[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Washington
|
|
91-1838969 |
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer I.D. Number) |
|
|
|
900 Washington St., Ste. 900, Vancouver, Washington
|
|
98660
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
Registrant's telephone number, including area code:
|
|
(360) 693-6650
|
Part I. | Financial Information Page | Page |
Item 1:
|
Financial Statements (Unaudited)
|
|
|
|
|
|
Consolidated Balance Sheets as of
September 30, 2018 and March 31, 2018
|
2
|
|
|
|
|
Consolidated Statements of Income for the
Three and Six Months Ended September 30, 2018 and 2017
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the
Three and Six Months Ended September 30, 2018 and 2017
|
4
|
|
|
|
|
Consolidated Statements of Equity for the
Six Months Ended September 30, 2018 and 2017
|
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the
Six Months Ended September 30, 2018 and 2017
|
6
|
Notes to Consolidated Financial Statements | 7 | |
Item 2: |
Management's Discussion and Analysis of
Financial Condition and Results of Operations
|
27 |
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
42
|
Item 4:
|
Controls and Procedures
|
42
|
Part II. | Other Information | 43-44 |
Item 1: | Legal Proceedings | |
Item 1A: | Risk Factors | |
Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3: | Defaults Upon Senior Securities | |
Item 4: | Mine Safety Disclosures | |
Item 5: | Other Information | |
Item 6: | Exhibits | |
SIGNATURES
|
45 | |
|
|
|
Certifications | ||
Exhibit 31.1
Exhibit 31.2
Exhibit 32
|
(In thousands, except share and per share data) (Unaudited)
|
September 30,
2018
|
March 31,
2018
|
||||||
ASSETS
|
||||||||
Cash and cash equivalents (including interest-earning accounts of $12,537 and $30,052)
|
$
|
27,080
|
$
|
44,767
|
||||
Certificates of deposit held for investment
|
3,984
|
5,967
|
||||||
Loans held for sale
|
-
|
210
|
||||||
Investment securities:
|
||||||||
Available for sale, at estimated fair value
|
190,792
|
213,221
|
||||||
Held to maturity, at amortized cost (estimated fair value of $39 and $43)
|
38
|
42
|
||||||
Loans receivable (net of allowance for loan losses of $11,513 and $10,766)
|
838,329
|
800,610
|
||||||
Real estate owned ("REO")
|
-
|
298
|
||||||
Prepaid expenses and other assets
|
5,104
|
3,870
|
||||||
Accrued interest receivable
|
3,671
|
3,477
|
||||||
Federal Home Loan Bank stock, at cost
|
1,353
|
1,353
|
||||||
Premises and equipment, net
|
15,403
|
15,783
|
||||||
Deferred income taxes, net
|
5,352
|
4,813
|
||||||
Mortgage servicing rights, net
|
344
|
388
|
||||||
Goodwill
|
27,076
|
27,076
|
||||||
Core deposit intangible ("CDI"), net
|
1,011
|
1,103
|
||||||
Bank owned life insurance ("BOLI")
|
28,910
|
28,557
|
||||||
TOTAL ASSETS
|
$
|
1,148,447
|
$
|
1,151,535
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
LIABILITIES:
|
||||||||
Deposits
|
$
|
982,272
|
$
|
995,691
|
||||
Accrued expenses and other liabilities
|
13,767
|
9,391
|
||||||
Advanced payments by borrowers for taxes and insurance
|
1,050
|
637
|
||||||
Junior subordinated debentures
|
26,530
|
26,484
|
||||||
Capital lease obligation
|
2,418
|
2,431
|
||||||
Total liabilities
|
1,026,037
|
1,034,634
|
||||||
COMMITMENTS AND CONTINGENCIES (See Note 14)
|
||||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Serial preferred stock, $.01 par value; 250,000 authorized; issued and outstanding: none
|
-
|
-
|
||||||
Common stock, $.01 par value; 50,000,000 authorized
|
||||||||
September 30, 2018 – 22,598,712 issued and outstanding
|
226
|
226
|
||||||
March 31, 2018 – 22,570,179 issued and outstanding
|
||||||||
Additional paid-in capital
|
65,044
|
64,871
|
||||||
Retained earnings
|
63,642
|
56,552
|
||||||
Accumulated other comprehensive loss
|
(6,502
|
)
|
(4,748
|
)
|
||||
Total shareholders' equity
|
122,410
|
116,901
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,148,447
|
$
|
1,151,535
|
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED
SEPTEMBER 30, 2018 AND 2017
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
||||||||||||||
(In thousands, except share and per share data) (Unaudited)
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
INTEREST AND DIVIDEND INCOME:
|
||||||||||||||||
Interest and fees on loans receivable
|
$
|
10,943
|
$
|
9,994
|
$
|
21,720
|
$
|
19,783
|
||||||||
Interest on investment securities – taxable
|
1,116
|
1,079
|
2,314
|
2,212
|
||||||||||||
Interest on investment securities – nontaxable
|
36
|
14
|
73
|
28
|
||||||||||||
Other interest and dividends
|
118
|
228
|
211
|
315
|
||||||||||||
Total interest and dividend income
|
12,213
|
11,315
|
24,318
|
22,338
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
259
|
313
|
519
|
635
|
||||||||||||
Interest on borrowings
|
352
|
277
|
710
|
545
|
||||||||||||
Total interest expense
|
611
|
590
|
1,229
|
1,180
|
||||||||||||
Net interest income
|
11,602
|
10,725
|
23,089
|
21,158
|
||||||||||||
Provision for loan losses
|
250
|
-
|
50
|
-
|
||||||||||||
Net interest income after provision for loan losses
|
11,352
|
10,725
|
23,039
|
21,158
|
||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and service charges
|
1,690
|
1,490
|
3,445
|
2,897
|
||||||||||||
Asset management fees
|
943
|
818
|
1,869
|
1,671
|
||||||||||||
Net gains on sales of loans held for sale
|
44
|
157
|
196
|
382
|
||||||||||||
BOLI
|
174
|
204
|
353
|
411
|
||||||||||||
Other, net
|
165
|
44
|
205
|
90
|
||||||||||||
Total non-interest income, net
|
3,016
|
2,713
|
6,068
|
5,451
|
||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
5,283
|
5,251
|
10,861
|
10,673
|
||||||||||||
Occupancy and depreciation
|
1,351
|
1,412
|
2,710
|
2,758
|
||||||||||||
Data processing
|
622
|
580
|
1,253
|
1,196
|
||||||||||||
Amortization of CDI
|
46
|
58
|
92
|
116
|
||||||||||||
Advertising and marketing
|
266
|
256
|
458
|
490
|
||||||||||||
FDIC insurance premium
|
85
|
136
|
161
|
281
|
||||||||||||
State and local taxes
|
182
|
177
|
350
|
331
|
||||||||||||
Telecommunications
|
88
|
103
|
181
|
207
|
||||||||||||
Professional fees
|
387
|
261
|
671
|
676
|
||||||||||||
Other
|
605
|
525
|
1,197
|
1,205
|
||||||||||||
Total non-interest expense
|
8,915
|
8,759
|
17,934
|
17,933
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
5,453
|
4,679
|
11,173
|
8,676
|
||||||||||||
PROVISION FOR INCOME TAXES
|
1,224
|
1,620
|
2,502
|
2,963
|
||||||||||||
NET INCOME
|
$
|
4,229
|
$
|
3,059
|
$
|
8,671
|
$
|
5,713
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
0.19
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
||||||||
Diluted
|
0.19
|
0.14
|
0.38
|
0.25
|
||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
22,579,839
|
22,518,941
|
22,575,009
|
22,511,935
|
||||||||||||
Diluted
|
22,658,737
|
22,609,480
|
22,655,297
|
22,599,851
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
(In thousands) (Unaudited) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income
|
$
|
4,229
|
$
|
3,059
|
$
|
8,671
|
$
|
5,713
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Net unrealized holding gain (loss) from available for sale investment securities arising
|
||||||||||||||||
during the period, net of tax of $313, ($105), $539 and ($321), respectively
|
(1,018
|
)
|
191
|
(1,754
|
)
|
584
|
||||||||||
Total comprehensive income, net
|
$
|
3,211
|
$
|
3,250
|
$
|
6,917
|
$
|
6,297
|
Common Stock
|
Additional
|
Unearned
Shares
Issued to
Employee
Stock
Ownership
|
Accumulated
Other
|
|||||||||||||||||||||||||
(In thousands, except share data)
(Unaudited)
|
Shares
|
Amount
|
Paid-In
Capital
|
Retained
Earnings
|
Plan
("ESOP")
|
Comprehensive
Loss
|
Total
|
|||||||||||||||||||||
Balance April 1, 2017
|
22,510,890
|
$
|
225
|
$
|
64,468
|
$
|
48,335
|
$
|
(77
|
)
|
$
|
(1,687
|
)
|
$
|
111,264
|
|||||||||||||
Net income
|
-
|
-
|
-
|
5,713
|
-
|
-
|
5,713
|
|||||||||||||||||||||
Cash dividends on common stock
($0.045 per share)
|
-
|
-
|
-
|
(1,014
|
)
|
-
|
-
|
(1,014
|
)
|
|||||||||||||||||||
Exercise of stock options
|
23,022
|
-
|
102
|
-
|
-
|
-
|
102
|
|||||||||||||||||||||
Earned ESOP shares
|
-
|
-
|
42
|
-
|
51
|
-
|
93
|
|||||||||||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
-
|
584
|
584
|
|||||||||||||||||||||
Balance September 30, 2017
|
22,533,912
|
$
|
225
|
$
|
64,612
|
$
|
53,034
|
$
|
(26
|
)
|
$
|
(1,103
|
)
|
$
|
116,742
|
|||||||||||||
Balance April 1, 2018
|
22,570,179
|
$
|
226
|
$
|
64,871
|
$
|
56,552
|
$
|
-
|
$
|
(4,748
|
)
|
$
|
116,901
|
||||||||||||||
Net income
|
-
|
-
|
-
|
8,671
|
-
|
-
|
8,671
|
|||||||||||||||||||||
Cash dividends on common stock
($0.070 per share)
|
-
|
-
|
-
|
(1,581
|
)
|
-
|
-
|
(1,581
|
)
|
|||||||||||||||||||
Exercise of stock options
|
28,533
|
-
|
151
|
-
|
-
|
-
|
151
|
|||||||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
22
|
-
|
-
|
-
|
22
|
|||||||||||||||||||||
Other comprehensive loss, net
|
-
|
-
|
-
|
-
|
-
|
(1,754
|
)
|
(1,754
|
)
|
|||||||||||||||||||
Balance September 30, 2018
|
22,598,712
|
$
|
226
|
$
|
65,044
|
$
|
63,642
|
$
|
-
|
$
|
(6,502
|
)
|
$
|
122,410
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2018 AND 2017
|
||||||||
(In thousands) (Unaudited)
|
2018
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
8,671
|
$
|
5,713
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,404
|
1,478
|
||||||
Purchased loans amortization (accretion), net
|
9
|
(158
|
)
|
|||||
Provision for loan losses
|
50
|
-
|
||||||
Provision for deferred income taxes
|
-
|
1,122
|
||||||
Expense related to ESOP
|
-
|
93
|
||||||
Stock-based compensation expense
|
22
|
-
|
||||||
Increase in deferred loan origination fees, net of amortization
|
506
|
144
|
||||||
Origination of loans held for sale
|
(6,110
|
)
|
(12,166
|
)
|
||||
Proceeds from sales of loans held for sale
|
6,419
|
12,567
|
||||||
Net gains on sales of loans held for sale and sale of REO
|
(198
|
)
|
(382
|
)
|
||||
Income from BOLI
|
(353
|
)
|
(411
|
)
|
||||
Changes in certain other assets and liabilities:
|
||||||||
Prepaid expenses and other assets
|
(1,307
|
)
|
(486
|
)
|
||||
Accrued interest receivable
|
(194
|
)
|
(170
|
)
|
||||
Accrued expenses and other liabilities
|
4,303
|
(2,219
|
)
|
|||||
Net cash provided by operating activities
|
13,222
|
5,125
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Loan repayments (originations), net
|
(21,874
|
)
|
14,557
|
|||||
Purchases of loans receivable
|
(16,350
|
)
|
(18,697
|
)
|
||||
Principal repayments on investment securities available for sale
|
14,496
|
13,855
|
||||||
Purchases of investment securities available for sale
|
-
|
(14,024
|
)
|
|||||
Proceeds from maturity of investment security available for sale
|
5,000
|
-
|
||||||
Principal repayments on investment securities held to maturity
|
4
|
18
|
||||||
Redemption of certificates of deposit held for investment
|
1,983
|
1,245
|
||||||
Purchases of premises and equipment and capitalized software
|
(194
|
)
|
(133
|
)
|
||||
Proceeds from sale of REO
|
326
|
-
|
||||||
Net cash used in investing activities
|
(16,609
|
)
|
(3,179
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase (decrease) in deposits
|
(13,384
|
)
|
10,324
|
|||||
Dividends paid
|
(1,467
|
)
|
(956
|
)
|
||||
Proceeds from borrowings
|
59,740
|
17,925
|
||||||
Repayment of borrowings
|
(59,740
|
)
|
(17,925
|
)
|
||||
Net increase in advance payments by borrowers
|
413
|
227
|
||||||
Principal payments on capital lease obligation
|
(13
|
)
|
(11
|
)
|
||||
Proceeds from exercise of stock options
|
151
|
102
|
||||||
Net cash provided by (used in) financing activities
|
(14,300
|
)
|
9,686
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(17,687
|
)
|
11,632
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
44,767
|
64,613
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
27,080
|
$
|
76,245
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
1,183
|
$
|
1,102
|
||||
Income taxes
|
4,591
|
2,170
|
||||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Dividends declared and accrued in other liabilities
|
$
|
791
|
$
|
508
|
||||
Other comprehensive income (loss)
|
(2,293
|
)
|
905
|
|||||
Income tax effect related to other comprehensive income (loss)
|
539
|
(321
|
)
|
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
BUSINESS COMBINATIONS
|
At February 17, 2017
|
||||||||||||
Book
Value
|
Fair Value
Adjustment
|
Estimated
Fair Value
|
||||||||||
Cash consideration transferred
|
$
|
12,080
|
||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed
|
||||||||||||
Identifiable assets acquired
|
||||||||||||
Cash and cash equivalents
|
$
|
27,196
|
$
|
-
|
$
|
27,196
|
||||||
Loans receivable
|
115,283
|
(3,258
|
)
|
112,025
|
||||||||
CDI
|
-
|
1,363
|
1,363
|
|||||||||
Premises and equipment
|
1,769
|
399
|
2,168
|
|||||||||
BOLI
|
2,113
|
-
|
2,113
|
|||||||||
Accrued interest receivable and other assets
|
431
|
90
|
521
|
|||||||||
Total identifiable assets acquired
|
146,792
|
(1,406
|
)
|
145,386
|
||||||||
Liabilities assumed
|
||||||||||||
Deposits
|
130,572
|
235
|
130,807
|
|||||||||
Junior subordinated debentures
|
5,155
|
(1,468
|
)
|
3,687
|
||||||||
Accrued expenses and other liabilities
|
293
|
23
|
316
|
|||||||||
Total liabilities assumed
|
136,020
|
(1,210
|
)
|
134,810
|
||||||||
Total identifiable net assets acquired
|
$
|
10,772
|
$
|
(196
|
)
|
10,576
|
||||||
Goodwill recognized
|
$
|
1,504
|
4.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Six Months Ended
September 30, 2018
|
Six Months Ended
September 30, 2017
|
|||||||||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||
Balance, beginning of period
|
141,365
|
$
|
3.77
|
220,654
|
$
|
4.74
|
||||||||||
Options exercised
|
(28,533
|
)
|
5.30
|
(23,022
|
)
|
4.43
|
||||||||||
Expired
|
(2,500
|
)
|
8.12
|
(15,000
|
)
|
14.49
|
||||||||||
Balance, end of period
|
110,332
|
$
|
3.27
|
182,632
|
$
|
3.98
|
2018
|
2017
|
|||||||
Stock options fully vested and expected to vest:
|
||||||||
Number
|
110,332
|
182,632
|
||||||
Weighted average exercise price
|
$
|
3.27
|
$
|
3.98
|
||||
Aggregate intrinsic value (1)
|
$
|
614,000
|
$
|
817,000
|
||||
Weighted average contractual term of options (years)
|
2.70
|
3.20
|
||||||
Stock options fully vested and currently exercisable:
|
||||||||
Number
|
110,332
|
182,632
|
||||||
Weighted average exercise price
|
$
|
3.27
|
$
|
3.98
|
||||
Aggregate intrinsic value (1)
|
$
|
614,000
|
$
|
817,000
|
||||
Weighted average contractual term of options (years)
|
2.70
|
3.20
|
||||||
(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.
|
5.
|
EARNINGS PER SHARE
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Basic EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
4,229,000
|
$
|
3,059,000
|
$
|
8,671,000
|
$
|
5,713,000
|
||||||||
Denominator-weighted average common shares
outstanding
|
22,579,839
|
22,518,941
|
22,575,009
|
22,511,935
|
||||||||||||
Basic EPS
|
$
|
0.19
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
||||||||
Diluted EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
4,229,000
|
$
|
3,059,000
|
$
|
8,671,000
|
$
|
5,713,000
|
||||||||
Denominator-weighted average common shares
outstanding
|
22,579,839
|
22,518,941
|
22,575,009
|
22,511,935
|
||||||||||||
Effect of dilutive stock options
|
78,898
|
90,539
|
80,288
|
87,916
|
||||||||||||
Weighted average common shares and common
stock equivalents
|
22,658,737
|
22,609,480
|
22,655,297
|
22,599,851
|
||||||||||||
Diluted EPS
|
$
|
0.19
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
6.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
September 30, 2018
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
8,964
|
$
|
-
|
$
|
(390
|
)
|
$
|
8,574
|
|||||||
Agency securities
|
17,420
|
4
|
(412
|
)
|
17,012
|
|||||||||||
Real estate mortgage investment conduits (1)
|
44,108
|
1
|
(1,860
|
)
|
42,249
|
|||||||||||
Residential mortgage-backed securities (1)
|
83,865
|
3
|
(3,721
|
)
|
80,147
|
|||||||||||
Other mortgage-backed securities (2)
|
44,934
|
-
|
(2,124
|
)
|
42,810
|
|||||||||||
Total available for sale
|
$
|
199,291
|
$
|
8
|
$
|
(8,507
|
)
|
$
|
190,792
|
|||||||
Held to maturity:
|
||||||||||||||||
Residential mortgage-backed securities (3)
|
$
|
38
|
$
|
1
|
$
|
-
|
$
|
39
|
||||||||
March 31, 2018
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
9,041
|
$
|
-
|
$
|
(309
|
)
|
$
|
8,732
|
|||||||
Agency securities
|
22,412
|
1
|
(311
|
)
|
22,102
|
|||||||||||
Real estate mortgage investment conduits (1)
|
48,310
|
-
|
(1,355
|
)
|
46,955
|
|||||||||||
Residential mortgage-backed securities (1)
|
91,786
|
3
|
(2,715
|
)
|
89,074
|
|||||||||||
Other mortgage-backed securities (2)
|
47,878
|
1
|
(1,521
|
)
|
46,358
|
|||||||||||
Total available for sale
|
$
|
219,427
|
$
|
5
|
$
|
(6,211
|
)
|
$
|
213,221
|
|||||||
Held to maturity:
|
||||||||||||||||
Residential mortgage-backed securities (3)
|
$
|
42
|
$
|
1
|
$
|
-
|
$
|
43
|
||||||||
(1) Comprised of Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA") and Ginnie Mae ("GNMA") issued securities.
|
||||||||||||||||
(2) Comprised of U.S. Small Business Administration ("SBA") issued securities and commercial real estate ("CRE") secured securities issued by FNMA.
|
||||||||||||||||
(3) Comprised of FHLMC and FNMA issued securities.
|
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Amortized
Cost
|
Estimated
Fair Value
|
Amortized
Cost
|
Estimated
Fair Value
|
|||||||||||||
Due in one year or less
|
$
|
8,000
|
$
|
7,971
|
$
|
-
|
$
|
-
|
||||||||
Due after one year through five years
|
10,787
|
10,535
|
5
|
5
|
||||||||||||
Due after five years through ten years
|
41,341
|
39,543
|
29
|
30
|
||||||||||||
Due after ten years
|
139,163
|
132,743
|
4
|
4
|
||||||||||||
Total
|
$
|
199,291
|
$
|
190,792
|
$
|
38
|
$
|
39
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||
Municipal securities
|
$
|
5,293
|
$
|
(289
|
)
|
$
|
3,281
|
$
|
(101
|
)
|
$
|
8,574
|
$
|
(390
|
)
|
|||||||||
Agency securities
|
995
|
(9
|
)
|
13,999
|
(403
|
)
|
14,994
|
(412
|
)
|
|||||||||||||||
Real estate mortgage investment conduits (2)
|
20,660
|
(759
|
)
|
21,546
|
(1,101
|
)
|
42,206
|
(1,860
|
)
|
|||||||||||||||
Residential mortgage-backed securities (2)
|
28,498
|
(1,018
|
)
|
51,415
|
(2,703
|
)
|
79,913
|
(3,721
|
)
|
|||||||||||||||
Other mortgage-backed securities (3)
|
10,514
|
(259
|
)
|
32,296
|
(1,865
|
)
|
42,810
|
(2,124
|
)
|
|||||||||||||||
Total available for sale
|
$
|
65,960
|
$
|
(2,334
|
)
|
$
|
122,537
|
$
|
(6,173
|
)
|
$
|
188,497
|
$
|
(8,507
|
)
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
March 31, 2018
|
||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||
Municipal securities
|
$
|
6,626
|
$
|
(236
|
)
|
$
|
2,106
|
$
|
(73
|
)
|
$
|
8,732
|
$
|
(309
|
)
|
|||||||||
Agency securities
|
5,301
|
(112
|
)
|
15,797
|
(199
|
)
|
21,098
|
(311
|
)
|
|||||||||||||||
Real estate mortgage investment conduits (1)
|
31,922
|
(774
|
)
|
14,983
|
(581
|
)
|
46,905
|
(1,355
|
)
|
|||||||||||||||
Residential mortgage-backed securities (2)
|
50,941
|
(1,192
|
)
|
37,823
|
(1,523
|
)
|
88,764
|
(2,715
|
)
|
|||||||||||||||
Other mortgage-backed securities (3)
|
16,355
|
(382
|
)
|
29,351
|
(1,139
|
)
|
45,706
|
(1,521
|
)
|
|||||||||||||||
Total available for sale
|
$
|
111,145
|
$
|
(2,696
|
)
|
$
|
100,060
|
$
|
(3,515
|
)
|
$
|
211,205
|
$
|
(6,211
|
)
|
|||||||||
(1) Comprised of FHLMC and FNMA issued securities.
|
||||||||||||||||||||||||
(2) Comprised of FHLMC, FNMA and GNMA issued securities.
|
||||||||||||||||||||||||
(3) Comprised of SBA issued and CRE secured securities issued by FNMA.
|
7.
|
LOANS RECEIVABLE
|
September 30,
2018
|
March 31,
2018
|
|||||||
Commercial and construction
|
||||||||
Commercial business
|
$
|
155,487
|
$
|
137,672
|
||||
Commercial real estate
|
462,377
|
450,597
|
||||||
Land
|
15,939
|
15,337
|
||||||
Multi-family
|
54,942
|
63,080
|
||||||
Real estate construction
|
62,795
|
39,584
|
||||||
Total commercial and construction
|
751,540
|
706,270
|
||||||
Consumer
|
||||||||
Real estate one-to-four family
|
86,950
|
90,109
|
||||||
Other installment (1)
|
11,352
|
14,997
|
||||||
Total consumer
|
98,302
|
105,106
|
||||||
Total loans
|
849,842
|
811,376
|
||||||
Less: Allowance for loan losses
|
11,513
|
10,766
|
||||||
Loans receivable, net
|
$
|
838,329
|
$
|
800,610
|
||||
(1) Consists primarily of purchased automobile loans totaling $8.9 million and $12.9 million at September 30, 2018 and March 31, 2018, respectively.
|
8.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
September 30, 2018
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,799
|
$
|
5,139
|
$
|
258
|
$
|
781
|
$
|
855
|
$
|
1,788
|
$
|
729
|
$
|
11,349
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
59
|
222
|
(21
|
)
|
(85
|
)
|
152
|
(61
|
)
|
(16
|
)
|
250
|
||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(92
|
)
|
-
|
(92
|
)
|
||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,858
|
$
|
5,361
|
$
|
237
|
$
|
696
|
$
|
1,007
|
$
|
1,641
|
$
|
713
|
$
|
11,513
|
Six months ended
September 30, 2018
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,668
|
$
|
4,914
|
$
|
220
|
$
|
822
|
$
|
618
|
$
|
1,809
|
$
|
715
|
$
|
10,766
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
190
|
(376
|
)
|
17
|
(126
|
)
|
389
|
(42
|
)
|
(2
|
)
|
50
|
||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(184
|
)
|
-
|
(184
|
)
|
||||||||||||||||||||||
Recoveries
|
-
|
823
|
-
|
-
|
-
|
58
|
-
|
881
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,858
|
$
|
5,361
|
$
|
237
|
$
|
696
|
$
|
1,007
|
$
|
1,641
|
$
|
713
|
$
|
11,513
|
Three months ended
September 30, 2017
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,391
|
$
|
5,176
|
$
|
219
|
$
|
502
|
$
|
668
|
$
|
1,932
|
$
|
709
|
$
|
10,597
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(53
|
)
|
(76
|
)
|
(130
|
)
|
2
|
172
|
63
|
22
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(128
|
)
|
-
|
(128
|
)
|
||||||||||||||||||||||
Recoveries
|
2
|
16
|
107
|
-
|
-
|
23
|
-
|
148
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,340
|
$
|
5,116
|
$
|
196
|
$
|
504
|
$
|
840
|
$
|
1,890
|
$
|
731
|
$
|
10,617
|
Six months ended
September 30, 2017
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,418
|
$
|
5,084
|
$
|
228
|
$
|
297
|
$
|
714
|
$
|
2,099
|
$
|
688
|
$
|
10,528
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(83
|
)
|
16
|
(275
|
)
|
207
|
126
|
(34
|
)
|
43
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(210
|
)
|
-
|
(210
|
)
|
||||||||||||||||||||||
Recoveries
|
5
|
16
|
243
|
-
|
-
|
35
|
-
|
299
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,340
|
$
|
5,116
|
$
|
196
|
$
|
504
|
$
|
840
|
$
|
1,890
|
$
|
731
|
$
|
10,617
|
Allowance for Loan Losses
|
Recorded Investment In Loans
|
|||||||||||||||||||||||
September 30, 2018
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,858
|
$
|
1,858
|
$
|
168
|
$
|
155,319
|
$
|
155,487
|
||||||||||||
Commercial real estate
|
-
|
5,361
|
5,361
|
2,555
|
459,822
|
462,377
|
||||||||||||||||||
Land
|
-
|
237
|
237
|
740
|
15,199
|
15,939
|
||||||||||||||||||
Multi-family
|
-
|
696
|
696
|
1,619
|
53,323
|
54,942
|
||||||||||||||||||
Real estate construction
|
-
|
1,007
|
1,007
|
-
|
62,795
|
62,795
|
||||||||||||||||||
Consumer
|
26
|
1,615
|
1,641
|
713
|
97,589
|
98,302
|
||||||||||||||||||
Unallocated
|
-
|
713
|
713
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
26
|
$
|
11,487
|
$
|
11,513
|
$
|
5,795
|
$
|
844,047
|
$
|
849,842
|
March 31, 2018
|
||||||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,668
|
$
|
1,668
|
$
|
1,004
|
$
|
136,668
|
$
|
137,672
|
||||||||||||
Commercial real estate
|
-
|
4,914
|
4,914
|
2,883
|
447,714
|
450,597
|
||||||||||||||||||
Land
|
-
|
220
|
220
|
763
|
14,574
|
15,337
|
||||||||||||||||||
Multi-family
|
-
|
822
|
822
|
1,644
|
61,436
|
63,080
|
||||||||||||||||||
Real estate construction
|
-
|
618
|
618
|
-
|
39,584
|
39,584
|
||||||||||||||||||
Consumer
|
69
|
1,740
|
1,809
|
1,428
|
103,678
|
105,106
|
||||||||||||||||||
Unallocated
|
-
|
715
|
715
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
69
|
$
|
10,697
|
$
|
10,766
|
$
|
7,722
|
$
|
803,654
|
$
|
811,376
|
September 30, 2018
|
30-89 Days
Past Due
|
90 Days
and
Greater
Past Due
|
Non-accrual
|
Total Past
Due and
Non-
accrual
|
Current
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$
|
128
|
$
|
-
|
$
|
168
|
$
|
296
|
$
|
155,191
|
$
|
155,487
|
||||||||||||
Commercial real estate
|
163
|
-
|
1,135
|
1,298
|
461,079
|
462,377
|
||||||||||||||||||
Land
|
-
|
-
|
740
|
740
|
15,199
|
15,939
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
54,942
|
54,942
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
62,795
|
62,795
|
||||||||||||||||||
Consumer
|
401
|
-
|
240
|
641
|
97,661
|
98,302
|
||||||||||||||||||
Total
|
$
|
692
|
$
|
-
|
$
|
2,283
|
$
|
2,975
|
$
|
846,867
|
$
|
849,842
|
March 31, 2018
|
||||||||||||||||||||||||
Commercial business
|
$
|
7
|
$
|
-
|
$
|
178
|
$
|
185
|
$
|
137,487
|
$
|
137,672
|
||||||||||||
Commercial real estate
|
-
|
-
|
1,200
|
1,200
|
449,397
|
450,597
|
||||||||||||||||||
Land
|
-
|
-
|
763
|
763
|
14,574
|
15,337
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
63,080
|
63,080
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
39,584
|
39,584
|
||||||||||||||||||
Consumer
|
513
|
-
|
277
|
790
|
104,316
|
105,106
|
||||||||||||||||||
Total
|
$
|
520
|
$
|
-
|
$
|
2,418
|
$
|
2,938
|
$
|
808,438
|
$
|
811,376
|
September 30, 2018
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$
|
151,080
|
$
|
2,141
|
$
|
2,266
|
$
|
-
|
$
|
-
|
$
|
155,487
|
||||||||||||
Commercial real estate
|
449,511
|
9,976
|
2,890
|
-
|
-
|
462,377
|
||||||||||||||||||
Land
|
15,199
|
-
|
740
|
-
|
-
|
15,939
|
||||||||||||||||||
Multi-family
|
52,769
|
2,152
|
21
|
-
|
-
|
54,942
|
||||||||||||||||||
Real estate construction
|
62,795
|
-
|
-
|
-
|
-
|
62,795
|
||||||||||||||||||
Consumer
|
98,062
|
-
|
240
|
-
|
-
|
98,302
|
||||||||||||||||||
Total
|
$
|
829,416
|
$
|
14,269
|
$
|
6,157
|
$
|
-
|
$
|
-
|
$
|
849,842
|
March 31, 2018
|
||||||||||||||||||||||||
Commercial business
|
$
|
132,309
|
$
|
1,976
|
$
|
3,387
|
$
|
-
|
$
|
-
|
$
|
137,672
|
||||||||||||
Commercial real estate
|
440,123
|
7,489
|
2,985
|
-
|
-
|
450,597
|
||||||||||||||||||
Land
|
14,574
|
-
|
763
|
-
|
-
|
15,337
|
||||||||||||||||||
Multi-family
|
60,879
|
2,190
|
11
|
-
|
-
|
63,080
|
||||||||||||||||||
Real estate construction
|
39,584
|
-
|
-
|
-
|
-
|
39,584
|
||||||||||||||||||
Consumer
|
104,829
|
-
|
277
|
-
|
-
|
105,106
|
||||||||||||||||||
Total
|
$
|
792,298
|
$
|
11,655
|
$
|
7,423
|
$
|
-
|
$
|
-
|
$
|
811,376
|
September 30, 2018
|
Recorded
Investment with
No Specific
Valuation
Allowance
|
Recorded
Investment
with Specific
Valuation
Allowance
|
Total
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Specific
Valuation
Allowance
|
|||||||||||||||
Commercial business
|
$
|
168
|
$
|
-
|
$
|
168
|
$
|
186
|
$
|
-
|
||||||||||
Commercial real estate
|
2,555
|
-
|
2,555
|
3,463
|
-
|
|||||||||||||||
Land
|
740
|
-
|
740
|
779
|
-
|
|||||||||||||||
Multi-family
|
1,619
|
-
|
1,619
|
1,726
|
-
|
|||||||||||||||
Consumer
|
287
|
426
|
713
|
823
|
26
|
|||||||||||||||
Total
|
$
|
5,369
|
$
|
426
|
$
|
5,795
|
$
|
6,977
|
$
|
26
|
||||||||||
March 31, 2018
|
||||||||||||||||||||
Commercial business
|
$
|
1,004
|
$
|
-
|
$
|
1,004
|
$
|
1,062
|
$
|
-
|
||||||||||
Commercial real estate
|
2,883
|
-
|
2,883
|
3,816
|
-
|
|||||||||||||||
Land
|
763
|
-
|
763
|
790
|
-
|
|||||||||||||||
Multi-family
|
1,644
|
-
|
1,644
|
1,765
|
-
|
|||||||||||||||
Consumer
|
294
|
1,134
|
1,428
|
1,544
|
69
|
|||||||||||||||
Total
|
$
|
6,588
|
$
|
1,134
|
$
|
7,722
|
$
|
8,977
|
$
|
69
|
Three Months ended
September 30, 2018
|
Three Months ended
September 30, 2017
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
170
|
$
|
-
|
$
|
1,116
|
$
|
4
|
||||||||
Commercial real estate
|
2,576
|
16
|
3,723
|
31
|
||||||||||||
Land
|
745
|
-
|
786
|
-
|
||||||||||||
Multi-family
|
1,625
|
22
|
1,675
|
22
|
||||||||||||
Consumer
|
1,064
|
10
|
1,458
|
15
|
||||||||||||
Total
|
$
|
6,180
|
$
|
48
|
$
|
8,758
|
$
|
72
|
Six Months ended
September 30, 2018
|
Six Months ended
September 30, 2017
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
448
|
$
|
-
|
$
|
842
|
$
|
23
|
||||||||
Commercial real estate
|
2,678
|
32
|
5,017
|
61
|
||||||||||||
Land
|
751
|
-
|
791
|
-
|
||||||||||||
Multi-family
|
1,632
|
44
|
1,680
|
46
|
||||||||||||
Consumer
|
1,185
|
26
|
1,464
|
31
|
||||||||||||
Total
|
$
|
6,694
|
$
|
102
|
$
|
9,794
|
$
|
161
|
September 30, 2018
|
March 31, 2018
|
|||||||||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
168
|
$
|
168
|
$
|
826
|
$
|
178
|
$
|
1,004
|
||||||||||||
Commercial real estate
|
1,420
|
1,135
|
2,555
|
1,683
|
1,200
|
2,883
|
||||||||||||||||||
Land
|
-
|
740
|
740
|
-
|
763
|
763
|
||||||||||||||||||
Multi-family
|
1,619
|
-
|
1,619
|
1,644
|
-
|
1,644
|
||||||||||||||||||
Consumer
|
713
|
-
|
713
|
1,428
|
-
|
1,428
|
||||||||||||||||||
Total
|
$
|
3,752
|
$
|
2,043
|
$
|
5,795
|
$
|
5,581
|
$
|
2,141
|
$
|
7,722
|
9.
|
GOODWILL
|
10.
|
JUNIOR SUBORDINATED DEBENTURES
|
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
|
%
|
3.69
|
%
|
3/2036
|
|||||||||
Riverview Bancorp Statutory Trust II
|
06/2007
|
15,464
|
Variable (2)
|
7.03
|
%
|
3.68
|
%
|
9/2037
|
||||||||||
Merchants Bancorp Statutory Trust I (4)
|
06/2003
|
5,155
|
Variable (3)
|
4.16
|
%
|
5.47
|
%
|
6/2033
|
||||||||||
27,836
|
||||||||||||||||||
Fair value adjustment (4)
|
(1,306
|
)
|
||||||||||||||||
Total Debentures
|
$
|
26,530
|
||||||||||||||||
(1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%.
|
||||||||||||||||||
(2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35%.
|
||||||||||||||||||
(3) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%.
|
||||||||||||||||||
(4) Amount, net of accretion, attributable to the MBank transaction. See Note 3.
|
11.
|
FAIR VALUE MEASUREMENTS
|
|
Estimated Fair Value Measurements Using
|
|||||||||||||||
September 30, 2018
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
8,574
|
$
|
-
|
$
|
8,574
|
$
|
-
|
||||||||
Agency securities
|
17,012
|
-
|
17,012
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
42,249
|
-
|
42,249
|
-
|
||||||||||||
Residential mortgage-backed securities
|
80,147
|
-
|
80,147
|
-
|
||||||||||||
Other mortgage-backed securities
|
42,810
|
-
|
42,810
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
190,792
|
$
|
-
|
$
|
190,792
|
$
|
-
|
March 31, 2018
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
8,732
|
$
|
-
|
$
|
8,732
|
$
|
-
|
||||||||
Agency securities
|
22,102
|
-
|
22,102
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
46,955
|
-
|
46,955
|
-
|
||||||||||||
Residential mortgage-backed securities
|
89,074
|
-
|
89,074
|
-
|
||||||||||||
Other mortgage-backed securities
|
46,358
|
-
|
46,358
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
213,221
|
$
|
-
|
$
|
213,221
|
$
|
-
|
|
Estimated Fair Value Measurements Using
|
|||||||||||||||
September 30, 2018
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$
|
401
|
$
|
-
|
$
|
-
|
$
|
401
|
||||||||
March 31, 2018
|
||||||||||||||||
Impaired loans
|
$
|
2,143
|
$
|
-
|
$
|
-
|
$
|
2,143
|
Valuation Technique
|
Significant Unobservable Inputs
|
Range (1)
|
||||
Impaired loans
|
Appraised value
|
Adjustment for market conditions
|
N/A
|
|||
(1) There were no adjustments to appraised values of impaired loans as of September 30, 2018 and March 31, 2018.
|
September 30, 2018
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
27,080
|
$
|
27,080
|
$
|
-
|
$
|
-
|
$
|
27,080
|
||||||||||
Certificates of deposit held for investment
|
3,984
|
-
|
3,975
|
-
|
3,975
|
|||||||||||||||
Investment securities available for sale
|
190,792
|
-
|
190,792
|
-
|
190,792
|
|||||||||||||||
Investment securities held to maturity
|
38
|
-
|
39
|
-
|
39
|
|||||||||||||||
Loans receivable, net
|
838,329
|
-
|
-
|
830,281
|
830,281
|
|||||||||||||||
FHLB stock
|
1,353
|
-
|
1,353
|
-
|
1,353
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Time deposits
|
107,887
|
-
|
105,494
|
-
|
105,494
|
|||||||||||||||
Junior subordinated debentures
|
26,530
|
-
|
-
|
15,658
|
15,658
|
|||||||||||||||
Capital lease obligation
|
2,418
|
-
|
2,418
|
-
|
2,418
|
|||||||||||||||
|
March 31, 2018
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
44,767
|
$
|
44,767
|
$
|
-
|
$
|
-
|
$
|
44,767
|
||||||||||
Certificates of deposit held for investment
|
5,967
|
-
|
5,959
|
-
|
5,959
|
|||||||||||||||
Loans held for sale
|
210
|
-
|
210
|
-
|
210
|
|||||||||||||||
Investment securities available for sale
|
213,221
|
-
|
213,221
|
-
|
213,221
|
|||||||||||||||
Investment securities held to maturity
|
42
|
-
|
43
|
-
|
43
|
|||||||||||||||
Loans receivable, net
|
800,610
|
-
|
-
|
792,916
|
792,916
|
|||||||||||||||
FHLB stock
|
1,353
|
-
|
1,353
|
-
|
1,353
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Time deposits
|
123,144
|
-
|
120,940
|
-
|
120,940
|
|||||||||||||||
Junior subordinated debentures
|
26,484
|
-
|
-
|
15,274
|
15,274
|
|||||||||||||||
Capital lease obligation
|
2,431
|
-
|
2,431
|
-
|
2,431
|
12.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
13.
|
REVENUE FROM CONTRACTS WITH CUSTOMERS
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Asset management fees
|
$
|
943
|
$
|
818
|
$
|
1,869
|
$
|
1,671
|
||||||||
Debit card and ATM fees
|
778
|
755
|
1,583
|
1,494
|
||||||||||||
Deposit related fees
|
434
|
404
|
877
|
823
|
||||||||||||
Loan related fees
|
314
|
197
|
658
|
322
|
||||||||||||
BOLI (1)
|
174
|
204
|
353
|
411
|
||||||||||||
Net gains on sales of loans held for sale (1)
|
44
|
157
|
196
|
382
|
||||||||||||
FHLMC loan servicing fees (1)
|
34
|
29
|
61
|
57
|
||||||||||||
Other, net
|
295
|
149
|
471
|
291
|
||||||||||||
Total non-interest income
|
$
|
3,016
|
$
|
2,713
|
$
|
6,068
|
$
|
5,451
|
||||||||
(1) Not in the scope of ASC 606
|
14.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||||
Commitments to originate loans:
|
||||
Adjustable-rate
|
$
|
29,187
|
||
Fixed-rate
|
12,956
|
|||
Standby letters of credit
|
2,357
|
|||
Undisbursed loan funds and unused lines of credit
|
161,886
|
|||
Total
|
$
|
206,386
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
September 30, 2018
|
||||||||||||||||
Commercial business
|
$
|
155,487
|
$
|
-
|
$
|
-
|
$
|
155,487
|
||||||||
Commercial construction
|
-
|
-
|
45,330
|
45,330
|
||||||||||||
Office buildings
|
-
|
122,465
|
-
|
122,465
|
||||||||||||
Warehouse/industrial
|
-
|
87,630
|
-
|
87,630
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
66,458
|
-
|
66,458
|
||||||||||||
Assisted living facilities
|
-
|
2,840
|
-
|
2,840
|
||||||||||||
Single purpose facilities
|
-
|
182,984
|
-
|
182,984
|
||||||||||||
Land
|
-
|
15,939
|
-
|
15,939
|
||||||||||||
Multi-family
|
-
|
54,942
|
-
|
54,942
|
||||||||||||
One-to-four family construction
|
-
|
-
|
17,465
|
17,465
|
||||||||||||
Total
|
$
|
155,487
|
$
|
533,258
|
$
|
62,795
|
$
|
751,540
|
March 31, 2018
|
||||||||||||||||
Commercial business
|
$
|
137,672
|
$
|
-
|
$
|
-
|
$
|
137,672
|
||||||||
Commercial construction
|
-
|
-
|
23,158
|
23,158
|
||||||||||||
Office buildings
|
-
|
124,000
|
-
|
124,000
|
||||||||||||
Warehouse/industrial
|
-
|
89,442
|
-
|
89,442
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
68,932
|
-
|
68,932
|
||||||||||||
Assisted living facilities
|
-
|
2,934
|
-
|
2,934
|
||||||||||||
Single purpose facilities
|
-
|
165,289
|
-
|
165,289
|
||||||||||||
Land
|
-
|
15,337
|
-
|
15,337
|
||||||||||||
Multi-family
|
-
|
63,080
|
-
|
63,080
|
||||||||||||
One-to-four family construction
|
-
|
-
|
16,426
|
16,426
|
||||||||||||
Total
|
$
|
137,672
|
$
|
529,014
|
$
|
39,584
|
$
|
706,270
|
Actual
|
For Capital
Adequacy Purposes
|
"Well Capitalized"
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
130,740
|
15.82
|
%
|
$
|
66,117
|
8.0
|
%
|
$
|
82,646
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
120,388
|
14.57
|
49,588
|
6.0
|
66,117
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
120,388
|
14.57
|
37,191
|
4.5
|
53,720
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
120,388
|
10.72
|
44,925
|
4.0
|
56,156
|
5.0
|
Actual
|
For Capital
Adequacy Purposes
|
"Well Capitalized"
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
March 31, 2018
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
123,061
|
15.41
|
%
|
$
|
63,868
|
8.0
|
%
|
$
|
79,835
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
113,066
|
14.16
|
47,901
|
6.0
|
63,868
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
113,066
|
14.16
|
35,926
|
4.5
|
51,893
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
113,066
|
10.26
|
44,093
|
4.0
|
55,116
|
5.0
|
September 30, 2018
|
March 31, 2018
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
1
|
$
|
168
|
1
|
$
|
178
|
||||||||||
Commercial real estate
|
2
|
1,135
|
2
|
1,200
|
||||||||||||
Land
|
1
|
740
|
1
|
763
|
||||||||||||
Consumer
|
13
|
240
|
12
|
277
|
||||||||||||
Total
|
17
|
$
|
2,283
|
16
|
$
|
2,418
|
September 30,
2018
|
March 31,
2018
|
|||||||
Loans accounted for on a non-accrual basis:
|
||||||||
Commercial business
|
$
|
168
|
$
|
178
|
||||
Other real estate mortgage
|
1,875
|
1,963
|
||||||
Consumer
|
240
|
277
|
||||||
Total
|
2,283
|
2,418
|
||||||
Accruing loans which are contractually
past due 90 days or more
|
-
|
-
|
||||||
Total nonperforming loans
|
2,283
|
2,418
|
||||||
REO
|
-
|
298
|
||||||
Total nonperforming assets
|
$
|
2,283
|
$
|
2,716
|
||||
Foregone interest on non-accrual loans (1)
|
$
|
47
|
$
|
102
|
||||
Total nonperforming loans to total loans
|
0.27
|
%
|
0.30
|
%
|
||||
Total nonperforming loans to total assets
|
0.20
|
%
|
0.21
|
%
|
||||
Total nonperforming assets to total assets
|
0.20
|
%
|
0.24
|
%
|
||||
(1) Six months ended September 30, 2018 and fiscal year ended March 31, 2018.
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
||||||||||||||||
September 30, 2018
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
168
|
$
|
-
|
$
|
-
|
$
|
168
|
||||||||||
Commercial real estate
|
942
|
193
|
-
|
-
|
1,135
|
|||||||||||||||
Land
|
740
|
-
|
-
|
-
|
740
|
|||||||||||||||
Consumer
|
-
|
173
|
-
|
67
|
240
|
|||||||||||||||
Total nonperforming loans
|
1,682
|
534
|
-
|
67
|
2,283
|
|||||||||||||||
REO
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
$
|
1,682
|
$
|
534
|
$
|
-
|
$
|
67
|
$
|
2,283
|
||||||||||
March 31, 2018
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
178
|
$
|
-
|
$
|
-
|
$
|
178
|
||||||||||
Commercial real estate
|
997
|
203
|
-
|
-
|
1,200
|
|||||||||||||||
Land
|
763
|
-
|
-
|
-
|
763
|
|||||||||||||||
Consumer
|
-
|
206
|
-
|
71
|
277
|
|||||||||||||||
Total nonperforming loans
|
1,760
|
587
|
-
|
71
|
2,418
|
|||||||||||||||
REO
|
-
|
-
|
298
|
-
|
298
|
|||||||||||||||
Total nonperforming assets
|
$
|
1,760
|
$
|
587
|
$
|
298
|
$
|
71
|
$
|
2,716
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
|||||||||||||
September 30, 2018
|
||||||||||||||||
Land development
|
$
|
199
|
$
|
1,950
|
$
|
13,790
|
$
|
15,939
|
||||||||
Speculative construction
|
571
|
4
|
14,054
|
14,629
|
||||||||||||
Total land development and speculative construction
|
$
|
770
|
$
|
1,954
|
$
|
27,844
|
$
|
30,568
|
March 31, 2018
|
||||||||||||||||
Land development
|
$
|
482
|
$
|
881
|
$
|
13,974
|
$
|
15,337
|
||||||||
Speculative construction
|
400
|
421
|
12,596
|
13,417
|
||||||||||||
Total land development and speculative construction
|
$
|
882
|
$
|
1,302
|
$
|
26,570
|
$
|
28,754
|
September 30, 2018
|
March 31, 2018
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
10
|
$
|
2,098
|
11
|
$
|
3,209
|
||||||||||
Commercial real estate
|
2
|
1,755
|
2
|
1,785
|
||||||||||||
Multi-family
|
2
|
21
|
1
|
11
|
||||||||||||
Total
|
14
|
$
|
3,874
|
14
|
$
|
5,005
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||||||
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
|||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Mortgage loans
|
$
|
659,734
|
$
|
8,807
|
5.30
|
%
|
$
|
622,927
|
$
|
8,132
|
5.18
|
%
|
||||||||||||
Non-mortgage loans
|
179,763
|
2,136
|
4.71
|
160,286
|
1,862
|
4.61
|
||||||||||||||||||
Total net loans (1)
|
839,497
|
10,943
|
5.17
|
783,213
|
9,994
|
5.06
|
||||||||||||||||||
Investment securities (2)
|
203,579
|
1,163
|
2.27
|
203,761
|
1,101
|
2.14
|
||||||||||||||||||
Daily interest-earning assets
|
18
|
-
|
-
|
54
|
-
|
-
|
||||||||||||||||||
Other earning assets
|
21,292
|
118
|
2.20
|
69,790
|
228
|
1.30
|
||||||||||||||||||
Total interest-earning assets
|
1,064,386
|
12,224
|
4.56
|
1,056,818
|
11,323
|
4.25
|
||||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||
Office properties and equipment, net
|
15,574
|
15,933
|
||||||||||||||||||||||
Other non-interest-earning assets
|
66,571
|
72,739
|
||||||||||||||||||||||
Total assets
|
$
|
1,146,531
|
$
|
1,145,490
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Regular savings accounts
|
$
|
137,423
|
35
|
0.10
|
$
|
132,967
|
33
|
0.10
|
||||||||||||||||
Interest checking accounts
|
182,799
|
26
|
0.06
|
171,151
|
25
|
0.06
|
||||||||||||||||||
Money market accounts
|
257,175
|
79
|
0.12
|
277,481
|
86
|
0.12
|
||||||||||||||||||
Certificates of deposit
|
110,711
|
119
|
0.43
|
138,700
|
169
|
0.48
|
||||||||||||||||||
Total interest-bearing deposits
|
688,108
|
259
|
0.15
|
720,299
|
313
|
0.17
|
||||||||||||||||||
Other interest-bearing liabilities
|
28,977
|
352
|
4.82
|
28,873
|
277
|
3.81
|
||||||||||||||||||
Total interest-bearing liabilities
|
717,085
|
611
|
0.34
|
749,172
|
590
|
0.31
|
||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing deposits
|
298,840
|
271,812
|
||||||||||||||||||||||
Other liabilities
|
7,976
|
7,831
|
||||||||||||||||||||||
Total liabilities
|
1,023,901
|
1,028,815
|
||||||||||||||||||||||
Shareholders' equity
|
122,630
|
116,675
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,146,531
|
$
|
1,145,490
|
||||||||||||||||||||
Net interest income
|
$
|
11,613
|
$
|
10,733
|
||||||||||||||||||||
Interest rate spread
|
4.22
|
%
|
3.94
|
%
|
||||||||||||||||||||
Net interest margin
|
4.33
|
%
|
4.03
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities
|
148.43
|
%
|
141.06
|
%
|
||||||||||||||||||||
Tax equivalent adjustment (3)
|
$
|
11
|
$
|
8
|
(1) Includes non-accrual loans.
|
|||||||||||
(2) For purposes of the computation of average yield on investment securities available for sale, historical cost balances were utilized; therefore, the yield information does not give effect to changes in fair value that are reflected as a component of shareholders' equity.
|
|||||||||||
(3) Tax-equivalent adjustment relates to non-taxable investment interest income.
|
Six Months Ended September 30,
|
||||||||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||||||
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
|||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Mortgage loans
|
$
|
648,796
|
$
|
17,604
|
5.41
|
%
|
$
|
630,248
|
$
|
15,815
|
5.00
|
%
|
||||||||||||
Non-mortgage loans
|
177,513
|
4,116
|
4.62
|
154,508
|
3,968
|
5.12
|
||||||||||||||||||
Total net loans (1)
|
826,309
|
21,720
|
5.24
|
784,756
|
19,783
|
5.03
|
||||||||||||||||||
Investment securities (2)
|
209,735
|
2,409
|
2.29
|
206,519
|
2,256
|
2.18
|
||||||||||||||||||
Daily interest-earning assets
|
33
|
-
|
-
|
76
|
-
|
-
|
||||||||||||||||||
Other earning assets
|
20,445
|
211
|
2.06
|
48,747
|
315
|
1.29
|
||||||||||||||||||
Total interest-earning assets
|
1,056,522
|
24,340
|
4.59
|
1,040,098
|
22,354
|
4.29
|
||||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||
Office properties and equipment, net
|
15,675
|
16,039
|
||||||||||||||||||||||
Other non-interest-earning assets
|
66,859
|
72,772
|
||||||||||||||||||||||
Total assets
|
$
|
1,139,056
|
$
|
1,128,909
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Regular savings accounts
|
$
|
136,211
|
68
|
0.10
|
$
|
129,449
|
65
|
0.10
|
||||||||||||||||
Interest checking accounts
|
180,053
|
51
|
0.06
|
168,814
|
49
|
0.06
|
||||||||||||||||||
Money market accounts
|
260,173
|
159
|
0.12
|
277,099
|
170
|
0.12
|
||||||||||||||||||
Certificates of deposit
|
114,188
|
241
|
0.42
|
142,833
|
351
|
0.49
|
||||||||||||||||||
Total interest-bearing deposits
|
690,625
|
519
|
0.15
|
718,195
|
635
|
0.18
|
||||||||||||||||||
Other interest-bearing liabilities
|
30,925
|
710
|
4.58
|
28,988
|
545
|
3.75
|
||||||||||||||||||
Total interest-bearing liabilities
|
721,550
|
1,229
|
0.34
|
747,183
|
1,180
|
0.31
|
||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing deposits
|
288,716
|
258,655
|
||||||||||||||||||||||
Other liabilities
|
7,977
|
7,895
|
||||||||||||||||||||||
Total liabilities
|
1,018,243
|
1,013,733
|
||||||||||||||||||||||
Shareholders' equity
|
120,813
|
115,176
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,139,056
|
$
|
1,128,909
|
||||||||||||||||||||
Net interest income
|
$
|
23,111
|
$
|
21,174
|
||||||||||||||||||||
Interest rate spread
|
4.25
|
%
|
3.98
|
%
|
||||||||||||||||||||
Net interest margin
|
4.36
|
%
|
4.06
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities
|
146.42
|
%
|
139.20
|
%
|
||||||||||||||||||||
Tax equivalent adjustment (3)
|
$
|
22
|
$
|
16
|
(1) Includes non-accrual loans.
|
|||||||||||
(2) For purposes of the computation of average yield on investment securities available for sale, historical cost balances were utilized; therefore, the yield information does not give effect to changes in fair value that are reflected as a component of shareholders' equity.
|
|||||||||||
(3) Tax-equivalent adjustment relates to non-taxable investment interest income.
|
Three Months Ended September 30,
|
Six Months Ended September 30,
|
|||||||||||||||||||||||
2018 vs. 2017
|
2018 vs. 2017
|
|||||||||||||||||||||||
Increase (Decrease) Due to
|
Increase (Decrease) Due to
|
|||||||||||||||||||||||
Total Net
|
Total Net
|
|||||||||||||||||||||||
Volume
|
Rate
|
Increase (Decrease)
|
Volume
|
Rate
|
Increase (Decrease)
|
|||||||||||||||||||
Interest Income:
|
||||||||||||||||||||||||
Mortgage loans
|
$
|
485
|
$
|
190
|
$
|
675
|
$
|
472
|
$
|
1,317
|
$
|
1,789
|
||||||||||||
Non-mortgage loans
|
233
|
41
|
274
|
557
|
(409
|
)
|
148
|
|||||||||||||||||
Investment securities (1)
|
(1
|
)
|
63
|
62
|
36
|
117
|
153
|
|||||||||||||||||
Other earning assets
|
(214
|
)
|
104
|
(110
|
)
|
(237
|
)
|
133
|
(104
|
)
|
||||||||||||||
Total interest income
|
503
|
398
|
901
|
828
|
1,158
|
1,986
|
||||||||||||||||||
Interest Expense:
|
||||||||||||||||||||||||
Regular savings accounts
|
2
|
-
|
2
|
3
|
-
|
3
|
||||||||||||||||||
Interest checking accounts
|
1
|
-
|
1
|
2
|
-
|
2
|
||||||||||||||||||
Money market accounts
|
(7
|
)
|
-
|
(7
|
)
|
(11
|
)
|
-
|
(11
|
)
|
||||||||||||||
Certificates of deposit
|
(33
|
)
|
(17
|
)
|
(50
|
)
|
(64
|
)
|
(46
|
)
|
(110
|
)
|
||||||||||||
Other interest-bearing liabilities
|
1
|
74
|
75
|
38
|
127
|
165
|
||||||||||||||||||
Total interest expense
|
(36
|
)
|
57
|
21
|
(32
|
)
|
81
|
49
|
||||||||||||||||
Net interest income
|
$
|
539
|
$
|
341
|
$
|
880
|
$
|
860
|
$
|
1,077
|
$
|
1,937
|
||||||||||||
(1) Interest is presented on a fully tax-equivalent basis.
|
(a) Exhibits: | ||
11
|
Statement of recomputation of per share earnings (See Note 5 of the Notes to Consolidated Financial Statements contained herein.)
|
|
101
|
The following materials from Riverview Bancorp Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income; (d) Consolidated Statements of Equity (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements
|
(1) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on September 29, 2016 and incorporated herein by reference.
|
(2) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203), and incorporated herein by reference.
|
(3) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference.
|
(4) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2014, and incorporated herein by reference.
|
(5) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 2017 and incorporated herein by reference.
|
(6) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 1997, and incorporated herein by reference.
|
(7) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 1998, and incorporated herein by reference.
|
(8) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-8 (Registration No. 333-66049), and incorporated herein by reference.
|
(9) |
Filed as an exhibit to the Registrant's Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 5, 2003, and incorporated herein by reference.
|
(10) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2005, and incorporated herein by reference.
|
(11) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 2009 and incorporated herein by reference.
|
(12) |
Filed as Appendix A to the Registrant's Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 16, 2017, and incorporated herein by reference.
|
RIVERVIEW BANCORP, INC. | |||
By:
|
/S/ Kevin J. Lycklama
|
By:
|
/S/ David Lam
|
|
Kevin J. Lycklama
|
|
David Lam
|
|
President and Chief Executive Officer
|
|
Executive Vice President and
|
|
Director
|
|
Chief Financial Officer
|
|
(Principal Executive Officer)
|
|
(Principal Financial and Accounting Officer) |
Date: | November 7, 2018 | Date: | November 7, 2018 |
|
|
|
|
101 |
The following materials from Riverview Bancorp Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Equity (d) Consolidated Statements of Cash Flows; and (e) Notes to Consolidated Financial Statements
|
1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 of Riverview Bancorp, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13(a)-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fiscal fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
|
Date: November 7, 2018
|
/S/ Kevin J. Lycklama
|
|
Kevin J. Lycklama
Chief Executive Officer
|
1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 of Riverview Bancorp, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13(a)-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fiscal fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
|
Date: November 7, 2018
|
/S/ David Lam
|
|
David Lam
Chief Financial Officer
|
1.
|
the report fully complies with the requirements of sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, and
|
2.
|
the information contained in the report fairly presents, in all material respects, Riverview Bancorp, Inc.'s financial condition and results of operations as of the dates and for the periods presented in the financial statements included in the Report.
|
/S/ Kevin J. Lycklama
|
/S/ David Lam
|
Kevin J. Lycklama
|
David Lam
|
Chief Executive Officer
|
Executive Vice President and
|
Dated: November 7, 2018 | Dated: November 7, 2018 |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Nov. 07, 2018 |
|
Document and Entity Information: | ||
Entity Registrant Name | RIVERVIEW BANCORP INC | |
Entity Central Index Key | 0001041368 | |
Trading Symbol | rvsb | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,598,712 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Interest-earning accounts included in cash (in dollars) | $ 12,537 | $ 30,052 |
Fair value of mortgage-backed securities held to maturity (in dollars) | 39 | 43 |
Allowance for loan losses (in dollars) | $ 11,513 | $ 10,766 |
Serial preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Serial preferred stock, shares authorized | 250,000 | 250,000 |
Serial preferred stock, shares issued | 0 | 0 |
Serial preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 22,598,712 | 22,570,179 |
Common stock, shares outstanding | 22,598,712 | 22,570,179 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statements of Comprehensive Income | ||||
Net income | $ 4,229 | $ 3,059 | $ 8,671 | $ 5,713 |
Other comprehensive income (loss): | ||||
Net unrealized holding gain (loss) from available for sale investment securities arising during the period, net of tax of $313, ($105), $539 and ($321), respectively | (1,018) | 191 | (1,754) | 584 |
Total comprehensive income, net | $ 3,211 | $ 3,250 | $ 6,917 | $ 6,297 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statements of Comprehensive Income | ||||
Tax effect of unrealized holding gain (loss) from available for sale securities | $ 313 | $ (105) | $ 539 | $ (321) |
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Unearned Shares Issued to Employee Stock Ownership Plan ("ESOP") |
Accumulated Other Comprehensive Loss |
Total |
---|---|---|---|---|---|---|
Balance at Mar. 31, 2017 | $ 225 | $ 64,468 | $ 48,335 | $ (77) | $ (1,687) | $ 111,264 |
Balance (in shares) at Mar. 31, 2017 | 22,510,890 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 5,713 | 5,713 | ||||
Cash dividends on common stock ($0.045 and $0.070 per share for September 30, 2017 and 2018 respectively) | (1,014) | (1,014) | ||||
Exercise of stock options | 102 | $ 102 | ||||
Exercise of stock options (in shares) | 23,022 | 23,022 | ||||
Earned ESOP shares | 42 | 51 | $ 93 | |||
Other comprehensive income (loss), net | 584 | 584 | ||||
Balance at Sep. 30, 2017 | $ 225 | 64,612 | 53,034 | $ (26) | (1,103) | 116,742 |
Balance (in shares) at Sep. 30, 2017 | 22,533,912 | |||||
Balance at Mar. 31, 2018 | $ 226 | 64,871 | 56,552 | (4,748) | 116,901 | |
Balance (in shares) at Mar. 31, 2018 | 22,570,179 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 8,671 | 8,671 | ||||
Cash dividends on common stock ($0.045 and $0.070 per share for September 30, 2017 and 2018 respectively) | (1,581) | (1,581) | ||||
Exercise of stock options | 151 | $ 151 | ||||
Exercise of stock options (in shares) | 28,533 | 28,533 | ||||
Stock-based compensation expense | 22 | $ 22 | ||||
Other comprehensive income (loss), net | (1,754) | (1,754) | ||||
Balance at Sep. 30, 2018 | $ 226 | $ 65,044 | $ 63,642 | $ (6,502) | $ 122,410 | |
Balance (in shares) at Sep. 30, 2018 | 22,598,712 |
CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - $ / shares |
6 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividend per share | $ 0.070 | $ 0.045 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ 8,671 | $ 5,713 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,404 | 1,478 | ||
Purchased loans amortization (accretion), net | 9 | (158) | ||
Provision for loan losses | 50 | |||
Provision for deferred income taxes | 1,122 | |||
Expense related to ESOP | 93 | |||
Stock-based compensation expense | 22 | |||
Increase in deferred loan origination fees, net of amortization | 506 | 144 | ||
Origination of loans held for sale | (6,110) | (12,166) | ||
Proceeds from sales of loans held for sale | 6,419 | 12,567 | ||
Net gains on sales of loans held for sale and sale of REO | (198) | (382) | ||
Income from BOLI | [1] | (353) | (411) | |
Changes in certain other assets and liabilities: | ||||
Prepaid expenses and other assets | (1,307) | (486) | ||
Accrued interest receivable | (194) | (170) | ||
Accrued expenses and other liabilities | 4,303 | (2,219) | ||
Net cash provided by operating activities | 13,222 | 5,125 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Loan repayments (originations), net | (21,874) | 14,557 | ||
Purchases of loans receivable | (16,350) | (18,697) | ||
Principal repayments on investment securities available for sale | 14,496 | 13,855 | ||
Purchases of investment securities available for sale | (14,024) | |||
Proceeds from maturity of investment security available for sale | 5,000 | |||
Principal repayments on investment securities held to maturity | 4 | 18 | ||
Redemption of certificates of deposit held for investment | 1,983 | 1,245 | ||
Purchases of premises and equipment and capitalized software | (194) | (133) | ||
Proceeds from sale of REO | 326 | |||
Net cash used in investing activities | (16,609) | (3,179) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net increase (decrease) in deposits | (13,384) | 10,324 | ||
Dividends paid | (1,467) | (956) | ||
Proceeds from borrowings | 59,740 | 17,925 | ||
Repayment of borrowings | (59,740) | (17,925) | ||
Net increase in advance payments by borrowers | 413 | 227 | ||
Principal payments on capital lease obligation | (13) | (11) | ||
Proceeds from exercise of stock options | 151 | 102 | ||
Net cash provided by (used in) financing activities | (14,300) | 9,686 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (17,687) | 11,632 | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 44,767 | 64,613 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 27,080 | 76,245 | ||
Cash paid during the period for: | ||||
Interest | 1,183 | 1,102 | ||
Income taxes | 4,591 | 2,170 | ||
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||
Dividends declared and accrued in other liabilities | 791 | 508 | ||
Other comprehensive income (loss) | (2,293) | 905 | ||
Income tax effect related to other comprehensive income (loss) | $ 539 | $ (321) | ||
|
BASIS OF PRESENTATION |
6 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 | |||
Basis Of Presentation [Abstract] | |||
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 ("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 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, 2018 ("2018 Form 10-K"). The unaudited consolidated results of operations for the six months ended September 30, 2018 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2019.
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.
On February 17, 2017, Riverview Bancorp, Inc. and Riverview Community Bank (the "Bank") completed a purchase and assumption transaction in which the Bank purchased certain assets and assumed certain liabilities of MBank, the wholly-owned subsidiary of Merchants Bancorp (the "MBank transaction"). In addition, as part of the MBank transaction, Riverview Bancorp, Inc. assumed the obligations of Merchant Bancorp's trust preferred securities. The MBank transaction was accounted for as a business combination pursuant to GAAP. The results of operations of the acquired assets and
assumed liabilities have been included in the Company's consolidated financial statements as of and for the periods since the acquisition date. See Note 3 for additional discussion.
Income taxes are accounted for using the asset and liability method. Under this method, a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company's income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017, and – among other provisions – lowered the federal corporate income tax rate. As a result, the Company revalued its deferred tax assets and liabilities during the third quarter of the fiscal year ended March 31, 2018. In addition, the Company utilized a blended tax rate for its fiscal year ended March 31, 2018 given the Tax Act lowered the federal corporate tax rate effective January 1, 2018. For the three and six months ended September 30, 2018 and for the fiscal year ending March 31, 2019, the Company will utilize the enacted federal corporate income tax rate pursuant to the Tax Act.
In September 2018, the Bank completed a purchase and assumption transaction in which all of the Bank's Longview, Washington branch deposits were sold to a community bank headquartered in Longview. The Bank sold approximately $3.2 million of deposits and recognized a gain on sale of these deposits of approximately $70,000 in the fiscal quarter ended September 30, 2018. This gain on sale of deposits is included in other non-interest income in the Company's consolidated statements of income. This purchase and assumption transaction did not include the sale of any loans, or exchange of any assets or liabilities other than deposits. The Bank has closed the Longview branch and plans to sell the related land and building. Management has determined there is no impairment on the land and building of the Longview branch.
Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total equity.
|
PRINCIPLES OF CONSOLIDATION |
6 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 | |||
Principles Of Consolidation [Abstract] | |||
PRINCIPLES OF CONSOLIDATION |
The accompanying unaudited consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community 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.
As of September 30, 2018, the Trust Company had 2,500 Trust Company stock options outstanding which had been granted to the President and Chief Executive Officer of the Trust Company. During the three and six months ended September 30, 2018, the Trust Company incurred $11,000 and $22,000, respectively, of stock-based compensation expense related to these options. During the year ended March 31, 2018, the Trust Company incurred $88,000 of stock-based compensation expense related to these options. None of the Trust Company stock options were exercised as of September 30, 2018.
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BUSINESS COMBINATIONS |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS |
On February 17, 2017, the Company acquired certain assets and assumed certain liabilities of Merchants Bancorp and its wholly-owned subsidiary, MBank. MBank provided community banking services to individuals and businesses from banking offices in the Portland, Oregon metropolitan area. As a result of the MBank transaction, the Company has increased its presence in the Portland, Oregon metropolitan area and further diversified its loan, customer and deposit base. Total consideration paid under the MBank transaction consisted of $12.1 million in cash. There were no transfers of common stock or other equity instruments in connection with the MBank transaction, and the Company did not obtain any equity interests in Merchants Bancorp or MBank.
The acquired assets and assumed liabilities were recorded in the Company's consolidated balance sheets at their estimated fair values as of the February 17, 2017 transaction date, and the related results of operations have been included in the Company's consolidated statements of income since the transaction date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired was recorded as goodwill. The goodwill arising from the transaction consists largely of the synergies and economies of scale expected from combining the operations of the Company and the acquired business.
In most instances, determining the estimated fair values of the acquired assets and assumed liabilities required the Company to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at the appropriate rate of interest. Differences may arise between contractually required payments and the expected cash flows at the acquisition date due to items such as estimated credit losses, prepayments or early withdrawals, and other factors. The most significant of those determinations related to the valuation of acquired loans. For such loans, the excess of cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans. In accordance with GAAP, there was no carry-over of MBank's previously established allowance for loan losses. Goodwill is expected to be fully deductible for income tax purposes as, under the terms of the MBank transaction, the Company purchased certain assets and assumed certain liabilities of MBank but did not acquire any equity or other ownership interests.
The following table summarizes the fair value of consideration transferred, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction (in thousands):
The acquired loan portfolio was valued using Level 3 inputs (see Note 11) and included the use of present value techniques (including cash flow estimates) and incorporated assumptions that the Company believes marketplace participants would use in estimating fair values. Credit discounts were included in the determination of the fair value of the loans acquired; therefore, an allowance for loan losses was not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-impaired ("PCI") or purchased non-credit-impaired. PCI loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. The Company determined there were no PCI loans acquired in connection with the MBank transaction.
For purchased non-credit-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the life of the loans. Any subsequent deterioration in credit quality is recognized by recording an allowance for loan losses.
CDI represents the value assigned to demand, interest checking, money market and savings accounts acquired as part of an acquisition. CDI represents the future economic benefit of the potential cost savings from acquiring core deposits as part of an acquisition compared to the cost of alternative funding sources. CDI is amortized to non-interest expense using an accelerated method based on an estimated runoff of related deposits over a period of ten years. CDI is evaluated for impairment and recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life.
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STOCK PLANS AND STOCK-BASED COMPENSATION |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK PLANS AND STOCK-BASED COMPENSATION |
In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan ("1998 Plan"). The 1998 Plan was effective October 1998 and expired in October 2008. In addition, 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 1998 Plan or the 2003 Plan; however, any awards granted prior to their respective expiration dates remain outstanding subject to their terms. Each option granted under the 1998 Plan or the 2003 Plan has an exercise price equal to the fair market value of the Company's common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years.
In July 2017, the shareholders of the Company approved the 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, none of which have been awarded.
The 1998 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. There were no stock options granted under the Stock Option Plans during the three and six months ended September 30, 2018 and 2017.
As of September 30, 2018, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense under the Stock Option Plans. There was no stock-based compensation expense related to stock options for the three and six months ended September 30, 2018 and 2017 under the Stock Option Plans.
The following table presents the activity related to stock options under the Stock Option Plans for the periods shown:
The following table presents information on stock options outstanding under the Stock Option Plans as of September 30, 2018 and 2017, less estimated forfeitures:
The total intrinsic value of stock options exercised under the Stock Option Plans was $118,000 and $67,000 for the six months ended September 30, 2018 and 2017, respectively.
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE |
Basic earnings per share ("EPS") is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted EPS is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company's common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options. Shares owned by the Company's ESOP that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted EPS. As of September 30, 2018, all shares under the Company's ESOP were allocated. As of September 30, 2017, there were 24,633 shares which had not been allocated under the Company's ESOP. For the three and six months ended September 30, 2018, there were no stock options excluded in computing diluted EPS. For the three and six months ended September 30, 2017, stock options for 9,000 and 14,000 shares, respectively, of common stock were excluded in computing diluted EPS because they were antidilutive.
The following table presents a reconciliation of the components used to compute basic and diluted EPS for the periods indicated:
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INVESTMENT SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES |
The amortized cost and estimated fair value of investment securities consisted of the following at the dates indicated (in thousands):
The contractual maturities of investment securities as of September 30, 2018 are as follows (in thousands):
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):
The unrealized losses on the Company's investment securities were primarily attributable to increases in market interest rates subsequent to their purchase by the Company. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields for such securities decline. The Company does not believe that these securities are other than temporarily impaired because
of their credit quality or related to any issuer or industry specific event. Based on management's evaluation and intent, the unrealized losses related to the investment securities in the above tables are considered temporary.
The Company had no sales and realized no gains or losses on sales of investment securities for the three and six months ended September 30, 2018 and 2017. Investment securities available for sale with an amortized cost of $3.3 million and $3.7 million and a fair value of $3.2 million and $3.6 million at September 30, 2018 and March 31, 2018, respectively, were pledged as collateral for government public funds held by the Bank.
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LOANS RECEIVABLE |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE |
Loans receivable as of September 30, 2018 and March 31, 2018 are reported net of deferred loan fees totaling $4.1 million and $3.6 million, respectively. Loans receivable are also reported net of discounts and premiums totaling $1.9 million and $1.9 million as of September 30, 2018, respectively, compared to $2.2 million and $2.0 million, respectively, as of March 31, 2018. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):
The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At September 30, 2018, loans carried at $509.3 million were pledged as collateral to the Federal Home Loan Bank of Des Moines ("FHLB") and Federal Reserve Bank of San Francisco ("FRB") pursuant to borrowing agreements.
Most of the Bank's business activities are with customers located in the states of Washington and Oregon. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulation to 15% of the Bank's shareholders' equity, excluding accumulated other comprehensive income (loss). As of September 30, 2018 and March 31, 2018, the Bank had no loans to any one borrower in excess of the regulatory limit.
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ALLOWANCE FOR LOAN LOSSES |
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Allowance For Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
The allowance for loan losses is maintained at a level sufficient to provide for estimated loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon management's ongoing quarterly assessment of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, delinquency levels, actual loan loss experience, current economic conditions and detailed analysis of individual loans for which full collectability may not be assured. The detailed analysis includes techniques to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The allowance consists of specific, general and unallocated components.
The specific component relates to loans that are considered impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value (less estimated selling costs, if applicable) of the impaired loan is lower than the carrying value of that loan.
The general component covers non-impaired loans based on the Company's risk rating system and historical loss experience adjusted for qualitative factors. The Company calculates its historical loss rates using the average of the last four quarterly 24-month periods. The Company calculates and applies its historical loss rates by individual loan types in its loan portfolio. These historical loss rates are adjusted for qualitative and environmental factors.
An unallocated component is maintained to cover uncertainties that the Company believes have resulted in incurred losses that have not yet been allocated to specific elements of the general and specific components of the allowance for loan losses. Such factors include uncertainties in economic conditions, uncertainties in identifying triggering events that directly correlate to subsequent loss rates, changes in appraised value of underlying collateral, risk factors that have not yet manifested themselves in loss allocation
factors and historical loss experience data that may not precisely correspond to the current portfolio or economic conditions. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The appropriate allowance level is estimated based upon factors and trends identified by the Company as of the date of the filing of the consolidated financial statements.
When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for loan losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; and/or the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement.
Management's evaluation of the allowance for loan losses is based on ongoing, quarterly assessments of the known and inherent risks in the loan portfolio. Loss factors are based on the Company's historical loss experience with additional consideration and adjustments made for changes in economic conditions, changes in the amount and composition of the loan portfolio, delinquency rates, changes in collateral values, seasoning of the loan portfolio, duration of the current business cycle, a detailed analysis of impaired loans and other factors as deemed appropriate. These factors are evaluated on a quarterly basis. Loss rates used by the Company are affected as changes in these factors increase or decrease from quarter to quarter. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to make additions to the allowance based on their judgment about information available to them at the time of their examinations.
The following tables present a reconciliation of the allowance for loan losses for the periods indicated (in thousands):
The following tables present an analysis of loans receivable and the allowance for loan losses, based on impairment methodology, at the dates indicated (in thousands):
Non-accrual loans: Loans are reviewed regularly and it is the Company's general policy that a loan is past due when it is 30 to 89 days delinquent. In general, when a loan is 90 days delinquent or when collection of principal or interest appears doubtful, it is placed on non-accrual status, at which time the accrual of interest ceases and a reserve for unrecoverable accrued interest is established and charged against operations. As a general practice, payments received on non-accrual loans are applied to reduce the outstanding principal balance on a cost recovery method. Also, as a general practice, a loan is not removed from non-accrual status until all delinquent principal, interest and late fees have been brought current and the borrower has demonstrated a history of performance based upon the contractual terms of the note. A history of repayment performance generally would be a minimum of six months. Interest income foregone on non-accrual loans was $47,000 and $52,000 during the six months ended September 30, 2018 and 2017, respectively.
The following tables present an analysis of loans by aging category at the dates indicated (in thousands):
Credit quality indicators: The Company monitors credit risk in its loan portfolio using a risk rating system (on a scale of one to nine) for all commercial (non-consumer) loans. The risk rating system is a measure of the credit risk of the borrower based on their historical, current and anticipated future financial characteristics. The Company assigns a risk rating to each commercial loan at origination and subsequently updates these ratings, as necessary, so that the risk rating continues to reflect the appropriate risk characteristics of the loan. Application of appropriate risk ratings is key to management of loan portfolio risk. In determining the appropriate risk rating, the Company considers the following factors: delinquency, payment history, quality of management, liquidity, leverage, earnings trends, alternative funding sources, geographic risk, industry risk, cash flow adequacy, account practices, asset protection and extraordinary risks. Consumer loans, including custom construction loans, are not assigned a risk rating but rather are grouped into homogeneous pools with similar risk characteristics. When a consumer loan is delinquent 90 days, it is placed on non-accrual status and assigned a substandard risk rating. Loss factors are assigned to each risk rating and homogeneous pool based on historical loss experience for similar loans. This historical loss experience is adjusted for qualitative factors that are likely to cause the estimated credit losses to differ from the Company's historical loss experience. The Company uses these loss factors to estimate the general component of its allowance for loan losses.
Pass – These loans have a risk rating between 1 and 4 and are to borrowers that meet normal credit standards. Any deficiencies in satisfactory asset quality, liquidity, debt servicing capacity and coverage are offset by strengths in other areas. The borrower currently has the capacity to perform according to the loan terms. Any concerns about risk factors such as stability of margins, stability of cash flows, liquidity, dependence on a single product/supplier/customer, depth of management, etc. are offset by strengths in other areas. Typically, these loans are secured by the operating assets of the borrower and/or real estate. The borrower's management is considered competent. The borrower has the ability to repay the debt in the normal course of business.
Watch – These loans have a risk rating of 5 and are included in the "pass" rating. However, there would typically be some reason for additional management oversight, such as the borrower's recent financial setbacks and/or deteriorating financial position, industry concerns and failure to perform on other borrowing obligations. Loans with this rating are monitored closely in an effort to correct deficiencies.
Special mention – These loans have a risk rating of 6 and are rated in accordance with regulatory guidelines. These loans have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the credit position at some future date. These loans pose elevated risk but their weakness does not yet justify a "substandard" classification.
Substandard – These loans have a risk rating of 7 and are rated in accordance with regulatory guidelines, for which the accrual of interest may or may not be discontinued. By definition under regulatory guidelines, a "substandard" loan has defined weaknesses which make payment default or principal exposure likely but not yet certain. Repayment of such loans is likely to be dependent upon collateral liquidation, a secondary source of repayment, or an event outside of the normal course of business.
Doubtful – These loans have a risk rating of 8 and are rated in accordance with regulatory guidelines. Such loans are placed on non-accrual status and repayment may be dependent upon collateral which has value that is difficult to determine or upon some near-term event which lacks certainty.
Loss – These loans have a risk rating of 9 and are rated in accordance with regulatory guidelines. Such loans are charged-off or charged-down when payment is acknowledged to be uncertain or when the timing or value of payments cannot be determined. "Loss" is not intended to imply that the loan or some portion of it will never be paid, nor does it in any way imply that there has been a forgiveness of debt.
The following tables present an analysis of loans by credit quality indicators at the dates indicated (in thousands):
Impaired loans and troubled debt restructurings ("TDRs"): A loan is considered impaired when it is probable that the Company will be unable to collect all amounts due (principal and interest) according to the contractual terms of the loan agreement. Typically, factors used in determining if a loan is impaired include, but are not limited to, whether the loan is 90 days or more delinquent, internally designated as substandard or worse, on non-accrual status or represents a TDR. The majority of the Company's impaired loans are considered collateral dependent. When a loan is considered collateral dependent, impairment is measured using the estimated value of the underlying collateral, less any prior liens, and when applicable, less estimated selling costs. For impaired loans that are not collateral dependent, impairment is measured using the present value of expected future cash flows, discounted at the loan's original effective interest rate. When the estimated net realizable value of the impaired loan is less than the recorded investment in the loan (including accrued interest, net
deferred loan fees or costs, and unamortized premium or discount), an impairment is recognized by adjusting an allocation of the allowance for loan losses. Subsequent to the initial allocation of allowance to the individual loan, the Company may conclude that it is appropriate to record a charge-off of the impaired portion of the loan. When a charge-off is recorded, the loan balance is reduced and the specific allowance is eliminated. Generally, when a collateral dependent loan is initially measured for impairment and has not had an appraisal of the collateral in the last six months, the Company obtains an updated market valuation. Subsequently, the Company generally obtains an updated market valuation of the collateral on an annual basis. The collateral valuation may occur more frequently if the Company determines that there is an indication that the market value may have declined.
The following tables present the total and average recorded investment in impaired loans at the dates and for the periods indicated (in thousands):
The cash basis interest income on impaired loans was not materially different than the interest recognized on impaired loans as shown in the above tables.
TDRs are loans for which the Company, for economic or legal reasons related to the borrower's financial condition, has granted a concession to the borrower that it would otherwise not consider. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or face amount of the loan, a reduction of accrued interest, and/or an extension of the maturity date(s) at a stated interest rate lower than the current market rate for a new loan with similar risk. TDRs are considered impaired loans and as such, impairment is measured as described for impaired loans above.
The following table presents TDRs by interest accrual status at the dates indicated (in thousands):
At September 30, 2018, the Company had no commitments to lend additional funds on these loans. At September 30, 2018, all of the Company's TDRs were paying as agreed. There were no new TDRs for the three and six months ended September 30, 2018 and 2017. There were no loans modified as a TDR within the previous twelve months that subsequently defaulted during the three and six months ended September 30, 2018.
In accordance with the Company's policy guidelines, unsecured loans are generally charged-off when no payments have been received for three consecutive months unless an alternative action plan is in effect. Consumer installment loans delinquent six months or more that have not received at least 75% of their required monthly payment in the last 90 days are charged-off. In addition, loans discharged in bankruptcy proceedings are charged-off. Loans under bankruptcy protection with no payments received for four consecutive months are charged-off. The outstanding balance of a secured loan that is in excess of the net realizable value is generally charged-off if no payments are received for four to five consecutive months. However, charge-offs are postponed if alternative proposals to restructure, obtain additional guarantors, obtain additional assets as collateral or a potential sale of the underlying collateral would result in full repayment of the outstanding loan balance. Once any other potential sources of repayment are exhausted, the impaired portion of the loan is charged-off. Regardless of whether a loan is unsecured or collateralized, once an amount is determined to be a confirmed loan loss it is promptly charged off.
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GOODWILL |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||
GOODWILL |
Goodwill and certain other intangibles generally arise from business combinations accounted for under the purchase method of accounting. Goodwill and other intangibles deemed to have indefinite lives generated from business combinations are not subject to amortization and are instead tested for impairment not less than annually. The Company has two reporting units, the Bank and the Trust Company, for purposes of evaluating goodwill for impairment. All of the Company's goodwill has been allocated to the Bank reporting unit.
The Company performed an impairment assessment as of October 31, 2017 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. GAAP with respect to goodwill requires that the Company compare 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 estimated fair value of the Company is allocated to all of the Company's individual assets and liabilities, including any unrecognized identifiable intangible assets, as if the Company had been acquired in a business combination and the estimated fair value of the Company is the price paid to acquire it. The allocation process is performed only for purposes of determining the amount of goodwill impairment, as no assets or liabilities are written up or down, nor are any additional unrecognized identifiable intangible assets recorded as a part of this process. 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.
An interim impairment test was not deemed necessary as of September 30, 2018 due to the amount by which the fair value of the reporting unit exceeded the carrying value as of the most recent valuation, and because the Company determined that, based on an analysis of events that have occurred and circumstances that have changed since the most recent valuation date, the likelihood that a current estimated fair value determination would be less than the current carrying amount of the reporting unit is remote.
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JUNIOR SUBORDINATED DEBENTURES |
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Junior Subordinated Debentures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 had a carrying value totaling $26.5 million at both September 30, 2018 and March 31, 2018 and are reflected in the consolidated balance sheets in the liabilities section under the caption "junior subordinated debentures." The common securities issued by the grantor trusts were purchased by the Company, and the Company's investment in the common securities of $836,000 at both September 30, 2018 and March 31, 2018, is included in prepaid expenses and other assets in the consolidated balance sheets. The Company records interest expense on the Debentures in the consolidated statements of income.
The following table is a summary of the terms and the amounts outstanding of the Debentures at September 30, 2018 (dollars in thousands):
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS |
GAAP defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The categories of fair value measurement prescribed by GAAP and used in the tables presented under fair value measurements are as follows:
Quoted prices in active markets for identical assets (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means.
Significant unobservable inputs (Level 3): Inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.
Financial instruments are presented in the tables that follow by recurring or nonrecurring measurement status. Recurring assets are initially measured at fair value and are required to be remeasured at fair value in the consolidated financial statements at each reporting date. Assets measured on a nonrecurring basis are assets that, as a result of an event or circumstance, were required to be remeasured at fair value after initial recognition in the consolidated financial statements at some time during the reporting period.
The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands):
There were no transfers of assets into or out of Levels 1, 2 or 3 for the six months ended September 30, 2018 and 2017.
The following methods were used to estimate the fair value of financial instruments above:
Investment securities – Investment securities are included within Level 1 of the hierarchy when quoted prices in an active market for identical assets are available. The Company uses a third-party pricing service to assist the Company in determining the fair value of its Level 2 securities, which incorporates pricing models and/or quoted prices of investment securities with similar characteristics. Investment securities are included within Level 3 of the hierarchy when there are significant unobservable inputs.
For Level 2 securities, the independent pricing service provides pricing information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data from market research publications. The Company's third-party pricing service has established processes for the Company to submit inquiries regarding the estimated fair value. In such cases, the Company's third-party pricing service will review the inputs to the evaluation in light of any new market data presented by the Company. The Company's third-party pricing service may then affirm the original estimated fair value or may update the evaluation on a go-forward basis.
Management reviews the pricing information received from the third-party pricing service through a combination of procedures that include an evaluation of methodologies used by the pricing service, analytical reviews and performance analysis of the prices against statistics and trends. Based on this review, management determines whether the current placement of the security in the fair value hierarchy is appropriate or whether transfers may be warranted. As necessary, management compares prices received from the pricing service to discounted cash flow models or by performing independent valuations of inputs and assumptions similar to those used by the pricing service in order to help ensure prices represent a reasonable estimate of fair value.
The following tables present assets that are measured at estimated fair value on a nonrecurring basis at the dates indicated (in thousands):
The following table presents quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis at September 30, 2018 and March 31, 2018:
The following methods were used to estimate the fair values:
For information regarding the Company's method for estimating the fair value of impaired loans, which reflects the exit price notion, see Note 8 – Allowance For Loan Losses.
In determining the estimated net realizable value of the underlying collateral, the Company primarily uses third-party appraisals which may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available and include consideration of variations in location, size, and income production capacity of the property. Additionally, the appraisals are periodically further adjusted by the Company in consideration of charges that may be incurred in the event of foreclosure and are based on management's historical knowledge, changes in business factors and changes in market conditions.
Impaired loans are reviewed and evaluated quarterly for additional impairment and adjusted accordingly based on the same factors identified above. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions, the Company considers the fair value of impaired loans to be highly sensitive to changes in market conditions.
The following disclosure of the estimated fair value of financial instruments is made in accordance with GAAP. The Company, using available market information and appropriate valuation methodologies, has determined the estimated fair value amounts. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in the future. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands):
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.
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NEW ACCOUNTING PRONOUNCEMENTS |
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Sep. 30, 2018 | |||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
NEW ACCOUNTING PRONOUNCEMENTS |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which created FASB Accounting Standards Codification (ASC) Topic 606 ("ASC 606"). ASC 606 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 was effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. The Company adopted ASC 606 on April 1, 2018 using the modified retrospective approach. Therefore, the comparative information has not been adjusted and continues to be reported under superseded ASC 605. There was no cumulative effect adjustment as of April 1, 2018, and there were no material changes to the timing or amount of revenue recognized for the six months ended September 30, 2018; however, additional disclosures were incorporated in the Notes to the Consolidated Financial Statements upon adoption. The majority of the Company's revenue is comprised of interest income from financial assets, which is explicitly excluded from the scope of ASC 606. The Company elected to apply the practical expedient pursuant to ASC 606 and therefore does not disclose information about remaining performance obligations that have an original expected term of one year or less and allows the Company to expense costs related to obtaining a contract as incurred when the amortization period would have been one year or less. See Note 13 for additional discussion.
In January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). ASU 2016-01 generally requires equity investments – except those accounted for under the equity method of accounting or those that result in consolidation of the investee – to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 also eliminates certain disclosures related to the fair value of financial instruments and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this ASU on April 1, 2018. As required by ASU 2016-01, the fair value disclosure for loans receivable was computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 11.
In February 2016, the FASB issued ASU 2016-02, "Leases" ("ASU 2016-02"). ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities in the balance sheet and disclosure of key information about leasing arrangements. The principal change required by ASU 2016-02 relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term generally on a straight-
line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-02 also changes disclosure requirements related to leasing activities and requires certain qualitative disclosures along with specific quantitative disclosures. ASU 2016-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of ASU 2016-02 is permitted. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842) Targeted Improvements" ("ASU 2018-11"). The amendments in this ASU provide entities with an additional (and optional) transition method to adopt ASU 2016-02. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP. The effect of adoption will depend on leases at the time of adoption. Once adopted, the Company expects to report a greater amount of assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain non-cancelable operating lease agreements; however, based on current leases, the adoption of ASU 2016-02 and ASU 2018-11 is not expected to have a material impact on the Company's future consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 replaces the existing incurred losses methodology for estimating allowances with a current expected credit losses methodology with respect to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. In addition, ASU 2016-13 requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of carrying amount. ASU 2016-13 also changes the accounting for PCI debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU 2016-13 and expects to begin developing and implementing processes and procedures to ensure it is fully compliant with the amendments
at the adoption date. At this time, management anticipates the allowance for loan losses will increase as a result of the implementation of ASU 2016-13; however, until its evaluation is complete, the magnitude of the increase will not be known.
In January 2017, the FASB issued ASU 2017-04, "Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of ASU 2017-04 is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements.
In March 2017, the FASB issued ASU 2017-08, "Receivables – Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-08 is not expected to have a material impact on the Company's future consolidated financial statements.
In February 2018, the FASB issued ASU 2018-02, "Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"). ASU 2018-02 allows a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Act. The amount of the reclassification would be calculated on the basis of the difference
between the historical and newly enacted tax rates for deferred tax liabilities and assets related to items within AOCI. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and early
adoption is permitted. ASU 2018-02 should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the federal corporate tax rate is recognized. The Company elected to early adopt ASU 2018-02 and, as a result, reclassified $342,000 of stranded tax effects from AOCI to retained earnings in the fourth quarter of the fiscal year ended March 31, 2018.
In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 modifies the disclosure requirements on fair value measurements. The following disclosure requirements were removed from ASC Topic 820 – Fair Value Measurement: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. In addition, ASU 2018-13 adds new disclosure requirements for Level 3 measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for any removed or modified disclosures. The adoption of ASU 2018-13 is not expected to have a material impact on the Company's future consolidated financial statements.
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REVENUE FROM CONTRACTS WITH CUSTOMERS |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE FROM CONTRACTS WITH CUSTOMERS |
In accordance with ASC Topic 606 ("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 in the scope of ASC 606. All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized in non-interest income with the exception of gains on sales of REO, which are included in non-interest expense.
If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue as it satisfies a performance obligation. Payments from customers are generally collected at the time services are rendered, monthly, or quarterly. For contracts with customers within the scope of ASC 606, revenue is either earned at a point in time or revenue is earned over time. Examples of revenue earned at a point in time are automated teller machine ("ATM") transaction fees, wire transfer fees, overdraft fees and interchange fees. Revenue is primarily based on the number and type of transactions that are generally derived from transactional information accumulated by the Company's systems and is recognized immediately as the transactions occur or upon providing the service to complete the customer's transaction. The Company is generally the principal in these contracts, with the exception of interchanges fees, in which case the Company is acting as the agent and records revenue net of expenses paid to the principal. Examples of revenue earned over time, which generally occur on a monthly basis, are deposit account maintenance fees, investment advisory fees, merchant revenue, trust and investment management fees and safe deposit box fees. Revenue is generally derived from transactional information accumulated by the Company's systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the customer.
Disaggregation of Revenue
The following table includes the Company's
non-interest income disaggregated by type of service for the three and six months ended September 30, 2018 and 2017 (in thousands):
For the six months ended September 30, 2018 and 2017, substantially all of the Company's revenues within the scope of ASC 606 are for performance obligations satisfied at a specified date.
Revenues recognized in scope of ASC 606
Asset management fees: Asset management fees are variable, since they are based on the underlying portfolio value, which is subject to market conditions and amounts invested by clients through the Trust Company. Asset management fees are recognized over the period that services are provided, and when the portfolio values are known or can be estimated at the end of each quarter.
Debit card and ATM fees: Debit and ATM interchange income represents fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through the MasterCard® payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders' debit card. Certain expenses directly associated with the debit cards are recorded on a net basis with the interchange income.
Deposit related fees: Fees are earned on the Bank's deposit accounts for various products offered to or services performed for the Bank's customers. Fees include business account fees, non-sufficient fund fees, stop payment fees, wire services, safe deposit box and others. These fees are recognized on a daily, monthly or quarterly basis, depending on the type of service.
Loan related fees: Non-interest loan fee income is earned on loans that the Bank services, excluding loans serviced for the FHLMC which are not within the scope of ASC 606. Loan related fees include prepayment fees, late charges, brokered loan fees, maintenance fees and others. These fees are recognized on a daily, monthly, quarterly or annual basis, depending on the type of service.
Other: Fees earned on other services, such as merchant services or occasional non-recurring type services, are recognized at the time of the event or the applicable billing cycle.
Contract Balances
As of September 30, 2018, the Company had no significant contract liabilities where the Company had an obligation to transfer goods or services for which the Company had already received consideration. In addition, the Company had no material unsatisfied performance obligations as of this date.
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COMMITMENTS AND CONTINGENCIES |
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES |
Off-balance sheet arrangements. In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk in order to meet the financing needs of its customers. These financial instruments generally include commitments to originate mortgage, commercial and consumer loans. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company's maximum exposure to credit loss in the event of nonperformance by the borrower is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to originate loans are conditional and are honored for up to 45 days subject to the Company's usual terms and conditions. Collateral is not required to support commitments.
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. These guarantees are primarily used to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies and is required in instances where the Company deems it necessary.
Significant off-balance sheet commitments at September 30, 2018 are listed below (in thousands):
At September 30, 2018, the Company
had firm commitments to sell $1.2 million of residential loans to the FHLMC. Typically, these agreements are short-term fixed-rate commitments and no material gain or loss is likely.
Other Contractual Obligations. In connection with certain asset sales, the Company typically makes representations and warranties about the underlying assets conforming to specified guidelines. If the underlying assets do not conform to the specifications, the Company may have an obligation to repurchase the assets or indemnify the purchaser against loss. At September 30, 2018, loans under warranty totaled $113.9 million, which substantially represents the unpaid principal balance of the Company's loans serviced for the FHLMC. The Company believes that the potential for loss under these arrangements is remote. At September 30, 2018, the Company had an allowance for FHLMC loans of $25,000.
The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depository, the assessment attributable to all public depositories is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company has not incurred any losses related to public depository funds for the six months ended September 30, 2018 and 2017.
The Company is periodically a party to litigation arising in the ordinary course of business. In the opinion of management, these actions will not have a material effect, if any, on the Company's future consolidated financial position, results of operations and cash flows.
The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events.
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BASIS OF PRESENTATION (Policies) |
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Accounting Policies [Abstract] | ||
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 ("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 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, 2018 ("2018 Form 10-K"). The unaudited consolidated results of operations for the six months ended September 30, 2018 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2019.
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.
On February 17, 2017, Riverview Bancorp, Inc. and Riverview Community Bank (the "Bank") completed a purchase and assumption transaction in which the Bank purchased certain assets and assumed certain liabilities of MBank, the wholly-owned subsidiary of Merchants Bancorp (the "MBank transaction"). In addition, as part of the MBank transaction, Riverview Bancorp, Inc. assumed the obligations of Merchant Bancorp's trust preferred securities. The MBank transaction was accounted for as a business combination pursuant to GAAP. The results of operations of the acquired assets and assumed liabilities have been included in the Company's consolidated financial statements as of and for the periods since the acquisition date. See Note 3 for additional discussion.
Income taxes are accounted for using the asset and liability method. Under this method, a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company's income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017, and – among other provisions – lowered the federal corporate income tax rate. As a result, the Company revalued its deferred tax assets and liabilities during the third quarter of the fiscal year ended March 31, 2018. In addition, the Company utilized a blended tax rate for its fiscal year ended March 31, 2018 given the Tax Act lowered the federal corporate tax rate effective January 1, 2018. For the three and six months ended September 30, 2018 and for the fiscal year ending March 31, 2019, the Company will utilize the enacted federal corporate income tax rate pursuant to the Tax Act.
In September 2018, the Bank completed a purchase and assumption transaction in which all of the Bank's Longview, Washington branch deposits were sold to a community bank headquartered in Longview. The Bank sold approximately $3.2 million of deposits and recognized a gain on sale of these deposits of approximately $70,000 in the fiscal quarter ended September 30, 2018. This gain on sale of deposits is included in other non-interest income in the Company's consolidated statements of income. This purchase and assumption transaction did not include the sale of any loans, or exchange of any assets or liabilities other than deposits. The Bank has closed the Longview branch and plans to sell the related land and building. Management has determined there is no impairment on the land and building of the Longview branch.
Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total equity.
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PRINCIPLES OF CONSOLIDATION |
The accompanying unaudited consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community 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.
As of September 30, 2018, the Trust Company had 2,500 Trust Company stock options outstanding which had been granted to the President and Chief Executive Officer of the Trust Company. During the three and six months ended September 30, 2018, the Trust Company incurred $11,000 and $22,000, respectively, of stock-based compensation expense related to these options. During the year ended March 31, 2018, the Trust Company incurred $88,000 of stock-based compensation expense related to these options. None of the Trust Company stock options were exercised as of September 30, 2018.
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NEW ACCOUNTING PRONOUNCEMENTS |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which created FASB Accounting Standards Codification (ASC) Topic 606 ("ASC 606"). ASC 606 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 was effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. The Company adopted ASC 606 on April 1, 2018 using the modified retrospective approach. Therefore, the comparative information has not been adjusted and continues to be reported under superseded ASC 605. There was no cumulative effect adjustment as of April 1, 2018, and there were no material changes to the timing or amount of revenue recognized for the six months ended September 30, 2018; however, additional disclosures were incorporated in the Notes to the Consolidated Financial Statements upon adoption. The majority of the Company's revenue is comprised of interest income from financial assets, which is explicitly excluded from the scope of ASC 606. The Company elected to apply the practical expedient pursuant to ASC 606 and therefore does not disclose information about remaining performance obligations that have an original expected term of one year or less and allows the Company to expense costs related to obtaining a contract as incurred when the amortization period would have been one year or less. See Note 13 for additional discussion.
In January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). ASU 2016-01 generally requires equity investments – except those accounted for under the equity method of accounting or those that result in consolidation of the investee – to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 also eliminates certain disclosures related to the fair value of financial instruments and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this ASU on April 1, 2018. As required by ASU 2016-01, the fair value disclosure for loans receivable was computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 11.
In February 2016, the FASB issued ASU 2016-02, "Leases" ("ASU 2016-02"). ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities in the balance sheet and disclosure of key information about leasing arrangements. The principal change required by ASU 2016-02 relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term generally on a straight-
line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-02 also changes disclosure requirements related to leasing activities and requires certain qualitative disclosures along with specific quantitative disclosures. ASU 2016-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of ASU 2016-02 is permitted. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842) Targeted Improvements" ("ASU 2018-11"). The amendments in this ASU provide entities with an additional (and optional) transition method to adopt ASU 2016-02. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP. The effect of adoption will depend on leases at the time of adoption. Once adopted, the Company expects to report a greater amount of assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain non-cancelable operating lease agreements; however, based on current leases, the adoption of ASU 2016-02 and ASU 2018-11 is not expected to have a material impact on the Company's future consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 replaces the existing incurred losses methodology for estimating allowances with a current expected credit losses methodology with respect to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. In addition, ASU 2016-13 requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of carrying amount. ASU 2016-13 also changes the accounting for PCI debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU 2016-13 and expects to begin developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, management anticipates the allowance for loan losses will increase as a result of the implementation of ASU 2016-13; however, until its evaluation is complete, the magnitude of the increase will not be known.
In January 2017, the FASB issued ASU 2017-04, "Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of ASU 2017-04 is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements.
In March 2017, the FASB issued ASU 2017-08, "Receivables – Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-08 is not expected to have a material impact on the Company's future consolidated financial statements.
In February 2018, the FASB issued ASU 2018-02, "Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"). ASU 2018-02 allows a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Act. The amount of the reclassification would be calculated on the basis of the difference
between the historical and newly enacted tax rates for deferred tax liabilities and assets related to items within AOCI. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and early adoption is permitted. ASU 2018-02 should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the federal corporate tax rate is recognized. The Company elected to early adopt ASU 2018-02 and, as a result, reclassified $342,000 of stranded tax effects from AOCI to retained earnings in the fourth quarter of the fiscal year ended March 31, 2018.
In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 modifies the disclosure requirements on fair value measurements. The following disclosure requirements were removed from ASC Topic 820 – Fair Value Measurement: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation processes for Level 3 fair value measurements. ASU 2018-13 clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. In addition, ASU 2018-13 adds new disclosure requirements for Level 3 measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for any removed or modified disclosures. The adoption of ASU 2018-13 is not expected to have a material impact on the Company's future consolidated financial statements.
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BUSINESS COMBINATIONS (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated fair values of assets acquired and liabilities assumed |
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STOCK PLANS AND STOCK-BASED COMPENSATION (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock options outstanding |
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Schedule of stock options outstanding, less estimated forfeitures |
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EARNINGS PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted earnings per share |
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INVESTMENT SECURITIES (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and approximate fair value of investment securities |
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Schedule of contractual maturities of investment securities |
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Schedule of temporarily impaired securities, fair value and unrealized losses |
|
LOANS RECEIVABLE (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans and financing receivable |
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ALLOWANCE FOR LOAN LOSSES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance For Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of the allowance for loan losses |
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Schedule of impaired financing receivables |
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Schedule of analysis of loans by aging category |
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Schedule of credit quality indicators |
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Schedule of total and average recorded investment in impaired loans |
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Schedule of TDRs by interest accrual status |
|
JUNIOR SUBORDINATED DEBENTURES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Debentures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summary of terms and the amounts outstanding of the Debentures |
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FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets that are measured at estimated fair value on a recurring basis |
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Schedule of assets that are measured at estimated fair value on a nonrecurring basis |
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Schedule of quantitative information about Level 3 inputs for financial instruments measured at fair value on a nonrecurring basis |
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Schedule of carrying amount and estimated fair value of financial instruments |
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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of non-interest income disaggregated by type of service |
|
COMMITMENTS AND CONTINGENCIES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of significant off-balance sheet commitments |
|
BASIS OF PRESENTATION (Detail Textuals) |
6 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Basis Of Presentation [Abstract] | |
Bank sold deposits | $ 3,200,000 |
Gain on sale deposits | $ 70,000 |
PRINCIPLES OF CONSOLIDATION (Detail Textuals) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
|
Principles Of Consolidation [Line Items] | |||||
Stock options outstanding | 110,332 | 110,332 | 141,365 | 182,632 | 220,654 |
Stock-based compensation | $ 22,000 | ||||
Equity option | |||||
Principles Of Consolidation [Line Items] | |||||
Stock-based compensation | $ 11,000 | $ 22,000 | $ 88,000 | ||
President | Equity option | |||||
Principles Of Consolidation [Line Items] | |||||
Stock options outstanding | 2,500 | 2,500 | |||
Chief Executive Officer | Equity option | |||||
Principles Of Consolidation [Line Items] | |||||
Stock options outstanding | 2,500 | 2,500 |
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
---|---|---|---|
Feb. 17, 2017 |
Sep. 30, 2018 |
Mar. 31, 2018 |
|
Liabilities assumed | |||
Goodwill recognized | $ 27,076 | $ 27,076 | |
Merchants Bancorp | |||
Business Acquisition [Line Items] | |||
Cash consideration transferred | $ 12,100 | ||
Merchants Bancorp | Book Value | |||
Identifiable assets acquired | |||
Cash and cash equivalents | 27,196 | ||
Loans receivable | 115,283 | ||
CDI | 0 | ||
Premises and equipment | 1,769 | ||
BOLI | 2,113 | ||
Accrued interest receivable and other assets | 431 | ||
Total identifiable assets acquired | 146,792 | ||
Liabilities assumed | |||
Deposits | 130,572 | ||
Junior subordinated debentures | 5,155 | ||
Accrued expenses and other liabilities | 293 | ||
Total liabilities assumed | 136,020 | ||
Total identifiable net assets acquired | 10,772 | ||
Merchants Bancorp | Fair Value Adjustment | |||
Identifiable assets acquired | |||
Cash and cash equivalents | 0 | ||
Loans receivable | (3,258) | ||
CDI | 1,363 | ||
Premises and equipment | 399 | ||
BOLI | 0 | ||
Accrued interest receivable and other assets | 90 | ||
Total identifiable assets acquired | (1,406) | ||
Liabilities assumed | |||
Deposits | 235 | ||
Junior subordinated debentures | (1,468) | ||
Accrued expenses and other liabilities | 23 | ||
Total liabilities assumed | (1,210) | ||
Total identifiable net assets acquired | (196) | ||
Merchants Bancorp | Estimated Fair Value | |||
Business Acquisition [Line Items] | |||
Cash consideration transferred | 12,080 | ||
Identifiable assets acquired | |||
Cash and cash equivalents | 27,196 | ||
Loans receivable | 112,025 | ||
CDI | 1,363 | ||
Premises and equipment | 2,168 | ||
BOLI | 2,113 | ||
Accrued interest receivable and other assets | 521 | ||
Total identifiable assets acquired | 145,386 | ||
Liabilities assumed | |||
Deposits | 130,807 | ||
Junior subordinated debentures | 3,687 | ||
Accrued expenses and other liabilities | 316 | ||
Total liabilities assumed | 134,810 | ||
Total identifiable net assets acquired | 10,576 | ||
Goodwill recognized | $ 1,504 |
BUSINESS COMBINATIONS (Detail Textuals) $ in Millions |
1 Months Ended |
---|---|
Feb. 17, 2017
USD ($)
| |
Merchants Bancorp | |
Business Acquisition [Line Items] | |
Cash consideration transferred | $ 12.1 |
STOCK PLANS AND STOCK-BASED COMPENSATION (Details) - $ / shares |
6 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Number of Shares | ||
Balance, beginning of period | 141,365 | 220,654 |
Options exercised | (28,533) | (23,022) |
Expired | (2,500) | (15,000) |
Balance, end of period | 110,332 | 182,632 |
Weighted Average Exercise Price | ||
Balance, beginning of period | $ 3.77 | $ 4.74 |
Options exercised | 5.30 | 4.43 |
Expired | 8.12 | 14.49 |
Balance, end of period | $ 3.27 | $ 3.98 |
STOCK PLANS AND STOCK-BASED COMPENSATION (Details 1) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Stock options fully vested and expected to vest: | |||||
Number | 110,332 | 182,632 | |||
Weighted average exercise price | $ 3.27 | $ 3.98 | |||
Aggregate intrinsic value | [1] | $ 614,000 | $ 817,000 | ||
Weighted average contractual term of options (years) | 2 years 8 months 12 days | 3 years 2 months 12 days | |||
Stock options fully vested and currently exercisable: | |||||
Number | 110,332 | 182,632 | |||
Weighted average exercise price | $ 3.27 | $ 3.98 | |||
Aggregate intrinsic value | [1] | $ 614,000 | $ 817,000 | ||
Weighted average contractual term of options (years) | 2 years 8 months 12 days | 3 years 2 months 12 days | |||
|
STOCK PLANS AND STOCK-BASED COMPENSATION (Detail Textuals) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Jul. 17, 2017 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of issuance of common stock | 1,800,000 | ||
Total intrinsic value of stock options exercised | $ 118,000 | $ 67,000 |
EARNINGS PER SHARE: Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Basic EPS computation: | ||||
Numerator-net income (in dollars) | $ 4,229 | $ 3,059 | $ 8,671 | $ 5,713 |
Denominator-weighted average common shares outstanding | 22,579,839 | 22,518,941 | 22,575,009 | 22,511,935 |
Basic EPS (in dollars per share) | $ 0.19 | $ 0.14 | $ 0.38 | $ 0.25 |
Diluted EPS computation: | ||||
Numerator-net income (in dollars) | $ 4,229 | $ 3,059 | $ 8,671 | $ 5,713 |
Denominator-weighted average common shares outstanding | 22,579,839 | 22,518,941 | 22,575,009 | 22,511,935 |
Effect of dilutive stock options | 78,898 | 90,539 | 80,288 | 87,916 |
Weighted average common shares and common stock equivalents | 22,658,737 | 22,609,480 | 22,655,297 | 22,599,851 |
Diluted (in dollars per share) | $ 0.19 | $ 0.14 | $ 0.38 | $ 0.25 |
EARNINGS PER SHARE (Detail Textuals) |
3 Months Ended | 6 Months Ended |
---|---|---|
Sep. 30, 2017
shares
|
Sep. 30, 2017
shares
|
|
Earnings Per Share [Abstract] | ||
Number of unallocated ESOP shares | 24,633 | 24,633 |
Antidilutive securities excluded from computation of earnings per share, amount | 9,000 | 14,000 |
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost | $ 199,291 | $ 219,427 | |||||
Gross Unrealized Gains | 8 | 5 | |||||
Gross Unrealized Losses | (8,507) | (6,211) | |||||
Estimated Fair Value | 190,792 | 213,221 | |||||
Municipal securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost | 8,964 | 9,041 | |||||
Gross Unrealized Gains | 0 | 0 | |||||
Gross Unrealized Losses | (390) | (309) | |||||
Estimated Fair Value | 8,574 | 8,732 | |||||
Agency securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost | 17,420 | 22,412 | |||||
Gross Unrealized Gains | 4 | 1 | |||||
Gross Unrealized Losses | (412) | (311) | |||||
Estimated Fair Value | 17,012 | 22,102 | |||||
Real estate mortgage investment conduits | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost | [1] | 44,108 | 48,310 | ||||
Gross Unrealized Gains | [1] | 1 | 0 | ||||
Gross Unrealized Losses | [1] | (1,860) | (1,355) | ||||
Estimated Fair Value | [1] | 42,249 | 46,955 | ||||
Residential mortgage-backed securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost | [1] | 83,865 | 91,786 | ||||
Gross Unrealized Gains | [1] | 3 | 3 | ||||
Gross Unrealized Losses | [1] | (3,721) | (2,715) | ||||
Estimated Fair Value | [1] | 80,147 | 89,074 | ||||
Other mortgage-backed securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost | [2] | 44,934 | 47,878 | ||||
Gross Unrealized Gains | [2] | 0 | 1 | ||||
Gross Unrealized Losses | [2] | (2,124) | (1,521) | ||||
Estimated Fair Value | [2] | $ 42,810 | $ 46,358 | ||||
|
INVESTMENT SECURITIES (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
|||
---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | $ 38 | $ 42 | |||
Residential mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | [1] | 38 | 42 | ||
Gross Unrealized Gains | [1] | 1 | 1 | ||
Gross Unrealized Losses | [1] | 0 | 0 | ||
Estimated Fair Value | [1] | $ 39 | $ 43 | ||
|
INVESTMENT SECURITIES (Details 2) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Available for Sale, Amortized Cost | |
Due in one year or less | $ 8,000 |
Due after one year through five years | 10,787 |
Due after five years through ten years | 41,341 |
Due after ten years | 139,163 |
Total, Amortized Cost | 199,291 |
Available for Sale, Estimated Fair Value | |
Due in one year or less | 7,971 |
Due after one year through five years | 10,535 |
Due after five years through ten years | 39,543 |
Due after ten years | 132,743 |
Total, Estimated Fair Value | $ 190,792 |
INVESTMENT SECURITIES (Details 3) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Held to Maturity, Amortized Cost | |
Due in one year or less | $ 0 |
Due after one year through five years | 5 |
Due after five years through ten years | 29 |
Due after ten years | 4 |
Total, Amortized Cost | 38 |
Held to Maturity, Estimated Fair Value | |
Due in one year or less | 0 |
Due after one year through five years | 5 |
Due after five years through ten years | 30 |
Due after ten years | 4 |
Total, Estimated Fair Value | $ 39 |
INVESTMENT SECURITIES (Details 4) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | |||||||||
Less than 12 months, Estimated Fair Value | $ 65,960 | $ 111,145 | |||||||
Less than 12 months, Unrealized Losses | (2,334) | (2,696) | |||||||
12 months or longer, Estimated Fair Value | 122,537 | 100,060 | |||||||
12 months or longer, Unrealized Losses | (6,173) | (3,515) | |||||||
Total, Estimated Fair Value | 188,497 | 211,205 | |||||||
Total, Unrealized Losses | (8,507) | (6,211) | |||||||
Municipal securities | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
Less than 12 months, Estimated Fair Value | 5,293 | 6,626 | |||||||
Less than 12 months, Unrealized Losses | (289) | (236) | |||||||
12 months or longer, Estimated Fair Value | 3,281 | 2,106 | |||||||
12 months or longer, Unrealized Losses | (101) | (73) | |||||||
Total, Estimated Fair Value | 8,574 | 8,732 | |||||||
Total, Unrealized Losses | (390) | (309) | |||||||
Agency securities | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
Less than 12 months, Estimated Fair Value | 995 | 5,301 | |||||||
Less than 12 months, Unrealized Losses | (9) | (112) | |||||||
12 months or longer, Estimated Fair Value | 13,999 | 15,797 | |||||||
12 months or longer, Unrealized Losses | (403) | (199) | |||||||
Total, Estimated Fair Value | 14,994 | 21,098 | |||||||
Total, Unrealized Losses | (412) | (311) | |||||||
Real estate mortgage investment conduits | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
Less than 12 months, Estimated Fair Value | [1] | 20,660 | 31,922 | ||||||
Less than 12 months, Unrealized Losses | [1] | (759) | (774) | ||||||
12 months or longer, Estimated Fair Value | [1] | 21,546 | 14,983 | ||||||
12 months or longer, Unrealized Losses | [1] | (1,101) | (581) | ||||||
Total, Estimated Fair Value | [1] | 42,206 | 46,905 | ||||||
Total, Unrealized Losses | [1] | (1,860) | (1,355) | ||||||
Residential mortgage-backed securities | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
Less than 12 months, Estimated Fair Value | [2] | 28,498 | 50,941 | ||||||
Less than 12 months, Unrealized Losses | [2] | (1,018) | (1,192) | ||||||
12 months or longer, Estimated Fair Value | [2] | 51,415 | 37,823 | ||||||
12 months or longer, Unrealized Losses | [2] | (2,703) | (1,523) | ||||||
Total, Estimated Fair Value | [2] | 79,913 | 88,764 | ||||||
Total, Unrealized Losses | [2] | (3,721) | (2,715) | ||||||
Other mortgage-backed securities | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
Less than 12 months, Estimated Fair Value | [3] | 10,514 | 16,355 | ||||||
Less than 12 months, Unrealized Losses | [3] | (259) | (382) | ||||||
12 months or longer, Estimated Fair Value | [3] | 32,296 | 29,351 | ||||||
12 months or longer, Unrealized Losses | [3] | (1,865) | (1,139) | ||||||
Total, Estimated Fair Value | [3] | 42,810 | 45,706 | ||||||
Total, Unrealized Losses | [3] | $ (2,124) | $ (1,521) | ||||||
|
INVESTMENT SECURITIES (Detail Textuals) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
|
Debt Securities, Available-for-sale [Line Items] | |||
Investment securities gross realized gains from sales | $ 0.0 | $ 0.0 | |
Investment securities available for sale | |||
Debt Securities, Available-for-sale [Line Items] | |||
Pledged as collateral at amortized cost | 3.3 | $ 3.7 | |
Pledged as collateral at fair value | $ 3.2 | $ 3.6 |
LOANS RECEIVABLE: Loans receivable, excluding loans held for sale (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
||
---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | $ 849,842 | $ 811,376 | ||||||
Less: Allowance for loan losses | 11,513 | $ 11,349 | 10,766 | $ 10,617 | $ 10,597 | $ 10,528 | ||
Loans receivable, net | 838,329 | 800,610 | ||||||
Commercial and construction | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 751,540 | 706,270 | ||||||
Commercial and construction | Commercial business | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 155,487 | 137,672 | ||||||
Less: Allowance for loan losses | 1,858 | 1,799 | 1,668 | 1,340 | 1,391 | 1,418 | ||
Commercial and construction | Commercial real estate | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 462,377 | 450,597 | ||||||
Less: Allowance for loan losses | 5,361 | 5,139 | 4,914 | 5,116 | 5,176 | 5,084 | ||
Commercial and construction | Land | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 15,939 | 15,337 | ||||||
Less: Allowance for loan losses | 237 | 258 | 220 | 196 | 219 | 228 | ||
Commercial and construction | Multi-family | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 54,942 | 63,080 | ||||||
Less: Allowance for loan losses | 696 | 781 | 822 | 504 | 502 | 297 | ||
Commercial and construction | Real estate construction | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 62,795 | 39,584 | ||||||
Less: Allowance for loan losses | 1,007 | 855 | 618 | 840 | 668 | 714 | ||
Consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 98,302 | 105,106 | ||||||
Less: Allowance for loan losses | 1,641 | $ 1,788 | 1,809 | $ 1,890 | $ 1,932 | $ 2,099 | ||
Consumer | Real estate one-to-four family | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 86,950 | 90,109 | ||||||
Consumer | Other installment | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | [1] | $ 11,352 | $ 14,997 | |||||
|
LOANS RECEIVABLE (Detail Textuals) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
|
Receivables [Abstract] | ||
Net deferred loan fees | $ 4.1 | $ 3.6 |
Discount on Loans receivable | 1.9 | 2.2 |
Premiums on Loans receivable | 1.9 | $ 2.0 |
Loans pledged as collateral | $ 509.3 | |
Percentage of loans and extensions of credit outstanding | 15.00% |
ALLOWANCE FOR LOAN LOSSES: Reconciliation of the allowance for loan losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 11,349 | $ 10,597 | $ 10,766 | $ 10,528 |
Provision for (recapture of) loan losses | 250 | 0 | 50 | 0 |
Charge-offs | (92) | (128) | (184) | (210) |
Recoveries | 6 | 148 | 881 | 299 |
Ending balance | 11,513 | 10,617 | 11,513 | 10,617 |
Commercial and construction | Commercial Business | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,799 | 1,391 | 1,668 | 1,418 |
Provision for (recapture of) loan losses | 59 | (53) | 190 | (83) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 2 | 0 | 5 |
Ending balance | 1,858 | 1,340 | 1,858 | 1,340 |
Commercial and construction | Commercial Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 5,139 | 5,176 | 4,914 | 5,084 |
Provision for (recapture of) loan losses | 222 | (76) | (376) | 16 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 16 | 823 | 16 |
Ending balance | 5,361 | 5,116 | 5,361 | 5,116 |
Commercial and construction | Land | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 258 | 219 | 220 | 228 |
Provision for (recapture of) loan losses | (21) | (130) | 17 | (275) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 107 | 0 | 243 |
Ending balance | 237 | 196 | 237 | 196 |
Commercial and construction | Multi-Family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 781 | 502 | 822 | 297 |
Provision for (recapture of) loan losses | (85) | 2 | (126) | 207 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 696 | 504 | 696 | 504 |
Commercial and construction | Real Estate Construction | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 855 | 668 | 618 | 714 |
Provision for (recapture of) loan losses | 152 | 172 | 389 | 126 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 1,007 | 840 | 1,007 | 840 |
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,788 | 1,932 | 1,809 | 2,099 |
Provision for (recapture of) loan losses | (61) | 63 | (42) | (34) |
Charge-offs | (92) | (128) | (184) | (210) |
Recoveries | 6 | 23 | 58 | 35 |
Ending balance | 1,641 | 1,890 | 1,641 | 1,890 |
Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 729 | 709 | 715 | 688 |
Provision for (recapture of) loan losses | (16) | 22 | (2) | 43 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | $ 713 | $ 731 | $ 713 | $ 731 |
ALLOWANCE FOR LOAN LOSSES: Impaired Financing Receivables (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Allowance for loan losses | ||
Individually Evaluated for Impairment | $ 26 | $ 69 |
Collectively Evaluated for Impairment | 11,487 | 10,697 |
Total | 11,513 | 10,766 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 5,795 | 7,722 |
Collectively Evaluated for Impairment | 844,047 | 803,654 |
Total | 849,842 | 811,376 |
Commercial and construction | Commercial business | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 1,858 | 1,668 |
Total | 1,858 | 1,668 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 168 | 1,004 |
Collectively Evaluated for Impairment | 155,319 | 136,668 |
Total | 155,487 | 137,672 |
Commercial and construction | Commercial real estate | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 5,361 | 4,914 |
Total | 5,361 | 4,914 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 2,555 | 2,883 |
Collectively Evaluated for Impairment | 459,822 | 447,714 |
Total | 462,377 | 450,597 |
Commercial and construction | Land | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 237 | 220 |
Total | 237 | 220 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 740 | 763 |
Collectively Evaluated for Impairment | 15,199 | 14,574 |
Total | 15,939 | 15,337 |
Commercial and construction | Multi-family | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 696 | 822 |
Total | 696 | 822 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 1,619 | 1,644 |
Collectively Evaluated for Impairment | 53,323 | 61,436 |
Total | 54,942 | 63,080 |
Commercial and construction | Real estate construction | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 1,007 | 618 |
Total | 1,007 | 618 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 62,795 | 39,584 |
Total | 62,795 | 39,584 |
Consumer | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 26 | 69 |
Collectively Evaluated for Impairment | 1,615 | 1,740 |
Total | 1,641 | 1,809 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 713 | 1,428 |
Collectively Evaluated for Impairment | 97,589 | 103,678 |
Total | 98,302 | 105,106 |
Unallocated | ||
Allowance for loan losses | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 713 | 715 |
Total | 713 | 715 |
Recorded investment in loans | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 0 | 0 |
Total | $ 0 | $ 0 |
ALLOWANCE FOR LOAN LOSSES: Financing Receivables, Aging of Loans (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | $ 2,283 | $ 2,418 |
Total Past Due and Non-accrual | 2,975 | 2,938 |
Current | 846,867 | 808,438 |
Total Loans Receivable | 849,842 | 811,376 |
30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 692 | 520 |
90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 751,540 | 706,270 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 168 | 178 |
Total Past Due and Non-accrual | 296 | 185 |
Current | 155,191 | 137,487 |
Total Loans Receivable | 155,487 | 137,672 |
Commercial and construction | Commercial business | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 128 | 7 |
Commercial and construction | Commercial business | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 1,135 | 1,200 |
Total Past Due and Non-accrual | 1,298 | 1,200 |
Current | 461,079 | 449,397 |
Total Loans Receivable | 462,377 | 450,597 |
Commercial and construction | Commercial real estate | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 163 | 0 |
Commercial and construction | Commercial real estate | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 740 | 763 |
Total Past Due and Non-accrual | 740 | 763 |
Current | 15,199 | 14,574 |
Total Loans Receivable | 15,939 | 15,337 |
Commercial and construction | Land | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Land | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 0 | 0 |
Total Past Due and Non-accrual | 0 | 0 |
Current | 54,942 | 63,080 |
Total Loans Receivable | 54,942 | 63,080 |
Commercial and construction | Multi-family | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Multi-family | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Real estate construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 0 | 0 |
Total Past Due and Non-accrual | 0 | 0 |
Current | 62,795 | 39,584 |
Total Loans Receivable | 62,795 | 39,584 |
Commercial and construction | Real estate construction | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Commercial and construction | Real estate construction | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | 240 | 277 |
Total Past Due and Non-accrual | 641 | 790 |
Current | 97,661 | 104,316 |
Total Loans Receivable | 98,302 | 105,106 |
Consumer | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 401 | 513 |
Consumer | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 0 | $ 0 |
ALLOWANCE FOR LOAN LOSSES: Credit Quality Indicators (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 849,842 | $ 811,376 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 829,416 | 792,298 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 14,269 | 11,655 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 6,157 | 7,423 |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 751,540 | 706,270 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 155,487 | 137,672 |
Commercial and construction | Commercial business | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 151,080 | 132,309 |
Commercial and construction | Commercial business | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,141 | 1,976 |
Commercial and construction | Commercial business | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,266 | 3,387 |
Commercial and construction | Commercial business | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Commercial business | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 462,377 | 450,597 |
Commercial and construction | Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 449,511 | 440,123 |
Commercial and construction | Commercial real estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 9,976 | 7,489 |
Commercial and construction | Commercial real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,890 | 2,985 |
Commercial and construction | Commercial real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Commercial real estate | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 15,939 | 15,337 |
Commercial and construction | Land | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 15,199 | 14,574 |
Commercial and construction | Land | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Land | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 740 | 763 |
Commercial and construction | Land | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Land | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 54,942 | 63,080 |
Commercial and construction | Multi-family | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 52,769 | 60,879 |
Commercial and construction | Multi-family | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 2,152 | 2,190 |
Commercial and construction | Multi-family | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 21 | 11 |
Commercial and construction | Multi-family | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Multi-family | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Real estate construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 62,795 | 39,584 |
Commercial and construction | Real estate construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 62,795 | 39,584 |
Commercial and construction | Real estate construction | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Real estate construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Real estate construction | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial and construction | Real estate construction | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 98,302 | 105,106 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 98,062 | 104,829 |
Consumer | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 240 | 277 |
Consumer | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 0 | $ 0 |
ALLOWANCE FOR LOAN LOSSES: Impaired Financing Receivables (Details 4) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | $ 5,369 | $ 6,588 |
Recorded Investment with Specific Valuation Allowance | 426 | 1,134 |
Total Recorded Investment | 5,795 | 7,722 |
Unpaid Principal Balance | 6,977 | 8,977 |
Related Specific Valuation Allowance | 26 | 69 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 168 | 1,004 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 168 | 1,004 |
Unpaid Principal Balance | 186 | 1,062 |
Related Specific Valuation Allowance | 0 | 0 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 2,555 | 2,883 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 2,555 | 2,883 |
Unpaid Principal Balance | 3,463 | 3,816 |
Related Specific Valuation Allowance | 0 | 0 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 740 | 763 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 740 | 763 |
Unpaid Principal Balance | 779 | 790 |
Related Specific Valuation Allowance | 0 | 0 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 1,619 | 1,644 |
Recorded Investment with Specific Valuation Allowance | 0 | 0 |
Total Recorded Investment | 1,619 | 1,644 |
Unpaid Principal Balance | 1,726 | 1,765 |
Related Specific Valuation Allowance | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment with No Specific Valuation Allowance | 287 | 294 |
Recorded Investment with Specific Valuation Allowance | 426 | 1,134 |
Total Recorded Investment | 713 | 1,428 |
Unpaid Principal Balance | 823 | 1,544 |
Related Specific Valuation Allowance | $ 26 | $ 69 |
ALLOWANCE FOR LOAN LOSSES: Impaired Loans, Average Recorded Investment and Interest Recognized (Details 5) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | $ 6,180 | $ 8,758 | $ 6,694 | $ 9,794 |
Interest Recognized on Impaired Loans | 48 | 72 | 102 | 161 |
Commercial and construction | Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 170 | 1,116 | 448 | 842 |
Interest Recognized on Impaired Loans | 0 | 4 | 0 | 23 |
Commercial and construction | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 2,576 | 3,723 | 2,678 | 5,017 |
Interest Recognized on Impaired Loans | 16 | 31 | 32 | 61 |
Commercial and construction | Land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 745 | 786 | 751 | 791 |
Interest Recognized on Impaired Loans | 0 | 0 | 0 | 0 |
Commercial and construction | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 1,625 | 1,675 | 1,632 | 1,680 |
Interest Recognized on Impaired Loans | 22 | 22 | 44 | 46 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 1,064 | 1,458 | 1,185 | 1,464 |
Interest Recognized on Impaired Loans | $ 10 | $ 15 | $ 26 | $ 31 |
ALLOWANCE FOR LOAN LOSSES: TDRs by Interest Accrual Status (Details 6) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | $ 3,752 | $ 5,581 |
Nonaccrual | 2,043 | 2,141 |
Total | 5,795 | 7,722 |
Commercial and construction | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 0 | 826 |
Nonaccrual | 168 | 178 |
Total | 168 | 1,004 |
Commercial and construction | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 1,420 | 1,683 |
Nonaccrual | 1,135 | 1,200 |
Total | 2,555 | 2,883 |
Commercial and construction | Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 0 | 0 |
Nonaccrual | 740 | 763 |
Total | 740 | 763 |
Commercial and construction | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 1,619 | 1,644 |
Nonaccrual | 0 | 0 |
Total | 1,619 | 1,644 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual | 713 | 1,428 |
Nonaccrual | 0 | 0 |
Total | $ 713 | $ 1,428 |
ALLOWANCE FOR LOAN LOSSES (Detail Textuals) - USD ($) |
6 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest income foregone on non-accrual loans | $ 47,000 | $ 52,000 |
Percentage of delinquent loan amount | 75.00% |
JUNIOR SUBORDINATED DEBENTURES: Terms of the current Debentures (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Outstanding | $ 27,836 | ||||||||||
Fair value adjustment | [1] | (1,306) | |||||||||
Junior subordinated debentures | $ 26,530 | $ 26,484 | |||||||||
Riverview Bancorp Statutory Trust I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance Date | 12/2005 | ||||||||||
Amount Outstanding | $ 7,217 | ||||||||||
Rate Type | [2] | Variable | |||||||||
Initial Rate | 5.88% | ||||||||||
Current Rate | 3.69% | ||||||||||
Maturity Date | 3/2036 | ||||||||||
Riverview Bancorp Statutory Trust II | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance Date | 06/2007 | ||||||||||
Amount Outstanding | $ 15,464 | ||||||||||
Rate Type | [3] | Variable | |||||||||
Initial Rate | 7.03% | ||||||||||
Current Rate | 3.68% | ||||||||||
Maturity Date | 9/2037 | ||||||||||
Merchants Bancorp Statutory Trust I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance Date | [1] | 06/2003 | |||||||||
Amount Outstanding | [1] | $ 5,155 | |||||||||
Rate Type | [1],[4] | Variable | |||||||||
Initial Rate | [1] | 4.16% | |||||||||
Current Rate | [1] | 5.47% | |||||||||
Maturity Date | [1] | 6/2033 | |||||||||
|
JUNIOR SUBORDINATED DEBENTURES (Detail Textuals) |
6 Months Ended | |
---|---|---|
Sep. 30, 2018
USD ($)
Quarter
|
Mar. 31, 2018
USD ($)
|
|
Debt Instrument [Line Items] | ||
Maximum number of consecutive quarters for deferred payment of each debenture | Quarter | 20 | |
Debentures issued to grantor trusts | $ 26,500,000 | $ 26,500,000 |
Common securities issued by grantor trusts | $ 836,000 | $ 836,000 |
Riverview Bancorp Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Interest basis spread on variable rate | 1.36% | |
Description of variable rate | three-month LIBOR | |
Riverview Bancorp Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Interest basis spread on variable rate | 1.35% | |
Description of variable rate | three-month LIBOR | |
Merchants Bancorp Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Interest basis spread on variable rate | 3.10% | |
Description of variable rate | three-month LIBOR |
FAIR VALUE MEASUREMENTS: Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | $ 190,792 | $ 213,221 |
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 | 8,574 | 8,732 |
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 | 17,012 | 22,102 |
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 | 42,249 | 46,955 |
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 | 80,147 | 89,074 |
Other mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 42,810 | 46,358 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Real estate mortgage investment conduits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Other mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 190,792 | 213,221 |
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 | 8,574 | 8,732 |
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 | 17,012 | 22,102 |
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 | 42,249 | 46,955 |
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 | 80,147 | 89,074 |
Level 2 | Other mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 42,810 | 46,358 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Real estate mortgage investment conduits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Other mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS: Assets measured at fair value on a non-recurring basis (Details 2) - Nonrecurring basis - Impaired loans - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonrecurring assets measured at fair value | $ 401 | $ 2,143 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonrecurring assets measured at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonrecurring assets measured at fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nonrecurring assets measured at fair value | $ 401 | $ 2,143 |
FAIR VALUE MEASUREMENTS: Fair Value, Option, Quantitative Disclosures (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Mar. 31, 2018 |
---|---|---|
Estimated Fair Value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 27,080 | $ 44,767 |
Estimated Fair Value | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,975 | 5,959 |
Estimated Fair Value | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 210 | |
Estimated Fair Value | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 190,792 | 213,221 |
Estimated Fair Value | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 39 | 43 |
Estimated Fair Value | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 830,281 | 792,916 |
Estimated Fair Value | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,353 | 1,353 |
Estimated Fair Value | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 105,494 | 120,940 |
Estimated Fair Value | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 15,658 | 15,274 |
Estimated Fair Value | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,418 | 2,431 |
Carrying Amount | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 27,080 | 44,767 |
Carrying Amount | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,984 | 5,967 |
Carrying Amount | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 210 | |
Carrying Amount | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 190,792 | 213,221 |
Carrying Amount | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 38 | 42 |
Carrying Amount | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 838,329 | 800,610 |
Carrying Amount | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,353 | 1,353 |
Carrying Amount | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 107,887 | 123,144 |
Carrying Amount | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 26,530 | 26,484 |
Carrying Amount | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,418 | 2,431 |
Level 1 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 27,080 | 44,767 |
Level 1 | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Level 1 | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 2 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,975 | 5,959 |
Level 2 | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 210 | |
Level 2 | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 190,792 | 213,221 |
Level 2 | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 39 | 43 |
Level 2 | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,353 | 1,353 |
Level 2 | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 105,494 | 120,940 |
Level 2 | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 2 | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,418 | 2,431 |
Level 3 | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Level 3 | Investment securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Investment securities held to maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Loans receivable, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 830,281 | 792,916 |
Level 3 | FHLB stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Junior subordinated debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 15,658 | 15,274 |
Level 3 | Capital lease obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 0 | $ 0 |
NEW ACCOUNTING PRONOUNCEMENTS (Detail Textuals) |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
ASU 2018-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of stranded tax effects from AOCI to retained earnings | $ 342,000 |
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Revenue from External Customer [Line Items] | |||||||
BOLI | [1] | $ 174 | $ 204 | $ 353 | $ 411 | ||
Net gains on sales of loans held for sale | [1] | 44 | 157 | 196 | 382 | ||
FHLMC loan servicing fees | [1] | 34 | 29 | 61 | 57 | ||
Other, net | 295 | 149 | 471 | 291 | |||
Total non-interest income | 3,016 | 2,713 | 6,068 | 5,451 | |||
Asset management fees | |||||||
Revenue from External Customer [Line Items] | |||||||
Fees and Commissions | 943 | 818 | 1,869 | 1,671 | |||
Debit card and ATM fees | |||||||
Revenue from External Customer [Line Items] | |||||||
Fees and Commissions | 778 | 755 | 1,583 | 1,494 | |||
Deposit related fees | |||||||
Revenue from External Customer [Line Items] | |||||||
Fees and Commissions | 434 | 404 | 877 | 823 | |||
Loan related fees | |||||||
Revenue from External Customer [Line Items] | |||||||
Fees and Commissions | $ 314 | $ 197 | $ 658 | $ 322 | |||
|
COMMITMENTS AND CONTINGENCIES: Significant off-balance sheet commitments (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contract or Notional Amount | $ 206,386 |
Commitments to originate loans: | Adjustable-rate | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contract or Notional Amount | 29,187 |
Commitments to originate loans: | Fixed-rate | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contract or Notional Amount | 12,956 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contract or Notional Amount | 2,357 |
Undisbursed loan funds and unused lines of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contract or Notional Amount | $ 161,886 |
COMMITMENTS AND CONTINGENCIES (Detail Textuals) |
6 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Threshold limit for honoring of commitments | 45 days |
Commitments to sell | $ 1,200,000 |
Loans under warranty | 113,900,000 |
Allowance for FHLMC loans | $ 25,000 |
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