outstanding 22,455,543 22,394,910 22,446,463 22,388,775 Effect of dilutive stock options 50,798 44,285 45,083 32,555 Weighted average common shares and common stock equivalents 22,506,341 22,439,195 22,491,546 22,421,330 Diluted EPS $ 0.08 $ 0.05 $ 0.22 $ 0.13 |
Investment Securities
Investment Securities | 9 Months Ended |
Dec. 31, 2015 | |
Notes | |
Investment Securities | 5. INVESTMENT SECURITIES The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2015 Available For Sale: Trust preferred $1,919 - (132) 1,787 Agency securities 19,533 22 (139) 19,416 Real estate mortgage investment conduits (1) 45,164 85 (215) 45,034 Mortgage-backed securities (1) 78,962 267 (243) 78,986 Other mortgage-backed securities (2) 9,049 61 (41) 9,069 Total available for sale $154,627 435 (770) 154,292 Held To Maturity: Mortgage-backed securities (3) $77 2 - 79 March 31, 2015 Available For Sale: Trust preferred $1,919 - (107) 1,812 Agency securities 14,008 38 (107) 13,939 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 available for sale $111,309 1,441 (287) 112,463 Held To Maturity: Mortgage-backed securities (3) $86 2 - 88 (1) (2) (3) The contractual maturities of investment securities as of December 31, 2015 are as follows (in thousands): Available for Sale Held to Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due after one year through five years 18,982 $18,888 $- $- Due after five years through ten years 13,999 13,964 68 69 Due after ten years 121,646 121,440 9 10 Total 154,627 $154,292 $77 $79 Expected maturities of investment securities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The fair value of temporarily impaired investment 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 December 31, 2015 Available For Sale: Trust preferred $ - $ - $ 1,787 $ (132 ) $ 1,787 $ (132 ) Agency securities 5,995 (31 ) 9,893 (108 ) 15,888 (139 ) Real estate mortgage investment conduits (1) 26,912 (215 ) - - 26,912 (215 ) Mortgage-backed securities (1) 36,449 (130 ) 4,564 (113 ) 41,013 (243 ) Other mortgage-backed securities (2) 2,996 (25 ) 1,239 (16 ) 4,235 (41 ) Total available for sale $ 72,352 $ (401 ) $ 17,483 $ (369 ) $ 89,835 $ (770 ) (1) (2) March 31, 2015 Available For Sale: Trust preferred $ - $ - $ 1,812 $ (107 ) $ 1,812 $ (107 ) Agency securities - - 12,893 (107 ) 12,893 (107 ) Real estate mortgage investment conduits (1) 1,323 (1 ) - - 1,323 (1 ) Mortgage-backed securities (2) - - 5,098 (60 ) 5,098 (60 ) Other mortgage-backed securities (3) - - 1,417 (12 ) 1,417 (12 ) Total available for sale $ 1,323 $ (1 ) $ 21,220 $ (286 ) $ 22,543 $ (287 ) (1) (2) (3) At December 31, 2015, the Company had a single collateralized debt obligation which is secured by a pool of trust preferred securities issued by 15 other bank holding companies. The Company holds the mezzanine tranche of this security. All tranches senior to the mezzanine tranche have been repaid by the issuer. Four of the issuers of trust preferred securities in this pool have defaulted (representing 51% of the remaining collateral, including excess collateral), and one other issuer is currently deferring interest payments (2% of the remaining collateral). The Company has estimated an expected default rate of 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 71% would trigger additional other than temporary impairment (“OTTI”) of this security. The Company utilized a discount rate of 10% to estimate the fair value of this security. There was no excess subordination on this security. During the three and nine months ended December 31, 2015, the Company determined that there was no additional OTTI charge on this 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 investment securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that these 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 investment securities in the above tables are considered temporary. The Company realized no gains or losses on sales of investment securities available for sale for the three and nine months ended December 31, 2015. Proceeds from sales of investment securities totaled $16.8 million for the three and nine months ended December 31, 2014. Gross realized gains on sales of investment securities totaled $158,000 for both the three and nine months ended December 31, 2014. The gross realized gain of $158,000 was recorded in other non-interest income on the consolidated statements of income. The related income tax of $54,000 related to these realized gains was recorded in the provision for income taxes on the consolidated statements of income. Investment securities available for sale with an amortized cost of $10.5 million and $4.3 million and a fair value of $10.4 million and $4.3 million at December 31, 2015 and March 31, 2015, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $24,000 and $27,000, at December 31, 2015 and March 31, 2015, respectively, and a fair value of $24,000 and $27,000 at both December 31, 2015 and March 31, 2015, respectively were pledged as collateral for government public funds held by the Bank. |
Loans Receivable
Loans Receivable | 9 Months Ended |
Dec. 31, 2015 | |
Notes | |
Loans Receivable | 6. LOANS RECEIVABLE Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): December 31, 2015 March 31, 2015 Commercial and construction Commercial business $ 72,113 $ 77,186 Other real estate mortgage (1) 383,187 345,506 Real estate construction 23,749 30,498 Total commercial and construction 479,049 453,190 Consumer Real estate one-to-four family 88,839 89,801 Other installment (2) 42,825 36,781 Total consumer 131,664 126,582 Total loans 610,713 579,772 Less: Allowance for loan losses 10,173 10,762 Loans receivable, net $ 600,540 $ 569,010 (1) (2) The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At December 31, 2015, loans carried at $425.9 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 December 31, 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 | 9 Months Ended |
Dec. 31, 2015 | |
Notes | |
Allowance for Loan Losses | 7. 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 Company’s ongoing quarterly assessment of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, delinquency levels, actual loan loss experience, current economic conditions and a 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 Company’s risk rating system and historical loss experience adjusted for qualitative factors. The Company calculates its historical loss rates using the average of the last four quarterly 24-month periods. The Company calculates and applies its historical loss rates by individual loan types in its portfolio. These historical loss rates are adjusted for qualitative and environmental factors. An unallocated component is maintained to cover uncertainties that the Company believes have resulted in incurred losses that have not yet been allocated to specific elements of the general and specific components of the allowance for loan losses. Such factors include uncertainties in economic conditions and in identifying triggering events that directly correlate to subsequent loss rates, changes in appraised value of underlying collateral, risk factors that have not yet manifested themselves in loss allocation factors and historical loss experience data that may not precisely correspond to the current portfolio or economic conditions. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The appropriate allowance level is estimated based upon factors and trends identified by the Company as of the date of the filing of the consolidated financial statements. When available information confirms that specific loans or portions of these loans 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; and/or the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement. Management’s evaluation of the allowance for loan losses is based on ongoing, quarterly assessments of the known and inherent risks in the loan portfolio. Loss factors are based on the Company’s historical loss experience with additional consideration and adjustments made for changes in economic conditions, changes in the amount and composition of the loan portfolio, delinquency rates, changes in collateral values, seasoning of the loan portfolio, duration of 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 December 31, 2015 Commercial Business Commercial Real Estate Land Multi-Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 1,360 $ 4,293 $ 490 $ 494 $ 286 $ 2,329 $ 861 $ 10,113 Provision for (recapture of) loan losses 160 (141 ) (134 ) 9 84 175 (153 ) - Charge-offs - - - - - (87 ) - (87 ) Recoveries 6 - 107 - - 34 - 147 Ending balance $ 1,526 $ 4,152 $ 463 $ 503 $ 370 $ 2,451 $ 708 $ 10,173 Nine months ended December 31, 2015 Beginning balance $ 1,263 $ 4,268 $ 539 $ 348 $ 769 $ 2,548 $ 1,027 $ 10,762 Provision for (recapture of) loan losses 239 (116 ) (306 ) 155 (405 ) (48 ) (319 ) (800 ) Charge-offs - - - - - (161 ) - (161 ) Recoveries 24 - 230 - 6 112 - 372 Ending balance $ 1,526 $ 4,152 $ 463 $ 503 $ 370 $ 2,451 $ 708 $ 10,173 Three months ended December 31, 2014 Beginning balance $ 1,579 $ 5,187 $ 265 $ 360 $ 319 $ 2,822 $ 1,469 $ 12,001 Provision for (recapture of) loan losses 117 (868 ) 192 (1 ) 461 60 (361 ) (400 ) Charge-offs (16 ) - - - - (27 ) - (43 ) Recoveries 24 - 102 - - 17 - 143 Ending balance $ 1,704 $ 4,319 $ 559 $ 359 $ 780 $ 2,872 $ 1,108 $ 11,701 Nine months ended December 31, 2014 Beginning balance $ 2,409 $ 5,269 $ 340 $ 203 $ 387 $ 2,653 $ 1,290 $ 12,551 Provision for (recapture of) loan losses (644 ) (922 ) (1 ) 156 393 150 (182 ) (1,050 ) Charge-offs (89 ) (28 ) - - - (85 ) - (202 ) Recoveries 28 - 220 - - 154 - 402 Ending balance $ 1,704 $ 4,319 $ 559 $ 359 $ 780 $ 2,872 $ 1,108 $ 11,701 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 December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 1,526 $ 1,526 $ 193 $ 71,920 $ 72,113 Commercial real estate - 4,152 4,152 10,946 324,579 335,525 Land - 463 463 801 12,260 13,061 Multi-family - 503 503 1,742 32,859 34,601 Real estate construction - 370 370 - 23,749 23,749 Consumer 119 2,332 2,451 1,691 129,973 131,664 Unallocated - 708 708 - - - Total $ 119 $ 10,054 $ 10,173 $ 15,373 $ 595,340 $ 610,713 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): December 31, 2015 30-89 Days Past Due 90 Days and Greater Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Receivable Commercial business $ - $ - $ - $ - $ 72,113 $ 72,113 Commercial real estate - - 2,475 2,475 333,050 335,525 Land - - 801 801 12,260 13,061 Multi-family - - - - 34,601 34,601 Real estate construction - - - - 23,749 23,749 Consumer 696 - 665 1,361 130,303 131,664 Total $ 696 $ - $ 3,941 $ 4,637 $ 606,076 $ 610,713 March 31, 2015 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): December 31, 2015 Pass Special Mention Substandard Doubtful Loss Total Loans Receivable Commercial business $ 70,791 $ 947 $ 375 $ - $ - $ 72,113 Commercial real estate 322,307 10,262 2,956 - - 335,525 Land 9,604 2,656 801 - - 13,061 Multi-family 32,847 1,742 12 - - 34,601 Real estate construction 23,749 - - - - 23,749 Consumer 130,999 - 665 - - 131,664 Total $ 590,297 $ 15,607 $ 4,809 $ - $ - $ 610,713 March 31, 2015 Commercial business $ 75,643 $ 977 $ 566 $ - $ - $ 77,186 Commercial real estate 277,156 15,570 6,965 - - 299,691 Land 11,665 2,892 801 - - 15,358 Multi-family 28,508 14 1,935 - - 30,457 Real estate construction 28,670 - 1,828 - - 30,498 Consumer 125,356 - 1,226 - - 126,582 Total $ 546,998 $ 19,453 $ 13,321 $ - $ - $ 579,772 Impaired loans and troubled debt restructurings (“TDRs”): The following tables present the total and average recorded investment in impaired loans at the dates and for the periods indicated (in thousands): December 31, 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 $ 193 $ - $ 193 $ 194 $ - Commercial real estate 10,946 - 10,946 12,148 - Land 801 - 801 804 - Multi-family 1,742 - 1,742 1,887 - Consumer 481 1,210 1,691 1,862 119 Total $ 14,163 $ 1,210 $ 15,373 $ 16,895 $ 119 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 December 31, 2015 Three Months ended December 31, 2014 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 405 $ 2 $ 1,203 $ 14 Commercial real estate 12,617 98 17,086 121 Land 801 - 800 - Multi-family 1,821 24 2,299 - Consumer 1,778 18 2,662 18 Total $ 17,422 $ 142 $ 24,050 $ 153 Nine Months ended December 31, 2015 Nine Months ended December 31, 2014 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 630 $ 15 $ 1,070 $ 36 Commercial real estate 13,962 364 17,436 346 Land 801 - 821 - Multi-family 1,869 76 2,239 - Consumer 2,014 54 3,329 56 Total $ 19,276 $ 509 $ 24,895 $ 438 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, and/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 December 31, 2015 and March 31, 2015, the Company had TDRs totaling $15.1 million and $21.4 million, respectively, of which $12.1 million and $17.3 million, respectively, were on accrual status. At December 31, 2015, the Company had no commitments to lend additional funds on these loans. At December 31, 2015, all of the Company’s TDRs are paying as agreed except for one of the Company’s TDRs that defaulted since the loan was modified. The following table presents new TDRs for the periods indicated (dollars in thousands): Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial real estate - $ - $ - 1 $ 344 $ 333 There were no loans modified as a TDR within the previous twelve months that subsequently defaulted in the nine months ended December 31, 2015. In accordance with the Company’s policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent six months or more that have not received at least 75% of their required monthly payment in the last 90 days are charged-off. In addition, loans discharged in bankruptcy proceedings are charged-off. Loans under bankruptcy protection with no payments received for four consecutive months will be charged-off. The outstanding balance of a secured loan that is in excess of the net realizable value is generally charged-off if no payments are received for four to five consecutive months. However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale 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 | 9 Months Ended |
Dec. 31, 2015 | |
Notes | |
Goodwill | 8. 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 business combinations are not subject to amortization and are instead tested for impairment not less than annually. The Company has two reporting units, the Bank and RAMCorp, for purposes of evaluating goodwill for impairment. The Company performed an impairment assessment as of October 31, 2015 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 requires that the Company compare the implied fair value of goodwill to the carrying amount of goodwill on the CompanyÂ’s consolidated 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. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 9 Months Ended |
Dec. 31, 2015 | |
Notes | |
Junior Subordinated Debentures | 9. JUNIOR SUBORDINATED DEBENTURES At December 31, 2015, the Company had two wholly-owned subsidiary grantor trusts that were established for the purpose of issuing trust preferred securities and common securities. The trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in each trust agreement. The trusts used the net proceeds from each of the offerings to purchase a like amount of junior subordinated debentures (the “Debentures”) of the Company. The Debentures are the sole assets of the trusts. The Company’s obligations under the Debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon maturity of the Debentures or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole or in part on or after specific dates, at a redemption price specified in the indentures governing the Debentures plus any accrued but unpaid interest to the redemption date. The Company also has the right to defer the payment of interest on each of the Debentures for a period not to exceed 20 consecutive quarters, provided that the deferral period does not extend beyond the stated maturity. During such 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 the Company’s 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 both December 31, 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 December 31, 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 % 1.87 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 1.86 % 9/2037 $ 22,681 (1) (2) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2015 | |
Notes | |
Fair Value Measurements | 10. 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 measurement 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 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 in active markets, quoted prices for identical or similar assets or liabilities 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 consolidated 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 consolidated financial statements at some time during the reporting period. The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands): Estimated fair value measurements using December 31, 2015 Total estimated fair value Level 1 Level 2 Level 3 Investment securities available for sale: Trust preferred $ 1,787 $ - $ - $ 1,787 Agency securities 19,416 - 19,416 - Real estate mortgage investment conduits 45,034 - 45,034 - Mortgage-backed securities 78,986 - 78,986 - Other mortgage-backed securities 9,069 - 9,069 - Total assets measured at fair value on a recurring basis $ 154,292 $ - $ 152,505 $ 1,787 Estimated fair value measurements using March 31, 2015 Total estimated fair value Level 1 Level 2 Level 3 Investment securities available for sale: Trust preferred $ 1,812 $ - $ - $ 1,812 Agency securities 13,939 - 13,939 - 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 assets measured at fair value on a recurring basis $ 112,463 $ - $ 110,651 $ 1,812 There were no transfers of assets into or out of Level 1, 2 or 3 for the nine months ended December 31, 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) for the periods indicated (in thousands): For the Nine Months Ended December 31, 2015 December 31, 2014 Available for sale securities Available for sale securities Beginning balance $ 1,812 $ 1,903 Transfers into Level 3 - - Included in earnings - - Included in other comprehensive income (25 ) (43 ) Ending balance $ 1,787 $ 1,860 The following methods were used to estimate the fair value of financial instruments above: Investment 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. In such cases, 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 go-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 by 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 collateralized debt obligation 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 condition and historical repayment information, as well as the Company’s future expectations of the capital markets. The following tables present assets that are measured at estimated fair value on a nonrecurring basis at the dated indicated (in thousands): Estimated fair value measurements using December 31, 2015 Total estimated fair value Level 1 Level 2 Level 3 Impaired loans $ 1,091 $ - $- $ 1,091 Real estate owned (“REO”) 335 - - 335 Total nonrecurring assets measured at fair value $ 1,426 $ - $- $ 1,426 December 31, 2014 Impaired loans $ 3,426 $ - $ - $ 3,426 REO 1,193 - - 1,193 Total nonrecurring assets measured at fair value $ 4,619 $ - $ - $ 4,619 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at December 31, 2015 and 2014: Valuation technique Significant unobservable inputs Range (1) Impaired loans Appraised value Adjustment for market conditions N/A REO Appraised value Adjustment for market conditions N/A (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’s 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 considers the fair value of REO to be highly sensitive to changes in market conditions. The following disclosure of the estimated fair value of financial instruments is made in accordance with applicable GAAP. 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 carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands): December 31, 2015 Carrying amount Level 1 Level 2 Level 3 Estimated fair value Assets: Cash and cash equivalents $ 28,967 $ 28,967 $ - $ - $ 28,967 Certificates of deposit held for investment 17,761 - 17,892 - 17,892 Loans held for sale 400 - 400 - 400 Investment securities available for sale 154,292 - 152,505 1,787 154,292 Investment securities held to maturity 77 - 79 - 79 Loans receivable, net 600,540 - - 578,948 578,948 FHLB stock 988 - 988 - 988 Liabilities: Demand and savings deposits 623,608 623,608 - - 623,608 Time deposits 123,957 - 123,260 - 123,260 Junior subordinated debentures 22,681 - - 8,128 8,128 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 112,463 - 110,651 1,812 112,463 Investment securities held to maturity 86 - 88 - 88 Loans receivable, net 569,010 - - 548,908 548,908 FHLB stock 5,924 - 5,924 - 5,924 Liabilities: Demand and 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. Investment securities – See descriptions above. Loans receivable and loans held for sale – Loans receivable were priced using a discounted cash flow analysis. The fair value of loans held for sale was based on the loans carrying values as the agreements to sell these loans are short-term fixed rate commitments and no material difference between the carrying value and expected sales price is deemed likely. FHLB 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 financial instruments consist of non-fee producing, variable rate commitments, the Company has determined they do not have a distinguishable fair value. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2015 | |
Notes | |
New Accounting Pronouncements | 11. NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The 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. The 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). 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. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 generally requires equity investments – except those accounted for under the equity method of accounting or those that result in consolidation of the investee – to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer., ASU 2016-01and is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of ASU 2016-01 will have on the Company’s future consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2015 | |
Notes | |
Commitments and Contingencies | 12. 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 it necessary. Significant off-balance sheet commitments at December 31, 2015 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 4,356 Fixed-rate 9,013 Standby letters of credit 1,646 Undisbursed loan funds and unused lines of credit 85,573 Total $ 100,588 At December 31, 2015, the Company had firm commitments to sell $2.0 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 Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depositary, the assessment attributable to all public depositaries is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company has not incurred any losses related to public depository funds held by other institutions for the nine months ended December 31, 2015 and 2014. 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. The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events. |
Basis of Presentation_ Presenta
Basis of Presentation: Presentation of Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 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 that are, in the opinion of management, necessary for a fair presentation of the interim unaudited consolidated 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 nine months ended December 31, 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. Certain prior period amounts have been reclassified to conform to the December 31, 2015 presentation; such reclassifications had no effect on net income or total equity previously reported. |
Principles of Consolidation_ Co
Principles of Consolidation: Consolidation Policy (Policies) | 9 Months Ended |
Dec. 31, 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”); and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc. and Riverview Asset Management Corp. (“RAMCorp”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. During the quarter-ended December 31, 2015, RAMCorp repurchased all the remaining shares held by its noncontrolling interest owner. These shares were subsequently retired by RAMCorp. This transaction resulted in the Bank’s ownership in RAMCorp increasing from 90% at September 30, 2015 to 100% at December 31, 2015. |
Stock Plans And Stock-Based C23
Stock Plans And Stock-Based Compensation: Share Based Compensation Option and Incentive Plans Policy (Policies) | 9 Months Ended |
Dec. 31, 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) | 9 Months Ended |
Dec. 31, 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 25
Earnings Per Share: Earnings Per Share Policy, Diluted (Policies) | 9 Months Ended |
Dec. 31, 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 the 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 C26
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Stock Options Outstanding | Nine Months Ended December 31, 2015 Nine Months Ended December 31, 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 (18,000) 3.49 - - Forfeited (25,000) 9.52 - - Expired (8,000) 11.79 (32,000) 9.55 Balance, end of period 373,654 $ 8.04 442,654 $ 7.79 |
Stock Plans And Stock-Based C27
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding, less estimated forfeitures (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Stock Options Outstanding, less estimated forfeitures | Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Stock options fully vested and expected to vest: Number 373,654 442,504 Weighted average exercise price $ 8.04 $ 7.79 Aggregate intrinsic value (1) $ 228,000 $ 253,000 Weighted average contractual term of options (years) 2.83 3.95 Stock options fully vested and currently exercisable: Number 373,654 442,054 Weighted average exercise price $ 8.04 $ 7.79 Aggregate intrinsic value (1) $ 228,000 $ 253,000 Weighted average contractual term of options (years) 2.83 3.95 (1) |
Earnings Per Share_ Schedule of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 Basic EPS computation: Numerator-net income $ 1,706,000 $ 1,149,000 $ 4,953,000 $ 2,973,000 Denominator-weighted average common shares outstanding 22,455,543 22,394,910 22,446,463 22,388,775 Basic EPS $ 0.08 $ 0.05 $ 0.22 $ 0.13 Diluted EPS computation: Numerator-net income $ 1,706,000 $ 1,149,000 $ 4,953,000 $ 2,973,000 Denominator-weighted average common shares outstanding 22,455,543 22,394,910 22,446,463 22,388,775 Effect of dilutive stock options 50,798 44,285 45,083 32,555 Weighted average common shares and common stock equivalents 22,506,341 22,439,195 22,491,546 22,421,330 Diluted EPS $ 0.08 $ 0.05 $ 0.22 $ 0.13 |
Investment Securities_ Schedule
Investment Securities: Schedule of amortized cost and approximate fair value of investment securities (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of amortized cost and approximate fair value of investment securities | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2015 Available For Sale: Trust preferred $1,919 - (132) 1,787 Agency securities 19,533 22 (139) 19,416 Real estate mortgage investment conduits (1) 45,164 85 (215) 45,034 Mortgage-backed securities (1) 78,962 267 (243) 78,986 Other mortgage-backed securities (2) 9,049 61 (41) 9,069 Total available for sale $154,627 435 (770) 154,292 Held To Maturity: Mortgage-backed securities (3) $77 2 - 79 March 31, 2015 Available For Sale: Trust preferred $1,919 - (107) 1,812 Agency securities 14,008 38 (107) 13,939 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 available for sale $111,309 1,441 (287) 112,463 Held To Maturity: Mortgage-backed securities (3) $86 2 - 88 (1) (2) (3) |
Investment Securities_ Investme
Investment Securities: Investments Classified by Contractual Maturity Date (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Investments Classified by Contractual Maturity Date | Available for Sale Held to Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due after one year through five years 18,982 $18,888 $- $- Due after five years through ten years 13,999 13,964 68 69 Due after ten years 121,646 121,440 9 10 Total 154,627 $154,292 $77 $79 |
Investment Securities_ Schedu31
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 2015 Available For Sale: Trust preferred $ - $ - $ 1,787 $ (132 ) $ 1,787 $ (132 ) Agency securities 5,995 (31 ) 9,893 (108 ) 15,888 (139 ) Real estate mortgage investment conduits (1) 26,912 (215 ) - - 26,912 (215 ) Mortgage-backed securities (1) 36,449 (130 ) 4,564 (113 ) 41,013 (243 ) Other mortgage-backed securities (2) 2,996 (25 ) 1,239 (16 ) 4,235 (41 ) Total available for sale $ 72,352 $ (401 ) $ 17,483 $ (369 ) $ 89,835 $ (770 ) (1) (2) March 31, 2015 Available For Sale: Trust preferred $ - $ - $ 1,812 $ (107 ) $ 1,812 $ (107 ) Agency securities - - 12,893 (107 ) 12,893 (107 ) Real estate mortgage investment conduits (1) 1,323 (1 ) - - 1,323 (1 ) Mortgage-backed securities (2) - - 5,098 (60 ) 5,098 (60 ) Other mortgage-backed securities (3) - - 1,417 (12 ) 1,417 (12 ) Total available for sale $ 1,323 $ (1 ) $ 21,220 $ (286 ) $ 22,543 $ (287 ) (1) (2) (3) |
Loans Receivable_ Schedule of A
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Accounts, Notes, Loans and Financing Receivable | December 31, 2015 March 31, 2015 Commercial and construction Commercial business $ 72,113 $ 77,186 Other real estate mortgage (1) 383,187 345,506 Real estate construction 23,749 30,498 Total commercial and construction 479,049 453,190 Consumer Real estate one-to-four family 88,839 89,801 Other installment (2) 42,825 36,781 Total consumer 131,664 126,582 Total loans 610,713 579,772 Less: Allowance for loan losses 10,173 10,762 Loans receivable, net $ 600,540 $ 569,010 (1) (2) |
Allowance for Loan Losses_ Sche
Allowance for Loan Losses: Schedule of reconciliation of the allowance for loan losses (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of reconciliation of the allowance for loan losses | Three months ended December 31, 2015 Commercial Business Commercial Real Estate Land Multi-Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 1,360 $ 4,293 $ 490 $ 494 $ 286 $ 2,329 $ 861 $ 10,113 Provision for (recapture of) loan losses 160 (141 ) (134 ) 9 84 175 (153 ) - Charge-offs - - - - - (87 ) - (87 ) Recoveries 6 - 107 - - 34 - 147 Ending balance $ 1,526 $ 4,152 $ 463 $ 503 $ 370 $ 2,451 $ 708 $ 10,173 Nine months ended December 31, 2015 Beginning balance $ 1,263 $ 4,268 $ 539 $ 348 $ 769 $ 2,548 $ 1,027 $ 10,762 Provision for (recapture of) loan losses 239 (116 ) (306 ) 155 (405 ) (48 ) (319 ) (800 ) Charge-offs - - - - - (161 ) - (161 ) Recoveries 24 - 230 - 6 112 - 372 Ending balance $ 1,526 $ 4,152 $ 463 $ 503 $ 370 $ 2,451 $ 708 $ 10,173 Three months ended December 31, 2014 Beginning balance $ 1,579 $ 5,187 $ 265 $ 360 $ 319 $ 2,822 $ 1,469 $ 12,001 Provision for (recapture of) loan losses 117 (868 ) 192 (1 ) 461 60 (361 ) (400 ) Charge-offs (16 ) - - - - (27 ) - (43 ) Recoveries 24 - 102 - - 17 - 143 Ending balance $ 1,704 $ 4,319 $ 559 $ 359 $ 780 $ 2,872 $ 1,108 $ 11,701 Nine months ended December 31, 2014 Beginning balance $ 2,409 $ 5,269 $ 340 $ 203 $ 387 $ 2,653 $ 1,290 $ 12,551 Provision for (recapture of) loan losses (644 ) (922 ) (1 ) 156 393 150 (182 ) (1,050 ) Charge-offs (89 ) (28 ) - - - (85 ) - (202 ) Recoveries 28 - 220 - - 154 - 402 Ending balance $ 1,704 $ 4,319 $ 559 $ 359 $ 780 $ 2,872 $ 1,108 $ 11,701 |
Allowance for Loan Losses_ Sc34
Allowance for Loan Losses: Schedule of Impaired Financing Receivables (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Impaired Financing Receivables | Allowance for loan losses Recorded investment in loans December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 1,526 $ 1,526 $ 193 $ 71,920 $ 72,113 Commercial real estate - 4,152 4,152 10,946 324,579 335,525 Land - 463 463 801 12,260 13,061 Multi-family - 503 503 1,742 32,859 34,601 Real estate construction - 370 370 - 23,749 23,749 Consumer 119 2,332 2,451 1,691 129,973 131,664 Unallocated - 708 708 - - - Total $ 119 $ 10,054 $ 10,173 $ 15,373 $ 595,340 $ 610,713 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_ Past
Allowance for Loan Losses: Past Due Financing Receivables (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Past Due Financing Receivables | December 31, 2015 30-89 Days Past Due 90 Days and Greater Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Receivable Commercial business $ - $ - $ - $ - $ 72,113 $ 72,113 Commercial real estate - - 2,475 2,475 333,050 335,525 Land - - 801 801 12,260 13,061 Multi-family - - - - 34,601 34,601 Real estate construction - - - - 23,749 23,749 Consumer 696 - 665 1,361 130,303 131,664 Total $ 696 $ - $ 3,941 $ 4,637 $ 606,076 $ 610,713 March 31, 2015 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_ Sc36
Allowance for Loan Losses: Schedule of Credit Quality Indicators (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Credit Quality Indicators | December 31, 2015 Pass Special Mention Substandard Doubtful Loss Total Loans Receivable Commercial business $ 70,791 $ 947 $ 375 $ - $ - $ 72,113 Commercial real estate 322,307 10,262 2,956 - - 335,525 Land 9,604 2,656 801 - - 13,061 Multi-family 32,847 1,742 12 - - 34,601 Real estate construction 23,749 - - - - 23,749 Consumer 130,999 - 665 - - 131,664 Total $ 590,297 $ 15,607 $ 4,809 $ - $ - $ 610,713 March 31, 2015 Commercial business $ 75,643 $ 977 $ 566 $ - $ - $ 77,186 Commercial real estate 277,156 15,570 6,965 - - 299,691 Land 11,665 2,892 801 - - 15,358 Multi-family 28,508 14 1,935 - - 30,457 Real estate construction 28,670 - 1,828 - - 30,498 Consumer 125,356 - 1,226 - - 126,582 Total $ 546,998 $ 19,453 $ 13,321 $ - $ - $ 579,772 |
Allowance for Loan Losses_ Impa
Allowance for Loan Losses: Impaired Financing Receivables (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Impaired Financing Receivables | December 31, 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 $ 193 $ - $ 193 $ 194 $ - Commercial real estate 10,946 - 10,946 12,148 - Land 801 - 801 804 - Multi-family 1,742 - 1,742 1,887 - Consumer 481 1,210 1,691 1,862 119 Total $ 14,163 $ 1,210 $ 15,373 $ 16,895 $ 119 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_ Sc38
Allowance for Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized | Three Months ended December 31, 2015 Three Months ended December 31, 2014 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 405 $ 2 $ 1,203 $ 14 Commercial real estate 12,617 98 17,086 121 Land 801 - 800 - Multi-family 1,821 24 2,299 - Consumer 1,778 18 2,662 18 Total $ 17,422 $ 142 $ 24,050 $ 153 Nine Months ended December 31, 2015 Nine Months ended December 31, 2014 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 630 $ 15 $ 1,070 $ 36 Commercial real estate 13,962 364 17,436 346 Land 801 - 821 - Multi-family 1,869 76 2,239 - Consumer 2,014 54 3,329 56 Total $ 19,276 $ 509 $ 24,895 $ 438 |
Allowance for Loan Losses_ Trou
Allowance for Loan Losses: Troubled Debt Restructurings on Financing Receivables (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Troubled Debt Restructurings on Financing Receivables | Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial real estate - $ - $ - 1 $ 344 $ 333 |
Junior Subordinated Debentures_
Junior Subordinated Debentures: Schedule of terms of the current Debentures (Tables) | 9 Months Ended |
Dec. 31, 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 % 1.87 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 1.86 % 9/2037 $ 22,681 (1) (2) |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Estimated fair value measurements using December 31, 2015 Total estimated fair value Level 1 Level 2 Level 3 Investment securities available for sale: Trust preferred $ 1,787 $ - $ - $ 1,787 Agency securities 19,416 - 19,416 - Real estate mortgage investment conduits 45,034 - 45,034 - Mortgage-backed securities 78,986 - 78,986 - Other mortgage-backed securities 9,069 - 9,069 - Total assets measured at fair value on a recurring basis $ 154,292 $ - $ 152,505 $ 1,787 Estimated fair value measurements using March 31, 2015 Total estimated fair value Level 1 Level 2 Level 3 Investment securities available for sale: Trust preferred $ 1,812 $ - $ - $ 1,812 Agency securities 13,939 - 13,939 - 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 assets measured at fair value on a recurring basis $ 112,463 $ - $ 110,651 $ 1,812 |
Fair Value Measurements_ Fair V
Fair Value Measurements: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | For the Nine Months Ended December 31, 2015 December 31, 2014 Available for sale securities Available for sale securities Beginning balance $ 1,812 $ 1,903 Transfers into Level 3 - - Included in earnings - - Included in other comprehensive income (25 ) (43 ) Ending balance $ 1,787 $ 1,860 |
Fair Value Measurements_ Sche43
Fair Value Measurements: Schedule of Assets measured at fair value on a non-recurring basis (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Assets measured at fair value on a non-recurring basis | Estimated fair value measurements using December 31, 2015 Total estimated fair value Level 1 Level 2 Level 3 Impaired loans $ 1,091 $ - $- $ 1,091 Real estate owned (“REO”) 335 - - 335 Total nonrecurring assets measured at fair value $ 1,426 $ - $- $ 1,426 December 31, 2014 Impaired loans $ 3,426 $ - $ - $ 3,426 REO 1,193 - - 1,193 Total nonrecurring assets measured at fair value $ 4,619 $ - $ - $ 4,619 |
Fair Value Measurements_ Fair44
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Fair Value Measurements, Nonrecurring, Valuation Techniques | Valuation technique Significant unobservable inputs Range (1) Impaired loans Appraised value Adjustment for market conditions N/A REO Appraised value Adjustment for market conditions N/A (1) |
Fair Value Measurements_ Fair45
Fair Value Measurements: Fair Value, Option, Quantitative Disclosures (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Fair Value, Option, Quantitative Disclosures | December 31, 2015 Carrying amount Level 1 Level 2 Level 3 Estimated fair value Assets: Cash and cash equivalents $ 28,967 $ 28,967 $ - $ - $ 28,967 Certificates of deposit held for investment 17,761 - 17,892 - 17,892 Loans held for sale 400 - 400 - 400 Investment securities available for sale 154,292 - 152,505 1,787 154,292 Investment securities held to maturity 77 - 79 - 79 Loans receivable, net 600,540 - - 578,948 578,948 FHLB stock 988 - 988 - 988 Liabilities: Demand and savings deposits 623,608 623,608 - - 623,608 Time deposits 123,957 - 123,260 - 123,260 Junior subordinated debentures 22,681 - - 8,128 8,128 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 112,463 - 110,651 1,812 112,463 Investment securities held to maturity 86 - 88 - 88 Loans receivable, net 569,010 - - 548,908 548,908 FHLB stock 5,924 - 5,924 - 5,924 Liabilities: Demand and 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) | 9 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of significant off-balance sheet commitments | Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 4,356 Fixed-rate 9,013 Standby letters of credit 1,646 Undisbursed loan funds and unused lines of credit 85,573 Total $ 100,588 |
Stock Plans And Stock-Based C47
Stock Plans And Stock-Based Compensation: Share Based Compensation Option and Incentive Plans Policy (Details) | 9 Months Ended |
Dec. 31, 2015shares | |
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 C48
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding (Details) - 1998 and 2003 Stock Option Plan - $ / shares | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 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 | (25,000) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 9.52 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (8,000) | (32,000) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 11.79 | $ 9.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 373,654 | 442,654 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 8.04 | $ 7.79 |
Stock Plans And Stock-Based C49
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding, less estimated forfeitures (Details) - 2003 Stock Option Plan - USD ($) | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 373,654 | 442,504 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 8.04 | $ 7.79 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | [1] | $ 228,000 | $ 253,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 9 months 29 days | 3 years 11 months 12 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 373,654 | 442,054 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 8.04 | $ 7.79 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | [1] | $ 228,000 | $ 253,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 9 months 29 days | 3 years 11 months 12 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 C50
Stock Plans And Stock-Based Compensation (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 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 stock option valuation model. |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||||
Number of unallocated ESOP shares | 49,000 | 74,000 | 49,000 | 74,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 215,000 | 233,000 | 221,000 | 235,000 |
Earnings Per Share_ Schedule 52
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income (Loss) | $ 1,706 | $ 1,149 | $ 4,953 | $ 2,973 |
Weighted average number of shares outstanding, Basic | 22,455,543 | 22,394,910 | 22,446,463 | 22,388,775 |
Basic earnings | $ 0.08 | $ 0.05 | $ 0.22 | $ 0.13 |
Weighted average number of shares outstanding, Diluted | 22,506,341 | 22,439,195 | 22,491,546 | 22,421,330 |
Diluted earnings | $ 0.08 | $ 0.05 | $ 0.22 | $ 0.13 |
EpsComputationMember | ||||
Net Income (Loss) | $ 1,706 | $ 1,149 | $ 4,953 | $ 2,973 |
Weighted average number of shares outstanding, Basic | 22,455,543 | 22,394,910 | 22,446,463 | 22,388,775 |
Basic earnings | $ 0.08 | $ 0.05 | $ 0.22 | $ 0.13 |
Weighted average number of shares outstanding, Diluted | 22,455,543 | 22,394,910 | 22,446,463 | 22,388,775 |
Effect of dilutive stock options | 50,798 | 44,285 | 45,083 | 32,555 |
Weighted average common shares and common stock equivalents | 22,506,341 | 22,439,195 | 22,491,546 | 22,421,330 |
Diluted earnings | $ 0.08 | $ 0.05 | $ 0.22 | $ 0.13 |
Investment Securities_ Schedu53
Investment Securities: Schedule of amortized cost and approximate fair value of investment securities (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2015 |
Investment securities available for sale, at fair value | $ 112,463 | $ 154,292 |
Investments | Trust preferred | ||
Available-for-sale Securities, Amortized Cost Basis | 1,919 | 1,919 |
Available-for-sale Securities, Gross Unrealized Loss | (107) | (132) |
Investment securities available for sale, at fair value | 1,812 | 1,787 |
Investments | US Government Agencies Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 14,008 | 19,533 |
Available-for-sale Securities, Gross Unrealized Gain | 38 | 22 |
Available-for-sale Securities, Gross Unrealized Loss | (107) | (139) |
Investment securities available for sale, at fair value | 13,939 | 19,416 |
Investments | Real estate mortgage investment conduits | ||
Available-for-sale Securities, Amortized Cost Basis | 22,455 | 45,164 |
Available-for-sale Securities, Gross Unrealized Gain | 255 | 85 |
Available-for-sale Securities, Gross Unrealized Loss | (1) | (215) |
Investment securities available for sale, at fair value | 22,709 | 45,034 |
Investments | Mortgage-backed securities available for sale | ||
Available-for-sale Securities, Amortized Cost Basis | 67,568 | 78,962 |
Available-for-sale Securities, Gross Unrealized Gain | 1,006 | 267 |
Available-for-sale Securities, Gross Unrealized Loss | (60) | (243) |
Investment securities available for sale, at fair value | 68,514 | 78,986 |
Investments | Other mortgage-backed securities | ||
Available-for-sale Securities, Amortized Cost Basis | 5,359 | 9,049 |
Available-for-sale Securities, Gross Unrealized Gain | 142 | 61 |
Available-for-sale Securities, Gross Unrealized Loss | (12) | (41) |
Investment securities available for sale, at fair value | 5,489 | 9,069 |
Investments | Investment | ||
Available-for-sale Securities, Amortized Cost Basis | 111,309 | 154,627 |
Available-for-sale Securities, Gross Unrealized Gain | 1,441 | 435 |
Available-for-sale Securities, Gross Unrealized Loss | (287) | (770) |
Investment securities available for sale, at fair value | 112,463 | 154,292 |
Investments | Mortgage-backed | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 86 | 77 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 2 | 2 |
Held-to-maturity Securities, Fair Value | $ 88 | $ 79 |
Investment Securities_ Invest54
Investment Securities: Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | [2] | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $ 18,982 | |||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 18,888 | |||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 13,999 | |||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 13,964 | |||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 68 | |||
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 69 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 121,646 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 121,440 | |||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 9 | |||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 10 | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 154,627 | |||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 154,292 | |||
Investment securities held to maturity, at amortized cost | 77 | [1] | $ 86 | |
Investments | ||||
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 79 | |||
[1] | Fair value of $79. | |||
[2] | Fair value of $88. |
Investment Securities_ Schedu55
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Details) - Investments - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2015 |
Trust preferred | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 1,812 | $ 1,787 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (107) | (132) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,812 | 1,787 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (107) | (132) |
US Government Agencies Debt Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,995 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (31) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,893 | 9,893 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (107) | (108) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,893 | 15,888 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (107) | (139) |
Real estate mortgage investment conduits | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,323 | 26,912 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (1) | (215) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,323 | 26,912 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (1) | (215) |
Mortgage-backed | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 36,449 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (130) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,098 | 4,564 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (60) | (113) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,098 | 41,013 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (60) | (243) |
Other mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,996 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (25) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,417 | 1,239 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (12) | (16) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,417 | 4,235 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (12) | (41) |
Investment | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,323 | 72,352 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (1) | (401) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 21,220 | 17,483 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (286) | (369) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 22,543 | 89,835 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ (287) | $ (770) |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Details | |||||
InvestmentSecuritiesGrossRealizedGainsFromSales | $ 0 | $ 158,000 | $ 0 | $ 158,000 | |
Investment securities available for sale pledged as collateral, amortized cost | 10,500,000 | 10,500,000 | $ 4,300,000 | ||
Investment securities available for sale pledged as collateral, fair value | 10,400,000 | 10,400,000 | 4,300,000 | ||
Investment securities held to maturity pledged as collateral, amortized cost | 24,000 | 24,000 | 27,000 | ||
Investment securities held to maturity pledged as collateral, fair value | $ 24,000 | $ 24,000 | $ 27,000 |
Loans Receivable_ Schedule of57
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Gross | $ 610,713 | $ 579,772 |
Loans receivable Allowance for Loan Losses | 10,173 | 10,762 |
Financing Receivable, Net | 600,540 | 569,010 |
Commercial business | ||
Financing Receivable, Gross | 72,113 | 77,186 |
Other real estate mortgage | ||
Financing Receivable, Gross | 383,187 | 345,506 |
Real estate construction | ||
Financing Receivable, Gross | 23,749 | 30,498 |
Total commercial and construction | ||
Financing Receivable, Gross | 479,049 | 453,190 |
Real estate one-to-four family | ||
Financing Receivable, Gross | 88,839 | 89,801 |
Other installment | ||
Financing Receivable, Gross | 42,825 | 36,781 |
Consumer | ||
Financing Receivable, Gross | $ 131,664 | $ 126,582 |
Loans Receivable (Details)
Loans Receivable (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Details | |
Loans Pledged as Collateral | $ 425,900 |
Allowance for Loan Losses_ Sc59
Allowance for Loan Losses: Schedule of reconciliation of the allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable, Allowance, Beginning Balance | $ 10,113 | $ 12,001 | $ 10,762 | $ 12,551 |
Provision for Loan and Lease Losses | (400) | (800) | (1,050) | |
Allowance for Loan and Lease Losses, Write-offs | (87) | (43) | (161) | (202) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 147 | 143 | 372 | 402 |
Loans and Leases Receivable, Allowance, Ending Balance | 10,173 | 11,701 | 10,173 | 11,701 |
Commercial business | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 1,360 | 1,579 | 1,263 | 2,409 |
Provision for Loan and Lease Losses | 160 | 117 | 239 | (644) |
Allowance for Loan and Lease Losses, Write-offs | (16) | (89) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 6 | 24 | 24 | 28 |
Loans and Leases Receivable, Allowance, Ending Balance | 1,526 | 1,704 | 1,526 | 1,704 |
Commercial Real Estate | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 4,293 | 5,187 | 4,268 | 5,269 |
Provision for Loan and Lease Losses | (141) | (868) | (116) | (922) |
Allowance for Loan and Lease Losses, Write-offs | (28) | |||
Loans and Leases Receivable, Allowance, Ending Balance | 4,152 | 4,319 | 4,152 | 4,319 |
Land | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 490 | 265 | 539 | 340 |
Provision for Loan and Lease Losses | (134) | 192 | (306) | (1) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 107 | 102 | 230 | 220 |
Loans and Leases Receivable, Allowance, Ending Balance | 463 | 559 | 463 | 559 |
Multi-Family | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 494 | 360 | 348 | 203 |
Provision for Loan and Lease Losses | 9 | (1) | 155 | 156 |
Loans and Leases Receivable, Allowance, Ending Balance | 503 | 359 | 503 | 359 |
Real estate construction | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 286 | 319 | 769 | 387 |
Provision for Loan and Lease Losses | 84 | 461 | (405) | 393 |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 6 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 370 | 780 | 370 | 780 |
Consumer | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,329 | 2,822 | 2,548 | 2,653 |
Provision for Loan and Lease Losses | 175 | 60 | (48) | 150 |
Allowance for Loan and Lease Losses, Write-offs | (87) | (27) | (161) | (85) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 34 | 17 | 112 | 154 |
Loans and Leases Receivable, Allowance, Ending Balance | 2,451 | 2,872 | 2,451 | 2,872 |
Unallocated | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 861 | 1,469 | 1,027 | 1,290 |
Provision for Loan and Lease Losses | (153) | (361) | (319) | (182) |
Loans and Leases Receivable, Allowance, Ending Balance | $ 708 | $ 1,108 | $ 708 | $ 1,108 |
Allowance for Loan Losses_ Sc60
Allowance for Loan Losses: Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 119 | $ 147 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 10,054 | 10,615 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 10,173 | 10,762 |
Financing Receivable, Individually Evaluated for Impairment | 15,373 | 22,375 |
Financing Receivable, Collectively Evaluated for Impairment | 595,340 | 557,397 |
Financing Receivable, Evaluated for Impairment | 610,713 | 579,772 |
Commercial business | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,526 | 1,263 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 1,526 | 1,263 |
Financing Receivable, Individually Evaluated for Impairment | 193 | 1,091 |
Financing Receivable, Collectively Evaluated for Impairment | 71,920 | 76,095 |
Financing Receivable, Evaluated for Impairment | 72,113 | 77,186 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,152 | 4,268 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 4,152 | 4,268 |
Financing Receivable, Individually Evaluated for Impairment | 10,946 | 15,939 |
Financing Receivable, Collectively Evaluated for Impairment | 324,579 | 283,752 |
Financing Receivable, Evaluated for Impairment | 335,525 | 299,691 |
Land | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 463 | 539 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 463 | 539 |
Financing Receivable, Individually Evaluated for Impairment | 801 | 801 |
Financing Receivable, Collectively Evaluated for Impairment | 12,260 | 14,557 |
Financing Receivable, Evaluated for Impairment | 13,061 | 15,358 |
Multi-Family | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 503 | 348 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 503 | 348 |
Financing Receivable, Individually Evaluated for Impairment | 1,742 | 1,922 |
Financing Receivable, Collectively Evaluated for Impairment | 32,859 | 28,535 |
Financing Receivable, Evaluated for Impairment | 34,601 | 30,457 |
Real estate construction | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 370 | 769 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 370 | 769 |
Financing Receivable, Collectively Evaluated for Impairment | 23,749 | 30,498 |
Financing Receivable, Evaluated for Impairment | 23,749 | 30,498 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 119 | 147 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,332 | 2,401 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 2,451 | 2,548 |
Financing Receivable, Individually Evaluated for Impairment | 1,691 | 2,622 |
Financing Receivable, Collectively Evaluated for Impairment | 129,973 | 123,960 |
Financing Receivable, Evaluated for Impairment | 131,664 | 126,582 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 708 | 1,027 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | $ 708 | $ 1,027 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) | 9 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2015USD ($) | |
Details | |||
Interest income foregone on non-accrual loans | $ 92,000 | $ 351,000 | |
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 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, and/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 | $ 15,100,000 | $ 21,400,000 | |
Troubled debt restructured loans, Acrual of Interest | $ 12,100,000 | $ 17,300,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 |
Allowance for Loan Losses_ Pa62
Allowance for Loan Losses: Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable Recorded Investment, 30 to 89 days past due | $ 696 | $ 1,486 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,941 | 5,318 |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 4,637 | 6,804 |
Financing Receivable, Recorded Investment, Current | 606,076 | 572,968 |
Loans Receivable, Net | 610,713 | 579,772 |
Commercial business | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 359 | |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 359 | |
Financing Receivable, Recorded Investment, Current | 72,113 | 76,827 |
Loans Receivable, Net | 72,113 | 77,186 |
Commercial Real Estate | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 225 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,475 | 3,291 |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 2,475 | 3,516 |
Financing Receivable, Recorded Investment, Current | 333,050 | 296,175 |
Loans Receivable, Net | 335,525 | 299,691 |
Land | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 801 | 801 |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 801 | 801 |
Financing Receivable, Recorded Investment, Current | 12,260 | 14,557 |
Loans Receivable, Net | 13,061 | 15,358 |
Multi-Family | ||
Financing Receivable, Recorded Investment, Current | 34,601 | 30,457 |
Loans Receivable, Net | 34,601 | 30,457 |
Real estate construction | ||
Financing Receivable, Recorded Investment, Current | 23,749 | 30,498 |
Loans Receivable, Net | 23,749 | 30,498 |
Consumer | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 696 | 902 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 665 | 1,226 |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 1,361 | 2,128 |
Financing Receivable, Recorded Investment, Current | 130,303 | 124,454 |
Loans Receivable, Net | $ 131,664 | $ 126,582 |
Allowance for Loan Losses_ Sc63
Allowance for Loan Losses: Schedule of Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable by Credit Quality Indicator - Pass | $ 590,297 | $ 546,998 |
Financing Receivable by Credit Quality Indicator - Special Mention | 15,607 | 19,453 |
Financing Receivable by Credit Quality Indicator - Substandard | 4,809 | 13,321 |
Financing Receivable by Credit Quality Indicator - Total | 610,713 | 579,772 |
Commercial business | ||
Financing Receivable by Credit Quality Indicator - Pass | 70,791 | 75,643 |
Financing Receivable by Credit Quality Indicator - Special Mention | 947 | 977 |
Financing Receivable by Credit Quality Indicator - Substandard | 375 | 566 |
Financing Receivable by Credit Quality Indicator - Total | 72,113 | 77,186 |
Commercial Real Estate | ||
Financing Receivable by Credit Quality Indicator - Pass | 322,307 | 277,156 |
Financing Receivable by Credit Quality Indicator - Special Mention | 10,262 | 15,570 |
Financing Receivable by Credit Quality Indicator - Substandard | 2,956 | 6,965 |
Financing Receivable by Credit Quality Indicator - Total | 335,525 | 299,691 |
Land | ||
Financing Receivable by Credit Quality Indicator - Pass | 9,604 | 11,665 |
Financing Receivable by Credit Quality Indicator - Special Mention | 2,656 | 2,892 |
Financing Receivable by Credit Quality Indicator - Substandard | 801 | 801 |
Financing Receivable by Credit Quality Indicator - Total | 13,061 | 15,358 |
Multi-Family | ||
Financing Receivable by Credit Quality Indicator - Pass | 32,847 | 28,508 |
Financing Receivable by Credit Quality Indicator - Special Mention | 1,742 | 14 |
Financing Receivable by Credit Quality Indicator - Substandard | 12 | 1,935 |
Financing Receivable by Credit Quality Indicator - Total | 34,601 | 30,457 |
Real estate construction | ||
Financing Receivable by Credit Quality Indicator - Pass | 23,749 | 28,670 |
Financing Receivable by Credit Quality Indicator - Substandard | 1,828 | |
Financing Receivable by Credit Quality Indicator - Total | 23,749 | 30,498 |
Consumer | ||
Financing Receivable by Credit Quality Indicator - Pass | 130,999 | 125,356 |
Financing Receivable by Credit Quality Indicator - Substandard | 665 | 1,226 |
Financing Receivable by Credit Quality Indicator - Total | $ 131,664 | $ 126,582 |
Allowance for Loan Losses_ Im64
Allowance for Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 14,163 | $ 21,029 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,210 | 1,346 |
Impaired Financing Receivable, Recorded Investment | 15,373 | 22,375 |
Impaired Financing Receivable, Unpaid Principal Balance | 16,895 | 24,386 |
Impaired Financing Receivable, Related Allowance | 119 | 147 |
Commercial business | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 193 | 1,091 |
Impaired Financing Receivable, Recorded Investment | 193 | 1,091 |
Impaired Financing Receivable, Unpaid Principal Balance | 194 | 1,125 |
Commercial Real Estate | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 10,946 | 15,939 |
Impaired Financing Receivable, Recorded Investment | 10,946 | 15,939 |
Impaired Financing Receivable, Unpaid Principal Balance | 12,148 | 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 | 1,742 | 1,922 |
Impaired Financing Receivable, Recorded Investment | 1,742 | 1,922 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,887 | 2,058 |
Consumer | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 481 | 1,276 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,210 | 1,346 |
Impaired Financing Receivable, Recorded Investment | 1,691 | 2,622 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,862 | 3,211 |
Impaired Financing Receivable, Related Allowance | $ 119 | $ 147 |
Allowance for Loan Losses_ Sc65
Allowance for Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Financing Receivable, Average Recorded Investment | $ 17,422 | $ 24,050 | $ 19,276 | $ 24,895 |
Impaired Financing Receivable, Interest Income, Accrual Method | 142 | 153 | 509 | 438 |
Commercial business | ||||
Impaired Financing Receivable, Average Recorded Investment | 405 | 1,203 | 630 | 1,070 |
Impaired Financing Receivable, Interest Income, Accrual Method | 2 | 14 | 15 | 36 |
Commercial Real Estate | ||||
Impaired Financing Receivable, Average Recorded Investment | 12,617 | 17,086 | 13,962 | 17,436 |
Impaired Financing Receivable, Interest Income, Accrual Method | 98 | 121 | 364 | 346 |
Land | ||||
Impaired Financing Receivable, Average Recorded Investment | 801 | 800 | 801 | 821 |
Multi-Family | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,821 | 2,299 | 1,869 | 2,239 |
Impaired Financing Receivable, Interest Income, Accrual Method | 24 | 76 | ||
Consumer | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,778 | 2,662 | 2,014 | 3,329 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 18 | $ 18 | $ 54 | $ 56 |
Allowance for Loan Losses_ Tr66
Allowance for Loan Losses: Troubled Debt Restructurings on Financing Receivables (Details) - Commercial Real Estate $ in Thousands | 9 Months Ended |
Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications, Number of Contracts | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 344 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 333 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Details | |
Debentures issued to grantor trusts | $ 22,700 |
Common securities issued by grantor trusts | $ 681 |
Junior Subordinated Debenture68
Junior Subordinated Debentures: Schedule of terms of the current Debentures (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2015USD ($) | |
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 | 1.87% |
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 | 1.86% |
Debt Instrument, Maturity Date, Description | 9/2037 |
Fair Value Measurements_ Sche69
Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Investments, Fair Value Disclosure | $ 154,292 | $ 112,463 |
Trust preferred | ||
Investments, Fair Value Disclosure | 1,787 | 1,812 |
US Government Agencies Debt Securities | ||
Investments, Fair Value Disclosure | 19,416 | 13,939 |
Real estate mortgage investment conduits | ||
Investments, Fair Value Disclosure | 45,034 | 22,709 |
Mortgage-backed | ||
Investments, Fair Value Disclosure | 78,986 | 68,514 |
Other mortgage-backed securities | ||
Investments, Fair Value Disclosure | 9,069 | 5,489 |
Fair Value, Inputs, Level 2 | ||
Investments, Fair Value Disclosure | 152,505 | 110,651 |
Fair Value, Inputs, Level 2 | US Government Agencies Debt Securities | ||
Investments, Fair Value Disclosure | 19,416 | 13,939 |
Fair Value, Inputs, Level 2 | Real estate mortgage investment conduits | ||
Investments, Fair Value Disclosure | 45,034 | 22,709 |
Fair Value, Inputs, Level 2 | Mortgage-backed | ||
Investments, Fair Value Disclosure | 78,986 | 68,514 |
Fair Value, Inputs, Level 2 | Other mortgage-backed securities | ||
Investments, Fair Value Disclosure | 9,069 | 5,489 |
Fair Value, Inputs, Level 3 | ||
Investments, Fair Value Disclosure | 1,787 | 1,812 |
Fair Value, Inputs, Level 3 | Trust preferred | ||
Investments, Fair Value Disclosure | $ 1,787 | $ 1,812 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Fair value measurements, transfer of assets across levels | $ 0 | $ 0 |
Fair Value Measurements_ Fair71
Fair Value Measurements: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 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) | (25) | (43) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 1,787 | $ 1,860 |
Fair Value Measurements_ Sche72
Fair Value Measurements: Schedule of Assets measured at fair value on a non-recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets, Fair Value Disclosure, Nonrecurring | $ 1,426 | $ 4,619 |
Impaired loans | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,091 | 3,426 |
Real estate owned | ||
Assets, Fair Value Disclosure, Nonrecurring | 335 | 1,193 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,426 | 4,619 |
Fair Value, Inputs, Level 3 | Impaired loans | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,091 | 3,426 |
Fair Value, Inputs, Level 3 | Real estate owned | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 335 | $ 1,193 |
Fair Value Measurements_ Fair73
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details) | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Impairment loans | |||
Fair Value Measurements, Valuation Techniques | Appraised value | Appraised value | |
Significant unobservable inputs | Adjustment for market conditions | Adjustment for market conditions | |
Market adjustment to appraisals | [1] | ||
Real estate owned | |||
Fair Value Measurements, Valuation Techniques | Appraised value | Appraised value | |
Significant unobservable inputs | Adjustment for market conditions | Adjustment for market conditions | |
Market adjustment to appraisals | [1] | ||
[1] | There were no adjustments to appraised values of impaired loans or REO for the nine months ended December 31, 2015 and 2014. |
Fair Value Measurements_ Fair74
Fair Value Measurements: Fair Value, Option, Quantitative Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Carry Value | Cash | ||
Value of Assets | $ 28,967 | $ 58,659 |
Carry Value | Certificates of Deposit | ||
Value of Assets | 17,761 | 25,969 |
Carry Value | Loans held for sale | ||
Value of Assets | 400 | 778 |
Carry Value | Available-for-sale Securities | ||
Value of Assets | 154,292 | 112,463 |
Carry Value | Held-to-maturity Securities | ||
Investment securities held to maturity | 77 | 86 |
Carry Value | Loans Receivable | ||
Value of Assets | 600,540 | 569,010 |
Carry Value | Investment in Federal Home Loan Bank Stock | ||
Value of Assets | 988 | 5,924 |
Carry Value | Demand Deposits | ||
Value of Liabilities | 623,608 | 582,011 |
Carry Value | Time Deposits | ||
Value of Liabilities | 123,957 | 138,839 |
Carry Value | Subordinated Debt Obligations | ||
Value of Liabilities | 22,681 | 22,681 |
Fair Value, Inputs, Level 1 | Cash | ||
Value of Assets | 28,967 | 58,659 |
Fair Value, Inputs, Level 1 | Demand Deposits | ||
Value of Liabilities | 623,608 | 582,011 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Value of Assets | 17,892 | 26,256 |
Fair Value, Inputs, Level 2 | Loans held for sale | ||
Value of Assets | 400 | 778 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | ||
Value of Assets | 152,505 | 110,651 |
Fair Value, Inputs, Level 2 | Held-to-maturity Securities | ||
Investment securities held to maturity | 79 | 88 |
Fair Value, Inputs, Level 2 | Investment in Federal Home Loan Bank Stock | ||
Value of Assets | 988 | 5,924 |
Fair Value, Inputs, Level 2 | Time Deposits | ||
Value of Liabilities | 123,260 | 138,744 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | ||
Value of Assets | 1,787 | 1,812 |
Fair Value, Inputs, Level 3 | Loans Receivable | ||
Value of Assets | 578,948 | 548,908 |
Fair Value, Inputs, Level 3 | Subordinated Debt Obligations | ||
Value of Liabilities | 8,128 | 9,769 |
Estimate of Fair Value, Fair Value Disclosure | Cash | ||
Value of Assets | 28,967 | 58,659 |
Estimate of Fair Value, Fair Value Disclosure | Certificates of Deposit | ||
Value of Assets | 17,892 | 26,256 |
Estimate of Fair Value, Fair Value Disclosure | Loans held for sale | ||
Value of Assets | 400 | 778 |
Estimate of Fair Value, Fair Value Disclosure | Available-for-sale Securities | ||
Value of Assets | 154,292 | 112,463 |
Estimate of Fair Value, Fair Value Disclosure | Held-to-maturity Securities | ||
Investment securities held to maturity | 79 | 88 |
Estimate of Fair Value, Fair Value Disclosure | Loans Receivable | ||
Value of Assets | 578,948 | 548,908 |
Estimate of Fair Value, Fair Value Disclosure | Investment in Federal Home Loan Bank Stock | ||
Value of Assets | 988 | 5,924 |
Estimate of Fair Value, Fair Value Disclosure | Demand Deposits | ||
Value of Liabilities | 623,608 | 582,011 |
Estimate of Fair Value, Fair Value Disclosure | Time Deposits | ||
Value of Liabilities | 123,260 | 138,744 |
Estimate of Fair Value, Fair Value Disclosure | Subordinated Debt Obligations | ||
Value of Liabilities | $ 8,128 | $ 9,769 |
Commitments and Contingencies75
Commitments and Contingencies: Schedule of significant off-balance sheet commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) | |
COMMITMENTS AND CONTINGENCIES | [1] | |
CommitmentsToOriginateLoansMember | ||
Commitments to originate loans, Adjustable Rate | $ 4,356 | |
Commitments to originate loans, Fixed Rate | 9,013 | |
Standby letters of credit | 1,646 | |
Undisbursed loan funds, and unused lines of credit | 85,573 | |
COMMITMENTS AND CONTINGENCIES | $ 100,588 | |
[1] | See Note 12. |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015USD ($) | ||
Details | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | $ 2,000 | [1] |
Loans under warranty | $ 117,000 | [2] |
[1] | Commitments to sell residential loans to the FHLMC. Typically, these agreements are short term fixed rate commitments and no material gain or loss is likely. | |
[2] | Substantially represents the unpaid principal balance of the Company's loans serviced for FHLMC. The Bank believes that the potential for loss under these arrangements is remote. Accordingly, no contingent liability has been recorded in the consolidated financial statements. |