Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2016 | Nov. 08, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | RIVERVIEW BANCORP INC | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
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 | 2,017 | |
Document Fiscal Period Focus | Q2 |
RIVERVIEW BANCORP, INC. AND SUB
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
ASSETS | ||
Cash and cash equivalents (including interest-earning accounts of $77,509 and $40,317) | $ 93,007 | $ 55,400 |
Certificates of deposit held for investment | 15,275 | 16,769 |
Loans held for sale | 991 | 503 |
Available for sale, at estimated fair value | 152,251 | 150,690 |
Held to maturity, at amortized cost (estimated fair value of $71 and $76) | 69 | 75 |
Loans receivable (net of allowance for loan losses of $10,063 and $9,885) | 640,873 | 614,934 |
Real estate owned | 539 | 595 |
Prepaid expenses and other assets | 4,334 | 3,405 |
Accrued interest receivable | 2,421 | 2,384 |
Federal Home Loan Bank stock, at cost | 1,060 | 1,060 |
Premises and equipment, net | 14,206 | 14,595 |
Deferred income taxes, net | 7,816 | 9,189 |
Mortgage servicing rights, net | 385 | 380 |
Goodwill | 25,572 | 25,572 |
Bank owned life insurance | 25,246 | 25,678 |
TOTAL ASSETS | 984,045 | 921,229 |
LIABILITIES: | ||
Deposits | 838,902 | 779,803 |
Accrued expenses and other liabilities | 8,175 | 7,388 |
Advanced payments by borrowers for taxes and insurance | 837 | 609 |
Junior subordinated debentures | 22,681 | 22,681 |
Capital lease obligation | 2,464 | 2,475 |
Total liabilities | 873,059 | 812,956 |
COMMITMENTS AND CONTINGENCIES (See Note 12) | ||
SHAREHOLDERS' EQUITY: | ||
Serial preferred stock, $.01 par value; 250,000 authorized; issued and outstanding: none | ||
Common stock, $.01 par value; 50,000,000 authorized September 30, 2016 - 22,507,890 issued and outstanding March 31, 2016 - 22,507,890 issued and outstanding | 225 | 225 |
Additional paid-in capital | 64,425 | 64,418 |
Retained earnings | 45,207 | 42,728 |
Unearned shares issued to employee stock ownership plan ("ESOP") | (129) | (181) |
Accumulated other comprehensive income | 1,258 | 1,083 |
Total shareholders' equity | 110,986 | 108,273 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 984,045 | $ 921,229 |
RIVERVIEW BANCORP, INC. AND SU3
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Statement of Financial Position | ||
Interest-Earning accounts included in Cash | $ 77,509 | $ 40,317 |
Fair Value of Mortgage-backed securities held to maturity | 71 | 76 |
Financing receivable, Allowance for Credit Losses | $ 10,063 | $ 9,885 |
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 | 22,507,890 |
Common stock shares outstanding | 22,507,890 | 22,507,890 |
RIVERVIEW BANCORP, INC. AND SU4
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST AND DIVIDEND INCOME: | ||||
Interest and fees on loans receivable | $ 7,631 | $ 6,789 | $ 15,071 | $ 13,649 |
Interest on investment securities | 769 | 702 | 1,489 | 1,284 |
Other interest and dividends | 130 | 111 | 232 | 230 |
Total interest and dividend income | 8,530 | 7,602 | 16,792 | 15,163 |
INTEREST EXPENSE: | ||||
Interest on deposits | 279 | 300 | 560 | 603 |
Interest on borrowings | 163 | 139 | 321 | 273 |
Total interest expense | 442 | 439 | 881 | 876 |
Net interest income | 8,088 | 7,163 | 15,911 | 14,287 |
Recapture of loan losses | (300) | (800) | ||
Net interest income after recapture of loan losses | 8,088 | 7,463 | 15,911 | 15,087 |
NON-INTEREST INCOME: | ||||
Fees and service charges | 1,188 | 1,132 | 2,511 | 2,428 |
Asset management fees | 727 | 801 | 1,549 | 1,625 |
Net gains on sale of loans held for sale | 163 | 79 | 302 | 300 |
Bank owned life insurance ("BOLI") | 190 | 190 | 381 | 387 |
BOLI death benefit in excess of cash surrender value | 407 | 407 | ||
Other, net | (94) | 14 | (55) | 25 |
Total non-interest income, net | 2,581 | 2,216 | 5,095 | 4,765 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 4,531 | 4,236 | 9,171 | 8,650 |
Occupancy and depreciation | 1,225 | 1,154 | 2,362 | 2,323 |
Data processing | 476 | 431 | 971 | 921 |
Advertising and marketing | 252 | 208 | 445 | 384 |
FDIC insurance premium | 74 | 122 | 196 | 248 |
State and local taxes | 146 | 123 | 285 | 260 |
Telecommunications | 76 | 74 | 149 | 147 |
Professional fees | 453 | 218 | 711 | 451 |
Litigation settlement | 475 | 575 | ||
Real estate owned | 35 | 167 | 50 | 446 |
Other | 654 | 551 | 1,297 | 1,199 |
Total non-interest expense | 8,397 | 7,284 | 16,212 | 15,029 |
INCOME BEFORE INCOME TAXES | 2,272 | 2,395 | 4,794 | 4,823 |
PROVISION FOR INCOME TAXES | 592 | 743 | 1,417 | 1,576 |
NET INCOME | $ 1,680 | $ 1,652 | $ 3,377 | $ 3,247 |
Earnings per common share: | ||||
Basic | $ 0.07 | $ 0.07 | $ 0.15 | $ 0.14 |
Diluted | $ 0.07 | $ 0.07 | $ 0.15 | $ 0.14 |
Weighted average number of common shares outstanding: | ||||
Basic | 22,474,019 | 22,449,386 | 22,470,957 | 22,441,898 |
Diluted | 22,530,331 | 22,490,351 | 22,522,544 | 22,483,711 |
RIVERVIEW BANCORP, INC. AND SU5
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statements of Comprehensive Income | ||||
Net income | $ 1,680 | $ 1,652 | $ 3,377 | $ 3,247 |
Other comprehensive income (loss): | ||||
Net unrealized holding gain (loss) from available for sale securities arising during the period, net of tax of $194, ($317), ($50) and $75, respectively | (351) | 578 | 90 | (186) |
Reclassification adjustment of other than temporary impairment of available for sale investment security included in income, net of tax of ($47), $0, ($47) and $0, respectively | 85 | 85 | ||
Noncontrolling interest | 19 | 34 | ||
Total comprehensive income | $ 1,414 | $ 2,249 | $ 3,552 | $ 3,095 |
RIVERVIEW BANCORP, INC. AND SU6
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statements of Comprehensive Income | ||||
Tax effect of unrealized holding gain (loss) from available for sale securities | $ 194 | $ (317) | $ (50) | $ 75 |
Reclassification adjustment of other than temporary impairment of available for sale investment security included in income | $ (47) | $ 0 | $ (47) | $ 0 |
RIVERVIEW BANCORP, INC. AND SU7
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - 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, 2015 | $ 225 | $ 65,268 | $ 37,830 | $ (284) | $ 762 | $ 536 | $ 104,337 |
Balance, Shares at Mar. 31, 2015 | 22,489,890 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 3,247 | 3,247 | |||||
Cash dividend | (617) | (617) | |||||
Exercise of stock options, Value | 62 | 62 | |||||
Exercise of stock options, Shares | 18,000 | ||||||
Earned ESOP shares | 3 | 52 | 55 | ||||
Unrealized holding gain (loss) on securities available for sale, net of tax | (186) | (186) | |||||
Noncontrolling interest | 34 | 34 | |||||
Balance, Value at Sep. 30, 2015 | $ 225 | 65,333 | 40,460 | (232) | 576 | 570 | 106,932 |
Balance, Shares at Sep. 30, 2015 | 22,507,890 | ||||||
Balance, Value at Mar. 31, 2016 | $ 225 | 64,418 | 42,728 | (181) | 1,083 | 108,273 | |
Balance, Shares at Mar. 31, 2016 | 22,507,890 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 3,377 | 3,377 | |||||
Cash dividend | (898) | (898) | |||||
Earned ESOP shares | 7 | 52 | 59 | ||||
Unrealized holding gain (loss) on securities available for sale, net of tax | 175 | 175 | |||||
Balance, Value at Sep. 30, 2016 | $ 225 | $ 64,425 | $ 45,207 | $ (129) | $ 1,258 | $ 110,986 | |
Balance, Shares at Sep. 30, 2016 | 22,507,890 |
RIVERVIEW BANCORP, INC. AND SU8
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share | $ 0.04 | $ 0.0275 |
RIVERVIEW BANCORP, INC. AND SU9
RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,377 | $ 3,247 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,784 | 1,585 |
Recapture of loan losses | (800) | |
Provision for deferred income taxes | 1,276 | 1,490 |
Expense related to ESOP | 59 | 55 |
Increase in deferred loan origination fees, net of amortization | 316 | 211 |
Origination of loans held for sale | (9,779) | (9,367) |
Proceeds from sales of loans held for sale | 9,490 | 9,411 |
Writedown of real estate owned | 30 | 262 |
Loss on impairment of security | 132 | |
Net gains on loans held for sale, sales and transfer of real estate owned, sales of investment securities and sales of premises and equipment | (297) | (228) |
Income from bank owned life insurance | (381) | (387) |
Changes in certain other assets and liabilities: | ||
Prepaid expenses and other assets | (216) | (30) |
Accrued interest receivable | (37) | (42) |
Accrued expenses and other liabilities | 866 | (1,585) |
Net cash provided by operating activities | 6,620 | 3,822 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loan originations, net | (26,617) | (16,463) |
Principal repayments on investment securities available for sale | 13,814 | 11,087 |
Purchases of investment securities available for sale | (21,464) | (33,968) |
Proceeds from calls, maturities, and sales of investment securities available for sale | 5,500 | |
Principal repayments on investment securities held to maturity | 6 | 6 |
Redemption of certificates of deposit held for investment, net | 1,494 | 4,722 |
Proceeds from redemption of Federal Home Loan Bank stock | 4,936 | |
Purchases of premises and equipment and capitalized software | (186) | (166) |
Proceeds from sales of real estate owned and premises and equipment | 22 | 370 |
Net cash used in investing activities | (27,431) | (29,476) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 59,099 | 36,146 |
Dividends paid | (898) | (532) |
Proceeds from borrowings | 2,000 | 2,000 |
Repayment of borrowings | (2,000) | (2,000) |
Principal payments on capital lease obligation | (11) | (33) |
Net increase in advance payments by borrowers | 228 | 217 |
Proceeds from exercise of stock options | 62 | |
Net cash provided by financing activities | 58,418 | 35,860 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 37,607 | 10,206 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 55,400 | 58,659 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 93,007 | 68,865 |
Cash paid during the period for: | ||
Interest | 786 | 789 |
Income taxes | 140 | 100 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Dividends declared and accrued in other liabilities | 450 | 339 |
Adjustment to capital lease obligation and premises and equipment | 241 | |
Unrealized holding gain (loss) from securities available for sale | 272 | (261) |
Income tax effect related to unrealized holding gain (loss) from securities available for sale | $ (97) | $ 75 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2016 | |
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, 2016 ("2016 Form 10-K"). The unaudited consolidated results of operations for the six months ended September 30, 2016 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2017. 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 September 30, 2016 presentation; such reclassifications had no effect on net income or total equity previously reported On September 29, 2016, Riverview Bancorp, Inc. and Riverview Community Bank entered into a Purchase and Assumption Agreement ("Agreement") with Merchants Bancorp and its wholly owned subsidiary, MBank, of Gresham, Oregon under which Riverview Community Bank will purchase certain assets and assume certain liabilities of MBank in a cash transaction. As part of the transaction and as provided by the Agreement, Riverview Bancorp, Inc. will assume the obligations of Merchant Bancorp's trust preferred securities. The transaction is subject to regulatory approval, the approval of Merchant Bancorp's shareholders and the satisfaction of customary closing conditions. The transaction is expected to be completed in the quarter ending March 31, 2017. For additional information about the Agreement, see the Riverview Bancorp, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 29, 2016. |
Principles of Consolidation
Principles of Consolidation | 6 Months Ended |
Sep. 30, 2016 | |
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 Trust Company (the "Trust Company") (collectively referred to as the "Company"). On May 24, 2016, Riverview Asset Management Corp. changed its name to Riverview Trust Company. All inter-company transactions and balances have been eliminated in consolidation. During December 2015, the Trust Company repurchased all the remaining shares held by its noncontrolling interest owner. Upon repurchase, these shares were retired. This transaction resulted in the Bank's ownership increasing from 90% to 100%. |
Stock Plans And Stock-Based Com
Stock Plans And Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2016 | |
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 in 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. Six Months Ended September 30, 2016 Six Months Ended September 30, 2015 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, beginning of period 223,654 $ 4.73 424,654 $ 8.00 Options exercised - - (18,000 ) 3.49 Forfeited - - (8,000 ) 12.98 Expired - - (8,000 ) 11.79 Balance, end of period 223,654 $ 4.73 390,654 $ 8.03 The following table presents information on stock options outstanding as of the dates shown, less estimated forfeitures: September 30, 2016 2015 Stock options fully vested and expected to vest: Number 223,654 390,654 Weighted average exercise price $ 4.73 $ 8.03 Aggregate intrinsic value (1) $ 342,000 $ 251,000 Weighted average contractual term of options (years) 3.84 3.09 Stock options fully vested and currently exercisable: Number 223,654 390,654 Weighted average exercise price $ 4.73 $ 8.03 Aggregate intrinsic value (1) $ 342,000 $ 251,000 Weighted average contractual term of options (years) 3.84 3.09 (1) There was no stock-based compensation expense related to stock options for the six months ended September 30, 2016 and 2015. As of September 30, 2016, all outstanding stock options were fully vested, and there was no remaining unrecognized compensation expense. There were -----no stock options exercised during the six months ended September 30, 2016. The total intrinsic value of stock options exercised was $16,000 for the six months ended September 30, 2015. 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 six months ended September 30, 2016 and 2015. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Earnings Per Share | 4. EARNINGS PER SHARE Basic earnings per share ("EPS") is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company's common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options. Shares owned by the Company's ESOP that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted EPS. As of September 30, 2016 and 2015, there were 49,266 and 73,899 shares, respectively, which had not been allocated under the Company's ESOP. For the three and six months ended September 30, 2016, stock options for 59,000 shares of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and six months ended September 30, 2015, stock options for 220,000 and 223,000 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 September 30, Six Months Ended September 30, 2016 2015 2016 2015 Basic EPS computation: Numerator-net income $ 1,680,000 $ 1,652,000 $ 3,377,000 $ 3,247,000 Denominator-weighted average common shares outstanding 22,474,019 22,449,386 22,470,957 22,441,898 Basic EPS $ 0.07 $ 0.07 $ 0.15 $ 0.14 Diluted EPS computation: Numerator-net income $ 1,680,000 $ 1,652,000 $ 3,377,000 $ 3,247,000 Denominator-weighted average common shares outstanding 22,474,019 22,449,386 22,470,957 22,441,898 Effect of dilutive stock options 56,312 40,965 51,587 41,813 Weighted average common shares and common stock equivalents 22,530,331 22,490,351 22,522,544 22,483,711 Diluted EPS $ 0.07 $ 0.07 $ 0.15 $ 0.14 |
Investment Securities
Investment Securities | 6 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Available for sale: Trust preferred $ 1,786 $ - $ - $ 1,786 Agency securities 14,006 55 (10 ) 14,051 Real estate mortgage investment conduits (1) 42,091 570 - 42,661 Mortgage-backed securities (1) 75,662 1,175 (15 ) 76,822 Other mortgage-backed securities (2) 16,755 219 (43 ) 16,931 Total available for sale $ 150,300 $ 2,019 $ (68 ) $ 152,251 Held to maturity: Mortgage-backed securities (3) $ 69 $ 2 $ - $ 71 March 31, 2016 Available for sale: Trust preferred $ 1,919 $ - $ (111 ) $ 1,808 Agency securities 19,520 63 (14 ) 19,569 Real estate mortgage investment conduits (1) 43,293 632 (1 ) 43,924 Mortgage-backed securities (1) 75,404 980 (31 ) 76,353 Other mortgage-backed securities (2) 8,875 185 (24 ) 9,036 Total available for sale $ 149,011 $ 1,860 $ (181 ) $ 150,690 Held to maturity: Mortgage-backed securities (3) $ 75 $ 1 $ - $ 76 (1) (2) (3) The contractual maturities of investment securities as of September 30, 2016 are as follows (in thousands): Available for Sale Held to Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 1,786 $ 1,786 $ - $ - Due after one year through five years 16,485 16,590 - - Due after five years through ten years 13,871 14,108 62 63 Due after ten years 118,158 119,767 7 8 Total $ 150,300 $ 152,251 $ 69 $ 71 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 September 30, 2016 Available for sale: Agency securities $ 4,989 $ (10 ) $ - $ - $ 4,989 $ (10 ) Mortgage-backed securities (2) 2,936 (2 ) 709 (13 ) 3,645 (15 ) Other mortgage-backed securities (3) 3,872 (23 ) 1,126 (20 ) 4,998 (43 ) Total available for sale $ 11,797 $ (35 ) $ 1,835 $ (33 ) $ 13,632 $ (68 ) March 31, 2016 Available for sale: Trust preferred $ - $ - $ 1,808 $ (111 ) $ 1,808 $ (111 ) Agency securities 5,508 (6 ) 4,991 (8 ) 10,499 (14 ) Real estate mortgage investment conduits (1) 1,636 (1 ) - - 1,636 (1 ) Mortgage-backed securities (2) 831 (10 ) 3,051 (21 ) 3,882 (31 ) Other mortgage-backed securities (3) 1,891 (6 ) 1,229 (18 ) 3,120 (24 ) Total available for sale $ 9,866 $ (23 ) $ 11,079 $ (158 ) $ 20,945 $ (181 ) (1) (2) (3) At September 30, 2016, 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). The Company has estimated an expected default rate of 43% for its portion of this security. The expected default rate was estimated based primarily on an analysis of the financial condition of the underlying issuers. The Company utilized a discount rate of 10% to estimate the fair value of this security. There was no excess subordination on this security. During the three months ended September 30, 2016, the Company recognized a $132,000 other than temporary impairment ("OTTI") charge on the above referenced collateralized debt obligation. The Company was notified that this collateralized debt obligation will be liquidated in accordance with provisions contain within the collateralized debt obligation indenture agreement. Management concluded that the collateralized debt obligation was other than temporarily impaired based upon the liquidation notice and has recorded a $132,000 charge through other non-interest income. Except for the collateralized debt obligation discussed above, 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. Except for the collateralized debt obligation discussed above, 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 other investment securities in the above tables are considered temporary The Company had no sales and realized no gains or losses on sales of investment securities for the three and six months ended September 30, 2016 and 2015. Investment securities available for sale with an amortized cost of $12.1 million and $10.2 million and a fair value of $12.3 million and $10.3 million at September 30, 2016 and March 31, 2016, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $21,000 and $23,000 and a fair value of $21,000 and $24,000 at September 30, 2016 and March 31, 2016, respectively, were pledged as collateral for government public funds held by the Bank. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Loans Receivable | 6. LOANS RECEIVABLE Loans receivable as of September 30, 2016 and March 31, 2016 are reported net of deferred loan fees totaling $3.0 million and $2.7 million, respectively. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): September 30, 2016 March 31, 2016 Commercial and construction Commercial business $ 64,176 $ 69,397 Commercial real estate 386,175 353,749 Land 10,671 12,045 Multi-family 26,883 33,733 Real estate construction 45,059 26,731 Total commercial and construction 532,964 495,655 Consumer Real estate one-to-four family 86,321 88,780 Other installment (1) 31,651 40,384 Total consumer 117,972 129,164 Total loans 650,936 624,819 Less: Allowance for loan losses 10,063 9,885 Loans receivable, net $ 640,873 $ 614,934 (1) Consists primarily of purchased automobile loans totaling $29.7 million and $37.4 million at September 30, 2016 and March 31, 2016, respectively. 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 September 30, 2016, loans carried at $441.8 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 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 income. As of September 30, 2016 and March 31, 2016, the Bank had no loans to any one borrower in excess of the regulatory limit. |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Sep. 30, 2016 | |
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. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses, and may require the Company to make additions to the allowance based on their judgment about information available to them at the time of their examination. The following tables present a reconciliation of the allowance for loan losses for the periods indicated (in thousands): Three months ended September 30, 2016 Commercial Business Commercial Real Estate Land Multi- Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 902 $ 4,473 $ 312 $ 671 $ 565 $ 2,327 $ 710 $ 9,960 Provision for (recapture of) loan losses 1 216 (264 ) (58 ) 162 (28 ) (29 ) - Charge-offs - - - - - (71 ) - (71 ) Recoveries 6 - 106 - - 62 - 174 Ending balance $ 909 $ 4,689 $ 154 $ 613 $ 727 $ 2,290 $ 681 $ 10,063 Six months ended September 30, 2016 Beginning balance $ 1,048 $ 4,273 $ 325 $ 712 $ 416 $ 2,403 $ 708 $ 9,885 Provision for (recapture of) loan losses (149 ) 414 (359 ) (99 ) 311 (91 ) (27 ) - Charge-offs - - - - - (115 ) - (115 ) Recoveries 10 2 188 - - 93 - 293 Ending balance $ 909 $ 4,689 $ 154 $ 613 $ 727 $ 2,290 $ 681 $ 10,063 Three months ended September 30, 2015 Beginning balance $ 1,469 $ 4,246 $ 502 $ 219 $ 622 $ 2,354 $ 925 $ 10,337 Provision for (recapture of) loan losses (115 ) 47 (74 ) 275 (342 ) (27 ) (64 ) (300 ) Charge-offs - - - - - (59 ) - (59 ) Recoveries 6 - 62 - 6 61 - 135 Ending balance $ 1,360 $ 4,293 $ 490 $ 494 $ 286 $ 2,329 $ 861 $ 10,113 Six months ended September 30, 2015 Beginning balance $ 1,263 $ 4,268 $ 539 $ 348 $ 769 $ 2,548 $ 1,027 $ 10,762 Provision for (recapture of) loan losses 79 25 (172 ) 146 (489 ) (223 ) (166 ) (800 ) Charge-offs - - - - - (73 ) - (73 ) Recoveries 18 - 123 - 6 77 - 224 Ending balance $ 1,360 $ 4,293 $ 490 $ 494 $ 286 $ 2,329 $ 861 $ 10,113 The following tables present an analysis of loans receivable and the allowance for loan losses, based on impairment methodology at the dates indicated (in thousands): Allowance for Loan Losses Recorded Investment In Loans September 30, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 909 $ 909 $ 300 $ 63,876 $ 64,176 Commercial real estate - 4,689 4,689 9,431 376,744 386,175 Land - 154 154 801 9,870 10,671 Multi-family - 613 613 1,709 25,174 26,883 Real estate construction - 727 727 - 45,059 45,059 Consumer 102 2,188 2,290 1,496 116,476 117,972 Unallocated - 681 681 - - - Total $ 102 $ 9,961 $ 10,063 $ 13,737 $ 637,199 $ 650,936 March 31, 2016 Commercial business $ - $ 1,048 $ 1,048 $ 192 $ 69,205 $ 69,397 Commercial real estate - 4,273 4,273 9,802 343,947 353,749 Land - 325 325 801 11,244 12,045 Multi-family - 712 712 1,731 32,002 33,733 Real estate construction - 416 416 - 26,731 26,731 Consumer 110 2,293 2,403 1,678 127,486 129,164 Unallocated - 708 708 - - - Total $ 110 $ 9,775 $ 9,885 $ 14,204 $ 610,615 $ 624,819 Non-accrual loans: The following tables present an analysis of loans by aging category at the dates indicated (in thousands): September 30, 2016 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 $ 1 $ - $ - $ 1 $ 64,175 $ 64,176 Commercial real estate 176 - 1,272 1,448 384,727 386,175 Land - - 801 801 9,870 10,671 Multi-family - - - - 26,883 26,883 Real estate construction - - - - 45,059 45,059 Consumer 605 33 254 892 117,080 117,972 Total $ 782 $ 33 $ 2,327 $ 3,142 $ 647,794 $ 650,936 March 31, 2016 Commercial business $ - $ - $ - $ - $ 69,397 $ 69,397 Commercial real estate - - 1,559 1,559 352,190 353,749 Land - - 801 801 11,244 12,045 Multi-family - - - - 33,733 33,733 Real estate construction - - - - 26,731 26,731 Consumer 611 20 334 965 128,199 129,164 Total $ 611 $ 20 $ 2,694 $ 3,325 $ 621,494 $ 624,819 Credit quality indicators: Pass Watch Special mention Substandard Doubtful Loss The following tables present an analysis of loans by credit quality indicators at the dates indicated (in thousands): September 30, 2016 Pass Special Mention Substandard Doubtful Loss Total Loans Receivable Commercial business $ 63,593 $ 250 $ 333 $ - $ - $ 64,176 Commercial real estate 377,615 6,818 1,742 - - 386,175 Land 9,870 - 801 - - 10,671 Multi-family 26,871 - 12 - - 26,883 Real estate construction 45,059 - - - - 45,059 Consumer 117,718 - 254 - - 117,972 Total $ 640,726 $ 7,068 $ 3,142 $ - $ - $ 650,936 March 31, 2016 Commercial business $ 68,221 $ 813 $ 363 $ - $ - $ 69,397 Commercial real estate 343,306 7,659 2,784 - - 353,749 Land 9,760 1,484 801 - - 12,045 Multi-family 33,721 - 12 - - 33,733 Real estate construction 26,731 - - - - 26,731 Consumer 128,830 - 334 - - 129,164 Total $ 610,569 $ 9,956 $ 4,294 $ - $ - $ 624,819 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): September 30, 2016 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 $ 300 $ - $ 300 $ 301 $ - Commercial real estate 9,431 - 9,431 10,498 - Land 801 - 801 807 - Multi-family 1,709 - 1,709 1,847 - Consumer 311 1,185 1,496 1,630 102 Total $ 12,552 $ 1,185 $ 13,737 $ 15,083 $ 102 March 31, 2016 Commercial business $ 192 $ - $ 192 $ 192 $ - Commercial real estate 9,802 - 9,802 10,758 - Land 801 - 801 807 - Multi-family 1,731 - 1,731 1,871 - Consumer 477 1,201 1,678 1,845 110 Total $ 13,003 $ 1,201 $ 14,204 $ 15,473 $ 110 Three Months ended September 30, 2016 Three Months ended September 30, 2015 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 245 $ 6 $ 619 $ 6 Commercial real estate 9,463 97 14,481 133 Land 801 - 801 - Multi-family 1,715 24 1,907 26 Consumer 1,503 16 1,871 20 Total $ 13,727 $ 143 $ 19,679 $ 185 Six Months ended September 30, 2016 Six Months ended September 30, 2015 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 228 $ 9 $ 776 $ 13 Commercial real estate 9,576 194 14,967 266 Land 801 - 801 - Multi-family 1,720 47 1,912 52 Consumer 1,561 31 2,121 36 Total $ 13,886 $ 281 $ 20,577 $ 367 The cash basis interest income on impaired loans was not materially different than the interest recognized on impaired loans as shown in the above table. TDRs are loans for which 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. The following table presents TDRs by interest accrual status at the dates indicated (in thousands): September 30, 2016 March 31, 2016 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ 300 $ - $ 300 $ 192 $ - $ 192 Commercial real estate 8,159 1,272 9,431 8,244 1,289 9,533 Land - 801 801 - 801 801 Multi-family 1,709 - 1,709 1,731 - 1,731 Consumer 1,496 - 1,496 1,678 - 1,678 Total $ 11,664 $ 2,073 $ 13,737 $ 11,845 $ 2,090 $ 13,935 At September 30, 2016, the Company had no commitments to lend additional funds on these loans. At September 30, 2016, all of the Company's TDRs are paying as agreed except for one commercial real estate TDR loan of $1.3 million that defaulted after the loan was modified. There was one new TDR for the three and six months ended September 30, 2016. This new TDR was a commercial loan with a pre-modification outstanding recorded investment balance of $116,000 and a post-modification outstanding recorded investment balance of $111,000. There were no new TDRs for the three months and six months ended September 30, 2015. There were no loans modified as a TDR within the previous twelve months that subsequently defaulted during the three and six months ended September 30, 2016. 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 | 6 Months Ended |
Sep. 30, 2016 | |
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 the Trust Company, 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 unit's fair value to its carrying value. If the reporting unit's fair value is less than its carrying value, the Company would be required to progress to the second step. In the second step, the Company calculates the implied fair value of goodwill. GAAP with respect to goodwill requires that the Company compare the implied fair value of goodwill to the carrying amount of goodwill on the Company'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 Company's individual assets and liabilities, including any unrecognized identifiable intangible assets, as if the Company had been acquired in a business combination and the estimated fair value of the Company is the price paid to acquire it. The allocation process is performed only for purposes of determining the amount of goodwill impairment, as no assets or liabilities are written up or down, nor are any additional unrecognized identifiable intangible assets recorded as a part of this process. The results of the Company's step one test indicated that the reporting unit's fair value was greater than its carrying value, and, therefore, a step two analysis was not required; however, no assurance can be given that the Company's goodwill will not be written down in future periods. An interim impairment test was not deemed necessary as of September 30, 2016 due to there not being a significant change in the reporting unit's assets and liabilities, the amount by which the fair value of the reporting unit exceeded the carrying value as of the most recent valuation, and because the Company determined that, based on an analysis of events that have occurred and circumstances that have changed since the most recent valuation date, the likelihood that a current estimated fair value determination would be less than the current carrying amount of the reporting unit is remote. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Junior Subordinated Debentures | 9. JUNIOR SUBORDINATED DEBENTURES At September 30, 2016, 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 September 30, 2016 and March 31, 2016, 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 and amounts outstanding of the Debentures at September 30, 2016 (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 % 2.21 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 2.20 % 9/2037 $ 22,681 (1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36% (2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35% |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Total Estimated Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Trust preferred $ 1,786 $ - $ - $ 1,786 Agency securities 14,051 - 14,051 - Real estate mortgage investment conduits 42,661 - 42,661 - Mortgage-backed securities 76,822 - 76,822 - Other mortgage-backed securities 16,931 - 16,931 - Total assets measured at fair value on a recurring basis $ 152,251 $ - $ 150,465 $ 1,786 March 31, 2016 Investment securities available for sale: Trust preferred $ 1,808 $ - $ - $ 1,808 Agency securities 19,569 - 19,569 - Real estate mortgage investment conduits 43,924 - 43,924 - Mortgage-backed securities 76,353 - 76,353 - Other mortgage-backed securities 9,036 - 9,036 - Total assets measured at fair value on a recurring basis $ 150,690 $ - $ 148,882 $ 1,808 There were no transfers of assets into or out of Levels 1, 2 or 3 for the six months ended September 30, 2016 and 2015. 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 Six Months Ended September 30, 2016 September 30, 2015 Available for sale securities Available for sale securities Beginning balance $ 1,808 $ 1,812 Transfers into Level 3 - - Included in earnings (1) (132 ) - Included in other comprehensive income 110 (44 ) Ending balance $ 1,786 $ 1,768 (1) 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 dates indicated (in thousands): Estimated Fair Value Measurements Using September 30, 2016 Total Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans $ 1,084 $ - $ - $ 1,084 Real estate owned ("REO") 255 - - 255 Total assets measured at fair value on a nonrecurring basis $ 1,339 $ - $ - $ 1,339 Estimated Fair Value Measurements Using March 31, 2016 Total Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans $ 1,092 $ - $ - $ 1,092 REO 644 - - 644 Total assets measured at fair value on a nonrecurring basis $ 1,736 $ - $ - $ 1,736 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at September 30, 2016 and March 31, 2016: 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 help ensure that 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 a 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 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): September 30, 2016 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 93,007 $ 93,007 $ - $ - $ 93,007 Certificates of deposit held for investment 15,275 - 15,414 - 15,414 Loans held for sale 991 - 991 - 991 Investment securities available for sale 152,251 - 150,465 1,786 152,251 Investment securities held to maturity 69 - 71 - 71 Loans receivable, net 640,873 - - 606,184 606,184 FHLB stock 1,060 - 1,060 - 1,060 Liabilities: Demand and savings deposits 724,041 724,041 - - 724,041 Time deposits 114,861 - 114,668 - 114,668 Junior subordinated debentures 22,681 - - 7,969 7,969 Capital lease obligation 2,464 - 2,464 - 2,464 March 31, 2016 Assets: Cash and cash equivalents $ 55,400 $ 55,400 $ - $ - $ 55,400 Certificates of deposit held for investment 16,769 - 16,959 - 16,959 Loans held for sale 503 - 503 - 503 Investment securities available for sale 150,690 - 148,882 1,808 150,690 Investment securities held to maturity 75 - 76 - 76 Loans receivable, net 614,934 - - 571,068 571,068 FHLB stock 1,060 - 1,060 - 1,060 Liabilities: Demand and savings deposits 660,421 660,421 - - 660,421 Time deposits 119,382 - 119,143 - 119,143 Junior subordinated debentures 22,681 - - 7,705 7,705 Capital lease obligation 2,475 - 2,475 - 2,475 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 Loans receivable and loans held for sale Investment securities FHLB stock Deposits Junior subordinated debentures Capital lease obligation Off-balance sheet financial instruments |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Sep. 30, 2016 | |
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 future 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"). The main provisions of ASU 2016-01 address the valuation and impairment of certain equity investments along with simplified disclosures about those investments. Equity securities with readily determinable fair values will be treated in the same manner as other financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of ASU 2016-01 is not expected to have a significant impact on the Company's future consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases" ("ASU 2016-02"). ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities in the balance sheet and disclosure of key information about leasing arrangements. The principal change required by this ASU relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-02 also changes disclosure requirements related to leasing activities and requires certain qualitative disclosures along with specific quantitative disclosures. ASU 2016-02 will be effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of ASU 2016-02 is permitted. The adoption of ASU 2016-02 is not expected to have a significant impact on the Company's future consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The adoption of ASU 2016-09 is not expected to have a significant impact on the Company's future consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 replaces the existing incurred losses methodology for estimating allowances with a current expected credit losses methodology. ASU 2016-13 will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on the Company's future consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 18,003 Fixed-rate 13,760 Standby letters of credit 1,439 Undisbursed loan funds and unused lines of credit 113,145 Total $ 146,347 At September 30, 2016, the Company had firm commitments to sell $3.0 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 depository, the assessment attributable to all public depositories 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 six months ended September 30, 2016 and 2015. The Company is party to litigation arising in the ordinary course of business. In the opinion of management, these actions will not have a material effect, if any, on the Company's future 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) | 6 Months Ended |
Sep. 30, 2016 | |
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, 2016 ("2016 Form 10-K"). The unaudited consolidated results of operations for the six months ended September 30, 2016 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2017. 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 September 30, 2016 presentation; such reclassifications had no effect on net income or total equity previously reported On September 29, 2016, Riverview Bancorp, Inc. and Riverview Community Bank entered into a Purchase and Assumption Agreement ("Agreement") with Merchants Bancorp and its wholly owned subsidiary, MBank, of Gresham, Oregon under which Riverview Community Bank will purchase certain assets and assume certain liabilities of MBank in a cash transaction. As part of the transaction and as provided by the Agreement, Riverview Bancorp, Inc. will assume the obligations of Merchant Bancorp's trust preferred securities. The transaction is subject to regulatory approval, the approval of Merchant Bancorp's shareholders and the satisfaction of customary closing conditions. The transaction is expected to be completed in the quarter ending March 31, 2017. For additional information about the Agreement, see the Riverview Bancorp, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 29, 2016. |
Principles of Consolidation_ Co
Principles of Consolidation: Consolidation Policy (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
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 Trust Company (the "Trust Company") (collectively referred to as the "Company"). On May 24, 2016, Riverview Asset Management Corp. changed its name to Riverview Trust Company. All inter-company transactions and balances have been eliminated in consolidation. During December 2015, the Trust Company repurchased all the remaining shares held by its noncontrolling interest owner. Upon repurchase, these shares were retired. This transaction resulted in the Bank's ownership increasing from 90% to 100%. |
Stock Plans And Stock-Based C24
Stock Plans And Stock-Based Compensation: Share Based Compensation Option and Incentive Plans Policy (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
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 in 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) | 6 Months Ended |
Sep. 30, 2016 | |
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 26
Earnings Per Share: Earnings Per Share Policy, Diluted (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Earnings Per Share Policy, Diluted | Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company's common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options. Shares owned by the Company's ESOP that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted EPS. As of September 30, 2016 and 2015, there were ---49,266 and 73,899 shares, respectively, which had not been allocated under the Company's ESOP. For the three and six months ended September 30, 2016, stock options for 59,000 shares of common stock were excluded in computing diluted EPS because they were antidilutive. For the three and six months ended September 30, 2015, stock options for 220,000 and 223,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive. |
Stock Plans And Stock-Based C27
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Stock Options Outstanding | Six Months Ended September 30, 2016 Six Months Ended September 30, 2015 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, beginning of period 223,654 $ 4.73 424,654 $ 8.00 Options exercised - - (18,000 ) 3.49 Forfeited - - (8,000 ) 12.98 Expired - - (8,000 ) 11.79 Balance, end of period 223,654 $ 4.73 390,654 $ 8.03 |
Stock Plans And Stock-Based C28
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding, less estimated forfeitures (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Stock Options Outstanding, less estimated forfeitures | September 30, 2016 2015 Stock options fully vested and expected to vest: Number 223,654 390,654 Weighted average exercise price $ 4.73 $ 8.03 Aggregate intrinsic value (1) $ 342,000 $ 251,000 Weighted average contractual term of options (years) 3.84 3.09 Stock options fully vested and currently exercisable: Number 223,654 390,654 Weighted average exercise price $ 4.73 $ 8.03 Aggregate intrinsic value (1) $ 342,000 $ 251,000 Weighted average contractual term of options (years) 3.84 3.09 (1) |
Earnings Per Share_ Schedule of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended September 30, Six Months Ended September 30, 2016 2015 2016 2015 Basic EPS computation: Numerator-net income $ 1,680,000 $ 1,652,000 $ 3,377,000 $ 3,247,000 Denominator-weighted average common shares outstanding 22,474,019 22,449,386 22,470,957 22,441,898 Basic EPS $ 0.07 $ 0.07 $ 0.15 $ 0.14 Diluted EPS computation: Numerator-net income $ 1,680,000 $ 1,652,000 $ 3,377,000 $ 3,247,000 Denominator-weighted average common shares outstanding 22,474,019 22,449,386 22,470,957 22,441,898 Effect of dilutive stock options 56,312 40,965 51,587 41,813 Weighted average common shares and common stock equivalents 22,530,331 22,490,351 22,522,544 22,483,711 Diluted EPS $ 0.07 $ 0.07 $ 0.15 $ 0.14 |
Investment Securities_ Investme
Investment Securities: Investment Securities (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Investment Securities | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2016 Available for sale: Trust preferred $ 1,786 $ - $ - $ 1,786 Agency securities 14,006 55 (10 ) 14,051 Real estate mortgage investment conduits (1) 42,091 570 - 42,661 Mortgage-backed securities (1) 75,662 1,175 (15 ) 76,822 Other mortgage-backed securities (2) 16,755 219 (43 ) 16,931 Total available for sale $ 150,300 $ 2,019 $ (68 ) $ 152,251 Held to maturity: Mortgage-backed securities (3) $ 69 $ 2 $ - $ 71 March 31, 2016 Available for sale: Trust preferred $ 1,919 $ - $ (111 ) $ 1,808 Agency securities 19,520 63 (14 ) 19,569 Real estate mortgage investment conduits (1) 43,293 632 (1 ) 43,924 Mortgage-backed securities (1) 75,404 980 (31 ) 76,353 Other mortgage-backed securities (2) 8,875 185 (24 ) 9,036 Total available for sale $ 149,011 $ 1,860 $ (181 ) $ 150,690 Held to maturity: Mortgage-backed securities (3) $ 75 $ 1 $ - $ 76 (1) (2) (3) |
Investment Securities_ Invest31
Investment Securities: Investments Classified by Contractual Maturity Date (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
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 in one year or less $ 1,786 $ 1,786 $ - $ - Due after one year through five years 16,485 16,590 - - Due after five years through ten years 13,871 14,108 62 63 Due after ten years 118,158 119,767 7 8 Total $ 150,300 $ 152,251 $ 69 $ 71 |
Investment Securities_ Schedule
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Available for sale: Agency securities $ 4,989 $ (10 ) $ - $ - $ 4,989 $ (10 ) Mortgage-backed securities (2) 2,936 (2 ) 709 (13 ) 3,645 (15 ) Other mortgage-backed securities (3) 3,872 (23 ) 1,126 (20 ) 4,998 (43 ) Total available for sale $ 11,797 $ (35 ) $ 1,835 $ (33 ) $ 13,632 $ (68 ) March 31, 2016 Available for sale: Trust preferred $ - $ - $ 1,808 $ (111 ) $ 1,808 $ (111 ) Agency securities 5,508 (6 ) 4,991 (8 ) 10,499 (14 ) Real estate mortgage investment conduits (1) 1,636 (1 ) - - 1,636 (1 ) Mortgage-backed securities (2) 831 (10 ) 3,051 (21 ) 3,882 (31 ) Other mortgage-backed securities (3) 1,891 (6 ) 1,229 (18 ) 3,120 (24 ) Total available for sale $ 9,866 $ (23 ) $ 11,079 $ (158 ) $ 20,945 $ (181 ) (1) (2) (3) |
Loans Receivable_ Schedule of A
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Accounts, Notes, Loans and Financing Receivable | September 30, 2016 March 31, 2016 Commercial and construction Commercial business $ 64,176 $ 69,397 Commercial real estate 386,175 353,749 Land 10,671 12,045 Multi-family 26,883 33,733 Real estate construction 45,059 26,731 Total commercial and construction 532,964 495,655 Consumer Real estate one-to-four family 86,321 88,780 Other installment (1) 31,651 40,384 Total consumer 117,972 129,164 Total loans 650,936 624,819 Less: Allowance for loan losses 10,063 9,885 Loans receivable, net $ 640,873 $ 614,934 (1) Consists primarily of purchased automobile loans totaling $29.7 million and $37.4 million at September 30, 2016 and March 31, 2016, respectively. |
Allowance for Loan Losses_ Sche
Allowance for Loan Losses: Schedule of reconciliation of the allowance for loan losses (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of reconciliation of the allowance for loan losses | Three months ended September 30, 2016 Commercial Business Commercial Real Estate Land Multi- Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 902 $ 4,473 $ 312 $ 671 $ 565 $ 2,327 $ 710 $ 9,960 Provision for (recapture of) loan losses 1 216 (264 ) (58 ) 162 (28 ) (29 ) - Charge-offs - - - - - (71 ) - (71 ) Recoveries 6 - 106 - - 62 - 174 Ending balance $ 909 $ 4,689 $ 154 $ 613 $ 727 $ 2,290 $ 681 $ 10,063 Six months ended September 30, 2016 Beginning balance $ 1,048 $ 4,273 $ 325 $ 712 $ 416 $ 2,403 $ 708 $ 9,885 Provision for (recapture of) loan losses (149 ) 414 (359 ) (99 ) 311 (91 ) (27 ) - Charge-offs - - - - - (115 ) - (115 ) Recoveries 10 2 188 - - 93 - 293 Ending balance $ 909 $ 4,689 $ 154 $ 613 $ 727 $ 2,290 $ 681 $ 10,063 Three months ended September 30, 2015 Beginning balance $ 1,469 $ 4,246 $ 502 $ 219 $ 622 $ 2,354 $ 925 $ 10,337 Provision for (recapture of) loan losses (115 ) 47 (74 ) 275 (342 ) (27 ) (64 ) (300 ) Charge-offs - - - - - (59 ) - (59 ) Recoveries 6 - 62 - 6 61 - 135 Ending balance $ 1,360 $ 4,293 $ 490 $ 494 $ 286 $ 2,329 $ 861 $ 10,113 Six months ended September 30, 2015 Beginning balance $ 1,263 $ 4,268 $ 539 $ 348 $ 769 $ 2,548 $ 1,027 $ 10,762 Provision for (recapture of) loan losses 79 25 (172 ) 146 (489 ) (223 ) (166 ) (800 ) Charge-offs - - - - - (73 ) - (73 ) Recoveries 18 - 123 - 6 77 - 224 Ending balance $ 1,360 $ 4,293 $ 490 $ 494 $ 286 $ 2,329 $ 861 $ 10,113 |
Allowance for Loan Losses_ Sc35
Allowance for Loan Losses: Schedule of Impaired Financing Receivables (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Impaired Financing Receivables | Allowance for Loan Losses Recorded Investment In Loans September 30, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 909 $ 909 $ 300 $ 63,876 $ 64,176 Commercial real estate - 4,689 4,689 9,431 376,744 386,175 Land - 154 154 801 9,870 10,671 Multi-family - 613 613 1,709 25,174 26,883 Real estate construction - 727 727 - 45,059 45,059 Consumer 102 2,188 2,290 1,496 116,476 117,972 Unallocated - 681 681 - - - Total $ 102 $ 9,961 $ 10,063 $ 13,737 $ 637,199 $ 650,936 March 31, 2016 Commercial business $ - $ 1,048 $ 1,048 $ 192 $ 69,205 $ 69,397 Commercial real estate - 4,273 4,273 9,802 343,947 353,749 Land - 325 325 801 11,244 12,045 Multi-family - 712 712 1,731 32,002 33,733 Real estate construction - 416 416 - 26,731 26,731 Consumer 110 2,293 2,403 1,678 127,486 129,164 Unallocated - 708 708 - - - Total $ 110 $ 9,775 $ 9,885 $ 14,204 $ 610,615 $ 624,819 |
Allowance for Loan Losses_ Fina
Allowance for Loan Losses: Financing Receivables, Aging of Loans (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Financing Receivables, Aging of Loans | September 30, 2016 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 $ 1 $ - $ - $ 1 $ 64,175 $ 64,176 Commercial real estate 176 - 1,272 1,448 384,727 386,175 Land - - 801 801 9,870 10,671 Multi-family - - - - 26,883 26,883 Real estate construction - - - - 45,059 45,059 Consumer 605 33 254 892 117,080 117,972 Total $ 782 $ 33 $ 2,327 $ 3,142 $ 647,794 $ 650,936 March 31, 2016 Commercial business $ - $ - $ - $ - $ 69,397 $ 69,397 Commercial real estate - - 1,559 1,559 352,190 353,749 Land - - 801 801 11,244 12,045 Multi-family - - - - 33,733 33,733 Real estate construction - - - - 26,731 26,731 Consumer 611 20 334 965 128,199 129,164 Total $ 611 $ 20 $ 2,694 $ 3,325 $ 621,494 $ 624,819 |
Allowance for Loan Losses_ Sc37
Allowance for Loan Losses: Schedule of Credit Quality Indicators (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Credit Quality Indicators | September 30, 2016 Pass Special Mention Substandard Doubtful Loss Total Loans Receivable Commercial business $ 63,593 $ 250 $ 333 $ - $ - $ 64,176 Commercial real estate 377,615 6,818 1,742 - - 386,175 Land 9,870 - 801 - - 10,671 Multi-family 26,871 - 12 - - 26,883 Real estate construction 45,059 - - - - 45,059 Consumer 117,718 - 254 - - 117,972 Total $ 640,726 $ 7,068 $ 3,142 $ - $ - $ 650,936 March 31, 2016 Commercial business $ 68,221 $ 813 $ 363 $ - $ - $ 69,397 Commercial real estate 343,306 7,659 2,784 - - 353,749 Land 9,760 1,484 801 - - 12,045 Multi-family 33,721 - 12 - - 33,733 Real estate construction 26,731 - - - - 26,731 Consumer 128,830 - 334 - - 129,164 Total $ 610,569 $ 9,956 $ 4,294 $ - $ - $ 624,819 |
Allowance for Loan Losses_ Sc38
Allowance for Loan Losses: Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Impaired Loans, Average Recorded Investment and Interest Recognized | September 30, 2016 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 $ 300 $ - $ 300 $ 301 $ - Commercial real estate 9,431 - 9,431 10,498 - Land 801 - 801 807 - Multi-family 1,709 - 1,709 1,847 - Consumer 311 1,185 1,496 1,630 102 Total $ 12,552 $ 1,185 $ 13,737 $ 15,083 $ 102 March 31, 2016 Commercial business $ 192 $ - $ 192 $ 192 $ - Commercial real estate 9,802 - 9,802 10,758 - Land 801 - 801 807 - Multi-family 1,731 - 1,731 1,871 - Consumer 477 1,201 1,678 1,845 110 Total $ 13,003 $ 1,201 $ 14,204 $ 15,473 $ 110 Three Months ended September 30, 2016 Three Months ended September 30, 2015 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 245 $ 6 $ 619 $ 6 Commercial real estate 9,463 97 14,481 133 Land 801 - 801 - Multi-family 1,715 24 1,907 26 Consumer 1,503 16 1,871 20 Total $ 13,727 $ 143 $ 19,679 $ 185 Six Months ended September 30, 2016 Six Months ended September 30, 2015 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 228 $ 9 $ 776 $ 13 Commercial real estate 9,576 194 14,967 266 Land 801 - 801 - Multi-family 1,720 47 1,912 52 Consumer 1,561 31 2,121 36 Total $ 13,886 $ 281 $ 20,577 $ 367 |
Allowance for Loan Losses_ Sc39
Allowance for Loan Losses: Schedule of TDRs by Interest Accrual Status (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of TDRs by Interest Accrual Status | September 30, 2016 March 31, 2016 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ 300 $ - $ 300 $ 192 $ - $ 192 Commercial real estate 8,159 1,272 9,431 8,244 1,289 9,533 Land - 801 801 - 801 801 Multi-family 1,709 - 1,709 1,731 - 1,731 Consumer 1,496 - 1,496 1,678 - 1,678 Total $ 11,664 $ 2,073 $ 13,737 $ 11,845 $ 2,090 $ 13,935 |
Junior Subordinated Debentures_
Junior Subordinated Debentures: Schedule of terms of the current Debentures (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
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 % 2.21 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 2.20 % 9/2037 $ 22,681 (1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36% (2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35% |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Estimated Fair Value Measurements Using September 30, 2016 Total Estimated Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Trust preferred $ 1,786 $ - $ - $ 1,786 Agency securities 14,051 - 14,051 - Real estate mortgage investment conduits 42,661 - 42,661 - Mortgage-backed securities 76,822 - 76,822 - Other mortgage-backed securities 16,931 - 16,931 - Total assets measured at fair value on a recurring basis $ 152,251 $ - $ 150,465 $ 1,786 March 31, 2016 Investment securities available for sale: Trust preferred $ 1,808 $ - $ - $ 1,808 Agency securities 19,569 - 19,569 - Real estate mortgage investment conduits 43,924 - 43,924 - Mortgage-backed securities 76,353 - 76,353 - Other mortgage-backed securities 9,036 - 9,036 - Total assets measured at fair value on a recurring basis $ 150,690 $ - $ 148,882 $ 1,808 |
Fair Value Measurements_ Fair V
Fair Value Measurements: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | For the Six Months Ended September 30, 2016 September 30, 2015 Available for sale securities Available for sale securities Beginning balance $ 1,808 $ 1,812 Transfers into Level 3 - - Included in earnings (1) (132 ) - Included in other comprehensive income 110 (44 ) Ending balance $ 1,786 $ 1,768 (1) |
Fair Value Measurements_ Sche43
Fair Value Measurements: Schedule of Assets measured at fair value on a non-recurring basis (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Assets measured at fair value on a non-recurring basis | Estimated Fair Value Measurements Using September 30, 2016 Total Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans $ 1,084 $ - $ - $ 1,084 Real estate owned ("REO") 255 - - 255 Total assets measured at fair value on a nonrecurring basis $ 1,339 $ - $ - $ 1,339 Estimated Fair Value Measurements Using March 31, 2016 Total Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans $ 1,092 $ - $ - $ 1,092 REO 644 - - 644 Total assets measured at fair value on a nonrecurring basis $ 1,736 $ - $ - $ 1,736 |
Fair Value Measurements_ Fair44
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
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) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Fair Value, Option, Quantitative Disclosures | September 30, 2016 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 93,007 $ 93,007 $ - $ - $ 93,007 Certificates of deposit held for investment 15,275 - 15,414 - 15,414 Loans held for sale 991 - 991 - 991 Investment securities available for sale 152,251 - 150,465 1,786 152,251 Investment securities held to maturity 69 - 71 - 71 Loans receivable, net 640,873 - - 606,184 606,184 FHLB stock 1,060 - 1,060 - 1,060 Liabilities: Demand and savings deposits 724,041 724,041 - - 724,041 Time deposits 114,861 - 114,668 - 114,668 Junior subordinated debentures 22,681 - - 7,969 7,969 Capital lease obligation 2,464 - 2,464 - 2,464 March 31, 2016 Assets: Cash and cash equivalents $ 55,400 $ 55,400 $ - $ - $ 55,400 Certificates of deposit held for investment 16,769 - 16,959 - 16,959 Loans held for sale 503 - 503 - 503 Investment securities available for sale 150,690 - 148,882 1,808 150,690 Investment securities held to maturity 75 - 76 - 76 Loans receivable, net 614,934 - - 571,068 571,068 FHLB stock 1,060 - 1,060 - 1,060 Liabilities: Demand and savings deposits 660,421 660,421 - - 660,421 Time deposits 119,382 - 119,143 - 119,143 Junior subordinated debentures 22,681 - - 7,705 7,705 Capital lease obligation 2,475 - 2,475 - 2,475 |
Commitments and Contingencies_
Commitments and Contingencies: Schedule of significant off-balance sheet commitments (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of significant off-balance sheet commitments | Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 18,003 Fixed-rate 13,760 Standby letters of credit 1,439 Undisbursed loan funds and unused lines of credit 113,145 Total $ 146,347 |
Principles of Consolidation (De
Principles of Consolidation (Details) | Sep. 30, 2016 | Dec. 31, 2015 |
Notes | ||
Ownership percentage | 100.00% | 90.00% |
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 | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Shares | ||
Number of Shares Balance, beginning of period | 223,654 | 424,654 |
Weighted Average Exercise Price Balance, beginning of period | $ 4.73 | $ 8 |
Number of Shares Options exercised | (18,000) | |
Weighted Average Exercise Price Options exercised | $ 3.49 | |
Number of Shares Forfeited | (8,000) | |
Weighted Average Exercise Price Forfeited | $ 12.98 | |
Number of Shares Expired | (8,000) | |
Weighted Average Exercise Price Expired | $ 11.79 | |
Number of Shares Balance, end of period | 223,654 | 390,654 |
Weighted Average Exercise Price Balance, end of period | $ 4.73 | $ 8.03 |
Stock Plans And Stock-Based C49
Stock Plans And Stock-Based Compensation: Schedule of Stock Options Outstanding, less estimated forfeitures (Details) - 2003 Stock Option Plans - USD ($) | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Stock options fully vested and expected to vest Number (in shares) | 223,654 | 390,654 | |
Weighted average exercise price (in dollars per share) | $ 4.73 | $ 8.03 | |
Aggregate intrinsic value (1) | [1] | $ 342,000 | $ 251,000 |
Weighted average contractual term of options (years) | 3 years 10 months 2 days | 3 years 1 month 2 days | |
Stock options fully vested and currently exercisable (in shares) | 223,654 | 390,654 | |
Weighted average exercise price (in dollars per share) | $ 4.73 | $ 8.03 | |
Aggregate intrinsic value (1) | [1] | $ 342,000 | $ 251,000 |
Weighted average contractual term of options (years) | 3 years 1 month 2 days | 3 years 1 month 2 days | |
[1] | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company's stock. |
Stock Plans And Stock-Based C50
Stock Plans And Stock-Based Compensation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Stock-based compensation expense | $ 0 | $ 0 |
Intrinsic value of stock options exercised | $ 0 | $ 16,000 |
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. |
Stock Plans And Stock-Based C51
Stock Plans And Stock-Based Compensation: Share Based Compensation Option and Incentive Plans Policy (Details) | 6 Months Ended |
Sep. 30, 2016shares | |
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 Plans | |
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 in July 2003 and expired in July 2013. |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 0 |
Earnings Per Share_ Schedule 52
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Income (Loss) | $ 1,680,000 | $ 1,652,000 | $ 3,377,000 | $ 3,247,000 |
Weighted average number of shares outstanding, Basic | 22,474,019 | 22,449,386 | 22,470,957 | 22,441,898 |
Basic earnings | $ 0.07 | $ 0.07 | $ 0.15 | $ 0.14 |
Weighted average number of shares outstanding, Diluted | 22,530,331 | 22,490,351 | 22,522,544 | 22,483,711 |
Diluted earnings | $ 0.07 | $ 0.07 | $ 0.15 | $ 0.14 |
EpsComputationMember | ||||
Net Income (Loss) | $ 1,680,000 | $ 1,652,000 | $ 3,377,000 | $ 3,247,000 |
Weighted average number of shares outstanding, Basic | 22,474,019 | 22,449,386 | 22,470,957 | 22,441,898 |
Basic earnings | $ 0.07 | $ 0.07 | $ 0.15 | $ 0.14 |
Weighted average number of shares outstanding, Diluted | 22,474,019 | 22,449,386 | 22,470,957 | 22,441,898 |
Effect of dilutive stock options | 56,312 | 40,965 | 51,587 | 41,813 |
Weighted average common shares and common stock equivalents | 22,530,331 | 22,490,351 | 22,522,544 | 22,483,711 |
Diluted earnings | $ 0.07 | $ 0.07 | $ 0.15 | $ 0.14 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Details | ||||
Number of unallocated ESOP shares | 49,266 | 73,899 | 49,266 | 73,899 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 59,000 | 220,000 | 59,000 | 223,000 |
Investment Securities_ Invest54
Investment Securities: Investment Securities (Details) - Investments - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | ||
Trust preferred | |||
Available-for-sale Securities, Amortized Cost Basis | $ 1,786 | $ 1,919 | |
Unrealized holding gain (loss) on investment securities available for sale | |||
Available-for-sale Securities, Gross Unrealized Loss | (111) | ||
Available For Sale Securities, Estimated Fair Value | 1,786 | 1,808 | |
Agency securities | |||
Available-for-sale Securities, Amortized Cost Basis | 14,006 | 19,520 | |
Unrealized holding gain (loss) on investment securities available for sale | 55 | 63 | |
Available-for-sale Securities, Gross Unrealized Loss | (10) | (14) | |
Available For Sale Securities, Estimated Fair Value | 14,051 | 19,569 | |
Real estate mortgage investment conduits | |||
Available-for-sale Securities, Amortized Cost Basis | [1] | 42,091 | 43,293 |
Unrealized holding gain (loss) on investment securities available for sale | [1] | 570 | 632 |
Available-for-sale Securities, Gross Unrealized Loss | [1] | (1) | |
Available For Sale Securities, Estimated Fair Value | [1] | 42,661 | 43,924 |
Mortgage-backed securities | |||
Available-for-sale Securities, Amortized Cost Basis | [1] | 75,662 | 75,404 |
Unrealized holding gain (loss) on investment securities available for sale | [1] | 1,175 | 980 |
Available-for-sale Securities, Gross Unrealized Loss | [1] | (15) | (31) |
Available For Sale Securities, Estimated Fair Value | [1] | 76,822 | 76,353 |
Other mortgage-backed securities | |||
Available-for-sale Securities, Amortized Cost Basis | [2] | 16,755 | 8,875 |
Unrealized holding gain (loss) on investment securities available for sale | [2] | 219 | 185 |
Available-for-sale Securities, Gross Unrealized Loss | [2] | (43) | (24) |
Available For Sale Securities, Estimated Fair Value | [2] | 16,931 | 9,036 |
Investment | |||
Available-for-sale Securities, Amortized Cost Basis | 150,300 | 149,011 | |
Unrealized holding gain (loss) on investment securities available for sale | 2,019 | 1,860 | |
Available-for-sale Securities, Gross Unrealized Loss | (68) | (181) | |
Available For Sale Securities, Estimated Fair Value | 152,251 | 150,690 | |
Mortgage-backed | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | [3] | 69 | 75 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | [3] | 2 | 1 |
Held-to-maturity Securities, Fair Value | [3] | $ 71 | $ 76 |
[1] | Comprised of Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA") and Ginnie Mae ("GNMA") issued securities. | ||
[2] | Comprised of U.S. Small Business Administration ("SBA") issued securities and commercial real estate ("CRE") secured securities issued by FNMA. | ||
[3] | Comprised of FHLMC and FNMA issued securities. |
Investment Securities_ Invest55
Investment Securities: Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 1,786 | |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 1,786 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 16,485 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 16,590 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 13,871 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 14,108 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 118,158 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 119,767 | |
Available-for-sale Debt Securities, Amortized Cost Basis | 150,300 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 152,251 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 62 | |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 63 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 7 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 8 | |
Held to maturity, at amortized cost (estimated fair value of $71 and $76) | 69 | $ 75 |
Investments | ||
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 71 |
Investment Securities_ Schedu56
Investment Securities: Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses (Details) - Investments - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Mar. 31, 2016 | ||||
Trust preferred | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,808 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (111) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,808 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (111) | ||||
Agency securities | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 4,989 | 5,508 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (10) | (6) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,991 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (8) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,989 | 10,499 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (10) | (14) | |||
Mortgage-backed | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [1] | 2,936 | 831 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | [1] | (2) | (10) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [1] | 709 | 3,051 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | [1] | (13) | (21) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [1] | 3,645 | 3,882 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | [1] | (15) | (31) | ||
Real estate mortgage investment conduits | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [2] | 1,636 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | [2] | (1) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [2] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | [2] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [2] | 1,636 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | [2] | (1) | |||
Other mortgage-backed securities | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,872 | [3] | 1,891 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (23) | [3] | (6) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,126 | [3] | 1,229 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (20) | [3] | (18) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,998 | [3] | 3,120 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (43) | [3] | (24) | ||
Investment | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11,797 | 9,866 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (35) | (23) | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,835 | 11,079 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (33) | (158) | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 13,632 | 20,945 | [3] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ (68) | $ (181) | [3] | ||
[1] | Comprised of FHLMC and FNMA issued securities. | ||||
[2] | Comprised of FHLMC securities. | ||||
[3] | Comprised of SBA issued securities. |
Investment Securities (Details)
Investment Securities (Details) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016USD ($)EntityTDR | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)EntityTDR | Sep. 30, 2015USD ($) | Mar. 31, 2016USD ($) | |
Investment securities gross realized gains from sales | $ 0 | $ 0 | $ 0 | $ 0 | |
Investment securities available for sale pledged as collateral, amortized cost | 12,100,000 | 12,100,000 | $ 10,200,000 | ||
Investment securities available for sale pledged as collateral, fair value | 12,300,000 | 12,300,000 | 10,300,000 | ||
Investment securities held to maturity pledged as collateral, amortized cost | 21,000 | 21,000 | 23,000 | ||
Investment securities held to maturity pledged as collateral, fair value | 21,000 | 21,000 | $ 24,000 | ||
Other than temporary impairment losses, investments, portion recognized in earnings, net | $ 132,000 | $ 132,000 | |||
Number of bank holding companies issuing trust preferred securities | Entity | 15 | 15 | |||
Percentage of defaulted | 51.00% | 51.00% | |||
Percentage of estimated default rate | 43.00% | 43.00% | |||
Fair value discount rate | 10.00% | ||||
Number of trouble debt restructuring contract | TDR | 1 | 1 | |||
Percentage of delinquent loan amount | 75.00% | ||||
Commercial Loan | |||||
Pre-modification outstanding recorded investment amount | $ 116,000 | ||||
post-modification outstanding recorded investment amount | $ 111,000 |
Loans Receivable_ Schedule of58
Loans Receivable: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 | |
Financing Receivable, Gross | $ 650,936 | $ 624,819 | |
Financing receivable, Allowance for Credit Losses | 10,063 | 9,885 | |
Financing Receivable, Net | 640,873 | 614,934 | |
Commercial business | |||
Financing Receivable, Gross | 64,176 | 69,397 | |
Commercial Real Estate | |||
Financing Receivable, Gross | 386,175 | 353,749 | |
Land | |||
Financing Receivable, Gross | 10,671 | 12,045 | |
Multi-Family | |||
Financing Receivable, Gross | 26,883 | 33,733 | |
Real estate construction | |||
Financing Receivable, Gross | 45,059 | 26,731 | |
Commercial And Construction Member | |||
Financing Receivable, Gross | 532,964 | 495,655 | |
Real estate one-to-four family | |||
Financing Receivable, Gross | 86,321 | 88,780 | |
Other installment | |||
Financing Receivable, Gross | 31,651 | [1] | 40,384 |
Consumer Member | |||
Financing Receivable, Gross | $ 117,972 | $ 129,164 | |
[1] | Consists primarily of purchased automobile loans totaling $29.7 million and $37.4 million at September 30, 2016 and March 31, 2016, respectively |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Loans pledged as collateral | $ 441,800 | |
Net deferred loan fees | 3,000 | $ 2,700 |
Total Loans | 650,936 | 624,819 |
Automobile loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total Loans | $ 29,700 | $ 37,400 |
Allowance for Loan Losses_ Sc60
Allowance for Loan Losses: Schedule of reconciliation of the allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | $ 9,960 | $ 10,337 | $ 9,885 | $ 10,762 |
Provision for Loan and Lease Losses | (300) | (800) | ||
Allowance for Loan and Lease Losses, Write-offs | (71) | (59) | (115) | (73) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 174 | 135 | 293 | 224 |
Loans and Leases Receivable, Allowance, Ending Balance | 10,063 | 10,113 | 10,063 | 10,113 |
Commercial business | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 902 | 1,469 | 1,048 | 1,263 |
Provision for Loan and Lease Losses | 1 | (115) | (149) | 79 |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 6 | 6 | 10 | 18 |
Loans and Leases Receivable, Allowance, Ending Balance | 909 | 1,360 | 909 | 1,360 |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 4,473 | 4,246 | 4,273 | 4,268 |
Provision for Loan and Lease Losses | 216 | 47 | 414 | 25 |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 2 | |||
Loans and Leases Receivable, Allowance, Ending Balance | 4,689 | 4,293 | 4,689 | 4,293 |
Land | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 312 | 502 | 325 | 539 |
Provision for Loan and Lease Losses | (264) | (74) | (359) | (172) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 106 | 62 | 188 | 123 |
Loans and Leases Receivable, Allowance, Ending Balance | 154 | 490 | 154 | 490 |
Multi-Family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 671 | 219 | 712 | 348 |
Provision for Loan and Lease Losses | (58) | 275 | (99) | 146 |
Loans and Leases Receivable, Allowance, Ending Balance | 613 | 494 | 613 | 494 |
Real estate construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 565 | 622 | 416 | 769 |
Provision for Loan and Lease Losses | 162 | (342) | 311 | (489) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 6 | 6 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 727 | 286 | 727 | 286 |
Consumer Member | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,327 | 2,354 | 2,403 | 2,548 |
Provision for Loan and Lease Losses | (28) | (27) | (91) | (223) |
Allowance for Loan and Lease Losses, Write-offs | (71) | (59) | (115) | (73) |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 62 | 61 | 93 | 77 |
Loans and Leases Receivable, Allowance, Ending Balance | 2,290 | 2,329 | 2,290 | 2,329 |
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Beginning Balance | 710 | 925 | 708 | 1,027 |
Provision for Loan and Lease Losses | (29) | (64) | (27) | (166) |
Loans and Leases Receivable, Allowance, Ending Balance | $ 681 | $ 861 | $ 681 | $ 861 |
Allowance for Loan Losses_ Sc61
Allowance for Loan Losses: Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 102 | $ 110 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9,961 | 9,775 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 10,063 | 9,885 |
Financing Receivable, Individually Evaluated for Impairment | 13,737 | 14,204 |
Financing Receivable, Collectively Evaluated for Impairment | 637,199 | 610,615 |
Financing Receivable, Evaluated for Impairment | 650,936 | 624,819 |
Commercial business | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 909 | 1,048 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 909 | 1,048 |
Financing Receivable, Individually Evaluated for Impairment | 300 | 192 |
Financing Receivable, Collectively Evaluated for Impairment | 63,876 | 69,205 |
Financing Receivable, Evaluated for Impairment | 64,176 | 69,397 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,689 | 4,273 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 4,689 | 4,273 |
Financing Receivable, Individually Evaluated for Impairment | 9,431 | 9,802 |
Financing Receivable, Collectively Evaluated for Impairment | 376,744 | 343,947 |
Financing Receivable, Evaluated for Impairment | 386,175 | 353,749 |
Land | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 154 | 325 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 154 | 325 |
Financing Receivable, Individually Evaluated for Impairment | 801 | 801 |
Financing Receivable, Collectively Evaluated for Impairment | 9,870 | 11,244 |
Financing Receivable, Evaluated for Impairment | 10,671 | 12,045 |
Multi-Family | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 613 | 712 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 613 | 712 |
Financing Receivable, Individually Evaluated for Impairment | 1,709 | 1,731 |
Financing Receivable, Collectively Evaluated for Impairment | 25,174 | 32,002 |
Financing Receivable, Evaluated for Impairment | 26,883 | 33,733 |
Real estate construction | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 727 | 416 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 727 | 416 |
Financing Receivable, Individually Evaluated for Impairment | ||
Financing Receivable, Collectively Evaluated for Impairment | 45,059 | 26,731 |
Financing Receivable, Evaluated for Impairment | 45,059 | 26,731 |
Consumer Member | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 102 | 110 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,188 | 2,293 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | 2,290 | 2,403 |
Financing Receivable, Individually Evaluated for Impairment | 1,496 | 1,678 |
Financing Receivable, Collectively Evaluated for Impairment | 116,476 | 127,486 |
Financing Receivable, Evaluated for Impairment | 117,972 | 129,164 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 681 | 708 |
Financing Receivable Allowance for Credit Losses, Evaluated for Impairment | $ 681 | $ 708 |
Allowance for Loan Losses_ Fi62
Allowance for Loan Losses: Financing Receivables, Aging of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Financing Receivable Recorded Investment, 30 to 89 days past due | $ 782 | $ 611 |
Financing Receivable Recorded Investment, 90 days and greater, past due | 33 | 20 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,327 | 2,694 |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 3,142 | 3,325 |
Financing Receivable, Recorded Investment, Current | 647,794 | 621,494 |
Loans Receivable, Net | 650,936 | 624,819 |
Commercial business | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 1 | |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 1 | |
Financing Receivable, Recorded Investment, Current | 64,175 | 69,397 |
Loans Receivable, Net | 64,176 | 69,397 |
Commercial Real Estate | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 176 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,272 | 1,559 |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 1,448 | 1,559 |
Financing Receivable, Recorded Investment, Current | 384,727 | 352,190 |
Loans Receivable, Net | 386,175 | 353,749 |
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 | 9,870 | 11,244 |
Loans Receivable, Net | 10,671 | 12,045 |
Multi-Family | ||
Financing Receivable, Recorded Investment, Current | 26,883 | 33,733 |
Loans Receivable, Net | 26,883 | 33,733 |
Real estate construction | ||
Financing Receivable, Recorded Investment, Current | 45,059 | 26,731 |
Loans Receivable, Net | 45,059 | 26,731 |
Consumer Member | ||
Financing Receivable Recorded Investment, 30 to 89 days past due | 605 | 611 |
Financing Receivable Recorded Investment, 90 days and greater, past due | 33 | 20 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 254 | 334 |
Financing Receivable Recorded Investment, Past Due and Non-accrual | 892 | 965 |
Financing Receivable, Recorded Investment, Current | 117,080 | 128,199 |
Loans Receivable, Net | $ 117,972 | $ 129,164 |
Allowance for Loan Losses_ Sc63
Allowance for Loan Losses: Schedule of Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Financing Receivable by Credit Quality Indicator - Pass | $ 640,726 | $ 610,569 |
Financing Receivable by Credit Quality Indicator - Special Mention | 7,068 | 9,956 |
Financing Receivable by Credit Quality Indicator - Substandard | 3,142 | 4,294 |
Financing Receivable by Credit Quality Indicator - Total | 650,936 | 624,819 |
Commercial business | ||
Financing Receivable by Credit Quality Indicator - Pass | 63,593 | 68,221 |
Financing Receivable by Credit Quality Indicator - Special Mention | 250 | 813 |
Financing Receivable by Credit Quality Indicator - Substandard | 333 | 363 |
Financing Receivable by Credit Quality Indicator - Total | 64,176 | 69,397 |
Commercial Real Estate | ||
Financing Receivable by Credit Quality Indicator - Pass | 377,615 | 343,306 |
Financing Receivable by Credit Quality Indicator - Special Mention | 6,818 | 7,659 |
Financing Receivable by Credit Quality Indicator - Substandard | 1,742 | 2,784 |
Financing Receivable by Credit Quality Indicator - Total | 386,175 | 353,749 |
Land | ||
Financing Receivable by Credit Quality Indicator - Pass | 9,870 | 9,760 |
Financing Receivable by Credit Quality Indicator - Special Mention | 1,484 | |
Financing Receivable by Credit Quality Indicator - Substandard | 801 | 801 |
Financing Receivable by Credit Quality Indicator - Total | 10,671 | 12,045 |
Multi-Family | ||
Financing Receivable by Credit Quality Indicator - Pass | 26,871 | 33,721 |
Financing Receivable by Credit Quality Indicator - Substandard | 12 | 12 |
Financing Receivable by Credit Quality Indicator - Total | 26,883 | 33,733 |
Real estate construction | ||
Financing Receivable by Credit Quality Indicator - Pass | 45,059 | 26,731 |
Financing Receivable by Credit Quality Indicator - Total | 45,059 | 26,731 |
Consumer Member | ||
Financing Receivable by Credit Quality Indicator - Pass | 117,718 | 128,830 |
Financing Receivable by Credit Quality Indicator - Substandard | 254 | 334 |
Financing Receivable by Credit Quality Indicator - Total | $ 117,972 | $ 129,164 |
Allowance for Loan Losses_ Impa
Allowance for Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 12,552 | $ 13,003 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,185 | 1,201 |
Impaired Financing Receivable, Recorded Investment | 13,737 | 14,204 |
Impaired Financing Receivable, Unpaid Principal Balance | 15,083 | 15,473 |
Impaired Financing Receivable, Related Allowance | 102 | 110 |
Commercial business | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 300 | 192 |
Impaired Financing Receivable, Recorded Investment | 300 | 192 |
Impaired Financing Receivable, Unpaid Principal Balance | 301 | 192 |
Commercial Real Estate | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 9,431 | 9,802 |
Impaired Financing Receivable, Recorded Investment | 9,431 | 9,802 |
Impaired Financing Receivable, Unpaid Principal Balance | 10,498 | 10,758 |
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 | 807 | 807 |
Multi-Family | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,709 | 1,731 |
Impaired Financing Receivable, Recorded Investment | 1,709 | 1,731 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,847 | 1,871 |
Consumer Member | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 311 | 477 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,185 | 1,201 |
Impaired Financing Receivable, Recorded Investment | 1,496 | 1,678 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,630 | 1,845 |
Impaired Financing Receivable, Related Allowance | $ 102 | $ 110 |
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 | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Impaired Financing Receivable, Average Recorded Investment | $ 13,727 | $ 19,679 | $ 13,886 | $ 20,577 |
Impaired Financing Receivable, Interest Income, Accrual Method | 143 | 185 | 281 | 367 |
Commercial business | ||||
Impaired Financing Receivable, Average Recorded Investment | 245 | 619 | 228 | 776 |
Impaired Financing Receivable, Interest Income, Accrual Method | 6 | 6 | 9 | 13 |
Commercial Real Estate | ||||
Impaired Financing Receivable, Average Recorded Investment | 9,463 | 14,481 | 9,576 | 14,967 |
Impaired Financing Receivable, Interest Income, Accrual Method | 97 | 133 | 194 | 266 |
Land | ||||
Impaired Financing Receivable, Average Recorded Investment | 801 | 801 | 801 | 801 |
Multi-Family | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,715 | 1,907 | 1,720 | 1,912 |
Impaired Financing Receivable, Interest Income, Accrual Method | 24 | 26 | 47 | 52 |
Consumer Member | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,503 | 1,871 | 1,561 | 2,121 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 16 | $ 20 | $ 31 | $ 36 |
Allowance for Loan Losses_ Sc66
Allowance for Loan Losses: Schedule of TDRs by Interest Accrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
TDR by Accrual Status, Accrual | $ 11,664 | $ 11,845 |
TDR by Accrual Status, Non-accrual | 2,073 | 2,090 |
TDR by Accrual Status, Total | 13,737 | 13,935 |
Commercial business | ||
TDR by Accrual Status, Accrual | 300 | 192 |
TDR by Accrual Status, Total | 300 | 192 |
Commercial Real Estate | ||
TDR by Accrual Status, Accrual | 8,159 | 8,244 |
TDR by Accrual Status, Non-accrual | 1,272 | 1,289 |
TDR by Accrual Status, Total | 9,431 | 9,533 |
Land | ||
TDR by Accrual Status, Non-accrual | 801 | 801 |
TDR by Accrual Status, Total | 801 | 801 |
Multi-Family | ||
TDR by Accrual Status, Accrual | 1,709 | 1,731 |
TDR by Accrual Status, Total | 1,709 | 1,731 |
Consumer Member | ||
TDR by Accrual Status, Accrual | 1,496 | 1,678 |
TDR by Accrual Status, Total | $ 1,496 | $ 1,678 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) Contract in Millions | 6 Months Ended | |
Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($) | |
Details | ||
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 for which 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. | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | |
Interest income foregone on non-accrual loans | $ | $ 33,000 | $ 56,000 |
Junior Subordinated Debenture68
Junior Subordinated Debentures: Schedule of terms of the current Debentures (Details) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016USD ($) | ||
Riverview Bancorp Statutory Trust I | ||
Long-term Debt, Gross | $ 7,217 | |
Debt Instrument, Interest Rate Terms | Variable (1) | [1] |
Debt Instrument, Maturity Date, Description | 3/2036 | |
Debt Instrument, date of issuance | 12/2005 | |
Riverview Bancorp Statutory Trust I | Maximum | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.88% | |
Riverview Bancorp Statutory Trust I | Minimum | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.21% | |
Riverview Bancorp Statutory Trust II | ||
Long-term Debt, Gross | $ 15,464 | |
Debt Instrument, Interest Rate Terms | Variable (2) | [2] |
Debt Instrument, Maturity Date, Description | 9/2037 | |
Debt Instrument, date of issuance | 06/2007 | |
Riverview Bancorp Statutory Trust II | Maximum | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.03% | |
Riverview Bancorp Statutory Trust II | Minimum | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.20% | |
[1] | The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36% | |
[2] | The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35% |
Junior Subordinated Debentures
Junior Subordinated Debentures (Details) | Sep. 30, 2016USD ($) |
Details | |
Debentures issued to grantor trusts | $ 22,700,000 |
Common securities issued by grantor trusts | $ 681,000 |
Fair Value Measurements_ Sche70
Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Total assets measured at fair value on a nonrecurring basis | $ 152,251 | $ 150,690 |
Trust preferred | ||
Total assets measured at fair value on a nonrecurring basis | 1,786 | 1,808 |
Agency securities | ||
Total assets measured at fair value on a nonrecurring basis | 14,051 | 19,569 |
Real estate mortgage investment conduits | ||
Total assets measured at fair value on a nonrecurring basis | 42,661 | 43,924 |
Mortgage-backed | ||
Total assets measured at fair value on a nonrecurring basis | 76,822 | 76,353 |
Other mortgage-backed securities | ||
Total assets measured at fair value on a nonrecurring basis | 16,931 | 9,036 |
Fair Value, Inputs, Level 2 | ||
Total assets measured at fair value on a nonrecurring basis | 150,465 | 148,882 |
Fair Value, Inputs, Level 2 | Agency securities | ||
Total assets measured at fair value on a nonrecurring basis | 14,051 | 19,569 |
Fair Value, Inputs, Level 2 | Real estate mortgage investment conduits | ||
Total assets measured at fair value on a nonrecurring basis | 42,661 | 43,924 |
Fair Value, Inputs, Level 2 | Mortgage-backed | ||
Total assets measured at fair value on a nonrecurring basis | 76,822 | 76,353 |
Fair Value, Inputs, Level 2 | Other mortgage-backed securities | ||
Total assets measured at fair value on a nonrecurring basis | 16,931 | 9,036 |
Fair Value, Inputs, Level 3 | ||
Total assets measured at fair value on a nonrecurring basis | 1,786 | 1,808 |
Fair Value, Inputs, Level 3 | Trust preferred | ||
Total assets measured at fair value on a nonrecurring basis | $ 1,786 | $ 1,808 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Details | ||
Fair value measurements, transfer of assets across levels | $ 0 | $ 0 |
Fair Value Measurements_ Fair72
Fair Value Measurements: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 1,808 | $ 1,812 | |
Included in earnings | [1] | (132) | |
Included in other comprehensive income | 110 | (44) | |
Ending balance | $ 1,786 | $ 1,768 | |
[1] | Included in other non-interest income |
Fair Value Measurements_ Sche73
Fair Value Measurements: Schedule of Assets measured at fair value on a non-recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Assets, Fair Value Disclosure, Nonrecurring | $ 1,339 | $ 1,736 |
Impaired loans | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,084 | 1,092 |
Real estate owned | ||
Assets, Fair Value Disclosure, Nonrecurring | 255 | 644 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,339 | 1,092 |
Fair Value, Inputs, Level 3 | Impaired loans | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,084 | 1,092 |
Fair Value, Inputs, Level 3 | Real estate owned | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 255 | $ 644 |
Fair Value Measurements_ Fair74
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | ||
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] | 0.00% | 0.00% |
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] | 0.00% | 0.00% |
[1] | There were no adjustments to these categories as of the periods noted. |
Fair Value Measurements_ Fair75
Fair Value Measurements: Fair Value, Option, Quantitative Disclosures (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Fair Value, Inputs, Level 1 | Cash | ||
Value of Assets | $ 93,007 | $ 55,400 |
Fair Value, Inputs, Level 1 | Demand and savings deposits | ||
Value of Liabilities | 724,041 | 660,421 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Value of Assets | 15,414 | 16,959 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | ||
Value of Assets | 150,465 | 148,882 |
Fair Value, Inputs, Level 2 | Held-to-maturity Securities | ||
Investment securities held to maturity | 71 | 76 |
Fair Value, Inputs, Level 2 | Investment in Federal Home Loan Bank Stock | ||
Value of Assets | 1,060 | 1,060 |
Fair Value, Inputs, Level 2 | Loans held for sale | ||
Value of Assets | 991 | 503 |
Fair Value, Inputs, Level 2 | Time Deposits | ||
Value of Liabilities | 114,668 | 119,143 |
Fair Value, Inputs, Level 2 | Capital lease obligation | ||
Value of Liabilities | 2,464 | 2,475 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | ||
Value of Assets | 1,786 | 1,808 |
Fair Value, Inputs, Level 3 | Loans Receivable | ||
Value of Assets | 606,184 | 571,068 |
Fair Value, Inputs, Level 3 | Subordinated Debt Obligations | ||
Value of Liabilities | 7,969 | 7,705 |
Estimate of Fair Value, Fair Value Disclosure | Cash | ||
Value of Assets | 93,007 | 55,400 |
Estimate of Fair Value, Fair Value Disclosure | Certificates of Deposit | ||
Value of Assets | 15,414 | 16,959 |
Estimate of Fair Value, Fair Value Disclosure | Available-for-sale Securities | ||
Value of Assets | 152,251 | 150,690 |
Estimate of Fair Value, Fair Value Disclosure | Held-to-maturity Securities | ||
Investment securities held to maturity | 71 | 76 |
Estimate of Fair Value, Fair Value Disclosure | Loans Receivable | ||
Value of Assets | 606,184 | 571,068 |
Estimate of Fair Value, Fair Value Disclosure | Investment in Federal Home Loan Bank Stock | ||
Value of Assets | 1,060 | 1,060 |
Estimate of Fair Value, Fair Value Disclosure | Demand and savings deposits | ||
Value of Liabilities | 724,041 | 660,421 |
Estimate of Fair Value, Fair Value Disclosure | Subordinated Debt Obligations | ||
Value of Liabilities | 7,969 | 7,705 |
Estimate of Fair Value, Fair Value Disclosure | Loans held for sale | ||
Value of Assets | 991 | 503 |
Estimate of Fair Value, Fair Value Disclosure | Time Deposits | ||
Value of Liabilities | 114,668 | 119,143 |
Estimate of Fair Value, Fair Value Disclosure | Capital lease obligation | ||
Value of Liabilities | 2,464 | 2,475 |
Carry Value | Cash | ||
Value of Assets | 93,007 | 55,400 |
Carry Value | Certificates of Deposit | ||
Value of Assets | 15,275 | 16,769 |
Carry Value | Available-for-sale Securities | ||
Value of Assets | 152,251 | 150,690 |
Carry Value | Held-to-maturity Securities | ||
Investment securities held to maturity | 69 | 75 |
Carry Value | Loans Receivable | ||
Value of Assets | 640,873 | 614,934 |
Carry Value | Investment in Federal Home Loan Bank Stock | ||
Value of Assets | 1,060 | 1,060 |
Carry Value | Demand and savings deposits | ||
Value of Liabilities | 724,041 | 660,421 |
Carry Value | Subordinated Debt Obligations | ||
Value of Liabilities | 22,681 | 22,681 |
Carry Value | Loans held for sale | ||
Value of Assets | 991 | 503 |
Carry Value | Time Deposits | ||
Value of Liabilities | 114,861 | 119,382 |
Carry Value | Capital lease obligation | ||
Value of Liabilities | $ 2,464 | $ 2,475 |
Commitments and Contingencies76
Commitments and Contingencies: Schedule of significant off-balance sheet commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Total | ||
CommitmentsToOriginateLoansMember | ||
Commitments to originate loans, Adjustable Rate | 18,003 | |
Commitments to originate loans, Fixed Rate | 13,760 | |
Standby letters of credit | 1,439 | |
Undisbursed loan funds, and unused lines of credit | 113,145 | |
Total | $ 146,347 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 6 Months Ended | |
Sep. 30, 2016USD ($) | ||
Details | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | $ 3 | [1] |
Loans under warranty | $ 116.8 | [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. |