Riverview Bancorp (RVSB) 10-Q 7 Feb 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2019	Feb. 07, 2020
Document and Entity Information:
Entity Registrant Name	RIVERVIEW BANCORP INC
Entity Central Index Key	0001041368
Trading Symbol	rvsb
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		22,748,385
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2019	Mar. 31, 2019
ASSETS
Cash and cash equivalents (including interest-earning accounts of $48,781 and $5,844)		$ 62,123	$ 22,950
Certificates of deposit held for investment		249	747
Loans held for sale			909
Investment securities:
Available for sale, at estimated fair value		155,757	178,226
Held to maturity, at amortized cost (estimated fair value of $30 and $35)		29	35
Loans receivable (net of allowance for loan losses of $11,433 and $11,457)		875,100	864,659
Prepaid expenses and other assets		8,330	4,596
Accrued interest receivable		3,729	3,919
Federal Home Loan Bank stock ("FHLB"), at cost		1,380	3,644
Premises and equipment, net		16,021	15,458
Deferred income taxes, net		3,416	4,195
Mortgage servicing rights, net		215	296
Goodwill		27,076	27,076
Core deposit intangible ("CDI"), net		799	920
Bank owned life insurance ("BOLI")		29,876	29,291
TOTAL ASSETS		1,184,100	1,156,921
LIABILITIES:
Deposits		990,464	925,068
Accrued expenses and other liabilities		18,483	12,536
Advanced payments by borrowers for taxes and insurance		329	631
FHLB advances	[1]	0	56,586
Junior subordinated debentures		26,640	26,575
Finance lease liability		2,378	2,403
Total liabilities		1,038,294	1,023,799
COMMITMENTS AND CONTINGENCIES (See Note 14)
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 December 31, 2019 - 22,748,385 shares issued and outstanding March 31, 2019 - 22,607,712 shares issued and outstanding		227	226
Additional paid-in capital		65,637	65,094
Retained earnings		80,103	70,428
Accumulated other comprehensive loss		(161)	(2,626)
Total shareholders' equity		145,806	133,122
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$ 1,184,100	$ 1,156,921
[1]	Consisted of overnight borrowings.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
CONSOLIDATED BALANCE SHEETS
Interest-earning accounts included in cash (in dollars)	$ 48,781	$ 5,844
Fair value of mortgage-backed securities held to maturity (in dollars)	30	35
Allowance for loan losses (in dollars)	$ 11,433	$ 11,457
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	22,748,385	22,607,712
Common stock, shares outstanding	22,748,385	22,607,712

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans receivable		$ 11,699	$ 11,182	$ 35,146	$ 33,261
Interest on investment securities - taxable		851	1,110	2,589	3,424
Interest on investment securities - nontaxable		27	37	100	110
Other interest and dividends		189	60	369	271
Total interest and dividend income		12,766	12,389	38,204	37,066
INTEREST EXPENSE:
Interest on deposits		942	240	1,953	759
Interest on borrowings		332	416	1,570	1,126
Total interest expense		1,274	656	3,523	1,885
Net interest income		11,492	11,733	34,681	35,181
Provision for loan losses					50
Net interest income after provision for loan losses		11,492	11,733	34,681	35,131
NON-INTEREST INCOME:
Net gains on sales of loans held for sale	[1]	68	82	210	278
BOLI	[1]	188	192	585	545
Other, net		110	62	254	267
Total non-interest income, net		3,163	2,729	9,468	8,438
NON-INTEREST EXPENSE:
Salaries and employee benefits		5,941	5,794	17,353	16,655
Occupancy and depreciation		1,461	1,306	4,058	4,016
Data processing		637	621	1,986	1,874
Amortization of CDI		40	45	121	137
Advertising and marketing		181	151	689	609
FDIC insurance premium			85	81	246
State and local taxes		126	125	495	475
Telecommunications		84	85	246	266
Professional fees		267	449	855	1,120
Other		511	142	1,561	1,339
Total non-interest expense		9,248	8,803	27,445	26,737
INCOME BEFORE INCOME TAXES		5,407	5,659	16,704	16,832
PROVISION FOR INCOME TAXES		1,279	1,271	3,850	3,773
NET INCOME		$ 4,128	$ 4,388	$ 12,854	$ 13,059
Earnings per common share:
Basic (in dollars per share)		$ 0.18	$ 0.19	$ 0.57	$ 0.58
Diluted (in dollars per share)		$ 0.18	$ 0.19	$ 0.57	$ 0.58
Weighted average number of common shares outstanding:
Basic (in shares)		22,665,712	22,598,712	22,642,883	22,582,956
Diluted (in shares)		22,718,255	22,663,919	22,701,415	22,658,153
Fees and service charges
NON-INTEREST INCOME:
Non-interest income		$ 1,661	$ 1,458	$ 5,050	$ 4,544
Asset management fees
NON-INTEREST INCOME:
Non-interest income		$ 1,136	$ 935	$ 3,369	$ 2,804
[1]	Not within the scope of ASC 606

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 4,128	$ 4,388	$ 12,854	$ 13,059
Other comprehensive income (loss):
Net unrealized holding gain (loss) from available for sale investment securities arising during the period, net of tax of $112, ($673), ($786) and ($134), respectively	(359)	2,188	2,488	434
Reclassification adjustment of net gain from sale of available for sale investment securities included in income, net of tax of $7, $0, $7, and $0, respectively	(23)		(23)
Total other comprehensive income (loss), net	(382)	2,188	2,465	434
Total comprehensive income, net	$ 3,746	$ 6,576	$ 15,319	$ 13,493

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Tax effect of unrealized holding gain (loss) from available for sale securities	$ 112	$ (673)	$ (786)	$ (134)
Tax effect of reclassification adjustment of net gain from sale of available for sale investment securities included in income	$ 7	$ 0	$ 7	$ 0

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
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			13,059		13,059
Cash dividends on common stock			(2,485)		(2,485)
Exercise of stock options		151			$ 151
Exercise of stock options (in shares)	28,533				28,533
Stock-based compensation expense		34			$ 34
Other comprehensive income, net				434	434
Balance at Dec. 31, 2018	$ 226	65,056	67,126	(4,314)	128,094
Balance (in shares) at Dec. 31, 2018	22,598,712
Balance at Sep. 30, 2018	$ 226	65,044	63,642	(6,502)	122,410
Balance (in shares) at Sep. 30, 2018	22,598,712
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			4,388		4,388
Cash dividends on common stock			(904)		(904)
Stock-based compensation expense		12			12
Other comprehensive income, net				2,188	2,188
Balance at Dec. 31, 2018	$ 226	65,056	67,126	(4,314)	128,094
Balance (in shares) at Dec. 31, 2018	22,598,712
Balance at Mar. 31, 2019	$ 226	65,094	70,428	(2,626)	133,122
Balance (in shares) at Mar. 31, 2019	22,607,712
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			12,854		12,854
Cash dividends on common stock			(3,179)		(3,179)
Exercise of stock options	$ 1	226			$ 227
Exercise of stock options (in shares)	58,000				58,000
Restricted stock grants (in shares)	82,673
Stock-based compensation expense		317			$ 317
Other comprehensive income, net				2,465	2,465
Balance at Dec. 31, 2019	$ 227	65,637	80,103	(161)	145,806
Balance (in shares) at Dec. 31, 2019	22,748,385
Balance at Sep. 30, 2019	$ 227	65,559	77,112	221	143,119
Balance (in shares) at Sep. 30, 2019	22,748,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			4,128		4,128
Cash dividends on common stock			(1,137)		(1,137)
Exercise of stock options		10			10
Stock-based compensation expense		68			68
Other comprehensive income, net				(382)	(382)
Balance at Dec. 31, 2019	$ 227	$ 65,637	$ 80,103	$ (161)	$ 145,806
Balance (in shares) at Dec. 31, 2019	22,748,385

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Dividend per share (in dollars per share)	$ 0.050	$ 0.040	$ 0.140	$ 0.110

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 12,854	$ 13,059
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,244	2,045
Purchased loans amortization (accretion), net		21	(47)
Provision for loan losses			50
Stock-based compensation expense		317	34
Increase in deferred loan origination fees, net of amortization		49	599
Origination of loans held for sale		(7,178)	(8,944)
Proceeds from sales of loans held for sale		8,219	9,303
Net gains on sales of loans held for sale, sales of investment securities available for sale and sales of premises and equipment		(313)	(644)
Income from BOLI	[1]	(585)	(545)
Changes in certain other assets and liabilities:
Prepaid expenses and other assets		1,775	(261)
Accrued interest receivable		190	(312)
Accrued expenses and other liabilities		81	6,326
Net cash provided by operating activities		17,674	20,663
CASH FLOWS FROM INVESTING ACTIVITIES:
Loan repayments (originations), net		4,745	(36,726)
Purchases of loans receivable		(15,198)	(20,318)
Principal repayments on investment securities available for sale		21,676	20,591
Purchases of investment securities available for sale		(18,125)
Proceeds from calls, maturities and sales of investment securities available for sale		21,122	10,000
Principal repayments on investment securities held to maturity		6	6
Purchases of premises and equipment and capitalized software		(1,348)	(304)
Redemption of certificates of deposit held for investment		498	5,220
Redemption (purchase) of FHLB stock, net		2,264	(1,382)
Proceeds from sales of real estate owned ("REO") and premises and equipment		81	975
Net cash provided by (used in) investing activities		15,721	(21,938)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits		65,409	(52,067)
Dividends paid		(2,945)	(2,259)
Proceeds from borrowings		214,897	166,255
Repayment of borrowings		(271,483)	(131,712)
Net decrease in advance payments by borrowers for taxes and insurance		(302)	(445)
Principal payments on finance lease liability		(25)	(21)
Proceeds from exercise of stock options		227	151
Net cash provided by (used in) financing activities		5,778	(20,098)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		39,173	(21,373)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		22,950	44,767
CASH AND CASH EQUIVALENTS, END OF PERIOD		62,123	23,394
Cash paid during the period for:
Interest		3,406	1,811
Income taxes		2,945	5,063
NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared and accrued in other liabilities		1,138	904
Other comprehensive income		3,244	568
Income tax effect related to other comprehensive income		(779)	$ (134)
Right-of-use lease assets obtained in exchange for operating lease liabilities		$ 5,603
[1]	Not within the scope of ASC 606

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2019
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”). However, all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2019 (“2019 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2019 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2020. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total equity.

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION	9 Months Ended
	Dec. 31, 2019
PRINCIPLES OF CONSOLIDATION
PRINCIPLES OF CONSOLIDATION	2. PRINCIPLES OF CONSOLIDATION The accompanying unaudited consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community Bank (the “Bank”); the Bank’s wholly-owned subsidiary, Riverview Services, Inc.; and the Bank’s majority-owned subsidiary, Riverview Trust Company (the “Trust Company”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. During the quarter ended December 31, 2019, the Trust Company issued 1,500 shares of Trust Company stock in conjunction with the exercise of 1,500 Trust Company stock options by the Trust Company's President and Chief Executive Officer, creating a noncontrolling interest. As a result of this transaction, the Bank's ownership in the Trust Company decreased from 100% to 98% at December 31, 2019. Noncontrolling interest was $104,000 as of December 31, 2019, and net income attributable to the noncontrolling interest was $2,000 for both the three and nine months ended December 31, 2019. These amounts are disclosed herein and not presented separately in the accompanying unaudited consolidated financial statements due to their insignificance.

STOCK PLANS AND STOCK-BASED COM

STOCK PLANS AND STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2019
STOCK PLANS AND STOCK-BASED COMPENSATION
STOCK PLANS AND STOCK-BASED COMPENSATION	3. STOCK PLANS AND STOCK-BASED COMPENSATION In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective in July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan; however, any awards granted prior to their respective expiration dates remain outstanding subject to their terms. Each option granted under the 2003 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. 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. The 2003 Plan and the 2017 Plan are collectively referred to as “the Stock Option Plans”. As of December 31, 2019 and 2018, the Trust Company had 1,000 and 2,500, respectively, of Trust Company stock options outstanding which had been granted to the President and Chief Executive Officer of the Trust Company. During the three months ended December 31, 2019, 1,500 Trust Company stock options were exercised. During both the three and nine months ended December 31, 2019 and 2018, the Trust Company incurred $11,000 and $33,000, respectively, of stock-based compensation expense related to these options. 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 under the 2017 Stock Option Plan during the three and nine months ended December 31, 2019 and 2018. As of December 31, 2019, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense under the Stock Option Plans. Unrecognized compensation expense related to the Trust Company stock options totaled $55,000 as of December 31, 2019. There was no stock-based compensation expense related to stock options for the three and nine months ended December 31, 2019 and 2018 under the Stock Option Plans. The following table presents the activity related to stock options under the Stock Option Plans for the periods shown: Nine Months Ended Nine Months Ended December 31, 2019 December 31, 2018 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 101,332 $ 3.26 141,365 $ 3.77 Options exercised (58,000) 3.69 (28,533) 5.30 Expired — — (2,500) 8.12 Balance, end of period 43,332 2.69 110,332 $ 3.27 The following table presents information on stock options outstanding under the Stock Option Plans as of December 31, 2019 and 2018: 2019 2018 Stock options fully vested and expected to vest: Number 43,332 110,332 Weighted average exercise price $ 2.69 $ 3.27 Aggregate intrinsic value (1) $ 239,000 $ 442,000 Weighted average contractual term of options (years) 3.05 2.44 Stock options fully vested and currently exercisable: Number 43,332 110,332 Weighted average exercise price $ 2.69 $ 3.27 Aggregate intrinsic value (1) $ 239,000 $ 442,000 Weighted average contractual term of options (years) 3.05 2.44 (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 under the Stock Option Plans was $238,000 and $118,000 for the nine months ended December 31, 2019 and 2018, respectively. During the nine months ended December 31, 2019, the Company granted 82,673 shares of restricted stock pursuant to the 2017 Plan. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the date of grant. Stock-based compensation expense is recorded over the requisite service period. Stock-based compensation related to restricted stock grants was $57,000 and $284,000 for the three and nine months ended December 31, 2019. There was no stock-based compensation related to restricted stock for the three and nine months ended December 31, 2018. The unrecognized stock-based compensation related to restricted stock was $406,000 at December 31, 2019. The weighted average vesting period for the restricted stock was 1.98 years at December 31, 2019. The following table presents the activity related to restricted stock as of December 31, 2019: Time Based Performance Based Total Weighted Weighted Weighted Number of Average Number of Average Number of Average Unvested Market Unvested Market Unvested Market Shares Price Shares Price Shares Price Balance, beginning of period — $ — — $ — — $ — Granted 49,298 8.35 33,375 8.35 82,673 8.35 Forfeited — — — — — — Vested — — — — — — Balance, end of period 49,298 $ 8.35 33,375 $ 8.35 82,673 $ 8.35

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE
EARNINGS PER SHARE	4. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options and assumed vesting of restricted stock. For the three and nine months ended December 31, 2019 and 2018, there were no stock options excluded in computing diluted EPS. The following table presents a reconciliation of the components used to compute basic and diluted EPS for the periods indicated: Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Basic EPS computation: Numerator-net income $ 4,128,000 $ 4,388,000 $ 12,854,000 $ 13,059,000 Denominator-weighted average common shares outstanding 22,665,712 22,598,712 22,642,883 22,582,956 Basic EPS $ 0.18 $ 0.19 $ 0.57 $ 0.58 Diluted EPS computation: Numerator-net income $ 4,128,000 $ 4,388,000 $ 12,854,000 $ 13,059,000 Denominator-weighted average common shares outstanding 22,665,712 22,598,712 22,642,883 22,582,956 Effect of dilutive stock options and restricted stock 52,543 65,207 58,532 75,197 Weighted average common shares and common stock equivalents 22,718,255 22,663,919 22,701,415 22,658,153 Diluted EPS $ 0.18 $ 0.19 $ 0.57 $ 0.58

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Dec. 31, 2019
INVESTMENT SECURITIES
INVESTMENT SECURITIES	5. INVESTMENT SECURITIES The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands): Gross Gross Amortized Unrealized Unrealized Estimated Fair Cost Gains Losses Value December 31, 2019 Available for sale: Municipal securities $ 4,746 $ 160 $ — $ 4,906 Agency securities 9,431 76 (41) 9,466 Real estate mortgage investment conduits (1) 44,577 166 (158) 44,585 Residential mortgage-backed securities (1) 61,823 194 (256) 61,761 Other mortgage-backed securities (2) 35,391 54 (406) 35,039 Total available for sale $ 155,968 $ 650 $ (861) $ 155,757 Held to maturity: Residential mortgage-backed securities (3) $ 29 $ 1 $ — $ 30 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) Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities. (2) Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by FNMA. (3) Comprised of FHLMC and FNMA issued securities. The contractual maturities of investment securities as of December 31, 2019 are as follows (in thousands): Available for Sale Held to Maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 1,001 $ 1,008 $ — $ — Due after one year through five years 5,953 5,934 26 27 Due after five years through ten years 35,598 35,789 3 3 Due after ten years 113,416 113,026 — — Total $ 155,968 $ 155,757 $ 29 $ 30 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 Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses December 31, 2019 Available for sale: Municipal securities $ — $ — $ — $ — $ — $ — Agency securities 1,998 (11) 2,969 (30) 4,967 (41) Real estate mortgage investment conduits (1) 22,033 (140) 2,850 (18) 24,883 (158) Residential mortgage-backed securities (1) 8,707 (18) 25,116 (238) 33,823 (256) Other mortgage-backed securities (2) 15,987 (246) 8,509 (160) 24,496 (406) Total available for sale $ 48,725 $ (415) $ 39,444 $ (446) $ 88,169 $ (861) 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) (1) Comprised of FHLMC, FNMA and GNMA issued securities. (2) Comprised of SBA issued securities and CRE secured securities issued by FNMA. 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. Proceeds from the sale of investment securities totaled $17.8 million for both the three and nine months ended December 31, 2019. Net realized gains on sales of investment securities totaled $30,000 for both the three and nine months ended December 31, 2019. The Company had no sales and realized no gains or losses on investment securities for both the three and nine months ended December 31, 2018. Investment securities available for sale with an amortized cost of $6.9 million and $5.8 million and an estimated fair value of $6.9 million and $5.7 million at December 31, 2019 and March 31, 2019, respectively, were pledged as collateral for government public funds held by the Bank. There were no held to maturity securities pledged as collateral for government public funds held by the Bank at December 31, 2019 and March 31, 2019.

LOANS RECEIVABLE

LOANS RECEIVABLE	9 Months Ended
	Dec. 31, 2019
LOANS RECEIVABLE
LOANS RECEIVABLE	6. LOANS RECEIVABLE Loans receivable as of both December 31, 2019 and March 31, 2019 are reported net of deferred loan fees totaling $4.0 million. Loans receivable are also reported net of discounts and premiums totaling $1.1 million and $1.5 million, respectively, as of December 31, 2019, compared to $1.5 million and $1.8 million, respectively, as of March 31, 2019. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): December 31, March 31, 2019 2019 Commercial and construction Commercial business $ 165,526 $ 162,796 Commercial real estate 470,163 461,432 Land 15,163 17,027 Multi-family 57,792 51,570 Real estate construction 88,872 90,882 Total commercial and construction 797,516 783,707 Consumer Real estate one-to-four family 83,978 84,053 Other installment (1) 5,039 8,356 Total consumer 89,017 92,409 Total loans 886,533 876,116 Less: Allowance for loan losses 11,433 11,457 Loans receivable, net $ 875,100 $ 864,659 (1) Includes purchased automobile loans totaling $2.5 million and $5.8 million at December 31, 2019 and March 31, 2019, respectively. The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At December 31, 2019, loans carried at $471.6 million were pledged as collateral to the Federal Home Loan Bank of Des Moines (“FHLB”) and Federal Reserve Bank of San Francisco (“FRB”) pursuant to borrowing agreements. Most of the Bank’s business activity is with customers located in the states of Washington and Oregon. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive income (loss). As of December 31, 2019 and March 31, 2019, the Bank had no loans to any one borrower in excess of the regulatory limit.

ALLOWANCE FOR LOAN LOSSES

ALLOWANCE FOR LOAN LOSSES	9 Months Ended
	Dec. 31, 2019
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES	7. ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is maintained at a level sufficient to provide for estimated loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon management’s ongoing quarterly assessment of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, delinquency levels, actual loan loss experience, current economic conditions and detailed analysis of individual loans for which full collectability may not be assured. The detailed analysis includes techniques to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are considered impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value (less estimated selling costs, if applicable) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans based on the 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 portfolio or economic conditions. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The appropriate allowance level is estimated based upon factors and trends identified by the Company as of the date of the filing of the consolidated financial statements. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for loan losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; and/or the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement. Management’s evaluation of the allowance for loan losses is based on ongoing, quarterly assessments of the known and inherent risks in the loan portfolio. Loss factors are based on the Company’s historical loss experience with additional consideration and adjustments made for changes in economic conditions, changes in the amount and composition of the loan portfolio, delinquency rates, changes in collateral values, seasoning of the loan portfolio, duration of the current business cycle, a detailed analysis of impaired loans and other factors as deemed appropriate. These factors are evaluated on a quarterly basis. Loss rates used by the Company are affected as changes in these factors increase or decrease from quarter to quarter. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to make additions to the allowance based on their judgment about information available to them at the time of their examinations. The following tables present a reconciliation of the allowance for loan losses for the periods indicated (in thousands): Three months ended Commercial Commercial Multi- Real Estate December 31, 2019 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 2,051 $ 5,038 $ 219 $ 779 $ 1,381 $ 1,347 $ 621 $ 11,436 Provision for (recapture of) loan losses — (20) 16 (14) 86 (76) 8 — Charge-offs — — — — — (13) — (13) Recoveries — — — — — 10 — 10 Ending balance $ 2,051 $ 5,018 $ 235 $ 765 $ 1,467 $ 1,268 $ 629 $ 11,433 Nine months ended December 31, 2019 Beginning balance $ 1,808 $ 5,053 $ 254 $ 728 $ 1,457 $ 1,447 $ 710 $ 11,457 Provision for (recapture of) loan losses 246 (35) (19) 37 10 (158) (81) — Charge-offs (3) — — — — (67) — (70) Recoveries — — — — — 46 — 46 Ending balance $ 2,051 $ 5,018 $ 235 $ 765 $ 1,467 $ 1,268 $ 629 $ 11,433 Three months ended Commercial Commercial Multi- Real Estate December 31, 2018 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 1,858 $ 5,361 $ 237 $ 696 $ 1,007 $ 1,641 $ 713 $ 11,513 Provision for (recapture of) loan losses 84 (80) 31 19 186 (177) (63) — Charge-offs — — — — — (52) — (52) Recoveries — — — — — 41 — 41 Ending balance $ 1,942 $ 5,281 $ 268 $ 715 $ 1,193 $ 1,453 $ 650 $ 11,502 Nine months ended December 31, 2018 Beginning balance $ 1,668 $ 4,914 $ 220 $ 822 $ 618 $ 1,809 $ 715 $ 10,766 Provision for (recapture of) loan losses 274 (456) 48 (107) 575 (219) (65) 50 Charge-offs — — — — — (236) — (236) Recoveries — 823 — — — 99 — 922 Ending balance $ 1,942 $ 5,281 $ 268 $ 715 $ 1,193 $ 1,453 $ 650 $ 11,502 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 Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for December 31, 2019 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 2,051 $ 2,051 $ 144 $ 165,382 $ 165,526 Commercial real estate — 5,018 5,018 2,392 467,771 470,163 Land — 235 235 716 14,447 15,163 Multi-family — 765 765 1,563 56,229 57,792 Real estate construction — 1,467 1,467 — 88,872 88,872 Consumer 8 1,260 1,268 439 88,578 89,017 Unallocated — 629 629 — — — Total $ 8 $ 11,425 $ 11,433 $ 5,254 $ 881,279 $ 886,533 March 31, 2019 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 Non-accrual loans: Loans are reviewed regularly and it is the Company’s general policy that a loan is past due when it is 30 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 nine months. Interest income foregone on non-accrual loans was $57,000 and $75,000 for the nine months ended December 31, 2019 and 2018, respectively. The following tables present an analysis of loans by aging category at the dates indicated (in thousands): 90 Days and Total Past 30‑89 Days Greater Due and Total Loans December 31, 2019 Past Due Past Due Non-accrual Non- accrual Current Receivable Commercial business $ — $ — $ 299 $ 299 $ 165,227 $ 165,526 Commercial real estate — — 1,019 1,019 469,144 470,163 Land — — — — 15,163 15,163 Multi-family — — — — 57,792 57,792 Real estate construction — — — — 88,872 88,872 Consumer 505 8 191 704 88,313 89,017 Total $ 505 $ 8 $ 1,509 $ 2,022 $ 884,511 $ 886,533 March 31, 2019 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 Credit quality indicators: The Company monitors credit risk in its loan portfolio using a risk rating system (on a scale of one to nine) for all commercial (non-consumer) loans. The risk rating system is a measure of the credit risk of the borrower based on their historical, current and anticipated future financial characteristics. The Company assigns a risk rating to each commercial loan at origination and subsequently updates these ratings, as necessary, so that the risk rating continues to reflect the appropriate risk characteristics of the loan. Application of appropriate risk ratings is key to management of loan portfolio risk. In determining the appropriate risk rating, the Company considers the following factors: delinquency, payment history, quality of management, liquidity, leverage, earnings trends, alternative funding sources, geographic risk, industry risk, cash flow adequacy, account practices, asset protection and extraordinary risks. Consumer loans, including custom construction loans, are not assigned a risk rating but rather are grouped into homogeneous pools with similar risk characteristics. When a consumer loan is delinquent 90 days, it is placed on non-accrual status and assigned a substandard risk rating. Loss factors are assigned to each risk rating and homogeneous pool based on historical loss experience for similar loans. This historical loss experience is adjusted for qualitative factors that are likely to cause the estimated credit losses to differ from the Company’s historical loss experience. The Company uses these loss factors to estimate the general component of its allowance for loan losses. Pass – These loans have a risk rating between 1 and 4 and are to borrowers that meet normal credit standards. Any deficiencies in satisfactory asset quality, liquidity, debt servicing capacity and coverage are offset by strengths in other areas. The borrower currently has the capacity to perform according to the loan terms. Any concerns about risk factors such as stability of margins, stability of cash flows, liquidity, dependence on a single product/supplier/customer, depth of management, etc. are offset by strengths in other areas. Typically, these loans are secured by the operating assets of the borrower and/or real estate. The borrower’s management is considered competent. The borrower has the ability to repay the debt in the normal course of business. Watch – These loans have a risk rating of 5 and are included in the “pass” rating. However, there would typically be some reason for additional management oversight, such as the borrower’s recent financial setbacks and/or deteriorating financial position, industry concerns and failure to perform on other borrowing obligations. Loans with this rating are monitored closely in an effort to correct deficiencies. Special mention – These loans have a risk rating of 6 and are rated in accordance with regulatory guidelines. These loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the credit position at some future date. These loans pose elevated risk but their weakness does not yet justify a “substandard” classification. Substandard – These loans have a risk rating of 7 and are rated in accordance with regulatory guidelines, for which the accrual of interest may or may not be discontinued. By definition under regulatory guidelines, a “substandard” loan has defined weaknesses which make payment default or principal exposure likely but not yet certain. Repayment of such loans is likely to be dependent upon collateral liquidation, a secondary source of repayment, or an event outside of the normal course of business. Doubtful – These loans have a risk rating of 8 and are rated in accordance with regulatory guidelines. Such loans are placed on non-accrual status and repayment may be dependent upon collateral which has value that is difficult to determine or upon some near-term event which lacks certainty. Loss – These loans have a risk rating of 9 and are rated in accordance with regulatory guidelines. Such loans are charged-off or charged-down when payment is acknowledged to be uncertain or when the timing or value of payments cannot be determined. “Loss” is not intended to imply that the loan or some portion of it will never be paid, nor does it in any way imply that there has been a forgiveness of debt. The following tables present an analysis of loans by credit quality indicators at the dates indicated (in thousands): Special Total Loans December 31, 2019 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 162,291 $ 1,375 $ 1,860 $ — $ — $ 165,526 Commercial real estate 469,080 64 1,019 — — 470,163 Land 15,163 — — — — 15,163 Multi-family 57,725 32 35 — — 57,792 Real estate construction 88,872 — — — — 88,872 Consumer 88,826 — 191 — — 89,017 Total $ 881,957 $ 1,471 $ 3,105 $ — $ — $ 886,533 March 31, 2019 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 Impaired loans and troubled debt restructurings (“TDRs”): A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due (principal and interest) according to the contractual terms of the loan agreement. Typically, factors used in determining if a loan is impaired include, but are not limited to, whether the loan is 90 days or more delinquent, internally designated as substandard or worse, on non-accrual status or represents a TDR. 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 nine 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. The following tables present the total and average recorded investment in impaired loans at the dates and for the periods indicated (in thousands): Recorded Investment Recorded with Investment Related No Specific with Specific Total Unpaid Specific Valuation Valuation Recorded Principal Valuation Allowance Allowance Investment Balance Allowance December 31, 2019 Commercial business $ 144 $ — $ 144 $ 173 $ — Commercial real estate 2,392 — 2,392 3,410 — Land 716 — 716 748 — Multi-family 1,563 — 1,563 1,676 — Consumer 298 141 439 552 8 Total $ 5,113 $ 141 $ 5,254 $ 6,559 $ 8 March 31, 2019 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 Three months ended Three months ended December 31, 2019 December 31, 2018 Average Interest Average Interest Recorded Recognized on Recorded Recognized on Investment Impaired Loans Investment Impaired Loans Commercial business $ 147 $ — $ 166 $ — Commercial real estate 2,401 16 2,539 16 Land 718 10 735 2 Multi-family 1,567 22 1,613 22 Consumer 443 7 709 9 Total $ 5,276 $ 55 $ 5,762 $ 49 Nine months ended Nine months ended December 31, 2019 December 31, 2018 Average Interest Average Interest Recorded Recognized on Recorded Recognized on Investment Impaired Loans Investment Impaired Loans Commercial business $ 152 $ — $ 377 $ — Commercial real estate 2,431 47 2,639 48 Land 722 30 746 2 Multi-family 1,579 68 1,626 66 Consumer 509 21 1,065 35 Total $ 5,393 $ 166 $ 6,453 $ 151 The cash basis interest income on impaired loans was not materially different than the interest recognized on impaired loans as shown in the above tables. TDRs are loans for which the Company, for economic or legal reasons related to the borrower’s financial condition, has granted a concession to the borrower that it would otherwise not consider. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or face amount of the loan, a reduction of accrued interest, and/or an extension of the maturity date(s) at a stated interest rate lower than the current market rate for a new loan with similar risk. TDRs are considered impaired loans and as such, impairment is measured as described for impaired loans above. The following table presents TDRs by interest accrual status at the dates indicated (in thousands): December 31, 2019 March 31, 2019 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ — $ 144 $ 144 $ — $ 160 $ 160 Commercial real estate 1,373 1,019 2,392 1,401 1,081 2,482 Land 716 — 716 728 — 728 Multi-family 1,563 — 1,563 1,598 — 1,598 Consumer 414 25 439 697 — 697 Total $ 4,066 $ 1,188 $ 5,254 $ 4,424 $ 1,241 $ 5,665 At December 31, 2019, the Company had no commitments to lend additional funds on TDR loans. At December 31, 2019, all of the Company’s TDRs were paying as agreed except for one commercial real estate loan of $851,000 which is classified as nonaccrual. There were no new TDRs for the three months ended December 31, 2019. There was one new TDR for the nine months ended December 31, 2019. The new TDR is a consumer real estate loan secured by a 1-4 family property located in Southwest Washington, whereby the Company granted a rate reduction to market interest rates and extended the maturity date by 10 years. The recorded investment in the loan prior to modification and at December 31, 2019 was $27,000 and $25,000, respectively. There were no new TDRs for the three and nine months ended December 31, 2018. In accordance with the Company’s policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent six months or more that have not received at least 75% of their required monthly payment in the last 90 days are charged-off. In addition, loans discharged in bankruptcy proceedings are charged-off. Loans under bankruptcy protection with no payments received for four consecutive months are charged-off. The outstanding balance of a secured loan that is in excess of the net realizable value is generally charged-off if no payments are received for four to five consecutive months. However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale of the underlying collateral would result in full repayment of the outstanding loan balance. Once any other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off. Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed loan loss it is promptly charged off.

GOODWILL

GOODWILL	9 Months Ended
	Dec. 31, 2019
GOODWILL
GOODWILL	8. 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, 2019 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.

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES	9 Months Ended
	Dec. 31, 2019
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES	9. FEDERAL HOME LOAN BANK ADVANCES FHLB advances are summarized as follows (dollars in thousands): December 31, March 31, 2019 2019 FHLB advances (1) $ — $ 56,586 Weighted average interest rate on FHLB advances (2) 2.54 % 2.58 % (1) Consisted of overnight borrowings. (2) Computed based on the borrowing activity for the nine months ended December 31, 2019 and the fiscal year ended March 31, 2019, respectively.

JUNIOR SUBORDINATED DEBENTURES

JUNIOR SUBORDINATED DEBENTURES	9 Months Ended
	Dec. 31, 2019
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES	10. JUNIOR SUBORDINATED DEBENTURES The Company has three 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 at both December 31, 2019 and March 31, 2019, 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 December 31, 2019 and March 31, 2019, is included in prepaid expenses and other assets in the accompanying 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 December 31, 2019 (dollars in thousands): Issuance Amount Initial Current Maturity Issuance Trust Date Outstanding Rate Type Rate Rate Date Riverview Bancorp Statutory Trust I 12/2005 $ 7,217 Variable (1) 5.88 % 3.25 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 3.24 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 5.05 % 6/2033 27,836 Fair value adjustment (4) (1,196) Total Debentures $ 26,640 (1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%. (2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35%. (3) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%. (4) Amount, net of accretion, attributable to the purchase and assumption transaction of Merchants Bancorp’s trust preferred security on February 17, 2017.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. 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): Total Estimated Estimated Fair Value Measurements Using December 31, 2019 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 4,906 $ — $ 4,906 $ — Agency securities 9,466 — 9,466 — Real estate mortgage investment conduits 44,585 — 44,585 — Residential mortgage-backed securities 61,761 — 61,761 — Other mortgage-backed securities 35,039 — 35,039 — Total assets measured at fair value on a recurring basis $ 155,757 $ — $ 155,757 $ — Total Estimated Estimated Fair Value Measurements Using March 31, 2019 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 $ — There were no transfers of assets into or out of Levels 1, 2 or 3 for the nine months ended December 31, 2019 and the year ended March 31, 2019. The following methods were used to estimate the fair value of financial instruments above: 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): Total Estimated Estimated Fair Value Measurements Using December 31, 2019 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 132 $ — $ — $ 132 March 31, 2019 Impaired loans $ 394 $ — $ — $ 394 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at December 31, 2019 and March 31, 2019: Valuation Technique Significant Unobservable Inputs Range Impaired loans Appraised value Adjustment for market conditions N/A (1) Discounted cash flows Discount rate 6.25% to 8.00 % (1) There were no adjustments to appraised values of impaired loans as of December 31, 2019 and March 31, 2019. For information regarding the Company’s method for estimating the fair value of impaired loans, see Note 7 – Allowance for Loan Losses. In determining the estimated net realizable value of the underlying collateral, the Company primarily uses third-party appraisals which may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available and include consideration of variations in location, size, and income production capacity of the property. Additionally, the appraisals are periodically further adjusted by the Company in consideration of charges that may be incurred in the event of foreclosure and are based on management’s historical knowledge, changes in business factors and changes in market conditions. Impaired loans are reviewed and evaluated quarterly for additional impairment and adjusted accordingly based on the same factors identified above. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions, the Company considers the fair value of impaired loans to be highly sensitive to changes in market conditions. The following disclosure of the estimated fair value of financial instruments is made in accordance with GAAP. The Company, using available market information and appropriate valuation methodologies, has determined the estimated fair value amounts. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in the future. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands): Carrying Estimated December 31, 2019 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 62,123 $ 62,123 $ — $ — $ 62,123 Certificates of deposit held for investment 249 — 256 — 256 Investment securities available for sale 155,757 — 155,757 — 155,757 Investment securities held to maturity 29 — 30 — 30 Loans receivable, net 875,100 — — 871,950 871,950 FHLB stock 1,380 — 1,380 — 1,380 Liabilities: Certificates of deposit 131,373 — 131,790 — 131,790 Junior subordinated debentures 26,640 — — 13,119 13,119 Finance lease liability 2,378 — 2,378 — 2,378 Carrying Estimated March 31, 2019 Amount Level 1 Level 2 Level 3 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 Finance lease liability 2,403 — 2,403 — 2,403 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.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Dec. 31, 2019
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	12. NEW ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 created FASB Accounting Standards Codification (“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. 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 adopted 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 elected 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 also elected to not recognize lease assets and lease liabilities for leases with an initial term of 12 months or less. See Note 15 for additional discussion. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) as amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU 2019-11. 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 purchased credit impaired debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. As a Securities Exchange Commission smaller reporting company filer, ASU 2016-13 is effective for the Company for fiscal years beginning after December 15, 2022, 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 of 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 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. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of ASU 2019-12 is not expected to have a material impact on the Company's future consolidated financial statements.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Dec. 31, 2019
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	13. In accordance with ASC Topic 606, “Revenues from Contracts with Customers” (“ASC 606”), revenues are recognized when goods or services are transferred to the customer in exchange for the consideration the Company expects to be entitled to receive. The largest portion of the Company’s revenue is from interest income, which is not within the scope of ASC 606. All of the Company's revenue from contracts with customers within the scope of ASC 606 is recognized in non-interest income with the exception of gains on sales of REO, which are included in non-interest expense. 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”) transaction fees, wire transfer fees, overdraft fees and interchange fees. Revenue is primarily based on the number and type of transactions that are generally derived from transactional information accumulated by the Company’s systems and is recognized immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Company is generally the principal in these contracts, with the exception of interchanges fees, in which case the Company is acting as the agent and records revenue net of expenses paid to the principal. Examples of revenue earned over time, which generally occur on a monthly basis, are deposit account maintenance fees, investment advisory fees, merchant revenue, trust and investment management fees and safe deposit box fees. Revenue is generally derived from transactional information accumulated by the Company’s systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the customer. Disaggregation of Revenue The following table includes the Company’s non-interest income disaggregated by type of service for the three and nine months ended December 31, 2019 and 2018 (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Asset management fees $ 1,136 $ 935 $ 3,369 $ 2,804 Debit card and ATM fees 758 799 2,403 2,382 Deposit related fees 559 436 1,691 1,313 Loan related fees 202 85 474 384 BOLI (1) 188 192 585 545 Net gains on sales of loans held for sale (1) 68 82 210 278 FHLMC loan servicing fees (1) 31 41 113 102 Other, net 221 159 623 630 Total non-interest income $ 3,163 $ 2,729 $ 9,468 $ 8,438 (1) Not within the scope of ASC 606 For the nine months ended December 31, 2019 and 2018, 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 scope of ASC 606 Asset management fees : Asset management fees are variable, since they are based on the underlying portfolio value, which is subject to market conditions and amounts invested by clients through the Trust Company. Asset management fees are recognized over the period that services are provided and when the portfolio values are known or can be estimated at the end of each quarter. Debit card and ATM fees : Debit card and ATM interchange income represents fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through the MasterCard® payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ debit card. Certain expenses directly associated with the debit cards are recorded on a net basis with the interchange income. Deposit related fees : Fees are earned on the Bank’s deposit accounts for various products offered to or services performed for the Bank’s customers. Fees include account fees, non-sufficient fund fees, stop payment fees, wire services, safe deposit box and others. These fees are recognized on a daily, monthly or quarterly basis, depending on the type of service. Loan related fees : Non-interest loan fee income is earned on loans that the Bank services, excluding loans serviced for the FHLMC which are not within the scope of ASC 606. Loan related fees include prepayment fees, late charges, brokered loan fees, maintenance fees and others. These fees are recognized on a daily, monthly, quarterly or annual basis, depending on the type of service. Other : Fees earned on other services, such as merchant services or occasional non-recurring type services, are recognized at the time of the event or the applicable billing cycle. Contract Balances As of December 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	9 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Off-balance sheet arrangements – In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk in order to meet the financing needs of its customers. These financial instruments generally include commitments to originate mortgage, commercial and consumer loans. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s maximum exposure to credit loss in the event of nonperformance by the borrower is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to originate loans are conditional and are honored for up to 45 days subject to the Company’s usual terms and conditions. Collateral is not required to support commitments. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. These guarantees are primarily used to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies and is required in instances where the Company deems it necessary. Significant off-balance sheet commitments at December 31, 2019 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 14,318 Fixed-rate 12,903 Standby letters of credit 2,070 Undisbursed loan funds and unused lines of credit 126,465 Total $ 155,756 At December 31, 2019, the Company had firm commitments to sell $322,000 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 - In connection with certain asset sales, the Company typically makes representations and warranties about the underlying assets conforming to specified guidelines. If the underlying assets do not conform to the specifications, the Company may have an obligation to repurchase the assets or indemnify the purchaser against loss. At December 31, 2019, loans under warranty totaled $103.0 million, which substantially represents the unpaid principal balance of the Company’s loans serviced for the FHLMC. The Company believes that the potential for loss under these arrangements is remote. At December 31, 2019, the Company had an allowance for FHLMC loans of $12,000. 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 nine months ended December 31, 2019 and 2018. The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events. Litigation – The Company is periodically a party to litigation arising in the ordinary course of business. In the opinion of management, these actions will not have a material effect, if any, on the Company’s future consolidated financial position, results of operations and cash flows.

LEASES

LEASES	9 Months Ended
	Dec. 31, 2019
LEASES
LEASES	15. LEASES The Company has a finance lease for the shell of the building constructed as the Company's operations center which expires in November 2039. The Company is obligated under various noncancelable operating lease agreements for land, buildings and equipment that require future minimum rental payments. The Company does not have any operating leases with an initial term of 12 months or less. Certain operating leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Certain operating leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. Lease extensions are not reasonably certain and the Company generally does not recognize payments occurring during option periods in the calculation of its operating lease right-of-use assets and operating lease liabilities. The Company adopted the requirements of ASC Topic 842 effective April 1, 2019, which required the Company to record in the consolidated balance sheet an operating lease right-of-use asset and an operating lease liability for leases with an initial term of more than 12 months for leases that existed as of April 1, 2019. The periods prior to the date of adoption are accounted for under superseded ASC Topic 840; therefore, the following disclosures include only the period for which ASC Topic 842 was effective. 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 December 31, 2019, the remaining deferred gain was $577,000 and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets. The table below presents the lease right-of-use assets and lease liabilities recorded in the consolidated balance sheet at December 31, 2019 (in thousands): Classification in the Leases consolidated balance sheets Finance lease right-of-use asset $ 1,528 Premises and equipment, net Finance lease liability $ 2,378 Finance lease liability Finance lease remaining lease term 19.93 years Finance lease discount rate 7.16 % Operating lease right-of-use assets $ 4,325 Prepaid expenses and other assets Operating lease liabilities $ 4,419 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term 4.16 years Operating lease weighted-average discount rate 2.77 % The table below presents certain information related to the lease costs for operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income, for the periods indicated (in thousands): Three Months Ended Nine Months Ended December 31, 2019 December 31, 2019 Lease Costs Finance lease amortization of right-of-use asset $ 19 58 Finance lease interest on lease liability 43 128 Operating lease costs 362 1,153 Variable lease costs 52 157 Total lease cost (1) $ 476 1,496 (1) income related to sub-lease activity is not significant and not presented herein. Supplemental cash flow information - Operating cash flows paid for operating lease amounts included in the measurement of lease liabilities was $409,000 and $1.3 million for the three and nine months ended December 31, 2019, respectively. During the three and nine months ended December 31, 2019, the Company did not record any lease right-of-use assets that were exchanged for operating lease liabilities. The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2019 (in thousands): Year Ending March 31: Operating Leases Finance Lease Remaining of 2020 $ 404 $ 52 2021 1,011 208 2022 747 212 2023 573 215 2024 583 219 Thereafter 1,507 3,622 Total minimum lease payments 4,825 4,528 Less: amount of lease payment representing interest (406) (2,150) Lease liabilities $ 4,419 $ 2,378

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Dec. 31, 2019
BASIS OF PRESENTATION
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”). However, all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2019 (“2019 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2019 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2020. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total equity.
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The accompanying unaudited consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community Bank (the “Bank”); the Bank’s wholly-owned subsidiary, Riverview Services, Inc.; and the Bank’s majority-owned subsidiary, Riverview Trust Company (the “Trust Company”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. During the quarter ended December 31, 2019, the Trust Company issued 1,500 shares of Trust Company stock in conjunction with the exercise of 1,500 Trust Company stock options by the Trust Company's President and Chief Executive Officer, creating a noncontrolling interest. As a result of this transaction, the Bank's ownership in the Trust Company decreased from 100% to 98% at December 31, 2019. Noncontrolling interest was $104,000 as of December 31, 2019, and net income attributable to the noncontrolling interest was $2,000 for both the three and nine months ended December 31, 2019. These amounts are disclosed herein and not presented separately in the accompanying unaudited consolidated financial statements due to their insignificance.
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 created FASB Accounting Standards Codification (“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. 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 adopted 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 elected 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 also elected to not recognize lease assets and lease liabilities for leases with an initial term of 12 months or less. See Note 15 for additional discussion. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) as amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU 2019-11. 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 purchased credit impaired debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. As a Securities Exchange Commission smaller reporting company filer, ASU 2016-13 is effective for the Company for fiscal years beginning after December 15, 2022, 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 of 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 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. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of ASU 2019-12 is not expected to have a material impact on the Company's future consolidated financial statements.

STOCK PLANS AND STOCK-BASED C_2

STOCK PLANS AND STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2019
STOCK PLANS AND STOCK-BASED COMPENSATION
Schedule of activity related to stock options under the Stock Option Plans	Nine Months Ended Nine Months Ended December 31, 2019 December 31, 2018 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 101,332 $ 3.26 141,365 $ 3.77 Options exercised (58,000) 3.69 (28,533) 5.30 Expired — — (2,500) 8.12 Balance, end of period 43,332 2.69 110,332 $ 3.27
Schedule of information on stock options outstanding under the Stock Option Plans	2019 2018 Stock options fully vested and expected to vest: Number 43,332 110,332 Weighted average exercise price $ 2.69 $ 3.27 Aggregate intrinsic value (1) $ 239,000 $ 442,000 Weighted average contractual term of options (years) 3.05 2.44 Stock options fully vested and currently exercisable: Number 43,332 110,332 Weighted average exercise price $ 2.69 $ 3.27 Aggregate intrinsic value (1) $ 239,000 $ 442,000 Weighted average contractual term of options (years) 3.05 2.44 (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 unvested restricted stock activity	The following table presents the activity related to restricted stock as of December 31, 2019: Time Based Performance Based Total Weighted Weighted Weighted Number of Average Number of Average Number of Average Unvested Market Unvested Market Unvested Market Shares Price Shares Price Shares Price Balance, beginning of period — $ — — $ — — $ — Granted 49,298 8.35 33,375 8.35 82,673 8.35 Forfeited — — — — — — Vested — — — — — — Balance, end of period 49,298 $ 8.35 33,375 $ 8.35 82,673 $ 8.35

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Basic EPS computation: Numerator-net income $ 4,128,000 $ 4,388,000 $ 12,854,000 $ 13,059,000 Denominator-weighted average common shares outstanding 22,665,712 22,598,712 22,642,883 22,582,956 Basic EPS $ 0.18 $ 0.19 $ 0.57 $ 0.58 Diluted EPS computation: Numerator-net income $ 4,128,000 $ 4,388,000 $ 12,854,000 $ 13,059,000 Denominator-weighted average common shares outstanding 22,665,712 22,598,712 22,642,883 22,582,956 Effect of dilutive stock options and restricted stock 52,543 65,207 58,532 75,197 Weighted average common shares and common stock equivalents 22,718,255 22,663,919 22,701,415 22,658,153 Diluted EPS $ 0.18 $ 0.19 $ 0.57 $ 0.58

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Dec. 31, 2019
INVESTMENT SECURITIES
Schedule of amortized cost and approximate fair value of investment securities	The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands): Gross Gross Amortized Unrealized Unrealized Estimated Fair Cost Gains Losses Value December 31, 2019 Available for sale: Municipal securities $ 4,746 $ 160 $ — $ 4,906 Agency securities 9,431 76 (41) 9,466 Real estate mortgage investment conduits (1) 44,577 166 (158) 44,585 Residential mortgage-backed securities (1) 61,823 194 (256) 61,761 Other mortgage-backed securities (2) 35,391 54 (406) 35,039 Total available for sale $ 155,968 $ 650 $ (861) $ 155,757 Held to maturity: Residential mortgage-backed securities (3) $ 29 $ 1 $ — $ 30 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) Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities. (2) Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by FNMA. (3) Comprised of FHLMC and FNMA issued securities.
Schedule of contractual maturities of investment securities	The contractual maturities of investment securities as of December 31, 2019 are as follows (in thousands): Available for Sale Held to Maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 1,001 $ 1,008 $ — $ — Due after one year through five years 5,953 5,934 26 27 Due after five years through ten years 35,598 35,789 3 3 Due after ten years 113,416 113,026 — — Total $ 155,968 $ 155,757 $ 29 $ 30
Schedule of temporarily impaired securities, fair value and unrealized losses	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 Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses December 31, 2019 Available for sale: Municipal securities $ — $ — $ — $ — $ — $ — Agency securities 1,998 (11) 2,969 (30) 4,967 (41) Real estate mortgage investment conduits (1) 22,033 (140) 2,850 (18) 24,883 (158) Residential mortgage-backed securities (1) 8,707 (18) 25,116 (238) 33,823 (256) Other mortgage-backed securities (2) 15,987 (246) 8,509 (160) 24,496 (406) Total available for sale $ 48,725 $ (415) $ 39,444 $ (446) $ 88,169 $ (861) 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) (1) Comprised of FHLMC, FNMA and GNMA issued securities. (2) Comprised of SBA issued securities and CRE secured securities issued by FNMA.

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	9 Months Ended
	Dec. 31, 2019
LOANS RECEIVABLE
Schedule of loans and financing receivable	Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): December 31, March 31, 2019 2019 Commercial and construction Commercial business $ 165,526 $ 162,796 Commercial real estate 470,163 461,432 Land 15,163 17,027 Multi-family 57,792 51,570 Real estate construction 88,872 90,882 Total commercial and construction 797,516 783,707 Consumer Real estate one-to-four family 83,978 84,053 Other installment (1) 5,039 8,356 Total consumer 89,017 92,409 Total loans 886,533 876,116 Less: Allowance for loan losses 11,433 11,457 Loans receivable, net $ 875,100 $ 864,659 (1) Includes purchased automobile loans totaling $2.5 million and $5.8 million at December 31, 2019 and March 31, 2019, respectively.

ALLOWANCE FOR LOAN LOSSES (Tabl

ALLOWANCE FOR LOAN LOSSES (Tables)	9 Months Ended
	Dec. 31, 2019
ALLOWANCE FOR LOAN LOSSES
Schedule of reconciliation of the allowance for loan losses	The following tables present a reconciliation of the allowance for loan losses for the periods indicated (in thousands): Three months ended Commercial Commercial Multi- Real Estate December 31, 2019 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 2,051 $ 5,038 $ 219 $ 779 $ 1,381 $ 1,347 $ 621 $ 11,436 Provision for (recapture of) loan losses — (20) 16 (14) 86 (76) 8 — Charge-offs — — — — — (13) — (13) Recoveries — — — — — 10 — 10 Ending balance $ 2,051 $ 5,018 $ 235 $ 765 $ 1,467 $ 1,268 $ 629 $ 11,433 Nine months ended December 31, 2019 Beginning balance $ 1,808 $ 5,053 $ 254 $ 728 $ 1,457 $ 1,447 $ 710 $ 11,457 Provision for (recapture of) loan losses 246 (35) (19) 37 10 (158) (81) — Charge-offs (3) — — — — (67) — (70) Recoveries — — — — — 46 — 46 Ending balance $ 2,051 $ 5,018 $ 235 $ 765 $ 1,467 $ 1,268 $ 629 $ 11,433 Three months ended Commercial Commercial Multi- Real Estate December 31, 2018 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 1,858 $ 5,361 $ 237 $ 696 $ 1,007 $ 1,641 $ 713 $ 11,513 Provision for (recapture of) loan losses 84 (80) 31 19 186 (177) (63) — Charge-offs — — — — — (52) — (52) Recoveries — — — — — 41 — 41 Ending balance $ 1,942 $ 5,281 $ 268 $ 715 $ 1,193 $ 1,453 $ 650 $ 11,502 Nine months ended December 31, 2018 Beginning balance $ 1,668 $ 4,914 $ 220 $ 822 $ 618 $ 1,809 $ 715 $ 10,766 Provision for (recapture of) loan losses 274 (456) 48 (107) 575 (219) (65) 50 Charge-offs — — — — — (236) — (236) Recoveries — 823 — — — 99 — 922 Ending balance $ 1,942 $ 5,281 $ 268 $ 715 $ 1,193 $ 1,453 $ 650 $ 11,502
Schedule of impaired financing receivables	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 Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for December 31, 2019 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 2,051 $ 2,051 $ 144 $ 165,382 $ 165,526 Commercial real estate — 5,018 5,018 2,392 467,771 470,163 Land — 235 235 716 14,447 15,163 Multi-family — 765 765 1,563 56,229 57,792 Real estate construction — 1,467 1,467 — 88,872 88,872 Consumer 8 1,260 1,268 439 88,578 89,017 Unallocated — 629 629 — — — Total $ 8 $ 11,425 $ 11,433 $ 5,254 $ 881,279 $ 886,533 March 31, 2019 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
Schedule of analysis of loans by aging category	The following tables present an analysis of loans by aging category at the dates indicated (in thousands): 90 Days and Total Past 30‑89 Days Greater Due and Total Loans December 31, 2019 Past Due Past Due Non-accrual Non- accrual Current Receivable Commercial business $ — $ — $ 299 $ 299 $ 165,227 $ 165,526 Commercial real estate — — 1,019 1,019 469,144 470,163 Land — — — — 15,163 15,163 Multi-family — — — — 57,792 57,792 Real estate construction — — — — 88,872 88,872 Consumer 505 8 191 704 88,313 89,017 Total $ 505 $ 8 $ 1,509 $ 2,022 $ 884,511 $ 886,533 March 31, 2019 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
Schedule of credit quality indicators	The following tables present an analysis of loans by credit quality indicators at the dates indicated (in thousands): Special Total Loans December 31, 2019 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 162,291 $ 1,375 $ 1,860 $ — $ — $ 165,526 Commercial real estate 469,080 64 1,019 — — 470,163 Land 15,163 — — — — 15,163 Multi-family 57,725 32 35 — — 57,792 Real estate construction 88,872 — — — — 88,872 Consumer 88,826 — 191 — — 89,017 Total $ 881,957 $ 1,471 $ 3,105 $ — $ — $ 886,533 March 31, 2019 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
Schedule of total and average recorded investment in impaired loans	The following tables present the total and average recorded investment in impaired loans at the dates and for the periods indicated (in thousands): Recorded Investment Recorded with Investment Related No Specific with Specific Total Unpaid Specific Valuation Valuation Recorded Principal Valuation Allowance Allowance Investment Balance Allowance December 31, 2019 Commercial business $ 144 $ — $ 144 $ 173 $ — Commercial real estate 2,392 — 2,392 3,410 — Land 716 — 716 748 — Multi-family 1,563 — 1,563 1,676 — Consumer 298 141 439 552 8 Total $ 5,113 $ 141 $ 5,254 $ 6,559 $ 8 March 31, 2019 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 Three months ended Three months ended December 31, 2019 December 31, 2018 Average Interest Average Interest Recorded Recognized on Recorded Recognized on Investment Impaired Loans Investment Impaired Loans Commercial business $ 147 $ — $ 166 $ — Commercial real estate 2,401 16 2,539 16 Land 718 10 735 2 Multi-family 1,567 22 1,613 22 Consumer 443 7 709 9 Total $ 5,276 $ 55 $ 5,762 $ 49 Nine months ended Nine months ended December 31, 2019 December 31, 2018 Average Interest Average Interest Recorded Recognized on Recorded Recognized on Investment Impaired Loans Investment Impaired Loans Commercial business $ 152 $ — $ 377 $ — Commercial real estate 2,431 47 2,639 48 Land 722 30 746 2 Multi-family 1,579 68 1,626 66 Consumer 509 21 1,065 35 Total $ 5,393 $ 166 $ 6,453 $ 151
Schedule of TDRs by interest accrual status	The following table presents TDRs by interest accrual status at the dates indicated (in thousands): December 31, 2019 March 31, 2019 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ — $ 144 $ 144 $ — $ 160 $ 160 Commercial real estate 1,373 1,019 2,392 1,401 1,081 2,482 Land 716 — 716 728 — 728 Multi-family 1,563 — 1,563 1,598 — 1,598 Consumer 414 25 439 697 — 697 Total $ 4,066 $ 1,188 $ 5,254 $ 4,424 $ 1,241 $ 5,665

FEDERAL HOME LOAN BANK ADVANC_2

FEDERAL HOME LOAN BANK ADVANCES (Tables)	9 Months Ended
	Dec. 31, 2019
FEDERAL HOME LOAN BANK ADVANCES
Schedule of FHLB advances	FHLB advances are summarized as follows (dollars in thousands): December 31, March 31, 2019 2019 FHLB advances (1) $ — $ 56,586 Weighted average interest rate on FHLB advances (2) 2.54 % 2.58 % (1) Consisted of overnight borrowings. (2) Computed based on the borrowing activity for the nine months ended December 31, 2019 and the fiscal year ended March 31, 2019, respectively.

JUNIOR SUBORDINATED DEBENTURES

JUNIOR SUBORDINATED DEBENTURES (Tables)	9 Months Ended
	Dec. 31, 2019
JUNIOR SUBORDINATED DEBENTURES
Schedule of summary of the terms and amounts outstanding of the debentures	The following table is a summary of the terms and the amounts outstanding of the Debentures at December 31, 2019 (dollars in thousands): Issuance Amount Initial Current Maturity Issuance Trust Date Outstanding Rate Type Rate Rate Date Riverview Bancorp Statutory Trust I 12/2005 $ 7,217 Variable (1) 5.88 % 3.25 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 3.24 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 5.05 % 6/2033 27,836 Fair value adjustment (4) (1,196) Total Debentures $ 26,640 (1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%. (2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35%. (3) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%. Amount, net of accretion, attributable to the purchase and assumption transaction of Merchants Bancorp’s trust preferred security on February 17, 2017.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Schedule of assets that are measured at estimated fair value on a recurring basis	The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands): Total Estimated Estimated Fair Value Measurements Using December 31, 2019 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 4,906 $ — $ 4,906 $ — Agency securities 9,466 — 9,466 — Real estate mortgage investment conduits 44,585 — 44,585 — Residential mortgage-backed securities 61,761 — 61,761 — Other mortgage-backed securities 35,039 — 35,039 — Total assets measured at fair value on a recurring basis $ 155,757 $ — $ 155,757 $ — Total Estimated Estimated Fair Value Measurements Using March 31, 2019 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 $ —
Schedule of assets that are measured at estimated fair value on a nonrecurring basis	The following tables present assets that are measured at estimated fair value on a nonrecurring basis at the dates indicated (in thousands): Total Estimated Estimated Fair Value Measurements Using December 31, 2019 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 132 $ — $ — $ 132 March 31, 2019 Impaired loans $ 394 $ — $ — $ 394
Schedule of quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis	The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at December 31, 2019 and March 31, 2019: Valuation Technique Significant Unobservable Inputs Range Impaired loans Appraised value Adjustment for market conditions N/A (1) Discounted cash flows Discount rate 6.25% to 8.00 % There were no adjustments to appraised values of impaired loans as of December 31, 2019 and March 31, 2019.
Schedule of carrying amount and estimated fair value of financial instruments	The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands): Carrying Estimated December 31, 2019 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 62,123 $ 62,123 $ — $ — $ 62,123 Certificates of deposit held for investment 249 — 256 — 256 Investment securities available for sale 155,757 — 155,757 — 155,757 Investment securities held to maturity 29 — 30 — 30 Loans receivable, net 875,100 — — 871,950 871,950 FHLB stock 1,380 — 1,380 — 1,380 Liabilities: Certificates of deposit 131,373 — 131,790 — 131,790 Junior subordinated debentures 26,640 — — 13,119 13,119 Finance lease liability 2,378 — 2,378 — 2,378 Carrying Estimated March 31, 2019 Amount Level 1 Level 2 Level 3 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 Finance lease liability 2,403 — 2,403 — 2,403

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Dec. 31, 2019
REVENUE FROM CONTRACTS WITH CUSTOMERS
Schedule of non-interest income disaggregated by type of service	The following table includes the Company’s non-interest income disaggregated by type of service for the three and nine months ended December 31, 2019 and 2018 (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Asset management fees $ 1,136 $ 935 $ 3,369 $ 2,804 Debit card and ATM fees 758 799 2,403 2,382 Deposit related fees 559 436 1,691 1,313 Loan related fees 202 85 474 384 BOLI (1) 188 192 585 545 Net gains on sales of loans held for sale (1) 68 82 210 278 FHLMC loan servicing fees (1) 31 41 113 102 Other, net 221 159 623 630 Total non-interest income $ 3,163 $ 2,729 $ 9,468 $ 8,438 (1) Not within the scope of ASC 606

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Schedule of significant off-balance sheet commitments	Significant off-balance sheet commitments at December 31, 2019 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 14,318 Fixed-rate 12,903 Standby letters of credit 2,070 Undisbursed loan funds and unused lines of credit 126,465 Total $ 155,756

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 31, 2019
LEASES
Schedule of lease right-of-use assets and lease liabilities	The table below presents the lease right-of-use assets and lease liabilities recorded in the consolidated balance sheet at December 31, 2019 (in thousands): Classification in the Leases consolidated balance sheets Finance lease right-of-use asset $ 1,528 Premises and equipment, net Finance lease liability $ 2,378 Finance lease liability Finance lease remaining lease term 19.93 years Finance lease discount rate 7.16 % Operating lease right-of-use assets $ 4,325 Prepaid expenses and other assets Operating lease liabilities $ 4,419 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term 4.16 years Operating lease weighted-average discount rate 2.77 %
Schedule of lease costs for finance and operating leases	The table below presents certain information related to the lease costs for operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income, for the periods indicated (in thousands): Three Months Ended Nine Months Ended December 31, 2019 December 31, 2019 Lease Costs Finance lease amortization of right-of-use asset $ 19 58 Finance lease interest on lease liability 43 128 Operating lease costs 362 1,153 Variable lease costs 52 157 Total lease cost (1) $ 476 1,496 (1) income related to sub-lease activity is not significant and not presented herein.
Schedule of reconciliation of the undiscounted cash flows related to the Company's lease liabilities	The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2019 (in thousands): Year Ending March 31: Operating Leases Finance Lease Remaining of 2020 $ 404 $ 52 2021 1,011 208 2022 747 212 2023 573 215 2024 583 219 Thereafter 1,507 3,622 Total minimum lease payments 4,825 4,528 Less: amount of lease payment representing interest (406) (2,150) Lease liabilities $ 4,419 $ 2,378

PRINCIPLES OF CONSOLIDATION (De

PRINCIPLES OF CONSOLIDATION (Details) - Trust Company	3 Months Ended	9 Months Ended
	Dec. 31, 2019USD ($)shares	Dec. 31, 2019USD ($)
PRINCIPLES OF CONSOLIDATION
Number of shares issued | shares	1,500
Number of stock options exercised | shares	1,500
Non controlling Interest | $	$ 104,000	$ 104,000
Net income attributable to the noncontrolling interest | $	$ 2,000	$ 2,000
Riverview Community Bank
PRINCIPLES OF CONSOLIDATION
Ownership percentage	98.00%	98.00%

STOCK PLANS AND STOCK-BASED C_3

STOCK PLANS AND STOCK-BASED COMPENSATION - Stock option activity (Details) - $ / shares	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Balance, beginning of period	101,332	141,365
Options exercised	(58,000)	(28,533)
Expired	0	(2,500)
Balance, end of period	43,332	110,332
Weighted Average Exercise Price
Balance, beginning of period	$ 3.26	$ 3.77
Options exercised	3.69	5.30
Expired	0	8.12
Balance, end of period	$ 2.69	$ 3.27

STOCK PLANS AND STOCK-BASED C_4

STOCK PLANS AND STOCK-BASED COMPENSATION - Stock options outstanding (Details) - USD ($)		9 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Stock options fully vested and expected to vest:
Number		43,332	110,332
Weighted average exercise price		$ 2.69	$ 3.27
Aggregate intrinsic value (1)	[1]	$ 239,000	$ 442,000
Weighted average contractual term of options (years)		3 years 18 days	2 years 5 months 9 days
Stock options fully vested and currently exercisable:
Number		43,332	110,332
Weighted average exercise price		$ 2.69	$ 3.27
Aggregate intrinsic value (1)	[1]	$ 239,000	$ 442,000
Weighted average contractual term of options (years)		3 years 18 days	2 years 5 months 9 days
[1]	The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s stock.

STOCK PLANS AND STOCK-BASED C_5

STOCK PLANS AND STOCK-BASED COMPENSATION - Restricted Stock Activity (Details)	9 Months Ended
	Dec. 31, 2019$ / sharesshares
Time Based
Number of Unvested Shares
Balance, beginning of period | shares	0
Granted | shares	49,298
Forfeited | shares	0
Vested | shares	0
Balance, end of period | shares	49,298
Weighted Average Market Price
Balance, beginning of period | $ / shares	$ 0
Granted | $ / shares	8.35
Forfeited | $ / shares	0
Vested | $ / shares	0
Balance, end of period | $ / shares	$ 8.35
Performance Based
Number of Unvested Shares
Balance, beginning of period | shares	0
Granted | shares	33,375
Forfeited | shares	0
Vested | shares	0
Balance, end of period | shares	33,375
Weighted Average Market Price
Balance, beginning of period | $ / shares	$ 0
Granted | $ / shares	8.35
Forfeited | $ / shares	0
Vested | $ / shares	0
Balance, end of period | $ / shares	$ 8.35
Restricted stock
Number of Unvested Shares
Balance, beginning of period | shares	0
Granted | shares	82,673
Forfeited | shares	0
Vested | shares	0
Balance, end of period | shares	82,673
Weighted Average Market Price
Balance, beginning of period | $ / shares	$ 0
Granted | $ / shares	8.35
Forfeited | $ / shares	0
Vested | $ / shares	0
Balance, end of period | $ / shares	$ 8.35

STOCK PLANS AND STOCK-BASED C_6

STOCK PLANS AND STOCK-BASED COMPENSATION - Additional information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jul. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of issuance of common stock					1,800,000
Total intrinsic value of stock options exercised			$ 238,000	$ 118,000
Number of stock options exercised			58,000	28,533
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based Compensation Expense	$ 0	$ 0	$ 0	$ 0
Unrecognized compensation expense	0		$ 0
Maximum term of stock options granted			10 years
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			0 years
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock awards granted			82,673
Stock based Compensation Expense	57,000	$ 0	$ 284,000	$ 0
Unrecognized compensation expense	406,000		$ 406,000
Restricted stock | Weighted average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year 11 months 23 days
Trust Company | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 55,000		$ 55,000
Trust Company | Stock options | President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options outstanding	1,000	2,500	1,000	2,500
Number of stock options exercised	1,500
Stock based Compensation Expense	$ 11,000	$ 11,000	$ 33,000	$ 33,000

EARNINGS PER SHARE_ Earnings Pe

EARNINGS PER SHARE: Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Basic EPS computation:
Numerator-net income (in dollars)	$ 4,128	$ 4,388	$ 12,854	$ 13,059
Denominator-weighted average common shares outstanding	22,665,712	22,598,712	22,642,883	22,582,956
Basic EPS (in dollars per share)	$ 0.18	$ 0.19	$ 0.57	$ 0.58
Diluted EPS computation:
Numerator-net income (in dollars)	$ 4,128	$ 4,388	$ 12,854	$ 13,059
Denominator-weighted average common shares outstanding	22,665,712	22,598,712	22,642,883	22,582,956
Effect of dilutive stock options and restricted stock	52,543	65,207	58,532	75,197
Weighted average common shares and common stock equivalents	22,718,255	22,663,919	22,701,415	22,658,153
Diluted EPS (in dollars per share)	$ 0.18	$ 0.19	$ 0.57	$ 0.58

INVESTMENT SECURITIES (Details)

INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Mar. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 155,968	$ 181,681
Gross Unrealized Gains		650	71
Gross Unrealized Losses		(861)	(3,526)
Estimated Fair Value		155,757	178,226
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		4,746	8,885
Gross Unrealized Gains		160	30
Gross Unrealized Losses		0	(34)
Estimated Fair Value		4,906	8,881
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		9,431	12,426
Gross Unrealized Gains		76	22
Gross Unrealized Losses		(41)	(107)
Estimated Fair Value		9,466	12,341
Real estate mortgage investment conduits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	44,577	40,835
Gross Unrealized Gains	[1]	166	0
Gross Unrealized Losses	[1]	(158)	(673)
Estimated Fair Value	[1]	44,585	40,162
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	61,823	77,402
Gross Unrealized Gains	[1]	194	7
Gross Unrealized Losses	[1]	(256)	(1,588)
Estimated Fair Value	[1]	61,761	75,821
Other mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[2]	35,391	42,133
Gross Unrealized Gains	[2]	54	12
Gross Unrealized Losses	[2]	(406)	(1,124)
Estimated Fair Value	[2]	$ 35,039	$ 41,021
[1]	Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.
[2]	Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by FNMA.

INVESTMENT SECURITIES - Amortiz

INVESTMENT SECURITIES - Amortized cost (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Mar. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		$ 29	$ 35
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	[1]	29	35
Gross Unrealized Gains	[1]	1	0
Gross Unrealized Losses	[1]	0	0
Estimated Fair Value	[1]	$ 30	$ 35
[1]	Comprised of FHLMC and FNMA issued securities.

INVESTMENT SECURITIES - Fair va

INVESTMENT SECURITIES - Fair value of investment securities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Available for Sale, Amortized Cost
Due in one year or less	$ 1,001
Due after one year through five years	5,953
Due after five years through ten years	35,598
Due after ten years	113,416
Total, Amortized Cost	155,968
Available for Sale, Estimated Fair Value
Due in one year or less	1,008
Due after one year through five years	5,934
Due after five years through ten years	35,789
Due after ten years	113,026
Total, Estimated Fair Value	$ 155,757

INVESTMENT SECURITIES - Contrac

INVESTMENT SECURITIES - Contractual maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Held to Maturity, Amortized Cost
Due in one year or less	$ 0
Due after one year through five years	26
Due after five years through ten years	3
Due after ten years	0
Total, Amortized Cost	29
Held to Maturity, Estimated Fair Value
Due in one year or less	0
Due after one year through five years	27
Due after five years through ten years	3
Due after ten years	0
Total, Estimated Fair Value	$ 30

INVESTMENT SECURITIES - Fair _2

INVESTMENT SECURITIES - Fair value of impaired investment securities (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Mar. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value		$ 48,725	$ 0
Less than 12 months, Unrealized Losses		(415)	0
12 months or longer, Estimated Fair Value		39,444	168,238
12 months or longer, Unrealized Losses		(446)	(3,526)
Total, Estimated Fair Value		88,169	168,238
Total, Unrealized Losses		(861)	(3,526)
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value		0	0
Less than 12 months, Unrealized Losses		0	0
12 months or longer, Estimated Fair Value		0	6,554
12 months or longer, Unrealized Losses		0	(34)
Total, Estimated Fair Value		0	6,554
Total, Unrealized Losses		0	(34)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value		1,998	0
Less than 12 months, Unrealized Losses		(11)	0
12 months or longer, Estimated Fair Value		2,969	6,861
12 months or longer, Unrealized Losses		(30)	(107)
Total, Estimated Fair Value		4,967	6,861
Total, Unrealized Losses		(41)	(107)
Real estate mortgage investment conduits
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value	[1]	22,033	0
Less than 12 months, Unrealized Losses	[1]	(140)	0
12 months or longer, Estimated Fair Value	[1]	2,850	40,126
12 months or longer, Unrealized Losses	[1]	(18)	(673)
Total, Estimated Fair Value	[1]	24,883	40,126
Total, Unrealized Losses	[1]	(158)	(673)
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value	[1]	8,707	0
Less than 12 months, Unrealized Losses	[1]	(18)	0
12 months or longer, Estimated Fair Value	[1]	25,116	74,288
12 months or longer, Unrealized Losses	[1]	(238)	(1,588)
Total, Estimated Fair Value	[1]	33,823	74,288
Total, Unrealized Losses	[1]	(256)	(1,588)
Other mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value	[2]	15,987	0
Less than 12 months, Unrealized Losses	[2]	(246)	0
12 months or longer, Estimated Fair Value	[2]	8,509	40,409
12 months or longer, Unrealized Losses	[2]	(160)	(1,124)
Total, Estimated Fair Value	[2]	24,496	40,409
Total, Unrealized Losses	[2]	$ (406)	$ (1,124)
[1]	Comprised of FHLMC, FNMA and GNMA issued securities.
[2]	Comprised of SBA issued securities and CRE secured securities issued by FNMA.

INVESTMENT SECURITIES - Additio

INVESTMENT SECURITIES - Additional information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Mar. 31, 2019
INVESTMENT SECURITIES
Proceeds from the sale of investment securities	$ 17,800,000	$ 17,800,000
Net realized gains on sales of investment securities	30,000	30,000
Pledged as collateral at amortized cost	6,900,000	6,900,000	$ 5,800,000
Pledged as collateral at fair value	$ 6,900,000	$ 6,900,000	$ 5,700,000

LOANS RECEIVABLE - Loans receiv

LOANS RECEIVABLE - Loans receivable, excluding loans held for sale (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		$ 886,533		$ 876,116
Less: Allowance for loan losses		11,433	$ 11,436	11,457	$ 11,502	$ 11,513	$ 10,766
Loans receivable, net		875,100		864,659
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		797,516		783,707
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		165,526		162,796
Less: Allowance for loan losses		2,051	2,051	1,808	1,942	1,858	1,668
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		470,163		461,432
Less: Allowance for loan losses		5,018	5,038	5,053	5,281	5,361	4,914
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		15,163		17,027
Less: Allowance for loan losses		235	219	254	268	237	220
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		57,792		51,570
Less: Allowance for loan losses		765	779	728	715	696	822
Commercial Real Estate Portfolio Segment | Real Estate Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		88,872		90,882
Less: Allowance for loan losses		1,467	1,381	1,457	1,193	1,007	618
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		89,017		92,409
Less: Allowance for loan losses		1,268	$ 1,347	1,447	$ 1,453	$ 1,641	$ 1,809
Consumer | Real estate one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		83,978		84,053
Consumer | Other installment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	[1]	$ 5,039		$ 8,356
[1]	Includes purchased automobile loans totaling $2.5 million and $5.8 million at December 31, 2019 and March 31, 2019, respectively.

LOANS RECEIVABLE - Additional i

LOANS RECEIVABLE - Additional information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net deferred loan fees	$ 4,000	$ 4,000
Discount on Loans receivable	1,100	1,500
Premiums on Loans receivable	1,500	1,800
Loans pledged as collateral	$ 471,600
Percentage of loans and extensions of credit outstanding	15.00%
Total loans	$ 886,533	876,116
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	89,017	92,409
Automobile Loan [Member] | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 2,500	$ 5,800

ALLOWANCE FOR LOAN LOSSES - Rec

ALLOWANCE FOR LOAN LOSSES - Reconciliation of the allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 11,436	$ 11,513	$ 11,457	$ 10,766
Provision for (recapture of) loan losses	0		0	50
Charge-offs	(13)	(52)	(70)	(236)
Recoveries	10	41	46	922
Ending balance	11,433	11,502	11,433	11,502
Commercial Real Estate Portfolio Segment | Commercial Business
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	2,051	1,858	1,808	1,668
Provision for (recapture of) loan losses	0	84	246	274
Charge-offs	0	0	(3)	0
Recoveries	0	0	0	0
Ending balance	2,051	1,942	2,051	1,942
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	5,038	5,361	5,053	4,914
Provision for (recapture of) loan losses	(20)	(80)	(35)	(456)
Charge-offs	0	0	0	0
Recoveries	0	0	0	823
Ending balance	5,018	5,281	5,018	5,281
Commercial Real Estate Portfolio Segment | Land
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	219	237	254	220
Provision for (recapture of) loan losses	16	31	(19)	48
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	235	268	235	268
Commercial Real Estate Portfolio Segment | Multi-Family
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	779	696	728	822
Provision for (recapture of) loan losses	(14)	19	37	(107)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	765	715	765	715
Commercial Real Estate Portfolio Segment | Real Estate Construction
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	1,381	1,007	1,457	618
Provision for (recapture of) loan losses	86	186	10	575
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	1,467	1,193	1,467	1,193
Consumer
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	1,347	1,641	1,447	1,809
Provision for (recapture of) loan losses	(76)	(177)	(158)	(219)
Charge-offs	(13)	(52)	(67)	(236)
Recoveries	10	41	46	99
Ending balance	1,268	1,453	1,268	1,453
Unallocated
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	621	713	710	715
Provision for (recapture of) loan losses	8	(63)	(81)	(65)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	$ 629	$ 650	$ 629	$ 650

ALLOWANCE FOR LOAN LOSSES - Imp

ALLOWANCE FOR LOAN LOSSES - Impaired Financing Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Allowance for loan losses
Individually Evaluated for Impairment	$ 8	$ 22
Collectively Evaluated for Impairment	11,425	11,435
Total	11,433	11,457
Recorded investment in loans
Individually Evaluated for Impairment	5,254	5,665
Collectively Evaluated for Impairment	881,279	870,451
Total	886,533	876,116
Commercial Real Estate Portfolio Segment | Commercial Business
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	2,051	1,808
Total	2,051	1,808
Recorded investment in loans
Individually Evaluated for Impairment	144	160
Collectively Evaluated for Impairment	165,382	162,636
Total	165,526	162,796
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	5,018	5,053
Total	5,018	5,053
Recorded investment in loans
Individually Evaluated for Impairment	2,392	2,482
Collectively Evaluated for Impairment	467,771	458,950
Total	470,163	461,432
Commercial Real Estate Portfolio Segment | Land
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	235	254
Total	235	254
Recorded investment in loans
Individually Evaluated for Impairment	716	728
Collectively Evaluated for Impairment	14,447	16,299
Total	15,163	17,027
Commercial Real Estate Portfolio Segment | Multi-Family
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	765	728
Total	765	728
Recorded investment in loans
Individually Evaluated for Impairment	1,563	1,598
Collectively Evaluated for Impairment	56,229	49,972
Total	57,792	51,570
Commercial Real Estate Portfolio Segment | Real Estate Construction
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	1,467	1,457
Total	1,467	1,457
Recorded investment in loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	88,872	90,882
Total	88,872	90,882
Consumer
Allowance for loan losses
Individually Evaluated for Impairment	8	22
Collectively Evaluated for Impairment	1,260	1,425
Total	1,268	1,447
Recorded investment in loans
Individually Evaluated for Impairment	439	697
Collectively Evaluated for Impairment	88,578	91,712
Total	89,017	92,409
Unallocated
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	629	710
Total	629	710
Recorded investment in loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	0	0
Total	$ 0	$ 0

ALLOWANCE FOR LOAN LOSSES - Fin

ALLOWANCE FOR LOAN LOSSES - Financing Receivables, Aging of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	$ 1,509	$ 1,516
Total Past Due and Non-accrual	2,022	1,864
Current	884,511	874,252
Total Loans Receivable	886,533	876,116
30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	505	345
90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	8	3
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	797,516	783,707
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	299	225
Total Past Due and Non-accrual	299	225
Current	165,227	162,571
Total Loans Receivable	165,526	162,796
Commercial Real Estate Portfolio Segment | Commercial Business | 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | Commercial Business | 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	1,019	1,081
Total Past Due and Non-accrual	1,019	1,081
Current	469,144	460,351
Total Loans Receivable	470,163	461,432
Commercial Real Estate Portfolio Segment | Commercial Real Estate | 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | Commercial Real Estate | 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	0	0
Total Past Due and Non-accrual	0	0
Current	15,163	17,027
Total Loans Receivable	15,163	17,027
Commercial Real Estate Portfolio Segment | Land | 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | Land | 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	0	0
Total Past Due and Non-accrual	0	0
Current	57,792	51,570
Total Loans Receivable	57,792	51,570
Commercial Real Estate Portfolio Segment | Multi-Family | 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | Multi-Family | 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | Real Estate Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	0	0
Total Past Due and Non-accrual	0	0
Current	88,872	90,882
Total Loans Receivable	88,872	90,882
Commercial Real Estate Portfolio Segment | Real Estate Construction | 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0	0
Commercial Real Estate Portfolio Segment | 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	191	210
Total Past Due and Non-accrual	704	558
Current	88,313	91,851
Total Loans Receivable	89,017	92,409
Consumer | 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	505	345
Consumer | 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	$ 8	$ 3

ALLOWANCE FOR LOAN LOSSES - Cre

ALLOWANCE FOR LOAN LOSSES - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	$ 886,533	$ 876,116
Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	881,957	864,483
Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,471	5,327
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	3,105	6,306
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 Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	797,516	783,707
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	165,526	162,796
Commercial Real Estate Portfolio Segment | Commercial Business | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	162,291	159,997
Commercial Real Estate Portfolio Segment | Commercial Business | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,375	840
Commercial Real Estate Portfolio Segment | Commercial Business | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,860	1,959
Commercial Real Estate Portfolio Segment | Commercial Business | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Commercial Business | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	470,163	461,432
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	469,080	454,013
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	64	4,030
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,019	3,389
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	15,163	17,027
Commercial Real Estate Portfolio Segment | Land | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	15,163	16,299
Commercial Real Estate Portfolio Segment | Land | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Land | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	728
Commercial Real Estate Portfolio Segment | Land | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Land | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	57,792	51,570
Commercial Real Estate Portfolio Segment | Multi-Family | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	57,725	51,093
Commercial Real Estate Portfolio Segment | Multi-Family | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	32	457
Commercial Real Estate Portfolio Segment | Multi-Family | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	35	20
Commercial Real Estate Portfolio Segment | Multi-Family | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Multi-Family | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Real Estate Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	88,872	90,882
Commercial Real Estate Portfolio Segment | Real Estate Construction | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	88,872	90,882
Commercial Real Estate Portfolio Segment | Real Estate Construction | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Real Estate Construction | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | Real Estate Construction | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Portfolio Segment | 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	89,017	92,409
Consumer | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	88,826	92,199
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	191	210
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 - I_2

ALLOWANCE FOR LOAN LOSSES - Impaired Financing Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	$ 5,113	$ 5,249
Recorded Investment with Specific Valuation Allowance	141	416
Total Recorded Investment	5,254	5,665
Unpaid Principal Balance	6,559	6,888
Related Specific Valuation Allowance	8	22
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	144	160
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	144	160
Unpaid Principal Balance	173	182
Related Specific Valuation Allowance	0	0
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	2,392	2,482
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	2,392	2,482
Unpaid Principal Balance	3,410	3,424
Related Specific Valuation Allowance	0	0
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	716	728
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	716	728
Unpaid Principal Balance	748	766
Related Specific Valuation Allowance	0	0
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	1,563	1,598
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	1,563	1,598
Unpaid Principal Balance	1,676	1,709
Related Specific Valuation Allowance	0	0
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	298	281
Recorded Investment with Specific Valuation Allowance	141	416
Total Recorded Investment	439	697
Unpaid Principal Balance	552	807
Related Specific Valuation Allowance	$ 8	$ 22

ALLOWANCE FOR LOAN LOSSES - I_3

ALLOWANCE FOR LOAN LOSSES - Impaired Loans, Average Recorded Investment and Interest Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 5,276	$ 5,762	$ 5,393	$ 6,453
Interest Recognized on Impaired Loans	55	49	166	151
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	147	166	152	377
Interest Recognized on Impaired Loans	0	0	0	0
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	2,401	2,539	2,431	2,639
Interest Recognized on Impaired Loans	16	16	47	48
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	718	735	722	746
Interest Recognized on Impaired Loans	10	2	30	2
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	1,567	1,613	1,579	1,626
Interest Recognized on Impaired Loans	22	22	68	66
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	443	709	509	1,065
Interest Recognized on Impaired Loans	$ 7	$ 9	$ 21	$ 35

ALLOWANCE FOR LOAN LOSSES - TDR

ALLOWANCE FOR LOAN LOSSES - TDRs by Interest Accrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	$ 4,066	$ 4,424
Nonaccrual	1,188	1,241
Total	5,254	5,665
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	0	0
Nonaccrual	144	160
Total	144	160
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	1,373	1,401
Nonaccrual	1,019	1,081
Total	2,392	2,482
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	716	728
Nonaccrual	0	0
Total	716	728
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	1,563	1,598
Nonaccrual	0	0
Total	1,563	1,598
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	414	697
Nonaccrual	25	0
Total	$ 439	$ 697

ALLOWANCE FOR LOAN LOSSES - Add

ALLOWANCE FOR LOAN LOSSES - Additional information (Details)	9 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income foregone on non-accrual loans	$ 57,000	$ 75,000
Percentage of delinquent loan amount	75.00%
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of TDR loans default | item	1
Troubled debt restructurings (TDR) loan for nonaccrual	$ 851,000
Commercial Real Estate Portfolio Segment | Commercial and Constructions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Post-modification outstanding recorded investment amount	$ 27,000	$ 25,000
Consumer | Real estate one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extended maturity period of loans receivable	10 years

FEDERAL HOME LOAN BANK ADVANC_3

FEDERAL HOME LOAN BANK ADVANCES (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Mar. 31, 2019
FEDERAL HOME LOAN BANK ADVANCES
FHLB advances	[1]	$ 0	$ 56,586
Weighted average interest rate on FHLB advances	[2]	2.54%	2.58%
[1]	Consisted of overnight borrowings.
[2]	Computed based on the borrowing activity for the nine months ended December 31, 2019 and the fiscal year ended March 31, 2019, respectively.

JUNIOR SUBORDINATED DEBENTURE_2

JUNIOR SUBORDINATED DEBENTURES - (Details) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Amount Outstanding		$ 27,836
Fair value adjustment		(1,196)
Total Debentures		$ 26,640	$ 26,575
Riverview Bancorp Statutory Trust I
Debt Instrument [Line Items]
Issuance Date		12/2005
Amount Outstanding		$ 7,217
Rate Type	[1]	Variable
Initial Rate		5.88%
Current Rate		3.25%
Maturity Date		3/2036
Riverview Bancorp Statutory Trust II
Debt Instrument [Line Items]
Issuance Date		06/2007
Amount Outstanding		$ 15,464
Rate Type	[2]	Variable
Initial Rate		7.03%
Current Rate		3.24%
Maturity Date		9/2037
Merchants Bancorp Statutory Trust I
Debt Instrument [Line Items]
Issuance Date		06/2003
Amount Outstanding		$ 5,155
Rate Type	[3]	Variable
Initial Rate		4.16%
Current Rate		5.05%
Maturity Date		6/2033
[1]	The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%.
[2]	The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35%.
[3]	The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%.

JUNIOR SUBORDINATED DEBENTURE_3

JUNIOR SUBORDINATED DEBENTURES - Additional Information (Details)	9 Months Ended
	Dec. 31, 2019USD ($)item	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Maximum number of consecutive quarters for deferred payment of each debenture | item	20
Debentures issued to grantor trusts	$ 26,600,000	$ 26,600,000
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

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated Fair Value on a Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	$ 155,757	$ 178,226
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	4,906	8,881
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	9,466	12,341
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	44,585	40,162
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	61,761	75,821
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	35,039	41,021
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	155,757	178,226
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	4,906	8,881
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	9,466	12,341
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	44,585	40,162
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	61,761	75,821
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	35,039	41,021
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 - Asset

FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Nonrecurring basis - Impaired loans - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring assets measured at fair value	$ 132	$ 394
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring assets measured at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring assets measured at fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring assets measured at fair value	$ 132	$ 394

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Level 3 inputs for financial instruments measured at fair value (Details) - Nonrecurring basis - Level 3 - Impaired loans - Discounted cash flows - Discount rate		9 Months Ended	12 Months Ended
		Dec. 31, 2019	Mar. 31, 2020
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	[1]	6.25%	6.25%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	[1]	8.00%	8.00%
[1]	There were no adjustments to appraised values of impaired loans as of December 31, 2019 and March 31, 2019.

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Carrying Amount | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 62,123	$ 22,950
Carrying Amount | Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	249	747
Carrying Amount | Loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		909
Carrying Amount | Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	155,757	178,226
Carrying Amount | Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	29	35
Carrying Amount | Loans receivable, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	875,100	864,659
Carrying Amount | FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,380	3,644
Carrying Amount | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	131,373	86,006
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	26,640	26,575
Carrying Amount | Finance lease liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	2,378	2,403
Estimated Fair Value | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	62,123	22,950
Estimated Fair Value | Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	256	746
Estimated Fair Value | Loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		909
Estimated Fair Value | Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	155,757	178,226
Estimated Fair Value | Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	30	35
Estimated Fair Value | Loans receivable, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	871,950	862,429
Estimated Fair Value | FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,380	3,644
Estimated Fair Value | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	131,790	84,455
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	13,119	15,468
Estimated Fair Value | Finance lease liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	2,378	2,403
Level 1 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	62,123	22,950
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
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 | Finance lease liability
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	256	746
Level 2 | Loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		909
Level 2 | Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	155,757	178,226
Level 2 | Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	30	35
Level 2 | Loans receivable, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Level 2 | FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,380	3,644
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	131,790	84,455
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 | Finance lease liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	2,378	2,403
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
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	871,950	862,429
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	13,119	15,468
Level 3 | Finance lease liability
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		9 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Revenue from External Customer [Line Items]
BOLI	[1]	$ 188	$ 192	$ 585	$ 545
Net gains on sales of loans held for sale	[1]	68	82	210	278
FHLMC loan servicing fees	[1]	31	41	113	102
Other, net		221	159	623	630
Total non-interest income		3,163	2,729	9,468	8,438
Asset management fees
Revenue from External Customer [Line Items]
Non-interest income		1,136	935	3,369	2,804
Debit card and ATM fees
Revenue from External Customer [Line Items]
Non-interest income		758	799	2,403	2,382
Deposit related fees
Revenue from External Customer [Line Items]
Non-interest income		559	436	1,691	1,313
Loan related fees
Revenue from External Customer [Line Items]
Non-interest income		$ 202	$ 85	$ 474	$ 384
[1]	Not within the scope of ASC 606

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Significant Off-balance Sheet Commitments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 155,756
Commitments to originate loans: | Adjustable-rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	14,318
Commitments to originate loans: | Fixed-rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	12,903
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	2,070
Undisbursed loan funds and unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 126,465

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	9 Months Ended
	Dec. 31, 2019USD ($)
COMMITMENTS AND CONTINGENCIES
Threshold limit for honoring of commitments	45 days
Commitments to sell	$ 322,000
Loans under warranty	103,000,000
Allowance for FHLMC loans	$ 12,000

LEASES - Lease Right-of-use Ass

LEASES - Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Finance lease liability	$ 2,378	$ 2,403
Finance lease remaining lease term	19 years 11 months 5 days
Finance lease discount rate	7.16%
Operating lease liabilities	$ 4,419
Operating lease weighted-average remaining lease term	4 years 1 month 28 days
Operating lease weighted-average discount rate	2.77%
Premises and equipment, net
Finance lease right-of-use asset	$ 1,528
Finance lease liability
Finance lease liability	2,378
Prepaid expenses and other assets
Operating lease right-of-use assets	4,325
Accrued expenses and other liabilities
Operating lease liabilities	$ 4,419

LEASES - Lease Costs for Operat

LEASES - Lease Costs for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2019
LEASES
Finance lease amortization of right-of-use asset	$ 19	$ 58
Finance lease interest on lease liability	43	128
Operating lease costs	362	1,153
Variable lease costs	52	157
Total lease cost	$ 476	$ 1,496

LEASES - Undiscounted Cash Flow

LEASES - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Operating Leases
Remaining of 2020	$ 404
2021	1,011
2022	747
2023	573
2024	583
Thereafter	1,507
Total minimum lease payments	4,825
Less: amount of lease payment representing interest	(406)
Lease liabilities	4,419
Finance Lease
Remaining of 2020	52
2021	208
2022	212
2023	215
2024	219
Thereafter	3,622
Total minimum lease payments	4,528
Less: amount of lease payment representing interest	(2,150)
Lease liabilities	$ 2,378	$ 2,403

LEASES - Additional Information

LEASES - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)item
Deferred gain on sale		$ 2,100,000
Number of branch location | Branch | item		2
Operating lease	$ 409,000	$ 1,300,000
Accrued expenses and other liabilities
Deferred gain on sale		$ 577,000