Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Jun. 13, 2018 | Sep. 30, 2017 | |
Document and Entity Information: | |||
Entity Registrant Name | RIVERVIEW BANCORP INC | ||
Entity Central Index Key | 1,041,368 | ||
Trading Symbol | rvsb | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 22,570,179 | ||
Entity Public Float | $ 189,284,861 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
ASSETS | ||
Cash and cash equivalents (including interest-earning accounts of $30,052 and $46,245) | $ 44,767 | $ 64,613 |
Certificates of deposit held for investment | 5,967 | 11,042 |
Loans held for sale | 210 | 478 |
Investment securities: | ||
Available for sale, at estimated fair value | 213,221 | 200,214 |
Held to maturity, at amortized cost (estimated fair value of $43 and $66) | 42 | 64 |
Loans receivable (net of allowance for loan losses of $10,766 and $10,528) | 800,610 | 768,904 |
Real estate owned ("REO") | 298 | 298 |
Prepaid expenses and other assets | 3,870 | 3,815 |
Accrued interest receivable | 3,477 | 2,941 |
Federal Home Loan Bank stock, at cost | 1,353 | 1,181 |
Premises and equipment, net | 15,783 | 16,232 |
Deferred income taxes, net | 4,813 | 7,610 |
Mortgage servicing rights, net | 388 | 398 |
Goodwill | 27,076 | 27,076 |
Core deposit intangible ("CDI"), net | 1,103 | 1,335 |
Bank owned life insurance ("BOLI") | 28,557 | 27,738 |
TOTAL ASSETS | 1,151,535 | 1,133,939 |
LIABILITIES: | ||
Deposits | 995,691 | 980,058 |
Accrued expenses and other liabilities | 9,391 | 13,080 |
Advance payments by borrowers for taxes and insurance | 637 | 693 |
Junior subordinated debentures | 26,484 | 26,390 |
Capital lease obligation | 2,431 | 2,454 |
Total liabilities | 1,034,634 | 1,022,675 |
COMMITMENTS AND CONTINGENCIES (See Note 18) | ||
SHAREHOLDERS' EQUITY: | ||
Serial preferred stock, $.01 par value; 250,000 authorized; issued and outstanding: none | ||
Common stock, $.01 par value; 50,000,000 authorized March 31, 2018 - 22,570,179 issued and outstanding March 31, 2017 - 22,510,890 issued and outstanding | 226 | 225 |
Additional paid-in capital | 64,871 | 64,468 |
Retained earnings | 56,552 | 48,335 |
Unearned shares issued to employee stock ownership plan ("ESOP") | (77) | |
Accumulated other comprehensive loss | (4,748) | (1,687) |
Total shareholders' equity | 116,901 | 111,264 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,151,535 | $ 1,133,939 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Interest-earning accounts included in cash (in dollars) | $ 30,052 | $ 46,245 |
Fair value of mortgage-backed securities held to maturity (in dollars) | 43 | 66 |
Allowance for loan losses (in dollars) | $ 10,766 | $ 10,528 |
Serial preferred stock, par value (in dollars 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 (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 22,570,179 | 22,510,890 |
Common stock, shares outstanding | 22,570,179 | 22,510,890 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
INTEREST AND DIVIDEND INCOME: | |||
Interest and fees on loans receivable | $ 39,659 | $ 31,609 | $ 27,795 |
Interest on investment securities - taxable | 4,648 | 3,550 | 2,709 |
Interest on investment securities - nontaxable | 95 | 25 | |
Other interest and dividends | 558 | 443 | 444 |
Total interest and dividend income | 44,960 | 35,627 | 30,948 |
INTEREST EXPENSE: | |||
Interest on deposits | 1,208 | 1,151 | 1,173 |
Interest on borrowings | 1,141 | 718 | 569 |
Total interest expense | 2,349 | 1,869 | 1,742 |
Net interest income | 42,611 | 33,758 | 29,206 |
Recapture of loan losses | (1,150) | ||
Net interest income after recapture of loan losses | 42,611 | 33,758 | 30,356 |
NON-INTEREST INCOME: | |||
Fees and service charges | 5,779 | 5,177 | 4,846 |
Asset management fees | 3,448 | 2,988 | 3,212 |
Net gains on sales of loans held for sale | 641 | 656 | 525 |
BOLI | 819 | 760 | 770 |
Other, net | 317 | 433 | 22 |
Total non-interest income, net | 11,004 | 10,014 | 9,375 |
NON-INTEREST EXPENSE: | |||
Salaries and employee benefits | 21,743 | 19,356 | 17,694 |
Occupancy and depreciation | 5,454 | 4,819 | 4,727 |
Data processing | 2,313 | 2,111 | 1,775 |
Amortization of CDI | 232 | 27 | 2 |
Advertising and marketing | 747 | 754 | 669 |
FDIC insurance premium | 476 | 356 | 500 |
State and local taxes | 605 | 609 | 510 |
Telecommunications | 417 | 317 | 292 |
Professional fees | 1,181 | 1,628 | 904 |
REO | 12 | 54 | 567 |
Litigation settlement | 500 | 100 | |
Other | 2,438 | 2,450 | 2,207 |
Total non-interest expense | 35,618 | 32,981 | 29,947 |
INCOME BEFORE INCOME TAXES | 17,997 | 10,791 | 9,784 |
PROVISION FOR INCOME TAXES | 7,755 | 3,387 | 3,426 |
NET INCOME | $ 10,242 | $ 7,404 | $ 6,358 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.45 | $ 0.33 | $ 0.28 |
Diluted (in dollars per share) | $ 0.45 | $ 0.33 | $ 0.28 |
Weighted average number of shares outstanding: | |||
Basic (in shares) | 22,531,480 | 22,478,306 | 22,450,252 |
Diluted (in shares) | 22,618,330 | 22,548,340 | 22,494,151 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statements of Comprehensive Income | |||
Net income | $ 10,242 | $ 7,404 | $ 6,358 |
Other comprehensive income (loss): | |||
Net unrealized holding gain (loss) from available for sale investment securities arising during the period, net of tax of $871, $1,581 and ($203), respectively | (2,719) | (2,872) | 321 |
Reclassification adjustment for other than temporary impairment ("OTTI") of available for sale investment security included in income, net of tax of $0, ($85) and $0, respectively | 155 | ||
Reclassification adjustment of net gain from sale of available for sale investment securities included in income, net of tax of $0, $29 and $0, respectively | (53) | ||
Total other comprehensive income (loss), net | (2,719) | (2,770) | 321 |
Noncontrolling interest | 47 | ||
Total comprehensive income | $ 7,523 | $ 4,634 | $ 6,726 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statements of Comprehensive Income | |||
Tax effect of unrealized holding gain (loss) from available for sale securities | $ 871 | $ 1,581 | $ (203) |
Tax effect of reclassification adjustment for other than temporary impairment ("OTTI") of available for sale investment security included in income | 0 | (85) | 0 |
Tax effect of reclassification adjustment of net gain from sale of available for sale investment securities included in income | $ 0 | $ 29 | $ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned Shares Issued to ESOP | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total |
Balance at Mar. 31, 2015 | $ 225 | $ 65,268 | $ 37,830 | $ (284) | $ 762 | $ 536 | $ 104,337 |
Balance (in shares) at Mar. 31, 2015 | 22,489,890 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 6,358 | 6,358 | |||||
Purchase of subsidiary shares from noncontrolling interest | (919) | (583) | (1,502) | ||||
Cash dividend on common stock (($0.105, ($0.08 and $$0.065 per share for MARCH 31, 2018, 2017 and 2016, respectively) | (1,460) | (1,460) | |||||
Exercise of stock options | 62 | $ 62 | |||||
Exercise of stock options (in shares) | 18,000 | 18,000 | |||||
Earned ESOP shares | 7 | 103 | $ 110 | ||||
Other comprehensive income (loss), net | 321 | 321 | |||||
Noncontrolling interest | $ 47 | 47 | |||||
Balance at Mar. 31, 2016 | $ 225 | 64,418 | 42,728 | (181) | 1,083 | 108,273 | |
Balance (in shares) at Mar. 31, 2016 | 22,507,890 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 7,404 | 7,404 | |||||
Cash dividend on common stock (($0.105, ($0.08 and $$0.065 per share for MARCH 31, 2018, 2017 and 2016, respectively) | (1,797) | (1,797) | |||||
Exercise of stock options | 11 | $ 11 | |||||
Exercise of stock options (in shares) | 3,000 | 3,000 | |||||
Earned ESOP shares | 39 | 104 | $ 143 | ||||
Other comprehensive income (loss), net | (2,770) | (2,770) | |||||
Balance at Mar. 31, 2017 | $ 225 | 64,468 | 48,335 | (77) | (1,687) | 111,264 | |
Balance (in shares) at Mar. 31, 2017 | 22,510,890 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 10,242 | 10,242 | |||||
Cash dividend on common stock (($0.105, ($0.08 and $$0.065 per share for MARCH 31, 2018, 2017 and 2016, respectively) | (2,367) | (2,367) | |||||
Exercise of stock options | $ 1 | 244 | $ 245 | ||||
Exercise of stock options (in shares) | 59,289 | 59,289 | |||||
Stock-based compensation expense | 88 | $ 88 | |||||
Earned ESOP shares | 71 | $ 77 | 148 | ||||
Other comprehensive income (loss), net | (2,719) | (2,719) | |||||
Balance at Mar. 31, 2018 | $ 226 | $ 64,871 | 56,552 | (4,748) | $ 116,901 | ||
Balance (in shares) at Mar. 31, 2018 | 22,570,179 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification of certain stranded income tax effects as a result of change in federal corporate income tax rate (see Note 1) | $ 342 | $ (342) |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividend per share | $ 0.105 | $ 0.08 | $ 0.065 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 10,242 | $ 7,404 | $ 6,358 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,917 | 2,746 | 2,597 |
Purchased loans amortization (accretion), net | (277) | 441 | 697 |
Recapture of loan losses | (1,150) | ||
Provision for deferred income taxes | 3,668 | 3,103 | 3,175 |
Expense related to ESOP | 148 | 143 | 110 |
Stock-based compensation expense | 88 | ||
Increase in deferred loan origination fees, net of amortization | 498 | 543 | 585 |
Origination of loans held for sale | (20,502) | (21,032) | (15,768) |
Proceeds from sales of loans held for sale | 21,204 | 21,477 | 16,398 |
Writedown of REO | 30 | 369 | |
Loss on impairment of investment security | 240 | ||
Net gains on loans held for sale, sales and transfer of REO, sales of investment securities and sales of premises and equipment | (725) | (731) | (321) |
Income from BOLI | (819) | (760) | (770) |
BOLI death benefit in excess of cash surrender value | (423) | ||
Changes in certain other assets and liabilities: | |||
Prepaid expenses and other assets | (212) | (369) | (239) |
Accrued interest receivable | (536) | (291) | (245) |
Accrued expenses and other liabilities | (3,755) | 5,538 | (718) |
Net cash provided by operating activities | 11,939 | 18,059 | 11,078 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Loan repayments (originations), net | 11,156 | (37,103) | (30,686) |
Purchases of loans receivable | (43,016) | (5,746) | (15,618) |
Principal repayments on investment securities available for sale | 28,569 | 29,782 | 21,860 |
Purchases of investment securities available for sale | (47,494) | (92,418) | (60,679) |
Proceeds from calls, maturities, and sales of investment securities available for sale | 950 | 7,261 | |
Principal repayments on investment securities held to maturity | 22 | 11 | 11 |
Purchases of premises and equipment and capitalized software | (753) | (598) | (366) |
Redemption of certificates of deposit held for investment, net | 5,075 | 5,727 | 9,200 |
(Purchase) redemption of Federal Home Loan Bank stock, net | (172) | (121) | 4,864 |
Cash acquired, net of cash consideration paid in business combination | 15,116 | ||
Proceeds from death benefit on BOLI | 1,236 | ||
Proceeds from sales of REO and premises and equipment | 81 | 262 | 753 |
Net cash used in investing activities | (45,582) | (76,591) | (70,661) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in deposits | 15,771 | 69,470 | 58,953 |
Purchase of subsidiary shares from noncontrolling interest | (1,502) | ||
Dividends paid | (2,140) | (1,799) | (1,261) |
Proceeds from borrowings | 55,980 | 23,200 | 4,100 |
Repayment of borrowings | (55,980) | (23,200) | (4,100) |
Net increase (decrease) in advance payments by borrowers | (56) | 84 | 114 |
Principal payments under capital lease obligation | (23) | (21) | (42) |
Proceeds from exercise of stock options | 245 | 11 | 62 |
Net cash provided by financing activities | 13,797 | 67,745 | 56,324 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (19,846) | 9,213 | (3,259) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 64,613 | 55,400 | 58,659 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 44,767 | 64,613 | 55,400 |
Cash paid during the year for: | |||
Interest | 2,176 | 1,655 | 1,570 |
Income taxes | 3,280 | 285 | 239 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Dividends declared and accrued in other liabilities | 677 | 450 | 452 |
Transfer of loans to REO | 298 | ||
Adjustment to capital lease obligation and premises and equipment due to lease modification | 241 | ||
Other comprehensive income (loss) | (3,590) | (4,295) | 524 |
Income tax effect related to other comprehensive income (loss) | $ 871 | 1,525 | $ (203) |
Business combinations (See Note 3) | |||
Fair value of assets acquired | (145,386) | ||
Fair value of liabilities assumed | $ 134,810 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation At March 31, 2018, the Trust Company had 2,500 Trust Company stock options outstanding which had been granted to the President and Chief Executive Officer of the Trust Company. During the year ended March 31, 2018, the Trust Company incurred $88,000 of stock-based compensation expense related to these options. None of the Trust Company stock options were exercised during the year ended March 31, 2018. On February 17, 2017, Riverview Bancorp, Inc. and the Bank completed a purchase and assumption transaction in which the Bank purchased certain assets and assumed certain liabilities of MBank, the wholly-owned subsidiary of Merchants Bancorp (the "MBank transaction"). In addition, as part of the MBank transaction, Riverview Bancorp, Inc. assumed the obligations of Merchant Bancorp's trust preferred securities. The MBank transaction was accounted for as a business combination pursuant to accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The results of operations of the acquired assets and assumed liabilities have been included in the Company's consolidated financial statements as of and for the periods since the acquisition date. See Note 3 for additional discussion. The Company has three subsidiary grantor trusts which were established in connection with the issuance of trust preferred securities (see Note 11). In accordance with GAAP, the accounts and transactions of the trusts are not included in the accompanying consolidated financial statements. Nature of Operations Business segments Use of Estimates in the Preparation of Financial Statements Cash and Cash Equivalents Certificates of Deposit Held for Investment Loans Held for Sale Gains or losses on sales of loans held for sale are recognized at the time of sale and are determined by the difference between the net sales proceeds and the allocated basis of these loans sold. The Company capitalizes mortgage servicing rights ("MSRs") acquired through the sale of originated mortgage loans or the securitization of mortgage loans with servicing rights retained. Upon sale of mortgage loans held for sale, the total cost of the loans designated for sale is allocated to mortgage loans with and without MSRs based on their relative fair values. The MSRs are included as a component of net gains on sales of loans held for sale. The MSRs are amortized in proportion to and over the estimated period of the net servicing income and such amortization is reflected as a component of loan servicing income and is included in the consolidated statements of income in other non-interest income. Investment Securities The Company analyzes investment securities for OTTI on a quarterly basis. OTTI is separated into a credit component and noncredit component. Credit component losses are reported in non-interest income when the present value of expected future cash flows is less than the amortized cost. Noncredit component losses are recorded in other comprehensive income (loss) when the Company (1) does not intend to sell the security or (2) is not more likely than not to have to sell the security prior to the security's anticipated recovery. If the Company is likely to sell an investment security, any noncredit component losses are recognized and are reported in non-interest income. Loans Receivable Loans are reviewed regularly and it is the Company's general policy that a loan is past due when it is 30 days to 89 days delinquent. In general, when a loan is 90 days delinquent or when collection of principal or interest appears doubtful, it is placed on non-accrual status, at which time the accrual of interest ceases and a reserve for unrecoverable accrued interest is established and charged against operations. As a general practice, payments received on non-accrual loans are applied to reduce the outstanding principal balance on a cost recovery method. Also as a general practice, a loan is not removed from non-accrual status until all delinquent principal, interest and late fees have been brought current and the borrower has demonstrated a history of performance based upon the contractual terms of the note. A history of repayment performance generally would be a minimum of six months. Loan origination and commitment fees and certain direct loan origination costs are deferred and amortized as an adjustment of the yield of the related loan. Acquired Loans – For purchased non-credit-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the life of the loans. Any subsequent deterioration in credit quality is recognized by recording an allowance for loan losses. Allowance for Loan Losses 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 loan 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, uncertainties in identifying triggering events that directly correlate to subsequent loss rates, changes in appraised value of underlying collateral, risk factors that have not yet manifested themselves in loss allocation factors and historical loss experience data that may not precisely correspond to the current loan 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 loan portfolio. The appropriate allowance level is estimated based upon factors and trends identified by the Company as of the date of the filing of the consolidated financial statements. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for loan losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; 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. A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due (principal and interest) according to the contractual terms of the loan agreement. Typically, factors used in determining if a loan is impaired include, but are not limited to, whether the loan is 90 days or more delinquent, internally designated as substandard or worse, on non-accrual status or represents a troubled debt restructuring ("TDR"). The majority of the Company's impaired loans are considered collateral dependent. When a loan is considered collateral dependent, impairment is measured using the estimated value of the underlying collateral, less any prior liens, and when applicable, less estimated selling costs. For impaired loans that are not collateral dependent, impairment is measured using the present value of expected future cash flows, discounted at the loan's original effective interest rate. When the estimated net realizable value of the impaired loan is less than the recorded investment in the loan (including accrued interest, net deferred loan fees or costs, and unamortized premium or discount), an impairment is recognized by adjusting an allocation of the allowance for loan losses. Subsequent to the initial allocation of allowance to the individual loan, the Company may conclude that it is appropriate to record a charge-off of the impaired portion of the loan. When a charge-off is recorded, the loan balance is reduced and the specific allowance is eliminated. Generally, when a collateral dependent loan is initially measured for impairment and has not had an appraisal of the collateral in the last six months, the Company obtains an updated market valuation. Subsequently, the Company generally obtains an updated market valuation of the collateral on an annual basis. The collateral valuation may occur more frequently if the Company determines that there is an indication that the market value may have declined. In accordance with the Company's policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent six months or more that have not received at least 75% of their required monthly payments 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 are 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. A provision for loan losses is charged against income and is added to the allowance for loan losses based on regular assessments of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety. 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 examinations. Allowance for Unfunded Loan Commitments Real Estate Owned ("REO") Federal Home Loan Bank Stock stock amount of the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. The Company evaluated its investment in FHLB stock for OTTI, consistent with its accounting policy. Based on the Company's evaluation, the Company determined there is not any OTTI on its FHLB stock at March 31, 2018. Premises and Equipment The Company's capitalized lease, net of accumulated amortization is included in premises and equipment. The capitalized lease is amortized on a straight-line basis over the lease term and the amortization is included in depreciation and amortization expense. MSRs – The Company records its originated MSRs at fair value in accordance with GAAP, which requires the Company to allocate the total cost of all mortgage loans sold between the MSRs and the loans (without the MSRs) based on their relative fair values if it is practicable to estimate those fair values. The Company stratifies its MSRs based on the predominant characteristics of the underlying financial assets including the coupon interest rate and the contractual maturity of the mortgage. An estimated fair value of MSRs is determined quarterly using a discounted cash flow model. The model estimates the present value of the future net cash flows of the servicing loan portfolio based on various factors, such as servicing costs, servicing income, expected prepayment speeds, discount rate, loan maturity and interest rate. Market sources are used to determine prepayment speeds, ancillary income, servicing cost and pre-tax required yield. The effect of changes in market interest rates on estimated rates of loan prepayments represents the predominant risk characteristic underlying the MSRs portfolio. The Company is amortizing the MSRs in proportion to and over the period of estimated net servicing income. MSRs are reviewed quarterly for impairment based on their estimated fair value. The estimated fair value of the MSRs, for the purposes of impairment, is measured using the methods described above. Impairment losses are recognized through a valuation allowance for each impaired stratum, with any associated provision recorded as a component of loan servicing income. Business Combinations, CDI and Goodwill – CDI represents the value assigned to demand, interest checking, money market and savings accounts acquired as part of an acquisition. CDI represents the future economic benefit of the potential cost savings from acquiring core deposits as part of an acquisition compared to the cost of alternative funding sources. CDI is amortized to non-interest expense using an accelerated method based on an estimated runoff of related deposits over a period of ten years. CDI is evaluated for impairment and recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life. The Company recorded CDI of approximately $1.36 million in connection with the assumption of the MBank deposits during the year ended March 31, 2017 (see Note 3). At both March 31, 2018 and 2017, gross CDI was $1.36 million. At March 31, 2018 and 2017, accumulated amortization was $260,000 and $27,000, respectively. The estimated amortization expense for CDI in future years is estimated to be $183,000, $160,000, $140,000, $125,000, $116,000, and $379,000 for the years ended March 31, 2019, 2020, 2021, 2022, 2023 and thereafter, respectively. Goodwill and certain other intangibles generally arise from business combinations. Goodwill and other intangibles generated from business combinations that are deemed to have indefinite lives are not subject to amortization and are instead tested for impairment not less than annually. The Company performs an annual review in the third quarter of each year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. BOLI Advertising and Marketing Income Taxes Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. The Company files a consolidated federal income tax return. The Bank provides for income taxes separately and remits to the Company amounts currently due. Transfers of financial assets Trust Assets Earnings Per Share Stock-Based Compensation ESOP New Accounting Pronouncements – In January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). ASU 2016-01 generally requires equity investments – except those accounted for under the equity method of accounting or those that result in consolidation of the investee – to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 also eliminates certain disclosures related to the fair value of financial instruments and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this ASU on April 1, 2018. The adoption of ASU 2016-01 is not expected to have a material 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 ASU 2016-02 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 generally on a 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 is 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 effect of adoption will depend on leases at the time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under non-cancelable operating lease agreements; however, based on current leases, the adoption of ASU 2016-02 is not expected to have a material 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 with respect 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. In addition, ASU 2016-13 requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of carrying amount. ASU 2016-13 also changes the accounting for PCI debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU 2016-13 and expects to begin developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, management anticipates the allowance for loan losses will increase as a result of the implementation of ASU 2016-13; however, until its evaluation is complete, the magnitude of the increase will be unknown. In January 2017, the FASB issued ASU 2017-04, "Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of ASU 2017-04 is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, "Receivables – Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-08 is not expected to have a material impact on the Company's future consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, "Compensation – Stock Compensation: Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. According to ASU 2017-09, an entity should account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award is the same after the modification as compared to the original award prior to the modification. ASU 2017-09 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this ASU on April 1, 2018. The adoption of ASU 2017-09 is not expected to have a material impact on the Company's future consolidated financial statements . In February 2018, the FASB issued ASU 2018-02, "Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"). ASU 2018-02 allows a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act ("the Tax Act") (see Note 12). The amount of the reclassification would be calculated on the basis of the difference between the historical and newly enacted tax rates for deferred tax liabilities and assets related to items within AOCI. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and early adoption is permitted. ASU 2018-02 should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the federal corporate tax rate is recognized. The Company elected to early adopt ASU 2018-02 and, as a result, reclassified $342,000 of stranded tax effects from AOCI to retained earnings in the fourth quarter of the fiscal year ended March 31, 2018 . Reclassifications |
RESTRICTED ASSETS
RESTRICTED ASSETS | 12 Months Ended |
Mar. 31, 2018 | |
Other Restricted Assets [Abstract] | |
RESTRICTED ASSETS | 2. RESTRICTED ASSETS Regulations of the Board of Governors of the Federal Reserve System require that the Bank maintain minimum reserve balances either on hand or on deposit with the Federal Reserve Bank of San Francisco ("FRB") based on a percentage of deposits. The amounts of such balances as of March 31, 2018 and 2017 were $1.7 million and $2.5 million, respectively, which were in compliance with the minimum reserve requirements. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | 3. BUSINESS COMBINATIONS On February 17, 2017, the Company acquired certain assets and assumed certain liabilities of Merchants Bancorp and its wholly-owned subsidiary, MBank. MBank provided community banking services to individuals and businesses from banking offices in the Portland, Oregon metropolitan area. As a result of the MBank transaction, the Company has increased its presence in the Portland, Oregon metropolitan area and further diversified its loan, customer and deposit base. Total consideration paid under the MBank transaction consisted of $12.1 million in cash. There were no transfers of common stock or other equity instruments in connection with the MBank transaction, and the Company did not obtain any equity interests in Merchants Bancorp or MBank. The acquired assets and assumed liabilities were recorded in the Company's consolidated balance sheets at their estimated fair values as of the February 17, 2017 transaction date, and the related results of operations have been included in the Company's consolidated statements of income since the transaction date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired was recorded as goodwill. The goodwill arising from the transaction consists largely of the synergies and economies of scale expected from combining the operations of the Company and the acquired business. In most instances, determining the estimated fair values of the acquired assets and assumed liabilities required the Company to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at the appropriate rate of interest. Differences may arise between contractually required payments and the expected cash flows at the acquisition date due to items such as estimated credit losses, prepayments or early withdrawals, and other factors. The most significant of those determinations related to the valuation of acquired loans. For such loans, the excess of cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans. In accordance with GAAP, there was no carry-over of MBank's previously established allowance for loan losses. Goodwill is expected to be fully deductible for income tax purposes as, under the terms of the MBank transaction, the Company purchased certain assets and assumed certain liabilities of MBank but did not acquire any equity or other ownership interests. The following table summarizes the fair value of consideration transferred, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction (in thousands): At February 17, 2017 Book Value Fair Value Adjustment Estimated Fair Value Cash consideration transferred $ 12,080 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired Cash and cash equivalents $ 27,196 $ - 27,196 Loans receivable 115,283 (3,258 ) 112,025 CDI - 1,363 1,363 Premises and equipment 1,769 399 2,168 BOLI 2,113 - 2,113 Accrued interest receivable and other assets 431 90 521 Total identifiable assets acquired 146,792 (1,406 ) 145,386 Liabilities assumed Deposits 130,572 235 130,807 Junior subordinated debentures 5,155 (1,468 ) 3,687 Accrued expenses and other liabilities 293 23 316 Total liabilities assumed 136,020 (1,210 ) 134,810 Total identifiable net assets acquired $ 10,772 $ (196 ) 10,576 Goodwill recognized $ 1,504 The acquired loan portfolio was valued using Level 3 inputs (see Note 17) and included the use of present value techniques (including cash flow estimates) and incorporated assumptions that the Company believes marketplace participants would use in estimating fair values. The operating results of the Company for the years ended March 31, 2018 and 2017 included operating results produced by the MBank transaction for the year ended March 31, 2018 and the period from February 17, 2017 to March 31, 2017, respectively. Disclosure of the amount of MBank's revenue and net income (excluding integration costs) included in the Company's consolidated statements of income is impracticable due to the integration of the operations and accounting for the transaction. For illustrative purposes only, the following table presents certain unaudited pro forma information for the year ended March 31, 2017. This unaudited estimated pro forma financial information was calculated as if MBank had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of MBank with the Company's consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the transaction occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value. Additionally, the Company expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the transaction, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented (in thousands): For the Year Ended March 31, Unaudited Pro Forma 2017 2016 Total revenues (net interest income plus non-interest income) $ 49,290 $ 45,261 Net income 9,277 8,260 The following table shows the impact of the acquisition-related expenses related to the MBank transaction for the year ended March 31, 2017 to the various components of noninterest expense (in thousands): Salaries and employee benefits $ 26 Occupancy and depreciation 6 Data processing 63 Professional fees 653 Total impact of acquisition related costs to noninterest expense $ 748 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 4. 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 March 31, 2018 Available for sale: Municipal securities $ 9,041 $ - $ (309 ) $ 8,732 Agency securities 22,412 1 (311 ) 22,102 Real estate mortgage investment conduits (1) 48,310 - (1,355 ) 46,955 Residential mortgage-backed securities (1) 91,786 3 (2,715 ) 89,074 Other mortgage-backed securities (2) 47,878 1 (1,521 ) 46,358 Total available for sale $ 219,427 $ 5 $ (6,211 ) $ 213,221 Held to maturity: Residential mortgage-backed securities (3) $ 42 $ 1 $ - $ 43 (1) (2) (3) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 31, 2017 Available for sale: Municipal securities $ 2,936 $ - $ (117 ) $ 2,819 Agency securities 16,993 18 (203 ) 16,808 Real estate mortgage investment conduits (1) 43,510 49 (399 ) 43,160 Residential mortgage-backed securities (1) 97,742 111 (1,242 ) 96,611 Other mortgage-backed securities (2) 41,649 15 (848 ) 40,816 Total available for sale $ 202,830 $ 193 $ (2,809 ) $ 200,214 Held to maturity: Residential mortgage-backed securities (3) $ 64 $ 2 $ - $ 66 (1) (2) (3) The contractual maturities of investment securities as of March 31, 2018 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 $ 10,000 $ 9,964 $ - $ - Due after one year through five years 8,421 8,366 6 6 Due after five years through ten years 43,846 42,525 32 32 Due after ten years 157,160 152,366 4 5 Total $ 219,427 $ 213,221 $ 42 $ 43 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 March 31, 2018 Available for sale: Municipal securities $ 6,626 $ (236 ) $ 2,106 $ (73 ) $ 8,732 $ (309 ) Agency securities 5,301 (112 ) 15,797 (199 ) 21,098 (311 ) Real estate mortgage investment conduits (1) 31,922 (774 ) 14,983 (581 ) 46,905 (1,355 ) Residential mortgage-backed securities (2) 50,941 (1,192 ) 37,823 (1,523 ) 88,764 (2,715 ) Other mortgage-backed securities (3) 16,355 (382 ) 29,351 (1,139 ) 45,706 (1,521 ) Total available for sale $ 111,145 $ (2,696 ) $ 100,060 $ (3,515 ) $ 211,205 $ (6,211 ) March 31, 2017 Available for sale: Municipal securities $ 2,819 $ (117 ) $ - $ - $ 2,819 $ (117 ) Agency securities 15,785 (203 ) - - 15,785 (203 ) Real estate mortgage investment conduits (1) 32,221 (399 ) - - 32,221 (399 ) Residential mortgage-backed securities (2) 74,388 (1,232 ) 602 (10 ) 74,990 (1,242 ) Other mortgage-backed securities (3) 36,754 (803 ) 2,840 (45 ) 39,594 (848 ) Total available for sale $ 161,967 $ (2,754 ) $ 3,442 $ (55 ) $ 165,409 $ (2,809 ) (1) (2) (3) The Company previously held an available for sale trust preferred security investment which consisted of a single collateralized debt obligation secured by a pool of trust preferred securities issued by other bank holding companies. The Company held the mezzanine tranche of this security. During the year ended March 31, 2017, the collateralized debt obligation was liquidated and the Company received $1.8 million in proceeds from the liquidation which resulted in a realized gain of $82,000. For the year ended March 31, 2017, the Company recognized OTTI charges of $240,000 on this collateralized debt obligation. The unrealized losses on the Company's investment securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that these securities are other than temporarily impaired because of their credit quality or related to any issuer or industry specific event. Based on management's evaluation and intent, the unrealized losses related to the investment securities in the above tables are considered temporary. The Company had no sales and realized no gains or losses on sales of investment securities for the year ended March 31, 2018. Gross realized gains on sales of investment securities available for sale totaled $82,000 for the year ended March 31, 2017, which was related to the collateralized debt obligation and the gross realized gain was recorded in other non-interest income in the 2017 consolidated statement of income. The income tax of $29,000 related to these realized gains was recorded in the provision for income taxes in the consolidated statement of income for the year ended March 31, 2017. The Company had no sales and realized no gains or losses on sales of investment securities for the year ended March 31, 2016. Investment securities available for sale with an amortized cost of $3.7 million and $11.1 million and a fair value of $3.6 million and $11.1 million at March 31, 2018 and 2017, respectively, were pledged as collateral for government public funds held by the Bank. There were no investment securities held to maturity pledged as collateral for government public funds held by the Bank at March 31, 2018. Investment securities held to maturity with an amortized cost and a fair value of $20,000 at March 31, 2017 were pledged as collateral for government public funds held by the Bank. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 5. LOANS RECEIVABLE Loans receivable at March 31, 2018 and 2017 are reported net of deferred loan fees totaling $3.6 million and $3.2 million, respectively. Loans receivable are also reported net of discounts and premiums, totaling $2.2 million and $2.0 million, respectively, as of March 31, 2018, compared to $3.0 million and $1.0 million, respectively, as of March 31, 2017. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): March 31, 2018 March 31, 2017 Commercial and construction Commercial business $ 137,672 $ 107,371 Commercial real estate 450,597 447,071 Land 15,337 15,875 Multi-family 63,080 43,715 Real estate construction 39,584 46,157 Total commercial and construction 706,270 660,189 Consumer Real estate one-to-four family 90,109 92,865 Other installment (1) 14,997 26,378 Total consumer 105,106 119,243 Total loans 811,376 779,432 Less: Allowance for loan losses 10,766 10,528 Loans receivable, net $ 800,610 $ 768,904 (1) The Company's loan portfolio includes originated and purchased loans. Originated loans and purchased loans for which there was no evidence of credit deterioration at their acquisition date and for which it was probable that the Company would be able to collect all contractually required payments, are referred to collectively as "loans". The Company originates commercial business, commercial real estate, land, multi-family real estate, real estate construction, residential real estate and other consumer loans. At March 31, 2018 and 2017, the Company had no loans to foreign domiciled businesses or foreign countries, or loans related to highly leveraged transactions. Substantially all of the mortgage loans in the Company's loan portfolio are secured by properties located in Washington and Oregon, and accordingly, the ultimate collectibility of a substantial portion of the Company's loan portfolio is susceptible to changes in the local economic conditions in these markets. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulations to 15% of the Bank's shareholders' equity, excluding AOCI. The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At March 31, 2018, loans carried at $520.0 million were pledged as collateral to the FHLB and FRB for borrowing arrangements. Aggregate loans to officers and directors, all of which are current, consist of the following for the periods indicated (in thousands): Year Ended March 31, 2018 2017 2016 Beginning balance $ 859 $ 841 $ 1,233 Originations 526 228 53 Principal repayments (404 ) (210 ) (445 ) Ending balance $ 981 $ 859 $ 841 Loan segment risk characteristics: Commercial business Commercial real estate Land Multi-family Real estate construction- Real estate one-to-four family Other installment |
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Mar. 31, 2018 | |
Allowance For Loan Losses [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | 6. ALLOWANCE FOR LOAN LOSSES The following tables present a reconciliation of the allowance for loan losses for the periods indicated (in thousands): March 31, 2018 Commercial Business Commercial Real Estate Land Multi- Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 1,418 $ 5,084 $ 228 $ 297 $ 714 $ 2,099 $ 688 $ 10,528 Provision for (recapture of) loan losses 10 (156 ) (301 ) 525 (96 ) (9 ) 27 - Charge-offs - (68 ) - - - (340 ) - (408 ) Recoveries 240 54 293 - - 59 - 646 Ending balance $ 1,668 $ 4,914 $ 220 $ 822 $ 618 $ 1,809 $ 715 $ 10,766 March 31, 2017 Beginning balance $ 1,048 $ 4,273 $ 325 $ 712 $ 416 $ 2,403 $ 708 $ 9,885 Provision for (recapture of) loan losses (121 ) 926 (558 ) (415 ) 298 (110 ) (20 ) - Charge-offs (1 ) (117 ) - - - (340 ) - (458 ) Recoveries 492 2 461 - - 146 - 1,101 Ending balance $ 1,418 $ 5,084 $ 228 $ 297 $ 714 $ 2,099 $ 688 $ 10,528 March 31, 2016 Beginning balance $ 1,263 $ 4,268 $ 539 $ 348 $ 769 $ 2,548 $ 1,027 $ 10,762 Provision for (recapture of) loan losses (245 ) 5 (545 ) 364 (359 ) (51 ) (319 ) (1,150 ) Charge-offs - - - - - (274 ) - (274 ) Recoveries 30 - 331 - 6 180 - 547 Ending balance $ 1,048 $ 4,273 $ 325 $ 712 $ 416 $ 2,403 $ 708 $ 9,885 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 March 31, 2018 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 1,668 $ 1,668 $ 1,004 $ 136,668 $ 137,672 Commercial real estate - 4,914 4,914 2,883 447,714 450,597 Land - 220 220 763 14,574 15,337 Multi-family - 822 822 1,644 61,436 63,080 Real estate construction - 618 618 - 39,584 39,584 Consumer 69 1,740 1,809 1,428 103,678 105,106 Unallocated - 715 715 - - - Total $ 69 $ 10,697 $ 10,766 $ 7,722 $ 803,654 $ 811,376 March 31, 2017 Commercial business $ - $ 1,418 $ 1,418 $ 294 $ 107,077 $ 107,371 Commercial real estate - 5,084 5,084 7,604 439,467 447,071 Land - 228 228 801 15,074 15,875 Multi-family - 297 297 1,692 42,023 43,715 Real estate construction - 714 714 - 46,157 46,157 Consumer 88 2,011 2,099 1,475 117,768 119,243 Unallocated - 688 688 - - - Total $ 88 $ 10,440 $ 10,528 $ 11,866 $ 767,566 $ 779,432 Changes in the allowance for unfunded loan commitments were as follows for the periods indicated (in thousands): Year Ended March 31, 2018 2017 2016 Beginning balance $ 388 $ 324 $ 259 Net change in allowance for unfunded loan commitments 92 64 65 Ending balance $ 480 $ 388 $ 324 The following tables present an analysis of loans by aging category at the dates indicated (in thousands): March 31, 2018 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 $ 7 $ - $ 178 $ 185 $ 137,487 $ 137,672 Commercial real estate - - 1,200 1,200 449,397 450,597 Land - - 763 763 14,574 15,337 Multi-family - - - - 63,080 63,080 Real estate construction - - - - 39,584 39,584 Consumer 513 - 277 790 104,316 105,106 Total $ 520 $ - $ 2,418 $ 2,938 $ 808,438 $ 811,376 March 31, 2017 Commercial business $ 13 $ - $ 294 $ 307 $ 107,064 $ 107,371 Commercial real estate - - 1,342 1,342 445,729 447,071 Land - - 801 801 15,074 15,875 Multi-family - - - - 43,715 43,715 Real estate construction - - - - 46,157 46,157 Consumer 228 34 278 540 118,703 119,243 Total $ 241 $ 34 $ 2,715 $ 2,990 $ 776,442 $ 779,432 Interest income foregone on non-accrual loans was $102,000, $81,000 and $112,000 for the years ended March 31, 2018, 2017 and 2016, respectively. 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): March 31, 2018 Pass Special Mention Substandard Doubtful Loss Total Loans Receivable Commercial business $ 132,309 $ 1,976 $ 3,387 $ - $ - $ 137,672 Commercial real estate 440,123 7,489 2,985 - - 450,597 Land 14,574 - 763 - - 15,337 Multi-family 60,879 2,190 11 - - 63,080 Real estate construction 39,584 - - - - 39,584 Consumer 104,829 - 277 - - 105,106 Total $ 792,298 $ 11,655 $ 7,423 $ - $ - $ 811,376 March 31, 2017 Commercial business $ 102,113 $ 2,063 $ 3,195 $ - $ - $ 107,371 Commercial real estate 430,923 10,426 5,722 - - 447,071 Land 15,074 - 801 - - 15,875 Multi-family 43,156 547 12 - - 43,715 Real estate construction 46,157 - - - - 46,157 Consumer 118,965 - 278 - - 119,243 Total $ 756,388 $ 13,036 $ 10,008 $ - $ - $ 779,432 Impaired loans: March 31, 2018 Recorded Investment with No Specific Valuation Allowance Recorded Investment with Specific Valuation Allowance Total Recorded Investment Unpaid Principal Balance Related Specific Valuation Allowance Commercial business $ 1,004 $ - $ 1,004 $ 1,062 $ - Commercial real estate 2,883 - 2,883 3,816 - Land 763 - 763 790 - Multi-family 1,644 - 1,644 1,765 - Consumer 294 1,134 1,428 1,544 69 Total $ 6,588 $ 1,134 $ 7,722 $ 8,977 $ 69 March 31, 2017 Commercial business $ 294 $ - $ 294 $ 301 $ - Commercial real estate 7,604 - 7,604 8,806 - Land 801 - 801 807 - Multi-family 1,692 - 1,692 1,826 - Consumer 306 1,169 1,475 1,611 88 Total $ 10,697 $ 1,169 $ 11,866 $ 13,351 $ 88 Year ended March 31, 2018 Year ended March 31, 2017 Year ended March 31, 2016 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 930 $ 41 $ 255 $ 10 $ 542 $ 17 Commercial real estate 4,185 101 8,823 337 13,130 456 Land 781 - 801 - 801 - Multi-family 1,668 90 1,710 93 1,842 99 Consumer 1,452 62 1,529 62 1,947 72 Total $ 9,016 $ 294 $ 13,118 $ 502 $ 18,262 $ 644 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 in Note 1 – Summary of Significant Accounting Policies – Allowance for Loan Losses. The following table presents TDRs by interest accrual status at the dates indicated (in thousands): March 31, 2018 March 31, 2017 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ 826 $ 178 $ 1,004 $ - $ 294 $ 294 Commercial real estate 1,683 1,200 2,883 6,262 1,342 7,604 Land - 763 763 - 801 801 Multi-family 1,644 - 1,644 1,692 - 1,692 Consumer 1,428 - 1,428 1,475 - 1,475 Total $ 5,581 $ 2,141 $ 7,722 $ 9,429 $ 2,437 $ 11,866 At March 31, 2018, the Company had no commitments to lend additional funds on these loans. At March 31, 2018, all of the Company's TDRs were paying as agreed except for one commercial business loan totaling $178,000 and two commercial real estate loans totaling $1.2 million that defaulted after the loans were modified. There were no new TDRs for the year ended March 31, 2018. There was one new TDR for the year ended March 31, 2017 consisting of a commercial business loan with a pre-modification outstanding recorded investment balance of $116,000 and a post-modification outstanding recorded investment balance of $107,000. This loan was repaid in full during the year ended March 31, 2018. There were no new TDRs for the year ended March 31, 2016. There were no loans that were modified as a TDR within the previous twelve months that subsequently defaulted in the twelve months ended March 31, 2018. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | 7. PREMISES AND EQUIPMENT Premises and equipment consisted of the following at the dates indicated (in thousands): March 31, 2018 2017 Land $ 4,710 $ 4,710 Buildings and improvements 15,281 15,281 Leasehold improvements 1,666 1,666 Furniture and equipment 10,783 10,243 Building under capitalized lease 2,956 2,956 Construction in progress 720 720 Total 36,116 35,576 Less accumulated depreciation and amortization (20,333 ) (19,344 ) Premises and equipment, net $ 15,783 $ 16,232 Depreciation and amortization expense was $1.2 million, $1.1 million and $1.3 million for the years ended March 31, 2018, 2017 and 2016, respectively. The Company has a capital lease for the shell of the building constructed as the Company's operations center which expires in November 2039. For the years ended March 31, 2018, 2017 and 2016, the Company recorded $77,000, $77,000 and $89,000, respectively, in amortization expense related to this capital lease. At March 31, 2018 and 2017, accumulated amortization for the capital lease totaled $1.3 million and $1.2 million respectively. In March 2010, the Company sold two of its branch locations. The Company maintains a substantial continuing involvement in the locations through various non-cancellable operating leases that contain certain renewal options. The resulting gain on sale of $2.1 million was deferred and is being amortized over the lives of the respective leases. At March 31, 2018, the remaining deferred gain was $857,000 and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets. The Company is obligated under various noncancellable lease agreements for land and buildings that require future minimum rental payments, exclusive of taxes and other charges. The following is a schedule of future minimum lease payments under the Company's capital lease together with the present value of net minimum lease payments and the future minimum rental payments required under operating leases that have initial or noncancellable lease terms in excess of one year as of March 31, 2018 (in thousands): Year Ending March 31: Operating Leases Capital Lease 2019 $ 1,639 $ 201 2020 1,453 205 2021 905 208 2022 677 212 2023 526 215 Thereafter 1,989 3,841 Total minimum lease payments $ 7,189 4,882 Less amount representing interest (2,451 ) Present value of net minimum lease payments $ 2,431 Rent expense was $2.1 million, $1.8 million and $1.8 million for the years ended March 31, 2018, 2017 and 2016, respectively. |
REAL ESTATE OWNED
REAL ESTATE OWNED | 12 Months Ended |
Mar. 31, 2018 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
REAL ESTATE OWNED | 8. REAL ESTATE OWNED The following table is a summary of the activity in REO for the periods indicated (in thousands): Year Ended March 31, 2018 2017 2016 Balance at beginning of year, net $ 298 $ 595 $ 1,603 Additions - - 298 Dispositions - (267 ) (937 ) Writedowns - (30 ) (369 ) Balance at end of year, net $ 298 $ 298 $ 595 REO expenses for the year ended March 31, 2018 consisted of operating expenses of $12,000. During the year ended March 31, 2018, the Company sold three land development lots that were carried at a zero cost basis for an aggregate gain on sale of $81,000, which is included in other non-interest income in the accompanying consolidated statements of income. REO expenses for the year ended March 31, 2017 consisted of write-downs on existing REO properties of $30,000 and operating expenses of $24,000. Net losses on dispositions of REO totaled $5,000 for the year ended March 31, 2017, and are included in other non-interest income in the accompanying consolidated statements of income. REO expenses for the year ended March 31, 2016 consisted of write-downs on existing REO properties of $369,000, operating expenses of $198,000 and net losses on dispositions of REO of $187,000. At March 31, 2018, the carrying amount of foreclosed residential real estate properties held in REO as a result of obtaining physical possession was $298,000. At March 31, 2018, there was one property for which formal foreclosure proceedings were in process with a carrying amount of $51,000. |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | 9. GOODWILL Goodwill and certain other intangibles generally arise from business combinations accounted for under the purchase method of accounting. 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. All of the Company's goodwill has been allocated to the Bank reporting unit. The Company performed an impairment assessment as of October 31, 2017 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 in 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 March 31, 2018 due to 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. The following table presents the changes in the carrying amount of goodwill for the periods indicated (in thousands): Year Ended March 31, 2018 2017 2016 Net carrying value at beginning of period $ 27,076 $ 25,572 $ 25,572 MBank Transaction (see Note 3) - 1,504 - Net carrying value at the end of period $ 27,076 $ 27,076 $ 25,572 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Mar. 31, 2018 | |
Deposits [Abstract] | |
DEPOSITS | 10. DEPOSITS Deposit accounts consisted of the following at the dates indicated (in thousands): Account Type March 31, 2018 March 31, 2017 Non-interest-bearing $ 278,966 $ 242,738 Interest-bearing checking 192,989 171,152 Money market 265,661 289,998 Savings accounts 134,931 126,370 Certificates of deposit 123,144 149,800 Total $ 995,691 $ 980,058 Individual certificates of deposit in amounts of $250,000 or more totaled $10.8 million and $12.1 million at March 31, 2018 and 2017, respectively. Scheduled maturities of certificates of deposit for future years ending March 31 are as follows (in thousands): Year Ending March 31: 2019 $ 88,915 2020 19,833 2021 5,358 2022 2,951 2023 2,258 Thereafter 3,829 Total $ 123,144 Interest expense by deposit type was as follows for the periods indicated (in thousands): Year Ended March 31, 2018 2017 2016 Interest-bearing checking $ 100 $ 98 $ 99 Money market 335 309 272 Savings accounts 133 110 85 Certificates of deposit 640 634 717 Total $ 1,208 $ 1,151 $ 1,173 |
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES | 12 Months Ended |
Mar. 31, 2018 | |
Junior Subordinated Debentures [Abstract] | |
JUNIOR SUBORDINATED DEBENTURES | 11. JUNIOR SUBORDINATED DEBENTURES The Company has 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 $26.5 million and $26.4 million at March 31, 2018 and 2017, respectively, 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 $836,000 at both March 31, 2018 and 2017, 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 the amounts outstanding of the Debentures at March 31, 2018 (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 % 3.48 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 3.47 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 5.39 % 6/2033 27,836 Fair value adjustment (4) (1,352 ) Total Debentures $ 26,484 (1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%. (2) (3) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%. (4) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES Provision for income taxes consisted of the following for the periods indicated (in thousands): Year Ended March 31, 2018 2017 2016 Current $ 4,087 $ 284 $ 251 Deferred 3,668 3,103 3,175 Total $ 7,755 $ 3,387 $ 3,426 The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows at the dates indicated (in thousands): March 31, 2018 March 31, 2017 Deferred tax assets: Deferred compensation $ 77 $ 150 Allowance for loan losses 2,643 3,875 Accrued expenses 127 217 Accumulated depreciation and amortization 753 1,017 Deferred gain on sale 201 361 Net operating loss carryforwards - 1,134 Purchase accounting 150 228 Net unrealized loss on investment securities available for sale 1,458 929 Alternative Minimum Tax ("AMT") credit - 471 Other 236 332 Total deferred tax assets 5,645 8,714 Deferred tax liabilities: FHLB stock dividend (95 ) (143 ) Prepaid expenses (109 ) (158 ) Loan fees/costs (628 ) (803 ) Total deferred tax liabilities (832 ) (1,104 ) Deferred tax assets, net $ 4,813 $ 7,610 A reconciliation of the Company's effective income tax rate with the federal statutory tax rate is as follows for the years indicated: Year Ended March 31, 2018 2017 2016 Statutory federal income tax rate 30.8 % 34.0 % 34.0 % State and local income tax rate 2.5 1.5 1.5 Revaluation of net deferred tax assets due to Tax Act 11.4 - - ESOP market value adjustment - (0.1 ) (0.1 ) BOLI (1.5 ) (3.8 ) (2.8 ) Other, net (0.1 ) (0.2 ) 2.2 Effective federal income tax rate 43.1 % 31.4 % 34.8 % On December 22, 2017, the federal government enacted the Tax Act. The Tax Act makes significant changes to the U.S. tax law including, among other things: a reduction in the federal corporate income tax rate from a maximum of 35.0% to 21.0% effective January 1, 2018; changes to the tax treatment of net operating loss carryforwards and carrybacks; and a repeal of the corporate alternative minimum tax. The Tax Act reduced the Company's federal corporate income tax rate from 34.0% to a blended federal corporate income tax rate of 30.8% for the fiscal year ended March 31, 2018. As a result of using a blended tax rate, the Company recognized a $422,000 benefit for income taxes during the quarter ended December 31, 2017. Beginning in fiscal year 2019, the Company will utilize a federal corporate income tax rate of 21.0%. Also as a result of the Tax Act, the reduction of the corporate tax rate required the Company to remeasure its deferred tax assets and liabilities based upon the lower federal tax rate of 21.0%. Accordingly, during the year ended March 31, 2018, the Company recorded a one-time $2.1 million charge to the provision for income taxes in conjunction with remeasuring its net deferred tax asset to account for the future impact of the decrease in the corporate income tax rate. While no provisional amounts were used in calculating the tax effects of the Tax Act, certain amounts may be subject to change as future guidance is issued. Additionally, the state impacts resulting from the Tax Act have been calculated based upon existing laws and may be subject to change as states issue new guidance or legislation related to the Tax Act. In addition, the Company has made an adjustment between retained earnings and AOCI related to the stranded tax effects due to the change in the federal corporate tax rate applied to the net unrealized losses on available for sale investment securities (see discussion of ASU 2018-02 in Note 1). The Bank's retained earnings at both March 31, 2018 and 2017 include a base year allowance for loan losses, which amounted to $2.2 million, for which no federal income tax liability has been recognized. The related unrecognized deferred tax liability at March 31, 2018 and 2017 was $517,000 and $781,000, respectively. This represents the balance of the allowance for loan losses created for tax purposes as of December 31, 1987. These amounts are subject to recapture in the unlikely event that the Company's banking subsidiaries (1) make distributions in excess of current and accumulated earnings and profits, as calculated for federal tax purposes, (2) redeem their stock, or (3) liquidate. Management does not expect this temporary difference to reverse in the foreseeable future. At March 31, 2018, the Company had no deferred tax assets for federal and state net operating loss carryforwards. At March 31, 2018 and 2017, the Company had no unrecognized tax benefits or uncertain tax positions. In addition, the Company had no accrued interest or penalties related to income tax matters as of March 31, 2018 or 2017. It is the Company's policy to recognize potential accrued interest and penalties related to income tax matters as a component of provision for income taxes. The Company is subject to U.S. federal and State of Oregon income taxes. The years 2015 to 2018 remain open to examination for federal income taxes, and the years 2014 to 2018 remain open to State of Oregon examination. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EMPLOYEE BENEFIT PLANS | 13. EMPLOYEE BENEFIT PLANS Retirement Plan Directors' and Executive Officers' Deferred Compensation Plan Stock Option Plans - In July 2017, shareholders of the Company approved the 2017 Equity Incentive Plan ("2017 Plan"). The 2017 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. The Company has reserved 1,800,000 shares of its common stock for issuance under the 2017 Plan, none of which have been awarded. The 1998 Plan, the 2003 Plan and the 2017 Plan are collectively referred to as "the Stock Option Plans". The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes stock option valuation model. The fair value of all awards is amortized on a straight-line basis over the requisite service periods, which are generally the vesting periods. The expected life of options granted represents the period of time that they are expected to be outstanding. The expected life is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules. Expected volatility is estimated at the date of grant based on the historical volatility of the Company's common stock. Expected dividends are based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no stock options granted during the years ended March 31, 2018, 2017 and 2016 under the Stock Option Plans. As of March 31, 2018, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense under the Stock Option Plans. There was no stock-based compensation expense related to stock options for the years ended March 31, 2018, 2017 and 2016 under the Stock Option Plans. The following table presents the activity related to stock options under the Stock Option Plans for the years indicated: Year Ended March 31, 2018 2017 2016 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, beginning of period 220,654 $ 4.74 223,654 $ 4.73 424,654 $ 8.00 Options exercised (59,289 ) 4.13 (3,000 ) 3.84 (18,000 ) 3.49 Forfeited - - - - (29,000 ) 10.00 Expired (20,000 ) 13.42 - - (154,000 ) 12.92 Balance, end of period 141,365 $ 3.77 220,654 $ 4.74 223,654 $ 4.73 Additional information regarding stock options outstanding as of March 31, 2018 is as follows: ` Options Outstanding Options Exercisable Weighted Avg Weighted Weighted Remaining Average Average Range of Contractual Exercise Exercise Exercise Price Life (years) Number Price Number Price $ 1.00 - $3.00 4.94 59,865 $ 2.71 59,865 $ 2.71 $ 3.01 - $5.00 1.48 59,000 3.84 59,000 3.84 $ 5.01 - $8.00 0.47 20,000 6.17 20,000 6.17 $ 8.01 - $9.00 0.22 2,500 8.12 2,500 8.12 2.78 141,365 $ 3.77 141,365 $ 3.77 The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures: Year Ended March 31, 2018 Year Ended March 31, 2017 Stock options fully vested and expected to vest: Number 141,365 220,654 Weighted average exercise price $ 3.77 $ 4.74 Aggregate intrinsic value (1) $ 788,000 $ 660,000 Weighted average contractual term of options (years) 2.78 3.35 Stock options fully vested and currently exercisable: Number 141,365 220,654 Weighted average exercise price $ 3.77 $ 4.74 Aggregate intrinsic value (1) $ 788,000 $ 660,000 Weighted average contractual term of options (years) 2.78 3.35 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company's stock. The total intrinsic value of stock options exercised was $257,000, $5,000 and $16,000 for the years ended March 31, 2018, 2017 and 2016, respectively. |
EMPLOYEE STOCK OWNERSHIP PLAN
EMPLOYEE STOCK OWNERSHIP PLAN | 12 Months Ended |
Mar. 31, 2018 | |
Employee Stock Ownership Plan [Abstract] | |
EMPLOYEE STOCK OWNERSHIP PLAN | 14. EMPLOYEE STOCK OWNERSHIP PLAN The Company sponsors an ESOP that covers all employees with at least one year and 1,000 hours of service who are over the age of 21. Shares were released and allocated to participant accounts on or about December 31 of each year through December 2017, at which point all available shares had been released and allocated. ESOP compensation expense included in salaries and employee benefits was $148,000, $143,000 and $110,000 for the years ended March 31, 2018, 2017 and 2016, respectively. Shares held by the ESOP at March 31, 2018 totaled 498,365. ESOP share activity is summarized in the following table: Estimated Fair Value of Unreleased Shares Unreleased ESOP Shares Allocated and Released Shares Total Balance, March 31, 2015 $ 332,500 73,899 888,685 962,584 Allocation December 31, 2015 (24,633 ) 24,633 - Balance, March 31, 2016 $ 207,000 49,266 913,318 962,584 Allocation December 31, 2016 (24,633 ) 24,633 - Balance, March 31, 2017 $ 176,000 24,633 937,951 962,584 Allocation December 31, 2017 (24,633 ) 24,633 - Balance, March 31, 2018 $ - - 962,584 962,584 |
SHAREHOLDERS' EQUITY AND REGULA
SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Mar. 31, 2018 | |
Shareholders Equity And Regulatory Capital Requirements [Abstract] | |
SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL REQUIREMENTS | 15. SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL REQUIREMENTS The Bank is subject to various regulatory capital requirements administered by the Office of the Comptroller of the Currency ("OCC") . . Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and tier I capital to risk-weighted assets, core capital to total assets and tangible capital to tangible assets (set forth in the table below). As of March 31, 2018, the most recent notification from the OCC categorized the Bank as "well capitalized" under the regulatory framework for prompt corrective action. The Bank's actual and required minimum capital amounts and ratios were as follows at the dates indicated (dollars in thousands): Actual For Capital Adequacy Purposes "Well Capitalized" Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio March 31, 2018 Total Capital: (To Risk-Weighted Assets) $ 123,061 15.41 % $ 63,868 8.0 % $ 79,835 10.0 % Tier 1 Capital: (To Risk-Weighted Assets) 113,066 14.16 47,901 6.0 63,868 8.0 Common equity tier 1 Capital: (To Risk-Weighted Assets) 113,066 14.16 35,926 4.5 51,893 6.5 Tier 1 Capital (Leverage): (To Average Tangible Assets) 113,066 10.26 44,093 4.0 55,116 5.0 Actual For Capital Adequacy Purposes "Well Capitalized" Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio March 31, 2017 Total Capital: (To Risk-Weighted Assets) $ 112,421 14.06 % $ 63,955 8.0 % $ 79,944 10.0 % Tier 1 Capital: (To Risk-Weighted Assets) 102,411 12.81 47,966 6.0 63,955 8.0 Common equity tier 1 Capital: (To Risk-Weighted Assets) 102,411 12.81 35,975 4.5 51,963 6.5 Tier 1 Capital (Leverage): (To Average Tangible Assets) 102,411 10.21 40,110 4.0 50,138 5.0 In addition to the minimum common equity tier 1 ("CET1"), Tier 1 and total capital ratios, the Bank now has to maintain a capital conservation buffer consisting of additional CET1 capital above the required minimum levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses based on percentages of eligible retained income that could be utilized for such actions. This new capital conservation buffer requirement started to be phased in beginning in January 2016 at an amount greater than 0.625% of risk-weighted assets and will increase each year until fully implemented to an amount greater than 2.5% of risk-weighted assets in January 2019. At March 31, 2018, the Bank's CET1 capital exceeded the required capital conservation buffer at an amount greater than 1.875%. For a savings and loan holding company, such as the Company, the capital guidelines apply on a bank only basis. The Federal Reserve expects the holding company's subsidiary banks to be well capitalized under the prompt corrective action regulations. If the Company was subject to regulatory guidelines for bank holding companies at March 31, 2018, the Company would have exceeded all regulatory capital requirements. At periodic intervals, the OCC and the FDIC routinely examine the Bank's financial condition and risk management processes as part of their legally prescribed oversight. Based on their examinations, these regulators can direct that the Company's consolidated financial statements be adjusted in accordance with their findings. A future examination by the OCC or the FDIC could include a review of certain transactions or other amounts reported in the Company's 2018 consolidated financial statements. The Company did not repurchase any shares of common stock for the years ended March 31, 2018, 2017 or 2016. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 16. 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 March 31, 2018, all shares under the Company's ESOP were allocated. As of March 31, 2017 there were 24,633 shares which had not been allocated under the Company's ESOP. For the years ended March 31, 2018, 2017 and 2016, stock options for 8,000, 59,000 and 211,000 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: Year Ended March 31, (Dollars and share data in thousands, except per share data) 2018 2017 2016 Basic EPS computation: Numerator-net income $ 10,242 $ 7,404 $ 6,358 Denominator-weighted average common shares outstanding 22,531 22,478 22,450 Basic EPS $ 0.45 $ 0.33 $ 0.28 Diluted EPS computation: Numerator-net income $ 10,242 $ 7,404 $ 6,358 Denominator-weighted average common shares outstanding 22,531 22,478 22,450 Effect of dilutive stock options 92 70 44 Weighted average common shares and common stock equivalents 22,623 22,548 22,494 Diluted EPS $ 0.45 $ 0.33 $ 0.28 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 17. 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 March 31, 2018 Total Estimated Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 8,732 $ - $ 8,732 $ - Agency securities 22,102 - 22,102 - Real estate mortgage investment conduits 46,955 - 46,955 - Residential mortgage-backed securities 89,074 - 89,074 - Other mortgage-backed securities 46,358 - 46,358 - Total assets measured at fair value on a recurring basis $ 213,221 $ - $ 213,221 $ - Estimated Fair Value Measurements Using March 31, 2017 Total Estimated Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 2,819 $ - $ 2,819 $ - Agency securities 16,808 - 16,808 - Real estate mortgage investment conduits 43,160 - 43,160 - Residential mortgage-backed securities 96,611 - 96,611 - Other mortgage-backed securities 40,816 - 40,816 - Total assets measured at fair value on a recurring basis $ 200,214 $ - $ 200,214 $ - There were no transfers of assets into or out of Levels 1, 2 or 3 during the years ended March 31, 2018 and 2017. The Company previously held an available for sale trust preferred security investment which consisted of a single collateralized debt obligation secured by a pool of trust preferred securities issued by other bank holding companies that was liquated during the year ended March 31, 2017. The following table presents a reconciliation of assets that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the single collateralized debt obligation for the periods indicated (in thousands): For the Year Ended March 31, 2018 2017 Beginning balance $ - $ 1,808 Included in earnings (1) - (158 ) Included in other comprehensive income - 29 Disposition - (1,679 ) Ending balance $ - $ - (1) The following methods were used to estimate the fair value of each class of financial instrument 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 help ensure prices represent a reasonable estimate of fair value. 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 March 31, 2018 Total estimated fair value Level 1 Level 2 Level 3 Impaired loans $ 2,143 $ - $ - $ 2,143 March 31, 2017 Impaired loans $ 2,281 $ - $ - $ 2,281 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at March 31, 2018 and 2017: Valuation technique Significant unobservable inputs Range (1) Impaired loans Appraised value Adjustment for market conditions N/A (1) For information regarding the Company's method for estimating the fair value of impaired loans, see Note 1 – Summary of Significant Accounting Policies – Allowance for Loan Losses. In determining the 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. 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): March 31, 2018 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 44,767 $ 44,767 $ - $ - $ 44,767 Certificates of deposit held for investment 5,967 - 5,959 - 5,959 Loans held for sale 210 - 210 - 210 Investment securities available for sale 213,221 - 213,221 - 213,221 Investment securities held to maturity 42 - 43 - 43 Loans receivable, net 800,610 - - 792,916 792,916 FHLB stock 1,353 - 1,353 - 1,353 Liabilities: Demand and savings deposits 872,547 872,547 - - 872,547 Time deposits 123,144 - 120,940 - 120,940 Junior subordinated debentures 26,484 - - 15,274 15,274 Capital lease obligation 2,431 - 2,431 - 2,431 March 31, 2017 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 64,613 $ 64,613 $ - $ - $ 64,613 Certificates of deposit held for investment 11,042 - 11,108 - 11,108 Loans held for sale 478 - 478 - 478 Investment securities available for sale 200,214 - 200,214 - 200,214 Investment securities held to maturity 64 - 66 - 66 Loans receivable, net 768,904 - - 731,996 731,996 FHLB stock 1,181 - 1,181 - 1,181 Liabilities: Demand and savings deposits 830,258 830,258 - - 830,258 Time deposits 149,800 - 148,574 - 148,574 Junior subordinated debentures 26,390 - - 13,284 13,284 Capital lease obligation 2,454 - 2,454 - 2,454 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 Investment securities Loans receivable and loans held for sale FHLB stock Deposits Junior subordinated debentures Capital lease obligation Off-balance sheet financial instruments |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 18. 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 are listed below at the dates indicated (in thousands): Contract or Notional Amount March 31, 2018 March 31, 2017 Commitments to originate loans: Adjustable-rate $ 20,065 $ 16,958 Fixed-rate 14,989 28,301 Standby letters of credit 2,432 2,614 Undisbursed loan funds and unused lines of credit 152,982 119,763 Total $ 190,468 $ 167,636 At March 31, 2018, the Company had firm commitments to sell $1.6 million of residential loans to the FHLMC. Typically, these agreements are short-term fixed-rate commitments and no material gain or loss is likely. Other Contractual Obligations The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depositary, the assessment attributable to all public depositaries is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company has not incurred any losses related to public depository funds for the years ended March 31, 2018, 2017 and 2016. The Company is periodically a 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. |
RIVERVIEW BANCORP, INC. (PARENT
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) | 12 Months Ended |
Mar. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) | 19. RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) BALANCE SHEETS MARCH 31, 2018 AND 2017 (In thousands) 2018 2017 ASSETS Cash and cash equivalents $ 6,479 $ 5,188 Investment in the Bank 136,497 129,947 Other assets 1,166 3,022 TOTAL ASSETS $ 144,142 $ 138,157 LIABILITIES AND SHAREHOLDERS' EQUITY Accrued expenses and other liabilities $ 80 $ 53 Dividend payable 677 450 Borrowings 26,484 26,390 Shareholders' equity 116,901 111,264 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 144,142 $ 138,157 STATEMENTS OF INCOME YEARS ENDED MARCH 31, 2018, 2017 AND 2016 (In thousands) 2018 2017 2016 INCOME: Interest on investment securities and other short-term investments $ 26 $ 21 $ 12 Interest on loan receivable from the Bank 6 15 24 Total income 32 36 36 EXPENSE: Management service fees paid to the Bank 143 143 143 Other expenses 1,020 587 443 Total expense 1,163 730 586 LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF THE BANK (1,131 ) (694 ) (550 ) BENEFIT FOR INCOME TAXES (513 ) (235 ) (187 ) LOSS OF PARENT COMPANY (618 ) (459 ) (363 ) EQUITY IN UNDISTRIBUTED INCOME OF THE BANK 10,860 7,863 6,721 NET INCOME $ 10,242 $ 7,404 $ 6,358 There were no items of other comprehensive income that were solely attributable to the parent Company. STATEMENTS OF CASH FLOWS YEARS ENDED MARCH 31, 2018, 2017 AND 2016 (In thousands) 2018 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 10,242 $ 7,404 $ 6,358 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of the Bank (10,860 ) (7,863 ) (6,721 ) Amortization 94 22 - Provision for deferred income taxes 174 666 721 Earned ESOP shares 148 143 110 Changes in assets and liabilities: Other assets 1,770 (1,031 ) (941 ) Accrued expenses and other liabilities (132 ) (19 ) (1 ) Net cash provided by (used in) operating activities 1,436 (678 ) (474 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from assumption of junior subordinated debt (see Note 3) - 3,687 - Dividend from the Bank 1,750 2,500 - Net cash provided by investing activities 1,750 6,187 - CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid (2,140 ) (1,799 ) (1,261 ) Proceeds from exercise of stock options 245 11 62 Net cash used in financing activities (1,895 ) (1,788 ) (1,199 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,291 3,721 (1,673 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 5,188 1,467 3,140 CASH AND CASH EQUIVALENTS, END OF YEAR $ 6,479 $ 5,188 $ 1,467 (Dollars in thousands, except share data) Three Months Ended March 31 December 31 September 30 June 30 Fiscal 2018: Interest and dividend income $ 11,244 $ 11,378 $ 11,315 $ 11,023 Interest expense 587 582 590 590 Net interest income 10,657 10,796 10,725 10,433 Provision for loan losses - - - - Non-interest income, net 2,663 2,890 2,713 2,738 Non-interest expense 9,127 8,558 8,759 9,174 Income before income taxes 4,193 5,128 4,679 3,997 Provision for income taxes 1,184 3,608 1,620 1,343 Net income $ 3,009 $ 1,520 $ 3,059 $ 2,654 Basic earnings per share (1) $ 0.13 $ 0.07 $ 0.14 $ 0.12 Diluted earnings per share (1) $ 0.13 $ 0.07 $ 0.14 $ 0.12 Fiscal 2017: Interest and dividend income $ 9,883 $ 8,952 $ 8,530 $ 8,262 Interest expense 538 450 442 439 Net interest income 9,345 8,502 8,088 7,823 Provision for loan losses - - - - Non-interest income, net 2,586 2,333 2,581 2,514 Non-interest expense 8,918 7,851 8,397 7,815 Income before income taxes 3,013 2,984 2,272 2,522 Provision for income taxes 979 991 592 825 Net income $ 2,034 $ 1,993 $ 1,680 $ 1,697 Basic earnings per share (1) $ 0.09 $ 0.09 $ 0.07 $ 0.08 Diluted earnings per share (1) $ 0.09 $ 0.09 $ 0.07 $ 0.08 (1) Quarterly earnings per share may vary from annual earnings per share due to rounding. |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation At March 31, 2018, the Trust Company had 2,500 Trust Company stock options outstanding which had been granted to the President and Chief Executive Officer of the Trust Company. During the year ended March 31, 2018, the Trust Company incurred $88,000 of stock-based compensation expense related to these options. None of the Trust Company stock options were exercised during the year ended March 31, 2018. On February 17, 2017, Riverview Bancorp, Inc. and the Bank completed a purchase and assumption transaction in which the Bank purchased certain assets and assumed certain liabilities of MBank, the wholly-owned subsidiary of Merchants Bancorp (the "MBank transaction"). In addition, as part of the MBank transaction, Riverview Bancorp, Inc. assumed the obligations of Merchant Bancorp's trust preferred securities. The MBank transaction was accounted for as a business combination pursuant to accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The results of operations of the acquired assets and assumed liabilities have been included in the Company's consolidated financial statements as of and for the periods since the acquisition date. See Note 3 for additional discussion. The Company has three subsidiary grantor trusts which were established in connection with the issuance of trust preferred securities (see Note 11). In accordance with GAAP, the accounts and transactions of the trusts are not included in the accompanying consolidated financial statements. |
Nature of Operations | Nature of Operations |
Business segments | Business segments |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Certificates of Deposit Held for Investment | Certificates of Deposit Held for Investment |
Loans Held for Sale | Loans Held for Sale Gains or losses on sales of loans held for sale are recognized at the time of sale and are determined by the difference between the net sales proceeds and the allocated basis of these loans sold. The Company capitalizes mortgage servicing rights ("MSRs") acquired through the sale of originated mortgage loans or the securitization of mortgage loans with servicing rights retained. Upon sale of mortgage loans held for sale, the total cost of the loans designated for sale is allocated to mortgage loans with and without MSRs based on their relative fair values. The MSRs are included as a component of net gains on sales of loans held for sale. The MSRs are amortized in proportion to and over the estimated period of the net servicing income and such amortization is reflected as a component of loan servicing income and is included in the consolidated statements of income in other non-interest income. |
Investment Securities | Investment Securities The Company analyzes investment securities for OTTI on a quarterly basis. OTTI is separated into a credit component and noncredit component. Credit component losses are reported in non-interest income when the present value of expected future cash flows is less than the amortized cost. Noncredit component losses are recorded in other comprehensive income (loss) when the Company (1) does not intend to sell the security or (2) is not more likely than not to have to sell the security prior to the security's anticipated recovery. If the Company is likely to sell an investment security, any noncredit component losses are recognized and are reported in non-interest income. |
Loans Receivable | Loans Receivable Loans are reviewed regularly and it is the Company's general policy that a loan is past due when it is 30 days to 89 days delinquent. In general, when a loan is 90 days delinquent or when collection of principal or interest appears doubtful, it is placed on non-accrual status, at which time the accrual of interest ceases and a reserve for unrecoverable accrued interest is established and charged against operations. As a general practice, payments received on non-accrual loans are applied to reduce the outstanding principal balance on a cost recovery method. Also as a general practice, a loan is not removed from non-accrual status until all delinquent principal, interest and late fees have been brought current and the borrower has demonstrated a history of performance based upon the contractual terms of the note. A history of repayment performance generally would be a minimum of six months. Loan origination and commitment fees and certain direct loan origination costs are deferred and amortized as an adjustment of the yield of the related loan. |
Acquired Loans | Acquired Loans – subsequent decreases in expected cash flows attributable to credit deterioration are recognized by recording an allowance for loan losses. The Company has no PCI loans as of March 31, 2018 and 2017. For purchased non-credit-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the life of the loans. Any subsequent deterioration in credit quality is recognized by recording an allowance for loan losses. |
Allowance for Loan Losses | Allowance for Loan Losses 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 loan 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, uncertainties in identifying triggering events that directly correlate to subsequent loss rates, changes in appraised value of underlying collateral, risk factors that have not yet manifested themselves in loss allocation factors and historical loss experience data that may not precisely correspond to the current loan 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 loan portfolio. The appropriate allowance level is estimated based upon factors and trends identified by the Company as of the date of the filing of the consolidated financial statements. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for loan losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; 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. A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due (principal and interest) according to the contractual terms of the loan agreement. Typically, factors used in determining if a loan is impaired include, but are not limited to, whether the loan is 90 days or more delinquent, internally designated as substandard or worse, on non-accrual status or represents a troubled debt restructuring ("TDR"). The majority of the Company's impaired loans are considered collateral dependent. When a loan is considered collateral dependent, impairment is measured using the estimated value of the underlying collateral, less any prior liens, and when applicable, less estimated selling costs. For impaired loans that are not collateral dependent, impairment is measured using the present value of expected future cash flows, discounted at the loan's original effective interest rate. When the estimated net realizable value of the impaired loan is less than the recorded investment in the loan (including accrued interest, net deferred loan fees or costs, and unamortized premium or discount), an impairment is recognized by adjusting an allocation of the allowance for loan losses. Subsequent to the initial allocation of allowance to the individual loan, the Company may conclude that it is appropriate to record a charge-off of the impaired portion of the loan. When a charge-off is recorded, the loan balance is reduced and the specific allowance is eliminated. Generally, when a collateral dependent loan is initially measured for impairment and has not had an appraisal of the collateral in the last six months, the Company obtains an updated market valuation. Subsequently, the Company generally obtains an updated market valuation of the collateral on an annual basis. The collateral valuation may occur more frequently if the Company determines that there is an indication that the market value may have declined. In accordance with the Company's policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent six months or more that have not received at least 75% of their required monthly payments 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 are 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. A provision for loan losses is charged against income and is added to the allowance for loan losses based on regular assessments of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety. 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 examinations. |
Allowance for Unfunded Loan Commitments | Allowance for Unfunded Loan Commitments |
Real Estate Owned ("REO") | Real Estate Owned ("REO") |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock stock amount of the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. The Company evaluated its investment in FHLB stock for OTTI, consistent with its accounting policy. Based on the Company's evaluation, the Company determined there is not any OTTI on its FHLB stock at March 31, 2018. |
Premises and Equipment | Premises and Equipment The Company's capitalized lease, net of accumulated amortization is included in premises and equipment. The capitalized lease is amortized on a straight-line basis over the lease term and the amortization is included in depreciation and amortization expense. |
MSRs | MSRs – The Company records its originated MSRs at fair value in accordance with GAAP, which requires the Company to allocate the total cost of all mortgage loans sold between the MSRs and the loans (without the MSRs) based on their relative fair values if it is practicable to estimate those fair values. The Company stratifies its MSRs based on the predominant characteristics of the underlying financial assets including the coupon interest rate and the contractual maturity of the mortgage. An estimated fair value of MSRs is determined quarterly using a discounted cash flow model. The model estimates the present value of the future net cash flows of the servicing loan portfolio based on various factors, such as servicing costs, servicing income, expected prepayment speeds, discount rate, loan maturity and interest rate. Market sources are used to determine prepayment speeds, ancillary income, servicing cost and pre-tax required yield. The effect of changes in market interest rates on estimated rates of loan prepayments represents the predominant risk characteristic underlying the MSRs portfolio. The Company is amortizing the MSRs in proportion to and over the period of estimated net servicing income. MSRs are reviewed quarterly for impairment based on their estimated fair value. The estimated fair value of the MSRs, for the purposes of impairment, is measured using the methods described above. Impairment losses are recognized through a valuation allowance for each impaired stratum, with any associated provision recorded as a component of loan servicing income. |
Business Combinations, CDI and Goodwill | Business Combinations, CDI and Goodwill – CDI represents the value assigned to demand, interest checking, money market and savings accounts acquired as part of an acquisition. CDI represents the future economic benefit of the potential cost savings from acquiring core deposits as part of an acquisition compared to the cost of alternative funding sources. CDI is amortized to non-interest expense using an accelerated method based on an estimated runoff of related deposits over a period of ten years. CDI is evaluated for impairment and recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life. The Company recorded CDI of approximately $1.36 million in connection with the assumption of the MBank deposits during the year ended March 31, 2017 (see Note 3). At both March 31, 2018 and 2017, gross CDI was $1.36 million. At March 31, 2018 and 2017, accumulated amortization was $260,000 and $27,000, respectively. The estimated amortization expense for CDI in future years is estimated to be $183,000, $160,000, $140,000, $125,000, $116,000, and $379,000 for the years ended March 31, 2019, 2020, 2021, 2022, 2023 and thereafter, respectively. Goodwill and certain other intangibles generally arise from business combinations. Goodwill and other intangibles generated from business combinations that are deemed to have indefinite lives are not subject to amortization and are instead tested for impairment not less than annually. The Company performs an annual review in the third quarter of each year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. |
BOLI | BOLI |
Advertising and Marketing | Advertising and Marketing |
Income Taxes | Income Taxes Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. The Company files a consolidated federal income tax return. The Bank provides for income taxes separately and remits to the Company amounts currently due. |
Transfer of financial assets | Transfers of financial assets |
Trust Assets | Trust Assets |
Earnings Per Share | Earnings Per Share |
Stock-Based Compensation | Stock-Based Compensation |
ESOP | ESOP |
New Accounting Pronouncements | New Accounting Pronouncements – 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 was effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. The Company adopted this ASU on April 1, 2018. The Company's primary source of revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. ASU 2014-09 will require us to change how we recognize certain recurring revenue streams within trust and investment management fees and other insignificant components of non-interest income; however, these changes will not have a significant impact on our 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"). ASU 2016-01 generally requires equity investments – except those accounted for under the equity method of accounting or those that result in consolidation of the investee – to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 also eliminates certain disclosures related to the fair value of financial instruments and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this ASU on April 1, 2018. The adoption of ASU 2016-01 is not expected to have a material 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 ASU 2016-02 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 generally on a 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 is 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 effect of adoption will depend on leases at the time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under non-cancelable operating lease agreements; however, based on current leases, the adoption of ASU 2016-02 is not expected to have a material 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 with respect 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. In addition, ASU 2016-13 requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of carrying amount. ASU 2016-13 also changes the accounting for PCI debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU 2016-13 and expects to begin developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, management anticipates the allowance for loan losses will increase as a result of the implementation of ASU 2016-13; however, until its evaluation is complete, the magnitude of the increase will be unknown. In January 2017, the FASB issued ASU 2017-04, "Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of ASU 2017-04 is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, "Receivables – Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-08 is not expected to have a material impact on the Company's future consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, "Compensation – Stock Compensation: Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. According to ASU 2017-09, an entity should account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award is the same after the modification as compared to the original award prior to the modification. ASU 2017-09 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this ASU on April 1, 2018. The adoption of ASU 2017-09 is not expected to have a material impact on the Company's future consolidated financial statements . In February 2018, the FASB issued ASU 2018-02, "Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"). ASU 2018-02 allows a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act ("the Tax Act") (see Note 12). The amount of the reclassification would be calculated on the basis of the difference between the historical and newly enacted tax rates for deferred tax liabilities and assets related to items within AOCI. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and early adoption is permitted. ASU 2018-02 should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the federal corporate tax rate is recognized. The Company elected to early adopt ASU 2018-02 and, as a result, reclassified $342,000 of stranded tax effects from AOCI to retained earnings in the fourth quarter of the fiscal year ended March 31, 2018 . |
Reclassifications | Reclassifications |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of estimated fair values of assets acquired and liabilities assumed | At February 17, 2017 Book Value Fair Value Adjustment Estimated Fair Value Cash consideration transferred $ 12,080 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired Cash and cash equivalents $ 27,196 $ - 27,196 Loans receivable 115,283 (3,258 ) 112,025 CDI - 1,363 1,363 Premises and equipment 1,769 399 2,168 BOLI 2,113 - 2,113 Accrued interest receivable and other assets 431 90 521 Total identifiable assets acquired 146,792 (1,406 ) 145,386 Liabilities assumed Deposits 130,572 235 130,807 Junior subordinated debentures 5,155 (1,468 ) 3,687 Accrued expenses and other liabilities 293 23 316 Total liabilities assumed 136,020 (1,210 ) 134,810 Total identifiable net assets acquired $ 10,772 $ (196 ) 10,576 Goodwill recognized $ 1,504 |
Schedule of unaudited pro forma information | For the Year Ended March 31, Unaudited Pro Forma 2017 2016 Total revenues (net interest income plus non-interest income) $ 49,290 $ 45,261 Net income 9,277 8,260 |
Schedule of acquisition-related expenses | Salaries and employee benefits $ 26 Occupancy and depreciation 6 Data processing 63 Professional fees 653 Total impact of acquisition related costs to noninterest expense $ 748 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and approximate fair value of investment securities | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 31, 2018 Available for sale: Municipal securities $ 9,041 $ - $ (309 ) $ 8,732 Agency securities 22,412 1 (311 ) 22,102 Real estate mortgage investment conduits (1) 48,310 - (1,355 ) 46,955 Residential mortgage-backed securities (1) 91,786 3 (2,715 ) 89,074 Other mortgage-backed securities (2) 47,878 1 (1,521 ) 46,358 Total available for sale $ 219,427 $ 5 $ (6,211 ) $ 213,221 Held to maturity: Residential mortgage-backed securities (3) $ 42 $ 1 $ - $ 43 (1) (2) (3) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 31, 2017 Available for sale: Municipal securities $ 2,936 $ - $ (117 ) $ 2,819 Agency securities 16,993 18 (203 ) 16,808 Real estate mortgage investment conduits (1) 43,510 49 (399 ) 43,160 Residential mortgage-backed securities (1) 97,742 111 (1,242 ) 96,611 Other mortgage-backed securities (2) 41,649 15 (848 ) 40,816 Total available for sale $ 202,830 $ 193 $ (2,809 ) $ 200,214 Held to maturity: Residential mortgage-backed securities (3) $ 64 $ 2 $ - $ 66 (1) (2) (3) |
Schedule of contractual maturities of investment securities | Available for Sale Held to Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 10,000 $ 9,964 $ - $ - Due after one year through five years 8,421 8,366 6 6 Due after five years through ten years 43,846 42,525 32 32 Due after ten years 157,160 152,366 4 5 Total $ 219,427 $ 213,221 $ 42 $ 43 |
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 March 31, 2018 Available for sale: Municipal securities $ 6,626 $ (236 ) $ 2,106 $ (73 ) $ 8,732 $ (309 ) Agency securities 5,301 (112 ) 15,797 (199 ) 21,098 (311 ) Real estate mortgage investment conduits (1) 31,922 (774 ) 14,983 (581 ) 46,905 (1,355 ) Residential mortgage-backed securities (2) 50,941 (1,192 ) 37,823 (1,523 ) 88,764 (2,715 ) Other mortgage-backed securities (3) 16,355 (382 ) 29,351 (1,139 ) 45,706 (1,521 ) Total available for sale $ 111,145 $ (2,696 ) $ 100,060 $ (3,515 ) $ 211,205 $ (6,211 ) March 31, 2017 Available for sale: Municipal securities $ 2,819 $ (117 ) $ - $ - $ 2,819 $ (117 ) Agency securities 15,785 (203 ) - - 15,785 (203 ) Real estate mortgage investment conduits (1) 32,221 (399 ) - - 32,221 (399 ) Residential mortgage-backed securities (2) 74,388 (1,232 ) 602 (10 ) 74,990 (1,242 ) Other mortgage-backed securities (3) 36,754 (803 ) 2,840 (45 ) 39,594 (848 ) Total available for sale $ 161,967 $ (2,754 ) $ 3,442 $ (55 ) $ 165,409 $ (2,809 ) (1) (2) (3) |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Schedule of loans and financing receivable | March 31, 2018 March 31, 2017 Commercial and construction Commercial business $ 137,672 $ 107,371 Commercial real estate 450,597 447,071 Land 15,337 15,875 Multi-family 63,080 43,715 Real estate construction 39,584 46,157 Total commercial and construction 706,270 660,189 Consumer Real estate one-to-four family 90,109 92,865 Other installment (1) 14,997 26,378 Total consumer 105,106 119,243 Total loans 811,376 779,432 Less: Allowance for loan losses 10,766 10,528 Loans receivable, net $ 800,610 $ 768,904 (1) Consists primarily of purchased automobile loans totaling $12.9 million and $23.6 million at March 31, 2018 and 2017, respectively. |
Schedule of aggregate loans to officers and directors | Year Ended March 31, 2018 2017 2016 Beginning balance $ 859 $ 841 $ 1,233 Originations 526 228 53 Principal repayments (404 ) (210 ) (445 ) Ending balance $ 981 $ 859 $ 841 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Allowance For Loan Losses [Abstract] | |
Schedule of reconciliation of the allowance for loan losses | March 31, 2018 Commercial Business Commercial Real Estate Land Multi- Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 1,418 $ 5,084 $ 228 $ 297 $ 714 $ 2,099 $ 688 $ 10,528 Provision for (recapture of) loan losses 10 (156 ) (301 ) 525 (96 ) (9 ) 27 - Charge-offs - (68 ) - - - (340 ) - (408 ) Recoveries 240 54 293 - - 59 - 646 Ending balance $ 1,668 $ 4,914 $ 220 $ 822 $ 618 $ 1,809 $ 715 $ 10,766 March 31, 2017 Beginning balance $ 1,048 $ 4,273 $ 325 $ 712 $ 416 $ 2,403 $ 708 $ 9,885 Provision for (recapture of) loan losses (121 ) 926 (558 ) (415 ) 298 (110 ) (20 ) - Charge-offs (1 ) (117 ) - - - (340 ) - (458 ) Recoveries 492 2 461 - - 146 - 1,101 Ending balance $ 1,418 $ 5,084 $ 228 $ 297 $ 714 $ 2,099 $ 688 $ 10,528 March 31, 2016 Beginning balance $ 1,263 $ 4,268 $ 539 $ 348 $ 769 $ 2,548 $ 1,027 $ 10,762 Provision for (recapture of) loan losses (245 ) 5 (545 ) 364 (359 ) (51 ) (319 ) (1,150 ) Charge-offs - - - - - (274 ) - (274 ) Recoveries 30 - 331 - 6 180 - 547 Ending balance $ 1,048 $ 4,273 $ 325 $ 712 $ 416 $ 2,403 $ 708 $ 9,885 |
Schedule of impaired financing receivables | Allowance for Loan Losses Recorded Investment in Loans March 31, 2018 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 1,668 $ 1,668 $ 1,004 $ 136,668 $ 137,672 Commercial real estate - 4,914 4,914 2,883 447,714 450,597 Land - 220 220 763 14,574 15,337 Multi-family - 822 822 1,644 61,436 63,080 Real estate construction - 618 618 - 39,584 39,584 Consumer 69 1,740 1,809 1,428 103,678 105,106 Unallocated - 715 715 - - - Total $ 69 $ 10,697 $ 10,766 $ 7,722 $ 803,654 $ 811,376 March 31, 2017 Commercial business $ - $ 1,418 $ 1,418 $ 294 $ 107,077 $ 107,371 Commercial real estate - 5,084 5,084 7,604 439,467 447,071 Land - 228 228 801 15,074 15,875 Multi-family - 297 297 1,692 42,023 43,715 Real estate construction - 714 714 - 46,157 46,157 Consumer 88 2,011 2,099 1,475 117,768 119,243 Unallocated - 688 688 - - - Total $ 88 $ 10,440 $ 10,528 $ 11,866 $ 767,566 $ 779,432 |
Schedule of Changes in the allowance for unfunded loan commitments | Year Ended March 31, 2018 2017 2016 Beginning balance $ 388 $ 324 $ 259 Net change in allowance for unfunded loan commitments 92 64 65 Ending balance $ 480 $ 388 $ 324 |
Schedule of analysis of loans by aging category | March 31, 2018 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 $ 7 $ - $ 178 $ 185 $ 137,487 $ 137,672 Commercial real estate - - 1,200 1,200 449,397 450,597 Land - - 763 763 14,574 15,337 Multi-family - - - - 63,080 63,080 Real estate construction - - - - 39,584 39,584 Consumer 513 - 277 790 104,316 105,106 Total $ 520 $ - $ 2,418 $ 2,938 $ 808,438 $ 811,376 March 31, 2017 Commercial business $ 13 $ - $ 294 $ 307 $ 107,064 $ 107,371 Commercial real estate - - 1,342 1,342 445,729 447,071 Land - - 801 801 15,074 15,875 Multi-family - - - - 43,715 43,715 Real estate construction - - - - 46,157 46,157 Consumer 228 34 278 540 118,703 119,243 Total $ 241 $ 34 $ 2,715 $ 2,990 $ 776,442 $ 779,432 |
Schedule of credit quality indicators | March 31, 2018 Pass Special Mention Substandard Doubtful Loss Total Loans Receivable Commercial business $ 132,309 $ 1,976 $ 3,387 $ - $ - $ 137,672 Commercial real estate 440,123 7,489 2,985 - - 450,597 Land 14,574 - 763 - - 15,337 Multi-family 60,879 2,190 11 - - 63,080 Real estate construction 39,584 - - - - 39,584 Consumer 104,829 - 277 - - 105,106 Total $ 792,298 $ 11,655 $ 7,423 $ - $ - $ 811,376 March 31, 2017 Commercial business $ 102,113 $ 2,063 $ 3,195 $ - $ - $ 107,371 Commercial real estate 430,923 10,426 5,722 - - 447,071 Land 15,074 - 801 - - 15,875 Multi-family 43,156 547 12 - - 43,715 Real estate construction 46,157 - - - - 46,157 Consumer 118,965 - 278 - - 119,243 Total $ 756,388 $ 13,036 $ 10,008 $ - $ - $ 779,432 |
Schedule of total and average recorded investment in impaired loans | March 31, 2018 Recorded Investment with No Specific Valuation Allowance Recorded Investment with Specific Valuation Allowance Total Recorded Investment Unpaid Principal Balance Related Specific Valuation Allowance Commercial business $ 1,004 $ - $ 1,004 $ 1,062 $ - Commercial real estate 2,883 - 2,883 3,816 - Land 763 - 763 790 - Multi-family 1,644 - 1,644 1,765 - Consumer 294 1,134 1,428 1,544 69 Total $ 6,588 $ 1,134 $ 7,722 $ 8,977 $ 69 March 31, 2017 Commercial business $ 294 $ - $ 294 $ 301 $ - Commercial real estate 7,604 - 7,604 8,806 - Land 801 - 801 807 - Multi-family 1,692 - 1,692 1,826 - Consumer 306 1,169 1,475 1,611 88 Total $ 10,697 $ 1,169 $ 11,866 $ 13,351 $ 88 Year ended March 31, 2018 Year ended March 31, 2017 Year ended March 31, 2016 Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Average Recorded Investment Interest Recognized on Impaired Loans Commercial business $ 930 $ 41 $ 255 $ 10 $ 542 $ 17 Commercial real estate 4,185 101 8,823 337 13,130 456 Land 781 - 801 - 801 - Multi-family 1,668 90 1,710 93 1,842 99 Consumer 1,452 62 1,529 62 1,947 72 Total $ 9,016 $ 294 $ 13,118 $ 502 $ 18,262 $ 644 |
Schedule of TDRs by interest accrual status | March 31, 2018 March 31, 2017 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ 826 $ 178 $ 1,004 $ - $ 294 $ 294 Commercial real estate 1,683 1,200 2,883 6,262 1,342 7,604 Land - 763 763 - 801 801 Multi-family 1,644 - 1,644 1,692 - 1,692 Consumer 1,428 - 1,428 1,475 - 1,475 Total $ 5,581 $ 2,141 $ 7,722 $ 9,429 $ 2,437 $ 11,866 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | March 31, 2018 2017 Land $ 4,710 $ 4,710 Buildings and improvements 15,281 15,281 Leasehold improvements 1,666 1,666 Furniture and equipment 10,783 10,243 Building under capitalized lease 2,956 2,956 Construction in progress 720 720 Total 36,116 35,576 Less accumulated depreciation and amortization (20,333 ) (19,344 ) Premises and equipment, net $ 15,783 $ 16,232 |
Schedule of future minimum lease payments for capital leases | Year Ending March 31: Operating Leases Capital Lease 2019 $ 1,639 $ 201 2020 1,453 205 2021 905 208 2022 677 212 2023 526 215 Thereafter 1,989 3,841 Total minimum lease payments $ 7,189 4,882 Less amount representing interest (2,451 ) Present value of net minimum lease payments $ 2,431 |
REAL ESTATE OWNED (Tables)
REAL ESTATE OWNED (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Schedule of summary of the activity in REO | Year Ended March 31, 2018 2017 2016 Balance at beginning of year, net $ 298 $ 595 $ 1,603 Additions - - 298 Dispositions - (267 ) (937 ) Writedowns - (30 ) (369 ) Balance at end of year, net $ 298 $ 298 $ 595 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | Year Ended March 31, 2018 2017 2016 Net carrying value at beginning of period $ 27,076 $ 25,572 $ 25,572 MBank Transaction (see Note 3) - 1,504 - Net carrying value at the end of period $ 27,076 $ 27,076 $ 25,572 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Deposits [Abstract] | |
Schedule of deposit accounts | Account Type March 31, 2018 March 31, 2017 Non-interest-bearing $ 278,966 $ 242,738 Interest-bearing checking 192,989 171,152 Money market 265,661 289,998 Savings accounts 134,931 126,370 Certificates of deposit 123,144 149,800 Total $ 995,691 $ 980,058 |
Schedule of maturities of certificates of deposit for future years | Year Ending March 31: 2019 $ 88,915 2020 19,833 2021 5,358 2022 2,951 2023 2,258 Thereafter 3,829 Total $ 123,144 |
Schedule of interest expense by deposit type | Year Ended March 31, 2018 2017 2016 Interest-bearing checking $ 100 $ 98 $ 99 Money market 335 309 272 Savings accounts 133 110 85 Certificates of deposit 640 634 717 Total $ 1,208 $ 1,151 $ 1,173 |
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Junior Subordinated Debentures [Abstract] | |
Schedule of summary of the terms and amounts outstanding of the 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 % 3.48 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 3.47 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 5.39 % 6/2033 27,836 Fair value adjustment (4) (1,352 ) Total Debentures $ 26,484 (1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%. (2) (3) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%. (4) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Year Ended March 31, 2018 2017 2016 Current $ 4,087 $ 284 $ 251 Deferred 3,668 3,103 3,175 Total $ 7,755 $ 3,387 $ 3,426 |
Schedule of deferred tax assets and deferred tax liabilities | March 31, 2018 March 31, 2017 Deferred tax assets: Deferred compensation $ 77 $ 150 Allowance for loan losses 2,643 3,875 Accrued expenses 127 217 Accumulated depreciation and amortization 753 1,017 Deferred gain on sale 201 361 Net operating loss carryforwards - 1,134 Purchase accounting 150 228 Net unrealized loss on investment securities available for sale 1,458 929 Alternative Minimum Tax ("AMT") credit - 471 Other 236 332 Total deferred tax assets 5,645 8,714 Deferred tax liabilities: FHLB stock dividend (95 ) (143 ) Prepaid expenses (109 ) (158 ) Loan fees/costs (628 ) (803 ) Total deferred tax liabilities (832 ) (1,104 ) Deferred tax assets, net $ 4,813 $ 7,610 |
Schedule of reconciliation of effective income tax rate with the federal statutory tax rate | Year Ended March 31, 2018 2017 2016 Statutory federal income tax rate 30.8 % 34.0 % 34.0 % State and local income tax rate 2.5 1.5 1.5 Revaluation of net deferred tax assets due to Tax Act 11.4 - - ESOP market value adjustment - (0.1 ) (0.1 ) BOLI (1.5 ) (3.8 ) (2.8 ) Other, net (0.1 ) (0.2 ) 2.2 Effective federal income tax rate 43.1 % 31.4 % 34.8 % |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of activity related to options under all plans | Year Ended March 31, 2018 2017 2016 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, beginning of period 220,654 $ 4.74 223,654 $ 4.73 424,654 $ 8.00 Options exercised (59,289 ) 4.13 (3,000 ) 3.84 (18,000 ) 3.49 Forfeited - - - - (29,000 ) 10.00 Expired (20,000 ) 13.42 - - (154,000 ) 12.92 Balance, end of period 141,365 $ 3.77 220,654 $ 4.74 223,654 $ 4.73 |
Schedule of additional information regarding stock options outstanding | Options Outstanding Options Exercisable Weighted Avg Weighted Weighted Remaining Average Average Range of Contractual Exercise Exercise Exercise Price Life (years) Number Price Number Price $ 1.00 - $3.00 4.94 59,865 $ 2.71 59,865 $ 2.71 $ 3.01 - $5.00 1.48 59,000 3.84 59,000 3.84 $ 5.01 - $8.00 0.47 20,000 6.17 20,000 6.17 $ 8.01 - $9.00 0.22 2,500 8.12 2,500 8.12 2.78 141,365 $ 3.77 141,365 $ 3.77 |
Schedule of information of stock options outstanding | Year Ended March 31, 2018 Year Ended March 31, 2017 Stock options fully vested and expected to vest: Number 141,365 220,654 Weighted average exercise price $ 3.77 $ 4.74 Aggregate intrinsic value (1) $ 788,000 $ 660,000 Weighted average contractual term of options (years) 2.78 3.35 Stock options fully vested and currently exercisable: Number 141,365 220,654 Weighted average exercise price $ 3.77 $ 4.74 Aggregate intrinsic value (1) $ 788,000 $ 660,000 Weighted average contractual term of options (years) 2.78 3.35 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company's stock. |
EMPLOYEE STOCK OWNERSHIP PLAN (
EMPLOYEE STOCK OWNERSHIP PLAN (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Employee Stock Ownership Plan [Abstract] | |
Schedule of ESOP share activity | Estimated Fair Value of Unreleased Shares Unreleased ESOP Shares Allocated and Released Shares Total Balance, March 31, 2015 $ 332,500 73,899 888,685 962,584 Allocation December 31, 2015 (24,633 ) 24,633 - Balance, March 31, 2016 $ 207,000 49,266 913,318 962,584 Allocation December 31, 2016 (24,633 ) 24,633 - Balance, March 31, 2017 $ 176,000 24,633 937,951 962,584 Allocation December 31, 2017 (24,633 ) 24,633 - Balance, March 31, 2018 $ - - 962,584 962,584 |
SHAREHOLDERS' EQUITY AND REGU42
SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Shareholders Equity And Regulatory Capital Requirements [Abstract] | |
Schedule of actual and required minimum capital amounts and ratios | Actual For Capital Adequacy Purposes "Well Capitalized" Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio March 31, 2018 Total Capital: (To Risk-Weighted Assets) $ 123,061 15.41 % $ 63,868 8.0 % $ 79,835 10.0 % Tier 1 Capital: (To Risk-Weighted Assets) 113,066 14.16 47,901 6.0 63,868 8.0 Common equity tier 1 Capital: (To Risk-Weighted Assets) 113,066 14.16 35,926 4.5 51,893 6.5 Tier 1 Capital (Leverage): (To Average Tangible Assets) 113,066 10.26 44,093 4.0 55,116 5.0 Actual For Capital Adequacy Purposes "Well Capitalized" Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio March 31, 2017 Total Capital: (To Risk-Weighted Assets) $ 112,421 14.06 % $ 63,955 8.0 % $ 79,944 10.0 % Tier 1 Capital: (To Risk-Weighted Assets) 102,411 12.81 47,966 6.0 63,955 8.0 Common equity tier 1 Capital: (To Risk-Weighted Assets) 102,411 12.81 35,975 4.5 51,963 6.5 Tier 1 Capital (Leverage): (To Average Tangible Assets) 102,411 10.21 40,110 4.0 50,138 5.0 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Year Ended March 31, (Dollars and share data in thousands, except per share data) 2018 2017 2016 Basic EPS computation: Numerator-net income $ 10,242 $ 7,404 $ 6,358 Denominator-weighted average common shares outstanding 22,531 22,478 22,450 Basic EPS $ 0.45 $ 0.33 $ 0.28 Diluted EPS computation: Numerator-net income $ 10,242 $ 7,404 $ 6,358 Denominator-weighted average common shares outstanding 22,531 22,478 22,450 Effect of dilutive stock options 92 70 44 Weighted average common shares and common stock equivalents 22,623 22,548 22,494 Diluted EPS $ 0.45 $ 0.33 $ 0.28 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets that are measured at estimated fair value on a recurring basis | Estimated Fair Value Measurements Using March 31, 2018 Total Estimated Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 8,732 $ - $ 8,732 $ - Agency securities 22,102 - 22,102 - Real estate mortgage investment conduits 46,955 - 46,955 - Residential mortgage-backed securities 89,074 - 89,074 - Other mortgage-backed securities 46,358 - 46,358 - Total assets measured at fair value on a recurring basis $ 213,221 $ - $ 213,221 $ - Estimated Fair Value Measurements Using March 31, 2017 Total Estimated Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 2,819 $ - $ 2,819 $ - Agency securities 16,808 - 16,808 - Real estate mortgage investment conduits 43,160 - 43,160 - Residential mortgage-backed securities 96,611 - 96,611 - Other mortgage-backed securities 40,816 - 40,816 - Total assets measured at fair value on a recurring basis $ 200,214 $ - $ 200,214 $ - |
Schedule of reconciliation of assets that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | For the Year Ended March 31, 2018 2017 Beginning balance $ - $ 1,808 Included in earnings (1) - (158 ) Included in other comprehensive income - 29 Disposition - (1,679 ) Ending balance $ - $ - (1) |
Schedule of assets that are measured at estimated fair value on a nonrecurring basis | Estimated fair value measurements using March 31, 2018 Total estimated fair value Level 1 Level 2 Level 3 Impaired loans $ 2,143 $ - $ - $ 2,143 March 31, 2017 Impaired loans $ 2,281 $ - $ - $ 2,281 |
Schedule of quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis | Valuation technique Significant unobservable inputs Range (1) Impaired loans Appraised value Adjustment for market conditions N/A (1) |
Schedule of carrying amount and estimated fair value of financial instruments | March 31, 2018 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 44,767 $ 44,767 $ - $ - $ 44,767 Certificates of deposit held for investment 5,967 - 5,959 - 5,959 Loans held for sale 210 - 210 - 210 Investment securities available for sale 213,221 - 213,221 - 213,221 Investment securities held to maturity 42 - 43 - 43 Loans receivable, net 800,610 - - 792,916 792,916 FHLB stock 1,353 - 1,353 - 1,353 Liabilities: Demand and savings deposits 872,547 872,547 - - 872,547 Time deposits 123,144 - 120,940 - 120,940 Junior subordinated debentures 26,484 - - 15,274 15,274 Capital lease obligation 2,431 - 2,431 - 2,431 March 31, 2017 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 64,613 $ 64,613 $ - $ - $ 64,613 Certificates of deposit held for investment 11,042 - 11,108 - 11,108 Loans held for sale 478 - 478 - 478 Investment securities available for sale 200,214 - 200,214 - 200,214 Investment securities held to maturity 64 - 66 - 66 Loans receivable, net 768,904 - - 731,996 731,996 FHLB stock 1,181 - 1,181 - 1,181 Liabilities: Demand and savings deposits 830,258 830,258 - - 830,258 Time deposits 149,800 - 148,574 - 148,574 Junior subordinated debentures 26,390 - - 13,284 13,284 Capital lease obligation 2,454 - 2,454 - 2,454 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of significant off-balance sheet commitments | Contract or Notional Amount March 31, 2018 March 31, 2017 Commitments to originate loans: Adjustable-rate $ 20,065 $ 16,958 Fixed-rate 14,989 28,301 Standby letters of credit 2,432 2,614 Undisbursed loan funds and unused lines of credit 152,982 119,763 Total $ 190,468 $ 167,636 |
RIVERVIEW BANCORP, INC. (PARE46
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed balance sheet | (In thousands) 2018 2017 ASSETS Cash and cash equivalents $ 6,479 $ 5,188 Investment in the Bank 136,497 129,947 Other assets 1,166 3,022 TOTAL ASSETS $ 144,142 $ 138,157 LIABILITIES AND SHAREHOLDERS' EQUITY Accrued expenses and other liabilities $ 80 $ 53 Dividend payable 677 450 Borrowings 26,484 26,390 Shareholders' equity 116,901 111,264 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 144,142 $ 138,157 |
Schedule of condensed income statement | (In thousands) 2018 2017 2016 INCOME: Interest on investment securities and other short-term investments $ 26 $ 21 $ 12 Interest on loan receivable from the Bank 6 15 24 Total income 32 36 36 EXPENSE: Management service fees paid to the Bank 143 143 143 Other expenses 1,020 587 443 Total expense 1,163 730 586 LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF THE BANK (1,131 ) (694 ) (550 ) BENEFIT FOR INCOME TAXES (513 ) (235 ) (187 ) LOSS OF PARENT COMPANY (618 ) (459 ) (363 ) EQUITY IN UNDISTRIBUTED INCOME OF THE BANK 10,860 7,863 6,721 NET INCOME $ 10,242 $ 7,404 $ 6,358 |
Schedule of condensed cash flow statement | (In thousands) 2018 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 10,242 $ 7,404 $ 6,358 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of the Bank (10,860 ) (7,863 ) (6,721 ) Amortization 94 22 - Provision for deferred income taxes 174 666 721 Earned ESOP shares 148 143 110 Changes in assets and liabilities: Other assets 1,770 (1,031 ) (941 ) Accrued expenses and other liabilities (132 ) (19 ) (1 ) Net cash provided by (used in) operating activities 1,436 (678 ) (474 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from assumption of junior subordinated debt (see Note 3) - 3,687 - Dividend from the Bank 1,750 2,500 - Net cash provided by investing activities 1,750 6,187 - CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid (2,140 ) (1,799 ) (1,261 ) Proceeds from exercise of stock options 245 11 62 Net cash used in financing activities (1,895 ) (1,788 ) (1,199 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,291 3,721 (1,673 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 5,188 1,467 3,140 CASH AND CASH EQUIVALENTS, END OF YEAR $ 6,479 $ 5,188 $ 1,467 |
Schedule of quarterly financial information | (Dollars in thousands, except share data) Three Months Ended March 31 December 31 September 30 June 30 Fiscal 2018: Interest and dividend income $ 11,244 $ 11,378 $ 11,315 $ 11,023 Interest expense 587 582 590 590 Net interest income 10,657 10,796 10,725 10,433 Provision for loan losses - - - - Non-interest income, net 2,663 2,890 2,713 2,738 Non-interest expense 9,127 8,558 8,759 9,174 Income before income taxes 4,193 5,128 4,679 3,997 Provision for income taxes 1,184 3,608 1,620 1,343 Net income $ 3,009 $ 1,520 $ 3,059 $ 2,654 Basic earnings per share (1) $ 0.13 $ 0.07 $ 0.14 $ 0.12 Diluted earnings per share (1) $ 0.13 $ 0.07 $ 0.14 $ 0.12 Fiscal 2017: Interest and dividend income $ 9,883 $ 8,952 $ 8,530 $ 8,262 Interest expense 538 450 442 439 Net interest income 9,345 8,502 8,088 7,823 Provision for loan losses - - - - Non-interest income, net 2,586 2,333 2,581 2,514 Non-interest expense 8,918 7,851 8,397 7,815 Income before income taxes 3,013 2,984 2,272 2,522 Provision for income taxes 979 991 592 825 Net income $ 2,034 $ 1,993 $ 1,680 $ 1,697 Basic earnings per share (1) $ 0.09 $ 0.09 $ 0.07 $ 0.08 Diluted earnings per share (1) $ 0.09 $ 0.09 $ 0.07 $ 0.08 (1) Quarterly earnings per share may vary from annual earnings per share due to rounding. |
SUMMARY OF SIGNIFICANT ACCOUN47
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | 12 Months Ended | |
Mar. 31, 2018USD ($)SegmentBranchshares | Mar. 31, 2017SegmentBranch | |
Accounting Policies [Abstract] | ||
Number of stock options outstanding held by trust | shares | 2,500 | |
Stock-based compensation expense related to options | $ | $ 88,000 | |
Number of branches in rural and suburban communities | Branch | 19 | 19 |
Number of operating segments | Segment | 2 | 2 |
Minimum percentage of monthly payments charged off for consumer installment loan | 75.00% | 75.00% |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 1) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Feb. 17, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Assets Held-in-trust | $ 484,300,000 | $ 425,900,000 | |
Early adoption of ASU 2018-02 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Early adoption of reclassification of tax effects from AOCI to retained earnings | $ 342,000 | ||
Core Deposit Intangibles | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated amortized period of Core Deposit Intangibles | 10 years | ||
Core Deposit Intangibles, gross | $ 1,360,000 | 1,360,000 | |
Accumulated amortization | 260,000 | $ 27,000 | |
Estimated amortization expense of Core Deposit Intangibles for fiscal years ended March 31, 2019 | 183,000 | ||
Estimated amortization expense of Core Deposit Intangibles for fiscal years ended March 31, 2020 | 160,000 | ||
Estimated amortization expense of Core Deposit Intangibles for fiscal years ended March 31, 2021 | 140,000 | ||
Estimated amortization expense of Core Deposit Intangibles for fiscal years ended March 31, 2022 | 125,000 | ||
Estimated amortization expense of Core Deposit Intangibles for fiscal years ended March 31, 2023 | 116,000 | ||
Estimated amortization expense of Core Deposit Intangibles, thereafter | $ 379,000 | ||
Building and improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | up to 45 years | ||
Furniture and equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | three to twenty years | ||
Leasehold improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | fifteen to twenty-five years, or estimated lease term if shorter | ||
Estimated Fair Value | Merchants Bancorp | |||
Summary Of Significant Accounting Policies [Line Items] | |||
CDI | $ 1,363,000 |
RESTRICTED ASSETS (Detail Textu
RESTRICTED ASSETS (Detail Textuals) - USD ($) $ in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Other Restricted Assets [Abstract] | ||
Minimum reserve balance | $ 1.7 | $ 2.5 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Feb. 17, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Liabilities assumed | |||||
Goodwill recognized | $ 27,076 | $ 27,076 | $ 25,572 | $ 25,572 | |
Merchants Bancorp | |||||
Business Acquisition [Line Items] | |||||
Cash consideration transferred | $ 12,100 | ||||
Merchants Bancorp | Book Value | |||||
Identifiable assets acquired | |||||
Cash and cash equivalents | 27,196 | ||||
Loans receivable | 115,283 | ||||
CDI | 0 | ||||
Premises and equipment | 1,769 | ||||
BOLI | 2,113 | ||||
Accrued interest receivable and other assets | 431 | ||||
Total identifiable assets acquired | 146,792 | ||||
Liabilities assumed | |||||
Deposits | 130,572 | ||||
Junior subordinated debentures | 5,155 | ||||
Accrued expenses and other liabilities | 293 | ||||
Total liabilities assumed | 136,020 | ||||
Total identifiable net assets acquired | 10,772 | ||||
Merchants Bancorp | Fair Value Adjustment | |||||
Identifiable assets acquired | |||||
Cash and cash equivalents | 0 | ||||
Loans receivable | (3,258) | ||||
CDI | 1,363 | ||||
Premises and equipment | 399 | ||||
BOLI | 0 | ||||
Accrued interest receivable and other assets | 90 | ||||
Total identifiable assets acquired | (1,406) | ||||
Liabilities assumed | |||||
Deposits | 235 | ||||
Junior subordinated debentures | (1,468) | ||||
Accrued expenses and other liabilities | 23 | ||||
Total liabilities assumed | (1,210) | ||||
Total identifiable net assets acquired | (196) | ||||
Merchants Bancorp | Estimated Fair Value | |||||
Business Acquisition [Line Items] | |||||
Cash consideration transferred | 12,080 | ||||
Identifiable assets acquired | |||||
Cash and cash equivalents | 27,196 | ||||
Loans receivable | 112,025 | ||||
CDI | 1,363 | ||||
Premises and equipment | 2,168 | ||||
BOLI | 2,113 | ||||
Accrued interest receivable and other assets | 521 | ||||
Total identifiable assets acquired | 145,386 | ||||
Liabilities assumed | |||||
Deposits | 130,807 | ||||
Junior subordinated debentures | 3,687 | ||||
Accrued expenses and other liabilities | 316 | ||||
Total liabilities assumed | 134,810 | ||||
Total identifiable net assets acquired | 10,576 | ||||
Goodwill recognized | $ 1,504 |
BUSINESS COMBINATIONS (Details
BUSINESS COMBINATIONS (Details 1) - Merchants Bancorp - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Business Acquisition [Line Items] | ||
Total revenues (net interest income plus non-interest income) | $ 49,290 | $ 45,261 |
Net income | $ 9,277 | $ 8,260 |
BUSINESS COMBINATIONS (Detail52
BUSINESS COMBINATIONS (Details 2) - Merchants Bancorp $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |
Total impact of acquisition related costs to noninterest expense | $ 748 |
Salaries and employee benefits | |
Business Acquisition [Line Items] | |
Total impact of acquisition related costs to noninterest expense | 26 |
Occupancy and depreciation | |
Business Acquisition [Line Items] | |
Total impact of acquisition related costs to noninterest expense | 6 |
Data processing | |
Business Acquisition [Line Items] | |
Total impact of acquisition related costs to noninterest expense | 63 |
Professional fees | |
Business Acquisition [Line Items] | |
Total impact of acquisition related costs to noninterest expense | $ 653 |
BUSINESS COMBINATIONS (Detail T
BUSINESS COMBINATIONS (Detail Textuals) $ in Millions | 1 Months Ended |
Feb. 17, 2017USD ($) | |
Merchants Bancorp | |
Business Acquisition [Line Items] | |
Cash consideration transferred | $ 12.1 |
INVESTMENT SECURITIES_ Investme
INVESTMENT SECURITIES: Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | |||
Available for sale: | |||||
Amortized Cost | $ 219,427 | $ 202,830 | |||
Gross Unrealized Gains | 5 | 193 | |||
Gross Unrealized Losses | (6,211) | (2,809) | |||
Estimated Fair Value | 213,221 | 200,214 | |||
Municipal securities | |||||
Available for sale: | |||||
Amortized Cost | 9,041 | 2,936 | |||
Gross Unrealized Gains | 0 | 0 | |||
Gross Unrealized Losses | (309) | (117) | |||
Estimated Fair Value | 8,732 | 2,819 | |||
Agency securities | |||||
Available for sale: | |||||
Amortized Cost | 22,412 | 16,993 | |||
Gross Unrealized Gains | 1 | 18 | |||
Gross Unrealized Losses | (311) | (203) | |||
Estimated Fair Value | 22,102 | 16,808 | |||
Real estate mortgage investment conduits | |||||
Available for sale: | |||||
Amortized Cost | 48,310 | [1] | 43,510 | [2] | |
Gross Unrealized Gains | 0 | [1] | 49 | [2] | |
Gross Unrealized Losses | (1,355) | [1] | (399) | [2] | |
Estimated Fair Value | 46,955 | [1] | 43,160 | [2] | |
Residential mortgage-backed securities | |||||
Available for sale: | |||||
Amortized Cost | 91,786 | [1] | 97,742 | [2] | |
Gross Unrealized Gains | 3 | [1] | 111 | [2] | |
Gross Unrealized Losses | (2,715) | [1] | (1,242) | [2] | |
Estimated Fair Value | 89,074 | [1] | 96,611 | [2] | |
Held to maturity: | |||||
Amortized Cost | [3] | 42 | 64 | ||
Gross Unrealized Gains | [3] | 1 | 2 | ||
Gross Unrealized Losses | [3] | 0 | 0 | ||
Estimated Fair Value | [3] | 43 | 66 | ||
Other mortgage-backed securities | |||||
Available for sale: | |||||
Amortized Cost | 47,878 | [4] | 41,649 | [5] | |
Gross Unrealized Gains | 1 | [4] | 15 | [5] | |
Gross Unrealized Losses | (1,521) | [4] | (848) | [5] | |
Estimated Fair Value | $ 46,358 | [4] | $ 40,816 | [5] | |
[1] | Comprised of FHLMC, Federal National Mortgage Association ("FNMA") and Ginnie Mae ("GNMA") issued securities. | ||||
[2] | Comprised of FHLMC, FNMA and GNMA issued securities. | ||||
[3] | Comprised of FHLMC and FNMA issued securities. | ||||
[4] | Comprised of U.S. Small Business Administration ("SBA") issued securities and commercial real estate ("CRE") secured securities issued by FNMA. | ||||
[5] | Comprised of SBA issued securities and CRE secured securities issued by FNMA. |
INVESTMENT SECURITIES_ Invest55
INVESTMENT SECURITIES: Investments Classified by Contractual Maturity Date (Details 1) $ in Thousands | Mar. 31, 2018USD ($) |
Available for sale: | |
Due in one year or less, Amortized Cost | $ 10,000 |
Due in one year or less, Estimated Fair Value | 9,964 |
Due after one year through five years, Amortized Cost | 8,421 |
Due after one year through five years, Estimated Fair Value | 8,366 |
Due after five years through ten years, Amortized Cost | 43,846 |
Due after five years through ten years, Estimated Fair Value | 42,525 |
Due after ten years, Amortized Cost | 157,160 |
Due after ten years, Estimated Fair Value | 152,366 |
Total, Amortized Cost | 219,427 |
Total, Estimated Fair Value | 213,221 |
Held to maturity: | |
Due in one year or less, Amortized Cost | 0 |
Due in one year or less, Estimated Fair Value | 0 |
Due after one year through five years, Amortized Cost | 6 |
Due after one year through five years, Estimated Fair Value | 6 |
Due after five years through ten years, Amortized Cost | 32 |
Due after five years through ten years, Estimated Fair Value | 32 |
Due after ten years, Amortized Cost | 4 |
Due after ten years, Estimated Fair Value | 5 |
Total, Amortized Cost | 42 |
Total, Estimated Fair Value | $ 43 |
INVESTMENT SECURITIES_ Temporar
INVESTMENT SECURITIES: Temporarily Impaired Securities, Fair Value and Unrealized losses (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | |
Available for sale: | |||
Less than 12 months, Estimated Fair Value | $ 111,145 | $ 161,967 | |
Less than 12 months, Unrealized Losses | (2,696) | (2,754) | |
12 months or longer, Estimated Fair Value | 100,060 | 3,442 | |
12 months or longer, Unrealized Losses | (3,515) | (55) | |
Total, Estimated Fair Value | 211,205 | 165,409 | |
Total, Unrealized Losses | (6,211) | (2,809) | |
Municipal securities | |||
Available for sale: | |||
Less than 12 months, Estimated Fair Value | 6,626 | 2,819 | |
Less than 12 months, Unrealized Losses | (236) | (117) | |
12 months or longer, Estimated Fair Value | 2,106 | 0 | |
12 months or longer, Unrealized Losses | (73) | 0 | |
Total, Estimated Fair Value | 8,732 | 2,819 | |
Total, Unrealized Losses | (309) | (117) | |
Agency securities | |||
Available for sale: | |||
Less than 12 months, Estimated Fair Value | 5,301 | 15,785 | |
Less than 12 months, Unrealized Losses | (112) | (203) | |
12 months or longer, Estimated Fair Value | 15,797 | 0 | |
12 months or longer, Unrealized Losses | (199) | 0 | |
Total, Estimated Fair Value | 21,098 | 15,785 | |
Total, Unrealized Losses | (311) | (203) | |
Real estate mortgage investment conduits | |||
Available for sale: | |||
Less than 12 months, Estimated Fair Value | [1] | 31,922 | 32,221 |
Less than 12 months, Unrealized Losses | [1] | (774) | (399) |
12 months or longer, Estimated Fair Value | [1] | 14,983 | 0 |
12 months or longer, Unrealized Losses | [1] | (581) | 0 |
Total, Estimated Fair Value | [1] | 46,905 | 32,221 |
Total, Unrealized Losses | [1] | (1,355) | (399) |
Residential mortgage-backed securities | |||
Available for sale: | |||
Less than 12 months, Estimated Fair Value | [2] | 50,941 | 74,388 |
Less than 12 months, Unrealized Losses | [2] | (1,192) | (1,232) |
12 months or longer, Estimated Fair Value | [2] | 37,823 | 602 |
12 months or longer, Unrealized Losses | [2] | (1,523) | (10) |
Total, Estimated Fair Value | [2] | 88,764 | 74,990 |
Total, Unrealized Losses | [2] | (2,715) | (1,242) |
Other mortgage-backed securities | |||
Available for sale: | |||
Less than 12 months, Estimated Fair Value | [3] | 16,355 | 36,754 |
Less than 12 months, Unrealized Losses | [3] | (382) | (803) |
12 months or longer, Estimated Fair Value | [3] | 29,351 | 2,840 |
12 months or longer, Unrealized Losses | [3] | (1,139) | (45) |
Total, Estimated Fair Value | [3] | 45,706 | 39,594 |
Total, Unrealized Losses | [3] | $ (1,521) | $ (848) |
[1] | Comprised of FHLMC and FNMA issued securities. | ||
[2] | Comprised of FHLMC, FNMA and GNMA issued securities. | ||
[3] | Comprised of SBA and CRE secured securities issued by FNMA. |
INVESTMENT SECURITIES (Detail T
INVESTMENT SECURITIES (Detail Textuals) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2018 | |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Proceeds from the liquidation of collateralized debt obligation | $ 1,800,000 | |
Investment securities gross realized gains from sales | 82,000 | |
Other than temporary impairment losses, investments, portion recognized in earnings, net | 240,000 | |
Income tax related to the realized gains | 29,000 | |
Available-for-sale Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Pledged as collateral at amortized cost | 11,100,000 | $ 3,700,000 |
Pledged as collateral at fair value | 11,100,000 | $ 3,600,000 |
Held-to-maturity Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Pledged as collateral at amortized cost | 20,000 | |
Pledged as collateral at fair value | $ 20,000 |
LOANS RECEIVABLE_ Loans receiva
LOANS RECEIVABLE: Loans receivable, excluding loans held for sale (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | $ 811,376 | $ 779,432 | |||
Less: Allowance for loan losses | 10,766 | 10,528 | $ 9,885 | $ 10,762 | |
Loans receivable, net | 800,610 | 768,904 | |||
Commercial and construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 706,270 | 660,189 | |||
Commercial and construction | Commercial business | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 137,672 | 107,371 | |||
Less: Allowance for loan losses | 1,668 | 1,418 | 1,048 | 1,263 | |
Commercial and construction | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 450,597 | 447,071 | |||
Less: Allowance for loan losses | 4,914 | 5,084 | 4,273 | 4,268 | |
Commercial and construction | Land | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 15,337 | 15,875 | |||
Less: Allowance for loan losses | 220 | 228 | 325 | 539 | |
Commercial and construction | Multi-family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 63,080 | 43,715 | |||
Less: Allowance for loan losses | 822 | 297 | 712 | 348 | |
Commercial and construction | Real estate construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 39,584 | 46,157 | |||
Less: Allowance for loan losses | 618 | 714 | 416 | 769 | |
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 105,106 | 119,243 | |||
Less: Allowance for loan losses | 1,809 | 2,099 | $ 2,403 | $ 2,548 | |
Consumer | Real estate one-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 90,109 | 92,865 | |||
Consumer | Other installment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | [1] | $ 14,997 | $ 26,378 | ||
[1] | Consists primarily of purchased automobile loans totaling $12.9 million and $23.6 million at March 31, 2018 and 2017, respectively. |
LOANS RECEIVABLE_ Aggregate loa
LOANS RECEIVABLE: Aggregate loans to officers and directors (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Loans to Officers and Directors | |||
Beginning balance | $ 859 | $ 841 | $ 1,233 |
Originations | 526 | 228 | 53 |
Principal repayments | (404) | (210) | (445) |
Ending balance | $ 981 | $ 859 | $ 841 |
LOANS RECEIVABLE (Detail Textua
LOANS RECEIVABLE (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net deferred loan fees | $ 3,600 | $ 3,200 |
Discount on Loans receivable | 2,200 | 3,000 |
Premiums on Loans receivable | 2,000 | 1,000 |
Total loans | 811,376 | 779,432 |
Loans pledged as collateral | $ 520,000 | |
Percentage of loans and extensions of credit outstanding | 15.00% | |
Commercial and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 706,270 | 660,189 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 450,597 | 447,071 |
Commercial and construction | Commercial real estate | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum loan-to-value ratio | 65.00% | |
Commercial and construction | Commercial real estate | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum loan-to-value ratio | 80.00% | |
Commercial and construction | Raw land loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum loan-to-value ratio | 65.00% | |
Commercial and construction | Improved land loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum loan-to-value ratio | 75.00% | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 105,106 | 119,243 |
Consumer | Automobile loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 12,900 | 23,600 |
Consumer | Real estate one-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 90,109 | $ 92,865 |
Maximum loan-to-value ratio | 80.00% | |
Consumer | Real estate one-to-four family | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Terms of maturity | 15 years | |
Consumer | Real estate one-to-four family | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Terms of maturity | 30 years |
ALLOWANCE FOR LOAN LOSSES_ Reco
ALLOWANCE FOR LOAN LOSSES: Reconciliation of the allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 10,528 | $ 9,885 | $ 10,528 | $ 9,885 | $ 10,762 | ||||||
Provision for (recapture of) loan losses | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | (1,150) |
Charge-offs | (408) | (458) | (274) | ||||||||
Recoveries | 646 | 1,101 | 547 | ||||||||
Ending balance | 10,766 | 10,528 | 10,766 | 10,528 | 9,885 | ||||||
Commercial and construction | Commercial Business | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 1,418 | 1,048 | 1,418 | 1,048 | 1,263 | ||||||
Provision for (recapture of) loan losses | 10 | (121) | (245) | ||||||||
Charge-offs | 0 | (1) | 0 | ||||||||
Recoveries | 240 | 492 | 30 | ||||||||
Ending balance | 1,668 | 1,418 | 1,668 | 1,418 | 1,048 | ||||||
Commercial and construction | Commercial Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 5,084 | 4,273 | 5,084 | 4,273 | 4,268 | ||||||
Provision for (recapture of) loan losses | (156) | 926 | 5 | ||||||||
Charge-offs | (68) | (117) | 0 | ||||||||
Recoveries | 54 | 2 | 0 | ||||||||
Ending balance | 4,914 | 5,084 | 4,914 | 5,084 | 4,273 | ||||||
Commercial and construction | Land | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 228 | 325 | 228 | 325 | 539 | ||||||
Provision for (recapture of) loan losses | (301) | (558) | (545) | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 293 | 461 | 331 | ||||||||
Ending balance | 220 | 228 | 220 | 228 | 325 | ||||||
Commercial and construction | Multi-Family | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 297 | 712 | 297 | 712 | 348 | ||||||
Provision for (recapture of) loan losses | 525 | (415) | 364 | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Ending balance | 822 | 297 | 822 | 297 | 712 | ||||||
Commercial and construction | Real Estate Construction | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 714 | 416 | 714 | 416 | 769 | ||||||
Provision for (recapture of) loan losses | (96) | 298 | (359) | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 6 | ||||||||
Ending balance | 618 | 714 | 618 | 714 | 416 | ||||||
Consumer | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 2,099 | 2,403 | 2,099 | 2,403 | 2,548 | ||||||
Provision for (recapture of) loan losses | (9) | (110) | (51) | ||||||||
Charge-offs | (340) | (340) | (274) | ||||||||
Recoveries | 59 | 146 | 180 | ||||||||
Ending balance | 1,809 | 2,099 | 1,809 | 2,099 | 2,403 | ||||||
Unallocated | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 688 | $ 708 | 688 | 708 | 1,027 | ||||||
Provision for (recapture of) loan losses | 27 | (20) | (319) | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Ending balance | $ 715 | $ 688 | $ 715 | $ 688 | $ 708 |
ALLOWANCE FOR LOAN LOSSES_ Impa
ALLOWANCE FOR LOAN LOSSES: Impaired Financing Receivables (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Allowance for loan losses | ||
Individually Evaluated for Impairment | $ 69 | $ 88 |
Collectively Evaluated for Impairment | 10,697 | 10,440 |
Total | 10,766 | 10,528 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 7,722 | 11,866 |
Collectively Evaluated for Impairment | 803,654 | 767,566 |
Total | 811,376 | 779,432 |
Commercial and construction | Commercial business | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 1,668 | 1,418 |
Total | 1,668 | 1,418 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 1,004 | 294 |
Collectively Evaluated for Impairment | 136,668 | 107,077 |
Total | 137,672 | 107,371 |
Commercial and construction | Commercial real estate | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 4,914 | 5,084 |
Total | 4,914 | 5,084 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 2,883 | 7,604 |
Collectively Evaluated for Impairment | 447,714 | 439,467 |
Total | 450,597 | 447,071 |
Commercial and construction | Land | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 220 | 228 |
Total | 220 | 228 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 763 | 801 |
Collectively Evaluated for Impairment | 14,574 | 15,074 |
Total | 15,337 | 15,875 |
Commercial and construction | Multi-family | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 822 | 297 |
Total | 822 | 297 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 1,644 | 1,692 |
Collectively Evaluated for Impairment | 61,436 | 42,023 |
Total | 63,080 | 43,715 |
Commercial and construction | Real estate construction | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 618 | 714 |
Total | 618 | 714 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 39,584 | 46,157 |
Total | 39,584 | 46,157 |
Consumer | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 69 | 88 |
Collectively Evaluated for Impairment | 1,740 | 2,011 |
Total | 1,809 | 2,099 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 1,428 | 1,475 |
Collectively Evaluated for Impairment | 103,678 | 117,768 |
Total | 105,106 | 119,243 |
Unallocated | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 715 | 688 |
Total | 715 | 688 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 0 | 0 |
Total | $ 0 | $ 0 |
ALLOWANCE FOR LOAN LOSSES_ Anal
ALLOWANCE FOR LOAN LOSSES: Analysis of loans by aging category (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance for unfunded loan commitments | |||
Beginning balance | $ 388 | $ 324 | $ 259 |
Net change in allowance for unfunded loan commitments | 92 | 64 | 65 |
Ending Balance | $ 480 | $ 388 | $ 324 |
ALLOWANCE FOR LOAN LOSSES_ Fina
ALLOWANCE FOR LOAN LOSSES: Financing Receivables, Aging of Loans (Details 3) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | $ 2,418 | $ 2,715 |
Total Past Due and Non-accrual | 2,938 | 2,990 |
Current | 808,438 | 776,442 |
Total Loans Receivable | 811,376 | 779,432 |
30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 520 | 241 |
90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 34 |
Commercial and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 706,270 | 660,189 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 178 | 294 |
Total Past Due and Non-accrual | 185 | 307 |
Current | 137,487 | 107,064 |
Total Loans Receivable | 137,672 | 107,371 |
Commercial and construction | Commercial business | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 7 | 13 |
Commercial and construction | Commercial business | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 1,200 | 1,342 |
Total Past Due and Non-accrual | 1,200 | 1,342 |
Current | 449,397 | 445,729 |
Total Loans Receivable | 450,597 | 447,071 |
Commercial and construction | Commercial real estate | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Commercial real estate | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 763 | 801 |
Total Past Due and Non-accrual | 763 | 801 |
Current | 14,574 | 15,074 |
Total Loans Receivable | 15,337 | 15,875 |
Commercial and construction | Land | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Land | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 0 | 0 |
Total Past Due and Non-accrual | 0 | 0 |
Current | 63,080 | 43,715 |
Total Loans Receivable | 63,080 | 43,715 |
Commercial and construction | Multi-family | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Multi-family | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Real estate construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 0 | 0 |
Total Past Due and Non-accrual | 0 | 0 |
Current | 39,584 | 46,157 |
Total Loans Receivable | 39,584 | 46,157 |
Commercial and construction | Real estate construction | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Real estate construction | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 277 | 278 |
Total Past Due and Non-accrual | 790 | 540 |
Current | 104,316 | 118,703 |
Total Loans Receivable | 105,106 | 119,243 |
Consumer | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 513 | 228 |
Consumer | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 0 | $ 34 |
ALLOWANCE FOR LOAN LOSSES_ Cred
ALLOWANCE FOR LOAN LOSSES: Credit Quality Indicators (Details 4) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 811,376 | $ 779,432 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 792,298 | 756,388 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 11,655 | 13,036 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 7,423 | 10,008 |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 706,270 | 660,189 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 137,672 | 107,371 |
Commercial and construction | Commercial business | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 132,309 | 102,113 |
Commercial and construction | Commercial business | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 1,976 | 2,063 |
Commercial and construction | Commercial business | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,387 | 3,195 |
Commercial and construction | Commercial business | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Commercial business | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 450,597 | 447,071 |
Commercial and construction | Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 440,123 | 430,923 |
Commercial and construction | Commercial real estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 7,489 | 10,426 |
Commercial and construction | Commercial real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,985 | 5,722 |
Commercial and construction | Commercial real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Commercial real estate | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 15,337 | 15,875 |
Commercial and construction | Land | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 14,574 | 15,074 |
Commercial and construction | Land | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Land | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 763 | 801 |
Commercial and construction | Land | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Land | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 63,080 | 43,715 |
Commercial and construction | Multi-family | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 60,879 | 43,156 |
Commercial and construction | Multi-family | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,190 | 547 |
Commercial and construction | Multi-family | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 11 | 12 |
Commercial and construction | Multi-family | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Multi-family | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Real estate construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 39,584 | 46,157 |
Commercial and construction | Real estate construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 39,584 | 46,157 |
Commercial and construction | Real estate construction | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Real estate construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Real estate construction | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Real estate construction | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 105,106 | 119,243 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 104,829 | 118,965 |
Consumer | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 277 | 278 |
Consumer | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 0 | $ 0 |
ALLOWANCE FOR LOAN LOSSES_ Im66
ALLOWANCE FOR LOAN LOSSES: Impaired Financing Receivables (Details 5) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | $ 6,588 | $ 10,697 |
Recorded Investment with Specific Valuation Allowance | 1,134 | 1,169 |
Total Recorded Investment | 7,722 | 11,866 |
Unpaid Principal Balance | 8,977 | 13,351 |
Related Specific Valuation Allowance | 69 | 88 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 1,004 | 294 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 1,004 | 294 |
Unpaid Principal Balance | 1,062 | 301 |
Related Specific Valuation Allowance | 0 | 0 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 2,883 | 7,604 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 2,883 | 7,604 |
Unpaid Principal Balance | 3,816 | 8,806 |
Related Specific Valuation Allowance | 0 | 0 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 763 | 801 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 763 | 801 |
Unpaid Principal Balance | 790 | 807 |
Related Specific Valuation Allowance | 0 | 0 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 1,644 | 1,692 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 1,644 | 1,692 |
Unpaid Principal Balance | 1,765 | 1,826 |
Related Specific Valuation Allowance | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 294 | 306 |
Recorded Investment with Specific Valuation Allowance | 1,134 | 1,169 |
Total Recorded Investment | 1,428 | 1,475 |
Unpaid Principal Balance | 1,544 | 1,611 |
Related Specific Valuation Allowance | $ 69 | $ 88 |
ALLOWANCE FOR LOAN LOSSES_ Im67
ALLOWANCE FOR LOAN LOSSES: Impaired Loans, Average Recorded Investment and Interest Recognized (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | $ 9,016 | $ 13,118 | $ 18,262 |
Interest Recognized on Impaired Loans | 294 | 502 | 644 |
Commercial and construction | Commercial business | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 930 | 255 | 542 |
Interest Recognized on Impaired Loans | 41 | 10 | 17 |
Commercial and construction | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 4,185 | 8,823 | 13,130 |
Interest Recognized on Impaired Loans | 101 | 337 | 456 |
Commercial and construction | Land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 781 | 801 | 801 |
Interest Recognized on Impaired Loans | 0 | 0 | 0 |
Commercial and construction | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 1,668 | 1,710 | 1,842 |
Interest Recognized on Impaired Loans | 90 | 93 | 99 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 1,452 | 1,529 | 1,947 |
Interest Recognized on Impaired Loans | $ 62 | $ 62 | $ 72 |
ALLOWANCE FOR LOAN LOSSES_ TDRs
ALLOWANCE FOR LOAN LOSSES: TDRs by Interest Accrual Status (Details 7) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | $ 5,581 | $ 9,429 |
Nonaccrual | 2,141 | 2,437 |
Total | 7,722 | 11,866 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 826 | 0 |
Nonaccrual | 178 | 294 |
Total | 1,004 | 294 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 1,683 | 6,262 |
Nonaccrual | 1,200 | 1,342 |
Total | 2,883 | 7,604 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 0 | 0 |
Nonaccrual | 763 | 801 |
Total | 763 | 801 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 1,644 | 1,692 |
Nonaccrual | 0 | 0 |
Total | 1,644 | 1,692 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 1,428 | 1,475 |
Nonaccrual | 0 | 0 |
Total | $ 1,428 | $ 1,475 |
ALLOWANCE FOR LOAN LOSSES (Deta
ALLOWANCE FOR LOAN LOSSES (Detail Textuals) - Commercial and construction $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($)TDR | Mar. 31, 2017USD ($)TDR | Mar. 31, 2016USD ($) | |
Commercial business | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income foregone on non-accrual loans | $ 102 | $ 81 | $ 112 |
TDR loan default | $ 178 | ||
Number of TDR loans default | TDR | 1 | 1 | |
Pre-modification outstanding recorded investment amount | $ 116 | ||
Post-modification outstanding recorded investment amount | $ 107 | ||
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
TDR loan default | $ 1,200 | ||
Number of TDR loans default | TDR | 2 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 36,116 | $ 35,576 |
Less accumulated depreciation and amortization | (20,333) | (19,344) |
Premises and equipment, net | 15,783 | 16,232 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,710 | 4,710 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 15,281 | 15,281 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,666 | 1,666 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 10,783 | 10,243 |
Building under capitalized lease | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,956 | 2,956 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 720 | $ 720 |
PREMISES AND EQUIPMENT (Detai71
PREMISES AND EQUIPMENT (Details 1) $ in Thousands | Mar. 31, 2017USD ($) |
Operating Leases | |
2,019 | $ 1,639 |
2,020 | 1,453 |
2,021 | 905 |
2,022 | 677 |
2,023 | 526 |
Thereafter | 1,989 |
Total minimum lease payments | 7,189 |
Capital Lease | |
2,019 | 201 |
2,020 | 205 |
2,021 | 208 |
2,022 | 212 |
2,023 | 215 |
Thereafter | 3,841 |
Total minimum lease payments | 4,882 |
Less amount representing interest | (2,451) |
Present value of net minimum lease payments | $ 2,431 |
PREMISES AND EQUIPMENT (Detail
PREMISES AND EQUIPMENT (Detail Textuals) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2010USD ($)Branch | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 1,200,000 | $ 1,100,000 | $ 1,300,000 | |
Amortization expense | 77,000 | 77,000 | 89,000 | |
Accumulated amortization for capital lease | 1,300,000 | 1,200,000 | ||
Number of branch location sold | Branch | 2 | |||
Deferred gain loss on cancellation of lease | $ 2,100,000 | 857,000 | ||
Rent expense | $ 2,100,000 | $ 1,800,000 | $ 1,800,000 |
REAL ESTATE OWNED_ Activity in
REAL ESTATE OWNED: Activity in REO (Real Estate Owned) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Real Estate Owned | |||
Balance at beginning of year, net | $ 298 | $ 595 | $ 1,603 |
Additions | 0 | 0 | 298 |
Dispositions | 0 | (267) | (937) |
Writedowns | 0 | (30) | (369) |
Balance at end of year, net | $ 298 | $ 298 | $ 595 |
REAL ESTATE OWNED (Detail Textu
REAL ESTATE OWNED (Detail Textuals) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |||
Operating expenses | $ 12,000 | $ 24,000 | $ 198,000 |
Net gain (losses) on dispositions of REO | 81,000 | (5,000) | (187,000) |
Write-downs on existing REO properties | $ 30,000 | $ 369,000 | |
Carrying amount of foreclosed residential real estate properties | 298,000 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 51,000 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill [Roll Forward] | |||
Net carrying value at beginning of period | $ 27,076 | $ 25,572 | $ 25,572 |
MBank Transaction (see Note 3) | 0 | 1,504 | 0 |
Net carrying value at the end of period | $ 27,076 | $ 27,076 | $ 25,572 |
DEPOSITS_ Summary of Deposit Ac
DEPOSITS: Summary of Deposit Accounts (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Deposit [Line Items] | ||
Total | $ 995,691 | $ 980,058 |
Non-interest-bearing | ||
Deposit [Line Items] | ||
Total | 278,966 | 242,738 |
Interest-bearing checking | ||
Deposit [Line Items] | ||
Total | 192,989 | 171,152 |
Money market | ||
Deposit [Line Items] | ||
Total | 265,661 | 289,998 |
Savings accounts | ||
Deposit [Line Items] | ||
Total | 134,931 | 126,370 |
Certificates of deposit | ||
Deposit [Line Items] | ||
Total | $ 123,144 | $ 149,800 |
DEPOSITS_ Maturities of certifi
DEPOSITS: Maturities of certificates of deposit for future years (Details 1) $ in Thousands | Mar. 31, 2018USD ($) |
Deposits [Abstract] | |
2,019 | $ 88,915 |
2,020 | 19,833 |
2,021 | 5,358 |
2,022 | 2,951 |
2,023 | 2,258 |
Thereafter | 3,829 |
Time deposit maturities for future years | $ 123,144 |
DEPOSITS_ Interest Expense by D
DEPOSITS: Interest Expense by Deposit Type (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Deposits [Abstract] | |||
Interest-bearing checking | $ 100 | $ 98 | $ 99 |
Money market | 335 | 309 | 272 |
Savings accounts | 133 | 110 | 85 |
Certificates of deposit | 640 | 634 | 717 |
Total | $ 1,208 | $ 1,151 | $ 1,173 |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Deposits [Abstract] | ||
Time deposits more than 250,000 | $ 10.8 | $ 12.1 |
JUNIOR SUBORDINATED DEBENTURES_
JUNIOR SUBORDINATED DEBENTURES: Terms of the current Debentures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Amount Outstanding | $ 27,836 | ||
Fair value adjustment | [1] | (1,352) | |
Junior subordinated debentures | $ 26,484 | $ 26,390 | |
Riverview Bancorp Statutory Trust I | |||
Debt Instrument [Line Items] | |||
Issuance Date | 12/2005 | ||
Amount Outstanding | $ 7,217 | ||
Rate Type | [2] | Variable | |
Initial Rate | 5.88% | ||
Current Rate | 3.48% | ||
Maturity Date | 3/2036 | ||
Riverview Bancorp Statutory Trust II | |||
Debt Instrument [Line Items] | |||
Issuance Date | 06/2007 | ||
Amount Outstanding | $ 15,464 | ||
Rate Type | [3] | Variable | |
Initial Rate | 7.03% | ||
Current Rate | 3.47% | ||
Maturity Date | 9/2037 | ||
Merchants Bancorp Statutory Trust I | |||
Debt Instrument [Line Items] | |||
Issuance Date | 06/2003 | ||
Amount Outstanding | $ 5,155 | ||
Rate Type | [4] | Variable | |
Initial Rate | 4.16% | ||
Current Rate | 5.39% | ||
Maturity Date | 6/2033 | ||
[1] | Amount, net of accretion, is attributable to the MBank transaction. See Note 3. | ||
[2] | The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%. | ||
[3] | The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35%. | ||
[4] | The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%. |
JUNIOR SUBORDINATED DEBENTURE81
JUNIOR SUBORDINATED DEBENTURES (Detail Textuals) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||
Debentures issued to grantor trusts | $ 26,500,000 | $ 26,400,000 |
Common securities issued by grantor trusts | $ 836,000 | $ 836,000 |
Riverview Bancorp Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Interest basis spread on variable rate | 1.36% | |
Description of variable rate | three-month LIBOR | |
Riverview Bancorp Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Interest basis spread on variable rate | 1.35% | |
Description of variable rate | three-month LIBOR | |
Merchants Bancorp Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Interest basis spread on variable rate | 3.10% | |
Description of variable rate | three-month LIBOR |
INCOME TAXES_ Components of Inc
INCOME TAXES: Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 4,087 | $ 284 | $ 251 |
Deferred | 3,668 | 3,103 | 3,175 |
Total | $ 7,755 | $ 3,387 | $ 3,426 |
INCOME TAXES_ Deferred Tax Asse
INCOME TAXES: Deferred Tax Assets and Liabilities (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Deferred tax assets: | ||
Deferred compensation | $ 77 | $ 150 |
Allowance for loan losses | 2,643 | 3,875 |
Accrued expenses | 127 | 217 |
Accumulated depreciation and amortization | 753 | 1,017 |
Deferred gain on sale | 201 | 361 |
Net operating loss carryforwards | 0 | 1,134 |
Purchase accounting | 150 | 228 |
Net unrealized loss on investment securities available for sale | 1,458 | 929 |
Alternative Minimum Tax ("AMT") credit | 0 | 471 |
Other | 236 | 332 |
Total deferred tax assets | 5,645 | 8,714 |
Deferred tax liabilities: | ||
FHLB stock dividend | (95) | (143) |
Prepaid expenses | (109) | (158) |
Loan fees/costs | (628) | (803) |
Total deferred tax liabilities | (832) | (1,104) |
Deferred tax assets, net | $ 4,813 | $ 7,610 |
INCOME TAXES_ Effective Income
INCOME TAXES: Effective Income Tax Rate Reconciliation (Details 2) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 30.80% | 34.00% | 34.00% |
State and local income tax rate | 2.50% | 1.50% | 1.50% |
Revaluation of net deferred tax assets due to Tax Act | 11.40% | 0.00% | 0.00% |
ESOP market value adjustment | (0.00%) | (0.10%) | (0.10%) |
BOLI | (1.50%) | (3.80%) | (2.80%) |
Other, net | (0.10%) | (0.20%) | 2.20% |
Effective federal income tax rate | 43.10% | 31.40% | 34.80% |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 22, 2017 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax [Line Items] | |||||
Federal corporate income tax rate | 30.80% | 34.00% | 34.00% | ||
Tax cuts and jobs act net tax expense benefit | $ 422,000 | ||||
One-time charge to provision for income taxes | $ 2,100,000 | ||||
Base year allowance for loan losses | 2,200,000 | $ 2,200,000 | |||
Unrecognized deferred tax liability | $ 517,000 | $ 781,000 | |||
Tax Year 2017 | |||||
Income Tax [Line Items] | |||||
Federal corporate income tax rate | 35.00% | ||||
Tax Year 2018 | |||||
Income Tax [Line Items] | |||||
Federal corporate income tax rate | 21.00% |
EMPLOYEE BENEFIT PLANS_ Activit
EMPLOYEE BENEFIT PLANS: Activity related to options under all plans (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Number of Shares | |||
Balance, beginning of period | 220,654 | 223,654 | 424,654 |
Options exercised | (59,289) | (3,000) | (18,000) |
Forfeited | 0 | 0 | (29,000) |
Expired | (20,000) | 0 | (154,000) |
Balance, end of period | 141,365 | 220,654 | 223,654 |
Weighted Average Exercise Price | |||
Balance, beginning of period | $ 4.74 | $ 4.73 | $ 8 |
Options exercised | 4.13 | 3.84 | 3.49 |
Forfeited | 0 | 0 | 10 |
Expired | 13.42 | 0 | 12.92 |
Balance, end of period | $ 3.77 | $ 4.74 | $ 4.73 |
EMPLOYEE BENEFIT PLANS_ Additio
EMPLOYEE BENEFIT PLANS: Additional information regarding options outstanding, by exercise price range (Details 1) - Stock options | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Avg Remaining Contractual Life (years) | 2 years 9 months 11 days |
Options Outstanding, Number | shares | 141,365 |
Options Outstanding, Weighted Average Exercise Price | $ 3.77 |
Options Exercisable, Number | shares | 141,365 |
Options Exercisable, Weighted Average Exercise Price | $ 3.77 |
$1.00 - $3.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Price, lower | 1 |
Range of Exercise Price, upper | $ 3 |
Weighted Avg Remaining Contractual Life (years) | 4 years 11 months 9 days |
Options Outstanding, Number | shares | 59,865 |
Options Outstanding, Weighted Average Exercise Price | $ 2.71 |
Options Exercisable, Number | shares | 59,865 |
Options Exercisable, Weighted Average Exercise Price | $ 2.71 |
$3.01 - $5.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Price, lower | 3.01 |
Range of Exercise Price, upper | $ 5 |
Weighted Avg Remaining Contractual Life (years) | 1 year 5 months 23 days |
Options Outstanding, Number | shares | 59,000 |
Options Outstanding, Weighted Average Exercise Price | $ 3.84 |
Options Exercisable, Number | shares | 59,000 |
Options Exercisable, Weighted Average Exercise Price | $ 3.84 |
$5.01 - $8.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Price, lower | 5.01 |
Range of Exercise Price, upper | $ 8 |
Weighted Avg Remaining Contractual Life (years) | 5 months 19 days |
Options Outstanding, Number | shares | 20,000 |
Options Outstanding, Weighted Average Exercise Price | $ 6.17 |
Options Exercisable, Number | shares | 20,000 |
Options Exercisable, Weighted Average Exercise Price | $ 6.17 |
$8.01 - $9.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Price, lower | 8.01 |
Range of Exercise Price, upper | $ 9 |
Weighted Avg Remaining Contractual Life (years) | 2 months 19 days |
Options Outstanding, Number | shares | 2,500 |
Options Outstanding, Weighted Average Exercise Price | $ 8.12 |
Options Exercisable, Number | shares | 2,500 |
Options Exercisable, Weighted Average Exercise Price | $ 8.12 |
EMPLOYEE BENEFIT PLANS_ Stock O
EMPLOYEE BENEFIT PLANS: Stock Options Outstanding, less estimated forfeitures (Details 2) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Stock options fully vested and expected to vest: | |||
Number | 141,365 | 220,654 | |
Weighted average exercise price | $ 3.77 | $ 4.74 | |
Aggregate intrinsic value | [1] | $ 788,000 | $ 660,000 |
Weighted average contractual term of options (years) | 2 years 9 months 11 days | 3 years 4 months 6 days | |
Stock options fully vested and currently exercisable: | |||
Number | 141,365 | 220,654 | |
Weighted average exercise price | $ 3.77 | $ 4.74 | |
Aggregate intrinsic value | [1] | $ 788,000 | $ 660,000 |
Weighted average contractual term of options (years) | 2 years 9 months 11 days | 3 years 4 months 6 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. |
EMPLOYEE BENEFIT PLANS (Detail
EMPLOYEE BENEFIT PLANS (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Retirement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expenses related to plan | $ 547 | $ 489 | $ 292 |
Directors' and Executive Officers' Deferred Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation plan annual interest rate | 3.99% | 3.68% | 3.64% |
Aggregate liability under the plan | $ 330 | $ 422 | |
Stock Option Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term | 10 years | ||
Vesting period | zero to five years | ||
Number of shares reserved for common stock | 1,800,000 | ||
Total intrinsic value of stock options exercised | $ 257 | $ 5 | $ 16 |
EMPLOYEE STOCK OWNERSHIP PLAN_
EMPLOYEE STOCK OWNERSHIP PLAN: Employee Stock Ownership Plan (ESOP) Disclosures (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Ownership Plan Esop Deferred Shares Fair Value [Roll Forward] | |||
Estimated fair value of unreleased shares, beginning | $ 176,000 | $ 207,000 | $ 332,500 |
Unreleased Employee stock ownership shares, beginning | 24,633 | 49,266 | 73,899 |
Employee stock ownership plan allocated and released shares, beginning | 937,951 | 913,318 | 888,685 |
Employee Stock Ownership Plan total, beginning | 962,584 | 962,584 | 962,584 |
Employee stock ownership plan unreleased allocation of shares | (24,633) | (24,633) | (24,633) |
Allocated and released contributed Employee stock ownership plan | 24,633 | 24,633 | 24,633 |
Estimated fair value of unreleased shares, ending | $ 0 | $ 176,000 | $ 207,000 |
Unreleased Employee stock ownership shares, ending | 0 | 24,633 | 49,266 |
Employee stock ownership plan allocated and released shares, ending | 962,584 | 937,951 | 913,318 |
Employee Stock Ownership Plan total, ending | 962,584 | 962,584 | 962,584 |
EMPLOYEE STOCK OWNERSHIP PLAN91
EMPLOYEE STOCK OWNERSHIP PLAN (Detail Textuals) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($)serviceshares | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Employee Stock Ownership Plan [Abstract] | |||
Employee Stock Ownership Plan compensation expense | $ | $ 148 | $ 143 | $ 110 |
Shares held by the ESOP | shares | 498,365 | ||
Number of hours of service | service | 1,000 |
SHAREHOLDERS' EQUITY AND REGU92
SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL REQUIREMENTS: Compliance with Regulatory Capital Requirements under Banking Regulations (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Shareholders Equity And Regulatory Capital Requirements [Abstract] | ||
Total capital to risk weighted assets actual amount | $ 123,061 | $ 112,421 |
Total capital to risk weighted assets actual ratio | 15.41% | 14.06% |
Total capital to risk weighted assets for capital adequacy purposes amount | $ 63,868 | $ 63,955 |
Total capital to risk weighted assets for capital adequacy purposes ratio | 8.00% | 8.00% |
Total capital to risk weighted assets for capital adequacy purposes well capitalized under prompt corrective action amount | $ 79,835 | $ 79,944 |
Total capital to risk weighted assets for capital adequacy purposes well capitalized under prompt corrective action ratio | 10.00% | 10.00% |
Tier 1 to risk weighted assets actual amount | $ 113,066 | $ 102,411 |
Tier 1 to risk weighted assets actual ratio | 14.16% | 12.81% |
Tier 1 to risk weighted assets for capital adequacy purposes amount | $ 47,901 | $ 47,966 |
Tier 1to risk weighted assets for capital adequacy purposes ratio | 6.00% | 6.00% |
Tier 1 to risk weighted assets well capitalized under prompt corrective action amount | $ 63,868 | $ 63,955 |
Tier 1 to risk weighted assets well capitalized under prompt corrective action ratio | 8.00% | 8.00% |
Common equity Tier 1 capital to risk weighted assets actual amount | $ 113,066 | $ 102,411 |
Common equity Tier 1 capital to risk weighted assets actual ratio | 14.16% | 12.81% |
Common equity Tier 1 to risk weighted assets for capital adequacy purposes amount | $ 35,926 | $ 35,975 |
Common equity Tier 1 to risk weighted assets for capital adequacy purposes ratio | 4.50% | 4.50% |
Common equity Tier 1 capital well capitalized under prompt corrective action amount | $ 51,893 | $ 51,963 |
Common equity Tier 1 capital well capitalized under prompt corrective action ratio | 6.50% | 6.50% |
Tier 1 leverage to adjusted tangible assets actual amount | $ 113,066 | $ 102,411 |
Tier 1 leverage to adjusted tangible assets actual ratio | 10.26% | 10.21% |
Tier 1 leverage capital assets for capital adequacy purposes amount | $ 44,093 | $ 40,110 |
Tier 1 leverage capital assets for capital adequacy purposes ratio | 4.00% | 4.00% |
Tier 1 leverage capital assets well capitalized under prompt corrective action amount | $ 55,116 | $ 50,138 |
Tier1 leverage capital assets well capitalized under prompt corrective action ratio | 5.00% | 5.00% |
EARNINGS PER SHARE_ Earnings Pe
EARNINGS PER SHARE: Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |||||||||
Basic EPS computation: | |||||||||||||||||||
Numerator-net income (in dollars) | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | $ 2,034 | $ 1,993 | $ 1,680 | $ 1,697 | $ 10,242 | $ 7,404 | $ 6,358 | ||||||||
Denominator-weighted average common shares outstanding | 22,531,480 | 22,478,306 | 22,450,252 | ||||||||||||||||
Basic EPS (in dollars per share) | $ 0.13 | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ 0.12 | [1] | $ 0.09 | [1] | $ 0.09 | [1] | $ 0.07 | [1] | $ 0.08 | [1] | $ 0.45 | $ 0.33 | $ 0.28 |
Diluted EPS computation: | |||||||||||||||||||
Numerator-net income (in dollars) | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | $ 2,034 | $ 1,993 | $ 1,680 | $ 1,697 | $ 10,242 | $ 7,404 | $ 6,358 | ||||||||
Denominator-weighted average common shares outstanding | 22,531,480 | 22,478,306 | 22,450,252 | ||||||||||||||||
Effect of dilutive stock options | 92,000 | 70,000 | 44,000 | ||||||||||||||||
Weighted average common shares and common stock equivalents | 22,618,330 | 22,548,340 | 22,494,151 | ||||||||||||||||
Diluted (in dollars per share) | $ 0.13 | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ 0.12 | [1] | $ 0.09 | [1] | $ 0.09 | [1] | $ 0.07 | [1] | $ 0.08 | [1] | $ 0.45 | $ 0.33 | $ 0.28 |
[1] | Quarterly earnings per share may vary from annual earnings per share due to rounding. |
EARNINGS PER SHARE (Detail Text
EARNINGS PER SHARE (Detail Textuals) - shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Number of unallocated ESOP shares | 24,633 | ||
Antidilutive securities excluded from computation of earnings per share, amount | 8,000 | 59,000 | 211,000 |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring basis - Total Estimated Fair Value - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | $ 213,221 | $ 200,214 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 8,732 | 2,819 |
Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 22,102 | 16,808 |
Real estate mortgage investment conduits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 46,955 | 43,160 |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 89,074 | 96,611 |
Other mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 46,358 | 40,816 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Real estate mortgage investment conduits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Other mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 213,221 | 200,214 |
Level 2 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 8,732 | 2,819 |
Level 2 | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 22,102 | 16,808 |
Level 2 | Real estate mortgage investment conduits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 46,955 | 43,160 |
Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 89,074 | 96,611 |
Level 2 | Other mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 46,358 | 40,816 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Real estate mortgage investment conduits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Other mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS_ Fair96
FAIR VALUE MEASUREMENTS: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details 1) - Recurring basis - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 0 | $ 1,808 | |
Included in earnings | [1] | 0 | (158) |
Included in other comprehensive income | 0 | 29 | |
Disposition | 0 | (1,679) | |
Ending balance | $ 0 | $ 0 | |
[1] | Included in other non-interest income. |
FAIR VALUE MEASUREMENTS_ Assets
FAIR VALUE MEASUREMENTS: Assets measured at fair value on a non-recurring basis (Details 2) - Nonrecurring basis - Total Estimated Fair Value - Impaired loans - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonrecurring assets measured at fair value | $ 2,143 | $ 2,281 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonrecurring assets measured at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonrecurring assets measured at fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonrecurring assets measured at fair value | $ 2,143 | $ 2,281 |
FAIR VALUE MEASUREMENTS_ Fair98
FAIR VALUE MEASUREMENTS: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details 3) - Impaired loans - Level 3 | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Measurements, Valuation Techniques | Appraised value | Appraised value | |
Significant unobservable inputs | Adjustment for market conditions | Adjustment for market conditions | |
Market adjustment to appraisals | [1] | ||
[1] | There were no adjustments to appraised values of impaired loans as of March 31, 2018 and 2017. |
FAIR VALUE MEASUREMENTS_ Fair99
FAIR VALUE MEASUREMENTS: Fair Value, Option, Quantitative Disclosures (Details 4) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Estimated Fair Value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 44,767 | $ 64,613 |
Estimated Fair Value | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 5,959 | 11,108 |
Estimated Fair Value | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 210 | 478 |
Estimated Fair Value | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 213,221 | 200,214 |
Estimated Fair Value | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 43 | 66 |
Estimated Fair Value | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 792,916 | 731,996 |
Estimated Fair Value | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,353 | 1,181 |
Estimated Fair Value | Demand and savings deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 872,547 | 830,258 |
Estimated Fair Value | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 120,940 | 148,574 |
Estimated Fair Value | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 15,274 | 13,284 |
Estimated Fair Value | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,431 | 2,454 |
Carrying Amount | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 44,767 | 64,613 |
Carrying Amount | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 5,967 | 11,042 |
Carrying Amount | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 210 | 478 |
Carrying Amount | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 213,221 | 200,214 |
Carrying Amount | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 42 | 64 |
Carrying Amount | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 800,610 | 768,904 |
Carrying Amount | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,353 | 1,181 |
Carrying Amount | Demand and savings deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 872,547 | 830,258 |
Carrying Amount | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 123,144 | 149,800 |
Carrying Amount | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 26,484 | 26,390 |
Carrying Amount | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,431 | 2,454 |
Level 1 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 44,767 | 64,613 |
Level 1 | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Demand and savings deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 872,547 | 830,258 |
Level 1 | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 2 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 5,959 | 11,108 |
Level 2 | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 210 | 478 |
Level 2 | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 213,221 | 200,214 |
Level 2 | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 43 | 66 |
Level 2 | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,353 | 1,181 |
Level 2 | Demand and savings deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 2 | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 120,940 | 148,574 |
Level 2 | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 2 | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,431 | 2,454 |
Level 3 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 792,916 | 731,996 |
Level 3 | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Demand and savings deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 15,274 | 13,284 |
Level 3 | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES: Significant off-balance sheet commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | $ 190,468 | $ 167,636 |
Commitments to originate loans: | Adjustable-rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 20,065 | 16,958 |
Commitments to originate loans: | Fixed-rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 14,989 | 28,301 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 2,432 | 2,614 |
Undisbursed loan funds and unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | $ 152,982 | $ 119,763 |
COMMITMENTS AND CONTINGENCIE101
COMMITMENTS AND CONTINGENCIES (Detail Textuals) $ in Thousands | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Threshold limit for honoring of commitments | 45 days |
Commitments to sell | $ 1,600 |
Loans under warranty | 117,900 |
Allowance for FHLMC loans | $ 26 |
RIVERVIEW BANCORP, INC. (PAR102
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) BALANCE SHEETS (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
ASSETS | ||||
Cash and cash equivalents | $ 44,767 | $ 64,613 | $ 55,400 | $ 58,659 |
TOTAL ASSETS | 1,151,535 | 1,133,939 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accrued expenses and other liabilities | 9,391 | 13,080 | ||
Shareholders' equity | 116,901 | 111,264 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,151,535 | 1,133,939 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 6,479 | 5,188 | $ 1,467 | $ 3,140 |
Investment in the Bank | 136,497 | 129,947 | ||
Other assets | 1,166 | 3,022 | ||
TOTAL ASSETS | 144,142 | 138,157 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accrued expenses and other liabilities | 80 | 53 | ||
Dividend payable | 677 | 450 | ||
Borrowings | 26,484 | 26,390 | ||
Shareholders' equity | 116,901 | 111,264 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 144,142 | $ 138,157 |
RIVERVIEW BANCORP, INC. (PAR103
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) STATEMENTS OF INCOME (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
INCOME: | |||||||||||
Interest on loan receivable from the Bank | $ 39,659 | $ 31,609 | $ 27,795 | ||||||||
Total income | $ 11,244 | $ 11,378 | $ 11,315 | $ 11,023 | $ 9,883 | $ 8,952 | $ 8,530 | $ 8,262 | |||
EXPENSE: | |||||||||||
Other expenses | 2,438 | 2,450 | 2,207 | ||||||||
Total non-interest expense | 9,127 | 8,558 | 8,759 | 9,174 | 8,918 | 7,851 | 8,397 | 7,815 | 35,618 | 32,981 | 29,947 |
LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF THE BANK | 4,193 | 5,128 | 4,679 | 3,997 | 3,013 | 2,984 | 2,272 | 2,522 | 17,997 | 10,791 | 9,784 |
BENEFIT FOR INCOME TAXES | 1,184 | 3,608 | 1,620 | 1,343 | 979 | 991 | 592 | 825 | 7,755 | 3,387 | 3,426 |
NET INCOME | $ 3,009 | 1,520 | $ 3,059 | $ 2,654 | $ 2,034 | $ 1,993 | $ 1,680 | $ 1,697 | 10,242 | 7,404 | 6,358 |
Parent Company | |||||||||||
INCOME: | |||||||||||
Interest on investment securities and other short-term investments | 26 | 21 | 12 | ||||||||
Interest on loan receivable from the Bank | 6 | 15 | 24 | ||||||||
Total income | 32 | 36 | 36 | ||||||||
EXPENSE: | |||||||||||
Management service fees paid to the Bank | 143 | 143 | 143 | ||||||||
Other expenses | 1,020 | 587 | 443 | ||||||||
Total non-interest expense | 1,163 | 730 | 586 | ||||||||
LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF THE BANK | (1,131) | (694) | (550) | ||||||||
BENEFIT FOR INCOME TAXES | $ 3,608 | (513) | (235) | (187) | |||||||
LOSS OF PARENT COMPANY | (618) | (459) | (363) | ||||||||
EQUITY IN UNDISTRIBUTED INCOME OF THE BANK | 10,860 | 7,863 | 6,721 | ||||||||
NET INCOME | $ 10,242 | $ 7,404 | $ 6,358 |
RIVERVIEW BANCORP, INC. (PAR104
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) STATEMENTS OF CASH FLOWS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | $ 2,034 | $ 1,993 | $ 1,680 | $ 1,697 | $ 10,242 | $ 7,404 | $ 6,358 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Earned ESOP shares | 148 | 143 | 110 | ||||||||
Changes in assets and liabilities: | |||||||||||
Net cash provided by (used in) operating activities | 11,939 | 18,059 | 11,078 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net cash provided by investing activities | (45,582) | (76,591) | (70,661) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Dividends paid | 2,140 | 1,799 | 1,261 | ||||||||
Proceeds from exercise of stock options | 245 | 11 | 62 | ||||||||
Net cash used in financing activities | 13,797 | 67,745 | 56,324 | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (19,846) | 9,213 | (3,259) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 64,613 | 55,400 | 64,613 | 55,400 | 58,659 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 44,767 | 64,613 | 44,767 | 64,613 | 55,400 | ||||||
Parent Company | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | 10,242 | 7,404 | 6,358 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Equity in undistributed income of the Bank | (10,860) | (7,863) | (6,721) | ||||||||
Amortization | 94 | 22 | |||||||||
Provision for deferred income taxes | 174 | 666 | 721 | ||||||||
Earned ESOP shares | 148 | 143 | 110 | ||||||||
Changes in assets and liabilities: | |||||||||||
Other assets | 1,770 | (1,031) | (941) | ||||||||
Accrued expenses and other liabilities | (132) | (19) | (1) | ||||||||
Net cash provided by (used in) operating activities | 1,436 | (678) | (474) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from assumption of junior subordinated debt (see Note 3) | 3,687 | ||||||||||
Dividend from the Bank | 1,750 | 2,500 | |||||||||
Net cash provided by investing activities | 1,750 | 6,187 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Dividends paid | (2,140) | (1,799) | (1,261) | ||||||||
Proceeds from exercise of stock options | 245 | 11 | 62 | ||||||||
Net cash used in financing activities | (1,895) | (1,788) | (1,199) | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,291 | 3,721 | (1,673) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | $ 5,188 | $ 1,467 | 5,188 | 1,467 | 3,140 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 6,479 | $ 5,188 | $ 6,479 | $ 5,188 | $ 1,467 |
RIVERVIEW BANCORP, INC._ SELECT
RIVERVIEW BANCORP, INC.: SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Interest and dividend income | $ 11,244 | $ 11,378 | $ 11,315 | $ 11,023 | $ 9,883 | $ 8,952 | $ 8,530 | $ 8,262 | $ 44,960 | $ 35,627 | $ 30,948 | ||||||||
Interest expense | 587 | 582 | 590 | 590 | 538 | 450 | 442 | 439 | 2,349 | 1,869 | 1,742 | ||||||||
Net interest income | 10,657 | 10,796 | 10,725 | 10,433 | 9,345 | 8,502 | 8,088 | 7,823 | 42,611 | 33,758 | 29,206 | ||||||||
Provision for loan losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,150) | ||||||||
Non-interest income, net | 2,663 | 2,890 | 2,713 | 2,738 | 2,586 | 2,333 | 2,581 | 2,514 | 11,004 | 10,014 | 9,375 | ||||||||
Non-interest expense | 9,127 | 8,558 | 8,759 | 9,174 | 8,918 | 7,851 | 8,397 | 7,815 | 35,618 | 32,981 | 29,947 | ||||||||
Income before income taxes | 4,193 | 5,128 | 4,679 | 3,997 | 3,013 | 2,984 | 2,272 | 2,522 | 17,997 | 10,791 | 9,784 | ||||||||
Provision for income taxes | 1,184 | 3,608 | 1,620 | 1,343 | 979 | 991 | 592 | 825 | 7,755 | 3,387 | 3,426 | ||||||||
Net income | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | $ 2,034 | $ 1,993 | $ 1,680 | $ 1,697 | $ 10,242 | $ 7,404 | $ 6,358 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.13 | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ 0.12 | [1] | $ 0.09 | [1] | $ 0.09 | [1] | $ 0.07 | [1] | $ 0.08 | [1] | $ 0.45 | $ 0.33 | $ 0.28 |
Diluted earnings per share (in dollars per share) | $ 0.13 | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ 0.12 | [1] | $ 0.09 | [1] | $ 0.09 | [1] | $ 0.07 | [1] | $ 0.08 | [1] | $ 0.45 | $ 0.33 | $ 0.28 |
[1] | Quarterly earnings per share may vary from annual earnings per share due to rounding. |