Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Jun. 14, 2019 | Sep. 30, 2018 | |
Document and Entity Information: | |||
Entity Registrant Name | RIVERVIEW BANCORP INC | ||
Entity Central Index Key | 0001041368 | ||
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 | 22,622,712 | ||
Entity Public Float | $ 199,772,614 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Title Of 12b Security | Common Stock |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
ASSETS | ||
Cash and cash equivalents (including interest-earning accounts of $5,844 and $30,052) | $ 22,950 | $ 44,767 |
Certificates of deposit held for investment | 747 | 5,967 |
Loans held for sale | 909 | 210 |
Investment securities: | ||
Available for sale, at estimated fair value | 178,226 | 213,221 |
Held to maturity, at amortized cost (estimated fair value of $35 and $43) | 35 | 42 |
Loans receivable (net of allowance for loan losses of $11,457 and $10,766) | 864,659 | 800,610 |
Real estate owned ("REO") | 298 | |
Prepaid expenses and other assets | 4,596 | 3,870 |
Accrued interest receivable | 3,919 | 3,477 |
Federal Home Loan Bank ("FHLB") stock, at cost | 3,644 | 1,353 |
Premises and equipment, net | 15,458 | 15,783 |
Deferred income taxes, net | 4,195 | 4,813 |
Mortgage servicing rights, net | 296 | 388 |
Goodwill | 27,076 | 27,076 |
Core deposit intangible ("CDI"), net | 920 | 1,103 |
Bank owned life insurance ("BOLI") | 29,291 | 28,557 |
TOTAL ASSETS | 1,156,921 | 1,151,535 |
LIABILITIES: | ||
Deposits | 925,068 | 995,691 |
Accrued expenses and other liabilities | 12,536 | 9,391 |
Advance payments by borrowers for taxes and insurance | 631 | 637 |
FHLB advances | 56,586 | |
Junior subordinated debentures | 26,575 | 26,484 |
Capital lease obligation | 2,403 | 2,431 |
Total liabilities | 1,023,799 | 1,034,634 |
COMMITMENTS AND CONTINGENCIES (See Note 19) | ||
SHAREHOLDERS' EQUITY: | ||
Serial preferred stock, $.01 par value; 250,000 shares authorized; issued and outstanding: none | ||
Common stock, $.01 par value; 50,000,000 shares authorized March 31, 2019 - 22,607,712 shares issued and outstanding March 31, 2018 - 22,570,179 shares issued and outstanding | 226 | 226 |
Additional paid-in capital | 65,094 | 64,871 |
Retained earnings | 70,428 | 56,552 |
Accumulated other comprehensive loss | (2,626) | (4,748) |
Total shareholders' equity | 133,122 | 116,901 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,156,921 | $ 1,151,535 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Interest-earning accounts included in cash (in dollars) | $ 5,844 | $ 30,052 |
Fair value of mortgage-backed securities held to maturity (in dollars) | 35 | 43 |
Allowance for loan losses (in dollars) | $ 11,457 | $ 10,766 |
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 | 22,607,712 | 22,570,179 |
Common stock, shares outstanding | 22,607,712 | 22,570,179 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
INTEREST AND DIVIDEND INCOME: | ||||
Interest and fees on loans receivable | $ 44,187 | $ 39,659 | $ 31,609 | |
Interest on investment securities - taxable | 4,456 | 4,648 | 3,550 | |
Interest on investment securities - nontaxable | 146 | 95 | 25 | |
Other interest and dividends | 329 | 558 | 443 | |
Total interest and dividend income | 49,118 | 44,960 | 35,627 | |
INTEREST EXPENSE: | ||||
Interest on deposits | 996 | 1,208 | 1,151 | |
Interest on borrowings | 1,819 | 1,141 | 718 | |
Total interest expense | 2,815 | 2,349 | 1,869 | |
Net interest income | 46,303 | 42,611 | 33,758 | |
Provisions for loan losses | 50 | |||
Net interest income after provision for loan losses | 46,253 | 42,611 | 33,758 | |
NON-INTEREST INCOME: | ||||
Net gains on sales of loans held for sale | [1] | 317 | 641 | 656 |
BOLI | [1] | 734 | 819 | 760 |
Other, net | 317 | 317 | 433 | |
Total non-interest income, net | 11,858 | 11,004 | 10,014 | |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 22,320 | 21,743 | 19,356 | |
Occupancy and depreciation | 5,334 | 5,454 | 4,819 | |
Data processing | 2,467 | 2,313 | 2,111 | |
Amortization of CDI | 183 | 232 | 27 | |
Advertising and marketing | 769 | 747 | 754 | |
FDIC insurance premium | 326 | 476 | 356 | |
State and local taxes | 651 | 605 | 609 | |
Telecommunications | 353 | 417 | 317 | |
Professional fees | 1,426 | 1,181 | 1,628 | |
Litigation settlement | 0 | 0 | 500 | |
Other | 1,870 | 2,450 | 2,504 | |
Total non-interest expense | 35,699 | 35,618 | 32,981 | |
INCOME BEFORE INCOME TAXES | 22,412 | 17,997 | 10,791 | |
PROVISION FOR INCOME TAXES | 5,146 | 7,755 | 3,387 | |
NET INCOME | $ 17,266 | $ 10,242 | $ 7,404 | |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.76 | $ 0.45 | $ 0.33 | |
Diluted (in dollars per share) | $ 0.76 | $ 0.45 | $ 0.33 | |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 22,588,395 | 22,531,480 | 22,478,306 | |
Diluted (in shares) | 22,659,594 | 22,623,455 | 22,548,340 | |
Fees and service charges | ||||
NON-INTEREST INCOME: | ||||
Non-interest income | $ 6,699 | $ 5,779 | $ 5,177 | |
Asset management fees | ||||
NON-INTEREST INCOME: | ||||
Non-interest income | $ 3,791 | $ 3,448 | $ 2,988 | |
[1] | Not within the scope of ASC 606 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statements of Comprehensive Income | |||
Net income | $ 17,266 | $ 10,242 | $ 7,404 |
Other comprehensive income (loss): | |||
Net unrealized holding gain (loss) from available for sale investment securities arising during the period, net of tax of ($629), $871 and $1,581, respectively | 2,122 | (2,719) | (2,872) |
Reclassification adjustment for other than temporary impairment ("OTTI") of available for sale investment security included in income, net of tax of $0, $0 and ($85) respectively | 155 | ||
Reclassification adjustment of net gain from sale of available for sale investment securities included in income, net of tax of $0, $0 and $29, respectively | (53) | ||
Total other comprehensive income (loss), net | 2,122 | (2,719) | (2,770) |
Total comprehensive income, net | $ 19,388 | $ 7,523 | $ 4,634 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statements of Comprehensive Income | |||
Tax effect of unrealized holding gain (loss) from available for sale securities | $ (629) | $ 871 | $ 1,581 |
Tax effect of reclassification adjustment for other than temporary impairment ("OTTI") of available for sale investment security included in income | 0 | 0 | (85) |
Tax effect of reclassification adjustment of net gain from sale of available for sale investment securities included in income | $ 0 | $ 0 | $ 29 |
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 Employee Stock Ownership Plan ("ESOP") | Accumulated Other Comprehensive Income (Loss) | Total |
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 ($0.08,$0.105 and $0.15 per share for MARCH 31, 2017, 2018 and 2019, 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] | ||||||
Reclassification of certain stranded income tax effects as a result of change in federal corporate income tax rate (see Note 1) | 342 | (342) | 0 | |||
Net income | 10,242 | 10,242 | ||||
Cash dividend on common stock ($0.08,$0.105 and $0.15 per share for MARCH 31, 2017, 2018 and 2019, 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] | ||||||
Net income | 17,266 | 17,266 | ||||
Cash dividend on common stock ($0.08,$0.105 and $0.15 per share for MARCH 31, 2017, 2018 and 2019, respectively) | (3,390) | (3,390) | ||||
Exercise of stock options | 179 | $ 179 | ||||
Exercise of stock options (in shares) | 37,533 | 37,533 | ||||
Stock-based compensation expense | 44 | $ 44 | ||||
Other comprehensive income (loss), net | 2,122 | 2,122 | ||||
Balance at Mar. 31, 2019 | $ 226 | $ 65,094 | $ 70,428 | $ (2,626) | $ 133,122 | |
Balance (in shares) at Mar. 31, 2019 | 22,607,712 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividend per share | $ 0.15 | $ 0.105 | $ 0.08 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ 17,266 | $ 10,242 | $ 7,404 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 2,718 | 2,917 | 2,746 | |
Purchased loans amortization (accretion), net | (147) | (277) | 441 | |
Provisions for loan losses | 50 | |||
Provision (benefit) for deferred income taxes | (11) | 3,668 | 3,103 | |
Expense related to ESOP | 148 | 143 | ||
Stock-based compensation expense | 44 | 88 | ||
Increase in deferred loan origination fees, net of amortization | 498 | 498 | 543 | |
Origination of loans held for sale | (11,105) | (20,502) | (21,032) | |
Proceeds from sales of loans held for sale | 10,579 | 21,204 | 21,477 | |
Writedown of REO | 30 | |||
Loss on impairment of investment security | 240 | |||
Net gains on sales of loans held for sale, sales of investment securities and sale of REO | (682) | (725) | (731) | |
Income from BOLI | [1] | (734) | (819) | (760) |
BOLI death benefit in excess of cash surrender value | (423) | |||
Changes in certain other assets and liabilities: | ||||
Prepaid expenses and other assets | (868) | (212) | (369) | |
Accrued interest receivable | (442) | (536) | (291) | |
Accrued expenses and other liabilities | 2,988 | (3,755) | 5,538 | |
Net cash provided by operating activities | 20,154 | 11,939 | 18,059 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Loan repayments (originations), net | (34,427) | 11,156 | (37,103) | |
Purchases of loans receivable | (29,929) | (43,016) | (5,746) | |
Principal repayments on investment securities available for sale | 26,519 | 28,569 | 29,782 | |
Purchases of investment securities available for sale | (47,494) | (92,418) | ||
Proceeds from calls, maturities, and sales of investment securities available for sale | 10,000 | 950 | 7,261 | |
Principal repayments on investment securities held to maturity | 7 | 22 | 11 | |
Purchases of premises and equipment and capitalized software | (1,046) | (753) | (598) | |
Redemption of certificates of deposit held for investment | 5,220 | 5,075 | 5,727 | |
Purchases of FHLB stock, net | (2,291) | (172) | (121) | |
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 | 976 | 81 | 262 | |
Net cash used in investing activities | (24,971) | (45,582) | (76,591) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net increase (decrease) in deposits | (70,568) | 15,771 | 69,470 | |
Dividends paid | (3,163) | (2,140) | (1,799) | |
Proceeds from borrowings | 326,956 | 55,980 | 23,200 | |
Repayment of borrowings | (270,370) | (55,980) | (23,200) | |
Net increase (decrease) in advance payments by borrowers for taxes and insurance | (6) | (56) | 84 | |
Principal payments on capital lease obligation | (28) | (23) | (21) | |
Proceeds from exercise of stock options | 179 | 245 | 11 | |
Net cash provided by (used in) financing activities | (17,000) | 13,797 | 67,745 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (21,817) | (19,846) | 9,213 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 44,767 | 64,613 | 55,400 | |
CASH AND CASH EQUIVALENTS, END OF YEAR | 22,950 | 44,767 | 64,613 | |
Cash paid during the year for: | ||||
Interest | 2,686 | 2,176 | 1,655 | |
Income taxes | 6,877 | 3,280 | 285 | |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||
Dividends declared and accrued in other liabilities | 904 | 677 | 450 | |
Other comprehensive income (loss) | 2,751 | (3,590) | (4,295) | |
Income tax effect related to other comprehensive income (loss) | $ (629) | $ 871 | 1,525 | |
Business combinations (See Note 3) | ||||
Fair value of assets acquired | (145,386) | |||
Fair value of liabilities assumed | $ 134,810 | |||
[1] | Not within the scope of ASC 606 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation At March 31, 2019 and 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, 2019 and 2018, the Trust Company incurred $44,000 and $88,000, respectively, of stock-based compensation expense related to these options. No Trust Company stock options were exercised during the years ended March 31, 2019, 2018 and 2017. 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 12). In accordance with GAAP, the accounts and transactions of the trusts are not included in the accompanying consolidated financial statements. Nature of Operations In September 2018, the Bank completed a purchase and assumption transaction in which all of the Bank's Longview, Washington branch deposits were sold to a community bank headquartered in Longview. The Bank sold approximately $3.2 million of deposits and recognized a gain on sale of these deposits of approximately $70,000, which is included in other non-interest income in the accompanying consolidated statements of income for the year ended March 31, 2019. This purchase and assumption transaction did not include the sale of any loans, or the exchange of any assets or liabilities other than deposits. The Bank subsequently sold the Longview branch land and building in December 2018 and recognized a $355,000 gain on sale, which is included in other non-interest expense in the accompanying consolidated statement of income for the year ended March 31, 2019. Business segments Use of Estimates in the Preparation of Consolidated 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 investments in debt 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 in a debt 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 – loan losses is not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-impaired ("PCI") or purchased non-credit-impaired. PCI loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. The excess of the cash flows expected to be collected over a PCI loan's carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the PCI loan using the effective yield method. The excess of the undiscounted contractual balances due over the cash flows expected to be collected is considered to be the nonaccretable difference. The nonaccretable difference represents the Company's estimate of the credit losses expected to occur and would be considered in determining the estimated fair value of the loans as of the acquisition date. Subsequent to the acquisition date, any increases in expected cash flows over those expected at the purchase date in excess of fair value are adjusted through a change to the accretable yield on a prospective basis. Any subsequent decreases in expected cash flows attributable to credit deterioration are recognized by recording an allowance for loan losses. The Company had no PCI loans as of March 31, 2019 and 2018. 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 of the underlying collateral 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 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 Premises and Equipment Assets held under the Company's capitalized lease, net of accumulated amortization, are included in premises and equipment. The assets held under the capitalized lease are 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, 2019 and 2018, gross CDI was $1.36 million. At March 31, 2019 and 2018, accumulated amortization was $443,000 and $260,000, respectively. The amortization expense for CDI in future years is estimated to be $160,000, $140,000, $125,000, $116,000, $108,000 and $271,000 for the years ended March 31, 2020, 2021, 2022, 2023, 2024 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. As required by ASU 2016-01, the fair value disclosure for loans receivable was computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 17. In February 2016, the FASB issued ASU 2016-02, "Leases" ("ASU 2016-02"). ASU 2016-02 created FASB ASC Topic 842 ("ASC 842") related to leases and 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. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842) Targeted Improvements" ("ASU 2018-11"). The amendments in this ASU provide entities with an additional (and optional) transition method to adopt ASU 2016-02. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP. The Company will adopt the provisions of ASC 842 effective April 1, 2019 utilizing the transition method allowed under ASU 2018-11 and will not restate comparative periods. The Company will elect the package of practical expedients permitted under ASC 842's transition guidance, which allows the Company to carryforward its historical lease classifications and its assessment as to whether a contract is or contains a lease. The Company will also elect to not recognize lease assets and lease liabilities for leases with an initial term of 12 months or less. The Company expects the adoption of ASC 842 will result in an increase in other assets and an increase in other liabilities of approximately $5.6 million. The Company does not expect the adoption of ASC 842 to have a material impact on its future consolidated statements of income. 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 has begun 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 not be known. 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 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 13). 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 was effective for fiscal years beginning after December 15, 2018, and early adoption was 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. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 modifies the disclosure requirements for fair value measurements. The following disclosure requirements were removed from ASC Topic 820 – Fair Value Measurement: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. In addition, ASU 2018-13 adds new disclosure requirements for Level 3 measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for any removed or modified disclosures. The adoption of ASU 2018-13 is not expected to have a material impact on the Company's future consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract" ("ASU 2018-15"). The amendments in ASU 2018-15 broaden the scope of ASC Subtopic 350-40 to include costs incurred to implement a hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with the accounting for internal-use software costs. The amendments in ASU 2018-15 result in consistent capitalization of implementation costs of a hosting arrangement that is a service contract and implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU 2018-15. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of ASU 2018-15 is not expected to have a material impact on the Company's future consolidated financial statements. Reclassifications |
RESTRICTED ASSETS
RESTRICTED ASSETS | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018 were $1.8 million and $1.7 million, respectively, which were in compliance with the minimum reserve requirements. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019, 2018 and 2017 included operating results produced by the MBank transaction for the years ended March 31, 2019 and 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 years ended March 31, 2017 and 2016. 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, 2019 | |
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, 2019 Available for sale: Municipal securities $ 8,885 $ 30 $ (34 ) $ 8,881 Agency securities 12,426 22 (107 ) 12,341 Real estate mortgage investment conduits (1) 40,835 - (673 ) 40,162 Residential mortgage-backed securities (1) 77,402 7 (1,588 ) 75,821 Other mortgage-backed securities (2) 42,133 12 (1,124 ) 41,021 Total available for sale $ 181,681 $ 71 $ (3,526 ) $ 178,226 Held to maturity: Residential mortgage-backed securities (3) $ 35 $ - $ - $ 35 (1) (2) (3) 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) The contractual maturities of investment securities as of March 31, 2019 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 $ 4,961 $ 4,949 $ - $ - Due after one year through five years 8,585 8,505 32 32 Due after five years through ten years 48,050 47,373 - - Due after ten years 120,085 117,399 3 3 Total $ 181,681 $ 178,226 $ 35 $ 35 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, 2019 Available for sale: Municipal securities $ - $ - $ 6,554 $ (34 ) $ 6,554 $ (34 ) Agency securities - - 6,861 (107 ) 6,861 (107 ) Real estate mortgage investment conduits (1) - - 40,126 (673 ) 40,126 (673 ) Residential mortgage-backed securities (1) - - 74,288 (1,588 ) 74,288 (1,588 ) Other mortgage-backed securities (2) - - 40,409 (1,124 ) 40,409 (1,124 ) Total available for sale $ - $ - $ 168,238 $ (3,526 ) $ 168,238 $ (3,526 ) 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 (1) 50,941 (1,192 ) 37,823 (1,523 ) 88,764 (2,715 ) Other mortgage-backed securities (2) 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 ) (1) (2) 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 years ended March 31, 2019 and 2018. Gross realized gains on sales of investment securities available for sale totaled $82,000 for the year ended March 31, 2017 and were 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. Investment securities available for sale with an amortized cost of $5.8 million and $3.7 million and a fair value of $5.7 million and $3.6 million at March 31, 2019 and 2018, respectively, were pledged as collateral for government public funds held by the Bank. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 5. LOANS RECEIVABLE Loans receivable at March 31, 2019 and 2018 are reported net of deferred loan fees totaling $4.0 million and $3.6 million, respectively. Loans receivable are also reported net of discounts and premiums, totaling $1.5 million and $1.8 million, respectively, as of March 31, 2019, compared to $2.2 million and $2.0 million, respectively, as of March 31, 2018. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): March 31, 2019 March 31, 2018 Commercial and construction Commercial business $ 162,796 $ 137,672 Commercial real estate 461,432 450,597 Land 17,027 15,337 Multi-family 51,570 63,080 Real estate construction 90,882 39,584 Total commercial and construction 783,707 706,270 Consumer Real estate one-to-four family 84,053 90,109 Other installment (1) 8,356 14,997 Total consumer 92,409 105,106 Total loans 876,116 811,376 Less: Allowance for loan losses 11,457 10,766 Loans receivable, net $ 864,659 $ 800,610 (1) Consists primarily of purchased automobile loans totaling $5.8 million and $12.9 million at March 31, 2019 and 2018, respectively. 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, 2019 and 2018, 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, 2019, loans carried at $513.3 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, 2019 2018 2017 Beginning balance $ 981 $ 859 $ 841 Originations 359 526 228 Principal repayments (562 ) (404 ) (210 ) Ending balance $ 778 $ 981 $ 859 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, 2019 | |
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, 2019 Commercial Business Commercial Real Estate Land Multi- Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 1,668 $ 4,914 $ 220 $ 822 $ 618 $ 1,809 $ 715 $ 10,766 Provision for (recapture of) loan losses 139 (685 ) 34 (94 ) 839 (178 ) (5 ) 50 Charge-offs - - - - - (291 ) - (291 ) Recoveries 1 824 - - - 107 - 932 Ending balance $ 1,808 $ 5,053 $ 254 $ 728 $ 1,457 $ 1,447 $ 710 $ 11,457 March 31, 2018 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 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, 2019 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 1,808 $ 1,808 $ 160 $ 162,636 $ 162,796 Commercial real estate - 5,053 5,053 2,482 458,950 461,432 Land - 254 254 728 16,299 17,027 Multi-family - 728 728 1,598 49,972 51,570 Real estate construction - 1,457 1,457 - 90,882 90,882 Consumer 22 1,425 1,447 697 91,712 92,409 Unallocated - 710 710 - - - Total $ 22 $ 11,435 $ 11,457 $ 5,665 $ 870,451 $ 876,116 March 31, 2018 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 Changes in the allowance for unfunded loan commitments were as follows for the years indicated (in thousands): Year Ended March 31, 2019 2018 2017 Beginning balance $ 480 $ 388 $ 324 Net change in allowance for unfunded loan commitments (11 ) 92 64 Ending balance $ 469 $ 480 $ 388 The following tables present an analysis of loans by aging category at the dates indicated (in thousands): March 31, 2019 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 $ - $ - $ 225 $ 225 $ 162,571 $ 162,796 Commercial real estate - - 1,081 1,081 460,351 461,432 Land - - - - 17,027 17,027 Multi-family - - - - 51,570 51,570 Real estate construction - - - - 90,882 90,882 Consumer 345 3 210 558 91,851 92,409 Total $ 345 $ 3 $ 1,516 $ 1,864 $ 874,252 $ 876,116 March 31, 2018 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 Interest income foregone on non-accrual loans was $94,000, $102,000 and $81,000 for the years ended March 31, 2019, 2018 and 2017, 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, 2019 Pass Special Mention Substandard Doubtful Loss Total Loans Receivable Commercial business $ 159,997 $ 840 $ 1,959 $ - $ - $ 162,796 Commercial real estate 454,013 4,030 3,389 - - 461,432 Land 16,299 - 728 - - 17,027 Multi-family 51,093 457 20 - - 51,570 Real estate construction 90,882 - - - - 90,882 Consumer 92,199 - 210 - - 92,409 Total $ 864,483 $ 5,327 $ 6,306 $ - $ - $ 876,116 March 31, 2018 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 Impaired loans: March 31, 2019 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 $ 160 $ - $ 160 $ 182 $ - Commercial real estate 2,482 - 2,482 3,424 - Land 728 - 728 766 - Multi-family 1,598 - 1,598 1,709 - Consumer 281 416 697 807 22 Total $ 5,249 $ 416 $ 5,665 $ 6,888 $ 22 March 31, 2018 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 Year ended March 31, 2019 Year ended March 31, 2018 Year ended March 31, 2017 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 $ 334 $ - $ 930 $ 41 $ 255 $ 10 Commercial real estate 2,607 64 4,185 101 8,823 337 Land 742 7 781 - 801 - Multi-family 1,620 88 1,668 90 1,710 93 Consumer 992 45 1,452 62 1,529 62 Total $ 6,295 $ 204 $ 9,016 $ 294 $ 13,118 $ 502 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, 2019 March 31, 2018 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ - $ 160 $ 160 $ 826 $ 178 $ 1,004 Commercial real estate 1,401 1,081 2,482 1,683 1,200 2,883 Land 728 - 728 - 763 763 Multi-family 1,598 - 1,598 1,644 - 1,644 Consumer 697 - 697 1,428 - 1,428 Total $ 4,424 $ 1,241 $ 5,665 $ 5,581 $ 2,141 $ 7,722 At March 31, 2019, the Company had no commitments to lend additional funds on these loans. At March 31, 2019, all of the Company's TDRs were paying as agreed. There were no new TDRs for the years ended March 31, 2019 and 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 loans that were modified as a TDR within the previous twelve months that subsequently defaulted in the twelve months ended March 31, 2019. |
REAL ESTATE OWNED
REAL ESTATE OWNED | 12 Months Ended |
Mar. 31, 2019 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
REAL ESTATE OWNED | 7. REAL ESTATE OWNED The following table is a summary of the activity in REO for the years indicated (in thousands): Year Ended March 31, 2019 2018 2017 Balance at beginning of year, net $ 298 $ 298 $ 595 Additions - - - Dispositions (298 ) - (267 ) Writedowns - - (30 ) Balance at end of year, net $ - $ 298 $ 298 At March 31, 2019, there was one single family property for which formal foreclosure proceedings were in process with a carrying amount of $106,000. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | 8. PREMISES AND EQUIPMENT Premises and equipment consisted of the following at the dates indicated (in thousands): March 31, 2019 2018 Land $ 4,531 $ 4,710 Buildings and improvements 15,349 15,281 Leasehold improvements 1,666 1,666 Furniture and equipment 10,694 10,783 Building under capitalized lease 2,956 2,956 Construction in progress 733 720 Total 35,929 36,116 Less accumulated depreciation and amortization (20,471 ) (20,333 ) Premises and equipment, net $ 15,458 $ 15,783 Depreciation and amortization expense was $1.1 million, $1.2 million and $1.1 million for the years ended March 31, 2019, 2018 and 2017, 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 each of the years ended March 31, 2019, 2018 and 2017, the Company recorded $77,000 in amortization expense related to this capital lease. At March 31, 2019 and 2018, accumulated amortization for the capital lease totaled $1.4 million and $1.3 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, 2019, the remaining deferred gain was $697,000 and is included in accrued expenses and other liabilities in the accompanying 2019 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, 2019 (in thousands): Year Ending March 31: Operating Leases Capital Lease 2020 $ 1,492 $ 205 2021 905 208 2022 677 212 2023 527 215 2024 535 219 Thereafter 1,453 3,622 Total minimum lease payments $ 5,589 4,681 Less amount representing interest (2,278 ) Present value of net minimum lease payments $ 2,403 Rent expense was $2.0 million, $2.1 million and $1.8 million for the years ended March 31, 2019, 2018 and 2017, respectively. |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 31, 2019 | |
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, 2018 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 and compares 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 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, 2019 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 years indicated (in thousands): Year Ended March 31, 2019 2018 2017 Net carrying value at beginning of period $ 27,076 $ 27,076 $ 25,572 MBank Transaction (see Note 3) - - 1,504 Net carrying value at the end of period $ 27,076 $ 27,076 $ 27,076 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
DEPOSITS | 10. DEPOSITS Deposit accounts consisted of the following at the dates indicated (in thousands): Account Type March 31, 2019 March 31, 2018 Non-interest-bearing $ 284,854 $ 278,966 Interest-bearing checking 183,388 192,989 Money market 233,317 265,661 Savings accounts 137,503 134,931 Certificates of deposit 86,006 123,144 Total $ 925,068 $ 995,691 Individual certificates of deposit in amounts of $250,000 or more totaled $10.5 million and $10.8 million at March 31, 2019 and 2018, respectively. Scheduled maturities of certificates of deposit for future years ending March 31 are as follows (in thousands): Year Ending March 31: 2020 $ 59,487 2021 14,072 2022 5,201 2023 1,552 2024 3,157 Thereafter 2,537 Total $ 86,006 Interest expense by deposit type was as follows for the years indicated (in thousands): Year Ended March 31, 2019 2018 2017 Interest-bearing checking $ 101 $ 100 $ 98 Money market 302 335 309 Savings accounts 145 133 110 Certificates of deposit 448 640 634 Total $ 996 $ 1,208 $ 1,151 |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES | 12 Months Ended |
Mar. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
FEDERAL HOME LOAN BANK ADVANCES | 11. FEDERAL HOME LOAN BANK ADVANCES FHLB advances – which consist of overnight borrowings – are summarized as follows (dollars in thousands): March 31, 2019 March 31, 2018 FHLB advances $ 56,586 $ - Weighted average interest rate on FHLB advances (1) 2.58 % 1.60 % (1) The Bank has a credit line with the FHLB equal to 45% of total assets, limited by available collateral. At March 31, 2019, based on collateral values, the Bank had additional borrowing capacity of $186.8 million from the FHLB. FHLB advances are collateralized with the FHLB by certain investment and mortgage-backed securities, FHLB stock owned by the Bank, deposits with the FHLB, and certain mortgages on deeds of trust securing such properties as provided in the agreements with the FHLB. At March 31, 2019, loans carried at $402.7 million were pledged as collateral to the FHLB. |
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES | 12 Months Ended |
Mar. 31, 2019 | |
Junior Subordinated Debentures [Abstract] | |
JUNIOR SUBORDINATED DEBENTURES | 12. 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 $26.6 million and $26.5 million at March 31, 2019 and 2018, respectively, are reported as "junior subordinated debentures" in the consolidated balance sheets. 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, 2019 and 2018, 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, 2019 (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 % 3.97 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 3.96 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 5.71 % 6/2033 27,836 Fair value adjustment (4) (1,261 ) Total Debentures $ 26,575 (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, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES Provision for income taxes consisted of the following for the periods indicated (in thousands): Year Ended March 31 2019 2018 2017 Current $ 5,157 $ 4,087 $ 284 Deferred (11 ) 3,668 3,103 Total $ 5,146 $ 7,755 $ 3,387 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, 2019 March 31, 2018 Deferred tax assets: Deferred compensation $ 45 $ 77 Allowance for loan losses 2,862 2,643 Accrued expenses 131 127 Accumulated depreciation and amortization 797 753 Deferred gain on sale 167 201 Purchase accounting 141 150 Net unrealized loss on investment securities available for sale 829 1,458 Other 242 236 Total deferred tax assets 5,214 5,645 Deferred tax liabilities: FHLB stock dividend (97 ) (95 ) Prepaid expenses (148 ) (109 ) Loan fees/costs (774 ) (628 ) Total deferred tax liabilities (1,019 ) (832 ) Deferred tax assets, net $ 4,195 $ 4,813 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, 2019 2018 2017 Statutory federal income tax rate 21.0 % 30.8 % 34.0 % State and local income tax rate 3.0 2.5 1.5 Revaluation of net deferred tax assets due to Tax Act - 11.4 - ESOP market value adjustment (0.1) - (0.1 ) BOLI (0.8) (1.5 ) (3.8 ) Other, net (0.1) (0.1 ) (0.2 ) Effective federal income tax rate 23.0 % 43.1 % 31.4 % On December 22, 2017, the federal government enacted the Tax Act. The Tax Act made 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. 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. 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 federal corporate income tax rate. 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). Beginning in fiscal year 2019, the Company utilized a federal corporate income tax rate of 21.0%. The Bank's retained earnings at both March 31, 2019 and 2018 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 both March 31, 2019 and 2018 was $517,000. 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, 2019 and 2018, 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, 2019 or 2018. 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 2016 to 2019 remain open to examination for federal income taxes, and the years 2015 to 2019 remain open to State of Oregon examination. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EMPLOYEE BENEFIT PLANS | 14. EMPLOYEE BENEFIT PLANS Retirement Plan Directors' and Executive Officers' Deferred Compensation Plan Stock Option Plans - In July 2017, the shareholders of the Company approved the Riverview Bancorp, Inc. 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, 2019, 2018 and 2017 under the Stock Option Plans. As of March 31, 2019, 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, 2019, 2018 and 2017 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, 2019 2018 2017 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, beginning of year 141,365 $ 3.77 220,654 $ 4.74 223,654 $ 4.73 Options exercised (37,533 ) 4.84 (59,289 ) 4.13 (3,000 ) 3.84 Options expired (2,500 ) 8.12 (20,000 ) 13.42 - - Balance, end of year 101,332 $ 3.26 141,365 $ 3.77 220,654 $ 4.74 Additional information regarding stock options outstanding as of March 31, 2019 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 3.88 51,332 $ 2.70 51,332 $ 2.70 $ 3.01 - $5.00 0.48 50,000 3.84 50,000 3.84 2.20 101,332 $ 3.26 101,332 $ 3.26 The following table presents information on stock options outstanding as of March 31, 2019 and 2018, less estimated forfeitures: March 31, 2019 March 31, 2018 Stock options fully vested and expected to vest: Number 101,332 141,365 Weighted average exercise price $ 3.26 $ 3.77 Aggregate intrinsic value (1) $ 410,000 $ 788,000 Weighted average contractual term of options (years) 2.20 2.78 Stock options fully vested and currently exercisable: Number 101,332 141,365 Weighted average exercise price $ 3.26 $ 3.77 Aggregate intrinsic value (1) $ 410,000 $ 788,000 Weighted average contractual term of options (years) 2.20 2.78 (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 $153,000, $257,000 and $5,000 for the years ended March 31, 2019, 2018 and 2017, respectively. Employee Stock Ownership Plan - 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, 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 For the fiscal year ended March 31, 2019, the Bank purchased 25,000 shares of common stock on the open market and contributed such shares to the ESOP as a discretionary employer contribution. The Company recorded employee benefits expense of $197,000 for this contribution which represented the fair value of the related common stock. Shares held by the ESOP at March 31, 2019 totaled 441,966. |
SHAREHOLDERS' EQUITY AND REGULA
SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019, 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, 2019 Total Capital: (To Risk-Weighted Assets) $ 140,062 16.88 % $ 66,379 8.0 % $ 82,974 10.0 % Tier 1 Capital: (To Risk-Weighted Assets) 129,671 15.63 49,784 6.0 66,379 8.0 Common equity tier 1 Capital: (To Risk-Weighted Assets) 129,671 15.63 37,338 4.5 53,933 6.5 Tier 1 Capital (Leverage): (To Average Tangible Assets) 129,671 11.56 44,874 4.0 56,092 5.0 Actual For Capital Adequacy Purposes "Well Capitalized" Under Prompt Corrective Action March 31, 2018 Amount Ratio Amount Ratio Amount Ratio 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 In addition to the minimum common equity tier 1 ("CET1"), Tier 1 and total capital ratios, the Bank is required to maintain a capital conservation buffer consisting of additional CET1 capital 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. The capital conservation buffer is required to be an amount greater than 2.5% of risk-weighted assets. As of March 31, 2019, the Bank's CET1 capital exceeded the required capital conservation buffer at an amount greater than 2.5%. 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, 2019, 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 2019 consolidated financial statements. The Company did not repurchase any shares of common stock for the years ended March 31, 2019, 2018 or 2017. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018, all shares under the Company's ESOP were allocated. For the year ended March 31, 2019, there were no stock options excluded in computing diluted EPS. For the years ended March 31, 2018 and 2017, stock options for 8,000 and 59,000 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 years indicated: Year Ended March 31, (Dollars and share data in thousands, except per share data) 2019 2018 2017 P Basic EPS computation: Numerator-net income $ 17,266 $ 10,242 $ 7,404 Denominator-weighted average common shares outstanding 22,588 22,531 22,478 Basic EPS $ 0.76 $ 0.45 $ 0.33 Diluted EPS computation: Numerator-net income $ 17,266 $ 10,242 $ 7,404 Denominator-weighted average common shares outstanding 22,588 22,531 22,478 Effect of dilutive stock options 72 92 70 Weighted average common shares and common stock equivalents 22,660 22,623 22,548 Diluted EPS $ 0.76 $ 0.45 $ 0.33 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 17. FAIR VALUE MEASUREMENTS Fair value is defined under GAAP as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of three levels. These levels are: 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, 2019 Total Estimated Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 8,881 $ - $ 8,881 $ - Agency securities 12,341 - 12,341 - Real estate mortgage investment conduits 40,162 - 40,162 - Residential mortgage-backed securities 75,821 - 75,821 - Other mortgage-backed securities 41,021 - 41,021 - Total assets measured at fair value on a recurring basis $ 178,226 $ - $ 178,226 $ - 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 $ - There were no transfers of assets into or out of Levels 1, 2 or 3 during the years ended March 31, 2019 and 2018. The following methods were used to estimate the fair value of investment securities in the above table: Investment securities are included within Level 1 of the hierarchy when quoted prices in an active market for identical assets are available. The Company uses a third-party pricing service to assist the Company in determining the fair value of its Level 2 securities, which incorporates pricing models and/or quoted prices of investment securities with similar characteristics. Investment securities are included within Level 3 of the hierarchy when there are significant unobservable inputs. 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, management 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 Total estimated fair value Level 1 Level 2 Level 3 Impaired loans $ 394 $ - $ - $ 394 March 31, 2018 Impaired loans $ 2,143 $ - $ - $ 2,143 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at March 31, 2019 and 2018: Valuation technique Significant unobservable inputs Range Impaired loans Appraised value Discounted cash flows Adjustment for market conditions Discount rate N/A (1) 5.25% 8.00% (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 amounts and estimated fair values of financial instruments are as follows at the dates indicated (in thousands): March 31, 2019 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 22,950 $ 22,950 $ - $ - $ 22,950 Certificates of deposit held for investment 747 - 746 - 746 Loans held for sale 909 - 909 - 909 Investment securities available for sale 178,226 - 178,226 - 178,226 Investment securities held to maturity 35 - 35 - 35 Loans receivable, net 864,659 - - 862,429 862,429 FHLB stock 3,644 - 3,644 - 3,644 Liabilities: Certificates of deposit 86,006 - 84,455 - 84,455 FHLB advances 56,586 - 56,586 - 56,586 Junior subordinated debentures 26,575 - - 15,468 15,468 Capital lease obligation 2,403 - 2,403 - 2,403 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: Certificates of deposit 123,144 - 120,940 - 120,940 Junior subordinated debentures 26,484 - - 15,274 15,274 Capital lease obligation 2,431 - 2,431 - 2,431 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. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 18. REVENUE FROM CONTRACTS WITH CUSTOMERS In accordance with ASC 606 If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue as it satisfies a performance obligation. Payments from customers are generally collected at the time services are rendered, monthly, or quarterly. For contracts with customers within the scope of ASC 606, revenue is either earned at a point in time or revenue is earned over time. Examples of revenue earned at a point in time are automated teller machine ("ATM") Disaggregation of Revenue The following table includes the Company's non-interest income disaggregated by type of service (in thousands): Year Ended March 31 2019 2018 2017 Asset management fees $ 3,791 $ 3,448 $ 2,988 Debit card and ATM fees 3,104 2,961 2,535 Deposit related fees 1,721 1,628 1,486 Loan related fees 1,258 671 725 BOLI (1) 734 819 760 Net gains on sales of loans held for sale (1) 317 641 656 FHLMC loan servicing fees (1) 141 122 114 Other, net 792 714 750 Total non-interest income $ 11,858 $ 11,004 $ 10,014 (1) Not within the scope of ASC 606 For the years ended March 31, 2019, 2018 and 2017, substantially all of the Company's revenues within the scope of ASC 606 are for performance obligations satisfied at a specified date. Revenues recognized within the scope of ASC 606 Asset management fees Debit card and ATM fees Deposit related fees Loan related fees Other Contract Balances As of March 31, 2019, the Company had no significant contract liabilities where the Company had an obligation to transfer goods or services for which the Company had already received consideration. In addition, the Company had no material unsatisfied performance obligations as of this date. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 19. 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, 2019 March 31, 2018 Commitments to originate loans: Adjustable-rate $ 30,579 $ 20,065 Fixed-rate 10,158 14,989 Standby letters of credit 2,410 2,432 Undisbursed loan funds and unused lines of credit 139,842 152,982 Total $ 182,989 $ 190,468 At March 31, 2019, the Company had firm commitments to sell $1.7 million of residential loans to the FHLMC. Typically, these agreements are short-term fixed-rate commitments and no material gain or loss is likely. Other Contractual Obligations The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depository, the assessment attributable to all public depositories is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company has not incurred any losses related to public depository funds for the years ended March 31, 2019, 2018 and 2017. The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events. Litigation |
RIVERVIEW BANCORP, INC. (PARENT
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) | 12 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) | 20. RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) BALANCE SHEETS AS OF MARCH 31, 2019 AND 2018 (In thousands) 2019 2018 ASSETS Cash and cash equivalents $ 4,178 $ 6,479 Investment in the Bank 155,041 136,497 Other assets 1,445 1,166 TOTAL ASSETS $ 160,664 $ 144,142 LIABILITIES AND SHAREHOLDERS' EQUITY Accrued expenses and other liabilities $ 63 $ 80 Dividend payable 904 677 Borrowings 26,575 26,484 Shareholders' equity 133,122 116,901 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 160,664 $ 144,142 STATEMENTS OF INCOME FOR THE YEARS ENDED MARCH 31, 2019, 2018 AND 2017 (In thousands) 2019 2018 2017 INCOME: Interest on investment securities and other short-term investments $ 35 $ 26 $ 21 Interest on loan receivable from the Bank - 6 15 Total income 35 32 36 EXPENSE: Management service fees paid to the Bank 143 143 143 Other expenses 1,298 1,020 587 Total expense 1,441 1,163 730 LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF THE BANK (1,406 ) (1,131 ) (694 ) BENEFIT FOR INCOME TAXES (294 ) (513 ) (235 ) LOSS OF PARENT COMPANY (1,112 ) (618 ) (459 ) EQUITY IN UNDISTRIBUTED INCOME OF THE BANK 18,378 10,860 7,863 NET INCOME $ 17,266 $ 10,242 $ 7,404 There were no items of other comprehensive income that were solely attributable to the parent company. RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2019, 2018 AND 2017 (In thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 17,266 $ 10,242 $ 7,404 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of the Bank (18,378 ) (10,860 ) (7,863 ) Amortization 91 94 22 Provision for deferred income taxes 10 174 666 Earned ESOP shares - 148 143 Changes in assets and liabilities: Other assets (447 ) 1,770 (1,031 ) Accrued expenses and other liabilities 141 (132 ) (19 ) Net cash provided by (used in) operating activities (1,317 ) 1,436 (678 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from assumption of junior subordinated debt (see Note 3) - - 3,687 Dividend from the Bank 2,000 1,750 2,500 Net cash provided by investing activities 2,000 1,750 6,187 CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid (3,163 ) (2,140 ) (1,799 ) Proceeds from exercise of stock options 179 245 11 Net cash used in financing activities (2,984 ) (1,895 ) (1,788 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,301 ) 1,291 3,721 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 6,479 5,188 1,467 CASH AND CASH EQUIVALENTS, END OF YEAR $ 4,178 $ 6,479 $ 5,188 RIVERVIEW BANCORP, INC. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED): (Dollars in thousands, except per share data) Three Months Ended March 31 December 31 September 30 June 30 Fiscal 2019: Interest and dividend income $ 12,464 $ 12,336 $ 12,213 $ 12,105 Interest expense 930 656 611 618 Net interest income 11,534 11,680 11,602 11,487 Provision for (recapture of) loan losses - - 250 (200 ) Non-interest income, net 3,008 2,782 3,016 3,052 Non-interest expense 8,962 8,803 8,915 9,019 Income before income taxes 5,580 5,659 5,453 5,720 Provision for income taxes 1,373 1,271 1,224 1,278 Net income $ 4,207 $ 4,388 $ 4,229 $ 4,442 Basic earnings per common share (1) $ 0.19 $ 0.19 $ 0.19 $ 0.20 Diluted earnings per common share (1) $ 0.19 $ 0.19 $ 0.19 $ 0.20 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 common share (1) $ 0.13 $ 0.07 $ 0.14 $ 0.12 Diluted earnings per common share (1) $ 0.13 $ 0.07 $ 0.14 $ 0.12 (1) Quarterly earnings per common share may vary from annual earnings common per share due to rounding. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation At March 31, 2019 and 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, 2019 and 2018, the Trust Company incurred $44,000 and $88,000, respectively, of stock-based compensation expense related to these options. No Trust Company stock options were exercised during the years ended March 31, 2019, 2018 and 2017. 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 12). 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 In September 2018, the Bank completed a purchase and assumption transaction in which all of the Bank's Longview, Washington branch deposits were sold to a community bank headquartered in Longview. The Bank sold approximately $3.2 million of deposits and recognized a gain on sale of these deposits of approximately $70,000, which is included in other non-interest income in the accompanying consolidated statements of income for the year ended March 31, 2019. This purchase and assumption transaction did not include the sale of any loans, or the exchange of any assets or liabilities other than deposits. The Bank subsequently sold the Longview branch land and building in December 2018 and recognized a $355,000 gain on sale, which is included in other non-interest expense in the accompanying consolidated statement of income for the year ended March 31, 2019. |
Business segments | Business segments |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Consolidated 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 investments in debt 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 in a debt 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 – 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 of the underlying collateral 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 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 |
Premises and Equipment | Premises and Equipment Assets held under the Company's capitalized lease, net of accumulated amortization, are included in premises and equipment. The assets held under the capitalized lease are 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, 2019 and 2018, gross CDI was $1.36 million. At March 31, 2019 and 2018, accumulated amortization was $443,000 and $260,000, respectively. The amortization expense for CDI in future years is estimated to be $160,000, $140,000, $125,000, $116,000, $108,000 and $271,000 for the years ended March 31, 2020, 2021, 2022, 2023, 2024 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 – 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. As required by ASU 2016-01, the fair value disclosure for loans receivable was computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 17. In February 2016, the FASB issued ASU 2016-02, "Leases" ("ASU 2016-02"). ASU 2016-02 created FASB ASC Topic 842 ("ASC 842") related to leases and 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. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842) Targeted Improvements" ("ASU 2018-11"). The amendments in this ASU provide entities with an additional (and optional) transition method to adopt ASU 2016-02. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP. The Company will adopt the provisions of ASC 842 effective April 1, 2019 utilizing the transition method allowed under ASU 2018-11 and will not restate comparative periods. The Company will elect the package of practical expedients permitted under ASC 842's transition guidance, which allows the Company to carryforward its historical lease classifications and its assessment as to whether a contract is or contains a lease. The Company will also elect to not recognize lease assets and lease liabilities for leases with an initial term of 12 months or less. The Company expects the adoption of ASC 842 will result in an increase in other assets and an increase in other liabilities of approximately $5.6 million. The Company does not expect the adoption of ASC 842 to have a material impact on its future consolidated statements of income. 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 has begun 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 not be known. 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 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 13). 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 was effective for fiscal years beginning after December 15, 2018, and early adoption was 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. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 modifies the disclosure requirements for fair value measurements. The following disclosure requirements were removed from ASC Topic 820 – Fair Value Measurement: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. In addition, ASU 2018-13 adds new disclosure requirements for Level 3 measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for any removed or modified disclosures. The adoption of ASU 2018-13 is not expected to have a material impact on the Company's future consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract" ("ASU 2018-15"). The amendments in ASU 2018-15 broaden the scope of ASC Subtopic 350-40 to include costs incurred to implement a hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with the accounting for internal-use software costs. The amendments in ASU 2018-15 result in consistent capitalization of implementation costs of a hosting arrangement that is a service contract and implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU 2018-15. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of ASU 2018-15 is not expected to have a material impact on the Company's future consolidated financial statements. |
Reclassifications | Reclassifications |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 | |
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, 2019 Available for sale: Municipal securities $ 8,885 $ 30 $ (34 ) $ 8,881 Agency securities 12,426 22 (107 ) 12,341 Real estate mortgage investment conduits (1) 40,835 - (673 ) 40,162 Residential mortgage-backed securities (1) 77,402 7 (1,588 ) 75,821 Other mortgage-backed securities (2) 42,133 12 (1,124 ) 41,021 Total available for sale $ 181,681 $ 71 $ (3,526 ) $ 178,226 Held to maturity: Residential mortgage-backed securities (3) $ 35 $ - $ - $ 35 (1) (2) (3) 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) |
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 $ 4,961 $ 4,949 $ - $ - Due after one year through five years 8,585 8,505 32 32 Due after five years through ten years 48,050 47,373 - - Due after ten years 120,085 117,399 3 3 Total $ 181,681 $ 178,226 $ 35 $ 35 |
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, 2019 Available for sale: Municipal securities $ - $ - $ 6,554 $ (34 ) $ 6,554 $ (34 ) Agency securities - - 6,861 (107 ) 6,861 (107 ) Real estate mortgage investment conduits (1) - - 40,126 (673 ) 40,126 (673 ) Residential mortgage-backed securities (1) - - 74,288 (1,588 ) 74,288 (1,588 ) Other mortgage-backed securities (2) - - 40,409 (1,124 ) 40,409 (1,124 ) Total available for sale $ - $ - $ 168,238 $ (3,526 ) $ 168,238 $ (3,526 ) 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 (1) 50,941 (1,192 ) 37,823 (1,523 ) 88,764 (2,715 ) Other mortgage-backed securities (2) 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 ) (1) (2) |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of loans and financing receivable | March 31, 2019 March 31, 2018 Commercial and construction Commercial business $ 162,796 $ 137,672 Commercial real estate 461,432 450,597 Land 17,027 15,337 Multi-family 51,570 63,080 Real estate construction 90,882 39,584 Total commercial and construction 783,707 706,270 Consumer Real estate one-to-four family 84,053 90,109 Other installment (1) 8,356 14,997 Total consumer 92,409 105,106 Total loans 876,116 811,376 Less: Allowance for loan losses 11,457 10,766 Loans receivable, net $ 864,659 $ 800,610 (1) Consists primarily of purchased automobile loans totaling $5.8 million and $12.9 million at March 31, 2019 and 2018, respectively. |
Schedule of aggregate loans to officers and directors | Year Ended March 31, 2019 2018 2017 Beginning balance $ 981 $ 859 $ 841 Originations 359 526 228 Principal repayments (562 ) (404 ) (210 ) Ending balance $ 778 $ 981 $ 859 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Allowance For Loan Losses [Abstract] | |
Schedule of reconciliation of the allowance for loan losses | March 31, 2019 Commercial Business Commercial Real Estate Land Multi- Family Real Estate Construction Consumer Unallocated Total Beginning balance $ 1,668 $ 4,914 $ 220 $ 822 $ 618 $ 1,809 $ 715 $ 10,766 Provision for (recapture of) loan losses 139 (685 ) 34 (94 ) 839 (178 ) (5 ) 50 Charge-offs - - - - - (291 ) - (291 ) Recoveries 1 824 - - - 107 - 932 Ending balance $ 1,808 $ 5,053 $ 254 $ 728 $ 1,457 $ 1,447 $ 710 $ 11,457 March 31, 2018 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 |
Schedule of impaired financing receivables | Allowance for Loan Losses Recorded Investment in Loans March 31, 2019 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial business $ - $ 1,808 $ 1,808 $ 160 $ 162,636 $ 162,796 Commercial real estate - 5,053 5,053 2,482 458,950 461,432 Land - 254 254 728 16,299 17,027 Multi-family - 728 728 1,598 49,972 51,570 Real estate construction - 1,457 1,457 - 90,882 90,882 Consumer 22 1,425 1,447 697 91,712 92,409 Unallocated - 710 710 - - - Total $ 22 $ 11,435 $ 11,457 $ 5,665 $ 870,451 $ 876,116 March 31, 2018 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 |
Schedule of changes in the allowance for unfunded loan commitments | Year Ended March 31, 2019 2018 2017 Beginning balance $ 480 $ 388 $ 324 Net change in allowance for unfunded loan commitments (11 ) 92 64 Ending balance $ 469 $ 480 $ 388 |
Schedule of analysis of loans by aging category | March 31, 2019 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 $ - $ - $ 225 $ 225 $ 162,571 $ 162,796 Commercial real estate - - 1,081 1,081 460,351 461,432 Land - - - - 17,027 17,027 Multi-family - - - - 51,570 51,570 Real estate construction - - - - 90,882 90,882 Consumer 345 3 210 558 91,851 92,409 Total $ 345 $ 3 $ 1,516 $ 1,864 $ 874,252 $ 876,116 March 31, 2018 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 |
Schedule of credit quality indicators | March 31, 2019 Pass Special Mention Substandard Doubtful Loss Total Loans Receivable Commercial business $ 159,997 $ 840 $ 1,959 $ - $ - $ 162,796 Commercial real estate 454,013 4,030 3,389 - - 461,432 Land 16,299 - 728 - - 17,027 Multi-family 51,093 457 20 - - 51,570 Real estate construction 90,882 - - - - 90,882 Consumer 92,199 - 210 - - 92,409 Total $ 864,483 $ 5,327 $ 6,306 $ - $ - $ 876,116 March 31, 2018 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 |
Schedule of total and average recorded investment in impaired loans | March 31, 2019 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 $ 160 $ - $ 160 $ 182 $ - Commercial real estate 2,482 - 2,482 3,424 - Land 728 - 728 766 - Multi-family 1,598 - 1,598 1,709 - Consumer 281 416 697 807 22 Total $ 5,249 $ 416 $ 5,665 $ 6,888 $ 22 March 31, 2018 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 Year ended March 31, 2019 Year ended March 31, 2018 Year ended March 31, 2017 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 $ 334 $ - $ 930 $ 41 $ 255 $ 10 Commercial real estate 2,607 64 4,185 101 8,823 337 Land 742 7 781 - 801 - Multi-family 1,620 88 1,668 90 1,710 93 Consumer 992 45 1,452 62 1,529 62 Total $ 6,295 $ 204 $ 9,016 $ 294 $ 13,118 $ 502 |
Schedule of TDRs by interest accrual status | March 31, 2019 March 31, 2018 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ - $ 160 $ 160 $ 826 $ 178 $ 1,004 Commercial real estate 1,401 1,081 2,482 1,683 1,200 2,883 Land 728 - 728 - 763 763 Multi-family 1,598 - 1,598 1,644 - 1,644 Consumer 697 - 697 1,428 - 1,428 Total $ 4,424 $ 1,241 $ 5,665 $ 5,581 $ 2,141 $ 7,722 |
REAL ESTATE OWNED (Tables)
REAL ESTATE OWNED (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Schedule of summary of the activity in REO | Year Ended March 31, 2019 2018 2017 Balance at beginning of year, net $ 298 $ 298 $ 595 Additions - - - Dispositions (298 ) - (267 ) Writedowns - - (30 ) Balance at end of year, net $ - $ 298 $ 298 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | March 31, 2019 2018 Land $ 4,531 $ 4,710 Buildings and improvements 15,349 15,281 Leasehold improvements 1,666 1,666 Furniture and equipment 10,694 10,783 Building under capitalized lease 2,956 2,956 Construction in progress 733 720 Total 35,929 36,116 Less accumulated depreciation and amortization (20,471 ) (20,333 ) Premises and equipment, net $ 15,458 $ 15,783 |
Schedule of future minimum lease payments for capital leases | Year Ending March 31: Operating Leases Capital Lease 2020 $ 1,492 $ 205 2021 905 208 2022 677 212 2023 527 215 2024 535 219 Thereafter 1,453 3,622 Total minimum lease payments $ 5,589 4,681 Less amount representing interest (2,278 ) Present value of net minimum lease payments $ 2,403 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | Year Ended March 31, 2019 2018 2017 Net carrying value at beginning of period $ 27,076 $ 27,076 $ 25,572 MBank Transaction (see Note 3) - - 1,504 Net carrying value at the end of period $ 27,076 $ 27,076 $ 27,076 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
Schedule of deposit accounts | Account Type March 31, 2019 March 31, 2018 Non-interest-bearing $ 284,854 $ 278,966 Interest-bearing checking 183,388 192,989 Money market 233,317 265,661 Savings accounts 137,503 134,931 Certificates of deposit 86,006 123,144 Total $ 925,068 $ 995,691 |
Schedule of maturities of certificates of deposit for future years | Year Ending March 31: 2020 $ 59,487 2021 14,072 2022 5,201 2023 1,552 2024 3,157 Thereafter 2,537 Total $ 86,006 |
Schedule of interest expense by deposit type | Year Ended March 31, 2019 2018 2017 Interest-bearing checking $ 101 $ 100 $ 98 Money market 302 335 309 Savings accounts 145 133 110 Certificates of deposit 448 640 634 Total $ 996 $ 1,208 $ 1,151 |
FEDERAL HOME LOAN BANK ADVANC_2
FEDERAL HOME LOAN BANK ADVANCES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Schedule of FHLB advances | March 31, 2019 March 31, 2018 FHLB advances $ 56,586 $ - Weighted average interest rate on FHLB advances (1) 2.58 % 1.60 % (1) |
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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 % 3.97 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 3.96 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 5.71 % 6/2033 27,836 Fair value adjustment (4) (1,261 ) Total Debentures $ 26,575 (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, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Year Ended March 31 2019 2018 2017 Current $ 5,157 $ 4,087 $ 284 Deferred (11 ) 3,668 3,103 Total $ 5,146 $ 7,755 $ 3,387 |
Schedule of deferred tax assets and deferred tax liabilities | March 31, 2019 March 31, 2018 Deferred tax assets: Deferred compensation $ 45 $ 77 Allowance for loan losses 2,862 2,643 Accrued expenses 131 127 Accumulated depreciation and amortization 797 753 Deferred gain on sale 167 201 Purchase accounting 141 150 Net unrealized loss on investment securities available for sale 829 1,458 Other 242 236 Total deferred tax assets 5,214 5,645 Deferred tax liabilities: FHLB stock dividend (97 ) (95 ) Prepaid expenses (148 ) (109 ) Loan fees/costs (774 ) (628 ) Total deferred tax liabilities (1,019 ) (832 ) Deferred tax assets, net $ 4,195 $ 4,813 |
Schedule of reconciliation of effective income tax rate with the federal statutory tax rate | Year Ended March 31, 2019 2018 2017 Statutory federal income tax rate 21.0 % 30.8 % 34.0 % State and local income tax rate 3.0 2.5 1.5 Revaluation of net deferred tax assets due to Tax Act - 11.4 - ESOP market value adjustment (0.1) - (0.1 ) BOLI (0.8) (1.5 ) (3.8 ) Other, net (0.1) (0.1 ) (0.2 ) Effective federal income tax rate 23.0 % 43.1 % 31.4 % |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of activity related to options under all plans | Year Ended March 31, 2019 2018 2017 Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, beginning of year 141,365 $ 3.77 220,654 $ 4.74 223,654 $ 4.73 Options exercised (37,533 ) 4.84 (59,289 ) 4.13 (3,000 ) 3.84 Options expired (2,500 ) 8.12 (20,000 ) 13.42 - - Balance, end of year 101,332 $ 3.26 141,365 $ 3.77 220,654 $ 4.74 |
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 3.88 51,332 $ 2.70 51,332 $ 2.70 $ 3.01 - $5.00 0.48 50,000 3.84 50,000 3.84 2.20 101,332 $ 3.26 101,332 $ 3.26 |
Schedule of information of stock options outstanding | March 31, 2019 March 31, 2018 Stock options fully vested and expected to vest: Number 101,332 141,365 Weighted average exercise price $ 3.26 $ 3.77 Aggregate intrinsic value (1) $ 410,000 $ 788,000 Weighted average contractual term of options (years) 2.20 2.78 Stock options fully vested and currently exercisable: Number 101,332 141,365 Weighted average exercise price $ 3.26 $ 3.77 Aggregate intrinsic value (1) $ 410,000 $ 788,000 Weighted average contractual term of options (years) 2.20 2.78 (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. |
Schedule of ESOP share activity | Estimated Fair Value of Unreleased Shares Unreleased ESOP Shares Allocated and Released Shares Total 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 REGU_2
SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 Total Capital: (To Risk-Weighted Assets) $ 140,062 16.88 % $ 66,379 8.0 % $ 82,974 10.0 % Tier 1 Capital: (To Risk-Weighted Assets) 129,671 15.63 49,784 6.0 66,379 8.0 Common equity tier 1 Capital: (To Risk-Weighted Assets) 129,671 15.63 37,338 4.5 53,933 6.5 Tier 1 Capital (Leverage): (To Average Tangible Assets) 129,671 11.56 44,874 4.0 56,092 5.0 Actual For Capital Adequacy Purposes "Well Capitalized" Under Prompt Corrective Action March 31, 2018 Amount Ratio Amount Ratio Amount Ratio 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 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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) 2019 2018 2017 P Basic EPS computation: Numerator-net income $ 17,266 $ 10,242 $ 7,404 Denominator-weighted average common shares outstanding 22,588 22,531 22,478 Basic EPS $ 0.76 $ 0.45 $ 0.33 Diluted EPS computation: Numerator-net income $ 17,266 $ 10,242 $ 7,404 Denominator-weighted average common shares outstanding 22,588 22,531 22,478 Effect of dilutive stock options 72 92 70 Weighted average common shares and common stock equivalents 22,660 22,623 22,548 Diluted EPS $ 0.76 $ 0.45 $ 0.33 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 Total Estimated Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 8,881 $ - $ 8,881 $ - Agency securities 12,341 - 12,341 - Real estate mortgage investment conduits 40,162 - 40,162 - Residential mortgage-backed securities 75,821 - 75,821 - Other mortgage-backed securities 41,021 - 41,021 - Total assets measured at fair value on a recurring basis $ 178,226 $ - $ 178,226 $ - 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 $ - |
Schedule of assets that are measured at estimated fair value on a nonrecurring basis | Estimated fair value measurements using Total estimated fair value Level 1 Level 2 Level 3 March 31, 2019 Impaired loans $ 394 $ - $ - $ 394 March 31, 2018 Impaired loans $ 2,143 $ - $ - $ 2,143 |
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 Impaired loans Appraised value Discounted cash flows Adjustment for market conditions Discount rate N/A (1) 5.25% 8.00% (1) |
Schedule of carrying amount and estimated fair value of financial instruments | March 31, 2019 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 22,950 $ 22,950 $ - $ - $ 22,950 Certificates of deposit held for investment 747 - 746 - 746 Loans held for sale 909 - 909 - 909 Investment securities available for sale 178,226 - 178,226 - 178,226 Investment securities held to maturity 35 - 35 - 35 Loans receivable, net 864,659 - - 862,429 862,429 FHLB stock 3,644 - 3,644 - 3,644 Liabilities: Certificates of deposit 86,006 - 84,455 - 84,455 FHLB advances 56,586 - 56,586 - 56,586 Junior subordinated debentures 26,575 - - 15,468 15,468 Capital lease obligation 2,403 - 2,403 - 2,403 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: Certificates of deposit 123,144 - 120,940 - 120,940 Junior subordinated debentures 26,484 - - 15,274 15,274 Capital lease obligation 2,431 - 2,431 - 2,431 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of non-interest income disaggregated by type of service | Year Ended March 31 2019 2018 2017 Asset management fees $ 3,791 $ 3,448 $ 2,988 Debit card and ATM fees 3,104 2,961 2,535 Deposit related fees 1,721 1,628 1,486 Loan related fees 1,258 671 725 BOLI (1) 734 819 760 Net gains on sales of loans held for sale (1) 317 641 656 FHLMC loan servicing fees (1) 141 122 114 Other, net 792 714 750 Total non-interest income $ 11,858 $ 11,004 $ 10,014 (1) Not within the scope of ASC 606 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of significant off-balance sheet commitments | Contract or Notional Amount March 31, 2019 March 31, 2018 Commitments to originate loans: Adjustable-rate $ 30,579 $ 20,065 Fixed-rate 10,158 14,989 Standby letters of credit 2,410 2,432 Undisbursed loan funds and unused lines of credit 139,842 152,982 Total $ 182,989 $ 190,468 |
RIVERVIEW BANCORP, INC. (PARE_2
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed balance sheet | BALANCE SHEETS AS OF MARCH 31, 2019 AND 2018 (In thousands) 2019 2018 ASSETS Cash and cash equivalents $ 4,178 $ 6,479 Investment in the Bank 155,041 136,497 Other assets 1,445 1,166 TOTAL ASSETS $ 160,664 $ 144,142 LIABILITIES AND SHAREHOLDERS' EQUITY Accrued expenses and other liabilities $ 63 $ 80 Dividend payable 904 677 Borrowings 26,575 26,484 Shareholders' equity 133,122 116,901 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 160,664 $ 144,142 |
Schedule of condensed income statement | STATEMENTS OF INCOME FOR THE YEARS ENDED MARCH 31, 2019, 2018 AND 2017 (In thousands) 2019 2018 2017 INCOME: Interest on investment securities and other short-term investments $ 35 $ 26 $ 21 Interest on loan receivable from the Bank - 6 15 Total income 35 32 36 EXPENSE: Management service fees paid to the Bank 143 143 143 Other expenses 1,298 1,020 587 Total expense 1,441 1,163 730 LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF THE BANK (1,406 ) (1,131 ) (694 ) BENEFIT FOR INCOME TAXES (294 ) (513 ) (235 ) LOSS OF PARENT COMPANY (1,112 ) (618 ) (459 ) EQUITY IN UNDISTRIBUTED INCOME OF THE BANK 18,378 10,860 7,863 NET INCOME $ 17,266 $ 10,242 $ 7,404 |
Schedule of condensed cash flow statement | STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2019, 2018 AND 2017 (In thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 17,266 $ 10,242 $ 7,404 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of the Bank (18,378 ) (10,860 ) (7,863 ) Amortization 91 94 22 Provision for deferred income taxes 10 174 666 Earned ESOP shares - 148 143 Changes in assets and liabilities: Other assets (447 ) 1,770 (1,031 ) Accrued expenses and other liabilities 141 (132 ) (19 ) Net cash provided by (used in) operating activities (1,317 ) 1,436 (678 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from assumption of junior subordinated debt (see Note 3) - - 3,687 Dividend from the Bank 2,000 1,750 2,500 Net cash provided by investing activities 2,000 1,750 6,187 CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid (3,163 ) (2,140 ) (1,799 ) Proceeds from exercise of stock options 179 245 11 Net cash used in financing activities (2,984 ) (1,895 ) (1,788 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,301 ) 1,291 3,721 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 6,479 5,188 1,467 CASH AND CASH EQUIVALENTS, END OF YEAR $ 4,178 $ 6,479 $ 5,188 |
Schedule of quarterly financial information | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED): (Dollars in thousands, except per share data) Three Months Ended March 31 December 31 September 30 June 30 Fiscal 2019: Interest and dividend income $ 12,464 $ 12,336 $ 12,213 $ 12,105 Interest expense 930 656 611 618 Net interest income 11,534 11,680 11,602 11,487 Provision for (recapture of) loan losses - - 250 (200 ) Non-interest income, net 3,008 2,782 3,016 3,052 Non-interest expense 8,962 8,803 8,915 9,019 Income before income taxes 5,580 5,659 5,453 5,720 Provision for income taxes 1,373 1,271 1,224 1,278 Net income $ 4,207 $ 4,388 $ 4,229 $ 4,442 Basic earnings per common share (1) $ 0.19 $ 0.19 $ 0.19 $ 0.20 Diluted earnings per common share (1) $ 0.19 $ 0.19 $ 0.19 $ 0.20 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 common share (1) $ 0.13 $ 0.07 $ 0.14 $ 0.12 Diluted earnings per common share (1) $ 0.13 $ 0.07 $ 0.14 $ 0.12 (1) Quarterly earnings per common share may vary from annual earnings common per share due to rounding. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($)BranchSegmentshares | Mar. 31, 2018USD ($)BranchSegmentshares | |
Accounting Policies [Abstract] | ||||
Number of stock options outstanding held by trust | shares | 2,500 | 2,500 | ||
Stock-based compensation expense related to options | $ 44,000 | $ 88,000 | ||
Number of branches in rural and suburban communities | Branch | 18 | 19 | ||
Number of operating segments | Segment | 2 | 2 | ||
Minimum percentage of monthly payments charged off for consumer installment loan | 75.00% | 75.00% | ||
Bank sold deposits | $ 3,200,000 | |||
Gain on sale of deposits | $ 70,000 | |||
Gain on sale of Longview branch land and building | $ 355,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 1) - USD ($) | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Feb. 17, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Assets Held-in-trust | $ 646,000,000 | $ 484,300,000 | ||
Early adoption of ASU 2018-11 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Early adoption of reclassification of tax effects from AOCI to retained earnings | 342,000 | |||
Early application of ASU 2016-02 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Increase in other assets and liabilities | $ 5,600,000 | |||
Core Deposit Intangibles | Merchants Bancorp | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated amortized period of Core Deposit Intangibles | 10 years | |||
CDI | $ 1,363,000 | |||
Core Deposit Intangibles, gross | $ 1,360,000 | 1,360,000 | ||
Accumulated amortization | 443,000 | $ 260,000 | ||
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 for fiscal years ended March 31, 2024 | 108,000 | |||
Estimated amortization expense of Core Deposit Intangibles, thereafter | $ 271,000 | |||
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 | 3 to 20 years | |||
Leasehold improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 15 to 25 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, 2019 | Mar. 31, 2018 |
Other Restricted Assets [Abstract] | ||
Minimum reserve balance | $ 1.8 | $ 1.7 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Feb. 17, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Liabilities assumed | |||||
Goodwill recognized | $ 27,076 | $ 27,076 | $ 27,076 | $ 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 (Detail_2
BUSINESS COMBINATIONS (Details 2) - Merchants Bancorp $ in Thousands | 12 Months Ended |
Mar. 31, 2019USD ($) | |
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 (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 181,681 | $ 219,427 | ||
Gross Unrealized Gains | 71 | 5 | ||
Gross Unrealized Losses | (3,526) | (6,211) | ||
Estimated Fair Value | 178,226 | 213,221 | ||
Municipal securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 8,885 | 9,041 | ||
Gross Unrealized Gains | 30 | 0 | ||
Gross Unrealized Losses | (34) | (309) | ||
Estimated Fair Value | 8,881 | 8,732 | ||
Agency securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 12,426 | 22,412 | ||
Gross Unrealized Gains | 22 | 1 | ||
Gross Unrealized Losses | (107) | (311) | ||
Estimated Fair Value | 12,341 | 22,102 | ||
Real estate mortgage investment conduits | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 40,835 | [1] | 48,310 | [2] |
Gross Unrealized Gains | 0 | [1] | 0 | [2] |
Gross Unrealized Losses | (673) | [1] | (1,355) | [2] |
Estimated Fair Value | 40,162 | [1] | 46,955 | [2] |
Residential mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 77,402 | [1] | 91,786 | [2] |
Gross Unrealized Gains | 7 | [1] | 3 | [2] |
Gross Unrealized Losses | (1,588) | [1] | (2,715) | [2] |
Estimated Fair Value | 75,821 | [1] | 89,074 | [2] |
Other mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 42,133 | [3] | 47,878 | [4] |
Gross Unrealized Gains | 12 | [3] | 1 | [4] |
Gross Unrealized Losses | (1,124) | [3] | (1,521) | [4] |
Estimated Fair Value | $ 41,021 | [3] | $ 46,358 | [4] |
[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 U.S. Small Business Administration ("SBA") issued securities and commercial real estate ("CRE") secured securities issued by FNMA. | |||
[4] | Comprised of SBA issued securities and CRE secured securities issued by FNMA. |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 1) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | $ 35 | $ 42 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | [1] | 35 | 42 |
Gross Unrealized Gains | [1] | 0 | 1 |
Gross Unrealized Losses | [1] | 0 | 0 |
Estimated Fair Value | [1] | $ 35 | $ 43 |
[1] | Comprised of FHLMC and FNMA issued securities. |
INVESTMENT SECURITIES (Detail_2
INVESTMENT SECURITIES (Details 2) $ in Thousands | Mar. 31, 2019USD ($) |
Available for Sale, Amortized Cost | |
Due in one year or less | $ 4,961 |
Due after one year through five years | 8,585 |
Due after five years through ten years | 48,050 |
Due after ten years | 120,085 |
Total, Amortized Cost | 181,681 |
Available for Sale, Estimated Fair Value | |
Due in one year or less | 4,949 |
Due after one year through five years | 8,505 |
Due after five years through ten years | 47,373 |
Due after ten years | 117,399 |
Total, Estimated Fair Value | $ 178,226 |
INVESTMENT SECURITIES (Detail_3
INVESTMENT SECURITIES (Details 3) $ in Thousands | Mar. 31, 2019USD ($) |
Held to Maturity, Amortized Cost | |
Due in one year or less | $ 0 |
Due after one year through five years | 32 |
Due after five years through ten years | 0 |
Due after ten years | 3 |
Total, Amortized Cost | 35 |
Held to Maturity, Estimated Fair Value | |
Due in one year or less | 0 |
Due after one year through five years | 32 |
Due after five years through ten years | 0 |
Due after ten years | 3 |
Total, Estimated Fair Value | $ 35 |
INVESTMENT SECURITIES (Detail_4
INVESTMENT SECURITIES (Details 4) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Less than 12 months, Estimated Fair Value | $ 0 | $ 111,145 | |
Less than 12 months, Unrealized Losses | 0 | (2,696) | |
12 months or longer, Estimated Fair Value | 168,238 | 100,060 | |
12 months or longer, Unrealized Losses | (3,526) | (3,515) | |
Total, Estimated Fair Value | 168,238 | 211,205 | |
Total, Unrealized Losses | (3,526) | (6,211) | |
Municipal securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Less than 12 months, Estimated Fair Value | 0 | 6,626 | |
Less than 12 months, Unrealized Losses | 0 | (236) | |
12 months or longer, Estimated Fair Value | 6,554 | 2,106 | |
12 months or longer, Unrealized Losses | (34) | (73) | |
Total, Estimated Fair Value | 6,554 | 8,732 | |
Total, Unrealized Losses | (34) | (309) | |
Agency securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Less than 12 months, Estimated Fair Value | 0 | 5,301 | |
Less than 12 months, Unrealized Losses | 0 | (112) | |
12 months or longer, Estimated Fair Value | 6,861 | 15,797 | |
12 months or longer, Unrealized Losses | (107) | (199) | |
Total, Estimated Fair Value | 6,861 | 21,098 | |
Total, Unrealized Losses | (107) | (311) | |
Real estate mortgage investment conduits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Less than 12 months, Estimated Fair Value | 0 | 31,922 | |
Less than 12 months, Unrealized Losses | 0 | (774) | |
12 months or longer, Estimated Fair Value | 40,126 | 14,983 | |
12 months or longer, Unrealized Losses | (673) | (581) | |
Total, Estimated Fair Value | 40,126 | 46,905 | |
Total, Unrealized Losses | (673) | (1,355) | |
Residential mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Less than 12 months, Estimated Fair Value | [1] | 0 | 50,941 |
Less than 12 months, Unrealized Losses | [1] | 0 | (1,192) |
12 months or longer, Estimated Fair Value | [1] | 74,288 | 37,823 |
12 months or longer, Unrealized Losses | [1] | (1,588) | (1,523) |
Total, Estimated Fair Value | [1] | 74,288 | 88,764 |
Total, Unrealized Losses | [1] | (1,588) | (2,715) |
Other mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Less than 12 months, Estimated Fair Value | [2] | 0 | 16,355 |
Less than 12 months, Unrealized Losses | [2] | 0 | (382) |
12 months or longer, Estimated Fair Value | [2] | 40,409 | 29,351 |
12 months or longer, Unrealized Losses | [2] | (1,124) | (1,139) |
Total, Estimated Fair Value | [2] | 40,409 | 45,706 |
Total, Unrealized Losses | [2] | $ (1,124) | $ (1,521) |
[1] | Comprised of FHLMC, FNMA and GNMA issued securities. | ||
[2] | 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, 2019 | Mar. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Investment securities gross realized gains from sales | $ 82,000 | ||
Income tax related to the realized gains | $ 29,000 | ||
Investment securities available for sale | |||
Debt Securities, Available-for-sale [Line Items] | |||
Pledged as collateral at amortized cost | $ 5,800,000 | $ 3,700,000 | |
Pledged as collateral at fair value | $ 5,700,000 | $ 3,600,000 |
LOANS RECEIVABLE_ Loans receiva
LOANS RECEIVABLE: Loans receivable, excluding loans held for sale (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | $ 876,116 | $ 811,376 | |||
Less: Allowance for loan losses | 11,457 | 10,766 | $ 10,528 | $ 9,885 | |
Loans receivable, net | 864,659 | 800,610 | |||
Commercial and construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 783,707 | 706,270 | |||
Commercial and construction | Commercial business | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 162,796 | 137,672 | |||
Less: Allowance for loan losses | 1,808 | 1,668 | 1,418 | 1,048 | |
Commercial and construction | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 461,432 | 450,597 | |||
Less: Allowance for loan losses | 5,053 | 4,914 | 5,084 | 4,273 | |
Commercial and construction | Land | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 17,027 | 15,337 | |||
Less: Allowance for loan losses | 254 | 220 | 228 | 325 | |
Commercial and construction | Multi-family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 51,570 | 63,080 | |||
Less: Allowance for loan losses | 728 | 822 | 297 | 712 | |
Commercial and construction | Real estate construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 90,882 | 39,584 | |||
Less: Allowance for loan losses | 1,457 | 618 | 714 | 416 | |
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 92,409 | 105,106 | |||
Less: Allowance for loan losses | 1,447 | 1,809 | $ 2,099 | $ 2,403 | |
Consumer | Real estate one-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 84,053 | 90,109 | |||
Consumer | Other installment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | [1] | $ 8,356 | $ 14,997 | ||
[1] | Consists primarily of purchased automobile loans totaling $5.8 million and $12.9 million at March 31, 2019 and 2018, respectively. |
LOANS RECEIVABLE_ Aggregate loa
LOANS RECEIVABLE: Aggregate loans to officers and directors (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Loans to Officers and Directors | |||
Beginning balance | $ 981 | $ 859 | $ 841 |
Originations | 359 | 526 | 228 |
Principal repayments | (562) | (404) | (210) |
Ending balance | $ 778 | $ 981 | $ 859 |
LOANS RECEIVABLE (Detail Textua
LOANS RECEIVABLE (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net deferred loan fees | $ 4,000 | $ 3,600 |
Discount on Loans receivable | 1,500 | 2,200 |
Premiums on Loans receivable | 1,800 | 2,000 |
Total loans | $ 876,116 | 811,376 |
Percentage of loans and extensions of credit outstanding | 15.00% | |
Loans pledged as collateral | $ 513,300 | |
Commercial and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 783,707 | 706,270 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 461,432 | 450,597 |
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 | $ 92,409 | 105,106 |
Consumer | Automobile loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,800 | 12,900 |
Consumer | Real estate one-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 84,053 | $ 90,109 |
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, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 10,766 | $ 10,528 | $ 10,766 | $ 10,528 | $ 9,885 | ||||||
Provision for (recapture of) loan losses | $ 0 | $ 0 | $ 250 | (200) | $ 0 | $ 0 | $ 0 | 0 | 50 | 0 | 0 |
Charge-offs | (291) | (408) | (458) | ||||||||
Recoveries | 932 | 646 | 1,101 | ||||||||
Ending balance | 11,457 | 10,766 | 11,457 | 10,766 | 10,528 | ||||||
Commercial and construction | Commercial Business | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 1,668 | 1,418 | 1,668 | 1,418 | 1,048 | ||||||
Provision for (recapture of) loan losses | 139 | 10 | (121) | ||||||||
Charge-offs | 0 | 0 | (1) | ||||||||
Recoveries | 1 | 240 | 492 | ||||||||
Ending balance | 1,808 | 1,668 | 1,808 | 1,668 | 1,418 | ||||||
Commercial and construction | Commercial Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 4,914 | 5,084 | 4,914 | 5,084 | 4,273 | ||||||
Provision for (recapture of) loan losses | (685) | (156) | 926 | ||||||||
Charge-offs | 0 | (68) | (117) | ||||||||
Recoveries | 824 | 54 | 2 | ||||||||
Ending balance | 5,053 | 4,914 | 5,053 | 4,914 | 5,084 | ||||||
Commercial and construction | Land | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 220 | 228 | 220 | 228 | 325 | ||||||
Provision for (recapture of) loan losses | 34 | (301) | (558) | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 293 | 461 | ||||||||
Ending balance | 254 | 220 | 254 | 220 | 228 | ||||||
Commercial and construction | Multi-Family | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 822 | 297 | 822 | 297 | 712 | ||||||
Provision for (recapture of) loan losses | (94) | 525 | (415) | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Ending balance | 728 | 822 | 728 | 822 | 297 | ||||||
Commercial and construction | Real Estate Construction | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 618 | 714 | 618 | 714 | 416 | ||||||
Provision for (recapture of) loan losses | 839 | (96) | 298 | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Ending balance | 1,457 | 618 | 1,457 | 618 | 714 | ||||||
Consumer | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 1,809 | 2,099 | 1,809 | 2,099 | 2,403 | ||||||
Provision for (recapture of) loan losses | (178) | (9) | (110) | ||||||||
Charge-offs | (291) | (340) | (340) | ||||||||
Recoveries | 107 | 59 | 146 | ||||||||
Ending balance | 1,447 | 1,809 | 1,447 | 1,809 | 2,099 | ||||||
Unallocated | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 715 | $ 688 | 715 | 688 | 708 | ||||||
Provision for (recapture of) loan losses | (5) | 27 | (20) | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Ending balance | $ 710 | $ 715 | $ 710 | $ 715 | $ 688 |
ALLOWANCE FOR LOAN LOSSES_ Impa
ALLOWANCE FOR LOAN LOSSES: Impaired Financing Receivables (Details 1) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Allowance for loan losses | ||
Individually Evaluated for Impairment | $ 22 | $ 69 |
Collectively Evaluated for Impairment | 11,435 | 10,697 |
Total | 11,457 | 10,766 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 5,665 | 7,722 |
Collectively Evaluated for Impairment | 870,451 | 803,654 |
Total | 876,116 | 811,376 |
Commercial and construction | Commercial business | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 1,808 | 1,668 |
Total | 1,808 | 1,668 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 160 | 1,004 |
Collectively Evaluated for Impairment | 162,636 | 136,668 |
Total | 162,796 | 137,672 |
Commercial and construction | Commercial real estate | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 5,053 | 4,914 |
Total | 5,053 | 4,914 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 2,482 | 2,883 |
Collectively Evaluated for Impairment | 458,950 | 447,714 |
Total | 461,432 | 450,597 |
Commercial and construction | Land | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 254 | 220 |
Total | 254 | 220 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 728 | 763 |
Collectively Evaluated for Impairment | 16,299 | 14,574 |
Total | 17,027 | 15,337 |
Commercial and construction | Multi-family | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 728 | 822 |
Total | 728 | 822 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 1,598 | 1,644 |
Collectively Evaluated for Impairment | 49,972 | 61,436 |
Total | 51,570 | 63,080 |
Commercial and construction | Real estate construction | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 1,457 | 618 |
Total | 1,457 | 618 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 90,882 | 39,584 |
Total | 90,882 | 39,584 |
Consumer | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 22 | 69 |
Collectively Evaluated for Impairment | 1,425 | 1,740 |
Total | 1,447 | 1,809 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 697 | 1,428 |
Collectively Evaluated for Impairment | 91,712 | 103,678 |
Total | 92,409 | 105,106 |
Unallocated | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 710 | 715 |
Total | 710 | 715 |
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, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Allowance for unfunded loan commitments | |||
Beginning balance | $ 480 | $ 388 | $ 324 |
Net change in allowance for unfunded loan commitments | (11) | 92 | 64 |
Ending Balance | $ 469 | $ 480 | $ 388 |
ALLOWANCE FOR LOAN LOSSES_ Fina
ALLOWANCE FOR LOAN LOSSES: Financing Receivables, Aging of Loans (Details 3) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | $ 1,516 | $ 2,418 |
Total Past Due and Non-accrual | 1,864 | 2,938 |
Current | 874,252 | 808,438 |
Total Loans Receivable | 876,116 | 811,376 |
30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 345 | 520 |
90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3 | 0 |
Commercial and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 783,707 | 706,270 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 225 | 178 |
Total Past Due and Non-accrual | 225 | 185 |
Current | 162,571 | 137,487 |
Total Loans Receivable | 162,796 | 137,672 |
Commercial and construction | Commercial business | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 7 |
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 | 1,081 | 1,200 |
Total Past Due and Non-accrual | 1,081 | 1,200 |
Current | 460,351 | 449,397 |
Total Loans Receivable | 461,432 | 450,597 |
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 | 0 | 763 |
Total Past Due and Non-accrual | 0 | 763 |
Current | 17,027 | 14,574 |
Total Loans Receivable | 17,027 | 15,337 |
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 | 51,570 | 63,080 |
Total Loans Receivable | 51,570 | 63,080 |
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 | 90,882 | 39,584 |
Total Loans Receivable | 90,882 | 39,584 |
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 | 210 | 277 |
Total Past Due and Non-accrual | 558 | 790 |
Current | 91,851 | 104,316 |
Total Loans Receivable | 92,409 | 105,106 |
Consumer | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 345 | 513 |
Consumer | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 3 | $ 0 |
ALLOWANCE FOR LOAN LOSSES_ Cred
ALLOWANCE FOR LOAN LOSSES: Credit Quality Indicators (Details 4) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 876,116 | $ 811,376 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 864,483 | 792,298 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 5,327 | 11,655 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 6,306 | 7,423 |
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 | 783,707 | 706,270 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 162,796 | 137,672 |
Commercial and construction | Commercial business | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 159,997 | 132,309 |
Commercial and construction | Commercial business | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 840 | 1,976 |
Commercial and construction | Commercial business | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 1,959 | 3,387 |
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 | 461,432 | 450,597 |
Commercial and construction | Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 454,013 | 440,123 |
Commercial and construction | Commercial real estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 4,030 | 7,489 |
Commercial and construction | Commercial real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 3,389 | 2,985 |
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 | 17,027 | 15,337 |
Commercial and construction | Land | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 16,299 | 14,574 |
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 | 728 | 763 |
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 | 51,570 | 63,080 |
Commercial and construction | Multi-family | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 51,093 | 60,879 |
Commercial and construction | Multi-family | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 457 | 2,190 |
Commercial and construction | Multi-family | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 20 | 11 |
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 | 90,882 | 39,584 |
Commercial and construction | Real estate construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 90,882 | 39,584 |
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 | 92,409 | 105,106 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 92,199 | 104,829 |
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 | 210 | 277 |
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_ Im_2
ALLOWANCE FOR LOAN LOSSES: Impaired Financing Receivables (Details 5) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | $ 5,249 | $ 6,588 |
Recorded Investment with Specific Valuation Allowance | 416 | 1,134 |
Total Recorded Investment | 5,665 | 7,722 |
Unpaid Principal Balance | 6,888 | 8,977 |
Related Specific Valuation Allowance | 22 | 69 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 160 | 1,004 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 160 | 1,004 |
Unpaid Principal Balance | 182 | 1,062 |
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 | 2,482 | 2,883 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 2,482 | 2,883 |
Unpaid Principal Balance | 3,424 | 3,816 |
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 | 728 | 763 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 728 | 763 |
Unpaid Principal Balance | 766 | 790 |
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 | 1,598 | 1,644 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 1,598 | 1,644 |
Unpaid Principal Balance | 1,709 | 1,765 |
Related Specific Valuation Allowance | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 281 | 294 |
Recorded Investment with Specific Valuation Allowance | 416 | 1,134 |
Total Recorded Investment | 697 | 1,428 |
Unpaid Principal Balance | 807 | 1,544 |
Related Specific Valuation Allowance | $ 22 | $ 69 |
ALLOWANCE FOR LOAN LOSSES_ Im_3
ALLOWANCE FOR LOAN LOSSES: Impaired Loans, Average Recorded Investment and Interest Recognized (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | $ 6,295 | $ 9,016 | $ 13,118 |
Interest Recognized on Impaired Loans | 204 | 294 | 502 |
Commercial and construction | Commercial business | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 334 | 930 | 255 |
Interest Recognized on Impaired Loans | 0 | 41 | 10 |
Commercial and construction | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 2,607 | 4,185 | 8,823 |
Interest Recognized on Impaired Loans | 64 | 101 | 337 |
Commercial and construction | Land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 742 | 781 | 801 |
Interest Recognized on Impaired Loans | 7 | 0 | 0 |
Commercial and construction | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 1,620 | 1,668 | 1,710 |
Interest Recognized on Impaired Loans | 88 | 90 | 93 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 992 | 1,452 | 1,529 |
Interest Recognized on Impaired Loans | $ 45 | $ 62 | $ 62 |
ALLOWANCE FOR LOAN LOSSES_ TDRs
ALLOWANCE FOR LOAN LOSSES: TDRs by Interest Accrual Status (Details 7) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | $ 4,424 | $ 5,581 |
Nonaccrual | 1,241 | 2,141 |
Total | 5,665 | 7,722 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 0 | 826 |
Nonaccrual | 160 | 178 |
Total | 160 | 1,004 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 1,401 | 1,683 |
Nonaccrual | 1,081 | 1,200 |
Total | 2,482 | 2,883 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 728 | 0 |
Nonaccrual | 0 | 763 |
Total | 728 | 763 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 1,598 | 1,644 |
Nonaccrual | 0 | 0 |
Total | 1,598 | 1,644 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 697 | 1,428 |
Nonaccrual | 0 | 0 |
Total | $ 697 | $ 1,428 |
ALLOWANCE FOR LOAN LOSSES (Deta
ALLOWANCE FOR LOAN LOSSES (Detail Textuals) | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($)TDR | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income foregone on non-accrual loans | $ 94,000 | $ 102,000 | $ 81,000 |
Commercial and construction | Commercial business | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of TDR loans default | TDR | 1 | ||
Pre-modification outstanding recorded investment amount | $ 116,000 | ||
Post-modification outstanding recorded investment amount | $ 107,000 |
REAL ESTATE OWNED_ Activity in
REAL ESTATE OWNED: Activity in REO (Real Estate Owned) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Real Estate Owned | |||
Balance at beginning of year, net | $ 298 | $ 298 | $ 595 |
Additions | 0 | 0 | 0 |
Dispositions | (298) | 0 | (267) |
Writedowns | 0 | 0 | (30) |
Balance at end of year, net | $ 0 | $ 298 | $ 298 |
REAL ESTATE OWNED (Detail Textu
REAL ESTATE OWNED (Detail Textuals) | Mar. 31, 2019USD ($) |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Mortgage Loans in Process of Foreclosure, Amount | $ 106,000 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 35,929 | $ 36,116 |
Less accumulated depreciation and amortization | (20,471) | (20,333) |
Premises and equipment, net | 15,458 | 15,783 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,531 | 4,710 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 15,349 | 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 | 10,694 | 10,783 |
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 | $ 733 | $ 720 |
PREMISES AND EQUIPMENT (Detai_2
PREMISES AND EQUIPMENT (Details 1) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 1,492 |
2021 | 905 |
2022 | 677 |
2023 | 527 |
2024 | 535 |
Thereafter | 1,453 |
Total minimum lease payments | 5,589 |
Capital Lease | |
2020 | 205 |
2021 | 208 |
2022 | 212 |
2023 | 215 |
2024 | 219 |
Thereafter | 3,622 |
Total minimum lease payments | 4,681 |
Less amount representing interest | (2,278) |
Present value of net minimum lease payments | $ 2,403 |
PREMISES AND EQUIPMENT (Detail
PREMISES AND EQUIPMENT (Detail Textuals) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2010USD ($)Branch | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 1,100,000 | $ 1,200,000 | $ 1,100,000 | |
Amortization expense | 77,000 | 77,000 | 77,000 | |
Accumulated amortization for capital lease | 1,400,000 | 1,300,000 | ||
Number of branch location sold | Branch | 2 | |||
Deferred gain loss on cancellation of lease | $ 2,100,000 | 697,000,000 | ||
Rent expense | $ 2,000,000 | $ 2,100,000 | $ 1,800,000 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill [Roll Forward] | |||
Net carrying value at beginning of period | $ 27,076 | $ 27,076 | $ 25,572 |
MBank Transaction (see Note 3) | 0 | 0 | 1,504 |
Net carrying value at the end of period | $ 27,076 | $ 27,076 | $ 27,076 |
DEPOSITS_ Summary of Deposit Ac
DEPOSITS: Summary of Deposit Accounts (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deposit [Line Items] | ||
Total | $ 925,068 | $ 995,691 |
Non-interest-bearing | ||
Deposit [Line Items] | ||
Total | 284,854 | 278,966 |
Interest-bearing checking | ||
Deposit [Line Items] | ||
Total | 183,388 | 192,989 |
Money market | ||
Deposit [Line Items] | ||
Total | 233,317 | 265,661 |
Savings accounts | ||
Deposit [Line Items] | ||
Total | 137,503 | 134,931 |
Certificates of deposit | ||
Deposit [Line Items] | ||
Total | $ 86,006 | $ 123,144 |
DEPOSITS_ Maturities of certifi
DEPOSITS: Maturities of certificates of deposit for future years (Details 1) $ in Thousands | Mar. 31, 2019USD ($) |
Deposits [Abstract] | |
2020 | $ 59,487 |
2021 | 14,072 |
2022 | 5,201 |
2023 | 1,552 |
2024 | 3,157 |
Thereafter | 2,537 |
Total | $ 86,006 |
DEPOSITS_ Interest Expense by D
DEPOSITS: Interest Expense by Deposit Type (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Deposits [Abstract] | |||
Interest-bearing checking | $ 101 | $ 100 | $ 98 |
Money market | 302 | 335 | 309 |
Savings accounts | 145 | 133 | 110 |
Certificates of deposit | 448 | 640 | 634 |
Total | $ 996 | $ 1,208 | $ 1,151 |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Deposits [Abstract] | ||
Time deposits more than 250,000 | $ 10.5 | $ 10.8 |
FEDERAL HOME LOAN BANK ADVANC_3
FEDERAL HOME LOAN BANK ADVANCES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |||
FHLB advances | $ 56,586 | ||
Weighted average interest rate on FHLB advances | [1] | 2.58% | 1.60% |
[1] | Computed based on the borrowing activity for the years ending March 31, 2019 and 2018, respectively. |
FEDERAL HOME LOAN BANK ADVANC_4
FEDERAL HOME LOAN BANK ADVANCES (Detail Textuals) $ in Millions | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Federal Home Loan Banks [Abstract] | |
Percentages of federal home loan banks credit line facility | 45.00% |
Additional borrowing from FHlB | $ 186.8 |
Loans pledged as collateral to FHIB | $ 402.7 |
JUNIOR SUBORDINATED DEBENTURES_
JUNIOR SUBORDINATED DEBENTURES: Terms of the current Debentures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Debt Instrument [Line Items] | |||
Amount Outstanding | $ 27,836 | ||
Fair value adjustment | [1] | (1,261) | |
Total Debentures | $ 26,575 | $ 26,484 | |
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 | 3.97% | ||
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 | 3.96% | ||
Maturity Date | 9/2037 | ||
Merchants Bancorp Statutory Trust I | |||
Debt Instrument [Line Items] | |||
Issuance Date | [1] | 06/2003 | |
Amount Outstanding | [1] | $ 5,155 | |
Rate Type | [1],[4] | Variable | |
Initial Rate | [1] | 4.16% | |
Current Rate | [1] | 5.71% | |
Maturity Date | [1] | 6/2033 | |
[1] | Amount, net of accretion, 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 DEBENTURE_2
JUNIOR SUBORDINATED DEBENTURES (Detail Textuals) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | ||
Debentures issued to grantor trusts | $ 26,600,000 | $ 26,500,000 |
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, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 5,157 | $ 4,087 | $ 284 |
Deferred | (11) | 3,668 | 3,103 |
Total | $ 5,146 | $ 7,755 | $ 3,387 |
INCOME TAXES_ Deferred Tax Asse
INCOME TAXES: Deferred Tax Assets and Liabilities (Details 1) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred tax assets: | ||
Deferred compensation | $ 45 | $ 77 |
Allowance for loan losses | 2,862 | 2,643 |
Accrued expenses | 131 | 127 |
Accumulated depreciation and amortization | 797 | 753 |
Deferred gain on sale | 167 | 201 |
Purchase accounting | 141 | 150 |
Net unrealized loss on investment securities available for sale | 829 | 1,458 |
Other | 242 | 236 |
Total deferred tax assets | 5,214 | 5,645 |
Deferred tax liabilities: | ||
FHLB stock dividend | (97) | (95) |
Prepaid expenses | (148) | (109) |
Loan fees/costs | (774) | (628) |
Total deferred tax liabilities | (1,019) | (832) |
Deferred tax assets, net | $ 4,195 | $ 4,813 |
INCOME TAXES_ Effective Income
INCOME TAXES: Effective Income Tax Rate Reconciliation (Details 2) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 30.80% | 34.00% |
State and local income tax rate | 3.00% | 2.50% | 1.50% |
Revaluation of net deferred tax assets due to Tax Act | 0.00% | 11.40% | 0.00% |
ESOP market value adjustment | (0.10%) | (0.00%) | (0.10%) |
BOLI | (0.80%) | (1.50%) | (3.80%) |
Other, net | (0.10%) | (0.10%) | (0.20%) |
Effective federal income tax rate | 23.00% | 43.10% | 31.40% |
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, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax [Line Items] | |||||
Federal corporate income tax rate | 21.00% | 30.80% | 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 | $ 517,000 | |||
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, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Number of Shares | |||
Balance, beginning of year | 141,365 | 220,654 | 223,654 |
Options exercised | (37,533) | (59,289) | (3,000) |
Expired | (2,500) | (20,000) | 0 |
Balance, end of year | 101,332 | 141,365 | 220,654 |
Weighted Average Exercise Price | |||
Balance, beginning of year | $ 3.77 | $ 4.74 | $ 4.73 |
Options exercised | 4.84 | 4.13 | 3.84 |
Expired | 8.12 | 13.42 | 0 |
Balance, end of year | $ 3.26 | $ 3.77 | $ 4.74 |
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, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Avg Remaining Contractual Life (years) | 2 years 2 months 12 days |
Options Outstanding, Number | shares | 101,332 |
Options Outstanding, Weighted Average Exercise Price | $ 3.26 |
Options Exercisable, Number | shares | 101,332 |
Options Exercisable, Weighted Average Exercise Price | $ 3.26 |
$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) | 3 years 10 months 17 days |
Options Outstanding, Number | shares | 51,332 |
Options Outstanding, Weighted Average Exercise Price | $ 2.7 |
Options Exercisable, Number | shares | 51,332 |
Options Exercisable, Weighted Average Exercise Price | $ 2.7 |
$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) | 5 months 23 days |
Options Outstanding, Number | shares | 50,000 |
Options Outstanding, Weighted Average Exercise Price | $ 3.84 |
Options Exercisable, Number | shares | 50,000 |
Options Exercisable, Weighted Average Exercise Price | $ 3.84 |
EMPLOYEE BENEFIT PLANS_ Stock O
EMPLOYEE BENEFIT PLANS: Stock Options Outstanding, less estimated forfeitures (Details 2) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock options fully vested and expected to vest: | ||
Number | 101,332 | 141,365 |
Weighted average exercise price | $ 3.26 | $ 3.77 |
Aggregate intrinsic value | $ 410,000 | $ 788,000 |
Weighted average contractual term of options (years) | 2 years 2 months 12 days | 2 years 9 months 11 days |
Stock options fully vested and currently exercisable: | ||
Number | 101,332 | 141,365 |
Weighted average exercise price | $ 3.26 | $ 3.77 |
Aggregate intrinsic value | $ 410,000 | $ 788,000 |
Weighted average contractual term of options (years) | 2 years 2 months 12 days | 2 years 9 months 11 days |
EMPLOYEE BENEFIT PLANS_ Employe
EMPLOYEE BENEFIT PLANS: Employee Stock Ownership Plan (ESOP) Disclosures (Details 3) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Stock Ownership Plan Esop Deferred Shares Fair Value [Roll Forward] | ||
Estimated fair value of unreleased shares, beginning | $ 176,000 | $ 207,000 |
Unreleased Employee stock ownership shares, beginning | 24,633 | 49,266 |
Employee stock ownership plan allocated and released shares, beginning | 937,951 | 913,318 |
Employee Stock Ownership Plan total, beginning | 962,584 | 962,584 |
Employee stock ownership plan unreleased allocation of shares | (24,633) | (24,633) |
Allocated and released contributed Employee stock ownership plan | 24,633 | 24,633 |
Estimated fair value of unreleased shares, ending | $ 0 | $ 176,000 |
Unreleased Employee stock ownership shares, ending | 0 | 24,633 |
Employee stock ownership plan allocated and released shares, ending | 962,584 | 937,951 |
Employee Stock Ownership Plan total, ending | 962,584 | 962,584 |
EMPLOYEE BENEFIT PLANS (Detail
EMPLOYEE BENEFIT PLANS (Detail Textuals) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Retirement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expenses related to plan | $ 527,000 | $ 547,000 | $ 489,000 |
Directors' and Executive Officers' Deferred Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation plan annual interest rate | 4.28% | 3.99% | 3.68% |
Aggregate liability under the plan | $ 186,000 | $ 330,000 | |
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 | $ 153,000 | $ 257,000 | $ 5,000 |
EMPLOYEE BENEFIT PLANS (Detai_2
EMPLOYEE BENEFIT PLANS (Detail Textuals 1) | 12 Months Ended | ||
Mar. 31, 2019USD ($)serviceshares | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Employee Stock Ownership Plan [Abstract] | |||
Number of hours of service | service | 1,000 | ||
Employee Stock Ownership Plan compensation expense | $ | $ 148,000 | $ 143,000 | |
Bank purchased common stock on open market and contributed such shares to ESOP | shares | 25,000 | ||
Employee benefits expense | $ | $ 197,000 | ||
Shares held by the ESOP | shares | 441,966 |
SHAREHOLDERS' EQUITY AND REGU_3
SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL REQUIREMENTS: Compliance with Regulatory Capital Requirements under Banking Regulations (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Shareholders Equity And Regulatory Capital Requirements [Abstract] | ||
Total capital to risk weighted assets actual amount | $ 140,062 | $ 123,061 |
Total capital to risk weighted assets actual ratio | 16.88% | 15.41% |
Total capital to risk weighted assets for capital adequacy purposes amount | $ 66,379 | $ 63,868 |
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 | $ 82,974 | $ 79,835 |
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 | $ 129,671 | $ 113,066 |
Tier 1 to risk weighted assets actual ratio | 15.63% | 14.16% |
Tier 1 to risk weighted assets for capital adequacy purposes amount | $ 49,784 | $ 47,901 |
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 | $ 66,379 | $ 63,868 |
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 | $ 129,671 | $ 113,066 |
Common equity Tier 1 capital to risk weighted assets actual ratio | 15.63% | 14.16% |
Common equity Tier 1 to risk weighted assets for capital adequacy purposes amount | $ 37,338 | $ 35,926 |
Common equity Tier 1 to risk weighted assets for capital adequacy purposes ratio | 4.50% | 4.50% |
Common equity Tier 1 to risk weighted assets well capitalized under prompt corrective action amount | $ 53,933 | $ 51,893 |
Common equity Tier 1 to risk weighted assets well capitalized under prompt corrective action ratio | 6.50% | 6.50% |
Tier 1 capital leverage to average tangible assets actual amount | $ 129,671 | $ 113,066 |
Tier 1 capital leverage to average tangible assets actual ratio | 11.56% | 10.26% |
Tier 1 capital leverage to average tangible assets for capital adequacy purposes amount | $ 44,874 | $ 44,093 |
Tier 1 capital leverage to average tangible assets for capital adequacy purposes ratio | 4.00% | 4.00% |
Tier 1 capital leverage to average tangible assets well capitalized under prompt corrective action amount | $ 56,092 | $ 55,116 |
Tier 1 capital leverage to average tangible 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, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |||||||||
Basic EPS computation: | |||||||||||||||||||
Numerator-net income (in dollars) | $ 4,207 | $ 4,388 | $ 4,229 | $ 4,442 | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | $ 17,266 | $ 10,242 | $ 7,404 | ||||||||
Denominator-weighted average common shares outstanding | 22,588,395 | 22,531,480 | 22,478,306 | ||||||||||||||||
Basic EPS (in dollars per share) | $ 0.19 | [1] | $ 0.19 | [1] | $ 0.19 | [1] | $ 0.20 | [1] | $ 0.13 | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ 0.12 | [1] | $ 0.76 | $ 0.45 | $ 0.33 |
Diluted EPS computation: | |||||||||||||||||||
Numerator-net income (in dollars) | $ 4,207 | $ 4,388 | $ 4,229 | $ 4,442 | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | $ 17,266 | $ 10,242 | $ 7,404 | ||||||||
Denominator-weighted average common shares outstanding | 22,588,395 | 22,531,480 | 22,478,306 | ||||||||||||||||
Effect of dilutive stock options | 72,000 | 92,000 | 70,000 | ||||||||||||||||
Weighted average common shares and common stock equivalents | 22,659,594 | 22,623,455 | 22,548,340 | ||||||||||||||||
Diluted (in dollars per share) | $ 0.19 | [1] | $ 0.19 | [1] | $ 0.19 | [1] | $ 0.20 | [1] | $ 0.13 | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ 0.12 | [1] | $ 0.76 | $ 0.45 | $ 0.33 |
[1] | Quarterly earnings per common share may vary from annual earnings common 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 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 8,000 | 59,000 |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | $ 178,226 | $ 213,221 |
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 | 8,881 | 8,732 |
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 | 12,341 | 22,102 |
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 | 40,162 | 46,955 |
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 | 75,821 | 89,074 |
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 | 41,021 | 46,358 |
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 | 178,226 | 213,221 |
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 | 8,881 | 8,732 |
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 | 12,341 | 22,102 |
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 | 40,162 | 46,955 |
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 | 75,821 | 89,074 |
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 | 41,021 | 46,358 |
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_ Assets
FAIR VALUE MEASUREMENTS: Assets measured at fair value on a non-recurring basis (Details 1) - Nonrecurring basis - Impaired loans - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | $ 394 | $ 2,143 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total estimated fair value | $ 394 | $ 2,143 |
FAIR VALUE MEASUREMENTS_ Level
FAIR VALUE MEASUREMENTS: Level 3 inputs for financial instruments measured at fair value (Details 2) - Nonrecurring basis - Level 3 - Impaired loans - Appraised value or discounted cash flows - Adjustment for market conditions or discount rate | Mar. 31, 2019 | [1] |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Measurement Input | 5.25% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Measurement Input | 8.00% | |
[1] | There were no adjustments to appraised values of impaired loans as of March 31, 2019 and 2018. |
FAIR VALUE MEASUREMENTS_ Fair_2
FAIR VALUE MEASUREMENTS: Fair Value, Option, Quantitative Disclosures (Details 3) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Estimated Fair Value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 22,950 | $ 44,767 |
Estimated Fair Value | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 746 | 5,959 |
Estimated Fair Value | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 909 | 210 |
Estimated Fair Value | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 178,226 | 213,221 |
Estimated Fair Value | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 35 | 43 |
Estimated Fair Value | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 862,429 | 792,916 |
Estimated Fair Value | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,644 | 1,353 |
Estimated Fair Value | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 84,455 | 120,940 |
Estimated Fair Value | FHLB advances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 56,586 | |
Estimated Fair Value | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 15,468 | 15,274 |
Estimated Fair Value | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,403 | 2,431 |
Carrying Amount | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 22,950 | 44,767 |
Carrying Amount | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 747 | 5,967 |
Carrying Amount | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 909 | 210 |
Carrying Amount | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 178,226 | 213,221 |
Carrying Amount | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 35 | 42 |
Carrying Amount | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 864,659 | 800,610 |
Carrying Amount | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,644 | 1,353 |
Carrying Amount | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 86,006 | 123,144 |
Carrying Amount | FHLB advances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 56,586 | |
Carrying Amount | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 26,575 | 26,484 |
Carrying Amount | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,403 | 2,431 |
Level 1 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 22,950 | 44,767 |
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 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | FHLB advances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 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 | 746 | 5,959 |
Level 2 | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 909 | 210 |
Level 2 | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 178,226 | 213,221 |
Level 2 | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 35 | 43 |
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 | 3,644 | 1,353 |
Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 84,455 | 120,940 |
Level 2 | FHLB advances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 56,586 | |
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 | 2,403 | 2,431 |
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 | 862,429 | 792,916 |
Level 3 | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | FHLB advances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | |
Level 3 | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 15,468 | 15,274 |
Level 3 | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Revenue from External Customer [Line Items] | ||||||||||||
BOLI | [1] | $ 734 | $ 819 | $ 760 | ||||||||
Net gains on sales of loans held for sale | [1] | 317 | 641 | 656 | ||||||||
FHLMC loan servicing fees | [1] | 141 | 122 | 114 | ||||||||
Other, net | 792 | 714 | 750 | |||||||||
Total non-interest income | $ 3,008 | $ 2,782 | $ 3,016 | $ 3,052 | $ 2,663 | $ 2,890 | $ 2,713 | $ 2,738 | 11,858 | 11,004 | 10,014 | |
Asset management fees | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Non-interest income | 3,791 | 3,448 | 2,988 | |||||||||
Debit card and ATM fees | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Non-interest income | 3,104 | 2,961 | 2,535 | |||||||||
Deposit related fees | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Non-interest income | 1,721 | 1,628 | 1,486 | |||||||||
Loan related fees | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Non-interest income | $ 1,258 | $ 671 | $ 725 | |||||||||
[1] | Not within the scope of ASC 606 |
COMMITMENTS AND CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES: Significant off-balance sheet commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | $ 182,989 | $ 190,468 |
Commitments to originate loans: | Adjustable-rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 30,579 | 20,065 |
Commitments to originate loans: | Fixed-rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 10,158 | 14,989 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | 2,410 | 2,432 |
Undisbursed loan funds and unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or Notional Amount | $ 139,842 | $ 152,982 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Detail Textuals) | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Threshold limit for honoring of commitments | 45 days |
Commitments to sell | $ 1,700,000 |
Loans under warranty | 111,400,000 |
Allowance for FHLMC loans | $ 13,000 |
RIVERVIEW BANCORP, INC. (PARE_3
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) BALANCE SHEETS (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 22,950 | $ 44,767 | $ 64,613 | $ 55,400 |
TOTAL ASSETS | 1,156,921 | 1,151,535 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accrued expenses and other liabilities | 12,536 | 9,391 | ||
Shareholders' equity | 133,122 | 116,901 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,156,921 | 1,151,535 | ||
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) | ||||
ASSETS | ||||
Cash and cash equivalents | 4,178 | 6,479 | $ 5,188 | $ 1,467 |
Investment in the Bank | 155,041 | 136,497 | ||
Other assets | 1,445 | 1,166 | ||
TOTAL ASSETS | 160,664 | 144,142 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accrued expenses and other liabilities | 63 | 80 | ||
Dividend payable | 904 | 677 | ||
Borrowings | 26,575 | 26,484 | ||
Shareholders' equity | 133,122 | 116,901 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 160,664 | $ 144,142 |
RIVERVIEW BANCORP, INC. (PARE_4
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) STATEMENTS OF INCOME (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
INCOME: | |||||||||||
Interest on loan receivable from the Bank | $ 44,187 | $ 39,659 | $ 31,609 | ||||||||
EXPENSE: | |||||||||||
Other expenses | 1,870 | 2,450 | 2,504 | ||||||||
Total non-interest expense | $ 8,962 | $ 8,803 | $ 8,915 | $ 9,019 | $ 9,127 | $ 8,558 | $ 8,759 | $ 9,174 | 35,699 | 35,618 | 32,981 |
LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF THE BANK | 5,580 | 5,659 | 5,453 | 5,720 | 4,193 | 5,128 | 4,679 | 3,997 | 22,412 | 17,997 | 10,791 |
BENEFIT FOR INCOME TAXES | 1,373 | 1,271 | 1,224 | 1,278 | 1,184 | 3,608 | 1,620 | 1,343 | 5,146 | 7,755 | 3,387 |
NET INCOME | $ 4,207 | $ 4,388 | $ 4,229 | $ 4,442 | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | 17,266 | 10,242 | 7,404 |
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) | |||||||||||
INCOME: | |||||||||||
Interest on investment securities and other short-term investments | 35 | 26 | 21 | ||||||||
Interest on loan receivable from the Bank | 0 | 6 | 15 | ||||||||
Total income | 35 | 32 | 36 | ||||||||
EXPENSE: | |||||||||||
Management service fees paid to the Bank | 143 | 143 | 143 | ||||||||
Other expenses | 1,298 | 1,020 | 587 | ||||||||
Total non-interest expense | 1,441 | 1,163 | 730 | ||||||||
LOSS BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF THE BANK | (1,406) | (1,131) | (694) | ||||||||
BENEFIT FOR INCOME TAXES | (294) | (513) | (235) | ||||||||
LOSS OF PARENT COMPANY | (1,112) | (618) | (459) | ||||||||
EQUITY IN UNDISTRIBUTED INCOME OF THE BANK | 18,378 | 10,860 | 7,863 | ||||||||
NET INCOME | $ 17,266 | $ 10,242 | $ 7,404 |
RIVERVIEW BANCORP, INC. (PARE_5
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) STATEMENTS OF CASH FLOWS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ 4,207 | $ 4,388 | $ 4,229 | $ 4,442 | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | $ 17,266 | $ 10,242 | $ 7,404 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Dividends paid | 3,163 | 2,140 | 1,799 | ||||||||
Proceeds from exercise of stock options | 179 | 245 | 11 | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (21,817) | (19,846) | 9,213 | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 44,767 | 64,613 | 44,767 | 64,613 | 55,400 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 22,950 | 44,767 | 22,950 | 44,767 | 64,613 | ||||||
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | 17,266 | 10,242 | 7,404 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Equity in undistributed income of the Bank | (18,378) | (10,860) | (7,863) | ||||||||
Amortization | 91 | 94 | 22 | ||||||||
Provision for deferred income taxes | 10 | 174 | 666 | ||||||||
Earned ESOP shares | 0 | 148 | 143 | ||||||||
Changes in assets and liabilities: | |||||||||||
Other assets | (447) | 1,770 | (1,031) | ||||||||
Accrued expenses and other liabilities | 141 | (132) | (19) | ||||||||
Net cash provided by (used in) operating activities | (1,317) | 1,436 | (678) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from assumption of junior subordinated debt (see Note 3) | 0 | 0 | 3,687 | ||||||||
Dividend from the Bank | 2,000 | 1,750 | 2,500 | ||||||||
Net cash provided by investing activities | 2,000 | 1,750 | 6,187 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Dividends paid | (3,163) | (2,140) | (1,799) | ||||||||
Proceeds from exercise of stock options | 179 | 245 | 11 | ||||||||
Net cash used in financing activities | (2,984) | (1,895) | (1,788) | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (2,301) | 1,291 | 3,721 | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | $ 6,479 | $ 5,188 | 6,479 | 5,188 | 1,467 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 4,178 | $ 6,479 | $ 4,178 | $ 6,479 | $ 5,188 |
RIVERVIEW BANCORP, INC. (PARE_6
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY): SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Interest and dividend income | $ 12,464 | $ 12,336 | $ 12,213 | $ 12,105 | $ 11,244 | $ 11,378 | $ 11,315 | $ 11,023 | $ 49,118 | $ 44,960 | $ 35,627 | ||||||||
Interest expense | 930 | 656 | 611 | 618 | 587 | 582 | 590 | 590 | 2,815 | 2,349 | 1,869 | ||||||||
Net interest income | 11,534 | 11,680 | 11,602 | 11,487 | 10,657 | 10,796 | 10,725 | 10,433 | 46,303 | 42,611 | 33,758 | ||||||||
Provision for (recapture of) loan losses | 0 | 0 | 250 | (200) | 0 | 0 | 0 | 0 | 50 | 0 | 0 | ||||||||
Non-interest income, net | 3,008 | 2,782 | 3,016 | 3,052 | 2,663 | 2,890 | 2,713 | 2,738 | 11,858 | 11,004 | 10,014 | ||||||||
Non-interest expense | 8,962 | 8,803 | 8,915 | 9,019 | 9,127 | 8,558 | 8,759 | 9,174 | 35,699 | 35,618 | 32,981 | ||||||||
Income before income taxes | 5,580 | 5,659 | 5,453 | 5,720 | 4,193 | 5,128 | 4,679 | 3,997 | 22,412 | 17,997 | 10,791 | ||||||||
Provision for income taxes | 1,373 | 1,271 | 1,224 | 1,278 | 1,184 | 3,608 | 1,620 | 1,343 | 5,146 | 7,755 | 3,387 | ||||||||
Net income | $ 4,207 | $ 4,388 | $ 4,229 | $ 4,442 | $ 3,009 | $ 1,520 | $ 3,059 | $ 2,654 | $ 17,266 | $ 10,242 | $ 7,404 | ||||||||
Basic earnings per common share (in dollars per share) | $ 0.19 | [1] | $ 0.19 | [1] | $ 0.19 | [1] | $ 0.20 | [1] | $ 0.13 | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ 0.12 | [1] | $ 0.76 | $ 0.45 | $ 0.33 |
Diluted earnings per common share (in dollars per share) | $ 0.19 | [1] | $ 0.19 | [1] | $ 0.19 | [1] | $ 0.20 | [1] | $ 0.13 | [1] | $ 0.07 | [1] | $ 0.14 | [1] | $ 0.12 | [1] | $ 0.76 | $ 0.45 | $ 0.33 |
[1] | Quarterly earnings per common share may vary from annual earnings common per share due to rounding. |