Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 08, 2024 | |
Document and Entity Information: | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
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 | 21,111,043 | |
Entity Central Index Key | 0001041368 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
ASSETS | ||
Cash and cash equivalents (including interest earning deposits in other banks of $23,717 and $10,397) | $ 37,553 | $ 22,044 |
Certificates of deposit held for investment | 249 | |
Investment securities: | ||
Available for sale, at estimated fair value | 196,461 | 211,499 |
Held to maturity, at amortized cost (estimated fair value of $200,475 and $210,214) | 232,659 | 243,843 |
Loans receivable (net of allowance for credit losses of $15,361 and $15,309) | 1,002,838 | |
Loans receivable (net of allowance for credit losses of $15,361 and $15,309) | 993,547 | |
Prepaid expenses and other assets | 14,486 | 15,950 |
Accrued interest receivable | 5,248 | 4,790 |
Federal Home Loan Bank ("FHLB") stock , at cost | 8,026 | 6,867 |
Premises and equipment, net | 22,270 | 20,119 |
Financing lease right-of-use ("ROU") assets | 1,221 | 1,278 |
Deferred income taxes, net | 10,033 | 10,286 |
Goodwill | 27,076 | 27,076 |
Core deposit intangible ("CDI"), net | 298 | 379 |
Bank owned life insurance ("BOLI") | 32,454 | 31,785 |
TOTAL ASSETS | 1,590,623 | 1,589,712 |
LIABILITIES: | ||
Deposits | 1,218,892 | 1,265,217 |
Accrued expenses and other liabilities | 26,740 | 15,730 |
Advance payments by borrowers for taxes and insurance | 299 | 625 |
FHLB advances | 157,054 | 123,754 |
Junior subordinated debentures | 26,982 | 26,918 |
Finance lease liability | 2,184 | 2,229 |
Total liabilities | 1,432,151 | 1,434,473 |
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, 2023 - 21,125,889 shares issued and outstanding March 31, 2023 - 21,221,960 shares issued and outstanding | 211 | 212 |
Additional paid-in capital | 54,982 | 55,511 |
Retained earnings | 120,734 | 117,826 |
Accumulated other comprehensive loss | (17,455) | (18,310) |
Total shareholders' equity | 158,472 | 155,239 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,590,623 | $ 1,589,712 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
CONSOLIDATED BALANCE SHEETS | ||
Interest-earning accounts included in cash (in dollars) | $ 23,717 | $ 10,397 |
Fair value of mortgage-backed securities held to maturity (in dollars) | 200,475 | 210,214 |
Allowance for credit losses (in dollars) | $ 15,361 | 15,309 |
Allowance for credit losses (in dollars) | $ 15,309 | |
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 | 21,111,043 | 21,221,960 |
Common stock, shares outstanding | 21,111,043 | 21,221,960 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
INTEREST AND DIVIDEND INCOME: | ||||
Interest and fees on loans receivable | $ 11,645,000 | $ 11,531,000 | $ 34,288,000 | $ 33,496,000 |
Interest on investment securities - taxable | 2,231,000 | 2,397,000 | 6,826,000 | 6,403,000 |
Interest on investment securities - nontaxable | 65,000 | 66,000 | 196,000 | 197,000 |
Other interest and dividends | 331,000 | 449,000 | 954,000 | 1,629,000 |
Total interest and dividend income | 14,272,000 | 14,443,000 | 42,264,000 | 41,725,000 |
INTEREST EXPENSE: | ||||
Interest on deposits | 2,059,000 | 289,000 | 5,264,000 | 897,000 |
Interest on borrowings | 2,889,000 | 454,000 | 7,466,000 | 1,036,000 |
Total interest expense | 4,948,000 | 743,000 | 12,730,000 | 1,933,000 |
Net interest income | 9,324,000 | 13,700,000 | 29,534,000 | 39,792,000 |
Net interest income after provision for credit losses | 9,324,000 | 13,700,000 | 29,534,000 | 39,792,000 |
NON-INTEREST INCOME: | ||||
BOLI | 211,000 | 194,000 | 669,000 | 626,000 |
Other, net | 46,000 | 130,000 | 288,000 | 235,000 |
Total non-interest income, net | 3,056,000 | 2,963,000 | 9,748,000 | 9,223,000 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 6,091,000 | 5,982,000 | 17,979,000 | 17,819,000 |
Occupancy and depreciation | 1,698,000 | 1,536,000 | 4,930,000 | 4,600,000 |
Data processing | 712,000 | 705,000 | 2,096,000 | 2,184,000 |
Amortization of CDI | 27,000 | 29,000 | 81,000 | 87,000 |
Advertising and marketing | 282,000 | 202,000 | 950,000 | 694,000 |
FDIC insurance premium | 178,000 | 116,000 | 530,000 | 351,000 |
State and local taxes | 355,000 | 225,000 | 814,000 | 634,000 |
Telecommunications | 56,000 | 48,000 | 161,000 | 153,000 |
Professional fees | 353,000 | 343,000 | 961,000 | 924,000 |
Other | 799,000 | 662,000 | 2,116,000 | 1,975,000 |
Total non-interest expense | 10,551,000 | 9,848,000 | 30,618,000 | 29,421,000 |
INCOME BEFORE INCOME TAXES | 1,829,000 | 6,815,000 | 8,664,000 | 19,594,000 |
PROVISION FOR INCOME TAXES | 377,000 | 1,575,000 | 1,897,000 | 4,508,000 |
NET INCOME | $ 1,452,000 | $ 5,240,000 | $ 6,767,000 | $ 15,086,000 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.07 | $ 0.24 | $ 0.32 | $ 0.69 |
Diluted (in dollars per share) | $ 0.07 | $ 0.24 | $ 0.32 | $ 0.69 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 21,113,464 | 21,504,903 | 21,146,888 | 21,717,959 |
Diluted (in shares) | 21,113,464 | 21,513,617 | 21,148,679 | 21,726,552 |
Fees and service charges | ||||
NON-INTEREST INCOME: | ||||
Non-interest income | $ 1,533,000 | $ 1,502,000 | $ 4,871,000 | $ 4,903,000 |
Asset management fees. | ||||
NON-INTEREST INCOME: | ||||
Non-interest income | $ 1,266,000 | $ 1,137,000 | $ 3,920,000 | $ 3,459,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net Income (Loss) | $ 1,452,000 | $ 5,240,000 | $ 6,767,000 | $ 15,086,000 |
Other comprehensive income (loss): | ||||
Net unrealized holding gains (losses) from available for sale investment securities arising during the period, net of tax (expense) benefit of ($1,968), ($283), ($270) and $3,666, respectively | 6,236,000 | 894,000 | 855,000 | (11,607,000) |
Total comprehensive income, net | $ 7,688,000 | $ 6,134,000 | $ 7,622,000 | $ 3,479,000 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Tax effect of unrealized holding gains (losses) from available for sale securities | $ (1,968) | $ (283) | $ (270) | $ 3,666 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings Adjustment | Retained Earnings | Accumulated Other Comprehensive Loss | Adjustment | Total |
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 | 15,086 | 15,086 | |||||
Cash dividends on common stock | (3,900) | (3,900) | |||||
Exercise of stock options | 4 | $ 4 | |||||
Exercise of stock options (in shares) | 1,511 | 1,511 | |||||
Stock repurchased | $ (7) | (4,858) | $ (4,865) | ||||
Stock repurchased (in shares) | (701,291) | ||||||
Restricted stock grants and forfeited, net (in shares) | 68,719 | ||||||
Stock-based compensation, net | 292 | 292 | |||||
Purchase of subsidiary shares from noncontrolling interest | (234) | (234) | |||||
Other comprehensive income (loss), net | (11,607) | (11,607) | |||||
Balance at Dec. 31, 2022 | $ 214 | 57,252 | 116,117 | (21,558) | 152,025 | ||
Balance (in shares) at Dec. 31, 2022 | 21,496,335 | ||||||
Balance at Sep. 30, 2022 | $ 214 | 57,233 | 112,167 | (22,452) | 147,162 | ||
Balance (in shares) at Sep. 30, 2022 | 21,507,132 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 5,240 | 5,240 | |||||
Cash dividends on common stock | (1,290) | (1,290) | |||||
Stock repurchased | (81) | (81) | |||||
Stock repurchased (in shares) | (10,797) | ||||||
Stock-based compensation, net | 100 | 100 | |||||
Other comprehensive income (loss), net | 894 | 894 | |||||
Balance at Dec. 31, 2022 | $ 214 | 57,252 | 116,117 | (21,558) | 152,025 | ||
Balance (in shares) at Dec. 31, 2022 | 21,496,335 | ||||||
Balance at Mar. 31, 2023 | $ 212 | 55,511 | $ (53) | 117,826 | (18,310) | $ (53) | 155,239 |
Balance (in shares) at Mar. 31, 2023 | 21,221,960 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 6,767 | 6,767 | |||||
Cash dividends on common stock | (3,806) | (3,806) | |||||
Exercise of stock options | 36 | $ 36 | |||||
Exercise of stock options (in shares) | 12,799 | 12,799 | |||||
Stock repurchased | $ (1) | (576) | $ (577) | ||||
Stock repurchased (in shares) | (109,162) | ||||||
Restricted stock grants and forfeited, net (in shares) | (14,554) | ||||||
Stock-based compensation, net | 11 | 11 | |||||
Other comprehensive income (loss), net | 855 | 855 | |||||
Balance at Dec. 31, 2023 | $ 211 | 54,982 | 120,734 | (17,455) | 158,472 | ||
Balance (in shares) at Dec. 31, 2023 | 21,111,043 | ||||||
Balance at Sep. 30, 2023 | $ 211 | 54,963 | 120,556 | (23,691) | 152,039 | ||
Balance (in shares) at Sep. 30, 2023 | 21,125,889 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,452 | 1,452 | |||||
Cash dividends on common stock | (1,274) | (1,274) | |||||
Restricted stock grants and forfeited, net (in shares) | (14,846) | ||||||
Stock-based compensation, net | 19 | 19 | |||||
Other comprehensive income (loss), net | 6,236 | 6,236 | |||||
Balance at Dec. 31, 2023 | $ 211 | $ 54,982 | $ 120,734 | $ (17,455) | $ 158,472 | ||
Balance (in shares) at Dec. 31, 2023 | 21,111,043 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | ||||
Dividend per share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 6,767 | $ 15,086 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,934 | 2,053 |
Purchased loans amortization (accretion), net | 92 | (43) |
Stock-based compensation expense | 11 | 292 |
Increase (decrease) in deferred loan origination fees, net of amortization | 326 | (30) |
Income from BOLI | (669) | (626) |
Changes in certain other assets and liabilities: | ||
Prepaid expenses and other assets | 1,577 | (258) |
Accrued interest receivable | (458) | (1,077) |
Accrued expenses and other liabilities | 11,041 | (405) |
Net cash provided by operating activities | 20,621 | 14,992 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loan (originations) repayments, net | (2,093) | 22,333 |
Purchases of loans receivable | (7,658) | (48,330) |
Principal repayments on investment securities available for sale | 13,229 | 11,907 |
Purchases of investment securities available for sale | (73,303) | |
Proceeds from calls of investment securities available for sale | 3,016 | 10 |
Principal repayments on investment securities held to maturity | 10,867 | 14,033 |
Purchases of investment securities held to maturity | (8,496) | |
Purchases of premises and equipment and capitalized software | (3,812) | (4,449) |
Redemption of certificates of deposits held for investment | 249 | |
Purchase of FHLB stock, net | (1,159) | (1,290) |
Proceeds from sales of real estate owned ("REO") and premises and equipment | 63 | |
Net cash provided by (used in) investing activities | 12,639 | (87,522) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net decrease in deposits | (46,325) | (167,881) |
Dividends paid | (3,814) | (3,827) |
Proceeds from borrowings | 465,480 | 38,514 |
Repayment of borrowings | (432,180) | (6,250) |
Net decrease in advance payments by borrowers for taxes and insurance | (326) | (212) |
Principal payments on finance lease liability | (45) | (40) |
Proceeds from exercise of stock options | 36 | 4 |
Repurchase of common stock | (577) | (4,865) |
Net cash used in financing activities | (17,751) | (144,557) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 15,509 | (217,087) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 22,044 | 241,424 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 37,553 | 24,337 |
Cash paid during the period for: | ||
Interest | 12,205 | 1,696 |
Income taxes | 1,620 | 3,993 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Dividends declared and accrued in other liabilities | 1,267 | 1,290 |
Net unrealized holding gains (losses) from available for sale investment securities | 1,125 | (15,273) |
Income tax effect related to other comprehensive (income) loss | (270) | $ 3,666 |
Adjustment to retained earnings, net of deferred tax; - adoption of ASU 2016-13 | $ (53) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 (“2023 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2023 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2024. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total shareholders’ equity. |
PRINCIPLES OF CONSOLIDATION
PRINCIPLES OF CONSOLIDATION | 9 Months Ended |
Dec. 31, 2023 | |
PRINCIPLES OF CONSOLIDATION | |
PRINCIPLES OF CONSOLIDATION | 2. PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview 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 inter-company transactions and balances have been eliminated in consolidation. For the period from April 1, 2017 through December 2019, the Trust Company was a wholly-owned subsidiary of the Bank. In December 2019, the Trust Company issued 1,500 shares of Trust Company stock in conjunction with the exercise of 1,500 Trust Company stock options by the Trust Company’s President and Chief Executive Officer. In 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. In August 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 were insignificant and are not presented separately in the accompanying consolidated financial statements. |
STOCK PLANS AND STOCK-BASED COM
STOCK PLANS AND STOCK-BASED COMPENSATION | 9 Months Ended |
Dec. 31, 2023 | |
STOCK PLANS AND STOCK-BASED COMPENSATION | |
STOCK PLANS AND STOCK-BASED COMPENSATION | 3. STOCK PLANS AND STOCK-BASED COMPENSATION Stock Option Plans - In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective in July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan. Further, no options granted under the 2003 plan remain outstanding as of December 31, 2023, with all such awards having been either previously exercised or forfeited. Each option granted under the 2003 Plan had an exercise price equal to the fair value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years . In July 2017, the shareholders of the Company approved the Riverview Bancorp, Inc. 2017 Equity Incentive Plan (“2017 Plan”). The 2017 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. The Company reserved 1,800,000 shares of its common stock for issuance under the 2017 Plan. At December 31, 2023, there were 1,532,003 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, considering the contractual terms and vesting schedules. Expected volatility is estimated at the date of grant based on the historical volatility of the Company's common stock. Expected dividends are based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no stock options granted under the 2017 Stock Option Plan during the nine months ended December 31, 2023 and 2022. As of December 31, 2023, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense related to stock options granted under the Stock Option Plans. There was no stock-based compensation expense related to stock options for the nine months ended December 31, 2023 and 2022 under the Stock Option Plans. The following table presents the activity related to stock options under the Stock Option Plans for the periods shown: Nine Months Ended December 31, Nine Months Ended December 31, 2023 2022 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 14,310 $ 2.78 17,332 $ 2.78 Options exercised (12,799) 2.78 (1,511) 2.78 Options expired (1,511) 2.78 (1,511) 2.78 Balance, end of period — $ — 14,310 $ 2.78 There were no stock options outstanding as of December 31, 2023. The following table presents information on stock options outstanding, less estimated forfeitures, as of December 31, 2022: 2022 Stock options fully vested and expected to vest: Number 14,310 Weighted average exercise price $ 2.78 Aggregate intrinsic value (1) $ 70,000 Weighted average contractual term of options (years) 0.54 Stock options fully vested and currently exercisable: Number 14,310 Weighted average exercise price $ 2.78 Aggregate intrinsic value (1) $ 70,000 Weighted average contractual term of options (years) 0.54 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s stock. The total intrinsic value of stock options exercised was $28,000 and $7,000 for the nine months ended December 31, 2023 and 2022, 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 $19,000 and $100,000 for the three months ended December 31, 2023 and 2022, and $11,000 and $292,000 for the nine months ended December 31, 2023 and 2022, respectively. The decreased amount for the three and nine months ended December 31, 2023 resulted from restricted stock forfeited during the three and nine months ended December 31, 2023 totaling ($26,000) and ($238,000) , respectively. The unrecognized stock-based compensation related to restricted stock was $267,000 and $539,000 at December 31, 2023 and 2022, respectively. The weighted average vesting period for the restricted stock was 1.51 years and 1.33 years at December 31, 2023 and 2022, 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 Nine Months Ended December 31, 2023 Shares Fair Value Shares Fair Value Shares Fair Value Balance, beginning of period 29,977 $ 6.14 132,645 $ 6.05 162,622 $ 6.07 Granted 19,926 5.21 84,040 5.21 103,966 5.21 Forfeited (19,006) 5.81 (99,514) 5.94 (118,520) 5.92 Vested (15,118) 5.77 (53,774) 5.38 (68,892) 5.47 Balance, end of period 15,779 $ 5.72 63,397 $ 5.68 79,176 $ 5.69 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 Nine Months Ended December 31, 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 (12,449) 6.07 (41,995) 5.26 (54,444) 5.45 Balance, end of period 29,977 $ 6.14 132,645 $ 6.05 162,622 $ 6.07 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Dec. 31, 2023 | |
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 nine months ended December 31, 2023 and 2022, there were no stock options excluded in computing diluted EPS. In November 2022, the Company’s Board of Directors adopted a stock repurchase program (the “November 2022 repurchase program”). Under the November 2022 repurchase program, the Company was authorized to repurchase up to $2.5 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 November 28, 2022 and continuing until the earlier of the completion of the authorized level of repurchases or May 28, 2023, depending upon market conditions. The Company completed the November 2022 repurchase program on May 5, 2023, repurchasing a total of 394,334 shares at an average cost of $6.34 per share for a total cost of $2.5 million. All shares repurchased under the November 2022 program were retired as of May 28, 2023. The following table presents a reconciliation of the components used to compute basic and diluted EPS for the periods indicated: Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Basic EPS computation: Numerator-net income $ 1,452,000 $ 5,240,000 $ 6,767,000 $ 15,086,000 Denominator-weighted average common shares outstanding 21,113,464 21,504,903 21,146,888 21,717,959 Basic EPS $ 0.07 $ 0.24 $ 0.32 $ 0.69 Diluted EPS computation: Numerator-net income $ 1,452,000 $ 5,240,000 $ 6,767,000 $ 15,086,000 Denominator-weighted average common shares outstanding 21,113,464 21,504,903 21,146,888 21,717,959 Effect of dilutive stock options — 8,714 1,791 8,593 Weighted average common shares and common stock equivalents 21,113,464 21,513,617 21,148,679 21,726,552 Diluted EPS $ 0.07 $ 0.24 $ 0.32 $ 0.69 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Dec. 31, 2023 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | 5. INVESTMENT SECURITIES The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands): Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2023 Available for sale: Municipal securities $ 47,719 $ 49 $ (7,461) $ 40,307 Agency securities 89,206 — (5,214) 83,992 Real estate mortgage investment conduits (1) 32,021 — (5,601) 26,420 Residential mortgage-backed securities (1) 14,191 3 (898) 13,296 Other mortgage-backed securities (2) 36,292 4 (3,850) 32,446 Total available for sale $ 219,429 $ 56 $ (23,024) $ 196,461 Held to maturity: Municipal securities $ 10,326 $ — $ (2,796) $ 7,530 Agency securities 54,077 — (4,293) 49,784 Real estate mortgage investment conduits (1) 32,538 — (5,031) 27,507 Residential mortgage-backed securities (1) 115,213 — (16,831) 98,382 Other mortgage-backed securities (3) 20,505 — (3,233) 17,272 Total held to maturity $ 232,659 $ — $ (32,184) $ 200,475 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value March 31, 2023 Available for sale: Municipal securities $ 47,857 $ 16 $ (7,612) $ 40,261 Agency securities 91,858 23 (5,974) 85,907 Real estate mortgage investment conduits (1) 34,247 — (5,370) 28,877 Residential mortgage-backed securities (1) 16,512 — (1,041) 15,471 Other mortgage-backed securities (2) 45,117 4 (4,138) 40,983 Total available for sale $ 235,591 $ 43 $ (24,135) $ 211,499 Held to maturity: Municipal securities $ 10,344 $ — $ (2,859) $ 7,485 Agency securities 53,941 — (5,091) 48,850 Real estate mortgage investment conduits (1) 35,186 — (4,769) 30,417 Residential mortgage-backed securities (1) 123,773 — (17,542) 106,231 Other mortgage-backed securities (3) 20,599 — (3,368) 17,231 Total held to maturity $ 243,843 $ — $ (33,629) $ 210,214 (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 December 31, 2023 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 $ 19,327 $ 19,198 $ 5,950 $ 5,789 Due after one year through five years 81,420 76,498 42,356 39,510 Due after five years through ten years 43,231 37,703 23,380 19,618 Due after ten years 75,451 63,062 160,973 135,558 Total $ 219,429 $ 196,461 $ 232,659 $ 200,475 Expected maturities of investment securities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The fair value of temporarily impaired investment securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands): Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2023 Value Losses Value Losses Value Losses Available for sale: Municipal securities $ 448 $ (1) $ 37,463 $ (7,460) $ 37,911 $ (7,461) Agency securities 5,819 (17) 78,173 (5,197) 83,992 (5,214) Real estate mortgage investment conduits (1) — — 26,420 (5,601) 26,420 (5,601) Residential mortgage-backed securities (1) — — 12,872 (898) 12,872 (898) Other mortgage-backed securities (2) 846 (2) 31,260 (3,848) 32,106 (3,850) Total available for sale $ 7,113 $ (20) $ 186,188 $ (23,004) $ 193,301 $ (23,024) Held to maturity: Municipal securities $ — $ — $ 7,530 $ (2,796) $ 7,530 $ (2,796) Agency securities — — 49,784 (4,293) 49,784 (4,293) Real estate mortgage investment conduits (1) — — 27,507 (5,031) 27,507 (5,031) Residential mortgage-backed securities (1) — — 98,382 (16,831) 98,382 (16,831) Other mortgage-backed securities (3) — — 17,272 (3,233) 17,272 (3,233) Total held to maturity $ — $ — $ 200,475 $ (32,184) $ 200,475 $ (32,184) March 31, 2023 Available for sale: Municipal securities $ 6,277 $ (133) $ 32,797 $ (7,479) $ 39,074 $ (7,612) Agency securities 43,451 (747) 36,646 (5,227) 80,097 (5,974) Real estate mortgage investment conduits (1) 2,693 (97) 26,184 (5,273) 28,877 (5,370) Residential mortgage-backed securities (1) 3,449 (147) 12,022 (894) 15,471 (1,041) Other mortgage-backed securities (2) 13,876 (376) 26,619 (3,762) 40,495 (4,138) Total available for sale $ 69,746 $ (1,500) $ 134,268 $ (22,635) $ 204,014 $ (24,135) Held to maturity: Municipal securities $ — $ — $ 7,485 $ (2,859) $ 7,485 $ (2,859) Agency securities 8,413 (240) 40,437 (4,851) 48,850 (5,091) Real estate mortgage investment conduits (1) 2,580 (191) 27,837 (4,578) 30,417 (4,769) Residential mortgage-backed securities (1) 2 — 106,229 (17,542) 106,231 (17,542) Other mortgage-backed securities (3) — — 17,231 (3,368) 17,231 (3,368) Total held to maturity $ 10,995 $ (431) $ 199,219 $ (33,198) $ 210,214 $ (33,629) (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 FHLMC and FNMA issued securities. Allowance for Credit Losses (“ACL”) on Available-for-Sale Debt Securities – 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. ACL on Held to Maturity Debt Securities – The Company had no sales and realized no gains or losses on sales of investment securities for the nine months ended December 31, 2023 and 2022. Investment securities available for sale with an amortized cost of $2.8 million and $3.2 million and an estimated fair value of $2.5 million and $2.9 million at December 31, 2023 and March 31, 2023, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $11.4 million and $12.3 million and a fair value of $9.6 million and $10.4 million at December 31, 2023 and March 31, 2023, respectively, were pledged as collateral for government public funds held by the Bank. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS | 9 Months Ended |
Dec. 31, 2023 | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS | 6. LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS Loans receivable are reported net of deferred loan fees and discounts, and inclusive of premiums. Deferred loan fees totaled $4.7 million and $4.4 million at December 31, 2023 and March 31, 2023, respectively. Loans receivable discounts and premiums totaled $1.3 million and $1.9 million, respectively, at December 31, 2023, compared to $1.4 million and $2.1 million, respectively, at March 31, 2023. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): December 31, March 31, 2023 2023 Commercial and construction Commercial business $ 229,249 $ 232,868 Commercial real estate 573,075 564,496 Land 8,690 6,437 Multi-family 67,017 55,836 Real estate construction 42,167 47,762 Total commercial and construction 920,198 907,399 Consumer Real estate one-to-four family 96,266 99,673 Other installment 1,735 1,784 Total consumer 98,001 101,457 Total loans 1,018,199 1,008,856 Less: ACL for loans (1) 15,361 15,309 Loans receivable, net $ 1,002,838 $ 993,547 (1) All amounts prior to April 1, 2023 were calculated using the previous incurred loss methodology to compute our allowance for loan losses, which is not directly comparable to the current expected credit losses (“CECL”) methodology. The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At December 31, 2023, loans carried at $617.9 million were pledged as collateral to the FHLB of Des Moines and Federal Reserve Bank of San Francisco (“FRB”) pursuant to borrowing agreements. Substantially all the Company’s business activity is with customers located in the states of Washington and Oregon. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive income (loss). As of December 31, 2023 and March 31, 2023, the Bank had no loans to any one borrower in excess of the regulatory limit. Credit quality indicators Pass Watch Special mention Substandard Doubtful Loss The following table sets forth the Company’s loan portfolio at December 31, 2023 by risk attribute and year of origination as well as current period gross charge-offs: Term Loans Amortized Cost Basis by Origination Fiscal Year Total Revolving Loans 2024 2023 2022 2021 2020 Prior Loans Receivable Commercial business Risk rating Pass $ 10,078 $ 63,586 $ 87,431 $ 30,264 $ 17,299 $ 13,038 $ 3,131 $ 224,827 Special Mention — 251 773 — 552 286 2,497 4,359 Substandard — — — — — 63 — 63 Total commercial business $ 10,078 $ 63,837 $ 88,204 $ 30,264 $ 17,851 $ 13,387 $ 5,628 $ 229,249 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Risk rating Pass $ 24,867 $ 60,034 $ 148,293 $ 90,346 $ 53,902 $ 163,891 $ — $ 541,333 Special Mention — 3,780 903 — — 26,975 — 31,658 Substandard — — — — — 84 — 84 Total commercial real estate $ 24,867 $ 63,814 $ 149,196 $ 90,346 $ 53,902 $ 190,950 $ — $ 573,075 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Land Risk rating Pass $ 3,501 $ 2,361 $ 98 $ 1,809 $ 110 $ 454 $ — $ 8,333 Special Mention — 357 — — — — — 357 Total land $ 3,501 $ 2,718 $ 98 $ 1,809 $ 110 $ 454 $ — $ 8,690 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Risk rating Pass $ 684 $ 17,150 $ 32,221 $ 5,066 $ 8,965 $ 2,834 $ — $ 66,920 Special Mention — — — — 35 32 — 67 Substandard — — — — — 30 — 30 Total multi-family $ 684 $ 17,150 $ 32,221 $ 5,066 $ 9,000 $ 2,896 $ — $ 67,017 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Fiscal Year Total Revolving Loans 2024 2023 2022 2021 2020 Prior Loans Receivable Real estate construction Risk rating Pass $ 12,805 $ 17,536 $ 11,056 $ — $ — $ — $ — $ 41,397 Special Mention 770 — — — — — — 770 Total real estate construction $ 13,575 $ 17,536 $ 11,056 $ — $ — $ — $ — $ 42,167 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Real estate one-to-four family Risk rating Pass $ — $ — $ 61,048 $ 4,194 $ 4,411 $ 15,145 $ 11,430 $ 96,228 Substandard — — — — — 38 — 38 Total real estate one-to-four family $ — $ — $ 61,048 $ 4,194 $ 4,411 $ 15,183 $ 11,430 $ 96,266 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Other installment Risk rating Pass $ 311 $ 612 $ 223 $ 86 $ 34 $ 18 $ 451 $ 1,735 Total other installment $ 311 $ 612 $ 223 $ 86 $ 34 $ 18 $ 451 $ 1,735 Current YTD gross write-offs $ — $ 11 $ — $ — $ — $ 2 $ — $ 13 Total loans receivable, gross Risk rating Pass $ 52,246 $ 161,279 $ 340,370 $ 131,765 $ 84,721 $ 195,380 $ 15,012 $ 980,773 Special Mention 770 4,388 1,676 — 587 27,293 2,497 37,211 Substandard — — — — — 215 — 215 Total loans receivable, gross $ 53,016 $ 165,667 $ 342,046 $ 131,765 $ 85,308 $ 222,888 $ 17,509 $ 1,018,199 Total current YTD gross write-offs $ — $ 11 $ — $ — $ — $ 2 $ — $ 13 ACL on Loans The ACL for loans is an estimate of the expected credit losses on financial assets measured at amortized cost. The ACL for loans is evaluated and calculated on a collective basis for those loans which share similar risk characteristics and whether it needs to evaluate the allowance on an individual loan basis. The Company estimates the expected credit losses over the loans’ contractual terms, adjusted for expected prepayments. The ACL for loans is calculated for loan segments utilizing loan level information and relevant information from internal and external sources related to past events and current conditions. In addition, the Company incorporates a reasonable and supportable forecast. The individual 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. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit 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 ACL for loans 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 ACL for loans and may require the Company to make additions to the ACL for loans based on their judgment about information available to them at the time of their examinations. The following tables detail activity in the ACL for loans at or for the three and nine months ended December 31, 2023 under the CECL methodology, and in the allowance for loan losses under the incurred loss methodology for the three and nine months ended December 31, 2022, by loan category (in thousands): Three months ended Commercial Commercial Multi- Real Estate December 31, 2023 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 5,339 $ 7,138 $ 112 $ 293 $ 860 $ 1,604 $ — $ 15,346 Provision for (recapture of) credit losses (74) 141 45 41 (129) (24) — — Charge-offs — — — — — (2) — (2) Recoveries — — — — — 17 — 17 Ending balance $ 5,265 $ 7,279 $ 157 $ 334 $ 731 $ 1,595 $ — $ 15,361 Nine months ended December 31, 2023 Beginning balance $ 3,123 $ 8,894 $ 93 $ 798 $ 764 $ 1,127 $ 510 $ 15,309 Impact of adopting CECL (ASU 2016-13) 1,884 (1,494) 40 (492) 131 483 (510) 42 Provision for (recapture of) credit losses 258 (121) 24 28 (164) (25) — — Charge-offs — — — — — (13) — (13) Recoveries — — — — — 23 — 23 Ending balance $ 5,265 $ 7,279 $ 157 $ 334 $ 731 $ 1,595 $ — $ 15,361 Three months ended December 31, 2022 Beginning balance $ 2,789 $ 8,230 $ 124 $ 856 $ 638 $ 1,225 $ 690 $ 14,552 Provision for (recapture of) loan losses 101 (254) (26) (41) 206 (42) 56 — Charge-offs — — — — — — — — Recoveries — — — — — 6 — 6 Ending balance $ 2,890 $ 7,976 $ 98 $ 815 $ 844 $ 1,189 $ 746 $ 14,558 Nine months ended December 31, 2022 Beginning balance $ 2,422 $ 9,037 $ 168 $ 845 $ 393 $ 943 $ 715 $ 14,523 Provision for (recapture of) loan losses 468 (1,061) (70) (30) 451 211 31 — Charge-offs — — — — — (16) — (16) Recoveries — — — — — 51 — 51 Ending balance $ 2,890 $ 7,976 $ 98 $ 815 $ 844 $ 1,189 $ 746 $ 14,558 The following table presents an analysis of loans receivable and the allowance for loan losses, based on impairment methodology as of March 31, 2023 (in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Collectively Individually Collectively Evaluated Evaluated Evaluated Evaluated for for for for March 31, 2023 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 3,123 $ 3,123 $ 79 $ 232,789 $ 232,868 Commercial real estate — 8,894 8,894 100 564,396 564,496 Land — 93 93 — 6,437 6,437 Multi-family — 798 798 — 55,836 55,836 Real estate construction — 764 764 — 47,762 47,762 Consumer 6 1,121 1,127 450 101,007 101,457 Unallocated — 510 510 — — — Total $ 6 $ 15,303 $ 15,309 $ 629 $ 1,008,227 $ 1,008,856 Non-accrual loans The following tables present an analysis of loans by aging category at the dates indicated (in thousands): Total 90 Days Past and Due and Total 30-89 Days Greater Non- Loans December 31, 2023 Past Due Past Due Non-accrual accrual Current Receivable Commercial business $ 3,896 $ — $ 63 $ 3,959 $ 225,290 $ 229,249 Commercial real estate 821 — 85 906 572,169 573,075 Land — — — — 8,690 8,690 Multi-family — — — — 67,017 67,017 Real estate construction — — — — 42,167 42,167 Consumer 13 — 38 51 97,950 98,001 Total $ 4,730 $ — $ 186 $ 4,916 $ 1,013,283 $ 1,018,199 March 31, 2023 Commercial business $ 1,967 $ 1,569 $ 97 $ 3,633 $ 229,235 $ 232,868 Commercial real estate — — 100 100 564,396 564,496 Land — — — — 6,437 6,437 Multi-family — — — — 55,836 55,836 Real estate construction — — — — 47,762 47,762 Consumer 11 — 86 97 101,360 101,457 Total $ 1,978 $ 1,569 $ 283 $ 3,830 $ 1,005,026 $ 1,008,856 Included in the 30-89 days past due loans at December 31, 2023 are $1.4 million of fully guaranteed SBA or United States Department of Agriculture (“USDA”) loans. 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. As a result, these loans were omitted from the required calculation of the ACL for loans. Interest income foregone on non-accrual loans was $8,000 and $14,000 for the nine months ended December 31, 2023 and the year ended March 31, 2023, respectively. For additional information, see Management’s Discussion and Analysis of Financial Condition and Results of Operations – Comparison of Financial Condition at December 31, 2023 and March 31, 2023 – Asset Quality, discussed below. The following table presents an analysis of loans by credit quality indicators as of March 31, 2023 (in thousands): Total Special Loans March 31, 2023 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 231,384 $ 1,367 $ 117 $ — $ — $ 232,868 Commercial real estate 544,426 17,626 2,444 — — 564,496 Land 6,437 — — — — 6,437 Multi-family 55,694 142 — — — 55,836 Real estate construction 47,762 — — — — 47,762 Consumer 101,371 — 86 — — 101,457 Total $ 987,074 $ 19,135 $ 2,647 $ — $ — $ 1,008,856 Impaired loans and Allowance for Loan Losses: At December 31, 2023, the Company had $148,000 of non-accrual loans with no ACL and $38,000 of non-accrual loans with an ACL of $1,000. The amortized cost of collateral dependent loans as of December 31, 2023, were $63,000 and $85,000 for commercial business and commercial real estate, respectively. 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 March 31, 2023 Valuation Valuation Recorded Principal Valuation Allowance Allowance Investment Balance Allowance Commercial business $ 79 $ — $ 79 $ 127 $ — Commercial real estate 100 — 100 162 — Consumer 355 95 450 442 6 Total $ 534 $ 95 $ 629 $ 731 $ 6 Three months ended Nine months ended December 31, 2022 December 31, 2022 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 87 $ — $ 92 $ — Commercial real estate 109 — 114 — Consumer 471 5 481 17 Total $ 667 $ 5 $ 687 $ 17 The cash basis interest income on impaired loans was not materially different than the interest recognized on impaired loans as shown in the above table. Troubled debt restructurings (“TDRs”): In accordance with the Company’s policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent nine months or more that have not received at least 75% of their required monthly payment in the last 90 days are charged-off. In addition, loans discharged in bankruptcy proceedings are charged-off. Loans under bankruptcy protection with no payments received for four consecutive months are charged-off. The outstanding balance of a secured loan that is in excess of the net realizable value is generally charged-off if no payments are received for four to five consecutive months. However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale of the underlying collateral would result in full repayment of the outstanding loan balance. Once any other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off. Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed loan loss it is promptly charged off. |
GOODWILL
GOODWILL | 9 Months Ended |
Dec. 31, 2023 | |
GOODWILL | |
GOODWILL | 7. 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 the Company’s goodwill has been allocated to the Bank reporting unit. The Company performed an impairment assessment as of October 31, 2023 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. The Company completed a qualitative assessment of goodwill as of December 31, 2023, 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. |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES | 9 Months Ended |
Dec. 31, 2023 | |
FEDERAL HOME LOAN BANK ADVANCES | |
FEDERAL HOME LOAN BANK ADVANCES | 8. FEDERAL HOME LOAN BANK ADVANCES FHLB advances are summarized at the dates indicated (dollars in thousands): December 31, 2023 March 31, 2023 FHLB advances $ 157,054 $ 123,754 Weighted average interest rate on FHLB advances (1) 5.37 % 4.88 % (1) Computed based on the borrowing activity for the nine months ended December 31, 2023 and the fiscal year ended March 31, 2023, respectively. The Bank has a credit line with the FHLB equal to 45% of total assets, limited by available collateral. At December 31, 2023, based on collateral values, the Bank had additional borrowing capacity of $137.8 million from the FHLB. FHLB advances are collateralized with loans secured by real estate. At December 31, 2023, loans carried at $492.7 million were pledged as collateral to the FHLB. |
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES | 9 Months Ended |
Dec. 31, 2023 | |
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, which totaled $27.0 million and $26.9 million at December 31, 2023 and March 31, 2023, respectively, are reported as “junior subordinated debentures” in the consolidated balance sheets. The common securities issued by the grantor trusts were purchased by the Company, and the Company’s investment in the common securities of $836,000 at both December 31, 2023 and March 31, 2023, is included in prepaid expenses and other assets in the consolidated balance sheets. The Company records interest expense on the Debentures in the consolidated statements of income. The following table is a summary of the terms and the amounts outstanding of the Debentures at December 31, 2023 (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 % 7.01 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 7.00 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 8.72 % 6/2033 27,836 Fair value adjustment (4) (854) Total Debentures $ 26,982 (1) The trust preferred securities reprice quarterly based on the three-month Chicago Mercantile Exchange (“CME”) Term SOFR plus 1.36% . (2) The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.35% . (3) The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 3.10% . (4) Amount, net of accretion, attributable to a prior year’s business combination . |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 10. FAIR VALUE MEASUREMENTS Fair value is defined under GAAP as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of three levels. These levels are: Quoted prices in active markets for identical assets (Level 1) Other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial instruments are presented in the tables that follow by recurring or nonrecurring measurement status. Recurring assets are initially measured at fair value and are required to be remeasured at fair value in the consolidated financial statements at each reporting date. Assets measured on a nonrecurring basis are assets that, as a result of an event or circumstance, were required to be remeasured at fair value after initial recognition in the consolidated financial statements at some time during the reporting period. The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands): Total Estimated Estimated Fair Value Measurements Using December 31, 2023 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 40,307 $ — $ 40,307 $ — Agency securities 83,992 — 83,992 — Real estate mortgage investment conduits 26,420 — 26,420 — Residential mortgage-backed securities 13,296 — 13,296 — Other mortgage-backed securities 32,446 — 32,446 — Total assets measured at fair value on a recurring basis $ 196,461 $ — $ 196,461 $ — Total Estimated Estimated Fair Value Measurements Using March 31, 2023 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 40,261 $ — $ 40,261 $ — Agency securities 85,907 — 85,907 — Real estate mortgage investment conduits 28,877 — 28,877 — Residential mortgage-backed securities 15,471 — 15,471 — Other mortgage-backed securities 40,983 — 40,983 — Total assets measured at fair value on a recurring basis $ 211,499 $ — $ 211,499 $ — There were no transfers of assets into or out of Levels 1, 2 or 3 for both the nine months ended December 31, 2023 and the year ended March 31, 2023. 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 March 31, 2023 (in thousands): Total Estimated Fair Value Estimated Measurements Using March 31, 2023 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 89 $ — $ — $ 89 The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at March 31, 2023: Valuation Significant Unobservable March 31, 2023 Technique Inputs Range Impaired loans Appraised Adjustment for market conditions N/A (1) Discounted cash flows Discount rate 5.375% (1) There were no adjustments to appraised values of impaired loans as of March 31, 2023. For information regarding the Company’s method for estimating the fair value of impaired loans, see “Note 6 – Loans and Allowance for Credit Losses.” In determining the estimated net realizable value of the underlying collateral, the Company primarily uses third-party appraisals which may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available and include consideration of variations in location, size, and income production capacity of the property. Additionally, the appraisals are periodically further adjusted by the Company in consideration of charges that may be incurred in the event of foreclosure and are based on management’s historical knowledge, changes in business factors and changes in market conditions. Impaired loans are reviewed and evaluated quarterly for additional impairment and adjusted accordingly based on the same factors identified above. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions, the Company considers the fair value of impaired loans to be highly sensitive to changes in market conditions. The following disclosure of the estimated fair value of financial instruments is made in accordance with GAAP. The Company, using available market information and appropriate valuation methodologies, has determined the estimated fair value amounts. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in the future. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands): Carrying Estimated December 31, 2023 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 37,553 $ 37,553 $ — $ — $ 37,553 Investment securities available for sale 196,461 — 196,461 — 196,461 Investment securities held to maturity 232,659 — 200,475 — 200,475 Loans receivable, net 1,002,838 — — 940,461 940,461 FHLB stock 8,026 — 8,026 — 8,026 Liabilities: Certificates of deposit 170,491 — 168,101 — 168,101 FHLB advances 157,054 — 156,960 — 156,960 Junior subordinated debentures 26,982 — — 18,989 18,989 Carrying Estimated March 31, 2023 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 22,044 $ 22,044 $ — $ — $ 22,044 Certificates of deposit held for investment 249 — 248 — 248 Investment securities available for sale 211,499 — 211,499 — 211,499 Investment securities held to maturity 243,843 — 210,214 — 210,214 Loans receivable, net 993,547 — — 931,784 931,784 FHLB stock 6,867 — 6,867 — 6,867 Liabilities: Certificates of deposit 128,833 — 126,072 — 126,072 FHLB advances 123,754 — 123,679 — 123,679 Junior subordinated debentures 26,918 — — 17,698 17,698 Fair value estimates were based on existing financial instruments without attempting to estimate the value of anticipated future business. The fair value was not estimated for assets and liabilities that were not considered financial instruments. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Dec. 31, 2023 | |
NEW ACCOUNTING PRONOUNCEMENTS | |
NEW ACCOUNTING PRONOUNCEMENTS | 11. NEW ACCOUNTING PRONOUNCEMENTS Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) expected credit losses will be based on historical information, current conditions, and reasonable and supportable forecasts that impact the collectability of the reported amount. Available-for-sale securities will bifurcate the fair value mark and establish an ACL for available-for-sale securities through the income statement for the credit portion of that mark. The adoption of CECL had an insignificant impact on the Company’s held to maturity and available for sale securities portfolios. The interest portion will continue to be recognized through accumulated other comprehensive income or loss. The change in the ACL recognized as a result of adoption will occur through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the ASU is adopted. This ASU is effective for smaller reporting companies, such as the Company, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. ASU 2019-05 issued in April 2019 further provides that entities that have certain financial instruments measured at amortized cost that has credit losses, to irrevocably elect the fair value option in Subtopic 825-10, upon adoption of ASU 2016-13. The fair value option applies to available-for-sale debt securities. This ASU is effective upon adoption of ASU 2016-13, and should be applied on a modified-retrospective basis as a cumulative-effect adjustment to the opening balance of retained earnings in the statement of financial condition as of the adoption date. On April 1, 2023, the Company adopted ASU 2016-13, which resulted in a net of tax charge of $53,000 to retained earnings, a $42,000 increase to ACL for loans, and a $28,000 increase to ACL for credit losses on unfunded commitments for the cumulative effect of adopting this guidance. In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326) |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Dec. 31, 2023 | |
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 the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized in non-interest income except for 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, except for 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 monthly, 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 nine months ended December 31, 2023 and 2022, substantially all 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 Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Asset management fees $ 1,266 $ 1,137 $ 3,920 $ 3,459 Debit card and ATM fees 808 803 2,500 2,598 Deposit related fees 465 427 1,374 1,304 Loan related fees 99 99 471 422 BOLI (1) 211 194 669 626 FHLMC loan servicing fees (1) 21 13 64 55 Other, net 186 290 750 759 Total non-interest income, net $ 3,056 $ 2,963 $ 9,748 $ 9,223 (1) Not within scope of ASC 606 Revenues recognized within scope of ASC 606 Asset management fees Debit card and ATM fees Deposit related fees Loan related fees Other Contract Balances As of December 31, 2023, 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 December 31, 2023 and 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES Off-balance sheet arrangements commitments to originate mortgage, commercial and consumer loans, and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s maximum exposure to credit loss in the event of nonperformance by the borrower is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to originate loans are conditional and are honored for up to 45 days subject to the Company’s usual terms and conditions. Collateral is not required to support commitments. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. These guarantees are primarily used to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies and is required in instances where the Company deems it necessary. Significant off-balance sheet commitments at December 31, 2023 are listed below (in thousands): Contract or Notional Amount December 31, 2023 Commitments to extend credit: Adjustable-rate $ 9,837 Fixed-rate 52 Standby letters of credit 1,600 Undisbursed loan funds and unused lines of credit 161,703 Total $ 173,192 Other contractual obligations – The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depository, the assessment attributable to all public depositories is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company did not incur any losses related to public depository funds for the nine months ended December 31, 2023 and 2022. The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events. Litigation The Company is currently involved in a lawsuit for which certain parties participated in a mediation in May 2023 and a stay of proceedings is in place to allow for continued settlement efforts. Based on the most recent information available, management has concluded that a loss is not probable at this time and the amount of any potential loss cannot be reasonably estimated. Accordingly, no accrual has been established. Any estimate or determination relating to the future resolution of legal matters is uncertain and involves significant judgment. We usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the process. Although there can be no assurance as to the ultimate outcome of a specific legal matter, we believe we have meritorious defenses to the claims asserted against us in the current outstanding legal matter, and we intend to continue to vigorously defend ourselves. It is possible that the ultimate resolution of a matter, if unfavorable, may be material to the Company’s results of operations for any particular period . |
LEASES
LEASES | 9 Months Ended |
Dec. 31, 2023 | |
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 each operating lease with an initial term of more than 12 months, the Company records an operating lease right-of-use (“ROU”) 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). Operating lease ROU assets and operating 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 ROU assets and operating lease liabilities. The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheets at the dates indicated (in thousands): December 31, March 31, Classification in the Leases 2023 2023 consolidated balance sheets Finance lease ROU assets $ 1,221 $ 1,278 Financing lease ROU assets Finance lease liability $ 2,184 $ 2,229 Finance lease liability Finance lease remaining lease term 15.93 years 16.68 years Finance lease discount rate 7.16 % 7.16 % Operating lease ROU assets $ 5,788 $ 6,705 Prepaid expenses and other assets Operating lease liabilities $ 6,105 $ 7,064 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term 5.53 years 6.15 years Operating lease weighted-average discount rate 1.75 % 1.78 % The table below presents certain information related to the lease costs for operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income at the dates indicated (in thousands): Three months ended Three months ended Lease Costs December 31, 2023 December 31, 2022 Finance lease amortization of right-of-use asset $ 20 $ 20 Finance lease interest on lease liability 39 41 Operating lease costs 283 283 Variable lease costs 53 52 Total lease cost (1) $ 395 $ 396 Nine months ended Nine months ended Lease Costs December 31, 2023 December 31, 2022 Finance lease amortization of ROU asset $ 58 $ 58 Finance lease interest on lease liability 119 122 Operating lease costs 849 849 Variable lease costs 157 157 Total lease cost (1) $ 1,183 $ 1,186 (1) Income related to sub-lease activity is not significant and not presented herein. Supplemental cash flow information - The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2023 (in thousands): Fiscal Year Ending March 31: Operating Finance Leases Lease Remainder of Fiscal 2024 $ 345 $ 56 2025 1,375 222 2026 1,125 226 2027 1,116 230 2028 899 232 Thereafter 1,631 2,711 Total minimum lease payments 6,491 3,677 Less: amount of lease payments representing interest (386) (1,493) Lease liabilities $ 6,105 $ 2,184 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
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, 2023 (“2023 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2023 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2024. 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 | The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, 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 inter-company transactions and balances have been eliminated in consolidation. For the period from April 1, 2017 through December 2019, the Trust Company was a wholly-owned subsidiary of the Bank. In December 2019, the Trust Company issued 1,500 shares of Trust Company stock in conjunction with the exercise of 1,500 Trust Company stock options by the Trust Company’s President and Chief Executive Officer. In 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. In August 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 were insignificant and are not presented separately in the accompanying consolidated financial statements. |
NEW ACCOUNTING PRONOUNCEMENTS | Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) expected credit losses will be based on historical information, current conditions, and reasonable and supportable forecasts that impact the collectability of the reported amount. Available-for-sale securities will bifurcate the fair value mark and establish an ACL for available-for-sale securities through the income statement for the credit portion of that mark. The adoption of CECL had an insignificant impact on the Company’s held to maturity and available for sale securities portfolios. The interest portion will continue to be recognized through accumulated other comprehensive income or loss. The change in the ACL recognized as a result of adoption will occur through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the ASU is adopted. This ASU is effective for smaller reporting companies, such as the Company, for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. ASU 2019-05 issued in April 2019 further provides that entities that have certain financial instruments measured at amortized cost that has credit losses, to irrevocably elect the fair value option in Subtopic 825-10, upon adoption of ASU 2016-13. The fair value option applies to available-for-sale debt securities. This ASU is effective upon adoption of ASU 2016-13, and should be applied on a modified-retrospective basis as a cumulative-effect adjustment to the opening balance of retained earnings in the statement of financial condition as of the adoption date. On April 1, 2023, the Company adopted ASU 2016-13, which resulted in a net of tax charge of $53,000 to retained earnings, a $42,000 increase to ACL for loans, and a $28,000 increase to ACL for credit losses on unfunded commitments for the cumulative effect of adopting this guidance. In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326) |
STOCK PLANS AND STOCK-BASED C_2
STOCK PLANS AND STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
STOCK PLANS AND STOCK-BASED COMPENSATION | |
Schedule of activity related to stock options under the Stock Option Plans | Nine Months Ended December 31, Nine Months Ended December 31, 2023 2022 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Balance, beginning of period 14,310 $ 2.78 17,332 $ 2.78 Options exercised (12,799) 2.78 (1,511) 2.78 Options expired (1,511) 2.78 (1,511) 2.78 Balance, end of period — $ — 14,310 $ 2.78 |
Schedule of information on stock options outstanding under the Stock Option Plans | 2022 Stock options fully vested and expected to vest: Number 14,310 Weighted average exercise price $ 2.78 Aggregate intrinsic value (1) $ 70,000 Weighted average contractual term of options (years) 0.54 Stock options fully vested and currently exercisable: Number 14,310 Weighted average exercise price $ 2.78 Aggregate intrinsic value (1) $ 70,000 Weighted average contractual term of options (years) 0.54 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s stock. |
Schedule of unvested restricted stock activity | Time Based Performance Based Total Number Weighted Number Weighted Number Weighted of Average of Average of Average Unvested Grant Date Unvested Grant Date Unvested Grant Date Nine Months Ended December 31, 2023 Shares Fair Value Shares Fair Value Shares Fair Value Balance, beginning of period 29,977 $ 6.14 132,645 $ 6.05 162,622 $ 6.07 Granted 19,926 5.21 84,040 5.21 103,966 5.21 Forfeited (19,006) 5.81 (99,514) 5.94 (118,520) 5.92 Vested (15,118) 5.77 (53,774) 5.38 (68,892) 5.47 Balance, end of period 15,779 $ 5.72 63,397 $ 5.68 79,176 $ 5.69 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 Nine Months Ended December 31, 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 (12,449) 6.07 (41,995) 5.26 (54,444) 5.45 Balance, end of period 29,977 $ 6.14 132,645 $ 6.05 162,622 $ 6.07 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | |
Schedule of basic and diluted earnings per share | Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Basic EPS computation: Numerator-net income $ 1,452,000 $ 5,240,000 $ 6,767,000 $ 15,086,000 Denominator-weighted average common shares outstanding 21,113,464 21,504,903 21,146,888 21,717,959 Basic EPS $ 0.07 $ 0.24 $ 0.32 $ 0.69 Diluted EPS computation: Numerator-net income $ 1,452,000 $ 5,240,000 $ 6,767,000 $ 15,086,000 Denominator-weighted average common shares outstanding 21,113,464 21,504,903 21,146,888 21,717,959 Effect of dilutive stock options — 8,714 1,791 8,593 Weighted average common shares and common stock equivalents 21,113,464 21,513,617 21,148,679 21,726,552 Diluted EPS $ 0.07 $ 0.24 $ 0.32 $ 0.69 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
INVESTMENT SECURITIES | |
Schedule of amortized cost and approximate fair value of investment securities | The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands): Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2023 Available for sale: Municipal securities $ 47,719 $ 49 $ (7,461) $ 40,307 Agency securities 89,206 — (5,214) 83,992 Real estate mortgage investment conduits (1) 32,021 — (5,601) 26,420 Residential mortgage-backed securities (1) 14,191 3 (898) 13,296 Other mortgage-backed securities (2) 36,292 4 (3,850) 32,446 Total available for sale $ 219,429 $ 56 $ (23,024) $ 196,461 Held to maturity: Municipal securities $ 10,326 $ — $ (2,796) $ 7,530 Agency securities 54,077 — (4,293) 49,784 Real estate mortgage investment conduits (1) 32,538 — (5,031) 27,507 Residential mortgage-backed securities (1) 115,213 — (16,831) 98,382 Other mortgage-backed securities (3) 20,505 — (3,233) 17,272 Total held to maturity $ 232,659 $ — $ (32,184) $ 200,475 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value March 31, 2023 Available for sale: Municipal securities $ 47,857 $ 16 $ (7,612) $ 40,261 Agency securities 91,858 23 (5,974) 85,907 Real estate mortgage investment conduits (1) 34,247 — (5,370) 28,877 Residential mortgage-backed securities (1) 16,512 — (1,041) 15,471 Other mortgage-backed securities (2) 45,117 4 (4,138) 40,983 Total available for sale $ 235,591 $ 43 $ (24,135) $ 211,499 Held to maturity: Municipal securities $ 10,344 $ — $ (2,859) $ 7,485 Agency securities 53,941 — (5,091) 48,850 Real estate mortgage investment conduits (1) 35,186 — (4,769) 30,417 Residential mortgage-backed securities (1) 123,773 — (17,542) 106,231 Other mortgage-backed securities (3) 20,599 — (3,368) 17,231 Total held to maturity $ 243,843 $ — $ (33,629) $ 210,214 (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 December 31, 2023 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 $ 19,327 $ 19,198 $ 5,950 $ 5,789 Due after one year through five years 81,420 76,498 42,356 39,510 Due after five years through ten years 43,231 37,703 23,380 19,618 Due after ten years 75,451 63,062 160,973 135,558 Total $ 219,429 $ 196,461 $ 232,659 $ 200,475 |
Schedule of temporarily impaired securities, fair value and unrealized losses | The fair value of temporarily impaired investment securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands): Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2023 Value Losses Value Losses Value Losses Available for sale: Municipal securities $ 448 $ (1) $ 37,463 $ (7,460) $ 37,911 $ (7,461) Agency securities 5,819 (17) 78,173 (5,197) 83,992 (5,214) Real estate mortgage investment conduits (1) — — 26,420 (5,601) 26,420 (5,601) Residential mortgage-backed securities (1) — — 12,872 (898) 12,872 (898) Other mortgage-backed securities (2) 846 (2) 31,260 (3,848) 32,106 (3,850) Total available for sale $ 7,113 $ (20) $ 186,188 $ (23,004) $ 193,301 $ (23,024) Held to maturity: Municipal securities $ — $ — $ 7,530 $ (2,796) $ 7,530 $ (2,796) Agency securities — — 49,784 (4,293) 49,784 (4,293) Real estate mortgage investment conduits (1) — — 27,507 (5,031) 27,507 (5,031) Residential mortgage-backed securities (1) — — 98,382 (16,831) 98,382 (16,831) Other mortgage-backed securities (3) — — 17,272 (3,233) 17,272 (3,233) Total held to maturity $ — $ — $ 200,475 $ (32,184) $ 200,475 $ (32,184) March 31, 2023 Available for sale: Municipal securities $ 6,277 $ (133) $ 32,797 $ (7,479) $ 39,074 $ (7,612) Agency securities 43,451 (747) 36,646 (5,227) 80,097 (5,974) Real estate mortgage investment conduits (1) 2,693 (97) 26,184 (5,273) 28,877 (5,370) Residential mortgage-backed securities (1) 3,449 (147) 12,022 (894) 15,471 (1,041) Other mortgage-backed securities (2) 13,876 (376) 26,619 (3,762) 40,495 (4,138) Total available for sale $ 69,746 $ (1,500) $ 134,268 $ (22,635) $ 204,014 $ (24,135) Held to maturity: Municipal securities $ — $ — $ 7,485 $ (2,859) $ 7,485 $ (2,859) Agency securities 8,413 (240) 40,437 (4,851) 48,850 (5,091) Real estate mortgage investment conduits (1) 2,580 (191) 27,837 (4,578) 30,417 (4,769) Residential mortgage-backed securities (1) 2 — 106,229 (17,542) 106,231 (17,542) Other mortgage-backed securities (3) — — 17,231 (3,368) 17,231 (3,368) Total held to maturity $ 10,995 $ (431) $ 199,219 $ (33,198) $ 210,214 $ (33,629) (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 FHLMC and FNMA issued securities. |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS | |
Schedule of loans and financing receivable | Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands): December 31, March 31, 2023 2023 Commercial and construction Commercial business $ 229,249 $ 232,868 Commercial real estate 573,075 564,496 Land 8,690 6,437 Multi-family 67,017 55,836 Real estate construction 42,167 47,762 Total commercial and construction 920,198 907,399 Consumer Real estate one-to-four family 96,266 99,673 Other installment 1,735 1,784 Total consumer 98,001 101,457 Total loans 1,018,199 1,008,856 Less: ACL for loans (1) 15,361 15,309 Loans receivable, net $ 1,002,838 $ 993,547 (1) All amounts prior to April 1, 2023 were calculated using the previous incurred loss methodology to compute our allowance for loan losses, which is not directly comparable to the current expected credit losses (“CECL”) methodology. |
Schedule of risk category of bank loans by year of origination | Term Loans Amortized Cost Basis by Origination Fiscal Year Total Revolving Loans 2024 2023 2022 2021 2020 Prior Loans Receivable Commercial business Risk rating Pass $ 10,078 $ 63,586 $ 87,431 $ 30,264 $ 17,299 $ 13,038 $ 3,131 $ 224,827 Special Mention — 251 773 — 552 286 2,497 4,359 Substandard — — — — — 63 — 63 Total commercial business $ 10,078 $ 63,837 $ 88,204 $ 30,264 $ 17,851 $ 13,387 $ 5,628 $ 229,249 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Risk rating Pass $ 24,867 $ 60,034 $ 148,293 $ 90,346 $ 53,902 $ 163,891 $ — $ 541,333 Special Mention — 3,780 903 — — 26,975 — 31,658 Substandard — — — — — 84 — 84 Total commercial real estate $ 24,867 $ 63,814 $ 149,196 $ 90,346 $ 53,902 $ 190,950 $ — $ 573,075 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Land Risk rating Pass $ 3,501 $ 2,361 $ 98 $ 1,809 $ 110 $ 454 $ — $ 8,333 Special Mention — 357 — — — — — 357 Total land $ 3,501 $ 2,718 $ 98 $ 1,809 $ 110 $ 454 $ — $ 8,690 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Risk rating Pass $ 684 $ 17,150 $ 32,221 $ 5,066 $ 8,965 $ 2,834 $ — $ 66,920 Special Mention — — — — 35 32 — 67 Substandard — — — — — 30 — 30 Total multi-family $ 684 $ 17,150 $ 32,221 $ 5,066 $ 9,000 $ 2,896 $ — $ 67,017 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Term Loans Amortized Cost Basis by Origination Fiscal Year Total Revolving Loans 2024 2023 2022 2021 2020 Prior Loans Receivable Real estate construction Risk rating Pass $ 12,805 $ 17,536 $ 11,056 $ — $ — $ — $ — $ 41,397 Special Mention 770 — — — — — — 770 Total real estate construction $ 13,575 $ 17,536 $ 11,056 $ — $ — $ — $ — $ 42,167 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Real estate one-to-four family Risk rating Pass $ — $ — $ 61,048 $ 4,194 $ 4,411 $ 15,145 $ 11,430 $ 96,228 Substandard — — — — — 38 — 38 Total real estate one-to-four family $ — $ — $ 61,048 $ 4,194 $ 4,411 $ 15,183 $ 11,430 $ 96,266 Current YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Other installment Risk rating Pass $ 311 $ 612 $ 223 $ 86 $ 34 $ 18 $ 451 $ 1,735 Total other installment $ 311 $ 612 $ 223 $ 86 $ 34 $ 18 $ 451 $ 1,735 Current YTD gross write-offs $ — $ 11 $ — $ — $ — $ 2 $ — $ 13 Total loans receivable, gross Risk rating Pass $ 52,246 $ 161,279 $ 340,370 $ 131,765 $ 84,721 $ 195,380 $ 15,012 $ 980,773 Special Mention 770 4,388 1,676 — 587 27,293 2,497 37,211 Substandard — — — — — 215 — 215 Total loans receivable, gross $ 53,016 $ 165,667 $ 342,046 $ 131,765 $ 85,308 $ 222,888 $ 17,509 $ 1,018,199 Total current YTD gross write-offs $ — $ 11 $ — $ — $ — $ 2 $ — $ 13 |
Schedule of reconciliation of the allowance for loan losses | The following tables detail activity in the ACL for loans at or for the three and nine months ended December 31, 2023 under the CECL methodology, and in the allowance for loan losses under the incurred loss methodology for the three and nine months ended December 31, 2022, by loan category (in thousands): Three months ended Commercial Commercial Multi- Real Estate December 31, 2023 Business Real Estate Land Family Construction Consumer Unallocated Total Beginning balance $ 5,339 $ 7,138 $ 112 $ 293 $ 860 $ 1,604 $ — $ 15,346 Provision for (recapture of) credit losses (74) 141 45 41 (129) (24) — — Charge-offs — — — — — (2) — (2) Recoveries — — — — — 17 — 17 Ending balance $ 5,265 $ 7,279 $ 157 $ 334 $ 731 $ 1,595 $ — $ 15,361 Nine months ended December 31, 2023 Beginning balance $ 3,123 $ 8,894 $ 93 $ 798 $ 764 $ 1,127 $ 510 $ 15,309 Impact of adopting CECL (ASU 2016-13) 1,884 (1,494) 40 (492) 131 483 (510) 42 Provision for (recapture of) credit losses 258 (121) 24 28 (164) (25) — — Charge-offs — — — — — (13) — (13) Recoveries — — — — — 23 — 23 Ending balance $ 5,265 $ 7,279 $ 157 $ 334 $ 731 $ 1,595 $ — $ 15,361 Three months ended December 31, 2022 Beginning balance $ 2,789 $ 8,230 $ 124 $ 856 $ 638 $ 1,225 $ 690 $ 14,552 Provision for (recapture of) loan losses 101 (254) (26) (41) 206 (42) 56 — Charge-offs — — — — — — — — Recoveries — — — — — 6 — 6 Ending balance $ 2,890 $ 7,976 $ 98 $ 815 $ 844 $ 1,189 $ 746 $ 14,558 Nine months ended December 31, 2022 Beginning balance $ 2,422 $ 9,037 $ 168 $ 845 $ 393 $ 943 $ 715 $ 14,523 Provision for (recapture of) loan losses 468 (1,061) (70) (30) 451 211 31 — Charge-offs — — — — — (16) — (16) Recoveries — — — — — 51 — 51 Ending balance $ 2,890 $ 7,976 $ 98 $ 815 $ 844 $ 1,189 $ 746 $ 14,558 |
Schedule of impaired financing receivables | The following table presents an analysis of loans receivable and the allowance for loan losses, based on impairment methodology as of March 31, 2023 (in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Collectively Individually Collectively Evaluated Evaluated Evaluated Evaluated for for for for March 31, 2023 Impairment Impairment Total Impairment Impairment Total Commercial business $ — $ 3,123 $ 3,123 $ 79 $ 232,789 $ 232,868 Commercial real estate — 8,894 8,894 100 564,396 564,496 Land — 93 93 — 6,437 6,437 Multi-family — 798 798 — 55,836 55,836 Real estate construction — 764 764 — 47,762 47,762 Consumer 6 1,121 1,127 450 101,007 101,457 Unallocated — 510 510 — — — Total $ 6 $ 15,303 $ 15,309 $ 629 $ 1,008,227 $ 1,008,856 |
Schedule of analysis of loans by aging category | The following tables present an analysis of loans by aging category at the dates indicated (in thousands): Total 90 Days Past and Due and Total 30-89 Days Greater Non- Loans December 31, 2023 Past Due Past Due Non-accrual accrual Current Receivable Commercial business $ 3,896 $ — $ 63 $ 3,959 $ 225,290 $ 229,249 Commercial real estate 821 — 85 906 572,169 573,075 Land — — — — 8,690 8,690 Multi-family — — — — 67,017 67,017 Real estate construction — — — — 42,167 42,167 Consumer 13 — 38 51 97,950 98,001 Total $ 4,730 $ — $ 186 $ 4,916 $ 1,013,283 $ 1,018,199 March 31, 2023 Commercial business $ 1,967 $ 1,569 $ 97 $ 3,633 $ 229,235 $ 232,868 Commercial real estate — — 100 100 564,396 564,496 Land — — — — 6,437 6,437 Multi-family — — — — 55,836 55,836 Real estate construction — — — — 47,762 47,762 Consumer 11 — 86 97 101,360 101,457 Total $ 1,978 $ 1,569 $ 283 $ 3,830 $ 1,005,026 $ 1,008,856 |
Schedule of credit quality indicators | The following table presents an analysis of loans by credit quality indicators as of March 31, 2023 (in thousands): Total Special Loans March 31, 2023 Pass Mention Substandard Doubtful Loss Receivable Commercial business $ 231,384 $ 1,367 $ 117 $ — $ — $ 232,868 Commercial real estate 544,426 17,626 2,444 — — 564,496 Land 6,437 — — — — 6,437 Multi-family 55,694 142 — — — 55,836 Real estate construction 47,762 — — — — 47,762 Consumer 101,371 — 86 — — 101,457 Total $ 987,074 $ 19,135 $ 2,647 $ — $ — $ 1,008,856 |
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 March 31, 2023 Valuation Valuation Recorded Principal Valuation Allowance Allowance Investment Balance Allowance Commercial business $ 79 $ — $ 79 $ 127 $ — Commercial real estate 100 — 100 162 — Consumer 355 95 450 442 6 Total $ 534 $ 95 $ 629 $ 731 $ 6 Three months ended Nine months ended December 31, 2022 December 31, 2022 Interest Interest Recognized Recognized Average on Average on Recorded Impaired Recorded Impaired Investment Loans Investment Loans Commercial business $ 87 $ — $ 92 $ — Commercial real estate 109 — 114 — Consumer 471 5 481 17 Total $ 667 $ 5 $ 687 $ 17 |
FEDERAL HOME LOAN BANK ADVANC_2
FEDERAL HOME LOAN BANK ADVANCES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
FEDERAL HOME LOAN BANK ADVANCES | |
Schedule of FHLB advances | FHLB advances are summarized at the dates indicated (dollars in thousands): December 31, 2023 March 31, 2023 FHLB advances $ 157,054 $ 123,754 Weighted average interest rate on FHLB advances (1) 5.37 % 4.88 % (1) Computed based on the borrowing activity for the nine months ended December 31, 2023 and the fiscal year ended March 31, 2023, respectively. |
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
JUNIOR SUBORDINATED DEBENTURES | |
Schedule of summary of the terms and amounts outstanding of the debentures | The following table is a summary of the terms and the amounts outstanding of the Debentures at December 31, 2023 (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 % 7.01 % 3/2036 Riverview Bancorp Statutory Trust II 06/2007 15,464 Variable (2) 7.03 % 7.00 % 9/2037 Merchants Bancorp Statutory Trust I (4) 06/2003 5,155 Variable (3) 4.16 % 8.72 % 6/2033 27,836 Fair value adjustment (4) (854) Total Debentures $ 26,982 (1) The trust preferred securities reprice quarterly based on the three-month Chicago Mercantile Exchange (“CME”) Term SOFR plus 1.36% . (2) The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.35% . (3) The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 3.10% . (4) Amount, net of accretion, attributable to a prior year’s business combination . |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
Schedule of assets that are measured at estimated fair value on a recurring basis | The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands): Total Estimated Estimated Fair Value Measurements Using December 31, 2023 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 40,307 $ — $ 40,307 $ — Agency securities 83,992 — 83,992 — Real estate mortgage investment conduits 26,420 — 26,420 — Residential mortgage-backed securities 13,296 — 13,296 — Other mortgage-backed securities 32,446 — 32,446 — Total assets measured at fair value on a recurring basis $ 196,461 $ — $ 196,461 $ — Total Estimated Estimated Fair Value Measurements Using March 31, 2023 Fair Value Level 1 Level 2 Level 3 Investment securities available for sale: Municipal securities $ 40,261 $ — $ 40,261 $ — Agency securities 85,907 — 85,907 — Real estate mortgage investment conduits 28,877 — 28,877 — Residential mortgage-backed securities 15,471 — 15,471 — Other mortgage-backed securities 40,983 — 40,983 — Total assets measured at fair value on a recurring basis $ 211,499 $ — $ 211,499 $ — |
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 March 31, 2023 (in thousands): Total Estimated Fair Value Estimated Measurements Using March 31, 2023 Fair Value Level 1 Level 2 Level 3 Impaired loans $ 89 $ — $ — $ 89 |
Schedule of quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis | Valuation Significant Unobservable March 31, 2023 Technique Inputs Range Impaired loans Appraised Adjustment for market conditions N/A (1) Discounted cash flows Discount rate 5.375% (1) There were no adjustments to appraised values of impaired loans as of March 31, 2023. |
Schedule of carrying amount and estimated fair value of financial instruments | The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands): Carrying Estimated December 31, 2023 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 37,553 $ 37,553 $ — $ — $ 37,553 Investment securities available for sale 196,461 — 196,461 — 196,461 Investment securities held to maturity 232,659 — 200,475 — 200,475 Loans receivable, net 1,002,838 — — 940,461 940,461 FHLB stock 8,026 — 8,026 — 8,026 Liabilities: Certificates of deposit 170,491 — 168,101 — 168,101 FHLB advances 157,054 — 156,960 — 156,960 Junior subordinated debentures 26,982 — — 18,989 18,989 Carrying Estimated March 31, 2023 Amount Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 22,044 $ 22,044 $ — $ — $ 22,044 Certificates of deposit held for investment 249 — 248 — 248 Investment securities available for sale 211,499 — 211,499 — 211,499 Investment securities held to maturity 243,843 — 210,214 — 210,214 Loans receivable, net 993,547 — — 931,784 931,784 FHLB stock 6,867 — 6,867 — 6,867 Liabilities: Certificates of deposit 128,833 — 126,072 — 126,072 FHLB advances 123,754 — 123,679 — 123,679 Junior subordinated debentures 26,918 — — 17,698 17,698 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | |
Schedule of non-interest income disaggregated by type of service | The following table includes the Company’s non-interest income, net disaggregated by type of service for the periods shown (in thousands): Three Months Ended Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Asset management fees $ 1,266 $ 1,137 $ 3,920 $ 3,459 Debit card and ATM fees 808 803 2,500 2,598 Deposit related fees 465 427 1,374 1,304 Loan related fees 99 99 471 422 BOLI (1) 211 194 669 626 FHLMC loan servicing fees (1) 21 13 64 55 Other, net 186 290 750 759 Total non-interest income, net $ 3,056 $ 2,963 $ 9,748 $ 9,223 (1) Not within scope of ASC 606 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of significant off-balance sheet commitments | Significant off-balance sheet commitments at December 31, 2023 are listed below (in thousands): Contract or Notional Amount December 31, 2023 Commitments to extend credit: Adjustable-rate $ 9,837 Fixed-rate 52 Standby letters of credit 1,600 Undisbursed loan funds and unused lines of credit 161,703 Total $ 173,192 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of lease right-of-use assets and lease liabilities | The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheets at the dates indicated (in thousands): December 31, March 31, Classification in the Leases 2023 2023 consolidated balance sheets Finance lease ROU assets $ 1,221 $ 1,278 Financing lease ROU assets Finance lease liability $ 2,184 $ 2,229 Finance lease liability Finance lease remaining lease term 15.93 years 16.68 years Finance lease discount rate 7.16 % 7.16 % Operating lease ROU assets $ 5,788 $ 6,705 Prepaid expenses and other assets Operating lease liabilities $ 6,105 $ 7,064 Accrued expenses and other liabilities Operating lease weighted-average remaining lease term 5.53 years 6.15 years Operating lease weighted-average discount rate 1.75 % 1.78 % |
Schedule of lease costs for finance and operating leases | The table below presents certain information related to the lease costs for operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income at the dates indicated (in thousands): Three months ended Three months ended Lease Costs December 31, 2023 December 31, 2022 Finance lease amortization of right-of-use asset $ 20 $ 20 Finance lease interest on lease liability 39 41 Operating lease costs 283 283 Variable lease costs 53 52 Total lease cost (1) $ 395 $ 396 Nine months ended Nine months ended Lease Costs December 31, 2023 December 31, 2022 Finance lease amortization of ROU asset $ 58 $ 58 Finance lease interest on lease liability 119 122 Operating lease costs 849 849 Variable lease costs 157 157 Total lease cost (1) $ 1,183 $ 1,186 (1) Income related to sub-lease activity is not significant and not presented herein. |
Schedule of maturities of operating lease liabilities | The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2023 (in thousands): Fiscal Year Ending March 31: Operating Finance Leases Lease Remainder of Fiscal 2024 $ 345 $ 56 2025 1,375 222 2026 1,125 226 2027 1,116 230 2028 899 232 Thereafter 1,631 2,711 Total minimum lease payments 6,491 3,677 Less: amount of lease payments representing interest (386) (1,493) Lease liabilities $ 6,105 $ 2,184 |
Schedule of maturities of finance lease liabilities | The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2023 (in thousands): Fiscal Year Ending March 31: Operating Finance Leases Lease Remainder of Fiscal 2024 $ 345 $ 56 2025 1,375 222 2026 1,125 226 2027 1,116 230 2028 899 232 Thereafter 1,631 2,711 Total minimum lease payments 6,491 3,677 Less: amount of lease payments representing interest (386) (1,493) Lease liabilities $ 6,105 $ 2,184 |
PRINCIPLES OF CONSOLIDATION (De
PRINCIPLES OF CONSOLIDATION (Details) - USD ($) | 1 Months Ended | ||||
May 31, 2021 | Oct. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2023 | Jul. 31, 2022 | |
PRINCIPLES OF CONSOLIDATION | |||||
Number of shares additional issued | 500 | 500 | |||
Additional Shares exercised | 500 | 500 | |||
Riverview Bank | |||||
PRINCIPLES OF CONSOLIDATION | |||||
Non controlling Interest | $ 234,000 | ||||
Trust Company | |||||
PRINCIPLES OF CONSOLIDATION | |||||
Number of shares issued | 1,500 | ||||
Number of stock options exercised | 1,500 | ||||
Trust Company | Riverview Bank | |||||
PRINCIPLES OF CONSOLIDATION | |||||
Ownership percentage | 100% | 97.30% |
STOCK PLANS AND STOCK-BASED C_3
STOCK PLANS AND STOCK-BASED COMPENSATION - Stock option activity (Details) - $ / shares | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Balance, beginning of period | 14,310 | 17,332 |
Options exercised | (12,799) | (1,511) |
Options expired | (1,511) | (1,511) |
Balance, end of period | 0 | 14,310 |
Weighted Average Exercise Price | ||
Balance, beginning of period | $ 2.78 | $ 2.78 |
Options exercised | 2.78 | 2.78 |
Options expired | $ 2.78 | 2.78 |
Balance, end of period | $ 2.78 |
STOCK PLANS AND STOCK-BASED C_4
STOCK PLANS AND STOCK-BASED COMPENSATION - Stock options outstanding (Details) | 9 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Stock options fully vested and expected to vest: | |
Number | shares | 14,310 |
Weighted average exercise price | $ / shares | $ 2.78 |
Aggregate intrinsic value (1) | $ | $ 70,000 |
Weighted average contractual term of options (years) | 6 months 14 days |
Stock options fully vested and currently exercisable: | |
Number | shares | 14,310 |
Weighted average exercise price | $ / shares | $ 2.78 |
Aggregate intrinsic value (1) | $ | $ 70,000 |
Weighted average contractual term of options (years) | 6 months 14 days |
STOCK PLANS AND STOCK-BASED C_5
STOCK PLANS AND STOCK-BASED COMPENSATION - Restricted Stock Activity (Details) - $ / shares | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Time Based | ||
Number of Unvested Shares | ||
Balance, beginning of period | 29,977 | 26,855 |
Granted | 19,926 | 15,571 |
Forfeited | (19,006) | |
Vested | (15,118) | (12,449) |
Balance, end of period | 15,779 | 29,977 |
Weighted Average Grant Date Fair Value | ||
Balance, beginning of period | $ 6.14 | $ 6.02 |
Granted | 5.21 | 6.30 |
Forfeited | 5.81 | |
Vested | 5.77 | 6.07 |
Balance, end of period | $ 5.72 | $ 6.14 |
Performance Based | ||
Number of Unvested Shares | ||
Balance, beginning of period | 132,645 | 121,492 |
Granted | 84,040 | 56,125 |
Forfeited | (99,514) | (2,977) |
Vested | (53,774) | (41,995) |
Balance, end of period | 63,397 | 132,645 |
Weighted Average Grant Date Fair Value | ||
Balance, beginning of period | $ 6.05 | $ 5.70 |
Granted | 5.21 | 6.30 |
Forfeited | 5.94 | 7.56 |
Vested | 5.38 | 5.26 |
Balance, end of period | $ 5.68 | $ 6.05 |
Restricted stock | ||
Number of Unvested Shares | ||
Balance, beginning of period | 162,622 | 148,347 |
Granted | 103,966 | 71,696 |
Forfeited | (118,520) | (2,977) |
Vested | (68,892) | (54,444) |
Balance, end of period | 79,176 | 162,622 |
Weighted Average Grant Date Fair Value | ||
Balance, beginning of period | $ 6.07 | $ 5.76 |
Granted | 5.21 | 6.30 |
Forfeited | 5.92 | 7.56 |
Vested | 5.47 | 5.45 |
Balance, end of period | $ 5.69 | $ 6.07 |
STOCK PLANS AND STOCK-BASED C_6
STOCK PLANS AND STOCK-BASED COMPENSATION - Additional information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 31, 2017 | |
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Stock options exercised (in shares) | 12,799 | 1,511 | |||
Stock Option Plans | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Total intrinsic value of stock options exercised | $ 28,000 | $ 7,000 | |||
Unrecognized compensation expense | $ 0 | 0 | |||
Stock based Compensation Expense | $ 0 | $ 0 | |||
2003 Stock Option Plan | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Number of stock options outstanding | 0 | 0 | |||
Maximum term of stock options granted | 10 years | ||||
2017 Plan | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Shares available for grant | 1,532,003 | 1,532,003 | |||
Number of shares reserved for common stock | 1,800,000 | ||||
Minimum | 2003 Stock Option Plan | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Vesting period | 0 years | ||||
Maximum | 2003 Stock Option Plan | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Vesting period | 5 years | ||||
Employee Stock Option [Member] | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Number of stock options granted | 0 | 0 | |||
Restricted stock | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Number of stock awards granted | 103,966 | 71,696 | |||
Restricted stock grants | $ (26,000) | $ (238,000) | |||
Unrecognized compensation expense | 267,000 | $ 539,000 | 267,000 | $ 539,000 | |
Stock based Compensation Expense | $ 19,000 | $ 100,000 | $ 11,000 | $ 292,000 | |
Restricted stock | Weighted average | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Vesting period | 1 year 6 months 3 days | 1 year 3 months 29 days | |||
Performance Based | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Number of stock awards granted | 84,040 | 56,125 | |||
Time Based | |||||
STOCK PLANS AND STOCK-BASED COMPENSATION | |||||
Number of stock awards granted | 19,926 | 15,571 |
EARNINGS PER SHARE - Earnings P
EARNINGS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Basic EPS computation: | ||||
Numerator-net income (in dollars) | $ 1,452,000 | $ 5,240,000 | $ 6,767,000 | $ 15,086,000 |
Denominator-weighted average common shares outstanding | 21,113,464 | 21,504,903 | 21,146,888 | 21,717,959 |
Basic EPS (in dollars per share) | $ 0.07 | $ 0.24 | $ 0.32 | $ 0.69 |
Diluted EPS computation: | ||||
Numerator-net income (in dollars) | $ 1,452,000 | $ 5,240,000 | $ 6,767,000 | $ 15,086,000 |
Denominator-weighted average common shares outstanding | 21,113,464 | 21,504,903 | 21,146,888 | 21,717,959 |
Effect of dilutive stock options | 8,714 | 1,791 | 8,593 | |
Weighted average common shares and common stock equivalents | 21,113,464 | 21,513,617 | 21,148,679 | 21,726,552 |
Diluted EPS (in dollars per share) | $ 0.07 | $ 0.24 | $ 0.32 | $ 0.69 |
EARNINGS PER SHARE - Additional
EARNINGS PER SHARE - Additional information (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||
May 05, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | |
EARNINGS PER SHARE | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | ||
Repurchase program | ||||
EARNINGS PER SHARE | ||||
Maximum shares repurchase amount | $ 2.5 | |||
Average price | $ 6.34 | |||
Shares repurchased and retired | 394,334 | |||
Shares repurchased and retired value | $ 2.5 |
INVESTMENT SECURITIES - Availab
INVESTMENT SECURITIES - Available for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
INVESTMENT SECURITIES | ||
Amortized Cost | $ 219,429 | $ 235,591 |
Gross Unrealized Gains | 56 | 43 |
Gross Unrealized Losses | (23,024) | (24,135) |
Estimated Fair Value | 196,461 | 211,499 |
Municipal securities | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 47,719 | 47,857 |
Gross Unrealized Gains | 49 | 16 |
Gross Unrealized Losses | (7,461) | (7,612) |
Estimated Fair Value | 40,307 | 40,261 |
Agency securities | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 89,206 | 91,858 |
Gross Unrealized Gains | 23 | |
Gross Unrealized Losses | (5,214) | (5,974) |
Estimated Fair Value | 83,992 | 85,907 |
Real estate mortgage investment conduits | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 32,021 | 34,247 |
Gross Unrealized Losses | (5,601) | (5,370) |
Estimated Fair Value | 26,420 | 28,877 |
Residential mortgage-backed securities | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 14,191 | 16,512 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (898) | (1,041) |
Estimated Fair Value | 13,296 | 15,471 |
Other mortgage-backed securities | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 36,292 | 45,117 |
Gross Unrealized Gains | 4 | 4 |
Gross Unrealized Losses | (3,850) | (4,138) |
Estimated Fair Value | $ 32,446 | $ 40,983 |
INVESTMENT SECURITIES - Held to
INVESTMENT SECURITIES - Held to maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
INVESTMENT SECURITIES | ||
Amortized Cost | $ 232,659 | $ 243,843 |
Gross Unrealized Losses | (32,184) | (33,629) |
Estimated Fair Value | 200,475 | 210,214 |
Municipal securities | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 10,326 | 10,344 |
Gross Unrealized Losses | (2,796) | (2,859) |
Estimated Fair Value | 7,530 | 7,485 |
Agency securities | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 54,077 | 53,941 |
Gross Unrealized Losses | (4,293) | (5,091) |
Estimated Fair Value | 49,784 | 48,850 |
Real estate mortgage investment conduits | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 32,538 | 35,186 |
Gross Unrealized Losses | (5,031) | (4,769) |
Estimated Fair Value | 27,507 | 30,417 |
Residential mortgage-backed securities | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 115,213 | 123,773 |
Gross Unrealized Losses | (16,831) | (17,542) |
Estimated Fair Value | 98,382 | 106,231 |
Other mortgage-backed securities | ||
INVESTMENT SECURITIES | ||
Amortized Cost | 20,505 | 20,599 |
Gross Unrealized Losses | (3,233) | (3,368) |
Estimated Fair Value | $ 17,272 | $ 17,231 |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual maturities, Available for sale (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Available for Sale, Amortized Cost | |
Due in one year or less | $ 19,327 |
Due after one year through five years | 81,420 |
Due after five years through ten years | 43,231 |
Due after ten years | 75,451 |
Total, Amortized Cost | 219,429 |
Available for Sale, Estimated Fair Value | |
Due in one year or less | 19,198 |
Due after one year through five years | 76,498 |
Due after five years through ten years | 37,703 |
Due after ten years | 63,062 |
Total, Estimated Fair Value | $ 196,461 |
INVESTMENT SECURITIES - Contr_2
INVESTMENT SECURITIES - Contractual maturities, Held to maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Held to Maturity, Amortized Cost | |
Due in one year or less | $ 5,950 |
Due after one year through five years | 42,356 |
Due after five years through ten years | 23,380 |
Due after ten years | 160,973 |
Total, Amortized Cost | 232,659 |
Held to Maturity, Estimated Fair Value | |
Due in one year or less | 5,789 |
Due after one year through five years | 39,510 |
Due after five years through ten years | 19,618 |
Due after ten years | 135,558 |
Total, Estimated Fair Value | $ 200,475 |
INVESTMENT SECURITIES - Fair va
INVESTMENT SECURITIES - Fair value of impaired investment securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
INVESTMENT SECURITIES | ||
Less than 12 months, Estimated Fair Value | $ 7,113 | $ 69,746 |
Less than 12 months, Unrealized Losses | (20) | (1,500) |
12 months or longer, Estimated Fair Value | 186,188 | 134,268 |
12 months or longer, Unrealized Losses | (23,004) | (22,635) |
Total, Estimated Fair Value | 193,301 | 204,014 |
Total, Unrealized Losses | (23,024) | (24,135) |
Debt Securities, Held to maturity | ||
12 months or longer, estimated fair value | 200,475 | |
12 months or longer, unrealized losses | (32,184) | |
Total estimated fair value | 200,475 | |
Total, unrealized losses | (32,184) | |
Less than 12 months, Estimated fair value | 10,995 | |
Less than 12 months, unrealized losses | (431) | |
12 months or longer, Estimated Fair Value | 199,219 | |
12 months or longer, Unrealized Losses | (33,198) | |
Total Estimated fair value | 210,214 | |
Total, Unrealized Losses | (33,629) | |
Municipal securities | ||
INVESTMENT SECURITIES | ||
Less than 12 months, Estimated Fair Value | 448 | 6,277 |
Less than 12 months, Unrealized Losses | (1) | (133) |
12 months or longer, Estimated Fair Value | 37,463 | 32,797 |
12 months or longer, Unrealized Losses | (7,460) | (7,479) |
Total, Estimated Fair Value | 37,911 | 39,074 |
Total, Unrealized Losses | (7,461) | (7,612) |
Debt Securities, Held to maturity | ||
12 months or longer, estimated fair value | 7,530 | |
12 months or longer, unrealized losses | (2,796) | |
Total estimated fair value | 7,530 | |
Total, unrealized losses | (2,796) | |
12 months or longer, Estimated Fair Value | 7,485 | |
12 months or longer, Unrealized Losses | (2,859) | |
Total Estimated fair value | 7,485 | |
Total, Unrealized Losses | (2,859) | |
Agency securities | ||
INVESTMENT SECURITIES | ||
Less than 12 months, Estimated Fair Value | 5,819 | 43,451 |
Less than 12 months, Unrealized Losses | (17) | (747) |
12 months or longer, Estimated Fair Value | 78,173 | 36,646 |
12 months or longer, Unrealized Losses | (5,197) | (5,227) |
Total, Estimated Fair Value | 83,992 | 80,097 |
Total, Unrealized Losses | (5,214) | (5,974) |
Debt Securities, Held to maturity | ||
12 months or longer, estimated fair value | 49,784 | |
12 months or longer, unrealized losses | (4,293) | |
Total estimated fair value | 49,784 | |
Total, unrealized losses | (4,293) | |
Less than 12 months, Estimated fair value | 8,413 | |
Less than 12 months, unrealized losses | (240) | |
12 months or longer, Estimated Fair Value | 40,437 | |
12 months or longer, Unrealized Losses | (4,851) | |
Total Estimated fair value | 48,850 | |
Total, Unrealized Losses | (5,091) | |
Real estate mortgage investment conduits | ||
INVESTMENT SECURITIES | ||
Less than 12 months, Estimated Fair Value | 2,693 | |
Less than 12 months, Unrealized Losses | (97) | |
12 months or longer, Estimated Fair Value | 26,420 | 26,184 |
12 months or longer, Unrealized Losses | (5,601) | (5,273) |
Total, Estimated Fair Value | 26,420 | 28,877 |
Total, Unrealized Losses | (5,601) | (5,370) |
Debt Securities, Held to maturity | ||
12 months or longer, estimated fair value | 27,507 | |
12 months or longer, unrealized losses | (5,031) | |
Total estimated fair value | 27,507 | |
Total, unrealized losses | (5,031) | |
Less than 12 months, Estimated fair value | 2,580 | |
Less than 12 months, unrealized losses | (191) | |
12 months or longer, Estimated Fair Value | 27,837 | |
12 months or longer, Unrealized Losses | (4,578) | |
Total Estimated fair value | 30,417 | |
Total, Unrealized Losses | (4,769) | |
Residential mortgage-backed securities | ||
INVESTMENT SECURITIES | ||
Less than 12 months, Estimated Fair Value | 3,449 | |
Less than 12 months, Unrealized Losses | (147) | |
12 months or longer, Estimated Fair Value | 12,872 | 12,022 |
12 months or longer, Unrealized Losses | (898) | (894) |
Total, Estimated Fair Value | 12,872 | 15,471 |
Total, Unrealized Losses | (898) | (1,041) |
Debt Securities, Held to maturity | ||
12 months or longer, estimated fair value | 98,382 | |
12 months or longer, unrealized losses | (16,831) | |
Total estimated fair value | 98,382 | |
Total, unrealized losses | (16,831) | |
Less than 12 months, Estimated fair value | 2 | |
12 months or longer, Estimated Fair Value | 106,229 | |
12 months or longer, Unrealized Losses | (17,542) | |
Total Estimated fair value | 106,231 | |
Total, Unrealized Losses | (17,542) | |
Other mortgage-backed securities | ||
INVESTMENT SECURITIES | ||
Less than 12 months, Estimated Fair Value | 846 | 13,876 |
Less than 12 months, Unrealized Losses | (2) | (376) |
12 months or longer, Estimated Fair Value | 31,260 | 26,619 |
12 months or longer, Unrealized Losses | (3,848) | (3,762) |
Total, Estimated Fair Value | 32,106 | 40,495 |
Total, Unrealized Losses | (3,850) | (4,138) |
Debt Securities, Held to maturity | ||
12 months or longer, estimated fair value | 17,272 | |
12 months or longer, unrealized losses | (3,233) | |
Total estimated fair value | 17,272 | |
Total, unrealized losses | $ (3,233) | |
12 months or longer, Estimated Fair Value | 17,231 | |
12 months or longer, Unrealized Losses | (3,368) | |
Total Estimated fair value | 17,231 | |
Total, Unrealized Losses | $ (3,368) |
INVESTMENT SECURITIES - Additio
INVESTMENT SECURITIES - Additional information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
INVESTMENT SECURITIES | |||
Proceeds from the sale of investment securities | $ 0 | $ 0 | |
Gross realized gains on sales of investment securities | 0 | $ 0 | |
Available for sale with amortized cost | 219,429 | $ 235,591 | |
Available for sale, estimated fair value | 196,461 | 211,499 | |
Held to maturity, estimated fair value | 200,475 | 210,214 | |
Asset Pledged as Collateral. | |||
INVESTMENT SECURITIES | |||
Available for sale with amortized cost | 2,800 | 3,200 | |
Available for sale, estimated fair value | 2,500 | 2,900 | |
Held to maturity at amortized cost | 11,400 | 12,300 | |
Held to maturity, estimated fair value | $ 9,600 | $ 10,400 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Loans receivable, excluding loans held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 |
LOANS RECEIVABLE | ||||||
Total loans | $ 1,018,199 | |||||
Less: ACL for loans | 15,361 | $ 15,346 | $ 15,309 | |||
Loans receivable, net | 1,002,838 | |||||
Total loans | 1,008,856 | |||||
Less: ACL for loans | 15,309 | $ 14,558 | $ 14,552 | $ 14,523 | ||
Loans receivable, net | 993,547 | |||||
Commercial Real Estate Portfolio Segment | ||||||
LOANS RECEIVABLE | ||||||
Total loans | 920,198 | |||||
Total loans | 907,399 | |||||
Commercial Real Estate Portfolio Segment | Commercial Business | ||||||
LOANS RECEIVABLE | ||||||
Total loans | 229,249 | |||||
Less: ACL for loans | 5,265 | 5,339 | 3,123 | |||
Total loans | 232,868 | |||||
Less: ACL for loans | 3,123 | 2,890 | 2,789 | 2,422 | ||
Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||||||
LOANS RECEIVABLE | ||||||
Total loans | 573,075 | |||||
Less: ACL for loans | 7,279 | 7,138 | 8,894 | |||
Total loans | 564,496 | |||||
Less: ACL for loans | 8,894 | 7,976 | 8,230 | 9,037 | ||
Commercial Real Estate Portfolio Segment | Land | ||||||
LOANS RECEIVABLE | ||||||
Total loans | 8,690 | |||||
Less: ACL for loans | 157 | 112 | 93 | |||
Total loans | 6,437 | |||||
Less: ACL for loans | 93 | 98 | 124 | 168 | ||
Commercial Real Estate Portfolio Segment | Multi-Family | ||||||
LOANS RECEIVABLE | ||||||
Total loans | 67,017 | |||||
Less: ACL for loans | 334 | 293 | 798 | |||
Total loans | 55,836 | |||||
Less: ACL for loans | 798 | 815 | 856 | 845 | ||
Commercial Real Estate Portfolio Segment | Real Estate Construction | ||||||
LOANS RECEIVABLE | ||||||
Total loans | 42,167 | |||||
Less: ACL for loans | 731 | 860 | 764 | |||
Total loans | 47,762 | |||||
Less: ACL for loans | 764 | 844 | 638 | 393 | ||
Consumer | ||||||
LOANS RECEIVABLE | ||||||
Total loans | 98,001 | |||||
Less: ACL for loans | 1,595 | $ 1,604 | 1,127 | |||
Total loans | 101,457 | |||||
Less: ACL for loans | 1,127 | $ 1,189 | $ 1,225 | $ 943 | ||
Consumer | Real estate one-to-four family | ||||||
LOANS RECEIVABLE | ||||||
Total loans | 96,266 | |||||
Total loans | 99,673 | |||||
Consumer | Other installment | ||||||
LOANS RECEIVABLE | ||||||
Total loans | $ 1,735 | |||||
Total loans | $ 1,784 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Risk category of bank loans by year of origination (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Origination year | ||
2024 | $ 53,016 | $ 53,016 |
2023 | 165,667 | 165,667 |
2022 | 342,046 | 342,046 |
2021 | 131,765 | 131,765 |
2020 | 85,308 | 85,308 |
Prior | 222,888 | 222,888 |
Revolving Loans | 17,509 | 17,509 |
Total Loans Receivable | 1,018,199 | 1,018,199 |
Gross write-offs | ||
2023 | 11 | |
Prior | 2 | |
Total Loans Receivable | 2 | 13 |
Commercial Real Estate Portfolio Segment | ||
Origination year | ||
Total Loans Receivable | 920,198 | 920,198 |
Commercial Real Estate Portfolio Segment | Commercial Business | ||
Origination year | ||
2024 | 10,078 | 10,078 |
2023 | 63,837 | 63,837 |
2022 | 88,204 | 88,204 |
2021 | 30,264 | 30,264 |
2020 | 17,851 | 17,851 |
Prior | 13,387 | 13,387 |
Revolving Loans | 5,628 | 5,628 |
Total Loans Receivable | 229,249 | 229,249 |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||
Origination year | ||
2024 | 24,867 | 24,867 |
2023 | 63,814 | 63,814 |
2022 | 149,196 | 149,196 |
2021 | 90,346 | 90,346 |
2020 | 53,902 | 53,902 |
Prior | 190,950 | 190,950 |
Total Loans Receivable | 573,075 | 573,075 |
Commercial Real Estate Portfolio Segment | Land | ||
Origination year | ||
2024 | 3,501 | 3,501 |
2023 | 2,718 | 2,718 |
2022 | 98 | 98 |
2021 | 1,809 | 1,809 |
2020 | 110 | 110 |
Prior | 454 | 454 |
Total Loans Receivable | 8,690 | 8,690 |
Commercial Real Estate Portfolio Segment | Multi-Family | ||
Origination year | ||
2024 | 684 | 684 |
2023 | 17,150 | 17,150 |
2022 | 32,221 | 32,221 |
2021 | 5,066 | 5,066 |
2020 | 9,000 | 9,000 |
Prior | 2,896 | 2,896 |
Total Loans Receivable | 67,017 | 67,017 |
Commercial Real Estate Portfolio Segment | Real Estate Construction | ||
Origination year | ||
2024 | 13,575 | 13,575 |
2023 | 17,536 | 17,536 |
2022 | 11,056 | 11,056 |
Total Loans Receivable | 42,167 | 42,167 |
Consumer | ||
Origination year | ||
Total Loans Receivable | 98,001 | 98,001 |
Gross write-offs | ||
Total Loans Receivable | 2 | 13 |
Consumer | Real estate one-to-four family | ||
Origination year | ||
2022 | 61,048 | 61,048 |
2021 | 4,194 | 4,194 |
2020 | 4,411 | 4,411 |
Prior | 15,183 | 15,183 |
Revolving Loans | 11,430 | 11,430 |
Total Loans Receivable | 96,266 | 96,266 |
Consumer | Other installment | ||
Origination year | ||
2024 | 311 | 311 |
2023 | 612 | 612 |
2022 | 223 | 223 |
2021 | 86 | 86 |
2020 | 34 | 34 |
Prior | 18 | 18 |
Revolving Loans | 451 | 451 |
Total Loans Receivable | 1,735 | 1,735 |
Gross write-offs | ||
2023 | 11 | |
Prior | 2 | |
Total Loans Receivable | 13 | |
Pass | ||
Origination year | ||
2024 | 52,246 | 52,246 |
2023 | 161,279 | 161,279 |
2022 | 340,370 | 340,370 |
2021 | 131,765 | 131,765 |
2020 | 84,721 | 84,721 |
Prior | 195,380 | 195,380 |
Revolving Loans | 15,012 | 15,012 |
Total Loans Receivable | 980,773 | 980,773 |
Pass | Commercial Real Estate Portfolio Segment | Commercial Business | ||
Origination year | ||
2024 | 10,078 | 10,078 |
2023 | 63,586 | 63,586 |
2022 | 87,431 | 87,431 |
2021 | 30,264 | 30,264 |
2020 | 17,299 | 17,299 |
Prior | 13,038 | 13,038 |
Revolving Loans | 3,131 | 3,131 |
Total Loans Receivable | 224,827 | 224,827 |
Pass | Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||
Origination year | ||
2024 | 24,867 | 24,867 |
2023 | 60,034 | 60,034 |
2022 | 148,293 | 148,293 |
2021 | 90,346 | 90,346 |
2020 | 53,902 | 53,902 |
Prior | 163,891 | 163,891 |
Total Loans Receivable | 541,333 | 541,333 |
Pass | Commercial Real Estate Portfolio Segment | Land | ||
Origination year | ||
2024 | 3,501 | 3,501 |
2023 | 2,361 | 2,361 |
2022 | 98 | 98 |
2021 | 1,809 | 1,809 |
2020 | 110 | 110 |
Prior | 454 | 454 |
Total Loans Receivable | 8,333 | 8,333 |
Pass | Commercial Real Estate Portfolio Segment | Multi-Family | ||
Origination year | ||
2024 | 684 | 684 |
2023 | 17,150 | 17,150 |
2022 | 32,221 | 32,221 |
2021 | 5,066 | 5,066 |
2020 | 8,965 | 8,965 |
Prior | 2,834 | 2,834 |
Total Loans Receivable | 66,920 | 66,920 |
Pass | Commercial Real Estate Portfolio Segment | Real Estate Construction | ||
Origination year | ||
2024 | 12,805 | 12,805 |
2023 | 17,536 | 17,536 |
2022 | 11,056 | 11,056 |
Total Loans Receivable | 41,397 | 41,397 |
Pass | Consumer | Real estate one-to-four family | ||
Origination year | ||
2022 | 61,048 | 61,048 |
2021 | 4,194 | 4,194 |
2020 | 4,411 | 4,411 |
Prior | 15,145 | 15,145 |
Revolving Loans | 11,430 | 11,430 |
Total Loans Receivable | 96,228 | 96,228 |
Pass | Consumer | Other installment | ||
Origination year | ||
2024 | 311 | 311 |
2023 | 612 | 612 |
2022 | 223 | 223 |
2021 | 86 | 86 |
2020 | 34 | 34 |
Prior | 18 | 18 |
Revolving Loans | 451 | 451 |
Total Loans Receivable | 1,735 | 1,735 |
Special Mention | ||
Origination year | ||
2024 | 770 | 770 |
2023 | 4,388 | 4,388 |
2022 | 1,676 | 1,676 |
2020 | 587 | 587 |
Prior | 27,293 | 27,293 |
Revolving Loans | 2,497 | 2,497 |
Total Loans Receivable | 37,211 | 37,211 |
Special Mention | Commercial Real Estate Portfolio Segment | Commercial Business | ||
Origination year | ||
2023 | 251 | 251 |
2022 | 773 | 773 |
2020 | 552 | 552 |
Prior | 286 | 286 |
Revolving Loans | 2,497 | 2,497 |
Total Loans Receivable | 4,359 | 4,359 |
Special Mention | Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||
Origination year | ||
2023 | 3,780 | 3,780 |
2022 | 903 | 903 |
Prior | 26,975 | 26,975 |
Total Loans Receivable | 31,658 | 31,658 |
Special Mention | Commercial Real Estate Portfolio Segment | Land | ||
Origination year | ||
2023 | 357 | 357 |
Total Loans Receivable | 357 | 357 |
Special Mention | Commercial Real Estate Portfolio Segment | Multi-Family | ||
Origination year | ||
2020 | 35 | 35 |
Prior | 32 | 32 |
Total Loans Receivable | 67 | 67 |
Special Mention | Commercial Real Estate Portfolio Segment | Real Estate Construction | ||
Origination year | ||
2024 | 770 | 770 |
Total Loans Receivable | 770 | 770 |
Substandard | ||
Origination year | ||
Prior | 215 | 215 |
Total Loans Receivable | 215 | 215 |
Substandard | Commercial Real Estate Portfolio Segment | Commercial Business | ||
Origination year | ||
Prior | 63 | 63 |
Total Loans Receivable | 63 | 63 |
Substandard | Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||
Origination year | ||
Prior | 84 | 84 |
Total Loans Receivable | 84 | 84 |
Substandard | Commercial Real Estate Portfolio Segment | Multi-Family | ||
Origination year | ||
Prior | 30 | 30 |
Total Loans Receivable | 30 | 30 |
Substandard | Consumer | Real estate one-to-four family | ||
Origination year | ||
Prior | 38 | 38 |
Total Loans Receivable | $ 38 | $ 38 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Reconciliation of the allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of the allowance for loan losses | ||||
Beginning balance | $ 15,346 | $ 15,309 | ||
Charge-offs | (2) | (13) | ||
Recoveries | 17 | 23 | ||
Ending balance | 15,361 | 15,361 | ||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | $ 14,552 | 15,309 | $ 14,523 | |
Charge-offs | (16) | |||
Recoveries | 6 | 51 | ||
Ending balance | 14,558 | 14,558 | ||
Adjustment | ASU 2016-13 | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 42 | |||
Commercial Real Estate Portfolio Segment | Commercial Business | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 5,339 | 3,123 | ||
Provision for (recapture of) credit losses | (74) | 258 | ||
Ending balance | 5,265 | 5,265 | ||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 2,789 | 3,123 | 2,422 | |
Provision for (recapture of) loan losses | 101 | 468 | ||
Ending balance | 2,890 | 2,890 | ||
Commercial Real Estate Portfolio Segment | Commercial Business | Adjustment | ASU 2016-13 | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 1,884 | |||
Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 7,138 | 8,894 | ||
Provision for (recapture of) credit losses | 141 | (121) | ||
Ending balance | 7,279 | 7,279 | ||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 8,230 | 8,894 | 9,037 | |
Provision for (recapture of) loan losses | (254) | (1,061) | ||
Ending balance | 7,976 | 7,976 | ||
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Adjustment | ASU 2016-13 | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | (1,494) | |||
Commercial Real Estate Portfolio Segment | Land | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 112 | 93 | ||
Provision for (recapture of) credit losses | 45 | 24 | ||
Ending balance | 157 | 157 | ||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 124 | 93 | 168 | |
Provision for (recapture of) loan losses | (26) | (70) | ||
Ending balance | 98 | 98 | ||
Commercial Real Estate Portfolio Segment | Land | Adjustment | ASU 2016-13 | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 40 | |||
Commercial Real Estate Portfolio Segment | Multi-Family | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 293 | 798 | ||
Provision for (recapture of) credit losses | 41 | 28 | ||
Ending balance | 334 | 334 | ||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 856 | 798 | 845 | |
Provision for (recapture of) loan losses | (41) | (30) | ||
Ending balance | 815 | 815 | ||
Commercial Real Estate Portfolio Segment | Multi-Family | Adjustment | ASU 2016-13 | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | (492) | |||
Commercial Real Estate Portfolio Segment | Real Estate Construction | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 860 | 764 | ||
Provision for (recapture of) credit losses | (129) | (164) | ||
Ending balance | 731 | 731 | ||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 638 | 764 | 393 | |
Provision for (recapture of) loan losses | 206 | 451 | ||
Ending balance | 844 | 844 | ||
Commercial Real Estate Portfolio Segment | Real Estate Construction | Adjustment | ASU 2016-13 | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 131 | |||
Consumer | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 1,604 | 1,127 | ||
Provision for (recapture of) credit losses | (24) | (25) | ||
Charge-offs | (2) | (13) | ||
Recoveries | 17 | 23 | ||
Ending balance | $ 1,595 | 1,595 | ||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 1,225 | 1,127 | 943 | |
Provision for (recapture of) loan losses | (42) | 211 | ||
Charge-offs | (16) | |||
Recoveries | 6 | 51 | ||
Ending balance | 1,189 | 1,189 | ||
Consumer | Adjustment | ASU 2016-13 | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 483 | |||
Unallocated | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 510 | |||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | 690 | 510 | 715 | |
Provision for (recapture of) loan losses | 56 | 31 | ||
Ending balance | $ 746 | $ 746 | ||
Unallocated | Adjustment | ASU 2016-13 | ||||
Reconciliation of the allowance for loan losses | ||||
Beginning balance | $ (510) |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 |
Allowance for Loan Losses | |||||
Individually evaluated for impairment | $ 6 | ||||
Collectively Evaluated for Impairment | 15,303 | ||||
Loans and Leases Receivable, Allowance, Total | 15,309 | $ 14,558 | $ 14,552 | $ 14,523 | |
Recorded Investment in Loans | |||||
Total Loans Receivable | $ 1,018,199 | ||||
Individually Evaluated for Impairment | 629 | ||||
Collectively Evaluated for Impairment | 1,008,227 | ||||
Total | 1,008,856 | ||||
Commercial Real Estate Portfolio Segment | |||||
Recorded Investment in Loans | |||||
Total Loans Receivable | 920,198 | ||||
Commercial Real Estate Portfolio Segment | Commercial Business | |||||
Allowance for Loan Losses | |||||
Individually evaluated for impairment | 0 | ||||
Collectively Evaluated for Impairment | 3,123 | ||||
Loans and Leases Receivable, Allowance, Total | 3,123 | 2,890 | 2,789 | 2,422 | |
Recorded Investment in Loans | |||||
Total Loans Receivable | 229,249 | ||||
Individually Evaluated for Impairment | 79 | ||||
Collectively Evaluated for Impairment | 232,789 | ||||
Total | 232,868 | ||||
Commercial Real Estate Portfolio Segment | Commercial Real Estate | |||||
Allowance for Loan Losses | |||||
Individually evaluated for impairment | 0 | ||||
Collectively Evaluated for Impairment | 8,894 | ||||
Loans and Leases Receivable, Allowance, Total | 8,894 | 7,976 | 8,230 | 9,037 | |
Recorded Investment in Loans | |||||
Total Loans Receivable | 573,075 | ||||
Individually Evaluated for Impairment | 100 | ||||
Collectively Evaluated for Impairment | 564,396 | ||||
Total | 564,496 | ||||
Commercial Real Estate Portfolio Segment | Land | |||||
Allowance for Loan Losses | |||||
Individually evaluated for impairment | 0 | ||||
Collectively Evaluated for Impairment | 93 | ||||
Loans and Leases Receivable, Allowance, Total | 93 | 98 | 124 | 168 | |
Recorded Investment in Loans | |||||
Total Loans Receivable | 8,690 | ||||
Individually Evaluated for Impairment | 0 | ||||
Collectively Evaluated for Impairment | 6,437 | ||||
Total | 6,437 | ||||
Commercial Real Estate Portfolio Segment | Multi-Family | |||||
Allowance for Loan Losses | |||||
Individually evaluated for impairment | 0 | ||||
Collectively Evaluated for Impairment | 798 | ||||
Loans and Leases Receivable, Allowance, Total | 798 | 815 | 856 | 845 | |
Recorded Investment in Loans | |||||
Total Loans Receivable | 67,017 | ||||
Individually Evaluated for Impairment | 0 | ||||
Collectively Evaluated for Impairment | 55,836 | ||||
Total | 55,836 | ||||
Commercial Real Estate Portfolio Segment | Real Estate Construction | |||||
Allowance for Loan Losses | |||||
Individually evaluated for impairment | 0 | ||||
Collectively Evaluated for Impairment | 764 | ||||
Loans and Leases Receivable, Allowance, Total | 764 | 844 | 638 | 393 | |
Recorded Investment in Loans | |||||
Total Loans Receivable | 42,167 | ||||
Individually Evaluated for Impairment | 0 | ||||
Collectively Evaluated for Impairment | 47,762 | ||||
Total | 47,762 | ||||
Consumer | |||||
Allowance for Loan Losses | |||||
Individually evaluated for impairment | 6 | ||||
Collectively Evaluated for Impairment | 1,121 | ||||
Loans and Leases Receivable, Allowance, Total | 1,127 | 1,189 | 1,225 | 943 | |
Recorded Investment in Loans | |||||
Total Loans Receivable | $ 98,001 | ||||
Individually Evaluated for Impairment | 450 | ||||
Collectively Evaluated for Impairment | 101,007 | ||||
Total | 101,457 | ||||
Unallocated | |||||
Allowance for Loan Losses | |||||
Individually evaluated for impairment | 0 | ||||
Collectively Evaluated for Impairment | 510 | ||||
Loans and Leases Receivable, Allowance, Total | 510 | $ 746 | $ 690 | $ 715 | |
Recorded Investment in Loans | |||||
Individually Evaluated for Impairment | 0 | ||||
Collectively Evaluated for Impairment | 0 | ||||
Total | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Analysis of loans by aging category (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | $ 186 | $ 283 |
Total Past Due and Non-accrual | 4,916 | 3,830 |
Total loans | 1,018,199 | |
Total loans | 1,008,856 | |
30 To 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,730 | |
Total loans | 1,978 | |
90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,569 | |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,013,283 | |
Total loans | 1,005,026 | |
Commercial Real Estate Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 920,198 | |
Total loans | 907,399 | |
Commercial Real Estate Portfolio Segment | Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 63 | 97 |
Total Past Due and Non-accrual | 3,959 | 3,633 |
Total loans | 229,249 | |
Total loans | 232,868 | |
Commercial Real Estate Portfolio Segment | Commercial Business | 30 To 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,896 | |
Total loans | 1,967 | |
Commercial Real Estate Portfolio Segment | Commercial Business | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,569 | |
Commercial Real Estate Portfolio Segment | Commercial Business | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 225,290 | |
Total loans | 229,235 | |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 85 | 100 |
Total Past Due and Non-accrual | 906 | 100 |
Total loans | 573,075 | |
Total loans | 564,496 | |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | 30 To 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 821 | |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 572,169 | |
Total loans | 564,396 | |
Commercial Real Estate Portfolio Segment | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,690 | |
Total loans | 6,437 | |
Commercial Real Estate Portfolio Segment | Land | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,690 | |
Total loans | 6,437 | |
Commercial Real Estate Portfolio Segment | Multi-Family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 67,017 | |
Total loans | 55,836 | |
Commercial Real Estate Portfolio Segment | Multi-Family | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 67,017 | |
Total loans | 55,836 | |
Commercial Real Estate Portfolio Segment | Real Estate Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 42,167 | |
Total loans | 47,762 | |
Commercial Real Estate Portfolio Segment | Real Estate Construction | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 42,167 | |
Total loans | 47,762 | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 38 | 86 |
Total Past Due and Non-accrual | 51 | 97 |
Total loans | 98,001 | |
Total loans | 101,457 | |
Consumer | 30 To 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 13 | |
Total loans | 11 | |
Consumer | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 97,950 | |
Total loans | $ 101,360 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Credit Quality Indicators (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | $ 1,008,856 |
Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 987,074 |
Special Mention | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 19,135 |
Substandard | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 2,647 |
Commercial Real Estate Portfolio Segment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 907,399 |
Commercial Real Estate Portfolio Segment | Commercial Business | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 232,868 |
Commercial Real Estate Portfolio Segment | Commercial Business | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 231,384 |
Commercial Real Estate Portfolio Segment | Commercial Business | Special Mention | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 1,367 |
Commercial Real Estate Portfolio Segment | Commercial Business | Substandard | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 117 |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 564,496 |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 544,426 |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Special Mention | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 17,626 |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Substandard | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 2,444 |
Commercial Real Estate Portfolio Segment | Land | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 6,437 |
Commercial Real Estate Portfolio Segment | Land | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 6,437 |
Commercial Real Estate Portfolio Segment | Multi-Family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 55,836 |
Commercial Real Estate Portfolio Segment | Multi-Family | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 55,694 |
Commercial Real Estate Portfolio Segment | Multi-Family | Special Mention | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 142 |
Commercial Real Estate Portfolio Segment | Real Estate Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 47,762 |
Commercial Real Estate Portfolio Segment | Real Estate Construction | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 47,762 |
Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 101,457 |
Consumer | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | 101,371 |
Consumer | Substandard | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans receivable | $ 86 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Average recorded investment in impaired loans (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Recorded Investment with No Specific Valuation Allowance | $ 534 |
Recorded Investment with Specific Valuation Allowance | 95 |
Total Recorded Investment | 629 |
Unpaid Principal Balance | 731 |
Related Specific Valuation Allowance | 6 |
Commercial Real Estate Portfolio Segment | Commercial Business | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Recorded Investment with No Specific Valuation Allowance | 79 |
Recorded Investment with Specific Valuation Allowance | 0 |
Total Recorded Investment | 79 |
Unpaid Principal Balance | 127 |
Related Specific Valuation Allowance | 0 |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Recorded Investment with No Specific Valuation Allowance | 100 |
Recorded Investment with Specific Valuation Allowance | 0 |
Total Recorded Investment | 100 |
Unpaid Principal Balance | 162 |
Related Specific Valuation Allowance | 0 |
Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Recorded Investment with No Specific Valuation Allowance | 355 |
Recorded Investment with Specific Valuation Allowance | 95 |
Total Recorded Investment | 450 |
Unpaid Principal Balance | 442 |
Related Specific Valuation Allowance | $ 6 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Impaired Loans, Average Recorded Investment and Interest Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment | $ 667 | $ 687 |
Interest Recognized on Impaired Loans | 5 | 17 |
Commercial Real Estate Portfolio Segment | Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment | 87 | 92 |
Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment | 109 | 114 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average Recorded Investment | 471 | 481 |
Interest Recognized on Impaired Loans | $ 5 | $ 17 |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Additional information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 USD ($) loan | Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) loan | Sep. 30, 2023 USD ($) | Apr. 01, 2023 USD ($) loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Deferred loan fees | $ 4,700,000 | $ 4,700,000 | $ 4,400,000 | |||
Discount On Loans Receivable | 1,300,000 | 1,300,000 | 1,400,000 | |||
Premiums On Loans Receivable. | 1,900,000 | 1,900,000 | $ 2,100,000 | |||
Loans Pledged as Collateral | 1,002,838,000 | $ 1,002,838,000 | ||||
Percentage Of Loans And Extensions Of Credit Outstanding | 15% | |||||
Number of loans to one borrower over regulatory limit | loan | 0 | 0 | ||||
Allowance for credit losses (in dollars) | 15,361,000 | $ 15,361,000 | $ 15,309,000 | $ 15,346,000 | ||
Non-accrual loans with no ACL | 148,000 | 148,000 | ||||
Non-accrual loans with ACL | 38,000 | 38,000 | ||||
Non-accruals, Allowance | 1,000 | 1,000 | ||||
Interest income foregone on non-accrual loans | 8,000 | $ 10,000 | 14,000 | |||
Total loans | $ 1,018,199,000 | $ 1,018,199,000 | ||||
Number of loan modifications approved | loan | 0 | 0 | ||||
Percentage of delinquent loan amount | 75% | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |||||
30 To 89 Days Past Due | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 4,730,000 | $ 4,730,000 | ||||
ASU 2016-13 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number Of impaired loans on nonaccrual status | loan | 2 | |||||
Adjustment | ASU 2016-13 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses (in dollars) | 42,000 | $ 42,000 | ||||
Fully Guaranteed SBA Or USDA Loans | 30 To 89 Days Past Due | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 1,400,000 | 1,400,000 | ||||
Asset Pledged as Collateral | FHLB and FRB Borrowing Arrangements | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Pledged as Collateral | 617,900,000 | 617,900,000 | ||||
Asset Pledged as Collateral | Financing receivable | Commercial Business | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Pledged as Collateral | 63,000 | 63,000 | ||||
Asset Pledged as Collateral | Financing receivable | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Pledged as Collateral | 85,000 | 85,000 | ||||
Commercial Real Estate Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 920,198,000 | 920,198,000 | ||||
Commercial Real Estate Portfolio Segment | Commercial Business | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses (in dollars) | 5,265,000 | 5,265,000 | 3,123,000 | 5,339,000 | ||
Total loans | 229,249,000 | 229,249,000 | ||||
Commercial Real Estate Portfolio Segment | Commercial Business | 30 To 89 Days Past Due | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 3,896,000 | 3,896,000 | ||||
Commercial Real Estate Portfolio Segment | Commercial Business | Adjustment | ASU 2016-13 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses (in dollars) | 1,884,000 | |||||
Commercial Real Estate Portfolio Segment | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses (in dollars) | 7,279,000 | 7,279,000 | 8,894,000 | 7,138,000 | ||
Total loans | 573,075,000 | 573,075,000 | ||||
Commercial Real Estate Portfolio Segment | Commercial Real Estate | 30 To 89 Days Past Due | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 821,000 | 821,000 | ||||
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Adjustment | ASU 2016-13 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses (in dollars) | (1,494,000) | |||||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses (in dollars) | 1,595,000 | 1,595,000 | 1,127,000 | $ 1,604,000 | ||
Total loans | 98,001,000 | 98,001,000 | ||||
Consumer | 30 To 89 Days Past Due | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 13,000 | 13,000 | ||||
Consumer | Adjustment | ASU 2016-13 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses (in dollars) | $ 483,000 | |||||
Consumer | Real estate one-to-four family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 96,266,000 | $ 96,266,000 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 9 Months Ended | |
Oct. 31, 2023 USD ($) | Dec. 31, 2023 item | |
GOODWILL | ||
Number of Reporting Units | item | 2 | |
Goodwill impairment | $ | $ 0 |
FEDERAL HOME LOAN BANK ADVANC_3
FEDERAL HOME LOAN BANK ADVANCES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
FEDERAL HOME LOAN BANK ADVANCES | ||
FHLB advances | $ 157,054 | $ 123,754 |
Weighted average interest rate on FHLB advances | 5.37% | 4.88% |
FEDERAL HOME LOAN BANK ADVANC_4
FEDERAL HOME LOAN BANK ADVANCES - Additional Information (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
FEDERAL HOME LOAN BANK ADVANCES | |
Loans pledged as collateral | $ 1,002,838 |
Assets pledged as collateral | |
FEDERAL HOME LOAN BANK ADVANCES | |
Percentage of total assets equal to bank credit line from FHLB | 45% |
Bank additional borrowing capacity from FHLB | $ 137,800 |
Assets pledged as collateral | FHLB advances | |
FEDERAL HOME LOAN BANK ADVANCES | |
Loans pledged as collateral | $ 492,700 |
JUNIOR SUBORDINATED DEBENTURE_2
JUNIOR SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | |
JUNIOR SUBORDINATED DEBENTURES | ||
Amount Outstanding | $ 27,836 | |
Fair value adjustment | (854) | |
Total Debentures | $ 26,982 | $ 26,918 |
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 | 7.01% | |
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 | 7% | |
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 | 8.72% | |
Maturity Date | 2033-06 |
JUNIOR SUBORDINATED DEBENTURE_3
JUNIOR SUBORDINATED DEBENTURES - Additional Information (Details) | 9 Months Ended | |
Dec. 31, 2023 USD ($) item | Mar. 31, 2023 USD ($) | |
JUNIOR SUBORDINATED DEBENTURES | ||
Maximum number of consecutive quarters for deferred payment of each debenture | item | 20 | |
Debentures issued to grantor trusts | $ 27,000,000 | $ 26,900,000 |
Common securities issued by grantor trusts | $ 836,000 | $ 836,000 |
Riverview Bancorp Statutory Trust I | ||
JUNIOR SUBORDINATED DEBENTURES | ||
Description of variable rate | three-month Chicago Mercantile Exchange (“CME”) Term SOFR | |
Interest basis spread on variable rate | 1.36% | |
Riverview Bancorp Statutory Trust II | ||
JUNIOR SUBORDINATED DEBENTURES | ||
Description of variable rate | three-month CME Term SOFR | |
Interest basis spread on variable rate | 1.35% | |
Merchants Bancorp Statutory Trust I | ||
JUNIOR SUBORDINATED DEBENTURES | ||
Description of variable rate | three-month CME Term SOFR | |
Interest basis spread on variable rate | 3.10% |
FAIR VALUE MEASUREMENTS - Estim
FAIR VALUE MEASUREMENTS - Estimated Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
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 |
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 | 196,461 | 211,499 |
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 | 40,307 | 40,261 |
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 | 83,992 | 85,907 |
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 | 26,420 | 28,877 |
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 | 13,296 | 15,471 |
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 | 32,446 | 40,983 |
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 | 196,461 | 211,499 |
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 | 40,307 | 40,261 |
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 | 83,992 | 85,907 |
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 | 26,420 | 28,877 |
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 | 13,296 | 15,471 |
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 | $ 32,446 | $ 40,983 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Nonrecurring basis - Impaired loans $ in Thousands | Mar. 31, 2023 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total nonrecurring assets measured at fair value | $ 89 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total nonrecurring assets measured at fair value | $ 89 |
FAIR VALUE MEASUREMENTS - Level
FAIR VALUE MEASUREMENTS - Level 3 inputs for financial instruments measured at fair value (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired Loans Valuation Technique [Extensible Enumeration] | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Impaired Loans Measurement Input [Extensible Enumeration] | Discount rate |
Adjustments to the appraised values of impaired loans | $ 0 |
Discount rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired loans | 5.375% |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities held to maturity | $ 200,475 | $ 210,214 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 196,461 | 211,499 |
Investment securities held to maturity | 232,659 | 243,843 |
Carrying Value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 37,553 | 22,044 |
Carrying Value | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 249 | |
Carrying Value | Loans Receivable. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,002,838 | 993,547 |
Carrying Value | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 8,026 | 6,867 |
Carrying Value | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 170,491 | 128,833 |
Carrying Value | FHLB advances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 157,054 | 123,754 |
Carrying Value | Junior subordinated debentures. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 26,982 | 26,918 |
Total Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 196,461 | 211,499 |
Investment securities held to maturity | 200,475 | 210,214 |
Total Estimated Fair Value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 37,553 | 22,044 |
Total Estimated Fair Value | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 248 | |
Total Estimated Fair Value | Loans Receivable. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 940,461 | 931,784 |
Total Estimated Fair Value | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 8,026 | 6,867 |
Total Estimated Fair Value | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 168,101 | 126,072 |
Total Estimated Fair Value | FHLB advances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 156,960 | 123,679 |
Total Estimated Fair Value | Junior subordinated debentures. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 18,989 | 17,698 |
Level 1 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 37,553 | 22,044 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 196,461 | 211,499 |
Investment securities held to maturity | 200,475 | 210,214 |
Level 2 | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 248 | |
Level 2 | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 8,026 | 6,867 |
Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 168,101 | 126,072 |
Level 2 | FHLB advances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 156,960 | 123,679 |
Level 3 | Loans Receivable. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 940,461 | 931,784 |
Level 3 | Junior subordinated debentures. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 18,989 | $ 17,698 |
NEW ACCOUNTING PRONOUNCEMENTS (
NEW ACCOUNTING PRONOUNCEMENTS (Details) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 USD ($) loan | Dec. 31, 2023 USD ($) loan | Sep. 30, 2023 USD ($) | Apr. 01, 2023 USD ($) | Mar. 31, 2023 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 120,734,000 | $ 120,734,000 | $ 117,826,000 | ||
Allowance for credit losses (in dollars) | $ 15,361,000 | $ 15,361,000 | $ 15,346,000 | 15,309,000 | |
Number of loan modifications approved | loan | 0 | 0 | |||
Recoveries | $ 17,000 | $ 23,000 | |||
Loan write off | 2,000 | 13,000 | |||
Consumer | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses (in dollars) | 1,595,000 | 1,595,000 | $ 1,604,000 | 1,127,000 | |
Recoveries | 17,000 | 23,000 | |||
Loan write off | $ 2,000 | 13,000 | |||
Consumer | Other installment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loan write off | 13,000 | ||||
ASU 2016-13 | Consumer | Other installment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Recoveries | 23,000 | ||||
Loan write off | $ 13,000 | ||||
Adjustment | ASU 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 53,000 | ||||
Allowance for credit losses (in dollars) | 42,000 | 42,000 | |||
Credit losses on unfunded commitments | $ 28,000 | ||||
Adjustment | ASU 2016-13 | Consumer | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses (in dollars) | $ 483,000 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from External Customer [Line Items] | ||||
BOLI | $ 211 | $ 194 | $ 669 | $ 626 |
FHLMC loan servicing fees | 21 | 13 | 64 | 55 |
Total non-interest income, net | 3,056 | 2,963 | 9,748 | 9,223 |
Contract with customer liability | 0 | 0 | ||
Revenue remaining performance obligation | 0 | 0 | 0 | 0 |
Asset management fees. | ||||
Revenue from External Customer [Line Items] | ||||
Non-interest income | 1,266 | 1,137 | 3,920 | 3,459 |
Debit card and ATM fees | ||||
Revenue from External Customer [Line Items] | ||||
Non-interest income | 808 | 803 | 2,500 | 2,598 |
Deposit related fees | ||||
Revenue from External Customer [Line Items] | ||||
Non-interest income | 465 | 427 | 1,374 | 1,304 |
Loan related fees | ||||
Revenue from External Customer [Line Items] | ||||
Non-interest income | 99 | 99 | 471 | 422 |
Other, net | ||||
Revenue from External Customer [Line Items] | ||||
Non-interest income | $ 186 | $ 290 | $ 750 | $ 759 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Significant Off-balance Sheet Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 173,192 |
Commitments to extend credit: | Adjustable-rate | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 9,837 |
Commitments to extend credit: | Fixed-rate | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 52 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 1,600 |
Undisbursed loan funds and unused lines of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 161,703 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
COMMITMENTS AND CONTINGENCIES | |
Threshold limit for honoring of commitments | 45 days |
Loans under warranty | $ 32,700,000 |
Allowance for FHLMC loans | $ 12,000 |
LEASES - Lease Right-of-use Ass
LEASES - Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
LEASES | ||
Finance lease ROU assets | $ 1,221 | $ 1,278 |
Finance lease liability | $ 2,184 | $ 2,229 |
Finance lease remaining lease term | 15 years 11 months 4 days | 16 years 8 months 4 days |
Finance lease discount rate | 7.16% | 7.16% |
Operating lease ROU assets | $ 5,788 | $ 6,705 |
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 | $ 6,105 | $ 7,064 |
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 | 5 years 6 months 10 days | 6 years 1 month 24 days |
Operating lease weighted-average discount rate | 1.75% | 1.78% |
LEASES - Lease Costs for Operat
LEASES - Lease Costs for Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||||
Finance lease amortization of ROU asset | $ 20 | $ 20 | $ 58 | $ 58 |
Finance lease interest on lease liability | 39 | 41 | 119 | 122 |
Operating lease costs | 283 | 283 | 849 | 849 |
Variable lease costs | 53 | 52 | 157 | 157 |
Total lease cost | $ 395 | $ 396 | $ 1,183 | $ 1,186 |
LEASES - Undiscounted Cash Flow
LEASES - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Operating Leases | ||
Remainder of Fiscal 2024 | $ 345 | |
2025 | 1,375 | |
2026 | 1,125 | |
2027 | 1,116 | |
2028 | 899 | |
Thereafter | 1,631 | |
Total minimum lease payments | 6,491 | |
Less: amount of lease payment representing interest | (386) | |
Lease liabilities | 6,105 | $ 7,064 |
Finance Lease | ||
Remainder of Fiscal 2024 | 56 | |
2025 | 222 | |
2026 | 226 | |
2027 | 230 | |
2028 | 232 | |
Thereafter | 2,711 | |
Total minimum lease payments | 3,677 | |
Less: amount of lease payment representing interest | (1,493) | |
Lease liabilities | $ 2,184 | $ 2,229 |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||||
Operating lease | $ 343,000 | $ 338,000 | $ 1,000,000 | $ 1,000,000 |
ROU lease assets obtained in exchange for operating lease liabilities | $ 0 | $ 0 | $ 0 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 1,452,000 | $ 5,240,000 | $ 6,767,000 | $ 15,086,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Trading Arrangements, by Individual | ||
Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false |