Riverview Bancorp (RVSB) 10-Q11 Feb 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2021	Feb. 11, 2022
Document and Entity Information:
Document Type	10-Q
Document Period End Date	Dec. 31, 2021
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-22957
Entity Registrant Name	RIVERVIEW BANCORP INC
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1838969
Entity Address, Address Line One	900 Washington St.
Entity Address, Address Line Two	Ste. 900
Entity Address, City or Town	Vancouver
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98660
City Area Code	360
Local Phone Number	693-6650
Title of 12(b) Security	Common Stock
Trading Symbol	RVSB
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		22,176,612
Entity Central Index Key	0001041368
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
ASSETS
Cash and cash equivalents (including interest-earning accounts of $227,635 and $254,205)	$ 239,857	$ 265,408
Certificates of deposit held for investment	249	249
Investment securities:
Available for sale, at estimated fair value	182,303	216,304
Held to maturity, at amortized cost (estimated fair value of $210,027 and $38,220)	212,722	39,574
Loans receivable (net of allowance for loan losses of $15,173 and $19,178)	947,050	924,057
Prepaid expenses and other assets	11,597	13,189
Accrued interest receivable	4,580	5,236
Federal Home Loan Bank stock ("FHLB"), at cost	1,722	1,722
Premises and equipment, net	17,410	17,824
Financing lease right-of-use assets ("ROU")	1,374	1,432
Deferred income taxes, net	5,791	5,419
Mortgage servicing rights, net	41	81
Goodwill	27,076	27,076
Core deposit intangible ("CDI"), net	526	619
Bank owned life insurance ("BOLI")	30,778	30,968
TOTAL ASSETS	1,683,076	1,549,158
LIABILITIES:
Deposits	1,473,454	1,346,060
Accrued expenses and other liabilities	17,163	21,906
Advance payments by borrowers for taxes and insurance	211	521
Junior subordinated debentures	26,812	26,748
Finance lease liability	2,295	2,329
Total liabilities	1,519,935	1,397,564
COMMITMENTS AND CONTINGENCIES (See Note 13)
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, 2021 - 22,426,520 shares issued and 22,176,612 outstanding March 31, 2021 - 22,351,235 shares issued and outstanding	221	223
Additional paid-in capital	62,234	63,650
Retained earnings	102,023	87,881
Accumulated other comprehensive loss	(1,337)	(160)
Total shareholders' equity	163,141	151,594
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,683,076	$ 1,549,158

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
CONSOLIDATED BALANCE SHEETS
Interest-earning accounts included in cash (in dollars)	$ 227,635	$ 254,205
Fair value of mortgage-backed securities held to maturity (in dollars)	210,027	38,220
Allowance for loan losses (in dollars)	$ 15,173	$ 19,178
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	22,426,520	22,351,235
Common stock, shares outstanding	22,176,612	22,351,235

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans receivable	$ 11,046	$ 11,601	$ 33,448	$ 34,475
Interest on investment securities - taxable	1,303	549	3,438	1,709
Interest on investment securities - nontaxable	66	44	171	79
Other interest and dividends	136	98	379	216
Total interest and dividend income	12,551	12,292	37,436	36,479
INTEREST EXPENSE:
Interest on deposits	300	556	1,141	2,071
Interest on borrowings	192	207	576	687
Total interest expense	492	763	1,717	2,758
Net interest income	12,059	11,529	35,719	33,721
Provision for (recapture of) loan losses	(1,275)		(3,975)	6,300
Net interest income after provision for (recapture of) loan losses	13,334	11,529	39,694	27,421
NON-INTEREST INCOME:
Net gains on sales of loans held for sale				28
BOLI	189	193	613	625
Other, net	31	76	196	168
Total non-interest income, net	3,116	2,812	9,778	8,254
NON-INTEREST EXPENSE:
Salaries and employee benefits	5,880	5,698	17,269	16,269
Occupancy and depreciation	1,367	1,434	4,085	4,341
Data processing	698	638	2,187	1,996
Amortization of CDI	32	35	94	105
Advertising and marketing	155	144	487	383
FDIC insurance premium	113	89	321	221
State and local taxes	195	190	614	598
Telecommunications	51	74	152	245
Professional fees	285	321	945	962
(Gain)/loss on sale of premises and equipment, net			(993)	5
Other	503	484	1,442	1,503
Total non-interest expense	9,279	9,107	26,603	26,628
INCOME BEFORE INCOME TAXES	7,171	5,234	22,869	9,047
PROVISION FOR INCOME TAXES	1,661	1,199	5,174	1,989
NET INCOME	$ 5,510	$ 4,035	$ 17,695	$ 7,058
Earnings per common share:
Basic	$ 0.25	$ 0.18	$ 0.80	$ 0.32
Diluted	$ 0.25	$ 0.18	$ 0.80	$ 0.32
Weighted average number of common shares outstanding:
Basic	22,166,130	22,320,699	22,229,832	22,279,774
Diluted	22,177,120	22,337,644	22,242,035	22,296,827
Fees and service charges
NON-INTEREST INCOME:
Non-interest income	$ 1,759	$ 1,654	$ 5,428	$ 4,715
Asset management fees
NON-INTEREST INCOME:
Non-interest income	$ 1,137	$ 889	3,041	$ 2,746
BOLI Death Benefit In Excess Of Cash Surrender Value
NON-INTEREST INCOME:
Non-interest income			$ 500

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 5,510	$ 4,035	$ 17,695	$ 7,058
Other comprehensive income (loss):
Net unrealized holding gains (losses) from available for sale investment securities arising during the period, net of tax of $324, $66, $372 and ($135), respectively	(1,027)	(210)	(1,177)	429
Total comprehensive income, net	$ 4,483	$ 3,825	$ 16,518	$ 7,487

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Tax effect of unrealized holding gain from available for sale securities	$ 324	$ 66	$ 372	$ (135)

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, 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 (loss), 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)
Exercise of stock options	$ 1	24			25
Exercise of stock options (in shares)	9,000
Stock-based compensation expense		95			95
Other comprehensive income (loss), 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
Balance at Mar. 31, 2021	$ 223	63,650	87,881	(160)	151,594
Balance (in shares) at Mar. 31, 2021	22,351,235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			17,695		17,695
Cash dividend on common stock			(3,552)		(3,552)
Exercise of stock options		17	(1)		$ 16
Exercise of stock options (in shares)	6,000				6,000
Stock repurchased	$ (2)	(1,722)			$ (1,724)
Stock repurchased (in shares)	(249,908)
Restricted stock grants (in shares)	69,285
Stock-based compensation expense		289			289
Other comprehensive income (loss), net				(1,177)	(1,177)
Balance at Dec. 31, 2021	$ 221	62,234	102,023	(1,337)	163,141
Balance (in shares) at Dec. 31, 2021	22,176,612
Balance at Sep. 30, 2021	$ 221	62,122	97,727	(310)	159,760
Balance (in shares) at Sep. 30, 2021	22,164,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			5,510		5,510
Cash dividend on common stock			(1,214)		(1,214)
Restricted stock grants (in shares)	11,905
Stock-based compensation expense		112			112
Other comprehensive income (loss), net				(1,027)	(1,027)
Balance at Dec. 31, 2021	$ 221	$ 62,234	$ 102,023	$ (1,337)	$ 163,141
Balance (in shares) at Dec. 31, 2021	22,176,612

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividend per share (in dollars per share)	$ 0.055	$ 0.050	$ 0.16	$ 0.150

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 17,695	$ 7,058
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,661	2,347
Purchased loans amortization (accretion), net	(31)	243
Provision for (recapture of) loan losses	(3,975)	6,300
Stock-based compensation expense	289	301
Increase (decrease) in deferred loan origination fees, net of amortization	(2,003)	1,232
Origination of loans held for sale		(913)
Proceeds from sales of loans held for sale		1,214
Net gains on loans held for sale and sales of premises and equipment	(993)	(23)
Income from BOLI	(613)	(625)
BOLI death benefit in excess of cash surrender value	(500)
Changes in certain other assets and liabilities:
Prepaid expenses and other assets	1,611	(101)
Accrued interest receivable	656	(1,579)
Accrued expenses and other liabilities	(4,803)	652
Net cash provided by operating activities	9,994	16,106
CASH FLOWS FROM INVESTING ACTIVITIES:
Loan repayments (originations), net	51,970	(17,340)
Purchases of loans receivable	(68,954)	(3,826)
Principal repayments on investment securities available for sale	32,166	29,879
Purchases of investment securities available for sale	(86,621)	(39,407)
Proceeds from calls of investment securities available for sale		4,000
Principal repayments on investment securities held to maturity	4,372	47
Purchases of investment securities held to maturity	(92,082)	(33,463)
Purchases of premises and equipment and capitalized software	(3,020)	(3,267)
Proceeds from death benefit on BOLI	1,305
Proceeds from sales of REO and premises and equipment	3,427
Net cash used in investing activities	(157,437)	(63,377)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits	127,394	246,488
Dividends paid	(3,450)	(3,362)
Proceeds from borrowings	2,000	30,000
Repayment of borrowings	(2,000)	(30,000)
Net decrease in advance payments by borrowers for taxes and insurance	(310)	(547)
Principal payments on finance lease liability	(34)	(29)
Proceeds from exercise of stock options	16	34
Repurchase of common stock	(1,724)	(1,447)
Net cash provided by financing activities	121,892	241,137
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(25,551)	193,866
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	265,408	41,968
CASH AND CASH EQUIVALENTS, END OF PERIOD	239,857	235,834
Cash paid during the period for:
Interest	1,534	2,646
Income taxes	4,148	3,435
NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared and accrued in other liabilities	1,219	1,117
Net unrealized holding gains (losses) from available for sale investment securities	(1,549)	564
Income tax effect related to other comprehensive income (loss)	$ 372	(135)
ROU lease assets obtained in exchange for operating lease liabilities		$ 5,833

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2021
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, 2021 (“2021 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2021 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2022. 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. In September 2021, Riverview Community Bank (the “Bank”) completed the sale of its former Montavilla branch building and land and recognized a $1.0 million gain on sale which is included in other non-interest expense in the accompanying unaudited statements of income for the nine months ended December 31, 2021. 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
PRINCIPLES OF CONSOLIDATION	Dec. 31, 2021
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, the Bank; and 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 intercompany 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 options for 500 shares of Trust Company common stock by the Trust Company's President and Chief Executive Officer. In May 2021, the Trust Company issued an additional 500 shares of Trust Company stock with the exercise of options for 500 shares of Trust Company common stock 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 97.3%, resulting in a 2.7% noncontrolling interest held by the Trust Company’s President and Chief Executive Officer. The noncontrolling interest was $208,000 and $154,000 as of December 31, 2021 and March 31, 2021, respectively. Net income attributable to the noncontrolling interest was $8,000 and $3,000 for the three months ended December 31, 2021 and 2020, respectively. Net income attributable to the noncontrolling interest was $15,000 and $8,000 for the nine months ended December 31, 2021 and 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
STOCK PLANS AND STOCK-BASED COMPENSATION	Dec. 31, 2021
STOCK PLANS AND STOCK-BASED COMPENSATION
STOCK PLANS AND STOCK-BASED COMPENSATION	3. STOCK PLANS AND STOCK-BASED COMPENSATION Stock Option Plans - 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, giving consideration to the contractual terms and vesting schedules. Expected volatility is estimated at the date of grant based on the historical volatility of the Company's common stock. Expected dividends are based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no stock options granted under the 2017 Stock Option Plan during the nine months ended December 31, 2021 and 2020. As of December 31, 2021, 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, 2021 and 2020 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 December 31, Nine Months Ended December 31, 2021 2020 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 23,332 $ 2.78 43,332 $ 2.69 Options exercised (6,000) 2.78 (14,000) 2.49 Balance, end of period 17,332 $ 2.78 29,332 $ 2.78 The following table presents information on stock options outstanding, less estimated forfeitures, as of December 31, 2021 and 2020: 2021 2020 Stock options fully vested and expected to vest: Number 17,332 29,332 Weighted average exercise price $ 2.78 $ 2.78 Aggregate intrinsic value (1) $ 85,000 $ 73,000 Weighted average contractual term of options (years) 1.54 2.54 Stock options fully vested and currently exercisable: Number 17,332 29,332 Weighted average exercise price $ 2.78 $ 2.78 Aggregate intrinsic value (1) $ 85,000 $ 73,000 Weighted average contractual term of options (years) 1.54 2.54 (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 $25,000 and $41,000 for the nine months ended December 31, 2021 and 2020, respectively, under the Stock Option Plans. The Company may grant restricted stock pursuant to the 2017 Plan of which vesting can either be time based or performance based. Performance based awards are subject to attaining certain performance metrics and all, or a portion of, the performance based awards can subsequently be cancelled for not attaining the predetermined performance metrics. 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 $112,000 and $84,000 for the three months ended December 31, 2021 and 2020, respectively. Stock-based compensation related to restricted stock grants was $289,000 and $268,000 for the nine months ended December 31, 2021 and 2020, respectively. The unrecognized stock-based compensation related to restricted stock was $549,000 and $432,000 at December 31, 2021 and 2020, respectively. The weighted average vesting period for the restricted stock was 1.78 years and 1.87 years at December 31, 2021 and 2020, respectively. The following tables presents the activity related to restricted stock for the nine months ended December 31, 2021 and 2020: Time Based Performance Based Total Number Weighted Number Weighted Number Weighted of Average of Average of Average Unvested Market Unvested Market Unvested Market Nine Months Ended December 31, 2021 Shares Price Shares Price Shares Price Balance, beginning of period 45,616 $ 6.57 96,772 $ 5.27 142,388 $ 5.69 Granted 15,274 7.08 54,011 7.06 69,285 7.06 Forfeited — — — — — — Vested (29,618) 7.43 (12,732) 8.35 (42,350) 7.71 Cancelled — — — — — — Balance, end of period 31,272 $ 6.00 138,051 $ 5.69 169,323 $ 5.75 Time Based Performance Based Total Number Weighted Number Weighted Number Weighted of Average of Average of Average Unvested Market Unvested Market Unvested Market Nine Months Ended December 31, 2020 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 –

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Dec. 31, 2021
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 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, 2021 and 2020, there were no stock options excluded in computing diluted EPS. In June 2021, the Company’s Board of Directors adopted a stock repurchase program (the “June 2021 repurchase program”). Under the June 2021 repurchase program, the Company could repurchase up to $5.0 million 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 June 21, 2021 until December 21, 2021. Under the June 2021 repurchase program, a total of 249,908 shares were repurchased at a total cost of $1.7 million and an average price per share of $6.89. The following table presents a reconciliation of the components used to compute basic and diluted EPS for the periods indicated: Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Basic EPS computation: Numerator-net income $ 5,510,000 $ 4,035,000 $ 17,695,000 $ 7,058,000 Denominator-weighted average common shares outstanding 22,166,130 22,320,699 22,229,832 22,279,774 Basic EPS $ 0.25 $ 0.18 $ 0.80 $ 0.32 Diluted EPS computation: Numerator-net income $ 5,510,000 $ 4,035,000 $ 17,695,000 $ 7,058,000 Denominator-weighted average common shares outstanding 22,166,130 22,320,699 22,229,832 22,279,774 Effect of dilutive stock options 10,990 16,945 12,203 17,053 Weighted average common shares and common stock equivalents 22,177,120 22,337,644 22,242,035 22,296,827 Diluted EPS $ 0.25 $ 0.18 $ 0.80 $ 0.32

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
INVESTMENT SECURITIES	Dec. 31, 2021
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 Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2021 Available for sale: Municipal securities $ 44,174 $ 295 $ (617) $ 43,852 Agency securities 43,842 3 (860) 42,985 Real estate mortgage investment conduits (1) 37,307 57 (907) 36,457 Residential mortgage-backed securities (1) 18,704 385 (31) 19,058 Other mortgage-backed securities (2) 40,035 369 (453) 39,951 Total available for sale $ 184,062 $ 1,109 $ (2,868) $ 182,303 Held to maturity: Municipal securities $ 10,373 $ 7 $ (407) $ 9,973 Agency securities 34,671 3 (416) 34,258 Real estate mortgage investment conduits (1) 28,614 61 (630) 28,045 Residential mortgage-backed securities (1) 121,649 267 (1,147) 120,769 Other mortgage-backed securities (2) 17,415 1 (434) 16,982 Total held to maturity $ 212,722 $ 339 $ (3,034) $ 210,027 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value March 31, 2021 Available for sale: Municipal securities $ 23,883 $ 238 $ (555) $ 23,566 Agency securities 25,996 5 (686) 25,315 Real estate mortgage investment conduits (1) 55,826 469 (480) 55,815 Residential mortgage-backed securities (1) 71,787 1,075 (614) 72,248 Other mortgage-backed securities (2) 39,022 514 (176) 39,360 Total available for sale $ 216,514 $ 2,301 $ (2,511) $ 216,304 Held to maturity: Municipal securities $ 10,391 $ — $ (509) $ 9,882 Agency securities 7,688 — (220) 7,468 Real estate mortgage investment conduits (1) 9,207 — (141) 9,066 Residential mortgage-backed securities (3) 6,175 — (119) 6,056 Other mortgage-backed securities (2) 6,113 — (365) 5,748 Total held to maturity $ 39,574 $ — $ (1,354) $ 38,220 (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. During the three months ended December 31, 2021, the Company reassessed and transferred $85.8 million of U.S. government and agency securities from the available for sale classification to the held to maturity classification. The net unrealized after tax gain of $18,000 was deemed insignificant and the book balance of investment securities were transferred. No gains or losses were recognized at the time of the transfer. The contractual maturities of investment securities as of December 31, 2021 are as follows (in thousands): Available for Sale Held to Maturity Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ — $ — $ — $ — Due after one year through five years 13,729 13,663 10,406 10,327 Due after five years through ten years 68,178 67,644 39,524 38,936 Due after ten years 102,155 100,996 162,792 160,764 Total $ 184,062 $ 182,303 $ 212,722 $ 210,027 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 Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 Value Losses Value Losses Value Losses Available for sale: Municipal securities $ 29,956 $ (617) $ — $ — $ 29,956 $ (617) Agency securities 35,205 (637) 5,774 (223) 40,979 (860) Real estate mortgage investment conduits (1) 22,585 (621) 8,552 (286) 31,137 (907) Residential mortgage-backed securities (3) 2,768 (31) — — 2,768 (31) Other mortgage-backed securities (5) 16,605 (438) 1,255 (15) 17,860 (453) Total available for sale $ 107,119 $ (2,344) $ 15,581 $ (524) $ 122,700 $ (2,868) Held to maturity: Municipal securities $ 7,537 $ (407) $ — $ — $ 7,537 $ (407) Agency securities 25,304 (215) 5,950 (201) 31,254 (416) Real estate mortgage investment conduits (1) 20,592 (548) 2,773 (82) 23,365 (630) Residential mortgage-backed securities (1) 100,070 (1,121) 2,636 (26) 102,706 (1,147) Other mortgage-backed securities (4) 14,056 (434) — — 14,056 (434) Total held to maturity $ 167,559 $ (2,725) $ 11,359 $ (309) $ 178,918 $ (3,034) March 31, 2021 Available for sale: Municipal securities $ 17,529 $ (555) $ — $ — $ 17,529 $ (555) Agency securities 23,306 (686) — — 23,306 (686) Real estate mortgage investment conduits (1) 25,462 (480) — — 25,462 (480) Residential mortgage-backed securities 33,164 (614) — — 33,164 (614) Other mortgage-backed securities (2) 5,856 (125) 2,225 (51) 8,081 (176) Total available for sale $ 105,317 $ (2,460) $ 2,225 $ (51) $ 107,542 $ (2,511) Held to maturity: Municipal securities $ 9,882 $ (509) $ — $ — $ 9,882 $ (509) Agency securities 7,468 (220) — — 7,468 (220) Real estate mortgage investment conduits (3) 9,066 (141) — — 9,066 (141) Residential mortgage-backed securities (4) 6,035 (119) — — 6,035 (119) Other mortgage-backed securities 5,748 (365) — — 5,748 (365) Total held to maturity $ 38,199 $ (1,354) $ — $ — $ 38,199 $ (1,354) (1) Comprised of FHLMC, FNMA and GNMA issued securities. (2) Comprised of SBA issued securities. (3) Comprised of FNMA issued securities. (4) Comprised of FHLMC and FNMA issued securities. (5) Comprised of SBA, FHLMC and FNMA issued securities 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, 2021 and 2020. Investment securities available for sale with an amortized cost of $1.5 million and $5.3 million and an estimated fair value of $1.5 million and $5.4 million at December 31, 2021 and March 31, 2021, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $11.1 million and $3.1 million and a fair value of $10.9 million and $3.0 million at December 31, 2021 and March 31, 2021, respectively, were pledged as collateral for government public funds held by the Bank.

LOANS RECEIVABLE

LOANS RECEIVABLE	9 Months Ended
LOANS RECEIVABLE	Dec. 31, 2021
LOANS RECEIVABLE
LOANS RECEIVABLE	6. LOANS RECEIVABLE Loans receivable are reported net of deferred loan fees. Deferred loan fees at December 31, 2021 and March 31, 2021, totaled $4.6 million and $6.6 million, respectively, of which $522,000 and $2.7 million, respectively, were related to SBA Paycheck Protection Program (“PPP”) loans. Loans receivable are also reported net of discounts and premiums totaling $497,000 and $2.3 million, respectively, as of December 31, 2021, compared to $722,000 and $956,000, respectively, as of March 31, 2021. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): December 31, March 31, 2021 2021 Commercial and construction Commercial business (1) $ 222,535 $ 265,145 Commercial real estate 566,656 543,467 Land 11,351 14,040 Multi-family 53,865 45,014 Real estate construction 18,365 16,990 Total commercial and construction 872,772 884,656 Consumer Real estate one-to-four family 87,821 56,405 Other installment 1,630 2,174 Total consumer 89,451 58,579 Total loans 962,223 943,235 Less: Allowance for loan losses 15,173 19,178 Loans receivable, net $ 947,050 $ 924,057 (1) SBA PPP loans totaled $14.3 million and $93.4 million at December 31, 2021 and March 31, 2021, 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, 2021, loans carried at $553.6 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, 2021 and March 31, 2021, 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
ALLOWANCE FOR LOAN LOSSES	Dec. 31, 2021
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 probable 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, 2021 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 2,261 $ 11,795 $ 232 $ 530 $ 231 $ 841 $ 610 $ 16,500 Provision for (recapture of) loan losses 381 (2,178) (66) 207 71 148 162 (1,275) Charge-offs (62) — — — — (1) — (63) Recoveries — — — — — 11 — 11 Ending balance $ 2,580 $ 9,617 $ 166 $ 737 $ 302 $ 999 $ 772 $ 15,173 Nine months ended December 31, 2021 Beginning balance $ 2,416 $ 14,089 $ 233 $ 638 $ 294 $ 852 $ 656 $ 19,178 Provision for (recapture of) loan losses 226 (4,472) (67) 99 8 115 116 (3,975) Charge-offs (62) — — — — (14) — (76) Recoveries — — — — — 46 — 46 Ending balance $ 2,580 $ 9,617 $ 166 $ 737 $ 302 $ 999 $ 772 $ 15,173 Three months ended December 31, 2020 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 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 Evaluated Evaluated Evaluated for for for for December 31, 2021 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 2,580 $ 2,580 $ 105 $ 222,430 $ 222,535 Commercial real estate — 9,617 9,617 127 566,529 566,656 Land — 166 166 — 11,351 11,351 Multi-family — 737 737 — 53,865 53,865 Real estate construction — 302 302 — 18,365 18,365 Consumer 11 988 999 506 88,945 89,451 Unallocated — 772 772 — — — Total $ 11 $ 15,162 $ 15,173 $ 738 $ 961,485 $ 962,223 March 31, 2021 Commercial business $ — $ 2,416 $ 2,416 $ 120 $ 265,025 $ 265,145 Commercial real estate — 14,089 14,089 1,468 541,999 543,467 Land — 233 233 710 13,330 14,040 Multi-family — 638 638 753 44,261 45,014 Real estate construction — 294 294 — 16,990 16,990 Consumer 11 841 852 530 58,049 58,579 Unallocated — 656 656 — — — Total $ 11 $ 19,167 $ 19,178 $ 3,581 $ 939,654 $ 943,235 Non-accrual loans: The following tables present an analysis of loans by aging category at the dates indicated (in thousands): Total 90 Days Past and Due and Total 30-89 Days Greater Non- Loans December 31, 2021 Past Due Past Due Non-accrual accrual Current Receivable Commercial business $ 880 $ 1,534 $ 123 $ 2,537 $ 219,998 $ 222,535 Commercial real estate — — 127 127 566,529 566,656 Land — — — — 11,351 11,351 Multi-family — — — — 53,865 53,865 Real estate construction 291 — — 291 18,074 18,365 Consumer 2,379 — 56 2,435 87,016 89,451 Total $ 3,550 $ 1,534 $ 306 $ 5,390 $ 956,833 $ 962,223 Total 90 Days Past and Due and Total 30-89 Days Greater Non- Loans March 31, 2021 Past Due Past Due Non-accrual accrual Current Receivable Commercial business $ 98 $ 175 $ 182 $ 455 $ 264,690 $ 265,145 Commercial real estate — — 144 144 543,323 543,467 Land — — — — 14,040 14,040 Multi-family — — — — 45,014 45,014 Real estate construction — — — — 16,990 16,990 Consumer 143 1 69 213 58,366 58,579 Total $ 241 $ 176 $ 395 $ 812 $ 942,423 $ 943,235 Credit quality indicators: Pass Watch Special mention Substandard Doubtful Loss The following tables present an analysis of loans by credit quality indicators at the dates indicated (in thousands): Total Special Loans December 31, 2021 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 221,782 $ 516 $ 237 $ — $ — $ 222,535 Commercial real estate 544,867 15,541 6,248 — — 566,656 Land 11,351 — — — — 11,351 Multi-family 53,783 74 8 — — 53,865 Real estate construction 18,365 — — — — 18,365 Consumer 89,395 — 56 — — 89,451 Total $ 939,543 $ 16,131 $ 6,549 $ — $ — $ 962,223 March 31, 2021 Commercial business $ 264,564 $ 399 $ 182 $ — $ — $ 265,145 Commercial real estate 494,010 42,045 7,412 — — 543,467 Land 14,040 — — — — 14,040 Multi-family 44,941 49 24 — — 45,014 Real estate construction 16,990 — — — — 16,990 Consumer 58,510 — 69 — — 58,579 Total $ 893,055 $ 42,493 $ 7,687 $ — $ — $ 943,235 Impaired loans and troubled debt restructurings (“TDRs”): The following tables present the total and average recorded investment in impaired loans at the dates and for the periods indicated (in thousands): Recorded Recorded Investment Investment with with Related No Specific Specific Total Unpaid Specific Valuation Valuation Recorded Principal Valuation December 31, 2021 Allowance Allowance Investment Balance Allowance Commercial business $ 105 $ — $ 105 $ 147 $ — Commercial real estate 127 — 127 182 — Land — — — — — Multi-family — — — — — Consumer 264 242 506 617 11 Total $ 496 $ 242 $ 738 $ 946 $ 11 March 31, 2021 Commercial business $ 120 $ — $ 120 $ 157 $ — Commercial real estate 1,468 — 1,468 1,556 — Land 710 — 710 740 — Multi-family 753 — 753 856 — Consumer 278 252 530 643 11 Total $ 3,329 $ 252 $ 3,581 $ 3,952 $ 11 Three months ended Three months ended December 31, 2021 December 31, 2020 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 107 $ — $ 127 $ — Commercial real estate 130 — 1,916 15 Land — — 714 10 Multi-family — — 1,355 21 Consumer 511 6 542 8 Total $ 748 $ 6 $ 4,654 $ 54 Nine months ended Nine months ended December 31, 2021 December 31, 2020 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 112 $ — $ 132 $ — Commercial real estate 795 16 2,143 46 Land — — 714 30 Multi-family — — 1,453 65 Consumer 519 18 485 23 Total $ 1,426 $ 34 $ 4,927 $ 164 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, 2021 March 31, 2021 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ — $ 105 $ 105 $ — $ 120 $ 120 Commercial real estate — 127 127 1,324 144 1,468 Land — — — 710 — 710 Multi-family — — — 753 — 753 Consumer 506 — 506 530 — 530 Total $ 506 $ 232 $ 738 $ 3,317 $ 264 $ 3,581 At December 31, 2021, the Company had no commitments to lend additional funds on TDR loans. At December 31, 2021, all of the Company’s TDRs were paying as agreed. There were no new TDRs for the three and nine months ended December 31, 2021. 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. This TDR is a consumer real estate loan secured by a one-to-four family property located in Northwest Oregon where 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. In March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. The CARES Act along with a joint agency statement issued by banking regulatory agencies 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 until January 1, 2022. As of December 31, 2021, the Company had no loan modifications related to the COVIC-19 pandemic. In accordance with the Company’s policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent six months or more that have not received at least 75% of their required monthly payment in the last 90 days are charged-off. In addition, loans discharged in bankruptcy proceedings are charged-off. Loans under bankruptcy protection with no payments received for four consecutive months are charged-off. The outstanding balance of a secured loan that is in excess of the net realizable value is generally charged-off if no payments are received for four to five consecutive months. However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale of the underlying collateral would result in full repayment of the outstanding loan balance. Once any other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off. Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed loan loss it is promptly charged off.

GOODWILL

GOODWILL	9 Months Ended
GOODWILL	Dec. 31, 2021
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, 2021 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. As a result of the effects of the COVID-19 pandemic and its impacts on the financial markets and economy, the Company completed a qualitative assessment of goodwill as of December 31, 2021, and concluded that it is more likely than not that the fair value of the Bank (the reporting unit), exceeds its carrying value. If adverse economic conditions or decreases in the Company’s common stock price and market capitalization as a result of the COVID-19 pandemic were sustained in the future rather than temporary, it may significantly affect the fair value of the reporting unit and may trigger future goodwill impairment charges. Any impairment charge could have a material adverse effect on our results of operations and financial condition.

JUNIOR SUBORDINATED DEBENTURES

JUNIOR SUBORDINATED DEBENTURES	9 Months Ended
JUNIOR SUBORDINATED DEBENTURES	Dec. 31, 2021
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES	9. 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 $26.8 million and $26.7 million at December 31, 2021 and March 31, 2021, respectively, are reported as “junior subordinated debentures” in the consolidated balance sheets. The common securities issued by the grantor trusts were purchased by the Company, and the Company’s investment in the common securities of $836,000 at both December 31, 2021 and March 31, 2021, 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, 2021 (dollars in thousands): Issuance Trust Issuance Date Amount Outstanding Rate Type Initial Rate Current Rate Maturity Date Riverview Bancorp Statutory Trust I 12/2005 $ 7,217 Variable (1) 5.88 % 1.56 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 1.55 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 3.32 % 6/2033 27,836 Fair value adjustment (4) (1,024) Total Debentures $ 26,812 (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
FAIR VALUE MEASUREMENTS	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	10. 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) Other observable inputs (Level 2) Significant unobservable inputs (Level 3) 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, 2021 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 43,852 $ — $ 43,852 $ — Agency securities 42,985 — 42,985 — Real estate mortgage investment conduits 36,457 — 36,457 — Residential mortgage-backed securities 19,058 — 19,058 — Other mortgage-backed securities 39,951 — 39,951 — Total assets measured at fair value on a recurring basis $ 182,303 $ — $ 182,303 $ — Total Estimated Estimated Fair Value Measurements Using March 31, 2021 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 23,566 $ — $ 23,566 $ — Agency securities 25,315 — 25,315 — Real estate mortgage investment conduits 55,815 — 55,815 — Residential mortgage-backed securities 72,248 — 72,248 — Other mortgage-backed securities 39,360 — 39,360 — Total assets measured at fair value on a recurring basis $ 216,304 $ — $ 216,304 $ — There were no transfers of assets into or out of Levels 1, 2 or 3 for the nine months ended December 31, 2021 and the year ended March 31, 2021. 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 Fair Value Estimated Measurements Using December 31, 2021 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 231 $ — $ — $ 231 March 31, 2021 Impaired loans $ 241 $ — $ — $ 241 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at December 31, 2021 and March 31, 2021: Valuation Significant Unobservable Technique Inputs Range Impaired loans Appraised Adjustment for market conditions N/A (1) Discounted cash flows Discount rate 5.375 % - 8.000% (1) There were no adjustments to appraised values of impaired loans as of December 31, 2021 and March 31, 2021. 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, 2021 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 239,857 $ 239,857 $ — $ — $ 239,857 Certificates of deposit held for investment 249 — 257 — 257 Investment securities available for sale 182,303 — 182,303 — 182,303 Investment securities held to maturity 212,722 — 210,027 — 210,027 Loans receivable, net 947,050 — — 942,978 942,978 FHLB stock 1,722 — 1,722 — 1,722 Liabilities: Certificates of deposit 113,305 — 113,128 — 113,128 Junior subordinated debentures 26,812 — — 14,406 14,406 Carrying Estimated March 31, 2021 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 265,408 $ 265,408 $ — $ — $ 265,408 Certificates of deposit held for investment 249 — 262 — 262 Investment securities available for sale 216,304 — 216,304 — 216,304 Investment securities held to maturity 39,574 — 38,220 — 38,220 Loans receivable, net 924,057 — — 920,102 920,102 FHLB stock 1,722 — 1,722 — 1,722 Liabilities: Certificates of deposit 120,625 — 121,610 — 121,610 Junior subordinated debentures 26,748 — — 14,434 14,434 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
NEW ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2021
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	11. 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 “smaller reporting company” filer with the U.S. Securities and Exchange Commission, 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 change as a result of the implementation of ASU 2016-13; however, until management's evaluation is complete, the magnitude of the change 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 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. In January 2021, ASU 2021-01 updated amendments in ASU 2020-04 to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification. The amendments in ASU 2021-01 have differing effective dates, beginning with interim periods including and subsequent to March 12, 2020 through December 31, 2022. The Company has not adopted ASU 2020-04 as of December 31, 2021. The adoption of ASU 2020-04 is not expected to have a material impact on the Company's future consolidated financial statements.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS	Dec. 31, 2021
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	12. REVENUE FROM CONTRACTS WITH CUSTOMERS 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, 2021 2020 2021 2020 Asset management fees $ 1,137 $ 889 $ 3,041 $ 2,746 Debit card and ATM fees 843 771 2,638 2,287 Deposit related fees 405 392 1,221 1,143 Loan related fees 349 357 1,033 886 BOLI (1) 189 193 613 625 Net gains on sales of loans held for sale (1) — — — 28 FHLMC loan servicing fees (1) 20 23 63 72 BOLI death benefit in excess of cash surrender value — — 500 — Other, net 173 187 669 467 Total non-interest income, net $ 3,116 $ 2,812 $ 9,778 $ 8,254 (1) Not within scope of ASC 606 For the three and nine months ended December 31, 2021 and 2020, 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 Debit card and ATM fees 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 Loan related fees Other Contract Balances As of December 31, 2021, 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
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Off-balance sheet arrangements Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. These guarantees are primarily used to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies and is required in instances where the Company deems it necessary. Significant off-balance sheet commitments at December 31, 2021 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 14,555 Fixed-rate 15,173 Standby letters of credit 1,780 Undisbursed loan funds and unused lines of credit 124,228 Total $ 155,736 Other Contractual Obligations - The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depository, the assessment attributable to all public depositories is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company has not incurred any losses related to public depository funds for the nine months ended December 31, 2021 and 2020. The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events. Litigation

LEASES

LEASES	9 Months Ended
LEASES	Dec. 31, 2021
LEASES
LEASES	14. 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. In accordance with ASC 842, the Company records in the consolidated balance sheet operating lease right-of-use (“ROU”) assets and operating lease liabilities for leases with an initial term of more than 12 months. The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheets at the dates indicated (in thousands): December 31, March 31, Classification in the Leases 2021 2021 consolidated balance sheets Finance lease ROU assets $ 1,374 $ 1,432 Financing lease ROU assets Finance lease liability $ 2,295 $ 2,329 Finance lease liability Finance lease remaining lease term 17.93 years 18.68 years Finance lease discount rate 7.16 % 7.16 % Operating lease ROU assets $ 7,800 $ 8,782 Prepaid expenses and other assets Operating lease liabilities $ 8,204 $ 9,201 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term 7.30 years 7.87 years Operating lease weighted-average discount rate 1.77 % 1.77 % 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 at the dates indicated (in thousands): Three months ended Three months ended Lease Costs December 31, 2021 December 31, 2020 Finance lease amortization of right-of-use asset $ 20 $ 19 Finance lease interest on lease liability 41 42 Operating lease costs 316 297 Variable lease costs 53 52 Total lease cost (1) $ 430 $ 410 Nine months ended Nine months ended Lease Costs December 31, 2021 December 31, 2020 Finance lease amortization of right-of-use asset $ 58 $ 57 Finance lease interest on lease liability 124 127 Operating lease costs 946 948 Variable lease costs 158 157 Total lease cost (1) $ 1,286 $ 1,289 (1) Income related to sub-lease activity is not significant and not presented herein. Supplemental cash flow information - The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2021 (in thousands): Year Ended March 31: Operating Finance Leases Lease Remaining of 2022 $ 353 $ 54 2023 1,274 215 2024 1,290 219 2025 1,292 222 2026 1,040 226 Thereafter 3,527 3,174 Total minimum lease payments 8,776 4,110 Less: amount of lease payment representing interest (572) (1,815) Lease liabilities $ 8,204 $ 2,295 In March 2010, the Company sold two of its branch locations. The Company maintains a substantial continuing involvement in the locations through various non-cancellable operating leases that contain certain renewal options. The resulting gain on sale of $2.1 million was deferred and is being amortized over the lives of the respective leases. At December 31, 2021 and March 31, 2021, the remaining deferred gain was $257,000 and $377,000, respectively, and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Dec. 31, 2021
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, 2021 (“2021 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2021 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2022. 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. In September 2021, Riverview Community Bank (the “Bank”) completed the sale of its former Montavilla branch building and land and recognized a $1.0 million gain on sale which is included in other non-interest expense in the accompanying unaudited statements of income for the nine months ended December 31, 2021. 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, the Bank; and 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 intercompany 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 options for 500 shares of Trust Company common stock by the Trust Company's President and Chief Executive Officer. In May 2021, the Trust Company issued an additional 500 shares of Trust Company stock with the exercise of options for 500 shares of Trust Company common stock 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 97.3%, resulting in a 2.7% noncontrolling interest held by the Trust Company’s President and Chief Executive Officer. The noncontrolling interest was $208,000 and $154,000 as of December 31, 2021 and March 31, 2021, respectively. Net income attributable to the noncontrolling interest was $8,000 and $3,000 for the three months ended December 31, 2021 and 2020, respectively. Net income attributable to the noncontrolling interest was $15,000 and $8,000 for the nine months ended December 31, 2021 and 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 “smaller reporting company” filer with the U.S. Securities and Exchange Commission, 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 change as a result of the implementation of ASU 2016-13; however, until management's evaluation is complete, the magnitude of the change 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 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. In January 2021, ASU 2021-01 updated amendments in ASU 2020-04 to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification. The amendments in ASU 2021-01 have differing effective dates, beginning with interim periods including and subsequent to March 12, 2020 through December 31, 2022. The Company has not adopted ASU 2020-04 as of December 31, 2021. The adoption of ASU 2020-04 is not expected to have a material impact on the Company's future consolidated financial statements.

STOCK PLANS AND STOCK-BASED C_2

STOCK PLANS AND STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK PLANS AND STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2021
STOCK PLANS AND STOCK-BASED COMPENSATION
Schedule of activity related to stock options under the Stock Option Plans	Nine Months Ended December 31, Nine Months Ended December 31, 2021 2020 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 23,332 $ 2.78 43,332 $ 2.69 Options exercised (6,000) 2.78 (14,000) 2.49 Balance, end of period 17,332 $ 2.78 29,332 $ 2.78
Schedule of information on stock options outstanding under the Stock Option Plans	2021 2020 Stock options fully vested and expected to vest: Number 17,332 29,332 Weighted average exercise price $ 2.78 $ 2.78 Aggregate intrinsic value (1) $ 85,000 $ 73,000 Weighted average contractual term of options (years) 1.54 2.54 Stock options fully vested and currently exercisable: Number 17,332 29,332 Weighted average exercise price $ 2.78 $ 2.78 Aggregate intrinsic value (1) $ 85,000 $ 73,000 Weighted average contractual term of options (years) 1.54 2.54 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s stock.
Schedule of unvested restricted stock activity	Time Based Performance Based Total Number Weighted Number Weighted Number Weighted of Average of Average of Average Unvested Market Unvested Market Unvested Market Nine Months Ended December 31, 2021 Shares Price Shares Price Shares Price Balance, beginning of period 45,616 $ 6.57 96,772 $ 5.27 142,388 $ 5.69 Granted 15,274 7.08 54,011 7.06 69,285 7.06 Forfeited — — — — — — Vested (29,618) 7.43 (12,732) 8.35 (42,350) 7.71 Cancelled — — — — — — Balance, end of period 31,272 $ 6.00 138,051 $ 5.69 169,323 $ 5.75 Time Based Performance Based Total Number Weighted Number Weighted Number Weighted of Average of Average of Average Unvested Market Unvested Market Unvested Market Nine Months Ended December 31, 2020 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
EARNINGS PER SHARE (Tables)	Dec. 31, 2021
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Basic EPS computation: Numerator-net income $ 5,510,000 $ 4,035,000 $ 17,695,000 $ 7,058,000 Denominator-weighted average common shares outstanding 22,166,130 22,320,699 22,229,832 22,279,774 Basic EPS $ 0.25 $ 0.18 $ 0.80 $ 0.32 Diluted EPS computation: Numerator-net income $ 5,510,000 $ 4,035,000 $ 17,695,000 $ 7,058,000 Denominator-weighted average common shares outstanding 22,166,130 22,320,699 22,229,832 22,279,774 Effect of dilutive stock options 10,990 16,945 12,203 17,053 Weighted average common shares and common stock equivalents 22,177,120 22,337,644 22,242,035 22,296,827 Diluted EPS $ 0.25 $ 0.18 $ 0.80 $ 0.32

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
INVESTMENT SECURITIES (Tables)	Dec. 31, 2021
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 Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2021 Available for sale: Municipal securities $ 44,174 $ 295 $ (617) $ 43,852 Agency securities 43,842 3 (860) 42,985 Real estate mortgage investment conduits (1) 37,307 57 (907) 36,457 Residential mortgage-backed securities (1) 18,704 385 (31) 19,058 Other mortgage-backed securities (2) 40,035 369 (453) 39,951 Total available for sale $ 184,062 $ 1,109 $ (2,868) $ 182,303 Held to maturity: Municipal securities $ 10,373 $ 7 $ (407) $ 9,973 Agency securities 34,671 3 (416) 34,258 Real estate mortgage investment conduits (1) 28,614 61 (630) 28,045 Residential mortgage-backed securities (1) 121,649 267 (1,147) 120,769 Other mortgage-backed securities (2) 17,415 1 (434) 16,982 Total held to maturity $ 212,722 $ 339 $ (3,034) $ 210,027 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value March 31, 2021 Available for sale: Municipal securities $ 23,883 $ 238 $ (555) $ 23,566 Agency securities 25,996 5 (686) 25,315 Real estate mortgage investment conduits (1) 55,826 469 (480) 55,815 Residential mortgage-backed securities (1) 71,787 1,075 (614) 72,248 Other mortgage-backed securities (2) 39,022 514 (176) 39,360 Total available for sale $ 216,514 $ 2,301 $ (2,511) $ 216,304 Held to maturity: Municipal securities $ 10,391 $ — $ (509) $ 9,882 Agency securities 7,688 — (220) 7,468 Real estate mortgage investment conduits (1) 9,207 — (141) 9,066 Residential mortgage-backed securities (3) 6,175 — (119) 6,056 Other mortgage-backed securities (2) 6,113 — (365) 5,748 Total held to maturity $ 39,574 $ — $ (1,354) $ 38,220 (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, 2021 are as follows (in thousands): Available for Sale Held to Maturity Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ — $ — $ — $ — Due after one year through five years 13,729 13,663 10,406 10,327 Due after five years through ten years 68,178 67,644 39,524 38,936 Due after ten years 102,155 100,996 162,792 160,764 Total $ 184,062 $ 182,303 $ 212,722 $ 210,027
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 Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 Value Losses Value Losses Value Losses Available for sale: Municipal securities $ 29,956 $ (617) $ — $ — $ 29,956 $ (617) Agency securities 35,205 (637) 5,774 (223) 40,979 (860) Real estate mortgage investment conduits (1) 22,585 (621) 8,552 (286) 31,137 (907) Residential mortgage-backed securities (3) 2,768 (31) — — 2,768 (31) Other mortgage-backed securities (5) 16,605 (438) 1,255 (15) 17,860 (453) Total available for sale $ 107,119 $ (2,344) $ 15,581 $ (524) $ 122,700 $ (2,868) Held to maturity: Municipal securities $ 7,537 $ (407) $ — $ — $ 7,537 $ (407) Agency securities 25,304 (215) 5,950 (201) 31,254 (416) Real estate mortgage investment conduits (1) 20,592 (548) 2,773 (82) 23,365 (630) Residential mortgage-backed securities (1) 100,070 (1,121) 2,636 (26) 102,706 (1,147) Other mortgage-backed securities (4) 14,056 (434) — — 14,056 (434) Total held to maturity $ 167,559 $ (2,725) $ 11,359 $ (309) $ 178,918 $ (3,034) March 31, 2021 Available for sale: Municipal securities $ 17,529 $ (555) $ — $ — $ 17,529 $ (555) Agency securities 23,306 (686) — — 23,306 (686) Real estate mortgage investment conduits (1) 25,462 (480) — — 25,462 (480) Residential mortgage-backed securities 33,164 (614) — — 33,164 (614) Other mortgage-backed securities (2) 5,856 (125) 2,225 (51) 8,081 (176) Total available for sale $ 105,317 $ (2,460) $ 2,225 $ (51) $ 107,542 $ (2,511) Held to maturity: Municipal securities $ 9,882 $ (509) $ — $ — $ 9,882 $ (509) Agency securities 7,468 (220) — — 7,468 (220) Real estate mortgage investment conduits (3) 9,066 (141) — — 9,066 (141) Residential mortgage-backed securities (4) 6,035 (119) — — 6,035 (119) Other mortgage-backed securities 5,748 (365) — — 5,748 (365) Total held to maturity $ 38,199 $ (1,354) $ — $ — $ 38,199 $ (1,354) (1) Comprised of FHLMC, FNMA and GNMA issued securities. (2) Comprised of SBA issued securities. (3) Comprised of FNMA issued securities. (4) Comprised of FHLMC and FNMA issued securities. (5) Comprised of SBA, FHLMC and FNMA issued securities

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	9 Months Ended
LOANS RECEIVABLE (Tables)	Dec. 31, 2021
LOANS RECEIVABLE
Schedule of loans and financing receivable	December 31, March 31, 2021 2021 Commercial and construction Commercial business (1) $ 222,535 $ 265,145 Commercial real estate 566,656 543,467 Land 11,351 14,040 Multi-family 53,865 45,014 Real estate construction 18,365 16,990 Total commercial and construction 872,772 884,656 Consumer Real estate one-to-four family 87,821 56,405 Other installment 1,630 2,174 Total consumer 89,451 58,579 Total loans 962,223 943,235 Less: Allowance for loan losses 15,173 19,178 Loans receivable, net $ 947,050 $ 924,057 (1) SBA PPP loans totaled $14.3 million and $93.4 million at December 31, 2021 and March 31, 2021, respectively.

ALLOWANCE FOR LOAN LOSSES (Tabl

ALLOWANCE FOR LOAN LOSSES (Tables)	9 Months Ended
ALLOWANCE FOR LOAN LOSSES (Tables)	Dec. 31, 2021
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, 2021 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 2,261 $ 11,795 $ 232 $ 530 $ 231 $ 841 $ 610 $ 16,500 Provision for (recapture of) loan losses 381 (2,178) (66) 207 71 148 162 (1,275) Charge-offs (62) — — — — (1) — (63) Recoveries — — — — — 11 — 11 Ending balance $ 2,580 $ 9,617 $ 166 $ 737 $ 302 $ 999 $ 772 $ 15,173 Nine months ended December 31, 2021 Beginning balance $ 2,416 $ 14,089 $ 233 $ 638 $ 294 $ 852 $ 656 $ 19,178 Provision for (recapture of) loan losses 226 (4,472) (67) 99 8 115 116 (3,975) Charge-offs (62) — — — — (14) — (76) Recoveries — — — — — 46 — 46 Ending balance $ 2,580 $ 9,617 $ 166 $ 737 $ 302 $ 999 $ 772 $ 15,173 Three months ended December 31, 2020 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
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 Evaluated Evaluated Evaluated for for for for December 31, 2021 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 2,580 $ 2,580 $ 105 $ 222,430 $ 222,535 Commercial real estate — 9,617 9,617 127 566,529 566,656 Land — 166 166 — 11,351 11,351 Multi-family — 737 737 — 53,865 53,865 Real estate construction — 302 302 — 18,365 18,365 Consumer 11 988 999 506 88,945 89,451 Unallocated — 772 772 — — — Total $ 11 $ 15,162 $ 15,173 $ 738 $ 961,485 $ 962,223 March 31, 2021 Commercial business $ — $ 2,416 $ 2,416 $ 120 $ 265,025 $ 265,145 Commercial real estate — 14,089 14,089 1,468 541,999 543,467 Land — 233 233 710 13,330 14,040 Multi-family — 638 638 753 44,261 45,014 Real estate construction — 294 294 — 16,990 16,990 Consumer 11 841 852 530 58,049 58,579 Unallocated — 656 656 — — — Total $ 11 $ 19,167 $ 19,178 $ 3,581 $ 939,654 $ 943,235
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): Total 90 Days Past and Due and Total 30-89 Days Greater Non- Loans December 31, 2021 Past Due Past Due Non-accrual accrual Current Receivable Commercial business $ 880 $ 1,534 $ 123 $ 2,537 $ 219,998 $ 222,535 Commercial real estate — — 127 127 566,529 566,656 Land — — — — 11,351 11,351 Multi-family — — — — 53,865 53,865 Real estate construction 291 — — 291 18,074 18,365 Consumer 2,379 — 56 2,435 87,016 89,451 Total $ 3,550 $ 1,534 $ 306 $ 5,390 $ 956,833 $ 962,223 Total 90 Days Past and Due and Total 30-89 Days Greater Non- Loans March 31, 2021 Past Due Past Due Non-accrual accrual Current Receivable Commercial business $ 98 $ 175 $ 182 $ 455 $ 264,690 $ 265,145 Commercial real estate — — 144 144 543,323 543,467 Land — — — — 14,040 14,040 Multi-family — — — — 45,014 45,014 Real estate construction — — — — 16,990 16,990 Consumer 143 1 69 213 58,366 58,579 Total $ 241 $ 176 $ 395 $ 812 $ 942,423 $ 943,235
Schedule of credit quality indicators	The following tables present an analysis of loans by credit quality indicators at the dates indicated (in thousands): Total Special Loans December 31, 2021 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 221,782 $ 516 $ 237 $ — $ — $ 222,535 Commercial real estate 544,867 15,541 6,248 — — 566,656 Land 11,351 — — — — 11,351 Multi-family 53,783 74 8 — — 53,865 Real estate construction 18,365 — — — — 18,365 Consumer 89,395 — 56 — — 89,451 Total $ 939,543 $ 16,131 $ 6,549 $ — $ — $ 962,223 March 31, 2021 Commercial business $ 264,564 $ 399 $ 182 $ — $ — $ 265,145 Commercial real estate 494,010 42,045 7,412 — — 543,467 Land 14,040 — — — — 14,040 Multi-family 44,941 49 24 — — 45,014 Real estate construction 16,990 — — — — 16,990 Consumer 58,510 — 69 — — 58,579 Total $ 893,055 $ 42,493 $ 7,687 $ — $ — $ 943,235
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 Recorded Investment Investment with with Related No Specific Specific Total Unpaid Specific Valuation Valuation Recorded Principal Valuation December 31, 2021 Allowance Allowance Investment Balance Allowance Commercial business $ 105 $ — $ 105 $ 147 $ — Commercial real estate 127 — 127 182 — Land — — — — — Multi-family — — — — — Consumer 264 242 506 617 11 Total $ 496 $ 242 $ 738 $ 946 $ 11 March 31, 2021 Commercial business $ 120 $ — $ 120 $ 157 $ — Commercial real estate 1,468 — 1,468 1,556 — Land 710 — 710 740 — Multi-family 753 — 753 856 — Consumer 278 252 530 643 11 Total $ 3,329 $ 252 $ 3,581 $ 3,952 $ 11 Three months ended Three months ended December 31, 2021 December 31, 2020 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 107 $ — $ 127 $ — Commercial real estate 130 — 1,916 15 Land — — 714 10 Multi-family — — 1,355 21 Consumer 511 6 542 8 Total $ 748 $ 6 $ 4,654 $ 54 Nine months ended Nine months ended December 31, 2021 December 31, 2020 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 112 $ — $ 132 $ — Commercial real estate 795 16 2,143 46 Land — — 714 30 Multi-family — — 1,453 65 Consumer 519 18 485 23 Total $ 1,426 $ 34 $ 4,927 $ 164
Schedule of TDRs by interest accrual status	The following table presents TDRs by interest accrual status at the dates indicated (in thousands): December 31, 2021 March 31, 2021 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ — $ 105 $ 105 $ — $ 120 $ 120 Commercial real estate — 127 127 1,324 144 1,468 Land — — — 710 — 710 Multi-family — — — 753 — 753 Consumer 506 — 506 530 — 530 Total $ 506 $ 232 $ 738 $ 3,317 $ 264 $ 3,581

JUNIOR SUBORDINATED DEBENTURES

JUNIOR SUBORDINATED DEBENTURES (Tables)	9 Months Ended
JUNIOR SUBORDINATED DEBENTURES (Tables)	Dec. 31, 2021
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, 2021 (dollars in thousands): Issuance Trust Issuance Date Amount Outstanding Rate Type Initial Rate Current Rate Maturity Date Riverview Bancorp Statutory Trust I 12/2005 $ 7,217 Variable (1) 5.88 % 1.56 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 1.55 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 3.32 % 6/2033 27,836 Fair value adjustment (4) (1,024) Total Debentures $ 26,812 (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
FAIR VALUE MEASUREMENTS (Tables)	Dec. 31, 2021
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, 2021 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 43,852 $ — $ 43,852 $ — Agency securities 42,985 — 42,985 — Real estate mortgage investment conduits 36,457 — 36,457 — Residential mortgage-backed securities 19,058 — 19,058 — Other mortgage-backed securities 39,951 — 39,951 — Total assets measured at fair value on a recurring basis $ 182,303 $ — $ 182,303 $ — Total Estimated Estimated Fair Value Measurements Using March 31, 2021 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 23,566 $ — $ 23,566 $ — Agency securities 25,315 — 25,315 — Real estate mortgage investment conduits 55,815 — 55,815 — Residential mortgage-backed securities 72,248 — 72,248 — Other mortgage-backed securities 39,360 — 39,360 — Total assets measured at fair value on a recurring basis $ 216,304 $ — $ 216,304 $ —
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 Fair Value Estimated Measurements Using December 31, 2021 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 231 $ — $ — $ 231 March 31, 2021 Impaired loans $ 241 $ — $ — $ 241
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, 2021 and March 31, 2021: Valuation Significant Unobservable Technique Inputs Range Impaired loans Appraised Adjustment for market conditions N/A (1) Discounted cash flows Discount rate 5.375 % - 8.000% (1) There were no adjustments to appraised values of impaired loans as of December 31, 2021 and March 31, 2021.
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, 2021 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 239,857 $ 239,857 $ — $ — $ 239,857 Certificates of deposit held for investment 249 — 257 — 257 Investment securities available for sale 182,303 — 182,303 — 182,303 Investment securities held to maturity 212,722 — 210,027 — 210,027 Loans receivable, net 947,050 — — 942,978 942,978 FHLB stock 1,722 — 1,722 — 1,722 Liabilities: Certificates of deposit 113,305 — 113,128 — 113,128 Junior subordinated debentures 26,812 — — 14,406 14,406 Carrying Estimated March 31, 2021 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 265,408 $ 265,408 $ — $ — $ 265,408 Certificates of deposit held for investment 249 — 262 — 262 Investment securities available for sale 216,304 — 216,304 — 216,304 Investment securities held to maturity 39,574 — 38,220 — 38,220 Loans receivable, net 924,057 — — 920,102 920,102 FHLB stock 1,722 — 1,722 — 1,722 Liabilities: Certificates of deposit 120,625 — 121,610 — 121,610 Junior subordinated debentures 26,748 — — 14,434 14,434

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	Dec. 31, 2021
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, 2021 2020 2021 2020 Asset management fees $ 1,137 $ 889 $ 3,041 $ 2,746 Debit card and ATM fees 843 771 2,638 2,287 Deposit related fees 405 392 1,221 1,143 Loan related fees 349 357 1,033 886 BOLI (1) 189 193 613 625 Net gains on sales of loans held for sale (1) — — — 28 FHLMC loan servicing fees (1) 20 23 63 72 BOLI death benefit in excess of cash surrender value — — 500 — Other, net 173 187 669 467 Total non-interest income, net $ 3,116 $ 2,812 $ 9,778 $ 8,254 (1) Not within scope of ASC 606

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Schedule of significant off-balance sheet commitments	Significant off-balance sheet commitments at December 31, 2021 are listed below (in thousands): Contract or Notional Amount Commitments to originate loans: Adjustable-rate $ 14,555 Fixed-rate 15,173 Standby letters of credit 1,780 Undisbursed loan funds and unused lines of credit 124,228 Total $ 155,736

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Dec. 31, 2021
LEASES
Schedule of lease right-of-use assets and lease liabilities	The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheets at the dates indicated (in thousands): December 31, March 31, Classification in the Leases 2021 2021 consolidated balance sheets Finance lease ROU assets $ 1,374 $ 1,432 Financing lease ROU assets Finance lease liability $ 2,295 $ 2,329 Finance lease liability Finance lease remaining lease term 17.93 years 18.68 years Finance lease discount rate 7.16 % 7.16 % Operating lease ROU assets $ 7,800 $ 8,782 Prepaid expenses and other assets Operating lease liabilities $ 8,204 $ 9,201 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term 7.30 years 7.87 years Operating lease weighted-average discount rate 1.77 % 1.77 %
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 at the dates indicated (in thousands): Three months ended Three months ended Lease Costs December 31, 2021 December 31, 2020 Finance lease amortization of right-of-use asset $ 20 $ 19 Finance lease interest on lease liability 41 42 Operating lease costs 316 297 Variable lease costs 53 52 Total lease cost (1) $ 430 $ 410 Nine months ended Nine months ended Lease Costs December 31, 2021 December 31, 2020 Finance lease amortization of right-of-use asset $ 58 $ 57 Finance lease interest on lease liability 124 127 Operating lease costs 946 948 Variable lease costs 158 157 Total lease cost (1) $ 1,286 $ 1,289 (1) Income related to sub-lease activity is not significant and not presented herein.
Schedule of reconciliation of the undiscounted cash flows related to the Company's lease liabilities	The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2021 (in thousands): Year Ended March 31: Operating Finance Leases Lease Remaining of 2022 $ 353 $ 54 2023 1,274 215 2024 1,290 219 2025 1,292 222 2026 1,040 226 Thereafter 3,527 3,174 Total minimum lease payments 8,776 4,110 Less: amount of lease payment representing interest (572) (1,815) Lease liabilities $ 8,204 $ 2,295

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Millions	9 Months Ended
BASIS OF PRESENTATION (Details) $ in Millions	Dec. 31, 2021USD ($)
Non Interest Income
BASIS OF PRESENTATION
Gain on sale of Montavilla branch land and building	$ 1

PRINCIPLES OF CONSOLIDATION (De

PRINCIPLES OF CONSOLIDATION (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
PRINCIPLES OF CONSOLIDATION (Details) - USD ($)	May 31, 2021	Oct. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Nov. 30, 2019
PRINCIPLES OF CONSOLIDATION
Number of shares additional issued	500	500
Additional Shares exercised	500	500
Trust Company
PRINCIPLES OF CONSOLIDATION
Number of shares issued			1,500
Number of stock options exercised			1,500
Non controlling Interest				$ 208,000		$ 208,000		$ 154,000
Net income attributable to the noncontrolling interest				$ 8,000	$ 3,000	$ 15,000	$ 8,000
Trust Company \| Riverview Community Bank
PRINCIPLES OF CONSOLIDATION
Ownership percentage				97.30%		97.30%			100.00%
Trust Company \| Riverview Trust Company's President And Chief Executive Officer
PRINCIPLES OF CONSOLIDATION
Noncontrolling interest percentage				2.70%		2.70%

STOCK PLANS AND STOCK-BASED C_3

STOCK PLANS AND STOCK-BASED COMPENSATION - Stock option activity (Details) - $ / shares	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Balance, beginning of year	23,332	43,332
Options exercised	(6,000)	(14,000)
Balance, end of year	17,332	29,332
Weighted Average Exercise Price
Balance, beginning of year	$ 2.78	$ 2.69
Options exercised	2.78	2.49
Balance, end of year	$ 2.78	$ 2.78

STOCK PLANS AND STOCK-BASED C_4

STOCK PLANS AND STOCK-BASED COMPENSATION - Stock options outstanding (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock options fully vested and expected to vest:
Number	17,332	29,332
Weighted average exercise price	$ 2.78	$ 2.78
Aggregate intrinsic value (1)	$ 85,000	$ 73,000
Weighted average contractual term of options (years)	1 year 6 months 14 days	2 years 6 months 14 days
Stock options fully vested and currently exercisable:
Number	17,332	29,332
Weighted average exercise price	$ 2.78	$ 2.78
Aggregate intrinsic value (1)	$ 85,000	$ 73,000
Weighted average contractual term of options (years)	1 year 6 months 14 days	2 years 6 months 14 days

STOCK PLANS AND STOCK-BASED C_5

STOCK PLANS AND STOCK-BASED COMPENSATION - Restricted Stock Activity (Details) - $ / shares	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Time Based
Number of Unvested Shares
Balance, beginning of period	45,616	49,298
Granted	15,274	19,453
Vested	(29,618)	(23,135)
Balance, end of period	31,272	45,616
Weighted Average Market Price
Balance, beginning of period	$ 6.57	$ 8.35
Granted	7.08	4.17
Vested	7.43	8.35
Balance, end of period	$ 6	$ 6.57
Performance Based
Number of Unvested Shares
Balance, beginning of period	96,772	33,375
Granted	54,011	71,310
Vested	(12,732)
Cancelled		(7,913)
Balance, end of period	138,051	96,772
Weighted Average Market Price
Balance, beginning of period	$ 5.27	$ 8.35
Granted	7.06	4.17
Vested	8.35
Cancelled		8.35
Balance, end of period	$ 5.69	$ 5.27
Restricted stock
Number of Unvested Shares
Balance, beginning of period	142,388	82,673
Granted	69,285	90,763
Vested	(42,350)	(23,135)
Cancelled		(7,913)
Balance, end of period	169,323	142,388
Weighted Average Market Price
Balance, beginning of period	$ 5.69	$ 8.35
Granted	7.06	4.17
Vested	7.71	8.35
Cancelled		8.35
Balance, end of period	$ 5.75	$ 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, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2017
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of issuance of common stock					1,800,000
Total intrinsic value of stock options exercised			$ 25,000	$ 41,000
Stock options exercised (in shares)			6,000	14,000
Stock options
STOCK PLANS AND STOCK-BASED COMPENSATION
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
STOCK PLANS AND STOCK-BASED COMPENSATION
Vesting period			0 years
Stock options \| Maximum
STOCK PLANS AND STOCK-BASED COMPENSATION
Vesting period			5 years
Restricted stock
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock awards granted			69,285	90,763
Unrecognized compensation expense	549,000	$ 432,000	$ 549,000	$ 432,000
Cancelled				(7,913)
Weighted Average Market Price				$ 8.35
Stock based Compensation Expense	112,000	84,000	$ 289,000	$ 268,000
Restricted stock \| Weighted average
STOCK PLANS AND STOCK-BASED COMPENSATION
Vesting period			1 year 9 months 10 days	1 year 10 months 13 days
Performance Based
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock awards granted			54,011	71,310
Cancelled				(7,913)
Weighted Average Market Price				$ 8.35
Time Based
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock awards granted			15,274	19,453
Trust Company \| Stock options
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock options granted			0	0
Unrecognized compensation expense	$ 0	$ 11,000	$ 0	$ 11,000
Trust Company \| Stock options \| President and Chief Executive Officer
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock options outstanding	0	500	0	500
Stock options exercised (in shares)			500	500
Stock based Compensation Expense	$ 0	$ 11,000	$ 0	$ 33,000

EARNINGS PER SHARE - Earnings P

EARNINGS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Basic EPS computation:
Numerator-net income (in dollars)	$ 5,510	$ 4,035	$ 17,695	$ 7,058
Denominator-weighted average common shares outstanding	22,166,130	22,320,699	22,229,832	22,279,774
Basic EPS (in dollars per share)	$ 0.25	$ 0.18	$ 0.80	$ 0.32
Diluted EPS computation:
Numerator-net income (in dollars)	$ 5,510	$ 4,035	$ 17,695	$ 7,058
Denominator-weighted average common shares outstanding	22,166,130	22,320,699	22,229,832	22,279,774
Effect of dilutive stock options	10,990	16,945	12,203	17,053
Weighted average common shares and common stock equivalents	22,177,120	22,337,644	22,242,035	22,296,827
Diluted EPS (in dollars per share)	$ 0.25	$ 0.18	$ 0.80	$ 0.32

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
EARNINGS PER SHARE
Antidilutive securities excluded from computation of earnings per share, amount	0	0	0	0
Stock repurchased			$ 1,724	$ 1,447

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available for sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
INVESTMENT SECURITIES
Amortized Cost	$ 184,062	$ 216,514
Gross Unrealized Gains	1,109	2,301
Gross Unrealized Losses	(2,868)	(2,511)
Estimated Fair Value	182,303	216,304
Municipal securities
INVESTMENT SECURITIES
Amortized Cost	44,174	23,883
Gross Unrealized Gains	295	238
Gross Unrealized Losses	(617)	(555)
Estimated Fair Value	43,852	23,566
Agency securities
INVESTMENT SECURITIES
Amortized Cost	43,842	25,996
Gross Unrealized Gains	3	5
Gross Unrealized Losses	(860)	(686)
Estimated Fair Value	42,985	25,315
Real estate mortgage investment conduits
INVESTMENT SECURITIES
Amortized Cost	37,307	55,826
Gross Unrealized Gains	57	469
Gross Unrealized Losses	(907)	(480)
Estimated Fair Value	36,457	55,815
Residential mortgage-backed securities
INVESTMENT SECURITIES
Amortized Cost	18,704	71,787
Gross Unrealized Gains	385	1,075
Gross Unrealized Losses	(31)	(614)
Estimated Fair Value	19,058	72,248
Other mortgage-backed securities
INVESTMENT SECURITIES
Amortized Cost	40,035	39,022
Gross Unrealized Gains	369	514
Gross Unrealized Losses	(453)	(176)
Estimated Fair Value	$ 39,951	$ 39,360

INVESTMENT SECURITIES - Held to

INVESTMENT SECURITIES - Held to maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
INVESTMENT SECURITIES
Amortized Cost	$ 212,722	$ 39,574
Gross Unrealized Gains	339
Gross Unrealized Losses	(3,034)	(1,354)
Estimated Fair Value	210,027	38,220
Municipal securities
INVESTMENT SECURITIES
Amortized Cost	10,373	10,391
Gross Unrealized Gains	7
Gross Unrealized Losses	(407)	(509)
Estimated Fair Value	9,973	9,882
Agency securities
INVESTMENT SECURITIES
Amortized Cost	34,671	7,688
Gross Unrealized Gains	3
Gross Unrealized Losses	(416)	(220)
Estimated Fair Value	34,258	7,468
Real estate mortgage investment conduits
INVESTMENT SECURITIES
Amortized Cost	28,614	9,207
Gross Unrealized Gains	61
Gross Unrealized Losses	(630)	(141)
Estimated Fair Value	28,045	9,066
Residential mortgage-backed securities
INVESTMENT SECURITIES
Amortized Cost	121,649	6,175
Gross Unrealized Gains	267
Gross Unrealized Losses	(1,147)	(119)
Estimated Fair Value	120,769	6,056
Other mortgage-backed securities
INVESTMENT SECURITIES
Amortized Cost	17,415	6,113
Gross Unrealized Gains	1
Gross Unrealized Losses	(434)	(365)
Estimated Fair Value	$ 16,982	$ 5,748

INVESTMENT SECURITIES - Contrac

INVESTMENT SECURITIES - Contractual maturities, Available for sale (Details) $ in Thousands	Dec. 31, 2021USD ($)
Available for Sale, Amortized Cost
Due after one year through five years	$ 13,729
Due after five years through ten years	68,178
Due after ten years	102,155
Total, Amortized Cost	184,062
Available for Sale, Estimated Fair Value
Due after one year through five years	13,663
Due after five years through ten years	67,644
Due after ten years	100,996
Total, Estimated Fair Value	$ 182,303

INVESTMENT SECURITIES - Contr_2

INVESTMENT SECURITIES - Contractual maturities, Held to maturity (Details) $ in Thousands	Dec. 31, 2021USD ($)
Held to Maturity, Amortized Cost
Due after one year through five years	$ 10,406
Due after five years through ten years	39,524
Due after ten years	162,792
Total, Amortized Cost	212,722
Held to Maturity, Estimated Fair Value
Due after one year through five years	10,327
Due after five years through ten years	38,936
Due after ten years	160,764
Total, Estimated Fair Value	$ 210,027

INVESTMENT SECURITIES - Fair va

INVESTMENT SECURITIES - Fair value of impaired investment securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	$ 107,119	$ 105,317
Less than 12 months, Unrealized Losses	(2,344)	(2,460)
12 months or longer, Estimated Fair Value	15,581	2,225
12 months or longer, Unrealized Losses	(524)	(51)
Total, Estimated Fair Value	122,700	107,542
Total, Unrealized Losses	(2,868)	(2,511)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	167,559	38,199
Less than 12 months, unrealized losses	(2,725)	(1,354)
12 months or longer, Estimated Fair Value	11,359
12 months or longer, Unrealized Losses	(309)
Total Estimated fair value	178,918	38,199
Total, Unrealized Losses	(3,034)	(1,354)
Municipal securities
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	29,956	17,529
Less than 12 months, Unrealized Losses	(617)	(555)
Total, Estimated Fair Value	29,956	17,529
Total, Unrealized Losses	(617)	(555)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	7,537	9,882
Less than 12 months, unrealized losses	(407)	(509)
Total Estimated fair value	7,537	9,882
Total, Unrealized Losses	(407)	(509)
Agency securities
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	35,205	23,306
Less than 12 months, Unrealized Losses	(637)	(686)
12 months or longer, Estimated Fair Value	5,774
12 months or longer, Unrealized Losses	(223)
Total, Estimated Fair Value	40,979	23,306
Total, Unrealized Losses	(860)	(686)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	25,304	7,468
Less than 12 months, unrealized losses	(215)	(220)
12 months or longer, Estimated Fair Value	5,950
12 months or longer, Unrealized Losses	(201)
Total Estimated fair value	31,254	7,468
Total, Unrealized Losses	(416)	(220)
Real estate mortgage investment conduits
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	22,585	25,462
Less than 12 months, Unrealized Losses	(621)	(480)
12 months or longer, Estimated Fair Value	8,552
12 months or longer, Unrealized Losses	(286)
Total, Estimated Fair Value	31,137	25,462
Total, Unrealized Losses	(907)	(480)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	20,592	9,066
Less than 12 months, unrealized losses	(548)	(141)
12 months or longer, Estimated Fair Value	2,773
12 months or longer, Unrealized Losses	(82)
Total Estimated fair value	23,365	9,066
Total, Unrealized Losses	(630)	(141)
Residential mortgage-backed securities
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	2,768	33,164
Less than 12 months, Unrealized Losses	(31)	(614)
Total, Estimated Fair Value	2,768	33,164
Total, Unrealized Losses	(31)	(614)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	100,070	6,035
Less than 12 months, unrealized losses	(1,121)	(119)
12 months or longer, Estimated Fair Value	2,636
12 months or longer, Unrealized Losses	(26)
Total Estimated fair value	102,706	6,035
Total, Unrealized Losses	(1,147)	(119)
Other mortgage-backed securities
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	16,605	5,856
Less than 12 months, Unrealized Losses	(438)	(125)
12 months or longer, Estimated Fair Value	1,255	2,225
12 months or longer, Unrealized Losses	(15)	(51)
Total, Estimated Fair Value	17,860	8,081
Total, Unrealized Losses	(453)	(176)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	14,056	5,748
Less than 12 months, unrealized losses	(434)	(365)
Total Estimated fair value	14,056	5,748
Total, Unrealized Losses	$ (434)	$ (365)

INVESTMENT SECURITIES - Additio

INVESTMENT SECURITIES - Additional information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
INVESTMENT SECURITIES
Available for sale securities transferred to held to maturity	$ 85,800,000
Unrealized after tax gain	18,000
Gains (losses) recognized at time of transfer	0
Proceeds from the sale of investment securities	0	$ 0		$ 0
Gross realized gains on sales of investment securities	0	$ 0	$ 0
Available-for-sale Securities
INVESTMENT SECURITIES
Pledged as collateral at amortized cost	1,500,000		1,500,000		$ 5,300,000
Pledged as collateral at fair value	1,500,000		1,500,000		5,400,000
Held-to-maturity Securities
INVESTMENT SECURITIES
Pledged as collateral at amortized cost	11,100,000		11,100,000		3,100,000
Pledged as collateral at fair value	$ 10,900,000		$ 10,900,000		$ 3,000,000

LOANS RECEIVABLE - Loans receiv

LOANS RECEIVABLE - Loans receivable, excluding loans held for sale (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020
LOANS RECEIVABLE
Total loans		$ 962,223		$ 943,235
Less: Allowance for loan losses		15,173	$ 16,500	19,178	$ 19,192	$ 18,866	$ 12,624
Loans receivable, net		947,050		924,057
Commercial Real Estate Portfolio Segment
LOANS RECEIVABLE
Total loans		872,772		884,656
Commercial Real Estate Portfolio Segment \| Commercial Business
LOANS RECEIVABLE
Total loans	[1]	222,535		265,145
Less: Allowance for loan losses		2,580	2,261	2,416	2,466	2,180	2,008
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
LOANS RECEIVABLE
Total loans		566,656		543,467
Less: Allowance for loan losses		9,617	11,795	14,089	13,722	13,209	6,421
Commercial Real Estate Portfolio Segment \| Land
LOANS RECEIVABLE
Total loans		11,351		14,040
Less: Allowance for loan losses		166	232	233	202	245	230
Commercial Real Estate Portfolio Segment \| Multi-Family
LOANS RECEIVABLE
Total loans		53,865		45,014
Less: Allowance for loan losses		737	530	638	624	745	854
Commercial Real Estate Portfolio Segment \| Real Estate Construction
LOANS RECEIVABLE
Total loans		18,365		16,990
Less: Allowance for loan losses		302	231	294	522	720	1,149
Consumer
LOANS RECEIVABLE
Total loans		89,451		58,579
Less: Allowance for loan losses		999	$ 841	852	$ 1,012	$ 1,155	$ 1,363
Consumer \| Real estate one-to-four family
LOANS RECEIVABLE
Total loans		87,821		56,405
Consumer \| Other installment
LOANS RECEIVABLE
Total loans		$ 1,630		$ 2,174

[1]	SBA PPP loans totaled $14.3 million and $93.4 million at December 31, 2021 and March 31, 2021, respectively.

LOANS RECEIVABLE - Additional i

LOANS RECEIVABLE - Additional information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
LOANS RECEIVABLE
Net deferred loan fees	$ 4,600,000	$ 6,600,000
Discount on Loans receivable	497,000	722,000
Premiums On Loans Receivable.	$ 2,300,000	956,000
Percentage of loans and extensions of credit outstanding	15.00%
Loans pledged as collateral	$ 553,600,000
Total loans	962,223,000	943,235,000
Commercial Real Estate Portfolio Segment
LOANS RECEIVABLE
Total loans	872,772,000	884,656,000
PPP
LOANS RECEIVABLE
Net deferred loan fees	522,000	2,700,000
PPP \| Commercial Real Estate Portfolio Segment
LOANS RECEIVABLE
Total loans	$ 14,300,000	$ 93,400,000

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, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the allowance for loan losses
Beginning balance	$ 16,500	$ 18,866	$ 19,178	$ 12,624
Provision for (recapture of) loan losses	(1,275)		(3,975)	6,300
Charge-offs	(63)	(15)	(76)	(103)
Recoveries	11	341	46	371
Ending balance	15,173	19,192	15,173	19,192
Commercial Real Estate Portfolio Segment \| Commercial Business
Reconciliation of the allowance for loan losses
Beginning balance	2,261	2,180	2,416	2,008
Provision for (recapture of) loan losses	381	286	226	448
Charge-offs	(62)		(62)
Recoveries				10
Ending balance	2,580	2,466	2,580	2,466
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Reconciliation of the allowance for loan losses
Beginning balance	11,795	13,209	14,089	6,421
Provision for (recapture of) loan losses	(2,178)	181	(4,472)	6,969
Recoveries		332		332
Ending balance	9,617	13,722	9,617	13,722
Commercial Real Estate Portfolio Segment \| Land
Reconciliation of the allowance for loan losses
Beginning balance	232	245	233	230
Provision for (recapture of) loan losses	(66)	(43)	(67)	(28)
Ending balance	166	202	166	202
Commercial Real Estate Portfolio Segment \| Multi-Family
Reconciliation of the allowance for loan losses
Beginning balance	530	745	638	854
Provision for (recapture of) loan losses	207	(121)	99	(230)
Ending balance	737	624	737	624
Commercial Real Estate Portfolio Segment \| Real Estate Construction
Reconciliation of the allowance for loan losses
Beginning balance	231	720	294	1,149
Provision for (recapture of) loan losses	71	(198)	8	(627)
Ending balance	302	522	302	522
Consumer
Reconciliation of the allowance for loan losses
Beginning balance	841	1,155	852	1,363
Provision for (recapture of) loan losses	148	(137)	115	(277)
Charge-offs	(1)	(15)	(14)	(103)
Recoveries	11	9	46	29
Ending balance	999	1,012	999	1,012
Unallocated
Reconciliation of the allowance for loan losses
Beginning balance	610	612	656	599
Provision for (recapture of) loan losses	162	32	116	45
Ending balance	$ 772	$ 644	$ 772	$ 644

ALLOWANCE FOR LOAN LOSSES - Imp

ALLOWANCE FOR LOAN LOSSES - Impaired Financing Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Allowance for loan losses
Individually Evaluated for Impairment	$ 11	$ 11
Collectively Evaluated for Impairment	15,162	19,167
Total	15,173	19,178
Recorded investment in loans
Individually Evaluated for Impairment	738	3,581
Collectively Evaluated for Impairment	961,485	939,654
Total	962,223	943,235
Commercial Real Estate Portfolio Segment \| Commercial Business
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	2,580	2,416
Total	2,580	2,416
Recorded investment in loans
Individually Evaluated for Impairment	105	120
Collectively Evaluated for Impairment	222,430	265,025
Total	222,535	265,145
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	9,617	14,089
Total	9,617	14,089
Recorded investment in loans
Individually Evaluated for Impairment	127	1,468
Collectively Evaluated for Impairment	566,529	541,999
Total	566,656	543,467
Commercial Real Estate Portfolio Segment \| Land
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	166	233
Total	166	233
Recorded investment in loans
Individually Evaluated for Impairment	0	710
Collectively Evaluated for Impairment	11,351	13,330
Total	11,351	14,040
Commercial Real Estate Portfolio Segment \| Multi-Family
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	737	638
Total	737	638
Recorded investment in loans
Individually Evaluated for Impairment	0	753
Collectively Evaluated for Impairment	53,865	44,261
Total	53,865	45,014
Commercial Real Estate Portfolio Segment \| Real Estate Construction
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	302	294
Total	302	294
Recorded investment in loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	18,365	16,990
Total	18,365	16,990
Consumer
Allowance for loan losses
Individually Evaluated for Impairment	11	11
Collectively Evaluated for Impairment	988	841
Total	999	852
Recorded investment in loans
Individually Evaluated for Impairment	506	530
Collectively Evaluated for Impairment	88,945	58,049
Total	89,451	58,579
Unallocated
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	772	656
Total	772	656
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, 2021	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		$ 956,833	$ 942,423
Non-accrual		306	395
Total Past Due and Non-accrual		5,390	812
Total Loans Receivable		962,223	943,235
30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		3,550	241
90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		1,534	176
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		872,772	884,656
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		219,998	264,690
Non-accrual		123	182
Total Past Due and Non-accrual		2,537	455
Total Loans Receivable	[1]	222,535	265,145
Commercial Real Estate Portfolio Segment \| Commercial Business \| 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		880	98
Commercial Real Estate Portfolio Segment \| Commercial Business \| 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		1,534	175
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		566,529	543,323
Non-accrual		127	144
Total Past Due and Non-accrual		127	144
Total Loans Receivable		566,656	543,467
Commercial Real Estate Portfolio Segment \| Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		11,351	14,040
Total Loans Receivable		11,351	14,040
Commercial Real Estate Portfolio Segment \| Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		53,865	45,014
Total Loans Receivable		53,865	45,014
Commercial Real Estate Portfolio Segment \| Real Estate Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		18,074	16,990
Total Past Due and Non-accrual		291
Total Loans Receivable		18,365	16,990
Commercial Real Estate Portfolio Segment \| Real Estate Construction \| 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		291
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		87,016	58,366
Non-accrual		56	69
Total Past Due and Non-accrual		2,435	213
Total Loans Receivable		89,451	58,579
Consumer \| 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		$ 2,379	143
Consumer \| 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current			$ 1

[1]	SBA PPP loans totaled $14.3 million and $93.4 million at December 31, 2021 and March 31, 2021, respectively.

ALLOWANCE FOR LOAN LOSSES - Cre

ALLOWANCE FOR LOAN LOSSES - Credit Quality Indicators (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		$ 962,223	$ 943,235
Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		939,543	893,055
Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		16,131	42,493
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		6,549	7,687
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		872,772	884,656
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	[1]	222,535	265,145
Commercial Real Estate Portfolio Segment \| Commercial Business \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		221,782	264,564
Commercial Real Estate Portfolio Segment \| Commercial Business \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		516	399
Commercial Real Estate Portfolio Segment \| Commercial Business \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		237	182
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		566,656	543,467
Commercial Real Estate Portfolio Segment \| Commercial Real Estate \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		544,867	494,010
Commercial Real Estate Portfolio Segment \| Commercial Real Estate \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		15,541	42,045
Commercial Real Estate Portfolio Segment \| Commercial Real Estate \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		6,248	7,412
Commercial Real Estate Portfolio Segment \| Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		11,351	14,040
Commercial Real Estate Portfolio Segment \| Land \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		11,351	14,040
Commercial Real Estate Portfolio Segment \| Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		53,865	45,014
Commercial Real Estate Portfolio Segment \| Multi-Family \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		53,783	44,941
Commercial Real Estate Portfolio Segment \| Multi-Family \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		74	49
Commercial Real Estate Portfolio Segment \| Multi-Family \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		8	24
Commercial Real Estate Portfolio Segment \| Real Estate Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		18,365	16,990
Commercial Real Estate Portfolio Segment \| Real Estate Construction \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		18,365	16,990
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		89,451	58,579
Consumer \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		89,395	58,510
Consumer \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		$ 56	$ 69

[1]	SBA PPP loans totaled $14.3 million and $93.4 million at December 31, 2021 and March 31, 2021, respectively.

ALLOWANCE FOR LOAN LOSSES - Ave

ALLOWANCE FOR LOAN LOSSES - Average recorded investment in impaired loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	$ 496	$ 3,329
Recorded Investment with Specific Valuation Allowance	242	252
Total Recorded Investment	738	3,581
Unpaid Principal Balance	946	3,952
Related Specific Valuation Allowance	11	11
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	105	120
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	105	120
Unpaid Principal Balance	147	157
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	127	1,468
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	127	1,468
Unpaid Principal Balance	182	1,556
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		710
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment		710
Unpaid Principal Balance		740
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		753
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment		753
Unpaid Principal Balance		856
Related Specific Valuation Allowance	0	0
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	264	278
Recorded Investment with Specific Valuation Allowance	242	252
Total Recorded Investment	506	530
Unpaid Principal Balance	617	643
Related Specific Valuation Allowance	$ 11	$ 11

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, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 748	$ 4,654	$ 1,426	$ 4,927
Interest Recognized on Impaired Loans	6	54	34	164
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	107	127	112	132
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	130	1,916	795	2,143
Interest Recognized on Impaired Loans		15	16	46
Commercial Real Estate Portfolio Segment \| Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment		714		714
Interest Recognized on Impaired Loans		10		30
Commercial Real Estate Portfolio Segment \| Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment		1,355		1,453
Interest Recognized on Impaired Loans		21		65
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	511	542	519	485
Interest Recognized on Impaired Loans	$ 6	$ 8	$ 18	$ 23

ALLOWANCE FOR LOAN LOSSES - TDR

ALLOWANCE FOR LOAN LOSSES - TDRs by Interest Accrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	$ 506	$ 3,317
Nonaccrual	232	264
Total	738	3,581
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	0	0
Nonaccrual	105	120
Total	105	120
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	0	1,324
Nonaccrual	127	144
Total	127	1,468
Commercial Real Estate Portfolio Segment \| Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	0	710
Nonaccrual	0	0
Total	0	710
Commercial Real Estate Portfolio Segment \| Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	0	753
Nonaccrual	0	0
Total	0	753
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	506	530
Nonaccrual	0	0
Total	$ 506	$ 530

ALLOWANCE FOR LOAN LOSSES - Add

ALLOWANCE FOR LOAN LOSSES - Additional information (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2021item	Dec. 31, 2020item	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
ALLOWANCE FOR LOAN LOSSES
Interest income foregone on non-accrual loans			$ 21,000	$ 42,000
Post-modification outstanding recorded investment amount				$ 129,000
Percentage Of Delinquent Loan Amount			75.00%
Number of TDR loans default \| item	0	0	0	1

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	Oct. 31, 2021USD ($)	Dec. 31, 2021item
GOODWILL
Number of Reporting Units \| item		2
Goodwill impairment \| $	$ 0

JUNIOR SUBORDINATED DEBENTURE_2

JUNIOR SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2021	Mar. 31, 2021
JUNIOR SUBORDINATED DEBENTURES
Amount Outstanding		$ 27,836
Fair value adjustment	[1]	(1,024)
Total Debentures		$ 26,812	$ 26,748
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		1.56%
Maturity Date		2036-03
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		1.55%
Maturity Date		2037-09
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]	3.32%
Maturity Date	[1]	2033-06

[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, 2021USD ($)item	Mar. 31, 2021USD ($)
JUNIOR SUBORDINATED DEBENTURES
Maximum number of consecutive quarters for deferred payment of each debenture \| item	20
Debentures issued to grantor trusts	$ 26,800,000	$ 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) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from level 1 to level 2	$ 0	$ 0
Transfers of assets from level 2 to level 1	0	0
Transfers of assets into level 3	0	0
Transfers of assets out of level 3	0	0
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	182,303	216,304
Recurring basis \| 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	43,852	23,566
Recurring basis \| 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	42,985	25,315
Recurring basis \| 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	36,457	55,815
Recurring basis \| 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	19,058	72,248
Recurring basis \| 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	39,951	39,360
Recurring basis \| 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	182,303	216,304
Recurring basis \| 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	43,852	23,566
Recurring basis \| 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	42,985	25,315
Recurring basis \| 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	36,457	55,815
Recurring basis \| 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	19,058	72,248
Recurring basis \| 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	$ 39,951	$ 39,360

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, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring assets measured at fair value	$ 231	$ 241
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	$ 231	$ 241

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Level 3 inputs for financial instruments measured at fair value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Debt Securities, Available-for-sale, Measurement Input [Extensible List]	us-gaap:MeasurementInputDiscountRateMember
Adjustments to the appraised values of impaired loans	$ 0	$ 0
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	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, 2021	Mar. 31, 2021
Carrying Value \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 239,857	$ 265,408
Carrying Value \| Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	249	249
Carrying Value \| Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	182,303	216,304
Carrying Value \| Held-to-maturity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	212,722	39,574
Carrying Value \| Loans Receivable.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	947,050	924,057
Carrying Value \| FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,722	1,722
Carrying Value \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	113,305	120,625
Carrying Value \| Junior subordinated debentures.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	26,812	26,748
Total Estimated Fair Value \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	239,857	265,408
Total Estimated Fair Value \| Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	257	262
Total Estimated Fair Value \| Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	182,303	216,304
Total Estimated Fair Value \| Held-to-maturity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	210,027	38,220
Total Estimated Fair Value \| Loans Receivable.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	942,978	920,102
Total Estimated Fair Value \| FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,722	1,722
Total Estimated Fair Value \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	113,128	121,610
Total Estimated Fair Value \| Junior subordinated debentures.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	14,406	14,434
Level 1 \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	239,857	265,408
Level 2 \| Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	257	262
Level 2 \| Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	182,303	216,304
Level 2 \| Held-to-maturity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	210,027	38,220
Level 2 \| FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,722	1,722
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	113,128	121,610
Level 3 \| Loans Receivable.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	942,978	920,102
Level 3 \| Junior subordinated debentures.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 14,406	$ 14,434

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
BOLI	$ 189	$ 193	$ 613	$ 625
Net gains on sales of loans held for sale				28
FHLMC loan servicing fees	20	23	63	72
Total non-interest income, net	3,116	2,812	9,778	8,254
Asset management fees
Revenue from External Customer [Line Items]
Non-interest income	1,137	889	3,041	2,746
Debit card and ATM fees
Revenue from External Customer [Line Items]
Non-interest income	843	771	2,638	2,287
Deposit related fees
Revenue from External Customer [Line Items]
Non-interest income	405	392	1,221	1,143
Loan related fees
Revenue from External Customer [Line Items]
Non-interest income	349	357	1,033	886
BOLI Death Benefit In Excess Of Cash Surrender Value
Revenue from External Customer [Line Items]
Non-interest income			500
Other, net
Revenue from External Customer [Line Items]
Non-interest income	$ 173	$ 187	$ 669	$ 467

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Significant Off-balance Sheet Commitments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 155,736
Commitments to originate loans: \| Adjustable-rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	14,555
Commitments to originate loans: \| Fixed-rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	15,173
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	1,780
Undisbursed loan funds and unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 124,228

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	9 Months Ended
	Dec. 31, 2021USD ($)
COMMITMENTS AND CONTINGENCIES
Threshold limit for honoring of commitments	45 days
Loans under warranty	$ 46,800,000
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, 2021	Mar. 31, 2021
Finance lease right-of-use asset	$ 1,374	$ 1,432
Finance lease liability	$ 2,295	$ 2,329
Finance lease remaining lease term	17 years 11 months 4 days	18 years 8 months 4 days
Finance lease discount rate	7.16%	7.16%
Operating lease liabilities	$ 8,204
Operating lease weighted-average remaining lease term	7 years 3 months 18 days	7 years 10 months 13 days
Operating lease weighted-average discount rate	1.77%	1.77%
Financial lease ROU assets
Finance lease right-of-use asset	$ 1,374	$ 1,432
Finance lease liability
Finance lease liability	2,295	2,329
Prepaid expenses and other assets
Operating lease right-of-use assets	7,800	8,782
Accrued expenses and other liabilities
Operating lease liabilities	$ 8,204	$ 9,201

LEASES - Lease Costs for Operat

LEASES - Lease Costs for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
LEASES
Finance lease amortization of right-of-use asset	$ 20	$ 19	$ 58	$ 57
Finance lease interest on lease liability	41	42	124	127
Operating lease costs	316	297	946	948
Variable lease costs	53	52	158	157
Total lease cost	$ 430	$ 410	$ 1,286	$ 1,289

LEASES - Undiscounted Cash Flow

LEASES - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Operating Leases
Remaining of 2022	$ 353
2023	1,274
2024	1,290
2025	1,292
2026	1,040
Thereafter	3,527
Total minimum lease payments	8,776
Less: amount of lease payment representing interest	(572)
Lease liabilities	8,204
Finance Lease
Remaining of 2022	54
2023	215
2024	219
2025	222
2026	226
Thereafter	3,174
Total minimum lease payments	4,110
Less: amount of lease payment representing interest	(1,815)
Lease liabilities	$ 2,295	$ 2,329

LEASES - Additional Information

LEASES - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
LEASES - Additional Information (Details)	Mar. 31, 2010USD ($)location	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
Operating lease		$ 365,000	$ 339,000	$ 1,100,000	$ 1,100,000
ROU lease assets obtained in exchange for operating lease liabilities					$ 5,833,000
Number of branches sold \| location	2
Deferred gain on sale	$ 2,100,000
Accrued expenses and other liabilities
Deferred gain on sale				$ 257,000		$ 377,000