Riverview Bancorp (RVSB) 10-Q10 Nov 222023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 10, 2022
Document and Entity Information:
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
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		21,507,132
Entity Central Index Key	0001041368
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
ASSETS
Cash and cash equivalents (including interest-earning accounts of $89,957 and $224,589)	$ 114,183	$ 241,424
Certificates of deposit held for investment	249	249
Investment securities:
Available for sale, at estimated fair value	213,708	165,782
Held to maturity, at amortized cost (estimated fair value of $211,491 and $236,029)	251,016	253,100
Loans receivable (net of allowance for loan losses of $14,552 and $14,523)	996,456	975,885
Prepaid expenses and other assets	12,868	12,396
Accrued interest receivable	5,207	4,650
Federal Home Loan Bank ("FHLB") stock , at cost	2,019	2,019
Premises and equipment, net	17,494	17,166
Financing lease right-of-use ("ROU") assets	1,317	1,355
Deferred income taxes, net	11,448	7,501
Mortgage servicing rights, net	24	34
Goodwill	27,076	27,076
Core deposit intangible ("CDI"), net	437	495
Bank owned life insurance ("BOLI")	31,396	30,964
TOTAL ASSETS	1,684,898	1,740,096
LIABILITIES:
Deposits	1,489,352	1,533,878
Accrued expenses and other liabilities	18,327	19,298
Advance payments by borrowers for taxes and insurance	925	555
Junior subordinated debentures	26,875	26,833
Finance lease liability	2,257	2,283
Total liabilities	1,537,736	1,582,847
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 September 30, 2022 - 21,507,132 shares issued and outstanding March 31, 2022 - 22,155,636 shares issued and 22,127,396 outstanding	214	221
Additional paid-in capital	57,233	62,048
Retained earnings	112,167	104,931
Accumulated other comprehensive loss	(22,452)	(9,951)
Total shareholders' equity	147,162	157,249
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,684,898	$ 1,740,096

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
CONSOLIDATED BALANCE SHEETS
Interest-earning accounts included in cash (in dollars)	$ 89,957	$ 224,589
Fair value of mortgage-backed securities held to maturity (in dollars)	211,491	236,029
Allowance for loan losses (in dollars)	$ 14,552	$ 14,523
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	21,507,132	22,155,636
Common stock, shares outstanding	21,507,132	22,127,396

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans receivable	$ 11,068,000	$ 11,626,000	$ 21,965,000	$ 22,402,000
Interest on investment securities - taxable	2,172,000	1,136,000	4,006,000	2,135,000
Interest on investment securities - nontaxable	65,000	55,000	131,000	105,000
Other interest and dividends	783,000	148,000	1,180,000	243,000
Total interest and dividend income	14,088,000	12,965,000	27,282,000	24,885,000
INTEREST EXPENSE:
Interest on deposits	327,000	399,000	608,000	841,000
Interest on borrowings	330,000	190,000	582,000	384,000
Total interest expense	657,000	589,000	1,190,000	1,225,000
Net interest income	13,431,000	12,376,000	26,092,000	23,660,000
Provision for (recapture of) loan losses		(1,100,000)		(2,700,000)
Net interest income after provision for (recapture of) loan losses	13,431,000	13,476,000	26,092,000	26,360,000
NON-INTEREST INCOME:
BOLI	242,000	234,000	432,000	424,000
BOLI death benefit in excess of cash surrender value		21,000		500,000
Other, net	50,000	77,000	105,000	165,000
Total non-interest income, net	3,134,000	3,074,000	6,260,000	6,662,000
NON-INTEREST EXPENSE:
Salaries and employee benefits	5,885,000	5,635,000	11,837,000	11,389,000
Occupancy and depreciation	1,550,000	1,309,000	3,064,000	2,718,000
Data processing	701,000	724,000	1,479,000	1,489,000
Amortization of CDI	29,000	31,000	58,000	62,000
Advertising and marketing	295,000	180,000	492,000	332,000
FDIC insurance premium	119,000	113,000	235,000	208,000
State and local taxes	218,000	221,000	409,000	419,000
Telecommunications	55,000	55,000	105,000	101,000
Professional fees	280,000	343,000	581,000	660,000
Gain on sale of premises and equipment, net		(1,001,000)		(993,000)
Other	672,000	577,000	1,313,000	939,000
Total non-interest expense	9,804,000	8,187,000	19,573,000	17,324,000
INCOME BEFORE INCOME TAXES	6,761,000	8,363,000	12,779,000	15,698,000
PROVISION FOR INCOME TAXES	1,567,000	1,933,000	2,933,000	3,513,000
NET INCOME	$ 5,194,000	$ 6,430,000	$ 9,846,000	$ 12,185,000
Earnings per common share:
Basic	$ 0.24	$ 0.29	$ 0.45	$ 0.55
Diluted	$ 0.24	$ 0.29	$ 0.45	$ 0.55
Weighted average number of common shares outstanding:
Basic	21,624,469	22,179,829	21,825,070	22,261,856
Diluted	21,633,886	22,191,487	21,834,501	22,274,668
Fees and service charges
NON-INTEREST INCOME:
Non-interest income	$ 1,680,000	$ 1,814,000	$ 3,401,000	$ 3,669,000
Asset management fees.
NON-INTEREST INCOME:
Non-interest income	$ 1,162,000	928,000	$ 2,322,000	1,904,000
BOLI Death Benefit In Excess Of Cash Surrender Value
NON-INTEREST INCOME:
BOLI death benefit in excess of cash surrender value		$ 21,000		$ 500,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 5,194,000	$ 6,430,000	$ 9,846,000	$ 12,185,000
Other comprehensive (loss) income:
Net unrealized holding losses from available for sale investment securities arising during the period, net of tax of $2,387, $420, $3,949 and $48, respectively	(7,562,000)	(1,329,000)	(12,501,000)	(150,000)
Total comprehensive (loss) income, net	$ (2,368,000)	$ 5,101,000	$ (2,655,000)	$ 12,035,000

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Tax effect of unrealized holding gain from available for sale securities	$ 2,387	$ 420	$ 3,949	$ 48

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, 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			12,185		12,185
Cash dividend on common stock			(2,338)		(2,338)
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)	57,380
Stock-based compensation expense		177			177
Other comprehensive loss, net				(150)	(150)
Balance at Sep. 30, 2021	$ 221	62,122	97,727	(310)	159,760
Balance (in shares) at Sep. 30, 2021	22,164,707
Balance at Jun. 30, 2021	$ 222	63,213	92,522	1,019	156,976
Balance (in shares) at Jun. 30, 2021	22,277,868
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			6,430		6,430
Cash dividend on common stock			(1,224)		(1,224)
Exercise of stock options		17	(1)		16
Exercise of stock options (in shares)	6,000
Stock repurchased	$ (1)	(1,230)			(1,231)
Stock repurchased (in shares)	(176,541)
Restricted stock grants (in shares)	57,380
Stock-based compensation expense		122			122
Other comprehensive loss, net				(1,329)	(1,329)
Balance at Sep. 30, 2021	$ 221	62,122	97,727	(310)	159,760
Balance (in shares) at Sep. 30, 2021	22,164,707
Balance at Mar. 31, 2022	$ 221	62,048	104,931	(9,951)	157,249
Balance (in shares) at Mar. 31, 2022	22,127,396
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			9,846		9,846
Cash dividend on common stock			(2,610)		(2,610)
Exercise of stock options		4			$ 4
Exercise of stock options (in shares)	1,511				1,511
Stock repurchased	$ (7)	(4,777)			$ (4,784)
Stock repurchased (in shares)	(690,494)
Restricted stock grants and forfeited, net (in shares)	68,719
Stock-based compensation expense		192			192
Purchase of subsidiary shares from noncontrolling interest		(234)			(234)
Other comprehensive loss, net				(12,501)	(12,501)
Balance at Sep. 30, 2022	$ 214	57,233	112,167	(22,452)	147,162
Balance (in shares) at Sep. 30, 2022	21,507,132
Balance at Jun. 30, 2022	$ 219	60,838	108,266	(14,890)	154,433
Balance (in shares) at Jun. 30, 2022	21,943,160
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			5,194		5,194
Cash dividend on common stock			(1,293)		(1,293)
Stock repurchased	$ (5)	(3,500)			(3,505)
Stock repurchased (in shares)	(507,724)
Restricted stock grants (in shares)	71,696
Stock-based compensation expense		129			129
Purchase of subsidiary shares from noncontrolling interest		(234)			(234)
Other comprehensive loss, net				(7,562)	(7,562)
Balance at Sep. 30, 2022	$ 214	$ 57,233	$ 112,167	$ (22,452)	$ 147,162
Balance (in shares) at Sep. 30, 2022	21,507,132

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividend per share (in dollars per share)	$ 0.06	$ 0.055	$ 0.120	$ 0.105

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,846,000	$ 12,185,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,449,000	1,784,000
Purchased loans amortization (accretion), net	(31,000)	(4,000)
Provision for (recapture of) loan losses		(2,700,000)
Stock-based compensation expense	192,000	177,000
Increase (decrease) in deferred loan origination fees, net of amortization	102,000	(1,252,000)
Net (gain) loss on disposal of premises and equipment		(993,000)
Income from BOLI	(432,000)	(424,000)
BOLI death benefit in excess of cash surrender value		(500,000)
Changes in certain other assets and liabilities:
Prepaid expenses and other assets	(603,000)	1,512,000
Accrued interest receivable	(557,000)	464,000
Accrued expenses and other liabilities	(1,175,000)	(2,005,000)
Net cash provided by operating activities	8,791,000	8,244,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Loan repayments, net	25,831,000	60,358,000
Purchases of loans receivable	(46,473,000)	(30,377,000)
Principal repayments on investment securities available for sale	8,708,000	23,650,000
Purchases of investment securities available for sale	(73,303,000)	(86,621,000)
Proceeds from calls of investment securities available for sale	10,000
Principal repayments on investment securities held to maturity	10,289,000	784,000
Purchases of investment securities held to maturity	(8,496,000)	(33,440,000)
Purchases of premises and equipment and capitalized software	(1,163,000)	(1,397,000)
Proceeds from death benefit on BOLI		1,305,000
Proceeds from sales of REO and premises and equipment	63,000	3,427,000
Net cash (used in) provided by investing activities	(84,534,000)	(62,311,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits	(44,526,000)	160,619,000
Dividends paid	(2,536,000)	(2,237,000)
Proceeds from borrowings		2,000,000
Repayment of borrowings		(2,000,000)
Net increase (decrease) in advance payments by borrowers for taxes and insurance	370,000	129,000
Principal payments on finance lease liability	(26,000)	(22,000)
Proceeds from exercise of stock options	4,000	16,000
Repurchase of common stock	(4,784,000)	(1,724,000)
Net cash provided by (used in) financing activities	(51,498,000)	156,781,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(127,241,000)	102,714,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	241,424,000	265,408,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	114,183,000	368,122,000
Cash paid during the period for:
Interest	1,042,000	1,108,000
Income taxes	2,267,000	2,389,000
NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared and accrued in other liabilities	1,291,000	1,219,000
Net unrealized holding (losses) gains from available for sale investment securities	(16,450,000)	(198,000)
Income tax effect related to other comprehensive income (loss)	$ 3,949,000	$ 48,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2022
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, 2022 (“2022 Form 10-K”). The unaudited consolidated results of operations for the six months ended September 30, 2022 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2023. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total shareholders’ equity.

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION	6 Months Ended
PRINCIPLES OF CONSOLIDATION	Sep. 30, 2022
PRINCIPLES OF CONSOLIDATION
PRINCIPLES OF CONSOLIDATION	2. PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc., and its wholly-owned subsidiary, which changed its name on August 9, 2022 from Riverview Community Bank to Riverview Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc., and 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 both October 2020 and May 2021, the Trust Company issued an additional 500 shares of Trust Company stock upon 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. Net income attributable to the noncontrolling interest was $2,000 and $5,000 for the three months ended September 30, 2022 and 2021, respectively. Net income attributable to the noncontrolling interest was $4,000 and $7,000 for the six months ended September 30, 2022 and 2021, respectively. During the quarter ended September 30, 2022, the Trust Company repurchased all the outstanding shares held by its noncontrolling interest owner. Upon repurchase, these shares were retired. This transaction resulted in the Bank’s ownership increasing from 97.3% to 100%. The book value of the noncontrolling interest was $234,000 prior to the share repurchase. 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	6 Months Ended
STOCK PLANS AND STOCK-BASED COMPENSATION	Sep. 30, 2022
STOCK PLANS AND STOCK-BASED COMPENSATION
STOCK PLANS AND STOCK-BASED COMPENSATION	3. STOCK PLANS AND STOCK-BASED COMPENSATION Stock Option Plans - 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 reserved 1,800,000 shares of its common stock for issuance under the 2017 Plan. At September 30, 2022, there were 1,517,449 shares available for grant 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 six months ended September 30, 2022 and 2021. As of September 30, 2022, 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 six months ended September 30, 2022 and 2021 under the Stock Option Plans. The following table presents the activity related to stock options under the Stock Option Plans for the periods shown: Six Months Ended September 30, Six Months Ended September 30, 2022 2021 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 17,332 $ 2.78 23,332 $ 2.78 Options exercised (1,511) 2.78 (6,000) 2.78 Balance, end of period 15,821 $ 2.78 17,332 $ 2.78 The following table presents information on stock options outstanding, less estimated forfeitures, as of September 30, 2022 and 2021: 2022 2021 Stock options fully vested and expected to vest: Number 15,821 17,332 Weighted average exercise price $ 2.78 $ 2.78 Aggregate intrinsic value (1) $ 56,000 $ 78,000 Weighted average contractual term of options (years) 0.79 1.79 Stock options fully vested and currently exercisable: Number 15,821 17,332 Weighted average exercise price $ 2.78 $ 2.78 Aggregate intrinsic value (1) $ 56,000 $ 78,000 Weighted average contractual term of options (years) 0.79 1.79 (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 $7,000 and $25,000 for the six months ended September 30, 2022 and 2021, 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 $129,000 and $122,000 for the three months ended September 30, 2022 and 2021, respectively. Stock-based compensation related to restricted stock grants was $192,000 and $177,000 for the six months ended September 30, 2022 and 2021, respectively. The unrecognized stock-based compensation related to restricted stock was $639,000 and $570,000 at September 30, 2022 and 2021, respectively. The weighted average vesting period for the restricted stock was 1.53 years and 1.95 years at September 30, 2022 and 2021, respectively. A summary of changes in nonvested restricted stock awards for the periods shown: Time Based Performance Based Total Number Weighted Number Weighted Number Weighted of Average of Average of Average Unvested Grant Date Unvested Grant Date Unvested Grant Date Six Months Ended September 30, 2022 Shares Fair Value Shares Fair Value Shares Fair Value Balance, beginning of period 26,855 $ 6.02 121,492 $ 5.70 148,347 $ 5.76 Granted 15,571 6.30 56,125 6.30 71,696 6.30 Forfeited — — (2,977) 7.56 (2,977) 7.56 Vested (11,457) 5.94 (41,995) 5.26 (53,452) 5.41 Balance, end of period 30,969 $ 6.19 132,645 $ 6.05 163,614 $ 6.08 Time Based Performance Based Total Number Weighted Number Weighted Number Weighted of Average of Average of Average Unvested Grant Date Unvested Grant Date Unvested Grant Date Six Months Ended September 30, 2021 Shares Fair Value Shares Fair Value Shares Fair Value Balance, beginning of period 45,616 $ 6.57 96,772 $ 5.27 142,388 $ 5.69 Granted 12,298 6.96 45,082 6.96 57,380 6.96 Vested (29,618) 7.43 (12,732) 8.35 (42,350) 7.71 Balance, end of period 28,296 $ 5.83 129,122 $ 5.56 157,418 $ 5.61 Trust Company Stock Options –

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Sep. 30, 2022
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 six months ended September 30, 2022 and 2021, there were no stock options excluded in computing diluted EPS. In March 2022, the Company’s Board of Directors adopted a stock repurchase program (the “March 2022 repurchase program”). Under the March 2022 repurchase program, the Company was authorized to 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 privately negotiated transactions, over a period beginning on March 21, 2022 and continuing until the earlier of the completion of the authorized level of repurchases or September 9, 2022, depending upon market conditions. As of September 30, 2022, the Company had completed the March 2022 repurchase program as 718,734 shares were repurchased at an average price of $6.96 per share and at a total cost of $5.0 million. At September 30, 2022, all 718,734 shares repurchased under the March 2022 repurchase program have been retired. In June 2021, the Company’s Board of Directors adopted a stock repurchase program (the “June 2021 repurchase program”) authorizing the repurchase of up to $5.0 million of the Company’s outstanding shares of common stock, during the period from June 21, 2021 until the earlier of the completion of the repurchase of $5.0 million of the Company’s common stock or the next six months . As of September 30, 2021, the Company had repurchased 249,908 shares totaling $1.7 million at an average price of $6.89 per share under the June 2021 repurchase program. The following table presents a reconciliation of the components used to compute basic and diluted EPS for the periods indicated: Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Basic EPS computation: Numerator-net income $ 5,194,000 $ 6,430,000 $ 9,846,000 $ 12,185,000 Denominator-weighted average common shares outstanding 21,624,469 22,179,829 21,825,070 22,261,856 Basic EPS $ 0.24 $ 0.29 $ 0.45 $ 0.55 Diluted EPS computation: Numerator-net income $ 5,194,000 $ 6,430,000 $ 9,846,000 $ 12,185,000 Denominator-weighted average common shares outstanding 21,624,469 22,179,829 21,825,070 22,261,856 Effect of dilutive stock options 9,417 11,658 9,431 12,812 Weighted average common shares and common stock equivalents 21,633,886 22,191,487 21,834,501 22,274,668 Diluted EPS $ 0.24 $ 0.29 $ 0.45 $ 0.55

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
INVESTMENT SECURITIES	Sep. 30, 2022
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 September 30, 2022 Available for sale: Municipal securities $ 47,951 $ 2 $ (10,041) $ 37,912 Agency securities 93,632 1 (7,405) 86,228 Real estate mortgage investment conduits (1) 35,758 — (5,812) 29,946 Residential mortgage-backed securities (1) 18,253 — (1,451) 16,802 Other mortgage-backed securities (2) 47,656 19 (4,855) 42,820 Total available for sale $ 243,250 $ 22 $ (29,564) $ 213,708 Held to maturity: Municipal securities $ 10,356 $ — $ (3,337) $ 7,019 Agency securities 53,851 — (6,134) 47,717 Real estate mortgage investment conduits (1) 36,862 — (5,296) 31,566 Residential mortgage-backed securities (1) 129,274 — (20,941) 108,333 Other mortgage-backed securities (3) 20,673 — (3,817) 16,856 Total held to maturity $ 251,016 $ — $ (39,525) $ 211,491 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value March 31, 2022 Available for sale: Municipal securities $ 44,104 $ 14 $ (4,514) $ 39,604 Agency securities 43,848 1 (3,144) 40,705 Real estate mortgage investment conduits (1) 35,563 1 (2,847) 32,717 Residential mortgage-backed securities (1) 17,368 13 (436) 16,945 Other mortgage-backed securities (2) 37,991 28 (2,208) 35,811 Total available for sale $ 178,874 $ 57 $ (13,149) $ 165,782 Held to maturity: Municipal securities $ 10,368 $ — $ (1,422) $ 8,946 Agency securities 45,277 — (2,450) 42,827 Real estate mortgage investment conduits (1) 39,394 — (2,457) 36,937 Residential mortgage-backed securities (1) 137,343 — (8,883) 128,460 Other mortgage-backed securities (3) 20,718 — (1,859) 18,859 Total held to maturity $ 253,100 $ — $ (17,071) $ 236,029 (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 and FHLMC. (3) Comprised of FHLMC and FNMA issued securities. The contractual maturities of investment securities as of September 30, 2022 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 $ 5,700 $ 5,654 $ — $ — Due after one year through five years 81,977 78,195 38,931 35,802 Due after five years through ten years 61,865 52,738 33,140 27,207 Due after ten years 93,708 77,121 178,945 148,482 Total $ 243,250 $ 213,708 $ 251,016 $ 211,491 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 September 30, 2022 Value Losses Value Losses Value Losses Available for sale: Municipal securities $ 18,343 $ (4,024) $ 18,397 $ (6,017) $ 36,740 $ (10,041) Agency securities 56,425 (2,326) 27,801 (5,079) 84,226 (7,405) Real estate mortgage investment conduits (1) 8,081 (866) 21,862 (4,946) 29,943 (5,812) Residential mortgage-backed securities (1) 14,644 (1,186) 2,159 (265) 16,803 (1,451) Other mortgage-backed securities (2) 28,847 (2,128) 11,898 (2,727) 40,745 (4,855) Total available for sale $ 126,340 $ (10,530) $ 82,117 $ (19,034) $ 208,457 $ (29,564) Held to maturity: Municipal securities $ 2,594 $ (1,098) $ 4,425 $ (2,239) $ 7,019 $ (3,337) Agency securities 36,346 (3,695) 11,371 (2,439) 47,717 (6,134) Real estate mortgage investment conduits (1) 13,769 (1,492) 17,798 (3,804) 31,567 (5,296) Residential mortgage-backed securities (1) 56,478 (9,647) 51,853 (11,294) 108,331 (20,941) Other mortgage-backed securities (3) 7,300 (1,162) 9,555 (2,655) 16,855 (3,817) Total held to maturity $ 116,487 $ (17,094) $ 95,002 $ (22,431) $ 211,489 $ (39,525) March 31, 2022 Available for sale: Municipal securities $ 32,767 $ (4,293) $ 3,282 $ (221) $ 36,049 $ (4,514) Agency securities 22,288 (1,565) 16,414 (1,579) 38,702 (3,144) Real estate mortgage investment conduits (1) 17,334 (1,310) 15,275 (1,537) 32,609 (2,847) Residential mortgage-backed securities (1) 15,702 (436) — — 15,702 (436) Other mortgage-backed securities (2) 32,408 (2,194) 769 (14) 33,177 (2,208) Total available for sale $ 120,499 $ (9,798) $ 35,740 $ (3,351) $ 156,239 $ (13,149) Held to maturity: Municipal securities $ 5,911 $ (816) $ 3,036 $ (606) $ 8,947 $ (1,422) Agency securities 35,930 (1,708) 6,897 (742) 42,827 (2,450) Real estate mortgage investment conduits (1) 26,233 (1,715) 7,735 (742) 33,968 (2,457) Residential mortgage-backed securities (1) 111,096 (7,160) 17,363 (1,723) 128,459 (8,883) Other mortgage-backed securities (3) 13,472 (1,153) 5,386 (706) 18,858 (1,859) Total held to maturity $ 192,642 $ (12,552) $ 40,417 $ (4,519) $ 233,059 $ (17,071) (1) Comprised of FHLMC, FNMA and GNMA issued securities. (2) Comprised of SBA and CRE secured securities issued by FHLMC and FNMA. (3) Comprised of CRE secured securities issued by FHLMC and FNMA. The unrealized losses on the Company’s investment securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that these securities are other than temporarily impaired because of their credit quality or related to any issuer or industry specific event. The Company has the ability and intent to hold the investments until the fair value recovers. Based on management’s evaluation and intent, the unrealized losses related to the investment securities in the above tables are considered temporary. The Company had no sales and realized no gains or losses on sales of investment securities for the six months ended September 30, 2022 and 2021. Investment securities available for sale with an amortized cost of $3.5 million and $1.3 million and an estimated fair value of $3.2 million and $1.2 million at September 30, 2022 and March 31, 2022, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $12.9 million and $13.7 million and a fair value of $10.6 million and $12.6 million at September 30, 2022 and March 31, 2022, respectively, were pledged as collateral for government public funds held by the Bank.

LOANS RECEIVABLE

LOANS RECEIVABLE	6 Months Ended
LOANS RECEIVABLE	Sep. 30, 2022
LOANS RECEIVABLE
LOANS RECEIVABLE	6. LOANS RECEIVABLE Loans receivable are reported net of deferred loan fees and discounts, and inclusive of premiums. At September 30, 2022, deferred loan fees totaled $4.6 million compared to $4.5 million at March 31, 2022. Loans receivable discounts and premiums totaled $1.5 million and $2.3 million, respectively, as of September 30, 2022, compared to $371,000 and $2.4 million, respectively, as of March 31, 2022. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): September 30, March 31, 2022 2022 Commercial and construction Commercial business $ 236,317 $ 228,091 Commercial real estate 564,581 582,837 Land 8,208 11,556 Multi-family 58,367 60,211 Real estate construction 37,758 24,160 Total commercial and construction 905,231 906,855 Consumer Real estate one-to-four family 104,163 82,006 Other installment 1,614 1,547 Total consumer 105,777 83,553 Total loans 1,011,008 990,408 Less: Allowance for loan losses 14,552 14,523 Loans receivable, net $ 996,456 $ 975,885 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 September 30, 2022, loans carried at $606.4 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 September 30, 2022 and March 31, 2022, the Bank had no loans to any one borrower in excess of the regulatory limit.

ALLOWANCE FOR LOAN LOSSES

ALLOWANCE FOR LOAN LOSSES	6 Months Ended
ALLOWANCE FOR LOAN LOSSES	Sep. 30, 2022
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 September 30, 2022 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 2,495 $ 8,542 $ 149 $ 862 $ 518 $ 1,236 $ 757 $ 14,559 Provision for (recapture of) loan losses 294 (312) (25) (6) 120 (4) (67) — Charge-offs — — — — — (10) — (10) Recoveries — — — — — 3 — 3 Ending balance $ 2,789 $ 8,230 $ 124 $ 856 $ 638 $ 1,225 $ 690 $ 14,552 Six months ended September 30, 2022 Beginning balance $ 2,422 $ 9,037 $ 168 $ 845 $ 393 $ 943 $ 715 $ 14,523 Provision for (recapture of) loan losses 367 (807) (44) 11 245 253 (25) — Charge-offs — — — — — (16) — (16) Recoveries — — — — — 45 — 45 Ending balance $ 2,789 $ 8,230 $ 124 $ 856 $ 638 $ 1,225 $ 690 $ 14,552 Three months ended September 30, 2021 Beginning balance $ 2,202 $ 12,942 $ 237 $ 607 $ 197 $ 712 $ 693 $ 17,590 Provision for (recapture of) loan losses 59 (1,147) (5) (77) 34 119 (83) (1,100) Charge-offs — — — — — (4) — (4) Recoveries — — — — — 14 — 14 Ending balance $ 2,261 $ 11,795 $ 232 $ 530 $ 231 $ 841 $ 610 $ 16,500 Six months ended September 30, 2021 Beginning balance $ 2,416 $ 14,089 $ 233 $ 638 $ 294 $ 852 $ 656 $ 19,178 Provision for (recapture of) loan losses (155) (2,294) (1) (108) (63) (33) (46) (2,700) Charge-offs — — — — — (13) — (13) Recoveries — — — — — 35 — 35 Ending balance $ 2,261 $ 11,795 $ 232 $ 530 $ 231 $ 841 $ 610 $ 16,500 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 September 30, 2022 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 2,789 $ 2,789 $ 90 $ 236,227 $ 236,317 Commercial real estate — 8,230 8,230 111 564,470 564,581 Land — 124 124 — 8,208 8,208 Multi-family — 856 856 — 58,367 58,367 Real estate construction — 638 638 — 37,758 37,758 Consumer 6 1,219 1,225 476 105,301 105,777 Unallocated — 690 690 — — — Total $ 6 $ 14,546 $ 14,552 $ 677 $ 1,010,331 $ 1,011,008 March 31, 2022 Commercial business $ — $ 2,422 $ 2,422 $ 100 $ 227,991 $ 228,091 Commercial real estate — 9,037 9,037 122 582,715 582,837 Land — 168 168 — 11,556 11,556 Multi-family — 845 845 — 60,211 60,211 Real estate construction — 393 393 — 24,160 24,160 Consumer 8 935 943 495 83,058 83,553 Unallocated — 715 715 — — — Total $ 8 $ 14,515 $ 14,523 $ 717 $ 989,691 $ 990,408 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 September 30, 2022 Past Due Past Due Non-accrual accrual Current Receivable Commercial business $ 429 $ 20,713 $ 108 $ 21,250 $ 215,067 $ 236,317 Commercial real estate — — 111 111 564,470 564,581 Land — — — — 8,208 8,208 Multi-family — — — — 58,367 58,367 Real estate construction — — — — 37,758 37,758 Consumer 14 — 47 61 105,716 105,777 Total $ 443 $ 20,713 $ 266 $ 21,422 $ 989,586 $ 1,011,008 March 31, 2022 Commercial business $ 7,753 $ 21,808 $ 118 $ 29,679 $ 198,412 $ 228,091 Commercial real estate — — 122 122 582,715 582,837 Land — — — — 11,556 11,556 Multi-family — — — — 60,211 60,211 Real estate construction 291 — — 291 23,869 24,160 Consumer 9 — 51 60 83,493 83,553 Total $ 8,053 $ 21,808 $ 291 $ 30,152 $ 960,256 $ 990,408 Included in the 30-89 days past due and 90 days and greater past due loans at September 30, 2022 are $20.7 million of fully guaranteed SBA or United States Department of Agriculture (“USDA”) loans due to a delay in the servicing transfer of these loans between two third-party servicers. These government guaranteed loans are classified as pass rated loans and are not considered to be either nonaccrual, classified or impaired loans because based on the guarantee, the Company expects to receive all principal and interest according to the contractual terms of the loan agreement and there are no well-defined weaknesses or risk of loss. For additional information, see Management’s Discussion and Analysis of Financial Condition and Results of Operations – Comparison of Financial Condition at September 30, 2022 and March 31, 2022 – Asset Quality, discussed below. As a result, these loans were omitted from the required calculation of the allowance for loan losses. Interest income foregone on non-accrual loans was $7,000 and $24,000 for the six months ended September 30, 2022 and the year ended March 31, 2022, respectively. Credit quality indicators: Pass such as stability of margins, stability of cash flows, liquidity, dependence on a single product/supplier/customer, depth of management, etc. are offset by strengths in other areas. Typically, these loans are secured by the operating assets of the borrower and/or real estate. The borrower’s management is considered competent. The borrower has the ability to repay the debt in the normal course of business. Watch 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 September 30, 2022 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 235,683 $ 157 $ 477 $ — $ — $ 236,317 Commercial real estate 557,788 677 6,116 — — 564,581 Land 8,208 — — — — 8,208 Multi-family 58,221 146 — — — 58,367 Real estate construction 37,758 — — — — 37,758 Consumer 105,730 — 47 — — 105,777 Total $ 1,003,388 $ 980 $ 6,640 $ — $ — $ 1,011,008 March 31, 2022 Commercial business $ 227,435 $ 511 $ 145 $ — $ — $ 228,091 Commercial real estate 569,417 7,211 6,209 — — 582,837 Land 11,556 — — — — 11,556 Multi-family 60,138 73 — — — 60,211 Real estate construction 24,160 — — — — 24,160 Consumer 83,502 — 51 — — 83,553 Total $ 976,208 $ 7,795 $ 6,405 $ — $ — $ 990,408 Impaired loans and troubled debt restructurings (“TDRs”): loan is 90 days or more delinquent, internally designated as substandard or worse, on non-accrual status or represents a TDR. The majority of the Company’s impaired loans are considered collateral dependent. When a loan is considered collateral dependent, impairment is measured using the estimated value of the underlying collateral, less any prior liens, and when applicable, less estimated selling costs. For impaired loans that are not collateral dependent, impairment is measured using the present value of expected future cash flows, discounted at the loan’s original effective interest rate. When the estimated net realizable value of the impaired loan is less than the recorded investment in the loan (including accrued interest, net deferred loan fees or costs, and unamortized premium or discount), an impairment is recognized by adjusting an allocation of the allowance for loan losses. Subsequent to the initial allocation of allowance to the individual loan, the Company may conclude that it is appropriate to record a charge-off of the impaired portion of the loan. When a charge-off is recorded, the loan balance is reduced and the specific allowance is eliminated. Generally, when a collateral dependent loan is initially measured for impairment and has not had an appraisal of the collateral in the last six months, the Company obtains an updated market valuation. Subsequently, the Company generally obtains an updated market valuation of the collateral on an annual basis. The collateral valuation may occur more frequently if the Company determines that there is an indication that the market value may have declined. 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 September 30, 2022 Allowance Allowance Investment Balance Allowance Commercial business $ 90 $ — $ 90 $ 135 $ — Commercial real estate 111 — 111 171 — Consumer 375 101 476 580 6 Total $ 576 $ 101 $ 677 $ 886 $ 6 March 31, 2022 Commercial business $ 100 $ — $ 100 $ 143 $ — Commercial real estate 122 — 122 178 — Consumer 259 236 495 603 8 Total $ 481 $ 236 $ 717 $ 924 $ 8 Three months ended Three months ended September 30, 2022 September 30, 2021 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 92 $ — $ 112 $ — Commercial real estate 114 — 793 — Consumer 481 6 518 6 Total $ 687 $ 6 $ 1,423 $ 6 Six months ended Six months ended September 30, 2022 September 30, 2021 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 95 $ — $ 115 $ — Commercial real estate 117 — 1,018 16 Consumer 486 12 522 12 Total $ 698 $ 12 $ 1,655 $ 28 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): September 30, 2022 March 31, 2022 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ — $ 90 $ 90 $ — $ 100 $ 100 Commercial real estate — 111 111 — 122 122 Consumer 476 — 476 495 — 495 Total $ 476 $ 201 $ 677 $ 495 $ 222 $ 717 At September 30, 2022, the Company had no commitments to lend additional funds on TDR loans. At September 30, 2022, all of the Company’s TDRs were paying as agreed. There were no new TDRs during both the six months ended September 30, 2022 and 2021. 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	6 Months Ended
GOODWILL	Sep. 30, 2022
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 September 30, 2022, and concluded that it is more likely than not that the fair value of the Bank (the reporting unit), exceeds its carrying value at that date. 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	6 Months Ended
JUNIOR SUBORDINATED DEBENTURES	Sep. 30, 2022
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 $26.9 million and $26.8 million at September 30, 2022 and March 31, 2022, 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 September 30, 2022 and March 31, 2022, 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 September 30, 2022 (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 % 4.65 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 4.64 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 6.74 % 6/2033 27,836 Fair value adjustment (4) (961) Total Debentures $ 26,875 (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	6 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2022
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 September 30, 2022 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 37,912 $ — $ 37,912 $ — Agency securities 86,228 — 86,228 — Real estate mortgage investment conduits 29,946 — 29,946 — Residential mortgage-backed securities 16,802 — 16,802 — Other mortgage-backed securities 42,820 — 42,820 — Total assets measured at fair value on a recurring basis $ 213,708 $ — $ 213,708 $ — Total Estimated Estimated Fair Value Measurements Using March 31, 2022 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 39,604 $ — $ 39,604 $ — Agency securities 40,705 — 40,705 — Real estate mortgage investment conduits 32,717 — 32,717 — Residential mortgage-backed securities 16,945 — 16,945 — Other mortgage-backed securities 35,811 — 35,811 — Total assets measured at fair value on a recurring basis $ 165,782 $ — $ 165,782 $ — There were no transfers of assets into or out of Levels 1, 2 or 3 for both the six months ended September 30, 2022 and the year ended March 31, 2022. 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 September 30, 2022 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 95 $ — $ — $ 95 March 31, 2022 Impaired loans $ 228 $ — $ — $ 228 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at September 30, 2022 and March 31, 2022: 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 September 30, 2022 and March 31, 2022. 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 September 30, 2022 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 114,183 $ 114,183 $ — $ — $ 114,183 Certificates of deposit held for investment 249 — 247 — 247 Investment securities available for sale 213,708 — 213,708 — 213,708 Investment securities held to maturity 251,016 — 211,491 — 211,491 Loans receivable, net 996,456 — — 983,203 983,203 FHLB stock 2,019 — 2,019 — 2,019 Liabilities: Certificates of deposit 96,851 — 93,487 — 93,487 Junior subordinated debentures 26,875 — — 18,518 18,518 Carrying Estimated March 31, 2022 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 241,424 $ 241,424 $ — $ — $ 241,424 Certificates of deposit held for investment 249 — 253 — 253 Investment securities available for sale 165,782 — 165,782 — 165,782 Investment securities held to maturity 253,100 — 236,029 — 236,029 Loans receivable, net 975,885 — — 962,893 962,893 FHLB stock 2,019 — 2,019 — 2,019 Liabilities: Certificates of deposit 111,372 — 109,860 — 109,860 Junior subordinated debentures 26,833 — — 16,046 16,046 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	6 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2022
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 (CECL) 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 March 2022, the FASB issued ASU 2022-02, "Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"). ASU 2022-02 eliminates the accounting guidance for TDRs in Accounting Standards Codification (“ASC”) 310-40, "Receivables - Troubled Debt Restructurings by Creditors" for entities that have adopted the CECL model introduced by ASU 2016-13. ASU 2022-02 also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20, "Financial Instruments—Credit Losses—Measured at Amortized Cost". This ASU is effective upon adoption of ASU 2016-13. 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 September 30, 2022. 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	6 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS	Sep. 30, 2022
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 with the exception of gains on sales of REO and premises and equipment, which are included in non-interest expense. If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue as it satisfies a performance obligation. Payments from customers are generally collected at the time services are rendered, monthly, or quarterly. For contracts with customers within the scope of ASC 606, revenue is either earned at a point in time or revenue is earned over time. Examples of revenue earned at a point in time are automated teller machine (“ATM”) transaction fees, wire transfer fees, overdraft fees and interchange fees. Revenue 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. For the six months ended September 30, 2022 and 2021, substantially all of the Company’s revenues within the scope of ASC 606 are for performance obligations satisfied at a point in time. 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 Six Months Ended September 30, September 30, 2022 2021 2022 2021 Asset management fees $ 1,162 $ 928 $ 2,322 $ 1,904 Debit card and ATM fees 891 889 1,795 1,795 Deposit related fees 440 417 877 816 Loan related fees 123 311 323 684 BOLI (1) 242 234 432 424 FHLMC loan servicing fees (1) 21 21 42 43 BOLI death benefit in excess of cash surrender value (1) — 21 — 500 Other, net 255 253 469 496 Total non-interest income, net $ 3,134 $ 3,074 $ 6,260 $ 6,662 (1) Not within scope of ASC 606 Revenues recognized within scope of ASC 606 Asset management fees Debit card and ATM fees 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 September 30, 2022, 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 September 30, 2022 and 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
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 September 30, 2022 are listed below (in thousands): Contract or Notional Amount September 30, 2022 Commitments to extend credit: Adjustable-rate $ 16,555 Fixed-rate 18,859 Standby letters of credit 2,023 Undisbursed loan funds and unused lines of credit 155,974 Total $ 193,411 Other Contractual Obligations - balance of the Company’s loans serviced for the FHLMC. The Company believes that the potential for loss under these arrangements is remote. At September 30, 2022, the Company had an allowance for FHLMC loans of $12,000. The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depository, the assessment attributable to all public depositories is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company did not incur any losses related to public depository funds for the six months ended September 30, 2022 and 2021. The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events. Litigation

LEASES

LEASES	6 Months Ended
LEASES	Sep. 30, 2022
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): September 30, March 31, Classification in the Leases 2022 2022 consolidated balance sheets Finance lease ROU assets $ 1,317 $ 1,355 Financing lease ROU assets Finance lease liability $ 2,257 $ 2,283 Finance lease liability Finance lease remaining lease term 17.18 years 17.68 years Finance lease discount rate 7.16 % 7.16 % Operating lease ROU assets $ 7,309 $ 7,907 Prepaid expenses and other assets Operating lease liabilities $ 7,690 $ 8,306 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term 6.58 years 7.02 years Operating lease weighted-average discount rate 1.80 % 1.81 % 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 September 30, 2022 September 30, 2021 Finance lease amortization of right-of-use asset $ 19 $ 19 Finance lease interest on lease liability 40 41 Operating lease costs 283 315 Variable lease costs 53 52 Total lease cost (1) $ 395 $ 427 Six months ended Six months ended Lease Costs September 30, 2022 September 30, 2021 Finance lease amortization of right-of-use asset $ 38 $ 38 Finance lease interest on lease liability 81 83 Operating lease costs 566 630 Variable lease costs 105 105 Total lease cost (1) $ 790 $ 856 (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 September 30, 2022 (in thousands): Year Ending March 31: Operating Finance Leases Lease Remaining of 2023 $ 678 $ 108 2024 1,370 219 2025 1,375 222 2026 1,125 226 2027 1,116 230 Thereafter 2,530 2,944 Total minimum lease payments 8,194 3,949 Less: amount of lease payment representing interest (504) (1,692) Lease liabilities $ 7,690 $ 2,257

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2022
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, 2022 (“2022 Form 10-K”). The unaudited consolidated results of operations for the six months ended September 30, 2022 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2023. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total shareholders’ equity.
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc., and its wholly-owned subsidiary, which changed its name on August 9, 2022 from Riverview Community Bank to Riverview Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc., and 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 both October 2020 and May 2021, the Trust Company issued an additional 500 shares of Trust Company stock upon 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. Net income attributable to the noncontrolling interest was $2,000 and $5,000 for the three months ended September 30, 2022 and 2021, respectively. Net income attributable to the noncontrolling interest was $4,000 and $7,000 for the six months ended September 30, 2022 and 2021, respectively. During the quarter ended September 30, 2022, the Trust Company repurchased all the outstanding shares held by its noncontrolling interest owner. Upon repurchase, these shares were retired. This transaction resulted in the Bank’s ownership increasing from 97.3% to 100%. The book value of the noncontrolling interest was $234,000 prior to the share repurchase. 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 (CECL) 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 March 2022, the FASB issued ASU 2022-02, "Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"). ASU 2022-02 eliminates the accounting guidance for TDRs in Accounting Standards Codification (“ASC”) 310-40, "Receivables - Troubled Debt Restructurings by Creditors" for entities that have adopted the CECL model introduced by ASU 2016-13. ASU 2022-02 also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20, "Financial Instruments—Credit Losses—Measured at Amortized Cost". This ASU is effective upon adoption of ASU 2016-13. 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 September 30, 2022. 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)	6 Months Ended
STOCK PLANS AND STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2022
STOCK PLANS AND STOCK-BASED COMPENSATION
Schedule of activity related to stock options under the Stock Option Plans	Six Months Ended September 30, Six Months Ended September 30, 2022 2021 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 17,332 $ 2.78 23,332 $ 2.78 Options exercised (1,511) 2.78 (6,000) 2.78 Balance, end of period 15,821 $ 2.78 17,332 $ 2.78
Schedule of information on stock options outstanding under the Stock Option Plans	2022 2021 Stock options fully vested and expected to vest: Number 15,821 17,332 Weighted average exercise price $ 2.78 $ 2.78 Aggregate intrinsic value (1) $ 56,000 $ 78,000 Weighted average contractual term of options (years) 0.79 1.79 Stock options fully vested and currently exercisable: Number 15,821 17,332 Weighted average exercise price $ 2.78 $ 2.78 Aggregate intrinsic value (1) $ 56,000 $ 78,000 Weighted average contractual term of options (years) 0.79 1.79 (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 Grant Date Unvested Grant Date Unvested Grant Date Six Months Ended September 30, 2022 Shares Fair Value Shares Fair Value Shares Fair Value Balance, beginning of period 26,855 $ 6.02 121,492 $ 5.70 148,347 $ 5.76 Granted 15,571 6.30 56,125 6.30 71,696 6.30 Forfeited — — (2,977) 7.56 (2,977) 7.56 Vested (11,457) 5.94 (41,995) 5.26 (53,452) 5.41 Balance, end of period 30,969 $ 6.19 132,645 $ 6.05 163,614 $ 6.08 Time Based Performance Based Total Number Weighted Number Weighted Number Weighted of Average of Average of Average Unvested Grant Date Unvested Grant Date Unvested Grant Date Six Months Ended September 30, 2021 Shares Fair Value Shares Fair Value Shares Fair Value Balance, beginning of period 45,616 $ 6.57 96,772 $ 5.27 142,388 $ 5.69 Granted 12,298 6.96 45,082 6.96 57,380 6.96 Vested (29,618) 7.43 (12,732) 8.35 (42,350) 7.71 Balance, end of period 28,296 $ 5.83 129,122 $ 5.56 157,418 $ 5.61

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2022
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Basic EPS computation: Numerator-net income $ 5,194,000 $ 6,430,000 $ 9,846,000 $ 12,185,000 Denominator-weighted average common shares outstanding 21,624,469 22,179,829 21,825,070 22,261,856 Basic EPS $ 0.24 $ 0.29 $ 0.45 $ 0.55 Diluted EPS computation: Numerator-net income $ 5,194,000 $ 6,430,000 $ 9,846,000 $ 12,185,000 Denominator-weighted average common shares outstanding 21,624,469 22,179,829 21,825,070 22,261,856 Effect of dilutive stock options 9,417 11,658 9,431 12,812 Weighted average common shares and common stock equivalents 21,633,886 22,191,487 21,834,501 22,274,668 Diluted EPS $ 0.24 $ 0.29 $ 0.45 $ 0.55

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
INVESTMENT SECURITIES (Tables)	Sep. 30, 2022
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 September 30, 2022 Available for sale: Municipal securities $ 47,951 $ 2 $ (10,041) $ 37,912 Agency securities 93,632 1 (7,405) 86,228 Real estate mortgage investment conduits (1) 35,758 — (5,812) 29,946 Residential mortgage-backed securities (1) 18,253 — (1,451) 16,802 Other mortgage-backed securities (2) 47,656 19 (4,855) 42,820 Total available for sale $ 243,250 $ 22 $ (29,564) $ 213,708 Held to maturity: Municipal securities $ 10,356 $ — $ (3,337) $ 7,019 Agency securities 53,851 — (6,134) 47,717 Real estate mortgage investment conduits (1) 36,862 — (5,296) 31,566 Residential mortgage-backed securities (1) 129,274 — (20,941) 108,333 Other mortgage-backed securities (3) 20,673 — (3,817) 16,856 Total held to maturity $ 251,016 $ — $ (39,525) $ 211,491 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value March 31, 2022 Available for sale: Municipal securities $ 44,104 $ 14 $ (4,514) $ 39,604 Agency securities 43,848 1 (3,144) 40,705 Real estate mortgage investment conduits (1) 35,563 1 (2,847) 32,717 Residential mortgage-backed securities (1) 17,368 13 (436) 16,945 Other mortgage-backed securities (2) 37,991 28 (2,208) 35,811 Total available for sale $ 178,874 $ 57 $ (13,149) $ 165,782 Held to maturity: Municipal securities $ 10,368 $ — $ (1,422) $ 8,946 Agency securities 45,277 — (2,450) 42,827 Real estate mortgage investment conduits (1) 39,394 — (2,457) 36,937 Residential mortgage-backed securities (1) 137,343 — (8,883) 128,460 Other mortgage-backed securities (3) 20,718 — (1,859) 18,859 Total held to maturity $ 253,100 $ — $ (17,071) $ 236,029 (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 and FHLMC. (3) Comprised of FHLMC and FNMA issued securities.
Schedule of contractual maturities of investment securities	The contractual maturities of investment securities as of September 30, 2022 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 $ 5,700 $ 5,654 $ — $ — Due after one year through five years 81,977 78,195 38,931 35,802 Due after five years through ten years 61,865 52,738 33,140 27,207 Due after ten years 93,708 77,121 178,945 148,482 Total $ 243,250 $ 213,708 $ 251,016 $ 211,491
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 September 30, 2022 Value Losses Value Losses Value Losses Available for sale: Municipal securities $ 18,343 $ (4,024) $ 18,397 $ (6,017) $ 36,740 $ (10,041) Agency securities 56,425 (2,326) 27,801 (5,079) 84,226 (7,405) Real estate mortgage investment conduits (1) 8,081 (866) 21,862 (4,946) 29,943 (5,812) Residential mortgage-backed securities (1) 14,644 (1,186) 2,159 (265) 16,803 (1,451) Other mortgage-backed securities (2) 28,847 (2,128) 11,898 (2,727) 40,745 (4,855) Total available for sale $ 126,340 $ (10,530) $ 82,117 $ (19,034) $ 208,457 $ (29,564) Held to maturity: Municipal securities $ 2,594 $ (1,098) $ 4,425 $ (2,239) $ 7,019 $ (3,337) Agency securities 36,346 (3,695) 11,371 (2,439) 47,717 (6,134) Real estate mortgage investment conduits (1) 13,769 (1,492) 17,798 (3,804) 31,567 (5,296) Residential mortgage-backed securities (1) 56,478 (9,647) 51,853 (11,294) 108,331 (20,941) Other mortgage-backed securities (3) 7,300 (1,162) 9,555 (2,655) 16,855 (3,817) Total held to maturity $ 116,487 $ (17,094) $ 95,002 $ (22,431) $ 211,489 $ (39,525) March 31, 2022 Available for sale: Municipal securities $ 32,767 $ (4,293) $ 3,282 $ (221) $ 36,049 $ (4,514) Agency securities 22,288 (1,565) 16,414 (1,579) 38,702 (3,144) Real estate mortgage investment conduits (1) 17,334 (1,310) 15,275 (1,537) 32,609 (2,847) Residential mortgage-backed securities (1) 15,702 (436) — — 15,702 (436) Other mortgage-backed securities (2) 32,408 (2,194) 769 (14) 33,177 (2,208) Total available for sale $ 120,499 $ (9,798) $ 35,740 $ (3,351) $ 156,239 $ (13,149) Held to maturity: Municipal securities $ 5,911 $ (816) $ 3,036 $ (606) $ 8,947 $ (1,422) Agency securities 35,930 (1,708) 6,897 (742) 42,827 (2,450) Real estate mortgage investment conduits (1) 26,233 (1,715) 7,735 (742) 33,968 (2,457) Residential mortgage-backed securities (1) 111,096 (7,160) 17,363 (1,723) 128,459 (8,883) Other mortgage-backed securities (3) 13,472 (1,153) 5,386 (706) 18,858 (1,859) Total held to maturity $ 192,642 $ (12,552) $ 40,417 $ (4,519) $ 233,059 $ (17,071) (1) Comprised of FHLMC, FNMA and GNMA issued securities. (2) Comprised of SBA and CRE secured securities issued by FHLMC and FNMA. (3) Comprised of CRE secured securities issued by FHLMC and FNMA.

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	6 Months Ended
LOANS RECEIVABLE (Tables)	Sep. 30, 2022
LOANS RECEIVABLE
Schedule of loans and financing receivable	Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): September 30, March 31, 2022 2022 Commercial and construction Commercial business $ 236,317 $ 228,091 Commercial real estate 564,581 582,837 Land 8,208 11,556 Multi-family 58,367 60,211 Real estate construction 37,758 24,160 Total commercial and construction 905,231 906,855 Consumer Real estate one-to-four family 104,163 82,006 Other installment 1,614 1,547 Total consumer 105,777 83,553 Total loans 1,011,008 990,408 Less: Allowance for loan losses 14,552 14,523 Loans receivable, net $ 996,456 $ 975,885

ALLOWANCE FOR LOAN LOSSES (Tabl

ALLOWANCE FOR LOAN LOSSES (Tables)	6 Months Ended
ALLOWANCE FOR LOAN LOSSES (Tables)	Sep. 30, 2022
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 September 30, 2022 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 2,495 $ 8,542 $ 149 $ 862 $ 518 $ 1,236 $ 757 $ 14,559 Provision for (recapture of) loan losses 294 (312) (25) (6) 120 (4) (67) — Charge-offs — — — — — (10) — (10) Recoveries — — — — — 3 — 3 Ending balance $ 2,789 $ 8,230 $ 124 $ 856 $ 638 $ 1,225 $ 690 $ 14,552 Six months ended September 30, 2022 Beginning balance $ 2,422 $ 9,037 $ 168 $ 845 $ 393 $ 943 $ 715 $ 14,523 Provision for (recapture of) loan losses 367 (807) (44) 11 245 253 (25) — Charge-offs — — — — — (16) — (16) Recoveries — — — — — 45 — 45 Ending balance $ 2,789 $ 8,230 $ 124 $ 856 $ 638 $ 1,225 $ 690 $ 14,552 Three months ended September 30, 2021 Beginning balance $ 2,202 $ 12,942 $ 237 $ 607 $ 197 $ 712 $ 693 $ 17,590 Provision for (recapture of) loan losses 59 (1,147) (5) (77) 34 119 (83) (1,100) Charge-offs — — — — — (4) — (4) Recoveries — — — — — 14 — 14 Ending balance $ 2,261 $ 11,795 $ 232 $ 530 $ 231 $ 841 $ 610 $ 16,500 Six months ended September 30, 2021 Beginning balance $ 2,416 $ 14,089 $ 233 $ 638 $ 294 $ 852 $ 656 $ 19,178 Provision for (recapture of) loan losses (155) (2,294) (1) (108) (63) (33) (46) (2,700) Charge-offs — — — — — (13) — (13) Recoveries — — — — — 35 — 35 Ending balance $ 2,261 $ 11,795 $ 232 $ 530 $ 231 $ 841 $ 610 $ 16,500
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 September 30, 2022 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 2,789 $ 2,789 $ 90 $ 236,227 $ 236,317 Commercial real estate — 8,230 8,230 111 564,470 564,581 Land — 124 124 — 8,208 8,208 Multi-family — 856 856 — 58,367 58,367 Real estate construction — 638 638 — 37,758 37,758 Consumer 6 1,219 1,225 476 105,301 105,777 Unallocated — 690 690 — — — Total $ 6 $ 14,546 $ 14,552 $ 677 $ 1,010,331 $ 1,011,008 March 31, 2022 Commercial business $ — $ 2,422 $ 2,422 $ 100 $ 227,991 $ 228,091 Commercial real estate — 9,037 9,037 122 582,715 582,837 Land — 168 168 — 11,556 11,556 Multi-family — 845 845 — 60,211 60,211 Real estate construction — 393 393 — 24,160 24,160 Consumer 8 935 943 495 83,058 83,553 Unallocated — 715 715 — — — Total $ 8 $ 14,515 $ 14,523 $ 717 $ 989,691 $ 990,408
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 September 30, 2022 Past Due Past Due Non-accrual accrual Current Receivable Commercial business $ 429 $ 20,713 $ 108 $ 21,250 $ 215,067 $ 236,317 Commercial real estate — — 111 111 564,470 564,581 Land — — — — 8,208 8,208 Multi-family — — — — 58,367 58,367 Real estate construction — — — — 37,758 37,758 Consumer 14 — 47 61 105,716 105,777 Total $ 443 $ 20,713 $ 266 $ 21,422 $ 989,586 $ 1,011,008 March 31, 2022 Commercial business $ 7,753 $ 21,808 $ 118 $ 29,679 $ 198,412 $ 228,091 Commercial real estate — — 122 122 582,715 582,837 Land — — — — 11,556 11,556 Multi-family — — — — 60,211 60,211 Real estate construction 291 — — 291 23,869 24,160 Consumer 9 — 51 60 83,493 83,553 Total $ 8,053 $ 21,808 $ 291 $ 30,152 $ 960,256 $ 990,408
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 September 30, 2022 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 235,683 $ 157 $ 477 $ — $ — $ 236,317 Commercial real estate 557,788 677 6,116 — — 564,581 Land 8,208 — — — — 8,208 Multi-family 58,221 146 — — — 58,367 Real estate construction 37,758 — — — — 37,758 Consumer 105,730 — 47 — — 105,777 Total $ 1,003,388 $ 980 $ 6,640 $ — $ — $ 1,011,008 March 31, 2022 Commercial business $ 227,435 $ 511 $ 145 $ — $ — $ 228,091 Commercial real estate 569,417 7,211 6,209 — — 582,837 Land 11,556 — — — — 11,556 Multi-family 60,138 73 — — — 60,211 Real estate construction 24,160 — — — — 24,160 Consumer 83,502 — 51 — — 83,553 Total $ 976,208 $ 7,795 $ 6,405 $ — $ — $ 990,408
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 September 30, 2022 Allowance Allowance Investment Balance Allowance Commercial business $ 90 $ — $ 90 $ 135 $ — Commercial real estate 111 — 111 171 — Consumer 375 101 476 580 6 Total $ 576 $ 101 $ 677 $ 886 $ 6 March 31, 2022 Commercial business $ 100 $ — $ 100 $ 143 $ — Commercial real estate 122 — 122 178 — Consumer 259 236 495 603 8 Total $ 481 $ 236 $ 717 $ 924 $ 8 Three months ended Three months ended September 30, 2022 September 30, 2021 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 92 $ — $ 112 $ — Commercial real estate 114 — 793 — Consumer 481 6 518 6 Total $ 687 $ 6 $ 1,423 $ 6 Six months ended Six months ended September 30, 2022 September 30, 2021 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 95 $ — $ 115 $ — Commercial real estate 117 — 1,018 16 Consumer 486 12 522 12 Total $ 698 $ 12 $ 1,655 $ 28
Schedule of TDRs by interest accrual status	The following table presents TDRs by interest accrual status at the dates indicated (in thousands): September 30, 2022 March 31, 2022 Accrual Nonaccrual Total Accrual Nonaccrual Total Commercial business $ — $ 90 $ 90 $ — $ 100 $ 100 Commercial real estate — 111 111 — 122 122 Consumer 476 — 476 495 — 495 Total $ 476 $ 201 $ 677 $ 495 $ 222 $ 717

JUNIOR SUBORDINATED DEBENTURES

JUNIOR SUBORDINATED DEBENTURES (Tables)	6 Months Ended
JUNIOR SUBORDINATED DEBENTURES (Tables)	Sep. 30, 2022
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 September 30, 2022 (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 % 4.65 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 4.64 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 6.74 % 6/2033 27,836 Fair value adjustment (4) (961) Total Debentures $ 26,875 (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)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2022
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 September 30, 2022 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 37,912 $ — $ 37,912 $ — Agency securities 86,228 — 86,228 — Real estate mortgage investment conduits 29,946 — 29,946 — Residential mortgage-backed securities 16,802 — 16,802 — Other mortgage-backed securities 42,820 — 42,820 — Total assets measured at fair value on a recurring basis $ 213,708 $ — $ 213,708 $ — Total Estimated Estimated Fair Value Measurements Using March 31, 2022 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 39,604 $ — $ 39,604 $ — Agency securities 40,705 — 40,705 — Real estate mortgage investment conduits 32,717 — 32,717 — Residential mortgage-backed securities 16,945 — 16,945 — Other mortgage-backed securities 35,811 — 35,811 — Total assets measured at fair value on a recurring basis $ 165,782 $ — $ 165,782 $ —
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 September 30, 2022 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 95 $ — $ — $ 95 March 31, 2022 Impaired loans $ 228 $ — $ — $ 228
Schedule of quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis	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 September 30, 2022 and March 31, 2022.
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 September 30, 2022 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 114,183 $ 114,183 $ — $ — $ 114,183 Certificates of deposit held for investment 249 — 247 — 247 Investment securities available for sale 213,708 — 213,708 — 213,708 Investment securities held to maturity 251,016 — 211,491 — 211,491 Loans receivable, net 996,456 — — 983,203 983,203 FHLB stock 2,019 — 2,019 — 2,019 Liabilities: Certificates of deposit 96,851 — 93,487 — 93,487 Junior subordinated debentures 26,875 — — 18,518 18,518 Carrying Estimated March 31, 2022 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 241,424 $ 241,424 $ — $ — $ 241,424 Certificates of deposit held for investment 249 — 253 — 253 Investment securities available for sale 165,782 — 165,782 — 165,782 Investment securities held to maturity 253,100 — 236,029 — 236,029 Loans receivable, net 975,885 — — 962,893 962,893 FHLB stock 2,019 — 2,019 — 2,019 Liabilities: Certificates of deposit 111,372 — 109,860 — 109,860 Junior subordinated debentures 26,833 — — 16,046 16,046

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	6 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	Sep. 30, 2022
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 Six Months Ended September 30, September 30, 2022 2021 2022 2021 Asset management fees $ 1,162 $ 928 $ 2,322 $ 1,904 Debit card and ATM fees 891 889 1,795 1,795 Deposit related fees 440 417 877 816 Loan related fees 123 311 323 684 BOLI (1) 242 234 432 424 FHLMC loan servicing fees (1) 21 21 42 43 BOLI death benefit in excess of cash surrender value (1) — 21 — 500 Other, net 255 253 469 496 Total non-interest income, net $ 3,134 $ 3,074 $ 6,260 $ 6,662 (1) Not within scope of ASC 606

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
Schedule of significant off-balance sheet commitments	Significant off-balance sheet commitments at September 30, 2022 are listed below (in thousands): Contract or Notional Amount September 30, 2022 Commitments to extend credit: Adjustable-rate $ 16,555 Fixed-rate 18,859 Standby letters of credit 2,023 Undisbursed loan funds and unused lines of credit 155,974 Total $ 193,411

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Sep. 30, 2022
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): September 30, March 31, Classification in the Leases 2022 2022 consolidated balance sheets Finance lease ROU assets $ 1,317 $ 1,355 Financing lease ROU assets Finance lease liability $ 2,257 $ 2,283 Finance lease liability Finance lease remaining lease term 17.18 years 17.68 years Finance lease discount rate 7.16 % 7.16 % Operating lease ROU assets $ 7,309 $ 7,907 Prepaid expenses and other assets Operating lease liabilities $ 7,690 $ 8,306 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term 6.58 years 7.02 years Operating lease weighted-average discount rate 1.80 % 1.81 %
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 September 30, 2022 September 30, 2021 Finance lease amortization of right-of-use asset $ 19 $ 19 Finance lease interest on lease liability 40 41 Operating lease costs 283 315 Variable lease costs 53 52 Total lease cost (1) $ 395 $ 427 Six months ended Six months ended Lease Costs September 30, 2022 September 30, 2021 Finance lease amortization of right-of-use asset $ 38 $ 38 Finance lease interest on lease liability 81 83 Operating lease costs 566 630 Variable lease costs 105 105 Total lease cost (1) $ 790 $ 856 (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 September 30, 2022 (in thousands): Year Ending March 31: Operating Finance Leases Lease Remaining of 2023 $ 678 $ 108 2024 1,370 219 2025 1,375 222 2026 1,125 226 2027 1,116 230 Thereafter 2,530 2,944 Total minimum lease payments 8,194 3,949 Less: amount of lease payment representing interest (504) (1,692) Lease liabilities $ 7,690 $ 2,257

Principles of Consolidation (De

Principles of Consolidation (Details) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended
Principles of Consolidation (Details) - USD ($)	May 31, 2021	Oct. 31, 2020	Dec. 31, 2019	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	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									$ 234,000
Net income attributable to the noncontrolling interest				$ 2,000	$ 5,000	$ 4,000	$ 7,000
Trust Company \| Riverview Bank
PRINCIPLES OF CONSOLIDATION
Ownership percentage				100%		100%		97.30%		100%
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	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of Shares
Balance, beginning of year	17,332	23,332
Options exercised	(1,511)	(6,000)
Balance, end of year	15,821	17,332
Weighted Average Exercise Price
Balance, beginning of year	$ 2.78	$ 2.78
Options exercised	2.78	2.78
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 ($)	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock options fully vested and expected to vest:
Number	15,821	17,332
Weighted average exercise price	$ 2.78	$ 2.78
Aggregate intrinsic value (1)	$ 56,000	$ 78,000
Weighted average contractual term of options (years)	9 months 14 days	1 year 9 months 14 days
Stock options fully vested and currently exercisable:
Number	15,821	17,332
Weighted average exercise price	$ 2.78	$ 2.78
Aggregate intrinsic value (1)	$ 56,000	$ 78,000
Weighted average contractual term of options (years)	9 months 14 days	1 year 9 months 14 days

STOCK PLANS AND STOCK-BASED C_5

STOCK PLANS AND STOCK-BASED COMPENSATION - Restricted Stock Activity (Details) - $ / shares	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Time Based
Number of Unvested Shares
Balance, beginning of period	26,855	45,616
Granted	15,571	12,298
Vested	(11,457)	(29,618)
Balance, end of period	30,969	28,296
Weighted Average Grant Date Fair Value
Balance, beginning of period	$ 6.02	$ 6.57
Granted	6.30	6.96
Vested	5.94	7.43
Balance, end of period	$ 6.19	$ 5.83
Performance Based
Number of Unvested Shares
Balance, beginning of period	121,492	96,772
Granted	56,125	45,082
Forfeited	(2,977)
Vested	(41,995)	(12,732)
Balance, end of period	132,645	129,122
Weighted Average Grant Date Fair Value
Balance, beginning of period	$ 5.70	$ 5.27
Granted	6.30	6.96
Forfeited	7.56
Vested	5.26	8.35
Balance, end of period	$ 6.05	$ 5.56
Restricted stock
Number of Unvested Shares
Balance, beginning of period	148,347	142,388
Granted	71,696	57,380
Forfeited	(2,977)
Vested	(53,452)	(42,350)
Balance, end of period	163,614	157,418
Weighted Average Grant Date Fair Value
Balance, beginning of period	$ 5.76	$ 5.69
Granted	6.30	6.96
Forfeited	7.56
Vested	5.41	7.71
Balance, end of period	$ 6.08	$ 5.61

STOCK PLANS AND STOCK-BASED C_6

STOCK PLANS AND STOCK-BASED COMPENSATION - Additional information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 31, 2017
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of issuance of common stock					1,800,000
Shares available for grant	1,517,449		1,517,449
Total intrinsic value of stock options exercised			$ 7,000	$ 25,000
Stock options exercised (in shares)			1,511	6,000
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			71,696	57,380
Unrecognized compensation expense	639,000	$ 570,000	$ 639,000	$ 570,000
Stock based Compensation Expense	$ 129,000	$ 122,000	$ 192,000	$ 177,000
Restricted stock \| Weighted average
STOCK PLANS AND STOCK-BASED COMPENSATION
Vesting period			1 year 6 months 10 days	1 year 11 months 12 days
Performance Based
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock awards granted			56,125	45,082
Time Based
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock awards granted			15,571	12,298
Trust Company \| Stock options
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock options granted			0	0
Trust Company \| Stock options \| President and Chief Executive Officer
STOCK PLANS AND STOCK-BASED COMPENSATION
Number of stock options outstanding	0	0	0	0
Stock options exercised (in shares)			0	500

EARNINGS PER SHARE - Earnings P

EARNINGS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic EPS computation:
Numerator-net income (in dollars)	$ 5,194,000	$ 6,430,000	$ 9,846,000	$ 12,185,000
Denominator-weighted average common shares outstanding	21,624,469	22,179,829	21,825,070	22,261,856
Basic EPS (in dollars per share)	$ 0.24	$ 0.29	$ 0.45	$ 0.55
Diluted EPS computation:
Numerator-net income (in dollars)	$ 5,194,000	$ 6,430,000	$ 9,846,000	$ 12,185,000
Denominator-weighted average common shares outstanding	21,624,469	22,179,829	21,825,070	22,261,856
Effect of dilutive stock options	9,417	11,658	9,431	12,812
Weighted average common shares and common stock equivalents	21,633,886	22,191,487	21,834,501	22,274,668
Diluted EPS (in dollars per share)	$ 0.24	$ 0.29	$ 0.45	$ 0.55

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Dec. 21, 2021	Sep. 30, 2021	Mar. 31, 2022	Jun. 30, 2021
EARNINGS PER SHARE
Antidilutive securities excluded from computation of earnings per share, amount			0		0
Stock repurchased	$ 3,505	$ 1,231	$ 4,784		$ 1,724
Repurchase of common stock			$ 4,784		1,724
Repurchase program
EARNINGS PER SHARE
Maximum shares repurchase amount						$ 5,000	$ 5,000
Share Repurchase Term				6 months
Stock repurchased					$ 1,700
Shares repurchased			718,734		249,908
Average price			$ 6.96		$ 6.89
Repurchase of common stock			$ 5,000
Shares repurchased and retired			718,734

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available for sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
INVESTMENT SECURITIES
Amortized Cost	$ 243,250	$ 178,874
Gross Unrealized Gains	22	57
Gross Unrealized Losses	(29,564)	(13,149)
Estimated Fair Value	213,708	165,782
Municipal securities
INVESTMENT SECURITIES
Amortized Cost	47,951	44,104
Gross Unrealized Gains	2	14
Gross Unrealized Losses	(10,041)	(4,514)
Estimated Fair Value	37,912	39,604
Agency securities
INVESTMENT SECURITIES
Amortized Cost	93,632	43,848
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(7,405)	(3,144)
Estimated Fair Value	86,228	40,705
Real estate mortgage investment conduits
INVESTMENT SECURITIES
Amortized Cost	35,758	35,563
Gross Unrealized Gains		1
Gross Unrealized Losses	(5,812)	(2,847)
Estimated Fair Value	29,946	32,717
Residential mortgage-backed securities
INVESTMENT SECURITIES
Amortized Cost	18,253	17,368
Gross Unrealized Gains		13
Gross Unrealized Losses	(1,451)	(436)
Estimated Fair Value	16,802	16,945
Other mortgage-backed securities
INVESTMENT SECURITIES
Amortized Cost	47,656	37,991
Gross Unrealized Gains	19	28
Gross Unrealized Losses	(4,855)	(2,208)
Estimated Fair Value	$ 42,820	$ 35,811

INVESTMENT SECURITIES - Held to

INVESTMENT SECURITIES - Held to maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
INVESTMENT SECURITIES
Amortized Cost	$ 251,016	$ 253,100
Gross Unrealized Losses	(39,525)	(17,071)
Estimated Fair Value	211,491	236,029
Municipal securities
INVESTMENT SECURITIES
Amortized Cost	10,356	10,368
Gross Unrealized Losses	(3,337)	(1,422)
Estimated Fair Value	7,019	8,946
Agency securities
INVESTMENT SECURITIES
Amortized Cost	53,851	45,277
Gross Unrealized Losses	(6,134)	(2,450)
Estimated Fair Value	47,717	42,827
Real estate mortgage investment conduits
INVESTMENT SECURITIES
Amortized Cost	36,862	39,394
Gross Unrealized Losses	(5,296)	(2,457)
Estimated Fair Value	31,566	36,937
Residential mortgage-backed securities
INVESTMENT SECURITIES
Amortized Cost	129,274	137,343
Gross Unrealized Losses	(20,941)	(8,883)
Estimated Fair Value	108,333	128,460
Other mortgage-backed securities
INVESTMENT SECURITIES
Amortized Cost	20,673	20,718
Gross Unrealized Losses	(3,817)	(1,859)
Estimated Fair Value	$ 16,856	$ 18,859

INVESTMENT SECURITIES - Contrac

INVESTMENT SECURITIES - Contractual maturities, Available for sale (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Available for Sale, Amortized Cost
Due in one year or less	$ 5,700
Due after one year through five years	81,977
Due after five years through ten years	61,865
Due after ten years	93,708
Total, Amortized Cost	243,250
Available for Sale, Estimated Fair Value
Due in one year or less	5,654
Due after one year through five years	78,195
Due after five years through ten years	52,738
Due after ten years	77,121
Total, Estimated Fair Value	$ 213,708

INVESTMENT SECURITIES - Contr_2

INVESTMENT SECURITIES - Contractual maturities, Held to maturity (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Held to Maturity, Amortized Cost
Due after one year through five years	$ 38,931
Due after five years through ten years	33,140
Due after ten years	178,945
Total, Amortized Cost	251,016
Held to Maturity, Estimated Fair Value
Due after one year through five years	35,802
Due after five years through ten years	27,207
Due after ten years	148,482
Total, Estimated Fair Value	$ 211,491

INVESTMENT SECURITIES - Fair va

INVESTMENT SECURITIES - Fair value of impaired investment securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	$ 126,340	$ 120,499
Less than 12 months, Unrealized Losses	(10,530)	(9,798)
12 months or longer, Estimated Fair Value	82,117	35,740
12 months or longer, Unrealized Losses	(19,034)	(3,351)
Total, Estimated Fair Value	208,457	156,239
Total, Unrealized Losses	(29,564)	(13,149)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	116,487	192,642
Less than 12 months, unrealized losses	(17,094)	(12,552)
12 months or longer, Estimated Fair Value	95,002	40,417
12 months or longer, Unrealized Losses	(22,431)	(4,519)
Total Estimated fair value	211,489	233,059
Total, Unrealized Losses	(39,525)	(17,071)
Municipal securities
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	18,343	32,767
Less than 12 months, Unrealized Losses	(4,024)	(4,293)
12 months or longer, Estimated Fair Value	18,397	3,282
12 months or longer, Unrealized Losses	(6,017)	(221)
Total, Estimated Fair Value	36,740	36,049
Total, Unrealized Losses	(10,041)	(4,514)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	2,594	5,911
Less than 12 months, unrealized losses	(1,098)	(816)
12 months or longer, Estimated Fair Value	4,425	3,036
12 months or longer, Unrealized Losses	(2,239)	(606)
Total Estimated fair value	7,019	8,947
Total, Unrealized Losses	(3,337)	(1,422)
Agency securities
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	56,425	22,288
Less than 12 months, Unrealized Losses	(2,326)	(1,565)
12 months or longer, Estimated Fair Value	27,801	16,414
12 months or longer, Unrealized Losses	(5,079)	(1,579)
Total, Estimated Fair Value	84,226	38,702
Total, Unrealized Losses	(7,405)	(3,144)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	36,346	35,930
Less than 12 months, unrealized losses	(3,695)	(1,708)
12 months or longer, Estimated Fair Value	11,371	6,897
12 months or longer, Unrealized Losses	(2,439)	(742)
Total Estimated fair value	47,717	42,827
Total, Unrealized Losses	(6,134)	(2,450)
Real estate mortgage investment conduits
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	8,081	17,334
Less than 12 months, Unrealized Losses	(866)	(1,310)
12 months or longer, Estimated Fair Value	21,862	15,275
12 months or longer, Unrealized Losses	(4,946)	(1,537)
Total, Estimated Fair Value	29,943	32,609
Total, Unrealized Losses	(5,812)	(2,847)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	13,769	26,233
Less than 12 months, unrealized losses	(1,492)	(1,715)
12 months or longer, Estimated Fair Value	17,798	7,735
12 months or longer, Unrealized Losses	(3,804)	(742)
Total Estimated fair value	31,567	33,968
Total, Unrealized Losses	(5,296)	(2,457)
Residential mortgage-backed securities
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	14,644	15,702
Less than 12 months, Unrealized Losses	(1,186)	(436)
12 months or longer, Estimated Fair Value	2,159
12 months or longer, Unrealized Losses	(265)
Total, Estimated Fair Value	16,803	15,702
Total, Unrealized Losses	(1,451)	(436)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	56,478	111,096
Less than 12 months, unrealized losses	(9,647)	(7,160)
12 months or longer, Estimated Fair Value	51,853	17,363
12 months or longer, Unrealized Losses	(11,294)	(1,723)
Total Estimated fair value	108,331	128,459
Total, Unrealized Losses	(20,941)	(8,883)
Other mortgage-backed securities
INVESTMENT SECURITIES
Less than 12 months, Estimated Fair Value	28,847	32,408
Less than 12 months, Unrealized Losses	(2,128)	(2,194)
12 months or longer, Estimated Fair Value	11,898	769
12 months or longer, Unrealized Losses	(2,727)	(14)
Total, Estimated Fair Value	40,745	33,177
Total, Unrealized Losses	(4,855)	(2,208)
Debt Securities, Held to maturity
Less than 12 months, Estimated fair value	7,300	13,472
Less than 12 months, unrealized losses	(1,162)	(1,153)
12 months or longer, Estimated Fair Value	9,555	5,386
12 months or longer, Unrealized Losses	(2,655)	(706)
Total Estimated fair value	16,855	18,858
Total, Unrealized Losses	$ (3,817)	$ (1,859)

INVESTMENT SECURITIES - Additio

INVESTMENT SECURITIES - Additional information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
INVESTMENT SECURITIES
Proceeds from the sale of investment securities	$ 0	$ 0
Gross realized gains on sales of investment securities	0	$ 0
Debt Securities, Held-to-maturity, Fair Value	211,491		$ 236,029
Investment securities held to maturity
INVESTMENT SECURITIES
Held to maturity at amortized cost	12,900		13,700
Debt Securities, Held-to-maturity, Fair Value	10,600		12,600
Asset Pledged as Collateral. \| Investment securities available for sale
INVESTMENT SECURITIES
Available for sale with amortized cost	3,500		1,300
Available for sale, estimated fair value	$ 3,200		$ 1,200

LOANS RECEIVABLE - Loans receiv

LOANS RECEIVABLE - Loans receivable, excluding loans held for sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
LOANS RECEIVABLE
Total loans	$ 1,011,008		$ 990,408
Less: Allowance for loan losses	14,552	$ 14,559	14,523	$ 16,500	$ 17,590	$ 19,178
Loans receivable, net	996,456		975,885
Commercial Real Estate Portfolio Segment
LOANS RECEIVABLE
Total loans	905,231		906,855
Commercial Real Estate Portfolio Segment \| Commercial Business
LOANS RECEIVABLE
Total loans	236,317		228,091
Less: Allowance for loan losses	2,789	2,495	2,422	2,261	2,202	2,416
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
LOANS RECEIVABLE
Total loans	564,581		582,837
Less: Allowance for loan losses	8,230	8,542	9,037	11,795	12,942	14,089
Commercial Real Estate Portfolio Segment \| Land
LOANS RECEIVABLE
Total loans	8,208		11,556
Less: Allowance for loan losses	124	149	168	232	237	233
Commercial Real Estate Portfolio Segment \| Multi-Family
LOANS RECEIVABLE
Total loans	58,367		60,211
Less: Allowance for loan losses	856	862	845	530	607	638
Commercial Real Estate Portfolio Segment \| Real Estate Construction
LOANS RECEIVABLE
Total loans	37,758		24,160
Less: Allowance for loan losses	638	518	393	231	197	294
Consumer
LOANS RECEIVABLE
Total loans	105,777		83,553
Less: Allowance for loan losses	1,225	$ 1,236	943	$ 841	$ 712	$ 852
Consumer \| Real estate one-to-four family
LOANS RECEIVABLE
Total loans	104,163		82,006
Consumer \| Other installment
LOANS RECEIVABLE
Total loans	$ 1,614		$ 1,547

LOANS RECEIVABLE - Additional i

LOANS RECEIVABLE - Additional information (Details)	6 Months Ended	12 Months Ended
LOANS RECEIVABLE - Additional information (Details)	Sep. 30, 2022 USD ($) loan	Mar. 31, 2022 USD ($) loan
LOANS RECEIVABLE
Net deferred loan fees	$ 4,600,000	$ 4,500,000
Discount on Loans receivable	1,500,000	371,000
Premiums On Loans Receivable.	$ 2,300,000	$ 2,400,000
Number of loans to one borrower over regulatory limit \| loan	0	0
Total loans	$ 1,011,008,000	$ 990,408,000
Percentage Of Loans And Extensions Of Credit Outstanding	15%
Asset Pledged as Collateral
LOANS RECEIVABLE
Loans pledged as collateral	$ 606,400,000

ALLOWANCE FOR LOAN LOSSES - Rec

ALLOWANCE FOR LOAN LOSSES - Reconciliation of the allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of the allowance for loan losses
Beginning balance	$ 14,559	$ 17,590	$ 14,523	$ 19,178
Provision for (recapture of) loan losses		(1,100)		(2,700)
Charge-offs	(10)	(4)	(16)	(13)
Recoveries	3	14	45	35
Ending balance	14,552	16,500	14,552	16,500
Commercial Real Estate Portfolio Segment \| Commercial Business
Reconciliation of the allowance for loan losses
Beginning balance	2,495	2,202	2,422	2,416
Provision for (recapture of) loan losses	294	59	367	(155)
Ending balance	2,789	2,261	2,789	2,261
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Reconciliation of the allowance for loan losses
Beginning balance	8,542	12,942	9,037	14,089
Provision for (recapture of) loan losses	(312)	(1,147)	(807)	(2,294)
Ending balance	8,230	11,795	8,230	11,795
Commercial Real Estate Portfolio Segment \| Land
Reconciliation of the allowance for loan losses
Beginning balance	149	237	168	233
Provision for (recapture of) loan losses	(25)	(5)	(44)	(1)
Ending balance	124	232	124	232
Commercial Real Estate Portfolio Segment \| Multi-Family
Reconciliation of the allowance for loan losses
Beginning balance	862	607	845	638
Provision for (recapture of) loan losses	(6)	(77)	11	(108)
Ending balance	856	530	856	530
Commercial Real Estate Portfolio Segment \| Real Estate Construction
Reconciliation of the allowance for loan losses
Beginning balance	518	197	393	294
Provision for (recapture of) loan losses	120	34	245	(63)
Ending balance	638	231	638	231
Consumer
Reconciliation of the allowance for loan losses
Beginning balance	1,236	712	943	852
Provision for (recapture of) loan losses	(4)	119	253	(33)
Charge-offs	(10)	(4)	(16)	(13)
Recoveries	3	14	45	35
Ending balance	1,225	841	1,225	841
Unallocated
Reconciliation of the allowance for loan losses
Beginning balance	757	693	715	656
Provision for (recapture of) loan losses	(67)	(83)	(25)	(46)
Ending balance	$ 690	$ 610	$ 690	$ 610

ALLOWANCE FOR LOAN LOSSES - Imp

ALLOWANCE FOR LOAN LOSSES - Impaired Financing Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Allowance for loan losses
Individually Evaluated for Impairment	$ 6	$ 8
Collectively Evaluated for Impairment	14,546	14,515
Total	14,552	14,523
Recorded investment in loans
Individually Evaluated for Impairment	677	717
Collectively Evaluated for Impairment	1,010,331	989,691
Total	1,011,008	990,408
Commercial Real Estate Portfolio Segment \| Commercial Business
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	2,789	2,422
Total	2,789	2,422
Recorded investment in loans
Individually Evaluated for Impairment	90	100
Collectively Evaluated for Impairment	236,227	227,991
Total	236,317	228,091
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	8,230	9,037
Total	8,230	9,037
Recorded investment in loans
Individually Evaluated for Impairment	111	122
Collectively Evaluated for Impairment	564,470	582,715
Total	564,581	582,837
Commercial Real Estate Portfolio Segment \| Land
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	124	168
Total	124	168
Recorded investment in loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	8,208	11,556
Total	8,208	11,556
Commercial Real Estate Portfolio Segment \| Multi-Family
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	856	845
Total	856	845
Recorded investment in loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	58,367	60,211
Total	58,367	60,211
Commercial Real Estate Portfolio Segment \| Real Estate Construction
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	638	393
Total	638	393
Recorded investment in loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	37,758	24,160
Total	37,758	24,160
Consumer
Allowance for loan losses
Individually Evaluated for Impairment	6	8
Collectively Evaluated for Impairment	1,219	935
Total	1,225	943
Recorded investment in loans
Individually Evaluated for Impairment	476	495
Collectively Evaluated for Impairment	105,301	83,058
Total	105,777	83,553
Unallocated
Allowance for loan losses
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	690	715
Total	690	715
Recorded investment in loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	0	0
Total	$ 0	$ 0

ALLOWANCE FOR LOAN LOSSES - Ana

ALLOWANCE FOR LOAN LOSSES - Analysis of loans by aging category (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	$ 266	$ 291
Total Past Due and Non-accrual	21,422	30,152
Current	989,586	960,256
Total Loans Receivable	1,011,008	990,408
30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	443	8,053
90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	20,713	21,808
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	905,231	906,855
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	108	118
Total Past Due and Non-accrual	21,250	29,679
Current	215,067	198,412
Total Loans Receivable	236,317	228,091
Commercial Real Estate Portfolio Segment \| Commercial Business \| 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	429	7,753
Commercial Real Estate Portfolio Segment \| Commercial Business \| 90 Days and Greater Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	20,713	21,808
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual	111	122
Total Past Due and Non-accrual	111	122
Current	564,470	582,715
Total Loans Receivable	564,581	582,837
Commercial Real Estate Portfolio Segment \| Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	8,208	11,556
Total Loans Receivable	8,208	11,556
Commercial Real Estate Portfolio Segment \| Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	58,367	60,211
Total Loans Receivable	58,367	60,211
Commercial Real Estate Portfolio Segment \| Real Estate Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due and Non-accrual		291
Current	37,758	23,869
Total Loans Receivable	37,758	24,160
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]
Non-accrual	47	51
Total Past Due and Non-accrual	61	60
Current	105,716	83,493
Total Loans Receivable	105,777	83,553
Consumer \| 30 To 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	$ 14	$ 9

ALLOWANCE FOR LOAN LOSSES - Cre

ALLOWANCE FOR LOAN LOSSES - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	$ 1,011,008	$ 990,408
Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	1,003,388	976,208
Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	980	7,795
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	6,640	6,405
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	905,231	906,855
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	236,317	228,091
Commercial Real Estate Portfolio Segment \| Commercial Business \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	235,683	227,435
Commercial Real Estate Portfolio Segment \| Commercial Business \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	157	511
Commercial Real Estate Portfolio Segment \| Commercial Business \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	477	145
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	564,581	582,837
Commercial Real Estate Portfolio Segment \| Commercial Real Estate \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	557,788	569,417
Commercial Real Estate Portfolio Segment \| Commercial Real Estate \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	677	7,211
Commercial Real Estate Portfolio Segment \| Commercial Real Estate \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	6,116	6,209
Commercial Real Estate Portfolio Segment \| Land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	8,208	11,556
Commercial Real Estate Portfolio Segment \| Land \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	8,208	11,556
Commercial Real Estate Portfolio Segment \| Multi-Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	58,367	60,211
Commercial Real Estate Portfolio Segment \| Multi-Family \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	58,221	60,138
Commercial Real Estate Portfolio Segment \| Multi-Family \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	146	73
Commercial Real Estate Portfolio Segment \| Real Estate Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	37,758	24,160
Commercial Real Estate Portfolio Segment \| Real Estate Construction \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	37,758	24,160
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	105,777	83,553
Consumer \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	105,730	83,502
Consumer \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	$ 47	$ 51

ALLOWANCE FOR LOAN LOSSES - Ave

ALLOWANCE FOR LOAN LOSSES - Average recorded investment in impaired loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	$ 576	$ 481
Recorded Investment with Specific Valuation Allowance	101	236
Total Recorded Investment	677	717
Unpaid Principal Balance	886	924
Related Specific Valuation Allowance	6	8
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	90	100
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	90	100
Unpaid Principal Balance	135	143
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	111	122
Recorded Investment with Specific Valuation Allowance	0	0
Total Recorded Investment	111	122
Unpaid Principal Balance	171	178
Related Specific Valuation Allowance	0	0
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment with No Specific Valuation Allowance	375	259
Recorded Investment with Specific Valuation Allowance	101	236
Total Recorded Investment	476	495
Unpaid Principal Balance	580	603
Related Specific Valuation Allowance	$ 6	$ 8

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		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	$ 687	$ 1,423	$ 698	$ 1,655
Interest Recognized on Impaired Loans	6	6	12	28
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	92	112	95	115
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	114	793	117	1,018
Interest Recognized on Impaired Loans				16
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment	481	518	486	522
Interest Recognized on Impaired Loans	$ 6	$ 6	$ 12	$ 12

ALLOWANCE FOR LOAN LOSSES - TDR

ALLOWANCE FOR LOAN LOSSES - TDRs by Interest Accrual Status (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	$ 476	$ 495
Nonaccrual	201	222
Total	677	717
Commercial Real Estate Portfolio Segment \| Commercial Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	90	100
Total	90	100
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	111	122
Total	111	122
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrual	476	495
Total	$ 476	$ 495

ALLOWANCE FOR LOAN LOSSES - Add

ALLOWANCE FOR LOAN LOSSES - Additional information (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($) item	Mar. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	$ 989,586,000		$ 960,256,000
Interest income foregone on non-accrual loans	$ 7,000	$ 14,000	24,000
Percentage Of Delinquent Loan Amount	75%
Number of TDR loans default	0	0
Loans Insured or Guaranteed by US Government Authorities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	$ 20,700,000
Commercial Real Estate Portfolio Segment \| Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	564,470,000		582,715,000
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	$ 105,716,000		$ 83,493,000

GOODWILL (Details)

GOODWILL (Details) $ in Thousands		6 Months Ended
GOODWILL (Details) $ in Thousands	Oct. 31, 2021 USD ($)	Sep. 30, 2022 item
GOODWILL
Number of Reporting Units \| item		2
Goodwill impairment \| $	$ 0

JUNIOR SUBORDINATED DEBENTURE_2

JUNIOR SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
JUNIOR SUBORDINATED DEBENTURES
Amount Outstanding	$ 27,836
Fair value adjustment	(961)
Total Debentures	$ 26,875	$ 26,833
Riverview Bancorp Statutory Trust I
JUNIOR SUBORDINATED DEBENTURES
Issuance Date	Dec. 01, 2005
Amount Outstanding	$ 7,217
Rate Type	Variable
Initial Rate	5.88%
Current Rate	4.65%
Maturity Date	2036-03
Riverview Bancorp Statutory Trust II
JUNIOR SUBORDINATED DEBENTURES
Issuance Date	Jun. 01, 2007
Amount Outstanding	$ 15,464
Rate Type	Variable
Initial Rate	7.03%
Current Rate	4.64%
Maturity Date	2037-09
Merchants Bancorp Statutory Trust I
JUNIOR SUBORDINATED DEBENTURES
Issuance Date	Jun. 01, 2003
Amount Outstanding	$ 5,155
Rate Type	Variable
Initial Rate	4.16%
Current Rate	6.74%
Maturity Date	2033-06

JUNIOR SUBORDINATED DEBENTURE_3

JUNIOR SUBORDINATED DEBENTURES - Additional Information (Details)	6 Months Ended
	Sep. 30, 2022 USD ($) item	Mar. 31, 2022 USD ($)
JUNIOR SUBORDINATED DEBENTURES
Maximum number of consecutive quarters for deferred payment of each debenture \| item	20
Debentures issued to grantor trusts	$ 26,900,000	$ 26,800,000
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	0.0136%
Riverview Bancorp Statutory Trust II
JUNIOR SUBORDINATED DEBENTURES
Description of variable rate	three-month LIBOR
Interest basis spread on variable rate	0.0135%
Merchants Bancorp Statutory Trust I
JUNIOR SUBORDINATED DEBENTURES
Description of variable rate	three-month LIBOR
Interest basis spread on variable rate	0.031%

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
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	213,708	165,782
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	37,912	39,604
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	86,228	40,705
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	29,946	32,717
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	16,802	16,945
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	42,820	35,811
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	213,708	165,782
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	37,912	39,604
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	86,228	40,705
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	29,946	32,717
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	16,802	16,945
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	$ 42,820	$ 35,811

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	Sep. 30, 2022	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring assets measured at fair value	$ 95	$ 228
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring assets measured at fair value	$ 95	$ 228

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Level 3 inputs for financial instruments measured at fair value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
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	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Debt Securities, Available-for-sale, Measurement Input [Extensible List]	us-gaap:MeasurementInputDiscountRateMember	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%	5.375%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	8%	8%

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Carrying Value \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 114,183	$ 241,424
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 \| Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	213,708	165,782
Carrying Value \| Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	251,016	253,100
Carrying Value \| Loans Receivable.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	996,456	975,885
Carrying Value \| FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,019	2,019
Carrying Value \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	96,851	111,372
Carrying Value \| Junior subordinated debentures.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	26,875	26,833
Total Estimated Fair Value \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	114,183	241,424
Total Estimated Fair Value \| Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	247	253
Total Estimated Fair Value \| Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	213,708	165,782
Total Estimated Fair Value \| Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	211,491	236,029
Total Estimated Fair Value \| Loans Receivable.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	983,203	962,893
Total Estimated Fair Value \| FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,019	2,019
Total Estimated Fair Value \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	93,487	109,860
Total Estimated Fair Value \| Junior subordinated debentures.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	18,518	16,046
Level 1 \| Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	114,183	241,424
Level 2 \| Certificates of deposit held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	247	253
Level 2 \| Investment securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	213,708	165,782
Level 2 \| Investment securities held to maturity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	211,491	236,029
Level 2 \| FHLB stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,019	2,019
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	93,487	109,860
Level 3 \| Loans Receivable.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	983,203	962,893
Level 3 \| Junior subordinated debentures.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 18,518	$ 16,046

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from External Customer [Line Items]
BOLI	$ 242	$ 234	$ 432	$ 424
Contract with customer liability	0		0
Revenue remaining performance obligation	0	0	0	0
FHLMC loan servicing fees	21	21	42	43
BOLI death benefit in excess of cash surrender value		21		500
Total non-interest income, net	3,134	3,074	6,260	6,662
Asset management fees.
Revenue from External Customer [Line Items]
Non-interest income	1,162	928	2,322	1,904
Debit card and ATM fees
Revenue from External Customer [Line Items]
Non-interest income	891	889	1,795	1,795
Deposit related fees
Revenue from External Customer [Line Items]
Non-interest income	440	417	877	816
Loan related fees
Revenue from External Customer [Line Items]
Non-interest income	123	311	323	684
BOLI Death Benefit In Excess Of Cash Surrender Value
Revenue from External Customer [Line Items]
BOLI death benefit in excess of cash surrender value		21		500
Other, net
Revenue from External Customer [Line Items]
Non-interest income	$ 255	$ 253	$ 469	$ 496

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Significant Off-balance Sheet Commitments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 193,411
Commitments to extend credit: \| Adjustable-rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	16,555
Commitments to extend credit: \| Fixed-rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	18,859
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	2,023
Undisbursed loan funds and unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 155,974

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	6 Months Ended
	Sep. 30, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Threshold limit for honoring of commitments	45 days
Loans under warranty	$ 39,200,000
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	Sep. 30, 2022	Mar. 31, 2022
LEASES
Finance lease ROU assets	$ 1,317	$ 1,355
Finance lease liability	$ 2,257	$ 2,283
Finance lease remaining lease term	17 years 2 months 4 days	17 years 8 months 4 days
Finance lease discount rate	7.16%	7.16%
Operating lease ROU assets	$ 7,309	$ 7,907
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets.	Prepaid Expense and Other Assets.
Operating lease liabilities	$ 7,690	$ 8,306
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities and Other Liabilities, Total	Accrued Liabilities and Other Liabilities, Total
Operating lease weighted-average remaining lease term	6 years 6 months 29 days	7 years 7 days
Operating lease weighted-average discount rate	1.80%	1.81%

LEASES - Lease Costs for Operat

LEASES - Lease Costs for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
LEASES
Finance lease amortization of right-of-use asset	$ 19	$ 19	$ 38	$ 38
Finance lease interest on lease liability	40	41	81	83
Operating lease costs	283	315	566	630
Variable lease costs	53	52	105	105
Total lease cost	$ 395	$ 427	$ 790	$ 856

LEASES - Undiscounted Cash Flow

LEASES - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Operating Leases
Remaining of 2023	$ 678
2024	1,370
2025	1,375
2026	1,125
2027	1,116
Thereafter	2,530
Total minimum lease payments	8,194
Less: amount of lease payment representing interest	(504)
Lease liabilities	$ 7,690	$ 8,306
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities and Other Liabilities, Total	Accrued Liabilities and Other Liabilities, Total
Finance Lease
Remaining of 2023	$ 108
2024	219
2025	222
2026	226
2027	230
Thereafter	2,944
Total minimum lease payments	3,949
Less: amount of lease payment representing interest	(1,692)
Lease liabilities	$ 2,257	$ 2,283

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
LEASES - Additional Information (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
LEASES
Operating lease	$ 337,000	$ 365,000	$ 674,000	$ 730,000