Riverview Bancorp (RVSB) 10-Q 11 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Feb. 11, 2021
Document and Entity Information:
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	RIVERVIEW BANCORP INC
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,345,235
Entity Central Index Key	0001041368
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	RVSB

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
ASSETS
Cash and cash equivalents (including interest-earning accounts of $220,597 and $27,866)	$ 235,834	$ 41,968
Certificates of deposit held for investment	249	249
Loans held for sale		275
Investment securities:
Available for sale, at estimated fair value	153,219	148,291
Held to maturity, at amortized cost (estimated fair value of $33,494 and $28)	33,425	28
Loans receivable (net of allowance for loan losses of $19,192 and $12,624)	912,276	898,885
Prepaid expenses and other assets	13,365	7,452
Accrued interest receivable	5,283	3,704
Federal Home Loan Bank ("FHLB") stock, at cost	1,420	1,420
Premises and equipment, net	17,909	15,570
Financing lease right-of-use assets ("ROU")	1,451	1,508
Deferred income taxes, net	3,141	3,277
Mortgage servicing rights, net	102	191
Goodwill	27,076	27,076
Core deposit intangible ("CDI"), net	654	759
Bank owned life insurance ("BOLI")	30,780	30,155
TOTAL ASSETS	1,436,184	1,180,808
LIABILITIES:
Deposits	1,236,933	990,448
Accrued expenses and other liabilities	18,155	11,783
Advanced payments by borrowers for taxes and insurance	156	703
Junior subordinated debentures	26,726	26,662
Finance lease liability	2,340	2,369
Total liabilities	1,284,310	1,031,965
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, 2020 - 22,345,235 shares issued and outstanding March 31, 2020 - 22,748,385 shares issued and 22,544,285 shares outstanding	223	225
Additional paid-in capital	63,539	64,649
Retained earnings	85,584	81,870
Accumulated other comprehensive income	2,528	2,099
Total shareholders' equity	151,874	148,843
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,436,184	$ 1,180,808

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
CONSOLIDATED BALANCE SHEETS
Interest-earning accounts included in cash (in dollars)	$ 220,597	$ 27,866
Fair value of mortgage-backed securities held to maturity (in dollars)	33,494	28
Allowance for loan losses (in dollars)	$ 19,192	$ 12,624
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	22,345,235	22,748,385
Common stock, shares outstanding	22,345,235	22,544,285

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans receivable		$ 11,601,000	$ 11,699,000	$ 34,475,000	$ 35,146,000
Interest on investment securities - taxable		549,000	851,000	1,709,000	2,589,000
Interest on investment securities - nontaxable		44,000	27,000	79,000	100,000
Other interest and dividends		98,000	189,000	216,000	369,000
Total interest and dividend income		12,292,000	12,766,000	36,479,000	38,204,000
INTEREST EXPENSE:
Interest on deposits		556,000	942,000	2,071,000	1,953,000
Interest on borrowings		207,000	332,000	687,000	1,570,000
Total interest expense		763,000	1,274,000	2,758,000	3,523,000
Net interest income		11,529,000	11,492,000	33,721,000	34,681,000
Provision for loan losses				6,300,000
Net interest income after provision for loan losses		11,529,000	11,492,000	27,421,000	34,681,000
NON-INTEREST INCOME:
Net gains on sales of loans held for sale	[1]		68,000	28,000	210,000
BOLI	[1]	193,000	188,000	625,000	585,000
Other, net		76,000	110,000	140,000	254,000
Total non-interest income, net		2,812,000	3,163,000	8,254,000	9,468,000
NON-INTEREST EXPENSE:
Salaries and employee benefits		5,698,000	5,941,000	16,269,000	17,353,000
Occupancy and depreciation		1,434,000	1,461,000	4,341,000	4,058,000
Data processing		638,000	637,000	1,996,000	1,986,000
Amortization of CDI		35,000	40,000	105,000	121,000
Advertising and marketing		144,000	181,000	383,000	689,000
FDIC insurance premium		89,000		221,000	81,000
State and local taxes		190,000	126,000	598,000	495,000
Telecommunications		74,000	84,000	245,000	246,000
Professional fees		321,000	267,000	962,000	855,000
Other		484,000	511,000	1,508,000	1,561,000
Total non-interest expense		9,107,000	9,248,000	26,628,000	27,445,000
INCOME BEFORE INCOME TAXES		5,234,000	5,407,000	9,047,000	16,704,000
PROVISION FOR INCOME TAXES		1,199,000	1,279,000	1,989,000	3,850,000
NET INCOME		$ 4,035,000	$ 4,128,000	$ 7,058,000	$ 12,854,000
Earnings per common share:
Basic		$ 0.18	$ 0.18	$ 0.32	$ 0.57
Diluted		$ 0.18	$ 0.18	$ 0.32	$ 0.57
Weighted average number of common shares outstanding:
Basic		22,320,699	22,748,385	22,279,774	22,701,806
Diluted		22,337,644	22,776,193	22,296,827	22,741,652
Fees and service charges
NON-INTEREST INCOME:
Non-interest income		$ 1,654,000	$ 1,661,000	$ 4,715,000	$ 5,050,000
Asset management fees
NON-INTEREST INCOME:
Non-interest income		$ 889,000	$ 1,136,000	$ 2,746,000	$ 3,369,000
[1]	)Not within the scope of ASC 606

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 4,035,000	$ 4,128,000	$ 7,058,000	$ 12,854,000
Other comprehensive income (loss):
Net unrealized holding gain (loss) from available for sale investment securities arising during the period, net of tax of $66,112, ($135) and ($786), respectively	(210,000)	(359,000)	429,000	2,488,000
Reclassification adjustment of net gain from sale of available for sale investment securities included in income, net of tax of $0, $7, $0 and $7, respectively		(23,000)	0	(23,000)
Total other comprehensive income (loss), net	(210,000)	(382,000)	429,000	2,465,000
Total comprehensive income, net	$ 3,825,000	$ 3,746,000	$ 7,487,000	$ 15,319,000

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Tax effect of unrealized holding gain (loss) from available for sale securities	$ 66	$ 112	$ (135)	$ (786)
Tax effect of reclassification adjustment of net gain from sale of available for sale investment securities included in income	$ 0	$ 7	$ 0	$ 7

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
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 dividend 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 dividend 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
Balance at Mar. 31, 2020	$ 225	64,649	81,870	2,099	148,843
Balance (in shares) at Mar. 31, 2020	22,544,285
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			7,058		7,058
Cash dividend on common stock			(3,344)		(3,344)
Exercise of stock options	$ 1	33			$ 34
Exercise of stock options (in shares)	14,000				14,000
Stock repurchased	$ (3)	(1,444)			$ (1,447)
Stock repurchased (in shares)	(295,900)
Restricted stock grants (in shares)	90,763
Restricted stock cancelled (in shares)	(7,913)
Stock-based compensation expense		301			301
Other comprehensive income, net				429	429
Balance at Dec. 31, 2020	$ 223	63,539	85,584	2,528	151,874
Balance (in shares) at Dec. 31, 2020	22,345,235
Balance at Sep. 30, 2020	$ 222	63,420	82,666	2,738	149,046
Balance (in shares) at Sep. 30, 2020	22,336,235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			4,035		4,035
Cash dividend on common stock			(1,117)		(1,117)
Restricted stock grants	$ 1	24			25
Restricted stock grants (in shares)	9,000
Stock-based compensation expense		95			95
Other comprehensive income, net				(210)	(210)
Balance at Dec. 31, 2020	$ 223	$ 63,539	$ 85,584	$ 2,528	$ 151,874
Balance (in shares) at Dec. 31, 2020	22,345,235

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividend per share (in dollars per share)	$ 0.05	$ 0.050	$ 0.15	$ 0.140

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 7,058,000	$ 12,854,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,347,000	2,244,000
Purchased loans amortization, net		243,000	21,000
Provision for loan losses		6,300,000
Stock-based compensation expense		301,000	317,000
Increase in deferred loan origination fees, net of amortization		1,232,000	49,000
Origination of loans held for sale		(913,000)	(7,178,000)
Proceeds from sales of loans held for sale		1,214,000	8,219,000
Net gains on sales of loans held for sale, sales of investment securities available for sale and sales of premises and equipment		(23,000)	(313,000)
Income from BOLI	[1]	(625,000)	(585,000)
Changes in certain other assets and liabilities:
Prepaid expenses and other assets		(101,000)	1,775,000
Accrued interest receivable		(1,579,000)	190,000
Accrued expenses and other liabilities		652,000	81,000
Net cash provided by operating activities		16,106,000	17,674,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Loan repayments (originations), net		(17,340,000)	4,745,000
Purchases of loans receivable		(3,826,000)	(15,198,000)
Principal repayments on investment securities available for sale		29,879,000	21,676,000
Purchases of investment securities available for sale		(39,407,000)	(18,125,000)
Proceeds from calls, maturities and sales of investment securities available for sale		4,000,000	21,122,000
Principal repayments on investment securities held to maturity		47,000	6,000
Purchases of investment securities held to maturity		(33,463,000)
Purchases of premises and equipment and capitalized software		(3,267,000)	(1,348,000)
Redemption of certificates of deposit held for investment			498,000
Redemption of FHLB stock, net			2,264,000
Proceeds from sales of real estate owned ("REO") and premises and equipment			81,000
Net cash provided by (used in) investing activities		(63,377,000)	15,721,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits		246,488,000	65,409,000
Dividends paid		(3,362,000)	(2,945,000)
Proceeds from borrowings		30,000,000	214,897,000
Repayment of borrowings		(30,000,000)	(271,483,000)
Net increase in advance payments by borrowers for taxes and insurance		(547,000)	(302,000)
Principal payments on finance lease liability		(29,000)	(25,000)
Proceeds from exercise of stock options		34,000	227,000
Repurchase of common stock		(1,447,000)
Net cash provided by financing activities		241,137,000	5,778,000
NET INCREASE IN CASH AND CASH EQUIVALENTS		193,866,000	39,173,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		41,968,000	22,950,000
CASH AND CASH EQUIVALENTS, END OF PERIOD		235,834,000	62,123,000
Cash paid during the period for:
Interest		2,646,000	3,406,000
Income taxes		3,435,000	2,945,000
NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared and accrued in other liabilities		1,117,000	1,138,000
Net unrealized holding gain from available for sale investment securities		564,000	3,244,000
Income tax effect related to other comprehensive income		(135,000)	(779,000)
ROU lease assets obtained in exchange for operating lease liabilities		$ 5,833,000	$ 5,603,000
[1]	)Not within the scope of ASC 606

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2020
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, 2020 (“2020 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2020 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2021. 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 shareholders’ equity.

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION	9 Months Ended
	Dec. 31, 2020
PRINCIPLES OF CONSOLIDATION
PRINCIPLES OF CONSOLIDATION	2. PRINCIPLES OF CONSOLIDATION The accompanying 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. For the period from April 1, 2017 through December 2019, the Trust Company was a wholly-owned subsidiary of the Bank. In December 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. In October 2020, the Trust Company issued an additional 500 shares of Trust Company stock with the exercise of 500 Trust Company stock options by the Trust Company's President and Chief Executive Officer. As a result of these transactions, the Bank's ownership in the Trust Company decreased from 100% to 97.8%, resulting in a noncontrolling interest. The noncontrolling interest was $152,000 as of December 31, 2020, and net income attributable to the noncontrolling interest was $3,000 and $8,000 for the three and nine months ended December 31, 2020, respectively. These amounts are not presented separately in the accompanying consolidated financial statements due to their insignificance.

STOCK PLANS AND STOCK-BASED COM

STOCK PLANS AND STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2020
STOCK PLANS AND STOCK-BASED COMPENSATION
STOCK PLANS AND STOCK-BASED COMPENSATION	3. STOCK PLANS AND STOCK-BASED COMPENSATION Stock Option Plans - 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”. 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, considering 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 nine months ended December 31, 2020 and 2019. As of December 31, 2020, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense related to stock options granted under the Stock Option Plans. There was no stock-based compensation expense related to stock options for the nine months ended December 31, 2020 and 2019 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, 2020 December 31, 2019 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 43,332 $ 2.69 101,332 $ 3.26 Options exercised (14,000) 2.49 (58,000) 3.69 Balance, end of period 29,332 2.78 43,332 2.69 The following table presents information on stock options outstanding, less estimated forfeitures, as of December 31, 2020 and 2019: 2020 2019 Stock options fully vested and expected to vest: Number 29,332 43,332 Weighted average exercise price $ 2.78 $ 2.69 Aggregate intrinsic value (1) $ 73,000 $ 239,000 Weighted average contractual term of options (years) 2.54 3.05 Stock options fully vested and currently exercisable: Number 29,332 43,332 Weighted average exercise price $ 2.78 $ 2.69 Aggregate intrinsic value (1) $ 73,000 $ 239,000 Weighted average contractual term of options (years) 2.54 3.05 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s stock. The total intrinsic value of stock options exercised was $41,000 and $238,000 for the nine months ended December 31, 2020 and 2019, respectively, under the Stock Option Plans. During the nine months ended December 31, 2019, the Company granted 82,673 shares of restricted stock pursuant to the 2017 Plan of which vesting for 49,298 shares of restricted stock were time based and vesting for 33,375 shares of restricted stock were performance based subject to attaining certain performance metrics. The Company cancelled 7,913 shares of performance-based restricted stock during the nine months ended December 31, 2020 due to not achieving the underlying performance metrics. During the nine months ended December 31, 2020, the Company granted 90,763 shares of restricted stock pursuant to the 2017 Plan of which vesting for 19,453 shares of restricted stock were time based and vesting for 71,310 shares of restricted stock were performance based subject to attaining certain performance metrics. Any potential cancellations of the 71,310 shares of performance-based restricted stock due to not achieving performance metrics will be determined at the end of fiscal year 2021. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the date of grant. The related stock-based compensation expense is recorded over the requisite service period. Stock-based compensation related to restricted stock grants was $84,000 and $57,000 for the three months ended December 31, 2020 and 2019, respectively. Stock-based compensation related to restricted stock grants was $268,000 and $284,000 for the nine months ended December 31, 2020 and 2019, respectively. The unrecognized stock-based compensation related to restricted stock was $432,000 at December 31, 2020. The weighted average vesting period for the restricted stock was 1.87 years at December 31, 2020. The following table presents the activity related to restricted stock for the nine months ended December 31, 2020: 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 49,298 $ 8.35 33,375 $ 8.35 82,673 $ 8.35 Granted 19,453 4.17 71,310 4.17 90,763 4.17 Forfeited — — — — — — Vested (23,135) 8.35 — — (23,135) 8.35 Cancelled — — (7,913) 8.35 (7,913) 8.35 Balance, end of period 45,616 6.57 96,772 5.27 142,388 5.69 Trust Company Stock Options – At December 31, 2020 and 2019, there were 500 and 1,000 Trust Company stock options outstanding, respectively, which had been granted to the President and Chief Executive Officer of the Trust Company. During the three and nine months ended December 31, 2020 and 2019, the Trust Company incurred $11,000 and $33,000, respectively of stock-based compensation expense related to these options.During the three and nine months ended December 31, 2020, 500 Trust Company stock options were exercised. During the three and nine months ended December 31, 2019, 1,500 Trust Company stock options were exercised. There were no Trust Company stock options granted during the nine months ended December 31, 2020 and 2019. Unrecognized compensation expense related to the Trust Company stock options totaled $11,000 as of December 31, 2020.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2020
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. Nonvested shares of restricted stock are included in the computation of basic EPS because the holder has voting rights and shares in non-forfeitable dividends during the vesting period. 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. For the three and nine months ended December 31, 2020 and 2019, there were no stock options excluded in computing diluted EPS. In February 2020, the Company’s Board of Directors adopted a stock repurchase program (the “repurchase program”). Under the repurchase program, the Company may repurchase up to 500,000 shares of the Company’s outstanding shares of common stock, in the open market based on prevailing market prices, or in private negotiated transactions, during the period from March 12, 2020 until the earlier of the completion of the repurchase of 500,000 shares of the Company’s common stock or the next nine months, depending on market conditions. As of April 17, 2020, the Company had repurchased the 500,000 shares under the repurchase program at an average price of $4.89 per share. The Company did not repurchase any shares of its common stock during the fiscal year ended March 31, 2019 or any interim period within that fiscal year. 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, 2020 2019 2020 2019 Basic EPS computation: Numerator-net income $ 4,035,000 $ 4,128,000 $ 7,058,000 $ 12,854,000 Denominator-weighted average common shares outstanding 22,320,699 22,748,385 22,279,774 22,701,806 Basic EPS $ 0.18 $ 0.18 $ 0.32 $ 0.57 Diluted EPS computation: Numerator-net income $ 4,035,000 $ 4,128,000 $ 7,058,000 $ 12,854,000 Denominator-weighted average common shares outstanding 22,320,699 22,748,385 22,279,774 22,701,806 Effect of dilutive stock options 16,945 27,808 17,053 39,846 Weighted average common shares and common stock equivalents 22,337,644 22,776,193 22,296,827 22,741,652 Diluted EPS $ 0.18 $ 0.18 $ 0.32 $ 0.57

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Dec. 31, 2020
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, 2020 Available for sale: Municipal securities $ 22,201 $ 494 $ (10) $ 22,685 Agency securities 11,001 8 (20) 10,989 Real estate mortgage investment conduits (1) 44,905 657 (79) 45,483 Residential mortgage-backed securities (1) 42,809 1,286 — 44,095 Other mortgage-backed securities (2) 28,977 1,048 (58) 29,967 Total available for sale $ 149,893 $ 3,493 $ (167) $ 153,219 Held to maturity: Municipal securities $ 6,009 $ 136 $ (32) $ 6,113 Agency securities 7,700 2 (8) 7,694 Real estate mortgage investment conduits (1) 9,324 9 (7) 9,326 Residential mortgage-backed securities (3) 6,295 10 (41) 6,264 Other mortgage-backed securities (2) 4,097 — — 4,097 Total held to maturity $ 33,425 $ 157 $ (88) $ 33,494 March 31, 2020 Available for sale: Municipal securities $ 4,740 $ 137 $ — $ 4,877 Agency securities 6,009 17 (10) 6,016 Real estate mortgage investment conduits (1) 42,663 1,128 — 43,791 Residential mortgage-backed securities (1) 58,700 1,415 (30) 60,085 Other mortgage-backed securities (2) 33,417 256 (151) 33,522 Total available for sale $ 145,529 $ 2,953 $ (191) $ 148,291 Held to maturity: Residential mortgage-backed securities (3) $ 28 $ — $ — $ 28 (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, 2020 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 $ — $ — $ — $ — Due after one year through five years 6,618 6,732 20 20 Due after five years through ten years 37,163 37,932 8,600 8,599 Due after ten years 106,112 108,555 24,805 24,875 Total $ 149,893 $ 153,219 $ 33,425 $ 33,494 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, 2020 Available for sale: Municipal securities $ 1,886 $ (10) $ — $ — $ 1,886 $ (10) Agency securities 5,975 (20) — — 5,975 (20) Real estate mortgage investment conduits (1) 15,540 (79) — — 15,540 (79) Other mortgage-backed securities (2) — — 2,316 (58) 2,316 (58) Total available for sale $ 23,401 $ (109) $ 2,316 $ (58) $ 25,717 $ (167) Held to maturity: Municipal securities $ 2,278 $ (32) $ — $ — $ 2,278 $ (32) Agency securities 6,193 (8) — — 6,193 (8) Real estate mortgage investment conduits (3) 3,104 (7) — — 3,104 (7) Residential mortgage-backed securities (4) 3,130 (41) — — 3,130 (41) Total held to maturity $ 14,705 $ (88) $ — $ — $ 14,705 $ (88) March 31, 2020 Available for sale: Agency securities $ 1,998 $ (10) $ — $ — $ 1,998 $ (10) Residential mortgage-backed securities (5) 2,509 (22) 409 (8) 2,918 (30) Other mortgage-backed securities (6) 11,726 (58) 4,911 (93) 16,637 (151) Total available for sale $ 16,233 $ (90) $ 5,320 $ (101) $ 21,553 $ (191) (1) Comprised of FHLMC, FNMA and GNMA issued securities. (2) Comprised of SBA issued securities. (3) Comprised of FHLMC issued securities. (4) Comprised of FNMA issued securities. (5) Comprised of FHLMC and FNMA issued securities. (6) Comprised of SBA 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. The Company has the ability and intent to hold the investments until the fair value recovers. Based on management’s evaluation and intent, the unrealized losses related to the investment securities in the above tables are considered temporary. The Company had no sales and realized no gains or losses on sales of investment securities for the three and nine months ended December 31, 2020.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. Investment securities available for sale with an amortized cost of $5.7 million and $6.6 million and an estimated fair value of $5.8 million and $6.8 million at December 31, 2020 and March 31, 2020, 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, 2020 and March 31, 2020.

LOANS RECEIVABLE

LOANS RECEIVABLE	9 Months Ended
	Dec. 31, 2020
LOANS RECEIVABLE
LOANS RECEIVABLE	6. LOANS RECEIVABLE Loans receivable are reported net of deferred loan fees. At December 31, 2020, deferred loan fees totaled $5.4 million of which $1.6 million were related to the SBA’s Paycheck Protection Program (“PPP”) loans. At March 31, 2020, deferred loan fees totaled $4.1 million of which there were no deferred loan fees related to SBA PPP loans. Loans receivable are also reported net of discounts and premiums totaling $813,000 and $1.1 million, respectively, as of December 31, 2020, compared to $1.1 million and $1.5 million, respectively, as of March 31, 2020. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): December 31, March 31, 2020 2020 Commercial and construction Commercial business (1) $ 252,687 $ 179,029 Commercial real estate 541,417 507,871 Land 12,126 14,026 Multi-family 42,166 58,374 Real estate construction 16,922 64,843 Total commercial and construction 865,318 824,143 Consumer Real estate one-to-four family 63,621 83,150 Other installment 2,529 4,216 Total consumer 66,150 87,366 Total loans 931,468 911,509 Less: Allowance for loan losses 19,192 12,624 Loans receivable, net $ 912,276 $ 898,885 (1) SBA PPP loans totaled $80.8 million and none at December 31, 2020 and March 31, 2020, 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, 2020, loans carried at $488.6 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. Substantially all 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, 2020 and March 31, 2020, 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, 2020
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 a detailed analysis of individual loans for which full collectability may not be assured. The detailed analysis includes techniques to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are considered impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value (less estimated selling costs, if applicable) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans based on the Company’s risk rating system and historical loss experience adjusted for qualitative factors. The Company calculates its historical loss rates using the average of the last four quarterly 24-month periods. The Company calculates and applies its historical loss rates by individual loan types in its loan portfolio. These historical loss rates are adjusted for qualitative and environmental factors. An unallocated component is maintained to cover uncertainties that the Company believes have resulted in incurred losses that have not yet been allocated to specific elements of the general and specific components of the allowance for loan losses. Such factors include uncertainties in economic conditions, uncertainties in identifying triggering events that directly correlate to subsequent loss rates, changes in appraised value of underlying collateral, risk factors that have not yet manifested themselves in loss allocation factors and historical loss experience data that may not precisely correspond to the current loan portfolio or economic conditions. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the loan portfolio. The appropriate allowance level is estimated based upon factors and trends identified by the Company as of the date of the filing of the consolidated financial statements. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for loan losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; and/or the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement. 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, 2020 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 2,180 $ 13,209 $ 245 $ 745 $ 720 $ 1,155 $ 612 $ 18,866 Provision for (recapture of) loan losses 286 181 (43) (121) (198) (137) 32 — Charge-offs — — — — — (15) — (15) Recoveries — 332 — — — 9 — 341 Ending balance $ 2,466 13,722 202 624 522 1,012 644 19,192 Nine months ended December 31, 2020 Beginning balance $ 2,008 $ 6,421 $ 230 $ 854 $ 1,149 $ 1,363 $ 599 $ 12,624 Provision for (recapture of) loan losses 448 6,969 (28) (230) (627) (277) 45 6,300 Charge-offs — — — — — (103) — (103) Recoveries 10 332 — — — 29 — 371 Ending balance $ 2,466 13,722 202 624 522 1,012 644 19,192 Three months ended December 31, 2019 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 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, 2020 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 2,466 $ 2,466 $ 125 $ 252,562 $ 252,687 Commercial real estate — 13,722 13,722 1,483 539,934 541,417 Land — 202 202 714 11,412 12,126 Multi-family — 624 624 1,157 41,009 42,166 Real estate construction — 522 522 — 16,922 16,922 Consumer 13 999 1,012 539 65,611 66,150 Unallocated — 644 644 — — — Total $ 13 $ 19,179 $ 19,192 $ 4,018 $ 927,450 $ 931,468 March 31, 2020 Commercial business $ — $ 2,008 $ 2,008 $ 139 $ 178,890 $ 179,029 Commercial real estate — 6,421 6,421 2,378 505,493 507,871 Land — 230 230 714 13,312 14,026 Multi-family — 854 854 1,549 56,825 58,374 Real estate construction — 1,149 1,149 — 64,843 64,843 Consumer 12 1,351 1,363 432 86,934 87,366 Unallocated — 599 599 — — — Total $ 12 $ 12,612 $ 12,624 $ 5,212 $ 906,297 $ 911,509 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 $42,000 and $57,000 for the nine months ended December 31, 2020 and 2019, 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, 2020 Past Due Past Due Non-accrual Non- accrual Current Receivable Commercial business $ 31 $ — $ 187 $ 218 $ 252,469 $ 252,687 Commercial real estate — — 149 149 541,268 541,417 Land — — — — 12,126 12,126 Multi-family — — — — 42,166 42,166 Real estate construction — — — — 16,922 16,922 Consumer 297 — 57 354 65,796 66,150 Total $ 328 $ — $ 393 $ 721 $ 930,747 $ 931,468 March 31, 2020 Commercial business $ — $ — $ 201 $ 201 $ 178,828 $ 179,029 Commercial real estate — — 1,014 1,014 506,857 507,871 Land — — — — 14,026 14,026 Multi-family — — — — 58,374 58,374 Real estate construction — — — — 64,843 64,843 Consumer 271 — 180 451 86,915 87,366 Total $ 271 $ — $ 1,395 $ 1,666 $ 909,843 $ 911,509 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, 2020 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 251,761 $ 739 $ 187 $ — $ — $ 252,687 Commercial real estate 494,631 43,072 3,714 — — 541,417 Land 12,126 — — — — 12,126 Multi-family 42,093 49 24 — — 42,166 Real estate construction 14,301 2,621 — — — 16,922 Consumer 66,093 — 57 — — 66,150 Total $ 881,005 $ 46,481 $ 3,982 $ — $ — $ 931,468 March 31, 2020 Commercial business $ 177,399 $ 1,282 $ 348 $ — $ — $ 179,029 Commercial real estate 506,794 63 1,014 — — 507,871 Land 14,026 — — — — 14,026 Multi-family 58,295 45 34 — — 58,374 Real estate construction 64,843 — — — — 64,843 Consumer 87,186 — 180 — — 87,366 Total $ 908,543 $ 1,390 $ 1,576 $ — $ — $ 911,509 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, 2020 Commercial business $ 125 $ — $ 125 $ 161 $ — Commercial real estate 1,483 — 1,483 1,578 — Land 714 — 714 745 — Multi-family 1,157 — 1,157 1,257 — Consumer 283 256 539 656 13 Total $ 3,762 $ 256 $ 4,018 $ 4,397 $ 13 March 31, 2020 Commercial business $ 139 $ — $ 139 $ 170 $ — Commercial real estate 2,378 — 2,378 3,405 — Land 714 — 714 748 — Multi-family 1,549 — 1,549 1,662 — Consumer 295 137 432 543 12 Total $ 5,075 $ 137 $ 5,212 $ 6,528 $ 12 Three months ended Three months ended December 31, 2020 December 31, 2019 Average Interest Average Interest Recorded Recognized on Recorded Recognized on Investment Impaired Loans Investment Impaired Loans Commercial business $ 127 $ — $ 147 $ — Commercial real estate 1,916 15 2,401 16 Land 714 10 718 10 Multi-family 1,355 21 1,567 22 Consumer 542 8 443 7 Total $ 4,654 $ 54 $ 5,276 $ 55 Nine months ended Nine months ended December 31, 2020 December 31, 2019 Average Interest Average Interest Recorded Recognized on Recorded Recognized on Investment Impaired Loans Investment Impaired Loans Commercial business $ 132 $ — $ 152 $ — Commercial real estate 2,143 46 2,431 47 Land 714 30 722 30 Multi-family 1,453 65 1,579 68 Consumer 485 23 509 21 Total $ 4,927 $ 164 $ 5,393 $ 166 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, 2020 March 31, 2020 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ — $ 125 $ 125 $ — $ 139 $ 139 Commercial real estate 1,334 149 1,483 1,364 1,014 2,378 Land 714 — 714 714 — 714 Multi-family 1,157 — 1,157 1,549 — 1,549 Consumer 539 — 539 432 — 432 Total $ 3,744 $ 274 $ 4,018 $ 4,059 $ 1,153 $ 5,212 At December 31, 2020, the Company had no commitments to lend additional funds on TDR loans. At December 31, 2020, all of the Company’s TDRs were paying as agreed. There were no new TDRs for the three months ended December 31, 2020. There was one new TDR for the nine months ended December 31, 2020. The new TDR is a consumer real estate loan secured by a one-to-four family property located in Northwest Oregon whereby the Company granted a three month payment deferral which extended the maturity date by three months. The recorded investment in the loan prior to modification and at December 31, 2020 was $129,000. 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. This TDR is a consumer real estate loan secured by a one-to-four 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. In March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. The CARES Act, CAA 2021 and related regulatory guidance provides that a short-term modification made in response to COVID-19 and which meets certain criteria does not need to be accounted for as a TDR. This includes short-term (e.g. nine months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Accordingly, the Company does not account for such loan modifications as TDRs. For additional information on these loan modifications, see Note 12 – New Accounting Pronouncements and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations- Recent Developments Related to COVID-19-Loan Modifications.” 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 nine 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, 2020
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, 2020 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, including as a result of the effects of the COVID-19 pandemic as well as its impact on the financial markets and economy and the Company’s common stock price and market capitalization. Any impairment charge could have a material adverse effect on our results of operations and financial condition. However, such an impairment would not impact the Company’s liquidity, operations or regulatory capital.

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES	9 Months Ended
	Dec. 31, 2020
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES	9. FEDERAL HOME LOAN BANK ADVANCES The Bank did not have any outstanding FHLB advances as of December 31, 2020 or March 31, 2020. During the nine months ended December 31, 2020, all outstanding FHLB advances were paid off and the weighted average interest rate on the borrowing activity related to FHLB advances was 0.31% for the nine months ended December 31, 2020. During the twelve months ended March 31, 2020, all outstanding FHLB advances were paid off and the weighted average interest rate on the borrowing activity related to FHLB advances was 2.54% for the twelve months ended March 31, 2020. The Bank has a credit line with the FHLB equal to 45% of total assets, limited by available collateral. At December 31, 2020, based on collateral values, the Bank had additional borrowing capacity of $224.9 million from the FHLB. FHLB advances are collateralized with the FHLB by certain investment and mortgage-backed securities, FHLB stock owned by the Bank, deposits with the FHLB, and certain mortgages on deeds of trust securing such properties as provided in the agreements with the FHLB. At December 31, 2020, loans carried at $382.6 million were pledged as collateral to the FHLB.

JUNIOR SUBORDINATED DEBENTURES

JUNIOR SUBORDINATED DEBENTURES	9 Months Ended
	Dec. 31, 2020
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES	10. JUNIOR SUBORDINATED DEBENTURES The Company has wholly-owned subsidiary grantor trusts that were established for the purpose of issuing trust preferred securities and common securities. The trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in each trust agreement. The trusts used the net proceeds from each of the offerings to purchase a like amount of junior subordinated debentures (the “Debentures”) of the Company. The Debentures are the sole assets of the trusts. The Company’s obligations under the Debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon maturity of the Debentures or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole or in part on or after specific dates, at a redemption price specified in the indentures governing the Debentures plus any accrued but unpaid interest to the redemption date. The Company also has the right to defer the payment of interest on each of the Debentures for a period not to exceed 20 consecutive quarters, provided that the deferral period does not extend beyond the stated maturity. During such deferral period, distributions on the corresponding trust preferred securities will also be deferred and the Company may not pay cash dividends to the holders of shares of the Company’s common stock. The Debentures issued by the Company to the grantor trusts, totaling $26.7 million at both December 31, 2020 and March 31, 2020, 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, 2020 and March 31, 2020, is included in prepaid expenses and other assets in the consolidated balance sheets. The Company records interest expense on the Debentures in the consolidated statements of income. The following table is a summary of the terms and the amounts outstanding of the Debentures at December 31, 2020 (dollars in thousands): Issuance Amount Rate Initial Current Maturity Issuance Trust Date Outstanding Type Rate Rate Date Riverview Bancorp Statutory Trust I 12/2005 $ 7,217 Variable (1) % % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) % % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) % % 6/2033 27,836 Fair value adjustment (4) (1,110) Total Debentures $ 26,726 (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 a prior year’s business combination.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Dec. 31, 2020
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, 2020 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 22,685 $ — $ 22,685 $ — Agency securities 10,989 — 10,989 — Real estate mortgage investment conduits 45,483 — 45,483 — Residential mortgage-backed securities 44,095 — 44,095 — Other mortgage-backed securities 29,967 — 29,967 — Total assets measured at fair value on a recurring basis $ 153,219 $ — $ 153,219 $ — March 31, 2020 Investment securities available for sale: Municipal securities $ 4,877 $ — $ 4,877 $ — Agency securities 6,016 — 6,016 — Real estate mortgage investment conduits 43,791 — 43,791 — Residential mortgage-backed securities 60,085 — 60,085 — Other mortgage-backed securities 33,522 — 33,522 — Total assets measured at fair value on a recurring basis $ 148,291 $ — $ 148,291 $ — There were no transfers of assets into or out of Levels 1, 2 or 3 for the nine months ended December 31, 2020 and the year ended March 31, 2020. 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, 2020 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 243 $ — $ — $ 243 March 31, 2020 Impaired loans $ 125 $ — $ — $ 125 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at December 31, 2020 and March 31, 2020: Valuation Technique Significant Unobservable Inputs Range Impaired loans Appraised value Adjustment for market conditions N/A (1) Discounted cash flows Discount rate 5.375% - 8.00% (1) There were no adjustments to appraised values of impaired loans as of December 31, 2020 and March 31, 2020. 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, 2020 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 235,834 $ 235,834 $ — $ — $ 235,834 Certificates of deposit held for investment 249 — 263 — 263 Investment securities available for sale 153,219 — 153,219 — 153,219 Investment securities held to maturity 33,425 — 33,494 — 33,494 Loans receivable, net 912,276 — — 902,606 902,606 FHLB stock 1,420 — 1,420 — 1,420 Liabilities: Certificates of deposit 127,829 — 129,217 — 129,217 Junior subordinated debentures 26,726 — — 12,782 12,782 March 31, 2020 Assets: Cash and cash equivalents $ 41,968 $ 41,968 $ — $ — $ 41,968 Certificates of deposit held for investment 249 — 258 — 258 Loans held for sale 275 — 275 — 275 Investment securities available for sale 148,291 — 148,291 — 148,291 Investment securities held to maturity 28 — 28 — 28 Loans receivable, net 898,885 — — 889,398 889,398 FHLB stock 1,420 — 1,420 — 1,420 Liabilities: Certificates of deposit 134,941 — 136,997 — 136,997 Junior subordinated debentures 26,662 — — 12,127 12,127 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, 2020
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	12. NEW ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 SEC “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 management's 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, 2022. 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 December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing, among other things (1) the exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items, and (2) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 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. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 applies to contracts, hedging relationships and other transactions that reference LIBOR or other rate references expected to be discontinued because of reference rate reform. ASU 2020-04 permits an entity to make necessary modifications to eligible contracts or transactions without requiring contract remeasurement or reassessment of a previous accounting determination. The Company's current interest rates on its junior subordinated debentures are based upon the three-month LIBOR plus a spread. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has not adopted ASU 2020-04 as of December 31, 2020. The adoption of ASU 2020-04 is not expected to have a material impact on the Company's future consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, "Receivables - Nonrefundable Fees and Other Costs" ("ASU 2020-08"). ASU 2020-08 clarifies that the Company should reevaluate whether a callable debt security is within the scope of paragraph FASB Accounting Standards Codification ("ASC") 310-20-35-33 for each reporting period. ASU 2020-08 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of ASU 2020-08 is not expected to have a material impact on the Company's future consolidated financial statements. The CARES Act, signed into law on March 27, 2020, and the CAA 2021, signed into law on December 27, 2020, which extended the CARES Act treatment of TDRs, amended GAAP with respect to the modification of loans to borrowers affected by the COVID-19 pandemic. Among other criteria, this guidance provided that short-term loan modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g., nine months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. To qualify as an eligible loan under the CARES Act, a loan modification must be (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the national emergency by the President or (b) January 1, 2022. As of December 31, 2020, the Company’s modifications totaled eight loans related to the COVID-19 pandemic with an outstanding loan balance, net of deferred fees, totaling $26.6 million. Loan modifications in accordance with the CARES Act are still subject to an evaluation in regard to determining whether or not a loan is deemed to be impaired.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Dec. 31, 2020
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. 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 earned at a point in time 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 interchange 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, net disaggregated by type of service for the periods shown (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2020 2019 2020 2019 Asset management fees $ 889 $ 1,136 $ 2,746 $ 3,369 Debit card and ATM fees 771 758 2,287 2,403 Deposit related fees 392 559 1,143 1,691 Loan related fees 357 202 886 474 BOLI (1) 193 188 625 585 Net gains on sales of loans held for sale (1) — 68 28 210 FHLMC loan servicing fees (1) 23 31 72 113 Other, net 187 221 467 623 Total non-interest income $ 2,812 $ 3,163 $ 8,254 $ 9,468 (1 ) Not within the scope of ASC 606 For the three and nine months ended December 31, 2020 and 2019, substantially all of the Company’s revenues within the scope of ASC 606 are for performance obligations satisfied at a point in time. 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 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 business 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, 2020, 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, 2020
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, 2020 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 10,915 Fixed-rate 11,721 Standby letters of credit 2,034 Undisbursed loan funds and unused lines of credit 122,467 Total $ 147,137 At December 31, 2020, the Company had no commitments to sell residential loans to the FHLMC. 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, 2020, loans under warranty totaled $71.8 million, which substantially represents the unpaid principal balance of the Company’s loans serviced for the FHLMC. At December 31, 2020, the Company had no commitments to sell residential loans to the FHLMC as the Company has transitioned to a model where mortgage loan originations are brokered to third-party mortgage companies. The Company believes that the potential for loss under these arrangements is remote. At December 31, 2020, 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, 2020 and 2019. 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, 2020
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 also obligated under various noncancelable operating lease agreements for land, buildings and equipment that require future minimum rental payments. For operating each lease, the Company records an operating lease right-of-use asset (representing the right to use the underlying asset for the lease term) and an operating lease liability (representing the obligation to make lease payments required under the terms of the lease). Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate – derived from information available at the lease commencement date – as the discount rate when determining the present value of lease 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 include 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 842 effective April 1, 2019, which required the Company to record in the consolidated balance sheet operating lease right-of-use assets and operating lease liabilities for leases with an initial term of more than 12 months that existed as of April 1, 2019. The periods prior to the date of adoption are accounted for under superseded ASC 840; therefore, the following disclosures include only the period for which ASC 842 was effective. The table below presents the lease right-of-use assets and lease liabilities recorded in the consolidated balance sheet for the periods indicated (in thousands): December 31, March 31, Classification in the Leases 2020 2020 consolidated balance sheets Finance lease ROU assets $ 1,451 $ 1,508 Financing lease ROU assets Finance lease liability $ 2,340 $ 2,369 Finance lease liability Finance lease remaining lease term years years Finance lease discount rate 7.16 % 7.16 % Operating lease ROU assets $ 8,785 $ 3,949 Prepaid expenses and other assets Operating lease liabilities $ 9,209 $ 4,046 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term years years Operating lease weighted-average discount rate 1.84 % 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 Lease Costs December 31, 2020 December 31, 2020 Finance lease amortization of right-of-use asset $ 19 $ 57 Finance lease interest on lease liability 42 127 Operating lease costs 297 948 Variable lease costs 52 157 Total lease cost (1) $ 410 $ 1,289 (1) income related to sub-lease activity is not significant and not presented herein. Three months ended Nine months ended Lease Costs December 31, 2019 December 31, 2019 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 $339,000 and $1.1 million for the three and nine months ended December 31, 2020, respectively, compared to $409,000 and $1.3 million for the three and nine months ended December 31, 2019, respectively. During the three months ended December 31, 2020, the Company did not record any lease right-of-use assets that were exchanged for operating lease liabilities. During the nine months ended December 31, 2020, the Company recorded operating lease right-of-use assets that were exchanged for operating lease liabilities of $5.8 million, respectively. The Company did not record any operating lease right-of-use assets that were exchanged for operating lease liabilities during the three and nine months ended December 31, 2019. The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s operating lease liabilities as of December 31, 2020 (in thousands): Year Ending March 31: Operating Leases Finance Lease Remaining of 2021 $ 346 $ 53 2022 1,374 212 2023 1,200 215 2024 1,216 219 2025 1,218 222 Thereafter 4,555 3,400 Total minimum lease payments 9,909 4,321 Less: amount of lease payment representing interest (700) (1,981) Lease liabilities $ 9,209 $ 2,340

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Dec. 31, 2020
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, 2020 (“2020 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2020 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2021. 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 shareholders’ equity.
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The accompanying 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. For the period from April 1, 2017 through December 2019, the Trust Company was a wholly-owned subsidiary of the Bank. In December 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. In October 2020, the Trust Company issued an additional 500 shares of Trust Company stock with the exercise of 500 Trust Company stock options by the Trust Company's President and Chief Executive Officer. As a result of these transactions, the Bank's ownership in the Trust Company decreased from 100% to 97.8%, resulting in a noncontrolling interest. The noncontrolling interest was $152,000 as of December 31, 2020, and net income attributable to the noncontrolling interest was $3,000 and $8,000 for the three and nine months ended December 31, 2020, respectively. These amounts are not presented separately in the accompanying consolidated financial statements due to their insignificance.
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 SEC “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 management's 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, 2022. 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 December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing, among other things (1) the exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items, and (2) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 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. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 applies to contracts, hedging relationships and other transactions that reference LIBOR or other rate references expected to be discontinued because of reference rate reform. ASU 2020-04 permits an entity to make necessary modifications to eligible contracts or transactions without requiring contract remeasurement or reassessment of a previous accounting determination. The Company's current interest rates on its junior subordinated debentures are based upon the three-month LIBOR plus a spread. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has not adopted ASU 2020-04 as of December 31, 2020. The adoption of ASU 2020-04 is not expected to have a material impact on the Company's future consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, "Receivables - Nonrefundable Fees and Other Costs" ("ASU 2020-08"). ASU 2020-08 clarifies that the Company should reevaluate whether a callable debt security is within the scope of paragraph FASB Accounting Standards Codification ("ASC") 310-20-35-33 for each reporting period. ASU 2020-08 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of ASU 2020-08 is not expected to have a material impact on the Company's future consolidated financial statements. The CARES Act, signed into law on March 27, 2020, and the CAA 2021, signed into law on December 27, 2020, which extended the CARES Act treatment of TDRs, amended GAAP with respect to the modification of loans to borrowers affected by the COVID-19 pandemic. Among other criteria, this guidance provided that short-term loan modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g., nine months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. To qualify as an eligible loan under the CARES Act, a loan modification must be (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the national emergency by the President or (b) January 1, 2022. As of December 31, 2020, the Company’s modifications totaled eight loans related to the COVID-19 pandemic with an outstanding loan balance, net of deferred fees, totaling $26.6 million. Loan modifications in accordance with the CARES Act are still subject to an evaluation in regard to determining whether or not a loan is deemed to be impaired.

STOCK PLANS AND STOCK-BASED C_2

STOCK PLANS AND STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 43,332 $ 2.69 101,332 $ 3.26 Options exercised (14,000) 2.49 (58,000) 3.69 Balance, end of period 29,332 2.78 43,332 2.69
Schedule of information on stock options outstanding under the Stock Option Plans	2020 2019 Stock options fully vested and expected to vest: Number 29,332 43,332 Weighted average exercise price $ 2.78 $ 2.69 Aggregate intrinsic value (1) $ 73,000 $ 239,000 Weighted average contractual term of options (years) 2.54 3.05 Stock options fully vested and currently exercisable: Number 29,332 43,332 Weighted average exercise price $ 2.78 $ 2.69 Aggregate intrinsic value (1) $ 73,000 $ 239,000 Weighted average contractual term of options (years) 2.54 3.05 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 for the nine months ended December 31, 2020: 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 49,298 $ 8.35 33,375 $ 8.35 82,673 $ 8.35 Granted 19,453 4.17 71,310 4.17 90,763 4.17 Forfeited — — — — — — Vested (23,135) 8.35 — — (23,135) 8.35 Cancelled — — (7,913) 8.35 (7,913) 8.35 Balance, end of period 45,616 6.57 96,772 5.27 142,388 5.69

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2020
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	Three Months Ended Nine Months Ended December 31, December 31, 2020 2019 2020 2019 Basic EPS computation: Numerator-net income $ 4,035,000 $ 4,128,000 $ 7,058,000 $ 12,854,000 Denominator-weighted average common shares outstanding 22,320,699 22,748,385 22,279,774 22,701,806 Basic EPS $ 0.18 $ 0.18 $ 0.32 $ 0.57 Diluted EPS computation: Numerator-net income $ 4,035,000 $ 4,128,000 $ 7,058,000 $ 12,854,000 Denominator-weighted average common shares outstanding 22,320,699 22,748,385 22,279,774 22,701,806 Effect of dilutive stock options 16,945 27,808 17,053 39,846 Weighted average common shares and common stock equivalents 22,337,644 22,776,193 22,296,827 22,741,652 Diluted EPS $ 0.18 $ 0.18 $ 0.32 $ 0.57

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Dec. 31, 2020
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, 2020 Available for sale: Municipal securities $ 22,201 $ 494 $ (10) $ 22,685 Agency securities 11,001 8 (20) 10,989 Real estate mortgage investment conduits (1) 44,905 657 (79) 45,483 Residential mortgage-backed securities (1) 42,809 1,286 — 44,095 Other mortgage-backed securities (2) 28,977 1,048 (58) 29,967 Total available for sale $ 149,893 $ 3,493 $ (167) $ 153,219 Held to maturity: Municipal securities $ 6,009 $ 136 $ (32) $ 6,113 Agency securities 7,700 2 (8) 7,694 Real estate mortgage investment conduits (1) 9,324 9 (7) 9,326 Residential mortgage-backed securities (3) 6,295 10 (41) 6,264 Other mortgage-backed securities (2) 4,097 — — 4,097 Total held to maturity $ 33,425 $ 157 $ (88) $ 33,494 March 31, 2020 Available for sale: Municipal securities $ 4,740 $ 137 $ — $ 4,877 Agency securities 6,009 17 (10) 6,016 Real estate mortgage investment conduits (1) 42,663 1,128 — 43,791 Residential mortgage-backed securities (1) 58,700 1,415 (30) 60,085 Other mortgage-backed securities (2) 33,417 256 (151) 33,522 Total available for sale $ 145,529 $ 2,953 $ (191) $ 148,291 Held to maturity: Residential mortgage-backed securities (3) $ 28 $ — $ — $ 28 (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, 2020 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 $ — $ — $ — $ — Due after one year through five years 6,618 6,732 20 20 Due after five years through ten years 37,163 37,932 8,600 8,599 Due after ten years 106,112 108,555 24,805 24,875 Total $ 149,893 $ 153,219 $ 33,425 $ 33,494
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, 2020 Available for sale: Municipal securities $ 1,886 $ (10) $ — $ — $ 1,886 $ (10) Agency securities 5,975 (20) — — 5,975 (20) Real estate mortgage investment conduits (1) 15,540 (79) — — 15,540 (79) Other mortgage-backed securities (2) — — 2,316 (58) 2,316 (58) Total available for sale $ 23,401 $ (109) $ 2,316 $ (58) $ 25,717 $ (167) Held to maturity: Municipal securities $ 2,278 $ (32) $ — $ — $ 2,278 $ (32) Agency securities 6,193 (8) — — 6,193 (8) Real estate mortgage investment conduits (3) 3,104 (7) — — 3,104 (7) Residential mortgage-backed securities (4) 3,130 (41) — — 3,130 (41) Total held to maturity $ 14,705 $ (88) $ — $ — $ 14,705 $ (88) March 31, 2020 Available for sale: Agency securities $ 1,998 $ (10) $ — $ — $ 1,998 $ (10) Residential mortgage-backed securities (5) 2,509 (22) 409 (8) 2,918 (30) Other mortgage-backed securities (6) 11,726 (58) 4,911 (93) 16,637 (151) Total available for sale $ 16,233 $ (90) $ 5,320 $ (101) $ 21,553 $ (191) (1) Comprised of FHLMC, FNMA and GNMA issued securities. (2) Comprised of SBA issued securities. (3) Comprised of FHLMC issued securities. (4) Comprised of FNMA issued securities. (5) Comprised of FHLMC and FNMA issued securities. (6) Comprised of SBA and CRE secured securities issued by FNMA.

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	9 Months Ended
	Dec. 31, 2020
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, 2020 2020 Commercial and construction Commercial business (1) $ 252,687 $ 179,029 Commercial real estate 541,417 507,871 Land 12,126 14,026 Multi-family 42,166 58,374 Real estate construction 16,922 64,843 Total commercial and construction 865,318 824,143 Consumer Real estate one-to-four family 63,621 83,150 Other installment 2,529 4,216 Total consumer 66,150 87,366 Total loans 931,468 911,509 Less: Allowance for loan losses 19,192 12,624 Loans receivable, net $ 912,276 $ 898,885 SBA PPP loans totaled $80.8 million and none at December 31, 2020 and March 31, 2020, respectively.

ALLOWANCE FOR LOAN LOSSES (Tabl

ALLOWANCE FOR LOAN LOSSES (Tables)	9 Months Ended
	Dec. 31, 2020
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, 2020 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 2,180 $ 13,209 $ 245 $ 745 $ 720 $ 1,155 $ 612 $ 18,866 Provision for (recapture of) loan losses 286 181 (43) (121) (198) (137) 32 — Charge-offs — — — — — (15) — (15) Recoveries — 332 — — — 9 — 341 Ending balance $ 2,466 13,722 202 624 522 1,012 644 19,192 Nine months ended December 31, 2020 Beginning balance $ 2,008 $ 6,421 $ 230 $ 854 $ 1,149 $ 1,363 $ 599 $ 12,624 Provision for (recapture of) loan losses 448 6,969 (28) (230) (627) (277) 45 6,300 Charge-offs — — — — — (103) — (103) Recoveries 10 332 — — — 29 — 371 Ending balance $ 2,466 13,722 202 624 522 1,012 644 19,192 Three months ended December 31, 2019 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
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, 2020 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 2,466 $ 2,466 $ 125 $ 252,562 $ 252,687 Commercial real estate — 13,722 13,722 1,483 539,934 541,417 Land — 202 202 714 11,412 12,126 Multi-family — 624 624 1,157 41,009 42,166 Real estate construction — 522 522 — 16,922 16,922 Consumer 13 999 1,012 539 65,611 66,150 Unallocated — 644 644 — — — Total $ 13 $ 19,179 $ 19,192 $ 4,018 $ 927,450 $ 931,468 March 31, 2020 Commercial business $ — $ 2,008 $ 2,008 $ 139 $ 178,890 $ 179,029 Commercial real estate — 6,421 6,421 2,378 505,493 507,871 Land — 230 230 714 13,312 14,026 Multi-family — 854 854 1,549 56,825 58,374 Real estate construction — 1,149 1,149 — 64,843 64,843 Consumer 12 1,351 1,363 432 86,934 87,366 Unallocated — 599 599 — — — Total $ 12 $ 12,612 $ 12,624 $ 5,212 $ 906,297 $ 911,509
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, 2020 Past Due Past Due Non-accrual Non- accrual Current Receivable Commercial business $ 31 $ — $ 187 $ 218 $ 252,469 $ 252,687 Commercial real estate — — 149 149 541,268 541,417 Land — — — — 12,126 12,126 Multi-family — — — — 42,166 42,166 Real estate construction — — — — 16,922 16,922 Consumer 297 — 57 354 65,796 66,150 Total $ 328 $ — $ 393 $ 721 $ 930,747 $ 931,468 March 31, 2020 Commercial business $ — $ — $ 201 $ 201 $ 178,828 $ 179,029 Commercial real estate — — 1,014 1,014 506,857 507,871 Land — — — — 14,026 14,026 Multi-family — — — — 58,374 58,374 Real estate construction — — — — 64,843 64,843 Consumer 271 — 180 451 86,915 87,366 Total $ 271 $ — $ 1,395 $ 1,666 $ 909,843 $ 911,509
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, 2020 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 251,761 $ 739 $ 187 $ — $ — $ 252,687 Commercial real estate 494,631 43,072 3,714 — — 541,417 Land 12,126 — — — — 12,126 Multi-family 42,093 49 24 — — 42,166 Real estate construction 14,301 2,621 — — — 16,922 Consumer 66,093 — 57 — — 66,150 Total $ 881,005 $ 46,481 $ 3,982 $ — $ — $ 931,468 March 31, 2020 Commercial business $ 177,399 $ 1,282 $ 348 $ — $ — $ 179,029 Commercial real estate 506,794 63 1,014 — — 507,871 Land 14,026 — — — — 14,026 Multi-family 58,295 45 34 — — 58,374 Real estate construction 64,843 — — — — 64,843 Consumer 87,186 — 180 — — 87,366 Total $ 908,543 $ 1,390 $ 1,576 $ — $ — $ 911,509
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, 2020 Commercial business $ 125 $ — $ 125 $ 161 $ — Commercial real estate 1,483 — 1,483 1,578 — Land 714 — 714 745 — Multi-family 1,157 — 1,157 1,257 — Consumer 283 256 539 656 13 Total $ 3,762 $ 256 $ 4,018 $ 4,397 $ 13 March 31, 2020 Commercial business $ 139 $ — $ 139 $ 170 $ — Commercial real estate 2,378 — 2,378 3,405 — Land 714 — 714 748 — Multi-family 1,549 — 1,549 1,662 — Consumer 295 137 432 543 12 Total $ 5,075 $ 137 $ 5,212 $ 6,528 $ 12 Three months ended Three months ended December 31, 2020 December 31, 2019 Average Interest Average Interest Recorded Recognized on Recorded Recognized on Investment Impaired Loans Investment Impaired Loans Commercial business $ 127 $ — $ 147 $ — Commercial real estate 1,916 15 2,401 16 Land 714 10 718 10 Multi-family 1,355 21 1,567 22 Consumer 542 8 443 7 Total $ 4,654 $ 54 $ 5,276 $ 55 Nine months ended Nine months ended December 31, 2020 December 31, 2019 Average Interest Average Interest Recorded Recognized on Recorded Recognized on Investment Impaired Loans Investment Impaired Loans Commercial business $ 132 $ — $ 152 $ — Commercial real estate 2,143 46 2,431 47 Land 714 30 722 30 Multi-family 1,453 65 1,579 68 Consumer 485 23 509 21 Total $ 4,927 $ 164 $ 5,393 $ 166
Schedule of TDRs by interest accrual status	The following table presents TDRs by interest accrual status at the dates indicated (in thousands): December 31, 2020 March 31, 2020 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ — $ 125 $ 125 $ — $ 139 $ 139 Commercial real estate 1,334 149 1,483 1,364 1,014 2,378 Land 714 — 714 714 — 714 Multi-family 1,157 — 1,157 1,549 — 1,549 Consumer 539 — 539 432 — 432 Total $ 3,744 $ 274 $ 4,018 $ 4,059 $ 1,153 $ 5,212

JUNIOR SUBORDINATED DEBENTURES

JUNIOR SUBORDINATED DEBENTURES (Tables)	9 Months Ended
	Dec. 31, 2020
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, 2020 (dollars in thousands): Issuance Amount Rate Initial Current Maturity Issuance Trust Date Outstanding Type Rate Rate Date Riverview Bancorp Statutory Trust I 12/2005 $ 7,217 Variable (1) % % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) % % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) % % 6/2033 27,836 Fair value adjustment (4) (1,110) Total Debentures $ 26,726 (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 a prior year’s business combination.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Dec. 31, 2020
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, 2020 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 22,685 $ — $ 22,685 $ — Agency securities 10,989 — 10,989 — Real estate mortgage investment conduits 45,483 — 45,483 — Residential mortgage-backed securities 44,095 — 44,095 — Other mortgage-backed securities 29,967 — 29,967 — Total assets measured at fair value on a recurring basis $ 153,219 $ — $ 153,219 $ — March 31, 2020 Investment securities available for sale: Municipal securities $ 4,877 $ — $ 4,877 $ — Agency securities 6,016 — 6,016 — Real estate mortgage investment conduits 43,791 — 43,791 — Residential mortgage-backed securities 60,085 — 60,085 — Other mortgage-backed securities 33,522 — 33,522 — Total assets measured at fair value on a recurring basis $ 148,291 $ — $ 148,291 $ —
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, 2020 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 243 $ — $ — $ 243 March 31, 2020 Impaired loans $ 125 $ — $ — $ 125
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, 2020 and March 31, 2020: Valuation Technique Significant Unobservable Inputs Range Impaired loans Appraised value Adjustment for market conditions N/A (1) Discounted cash flows Discount rate 5.375% - 8.00% (1) There were no adjustments to appraised values of impaired loans as of December 31, 2020 and March 31, 2020.
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, 2020 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 235,834 $ 235,834 $ — $ — $ 235,834 Certificates of deposit held for investment 249 — 263 — 263 Investment securities available for sale 153,219 — 153,219 — 153,219 Investment securities held to maturity 33,425 — 33,494 — 33,494 Loans receivable, net 912,276 — — 902,606 902,606 FHLB stock 1,420 — 1,420 — 1,420 Liabilities: Certificates of deposit 127,829 — 129,217 — 129,217 Junior subordinated debentures 26,726 — — 12,782 12,782 March 31, 2020 Assets: Cash and cash equivalents $ 41,968 $ 41,968 $ — $ — $ 41,968 Certificates of deposit held for investment 249 — 258 — 258 Loans held for sale 275 — 275 — 275 Investment securities available for sale 148,291 — 148,291 — 148,291 Investment securities held to maturity 28 — 28 — 28 Loans receivable, net 898,885 — — 889,398 889,398 FHLB stock 1,420 — 1,420 — 1,420 Liabilities: Certificates of deposit 134,941 — 136,997 — 136,997 Junior subordinated debentures 26,662 — — 12,127 12,127

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Dec. 31, 2020
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, net disaggregated by type of service for the periods shown (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2020 2019 2020 2019 Asset management fees $ 889 $ 1,136 $ 2,746 $ 3,369 Debit card and ATM fees 771 758 2,287 2,403 Deposit related fees 392 559 1,143 1,691 Loan related fees 357 202 886 474 BOLI (1) 193 188 625 585 Net gains on sales of loans held for sale (1) — 68 28 210 FHLMC loan servicing fees (1) 23 31 72 113 Other, net 187 221 467 623 Total non-interest income $ 2,812 $ 3,163 $ 8,254 $ 9,468 (1 ) Not within the scope of ASC 606

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Schedule of significant off-balance sheet commitments	Significant off-balance sheet commitments at December 31, 2020 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 10,915 Fixed-rate 11,721 Standby letters of credit 2,034 Undisbursed loan funds and unused lines of credit 122,467 Total $ 147,137

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 31, 2020
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 for the periods indicated (in thousands): December 31, March 31, Classification in the Leases 2020 2020 consolidated balance sheets Finance lease ROU assets $ 1,451 $ 1,508 Financing lease ROU assets Finance lease liability $ 2,340 $ 2,369 Finance lease liability Finance lease remaining lease term years years Finance lease discount rate 7.16 % 7.16 % Operating lease ROU assets $ 8,785 $ 3,949 Prepaid expenses and other assets Operating lease liabilities $ 9,209 $ 4,046 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term years years Operating lease weighted-average discount rate 1.84 % 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 Lease Costs December 31, 2020 December 31, 2020 Finance lease amortization of right-of-use asset $ 19 $ 57 Finance lease interest on lease liability 42 127 Operating lease costs 297 948 Variable lease costs 52 157 Total lease cost (1) $ 410 $ 1,289 (1) income related to sub-lease activity is not significant and not presented herein. Three months ended Nine months ended Lease Costs December 31, 2019 December 31, 2019 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 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 operating lease liabilities as of December 31, 2020 (in thousands): Year Ending March 31: Operating Leases Finance Lease Remaining of 2021 $ 346 $ 53 2022 1,374 212 2023 1,200 215 2024 1,216 219 2025 1,218 222 Thereafter 4,555 3,400 Total minimum lease payments 9,909 4,321 Less: amount of lease payment representing interest (700) (1,981) Lease liabilities $ 9,209 $ 2,340

PRINCIPLES OF CONSOLIDATION (De

PRINCIPLES OF CONSOLIDATION (Details) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended
	Oct. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2020
PRINCIPLES OF CONSOLIDATION
Number of shares additional issued	500
Additional Shares exercised	500
Trust Company
PRINCIPLES OF CONSOLIDATION
Number of shares issued		1,500
Number of stock options exercised		1,500
Non controlling Interest			$ 152,000	$ 152,000
Net income attributable to the noncontrolling interest			$ 3,000	$ 8,000
Trust Company | Riverview Community Bank
PRINCIPLES OF CONSOLIDATION
Ownership percentage			97.80%	97.80%

STOCK PLANS AND STOCK-BASED C_3

STOCK PLANS AND STOCK-BASED COMPENSATION - Stock option activity (Details) - $ / shares	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Balance, beginning of year	43,332	101,332
Options exercised	(14,000)	(58,000)
Balance, end of year	29,332	43,332
Weighted Average Exercise Price
Balance, beginning of year	$ 2.69	$ 3.26
Options exercised	2.49	3.69
Balance, end of year	$ 2.78	$ 2.69

STOCK PLANS AND STOCK-BASED C_4

STOCK PLANS AND STOCK-BASED COMPENSATION - Stock options outstanding (Details) - USD ($)		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Stock options fully vested and expected to vest:
Number		29,332	43,332
Weighted average exercise price		$ 2.78	$ 2.69
Aggregate intrinsic value (1)	[1]	$ 73,000	$ 239,000
Weighted average contractual term of options (years)		2 years 6 months 15 days	3 years 18 days
Stock options fully vested and currently exercisable:
Number		29,332	43,332
Weighted average exercise price		$ 2.78	$ 2.69
Aggregate intrinsic value (1)	[1]	$ 73,000	$ 239,000
Weighted average contractual term of options (years)		2 years 6 months 15 days	3 years 18 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) - $ / shares	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Time Based
Number of Unvested Shares
Balance, beginning of period	49,298
Granted	19,453	49,298
Forfeited	0
Vested	(23,135)
Balance, end of period	45,616
Weighted Average Market Price
Balance, beginning of period	$ 8.35
Granted	4.17
Forfeited	0
Vested	8.35
Balance, end of period	$ 6.57
Performance Based
Number of Unvested Shares
Balance, beginning of period	33,375
Granted	71,310	33,375
Forfeited	0
Vested	0
Cancelled	(7,913)
Balance, end of period	96,772
Weighted Average Market Price
Balance, beginning of period	$ 8.35
Granted	4.17
Forfeited	0
Vested	0
Cancelled	8.35
Balance, end of period	$ 5.27
Restricted stock
Number of Unvested Shares
Balance, beginning of period	82,673
Granted	90,763	82,673
Forfeited	0
Vested	(23,135)
Cancelled	(7,913)
Balance, end of period	142,388
Weighted Average Market Price
Balance, beginning of period	$ 8.35
Granted	4.17
Forfeited	0
Vested	8.35
Cancelled	8.35
Balance, end of period	$ 5.69

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	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			$ 41,000	$ 238,000
Stock options exercised (in shares)			14,000	58,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted			0	0
Unrecognized compensation expense	$ 0		$ 0
Maximum term of stock options granted			10 years
Stock based Compensation Expense			$ 0	$ 0
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			90,763	82,673
Unrecognized compensation expense	432,000		$ 432,000
Cancelled			(7,913)
Weighted Average Market Price			$ 8.35
Stock based Compensation Expense	84,000	$ 57,000	$ 268,000	$ 284,000
Restricted stock | Weighted average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year 10 months 13 days
Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock awards granted			71,310	33,375
Cancelled			(7,913)
Weighted Average Market Price			$ 8.35
Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock awards granted			19,453	49,298
Trust Company | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted			0	0
Unrecognized compensation expense	$ 11,000		$ 11,000
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	500	1,000	500	1,000
Number of stock options exercised	500	1,500	500	1,500
Stock based Compensation Expense	$ 11,000	$ 33,000	$ 11,000	$ 33,000

EARNINGS PER SHARE - Earnings P

EARNINGS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Basic EPS computation:
Numerator-net income (in dollars)	$ 4,035,000	$ 4,128,000	$ 7,058,000	$ 12,854,000
Denominator-weighted average common shares outstanding	22,320,699	22,748,385	22,279,774	22,701,806
Basic EPS (in dollars per share)	$ 0.18	$ 0.18	$ 0.32	$ 0.57
Diluted EPS computation:
Numerator-net income (in dollars)	$ 4,035,000	$ 4,128,000	$ 7,058,000	$ 12,854,000
Denominator-weighted average common shares outstanding	22,320,699	22,748,385	22,279,774	22,701,806
Effect of dilutive stock options	16,945	27,808	17,053	39,846
Weighted average common shares and common stock equivalents	22,337,644	22,776,193	22,296,827	22,741,652
Diluted EPS (in dollars per share)	$ 0.18	$ 0.18	$ 0.32	$ 0.57

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional information (Details) - $ / shares	Apr. 17, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Feb. 29, 2020
Equity, Class of Treasury Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		0	0	0	0
Average price	$ 4.89
Repurchase program
Equity, Class of Treasury Stock [Line Items]
Maximum number of common shares to be repurchased						500,000
Shares repurchased	500,000

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available for sale (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 149,893	$ 145,529
Gross Unrealized Gains		3,493	2,953
Gross Unrealized Losses		(167)	(191)
Estimated Fair Value		153,219	148,291
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		22,201	4,740
Gross Unrealized Gains		494	137
Gross Unrealized Losses		(10)
Estimated Fair Value		22,685	4,877
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		11,001	6,009
Gross Unrealized Gains		8	17
Gross Unrealized Losses		(20)	(10)
Estimated Fair Value		10,989	6,016
Real estate mortgage investment conduits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	44,905	42,663
Gross Unrealized Gains	[1]	657	1,128
Gross Unrealized Losses	[1]	(79)	0
Estimated Fair Value	[1]	45,483	43,791
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	42,809	58,700
Gross Unrealized Gains	[1]	1,286	1,415
Gross Unrealized Losses	[1]		(30)
Estimated Fair Value	[1]	44,095	60,085
Other mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[2]	28,977	33,417
Gross Unrealized Gains	[2]	1,048	256
Gross Unrealized Losses	[2]	(58)	(151)
Estimated Fair Value	[2]	$ 29,967	$ 33,522
[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 - Held to

INVESTMENT SECURITIES - Held to maturity (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Mar. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		$ 33,425	$ 28
Gross Unrealized Gains		157
Gross Unrealized Losses		(88)
Estimated Fair Value		33,494
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	[1]	6,295	28
Gross Unrealized Gains	[1]	10	0
Gross Unrealized Losses	[1]	(41)	0
Estimated Fair Value	[1]	6,264	$ 28
Municipal securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		6,009
Gross Unrealized Gains		136
Gross Unrealized Losses		(32)
Estimated Fair Value		6,113
Agency securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		7,700
Gross Unrealized Gains		2
Gross Unrealized Losses		(8)
Estimated Fair Value		7,694
Real estate mortgage investment conduits
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		9,324
Gross Unrealized Gains		9
Gross Unrealized Losses		(7)
Estimated Fair Value		9,326
Other mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		4,097
Estimated Fair Value		$ 4,097
[1]	Comprised of FHLMC and FNMA issued securities.

INVESTMENT SECURITIES - Contrac

INVESTMENT SECURITIES - Contractual maturities, Available for sale (Details) $ in Thousands	Dec. 31, 2020USD ($)
Available for Sale, Amortized Cost
Due after one year through five years	$ 6,618
Due after five years through ten years	37,163
Due after ten years	106,112
Total, Amortized Cost	149,893
Available for Sale, Estimated Fair Value
Due after one year through five years	6,732
Due after five years through ten years	37,932
Due after ten years	108,555
Total, Estimated Fair Value	$ 153,219

INVESTMENT SECURITIES - Contr_2

INVESTMENT SECURITIES - Contractual maturities, Held t o maturity (Details) $ in Thousands	Dec. 31, 2020USD ($)
Held to Maturity, Amortized Cost
Due in one year or less	$ 0
Due after one year through five years	20
Due after five years through ten years	8,600
Due after ten years	24,805
Total, Amortized Cost	33,425
Held to Maturity, Estimated Fair Value
Due in one year or less	0
Due after one year through five years	20
Due after five years through ten years	8,599
Due after ten years	24,875
Total, Estimated Fair Value	$ 33,494

INVESTMENT SECURITIES - Fair va

INVESTMENT SECURITIES - Fair value of impaired investment securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value	$ 23,401	$ 16,233
Less than 12 months, Unrealized Losses	(109)	(90)
12 months or longer, Estimated Fair Value	2,316	5,320
12 months or longer, Unrealized Losses	(58)	(101)
Total, Estimated Fair Value	25,717	21,553
Total, Unrealized Losses	(167)	(191)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	14,705
Less than 12 months, unrealized losses	(88)
Total Estimated fair value	14,705
Total, Unrealized Losses	(88)
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value	1,886
Less than 12 months, Unrealized Losses	(10)
Total, Estimated Fair Value	1,886
Total, Unrealized Losses	(10)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	2,278
Less than 12 months, unrealized losses	(32)
Total Estimated fair value	2,278
Total, Unrealized Losses	(32)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value	5,975	1,998
Less than 12 months, Unrealized Losses	(20)	(10)
Total, Estimated Fair Value	5,975	1,998
Total, Unrealized Losses	(20)	(10)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	6,193
Less than 12 months, unrealized losses	(8)
Total Estimated fair value	6,193
Total, Unrealized Losses	(8)
Real estate mortgage investment conduits
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value	15,540
Less than 12 months, Unrealized Losses	(79)
Total, Estimated Fair Value	15,540
Total, Unrealized Losses	(79)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	3,104
Less than 12 months, unrealized losses	(7)
Total Estimated fair value	3,104
Total, Unrealized Losses	(7)
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value		2,509
Less than 12 months, Unrealized Losses		(22)
12 months or longer, Estimated Fair Value		409
12 months or longer, Unrealized Losses		(8)
Total, Estimated Fair Value		2,918
Total, Unrealized Losses		(30)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	3,130
Less than 12 months, unrealized losses	(41)
Total Estimated fair value	3,130
Total, Unrealized Losses	(41)
Other mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Estimated Fair Value		11,726
Less than 12 months, Unrealized Losses		(58)
12 months or longer, Estimated Fair Value	2,316	4,911
12 months or longer, Unrealized Losses	(58)	(93)
Total, Estimated Fair Value	2,316	16,637
Total, Unrealized Losses	$ (58)	$ (151)

INVESTMENT SECURITIES - Additio

INVESTMENT SECURITIES - Additional information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
INVESTMENT SECURITIES
Proceeds from the sale of investment securities	$ 0	$ 17,800,000	$ 0	$ 17,800,000
Gross realized gains on sales of investment securities	0	$ 30,000	0	$ 30,000
Pledged as collateral at amortized cost	5,700,000		5,700,000		$ 6,600,000
Pledged as collateral at fair value	$ 5,800,000		$ 5,800,000		$ 6,800,000

LOANS RECEIVABLE - Loans receiv

LOANS RECEIVABLE - Loans receivable, excluding loans held for sale (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		$ 931,468		$ 911,509
Less: Allowance for loan losses		19,192	$ 18,866	12,624	$ 11,433	$ 11,436	$ 11,457
Loans receivable, net		912,276		898,885
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		865,318		824,143
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	[1]	252,687		179,029
Less: Allowance for loan losses		2,466	2,180	2,008	2,051	2,051	1,808
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		541,417		507,871
Less: Allowance for loan losses		13,722	13,209	6,421	5,018	5,038	5,053
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		12,126		14,026
Less: Allowance for loan losses		202	245	230	235	219	254
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		42,166		58,374
Less: Allowance for loan losses		624	745	854	765	779	728
Commercial Real Estate Portfolio Segment | Real Estate Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		16,922		64,843
Less: Allowance for loan losses		522	720	1,149	1,467	1,381	1,457
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		66,150		87,366
Less: Allowance for loan losses		1,012	$ 1,155	1,363	$ 1,268	$ 1,347	$ 1,447
Consumer | Real estate one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		63,621		83,150
Consumer | Other installment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		$ 2,529		$ 4,216
[1]	SBA PPP loans totaled $80.8 million and none at December 31, 2020 and March 31, 2020, respectively.

LOANS RECEIVABLE - Additional i

LOANS RECEIVABLE - Additional information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net deferred loan fees	$ 5,400,000	$ 4,100,000
Discount on Loans receivable	813,000	1,100,000
Premiums On Loans Receivable	$ 1,100,000	1,500,000
Percentage of loans and extensions of credit outstanding	15.00%
Loans pledged as collateral	$ 488,600,000
Total loans	931,468,000	911,509,000
PPP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net deferred loan fees	1,600,000	0
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	865,318,000	824,143,000
Commercial Real Estate Portfolio Segment | PPP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 80,800,000	$ 0

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the allowance for loan losses
Beginning balance	$ 18,866	$ 11,436	$ 12,624	$ 11,457
Provision for (recapture of) loan losses	0	0	6,300	0
Charge-offs	(15)	(13)	(103)	(70)
Recoveries	341	10	371	46
Ending balance	19,192	11,433	19,192	11,433
Commercial Real Estate Portfolio Segment | Commercial Business
Reconciliation of the allowance for loan losses
Beginning balance	2,180	2,051	2,008	1,808
Provision for (recapture of) loan losses	286	0	448	246
Charge-offs	0	0	0	(3)
Recoveries	0	0	10	0
Ending balance	2,466	2,051	2,466	2,051
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Reconciliation of the allowance for loan losses
Beginning balance	13,209	5,038	6,421	5,053
Provision for (recapture of) loan losses	181	(20)	6,969	(35)
Charge-offs	0	0	0	0
Recoveries	332	0	332	0
Ending balance	13,722	5,018	13,722	5,018
Commercial Real Estate Portfolio Segment | Land
Reconciliation of the allowance for loan losses
Beginning balance	245	219	230	254
Provision for (recapture of) loan losses	(43)	16	(28)	(19)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	202	235	202	235
Commercial Real Estate Portfolio Segment | Multi-Family
Reconciliation of the allowance for loan losses
Beginning balance	745	779	854	728
Provision for (recapture of) loan losses	(121)	(14)	(230)	37
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	624	765	624	765
Commercial Real Estate Portfolio Segment | Real Estate Construction
Reconciliation of the allowance for loan losses
Beginning balance	720	1,381	1,149	1,457
Provision for (recapture of) loan losses	(198)	86	(627)	10
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	522	1,467	522	1,467
Consumer
Reconciliation of the allowance for loan losses
Beginning balance	1,155	1,347	1,363	1,447
Provision for (recapture of) loan losses	(137)	(76)	(277)	(158)
Charge-offs	(15)	(13)	(103)	(67)
Recoveries	9	10	29	46
Ending balance	1,012	1,268	1,012	1,268
Unallocated
Reconciliation of the allowance for loan losses
Beginning balance	612	621	599	710
Provision for (recapture of) loan losses	32	8	45	(81)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	$ 644	$ 629	$ 644	$ 629

ALLOWANCE FOR LOAN LOSSES - Imp

ALLOWANCE FOR LOAN LOSSES - Impaired Financing Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Allowance for loan losses
Individually Evaluated for Impairment	$ 13	$ 12
Collectively Evaluated for Impairment	19,179	12,612
Total	19,192	12,624
Recorded investment in loans
Individually Evaluated for Impairment	4,018	5,212
Collectively Evaluated for Impairment	927,450	906,297
Total	931,468	911,509
Commercial Real Estate Portfolio Segment | Commercial Business
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	2,466	2,008
Total	2,466	2,008
Recorded investment in loans
Individually Evaluated for Impairment	125	139
Collectively Evaluated for Impairment	252,562	178,890
Total	252,687	179,029
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	13,722	6,421
Total	13,722	6,421
Recorded investment in loans
Individually Evaluated for Impairment	1,483	2,378
Collectively Evaluated for Impairment	539,934	505,493
Total	541,417	507,871
Commercial Real Estate Portfolio Segment | Land
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	202	230
Total	202	230
Recorded investment in loans
Individually Evaluated for Impairment	714	714
Collectively Evaluated for Impairment	11,412	13,312
Total	12,126	14,026
Commercial Real Estate Portfolio Segment | Multi-Family
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	624	854
Total	624	854
Recorded investment in loans
Individually Evaluated for Impairment	1,157	1,549
Collectively Evaluated for Impairment	41,009	56,825
Total	42,166	58,374
Commercial Real Estate Portfolio Segment | Real Estate Construction
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	522	1,149
Total	522	1,149
Recorded investment in loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	16,922	64,843
Total	16,922	64,843
Consumer
Allowance for loan losses
Individually Evaluated for Impairment	13	12
Collectively Evaluated for Impairment	999	1,351
Total	1,012	1,363
Recorded investment in loans
Individually Evaluated for Impairment	539	432
Collectively Evaluated for Impairment	65,611	86,934
Total	66,150	87,366
Unallocated
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	644	599
Total	644	599
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, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual		$ 393	$ 1,395
Total Past Due and Non-accrual		721	1,666
Current		930,747	909,843
Total Loans Receivable		931,468	911,509
30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		328	271
90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		0	0
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		865,318	824,143
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual		187	201
Total Past Due and Non-accrual		218	201
Current		252,469	178,828
Total Loans Receivable	[1]	252,687	179,029
Commercial Real Estate Portfolio Segment | Commercial Business | 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		31	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		149	1,014
Total Past Due and Non-accrual		149	1,014
Current		541,268	506,857
Total Loans Receivable		541,417	507,871
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		12,126	14,026
Total Loans Receivable		12,126	14,026
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		42,166	58,374
Total Loans Receivable		42,166	58,374
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		16,922	64,843
Total Loans Receivable		16,922	64,843
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		57	180
Total Past Due and Non-accrual		354	451
Current		65,796	86,915
Total Loans Receivable		66,150	87,366
Consumer | 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		297	271
Consumer | 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		$ 0	$ 0
[1]	SBA PPP loans totaled $80.8 million and none at December 31, 2020 and March 31, 2020, respectively.

ALLOWANCE FOR LOAN LOSSES - Cre

ALLOWANCE FOR LOAN LOSSES - Credit Quality Indicators (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		$ 931,468	$ 911,509
Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		881,005	908,543
Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		46,481	1,390
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		3,982	1,576
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		865,318	824,143
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	[1]	252,687	179,029
Commercial Real Estate Portfolio Segment | Commercial Business | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		251,761	177,399
Commercial Real Estate Portfolio Segment | Commercial Business | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		739	1,282
Commercial Real Estate Portfolio Segment | Commercial Business | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		187	348
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		541,417	507,871
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		494,631	506,794
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		43,072	63
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		3,714	1,014
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		12,126	14,026
Commercial Real Estate Portfolio Segment | Land | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		12,126	14,026
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	0
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		42,166	58,374
Commercial Real Estate Portfolio Segment | Multi-Family | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		42,093	58,295
Commercial Real Estate Portfolio Segment | Multi-Family | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		49	45
Commercial Real Estate Portfolio Segment | Multi-Family | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		24	34
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		16,922	64,843
Commercial Real Estate Portfolio Segment | Real Estate Construction | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		14,301	64,843
Commercial Real Estate Portfolio Segment | Real Estate Construction | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		2,621	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		66,150	87,366
Consumer | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		66,093	87,186
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		57	180
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
[1]	SBA PPP loans totaled $80.8 million and none at December 31, 2020 and March 31, 2020, respectively.

ALLOWANCE FOR LOAN LOSSES - Ave

ALLOWANCE FOR LOAN LOSSES - Average recorded investment in impaired loans (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	$ 3,762	$ 5,075
Recorded Investment with Specific Valuation Allowance	256	137
Total Recorded Investment	4,018	5,212
Unpaid Principal Balance	4,397	6,528
Related Specific Valuation Allowance	13	12
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	125	139
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	125	139
Unpaid Principal Balance	161	170
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	1,483	2,378
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	1,483	2,378
Unpaid Principal Balance	1,578	3,405
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	714	714
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	714	714
Unpaid Principal Balance	745	748
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	1,157	1,549
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	1,157	1,549
Unpaid Principal Balance	1,257	1,662
Related Specific Valuation Allowance	0	0
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	283	295
Recorded Investment with Specific Valuation Allowance	256	137
Total Recorded Investment	539	432
Unpaid Principal Balance	656	543
Related Specific Valuation Allowance	$ 13	$ 12

ALLOWANCE FOR LOAN LOSSES - I_2

ALLOWANCE FOR LOAN LOSSES - Impaired Loans, Average Recorded Investment and Interest Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 4,654	$ 5,276	$ 4,927	$ 5,393
Interest Recognized on Impaired Loans	54	55	164	166
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	127	147	132	152
Interest Recognized on Impaired Loans	0	0
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	1,916	2,401	2,143	2,431
Interest Recognized on Impaired Loans	15	16	46	47
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	714	718	714	722
Interest Recognized on Impaired Loans	10	10	30	30
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	1,355	1,567	1,453	1,579
Interest Recognized on Impaired Loans	21	22	65	68
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	542	443	485	509
Interest Recognized on Impaired Loans	$ 8	$ 7	$ 23	$ 21

ALLOWANCE FOR LOAN LOSSES - TDR

ALLOWANCE FOR LOAN LOSSES - TDRs by Interest Accrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	$ 3,744	$ 4,059
Nonaccrual	274	1,153
Total	4,018	5,212
Commercial Real Estate Portfolio Segment | Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	0	0
Nonaccrual	125	139
Total	125	139
Commercial Real Estate Portfolio Segment | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	1,334	1,364
Nonaccrual	149	1,014
Total	1,483	2,378
Commercial Real Estate Portfolio Segment | Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	714	714
Nonaccrual	0	0
Total	714	714
Commercial Real Estate Portfolio Segment | Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	1,157	1,549
Nonaccrual	0	0
Total	1,157	1,549
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	539	432
Nonaccrual	0	0
Total	$ 539	$ 432

ALLOWANCE FOR LOAN LOSSES - Add

ALLOWANCE FOR LOAN LOSSES - Additional information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income foregone on non-accrual loans	$ 42,000	$ 57,000
Percentage Of Delinquent Loan Amount	75.00%
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
Commercial Real Estate Portfolio Segment | Real estate one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Post-modification outstanding recorded investment amount	$ 129,000
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_2

FEDERAL HOME LOAN BANK ADVANCES (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
FEDERAL HOME LOAN BANK ADVANCES
Weighted average interest rate on FHLB advances	0.31%	2.54%
Percentages of federal home loan banks credit line facility	45.00%
Additional borrowing from FHlB	$ 224.9
Loans Pledged As Collateral To Fhib	$ 382.6

JUNIOR SUBORDINATED DEBENTURE_2

JUNIOR SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2020	Mar. 31, 2020
JUNIOR SUBORDINATED DEBENTURES
Amount Outstanding		$ 27,836
Fair value adjustment	[1]	(1,110)
Total Debentures		$ 26,726	$ 26,662
Riverview Bancorp Statutory Trust I
JUNIOR SUBORDINATED DEBENTURES
Issuance Date		Dec. 1, 2005
Amount Outstanding		$ 7,217
Rate Type	[2]	Variable
Initial Rate		5.88%
Current Rate		1.58%
Maturity Date		3/2036
Riverview Bancorp Statutory Trust II
JUNIOR SUBORDINATED DEBENTURES
Issuance Date		Jun. 1, 2007
Amount Outstanding		$ 15,464
Rate Type	[3]	Variable
Initial Rate		7.03%
Current Rate		1.57%
Maturity Date		9/2037
Merchants Bancorp Statutory Trust I
JUNIOR SUBORDINATED DEBENTURES
Issuance Date	[1]	Jun. 1, 2003
Amount Outstanding	[1]	$ 5,155
Rate Type	[1],[4]	Variable
Initial Rate	[1]	4.16%
Current Rate	[1]	3.35%
Maturity Date	[1]	6/2033
[1]	Amount, net of accretion, attributable to a prior year’s business combination
[2]	The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%.
[3]	The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35%.
[4]	The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%.

JUNIOR SUBORDINATED DEBENTURE_3

JUNIOR SUBORDINATED DEBENTURES - Additional Information (Details)	9 Months Ended
	Dec. 31, 2020USD ($)item	Mar. 31, 2020USD ($)
JUNIOR SUBORDINATED DEBENTURES
Maximum number of consecutive quarters for deferred payment of each debenture | item	20
Debentures issued to grantor trusts	$ 26,700,000	$ 26,700,000
Common securities issued by grantor trusts	$ 836,000	$ 836,000
Riverview Bancorp Statutory Trust I
JUNIOR SUBORDINATED DEBENTURES
Description of variable rate	three-month LIBOR
Interest basis spread on variable rate	1.36%
Riverview Bancorp Statutory Trust II
JUNIOR SUBORDINATED DEBENTURES
Description of variable rate	three-month LIBOR
Interest basis spread on variable rate	1.35%
Merchants Bancorp Statutory Trust I
JUNIOR SUBORDINATED DEBENTURES
Description of variable rate	three-month LIBOR
Interest basis spread on variable rate	3.10%

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated Fair Value on a Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	$ 153,219	$ 148,291
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	22,685	4,877
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	10,989	6,016
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	45,483	43,791
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	44,095	60,085
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	29,967	33,522
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	153,219	148,291
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	22,685	4,877
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	10,989	6,016
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	45,483	43,791
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	44,095	60,085
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	29,967	33,522
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, 2020	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring assets measured at fair value	$ 243	$ 125
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	$ 243	$ 125

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Level 3 inputs for financial instruments measured at fair value (Details)	9 Months Ended	12 Months Ended	21 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	5.375%	5.375%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans			8.00%

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Carrying Amount | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 235,834	$ 41,968
Carrying Amount | Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	249	249
Carrying Amount | Loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		275
Carrying Amount | Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	153,219	148,291
Carrying Amount | Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	33,425	28
Carrying Amount | Loans receivable, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	912,276	898,885
Carrying Amount | FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,420	1,420
Carrying Amount | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	127,829	134,941
Carrying Amount | Junior subordinated debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	26,726	26,662
Estimated Fair Value | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	235,834	41,968
Estimated Fair Value | Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	263	258
Estimated Fair Value | Loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		275
Estimated Fair Value | Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	153,219	148,291
Estimated Fair Value | Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	33,494	28
Estimated Fair Value | Loans receivable, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	902,606	889,398
Estimated Fair Value | FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,420	1,420
Estimated Fair Value | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	129,217	136,997
Estimated Fair Value | Junior subordinated debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	12,782	12,127
Level 1 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	235,834	41,968
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 | Junior subordinated debentures
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	263	258
Level 2 | Loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		275
Level 2 | Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	153,219	148,291
Level 2 | Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	33,494	28
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	1,420	1,420
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	129,217	136,997
Level 2 | Junior subordinated debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
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	902,606	889,398
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 | Junior subordinated debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 12,782	$ 12,127

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Details) - COVID 19	9 Months Ended
	Dec. 31, 2020USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Number of loan modifications approved	8
Outstanding loan balance, net of deferred fees	$ 26,600,000

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenue from External Customer [Line Items]
BOLI	[1]	$ 193	$ 188	$ 625	$ 585
Net gains on sales of loans held for sale	[1]		68	28	210
FHLMC loan servicing fees	[1]	23	31	72	113
Other, net		187	221	467	623
Total non-interest income, net		2,812	3,163	8,254	9,468
Asset management fees
Revenue from External Customer [Line Items]
Non-interest income		889	1,136	2,746	3,369
Debit card and ATM fees
Revenue from External Customer [Line Items]
Non-interest income		771	758	2,287	2,403
Deposit related fees
Revenue from External Customer [Line Items]
Non-interest income		392	559	1,143	1,691
Loan related fees
Revenue from External Customer [Line Items]
Non-interest income		$ 357	$ 202	$ 886	$ 474
[1]	)Not within the scope of ASC 606

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Significant Off-balance Sheet Commitments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 147,137
Commitments to originate loans: | Adjustable-rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	10,915
Commitments to originate loans: | Fixed-rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	11,721
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	2,034
Undisbursed loan funds and unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 122,467

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	9 Months Ended
	Dec. 31, 2020USD ($)
COMMITMENTS AND CONTINGENCIES
Threshold limit for honoring of commitments	45 days
Loans under warranty	$ 71,800,000
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, 2020	Mar. 31, 2020
Finance lease right-of-use asset	$ 1,451	$ 1,508
Finance lease liability	$ 2,340	$ 2,369
Finance lease remaining lease term	18 years 11 months 5 days	19 years 8 months 5 days
Finance lease discount rate	7.16%	7.16%
Operating lease liabilities	$ 9,209
Operating lease weighted-average remaining lease term	8 years 4 months 24 days	3 years 11 months 1 day
Operating lease weighted-average discount rate	1.84%	2.77%
Financial lease ROU assets
Finance lease right-of-use asset	$ 1,451	$ 1,508
Finance lease liability
Finance lease liability	2,340	2,369
Prepaid expenses and other assets
Operating lease right-of-use assets	8,785	3,949
Accrued expenses and other liabilities
Operating lease liabilities	$ 9,209	$ 4,046

LEASES - Lease Costs for Operat

LEASES - Lease Costs for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
LEASES
Finance lease amortization of right-of-use asset	$ 19	$ 19	$ 57	$ 58
Finance lease interest on lease liability	42	43	127	128
Operating lease costs	297	362	948	1,153
Variable lease costs	52	52	157	157
Total lease cost	$ 410	$ 476	$ 1,289	$ 1,496

LEASES - Undiscounted Cash Flow

LEASES - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Operating Leases
Remaining of 2021	$ 346
2022	1,374
2023	1,200
2024	1,216
2025	1,218
Thereafter	4,555
Total minimum lease payments	9,909
Less: amount of lease payment representing interest	(700)
Lease liabilities	9,209
Finance Lease
Remaining of 2021	53
2022	212
2023	215
2024	219
2025	222
Thereafter	3,400
Total minimum lease payments	4,321
Less: amount of lease payment representing interest	(1,981)
Lease liabilities	$ 2,340	$ 2,369

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
LEASES
Operating lease	$ 339,000	$ 409,000	$ 1,100,000	$ 1,300,000
Operating lease right of use assets in exchange for operating lease liabilities		$ 0	$ 5,800,000	$ 0