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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Riverview Bancorp Inc | NASDAQ:RVSB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.08 | 4.06 | 4.35 | 0 | 01:00:00 |
[X]
|
ANNUAL 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
|
Securities registered pursuant to Section 12(b) of the Act: | |
Common Stock, Par Value $.01 per share | Nasdaq Stock Market LLC |
(Title of Each Class) | (Name of Each Exchange on Which Registered) |
Securities registered pursuant to Section 12(g) of the Act: |
None
|
Large accelerated filer [ ] | Accelerated filer [ ] | Non-accelerated filer [ ] | Smaller Reporting Company [X] |
Table of Contents
|
||
PART I
|
PAGE
|
|
Item 1.
|
Business
|
4
|
Item 1A.
|
Risk Factors
|
34
|
Item 1B.
|
Unresolved Staff Comments
|
45
|
Item 2.
|
Properties
|
45
|
Item 3.
|
Legal Proceedings
|
45
|
Item 4.
|
Mine Safety Disclosures
|
45
|
PART II
|
||
Item 5.
|
Market of Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
46
|
Item 6.
|
Selected Financial Data
|
48
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
50
|
Item 7A.
|
Quantitative and Qualitative Disclosures about Market Risk
|
68
|
Item 8.
|
Financial Statements and Supplementary Data
|
70
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
107
|
Item 9A.
|
Controls and Procedures
|
107
|
Item 9B.
|
Other Information
|
108
|
PART III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
108
|
Item 11.
|
Executive Compensation
|
109
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholders
|
109
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
109
|
Item 14.
|
Principal Accounting Fees and Services
|
109
|
PART IV
|
||
Item 15.
|
Exhibits and Financial Statement Schedules
|
110
|
Signatures
|
111
|
|
Index to Exhibits
|
112
|
At March 31,
|
|||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||||||||
Commercial and construction:
|
|||||||||||||||||||||||||||||
Commercial business
|
$
|
71,632
|
13.43
|
%
|
$
|
71,935
|
13.42
|
%
|
$
|
87,238
|
12.74
|
%
|
$
|
85,511
|
12.44
|
%
|
$
|
108,368
|
14.76
|
%
|
|||||||||
Other real estate mortgage
|
324,881
|
60.90
|
355,397
|
66.30
|
434,763
|
63.49
|
461,955
|
67.19
|
459,178
|
62.52
|
|||||||||||||||||||
Real estate construction
|
19,482
|
3.65
|
9,675
|
1.81
|
25,791
|
3.76
|
27,385
|
3.98
|
75,456
|
10.27
|
|||||||||||||||||||
Total commercial and construction
|
415,995
|
77.98
|
437,007
|
81.53
|
547,792
|
79.99
|
574,851
|
83.61
|
643,002
|
87.55
|
|||||||||||||||||||
Consumer:
|
|||||||||||||||||||||||||||||
Real estate one-to-four family
|
93,007
|
17.43
|
97,140
|
18.12
|
134,975
|
19.71
|
110,437
|
16.06
|
88,861
|
12.10
|
|||||||||||||||||||
Other installment
|
24,486
|
4.59
|
1,865
|
0.35
|
2,042
|
0.30
|
2,289
|
0.33
|
2,616
|
0.35
|
|||||||||||||||||||
Total consumer loans
|
117,493
|
22.02
|
99,005
|
18.47
|
137,017
|
20.01
|
112,726
|
16.39
|
91,477
|
12.45
|
|||||||||||||||||||
Total loans
|
533,488
|
100.00
|
%
|
536,012
|
100.00
|
%
|
684,809
|
100.00
|
%
|
687,577
|
100.00
|
%
|
734,479
|
100.00
|
%
|
||||||||||||||
Less:
|
|||||||||||||||||||||||||||||
Allowance for loan losses
|
12,551
|
15,643
|
19,921
|
14,968
|
21,642
|
||||||||||||||||||||||||
Total loans receivable, net
|
$
|
520,937
|
$
|
520,369
|
$
|
664,888
|
$
|
672,609
|
$
|
712,837
|
|||||||||||||||||||
Commercial
|
Other
Real Estate
Mortgage
|
Real Estate
Construction
|
Commercial & Construction
Total
|
|||||||||||||
March 31, 2014
|
(In thousands)
|
|||||||||||||||
Commercial business
|
$ | 71,632 | $ | - | $ | - | $ | 71,632 | ||||||||
Commercial construction
|
- | - | 15,618 | 15,618 | ||||||||||||
Office buildings
|
- | 77,476 | - | 77,476 | ||||||||||||
Warehouse/industrial
|
- | 45,632 | - | 45,632 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 63,049 | - | 63,049 | ||||||||||||
Assisted living facilities
|
- | 7,585 | - | 7,585 | ||||||||||||
Single purpose facilities
|
- | 93,766 | - | 93,766 | ||||||||||||
Land
|
- | 16,245 | - | 16,245 | ||||||||||||
Multi-family
|
- | 21,128 | - | 21,128 | ||||||||||||
One-to-four family construction
|
- | - | 3,864 | 3,864 | ||||||||||||
Total
|
$ | 71,632 | $ | 324,881 | $ | 19,482 | $ | 415,995 |
March 31, 2013
|
||||||||||||||||
Commercial business
|
$ | 71,935 | $ | - | $ | - | $ | 71,935 | ||||||||
Commercial construction
|
- | - | 5,719 | 5,719 | ||||||||||||
Office buildings
|
- | 86,751 | - | 86,751 | ||||||||||||
Warehouse/industrial
|
- | 41,124 | - | 41,124 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 67,472 | - | 67,472 | ||||||||||||
Assisted living facilities
|
- | 13,146 | - | 13,146 | ||||||||||||
Single purpose facilities
|
- | 89,198 | - | 89,198 | ||||||||||||
Land
|
- | 23,404 | - | 23,404 | ||||||||||||
Multi-family
|
- | 34,302 | - | 34,302 | ||||||||||||
One-to-four family construction
|
- | - | 3,956 | 3,956 | ||||||||||||
Total
|
$ | 71,935 | $ | 355,397 | $ | 9,675 | $ | 437,007 |
At March 31,
|
||||||||||||||
2014
|
2013
|
|||||||||||||
Amount
(1)
|
Percent
|
Amount
(1)
|
Percent
|
|||||||||||
(Dollars in thousands)
|
||||||||||||||
Speculative construction
|
$
|
4,771
|
9.54
|
%
|
$
|
5,718
|
35.77
|
%
|
||||||
Commercial/multi-family construction
|
44,281
|
88.57
|
6,495
|
40.63
|
||||||||||
Custom/presold construction
|
698
|
1.40
|
2,898
|
18.13
|
||||||||||
Construction/permanent
|
246
|
0.49
|
875
|
5.47
|
||||||||||
Total
|
$
|
49,996
|
100.00
|
%
|
$
|
15,986
|
100.00
|
%
|
Northwest
Oregon
|
Other
Oregon
|
Southwest Washington
|
Other
Washington
|
Other
|
Total
|
|||||||||||||||||||
March 31, 2014
|
(In thousands)
|
|||||||||||||||||||||||
Land development
|
$ | 2,676 | $ | 1,184 | $ | 12,385 | $ | - | $ | - | $ | 16,245 | ||||||||||||
Speculative construction
|
- | - | 3,617 | - | 30 | 3,647 | ||||||||||||||||||
Total land and speculative construction
|
$ | 2,676 | $ | 1,184 | $ | 16,002 | $ | - | $ | 30 | $ | 19,892 |
March 31, 2013
|
||||||||||||||||||||||||
Land development
|
$ | 4,674 | $ | 1,339 | $ | 17,391 | $ | - | $ | - | $ | 23,404 | ||||||||||||
Speculative construction
|
- | 175 | 3,011 | 291 | - | 3,477 | ||||||||||||||||||
Total land and speculative construction
|
$ | 4,674 | $ | 1,514 | $ | 20,402 | $ | 291 | $ | - | $ | 26,881 |
Within 1
Year
|
1 – 3 Years
|
After 3 – 5
Years
|
After 5 – 10
Years
|
Beyond 10
Years
|
Total
|
||||||||||||
Commercial and construction:
|
(In thousands)
|
||||||||||||||||
Commercial business
|
$
|
26,933
|
$
|
12,256
|
$
|
14,758
|
$
|
17,554
|
$
|
131
|
$
|
71,632
|
|||||
Other real estate mortgage
|
45,270
|
54,392
|
125,385
|
96,190
|
3,644
|
324,881
|
|||||||||||
Real estate construction
|
2,531
|
2,322
|
39
|
5,718
|
8,872
|
19,482
|
|||||||||||
Total commercial & construction
|
74,734
|
68,970
|
140,182
|
119,462
|
12,647
|
415,995
|
|||||||||||
Consumer:
|
|||||||||||||||||
Real estate one-to-four family
|
1,292
|
5,617
|
1,151
|
8,057
|
76,890
|
93,007
|
|||||||||||
Other installment
|
123
|
797
|
4,817
|
18,644
|
105
|
24,486
|
|||||||||||
Total consumer
|
1,415
|
6,414
|
5,968
|
26,701
|
76,995
|
117,493
|
|||||||||||
Total loans
|
$
|
76,149
|
$
|
75,384
|
$
|
146,150
|
$
|
146,163
|
$
|
89,642
|
$
|
533,488
|
Fixed
Rate
|
Adjustable
Rate
|
Total
|
|||||||
(In thousands)
|
|||||||||
Commercial and Construction:
|
|||||||||
Commercial business
|
$
|
28,330
|
$
|
16,369
|
$
|
44,699
|
|||
Other real estate mortgage
|
87,181
|
192,430
|
279,611
|
||||||
Real estate construction
|
13,514
|
3,437
|
16,951
|
||||||
Total commercial and construction
|
129,025
|
212,236
|
341,261
|
||||||
Consumer:
|
|||||||||
Real estate one-to-four family
|
66,548
|
25,167
|
91,715
|
||||||
Other installment
|
23,872
|
491
|
24,363
|
||||||
Total consumer
|
90,420
|
25,658
|
116,078
|
||||||
Total loans
|
$
|
219,445
|
$
|
237,894
|
$
|
457,339
|
At March 31,
|
|||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||
(In thousands)
|
|||||||||||||||
Loans accounted for on a non-accrual basis:
|
|||||||||||||||
Commercial business
|
$
|
452
|
$
|
1,349
|
$
|
3,930
|
$
|
2,871
|
$
|
6,430
|
|||||
Other real estate mortgage
|
10,881
|
16,550
|
28,562
|
4,289
|
15,079
|
||||||||||
Real estate construction
|
-
|
175
|
7,756
|
4,206
|
11,826
|
||||||||||
Consumer
|
2,729
|
3,059
|
3,915
|
957
|
2,676
|
||||||||||
Total
|
14,062
|
21,133
|
44,163
|
12,323
|
36,011
|
||||||||||
Accruing loans which are contractually
past due 90 days or more
|
-
|
-
|
-
|
-
|
-
|
||||||||||
Total nonperforming loans
|
14,062
|
21,133
|
44,163
|
12,323
|
36,011
|
||||||||||
REO
|
7,703
|
15,638
|
18,731
|
27,590
|
13,325
|
||||||||||
Total nonperforming assets
|
$
|
21,765
|
$
|
36,771
|
$
|
62,894
|
$
|
39,913
|
$
|
49,336
|
|||||
Foregone interest on non-accrual loans
|
$
|
949
|
$
|
1,420
|
$
|
2,313
|
$
|
1,950
|
$
|
2,753
|
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Total
|
||||||||||||||||
March 31, 2014
|
(In thousands)
|
||||||||||||||||||||
Commercial business
|
$ | - | $ | - | $ | 452 | $ | - | $ | 452 | |||||||||||
Commercial real estate
|
2,194 | - | 5,873 | - | 8,067 | ||||||||||||||||
Multi-family
|
2,014 | - | - | - | 2,014 | ||||||||||||||||
Land
|
- | 800 | - | - | 800 | ||||||||||||||||
Consumer
|
395 | - | 2,065 | 269 | 2,729 | ||||||||||||||||
Total nonperforming loans
|
4,603 | 800 | 8,390 | 269 | 14,062 | ||||||||||||||||
REO
|
374 | 542 | 5,966 | 821 | 7,703 | ||||||||||||||||
Total nonperforming assets
|
$ | 4,977 | $ | 1,342 | $ | 14,356 | $ | 1,090 | $ | 21,765 |
March 31, 2013
|
|||||||||||||||||||||
Commercial business
|
$ | 94 | $ | 169 | $ | 1,086 | $ | - | $ | 1,349 | |||||||||||
Commercial real estate
|
2,638 | - | 7,379 | 298 | 10,315 | ||||||||||||||||
Multi-family
|
- | 2,968 | - | - | 2,968 | ||||||||||||||||
Land
|
- | 800 | 2,467 | - | 3,267 | ||||||||||||||||
One-to-four family construction
|
- | 175 | - | - | 175 | ||||||||||||||||
Consumer
|
349 | 401 | 1,703 | 606 | 3,059 | ||||||||||||||||
Total nonperforming loans
|
3,081 | 4,513 | 12,635 | 904 | 21,133 | ||||||||||||||||
REO
|
1,637 | 5,272 | 6,548 | 2,181 | 15,638 | ||||||||||||||||
Total nonperforming assets
|
$ | 4,718 | $ | 9,785 | $ | 19,183 | $ | 3,085 | $ | 36,771 |
March 31, 2014
|
March 31, 2013
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
15 | $ | 7,967 | 12 | $ | 2,467 | ||||||||||
Commercial real estate
|
11 | 11,771 | 22 | 27,328 | ||||||||||||
Land
|
- | - | 3 | 1,038 | ||||||||||||
Multi-family
|
1 | 14 | 2 | 879 | ||||||||||||
Total
|
27 | $ | 19,752 | 39 | $ | 31,712 |
At or For the Year
|
||||||||
Ended March 31,
|
||||||||
2014
|
2013
|
|||||||
(In thousands)
|
||||||||
Classified loans
|
$ | 33,814 | $ | 52,845 | ||||
General loss allowances
|
12,272 | 14,924 | ||||||
Specific loss allowances
|
279 | 719 | ||||||
Net charge-offs (recoveries)
|
(608 | ) | 5,178 |
Year Ended March 31,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Balance at beginning of year
|
$ | 15,643 | $ | 19,921 | $ | 14,968 | $ | 21,642 | $ | 16,974 | ||||||||||
Provision for (recapture of) loan losses
|
(3,700 | ) | 900 | 29,350 | 5,075 | 15,900 | ||||||||||||||
Recoveries:
|
||||||||||||||||||||
Commercial and construction
|
||||||||||||||||||||
Commercial business
|
526 | 118 | 29 | 7 | 5 | |||||||||||||||
Other real estate mortgage
|
873 | 1,263 | 103 | 31 | 1 | |||||||||||||||
Real estate construction
|
4 | 228 | 3 | 7 | 76 | |||||||||||||||
Total commercial and construction
|
1,403 | 1,609 | 135 | 45 | 82 | |||||||||||||||
Consumer
|
||||||||||||||||||||
Real estate one-to-four family
|
304 | 138 | 12 | 11 | 7 | |||||||||||||||
Other installment
|
7 | 1 | 3 | 2 | - | |||||||||||||||
Total consumer
|
311 | 139 | 15 | 13 | 7 | |||||||||||||||
Total recoveries
|
1,714 | 1,748 | 150 | 58 | 89 | |||||||||||||||
Charge-offs:
|
||||||||||||||||||||
Commercial and construction
|
||||||||||||||||||||
Commercial business
|
340 | 1,606 | 2,801 | 2,371 | 2,466 | |||||||||||||||
Other real estate mortgage
|
406 | 3,869 | 16,895 | 4,404 | 3,836 | |||||||||||||||
Real estate construction
|
11 | 141 | 2,101 | 4,329 | 3,737 | |||||||||||||||
Total commercial and construction
|
757 | 5,616 | 21,797 | 11,104 | 10,039 | |||||||||||||||
Consumer
|
||||||||||||||||||||
Real estate one-to-four family
|
346 | 1,238 | 2,694 | 682 | 1,232 | |||||||||||||||
Other installment
|
3 | 72 | 56 | 21 | 50 | |||||||||||||||
Total consumer
|
349 | 1,310 | 2,750 | 703 | 1,282 | |||||||||||||||
Total charge-offs
|
1,106 | 6,926 | 24,547 | 11,807 | 11,321 | |||||||||||||||
Net charge-offs (recoveries)
|
(608 | ) | 5,178 | 24,397 | 11,749 | 11,232 | ||||||||||||||
Balance at end of year
|
$ | 12,551 | $ | 15,643 | $ | 19,921 | $ | 14,968 | $ | 21,642 | ||||||||||
Ratio of allowance to total loans
outstanding at end of year
|
2.35 | % | 2.92 | % | 2.91 | % | 2.18 | % | 2.95 | % | ||||||||||
Ratio of net charge-offs (recoveries) to average net
loans outstanding during year
|
(0.12 | ) | 0.86 | 3.51 | 1.67 | 1.48 | ||||||||||||||
Ratio of allowance to total nonperforming loans
|
89.25 | 74.02 | 45.11 | 121.46 | 60.10 |
At March 31,
|
|||||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||||||||||
Amount
|
Loan Category
as a
Percent
of Total
Loans
|
Amount
|
Loan Category
as a
Percent
of Total
Loans
|
Amount
|
Loan Category
as a
Percent of Total
Loans
|
Amount
|
Loan Category as a Percent of Total Loans
|
Amount
|
Loan Category as a Percent
of Total Loans
|
||||||||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Commercial and construction:
|
|||||||||||||||||||||||||||||||
Commercial business
|
$
|
2,409
|
13.43
|
%
|
$
|
2,128
|
13.42
|
%
|
$
|
2,688
|
12.74
|
%
|
$
|
1,822
|
12.44
|
%
|
$
|
3,181
|
14.76
|
%
|
|||||||||||
Other real estate mortgage
|
5,812
|
60.90
|
8,539
|
66.30
|
11,626
|
63.49
|
8,919
|
67.19
|
10,028
|
62.52
|
|||||||||||||||||||||
Real estate construction
|
387
|
3.65
|
221
|
1.81
|
412
|
3.76
|
820
|
3.98
|
5,137
|
10.27
|
|||||||||||||||||||||
Consumer:
|
|||||||||||||||||||||||||||||||
Real estate one-to-four family
|
2,190
|
17.43
|
2,868
|
18.12
|
3,220
|
19.71
|
1,294
|
16.06
|
1,522
|
12.10
|
|||||||||||||||||||||
Other installment
|
463
|
4.59
|
81
|
0.35
|
54
|
0.30
|
45
|
0.33
|
52
|
0.35
|
|||||||||||||||||||||
Unallocated
|
1,290
|
-
|
1,806
|
-
|
1,921
|
-
|
2,068
|
-
|
1,722
|
-
|
|||||||||||||||||||||
Total allowance for loan loss
|
$
|
12,551
|
100.00
|
%
|
$
|
15,643
|
100.00
|
%
|
$
|
19,921
|
100.00
|
%
|
$
|
14,968
|
100.00
|
%
|
$
|
21,642
|
100.00
|
%
|
At March 31,
|
|||||||||||||||||
2014
|
2013
|
2012
|
|||||||||||||||
Carrying
Value
|
Percent of
Portfolio
|
Carrying
Value
|
Percent of
Portfolio
|
Carrying
Value
|
Percent of
Portfolio
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||||
Held to maturity (at amortized cost):
|
|||||||||||||||||
FHLMC mortgage-backed securities
|
$
|
26
|
0.03
|
%
|
$
|
31
|
0.46
|
%
|
$
|
69
|
0.87
|
%
|
|||||
FNMA mortgage-backed securities
|
75
|
0.07
|
94
|
1.39
|
102
|
1.28
|
|||||||||||
Municipal securities
|
-
|
-
|
-
|
-
|
493
|
6.20
|
|||||||||||
101
|
0.10
|
125
|
1.85
|
664
|
8.35
|
||||||||||||
Available for sale (at fair value):
|
|||||||||||||||||
Agency securities
|
21,491
|
21.06
|
4,978
|
73.51
|
4,999
|
62.87
|
|||||||||||
REMICs
|
7,150
|
7.00
|
237
|
3.50
|
329
|
4.14
|
|||||||||||
FHLMC mortgage-backed securities
|
25,386
|
24.87
|
191
|
2.82
|
636
|
8.00
|
|||||||||||
FNMA mortgage-backed securities
|
38,950
|
38.16
|
3
|
0.04
|
9
|
0.11
|
|||||||||||
SBA mortgage-backed securities
|
3,932
|
3.85
|
-
|
-
|
-
|
-
|
|||||||||||
GNMA mortgage-backed securities
|
1,077
|
1.06
|
-
|
-
|
-
|
-
|
|||||||||||
CRE mortgage-backed securities
|
2,080
|
2.04
|
-
|
-
|
-
|
-
|
|||||||||||
Municipal securities
|
-
|
-
|
-
|
-
|
149
|
1.87
|
|||||||||||
Trust preferred securities
|
1,903
|
1.86
|
1,238
|
18.28
|
1,166
|
14.66
|
|||||||||||
101,969
|
99.90
|
6,647
|
98.15
|
7,288
|
91.65
|
||||||||||||
Total investment securities
|
$
|
102,070
|
100.00
|
%
|
$
|
6,772
|
100.00
|
%
|
$
|
7,952
|
100.00
|
%
|
Less Than One Year
|
One to Five Years
|
More Than Five to Ten Years
|
More Than
Ten Years
|
||||||||||||||||||||
Amount
|
Weighted Average
Yield
(1)
|
Amount
|
Weighted Average
Yield
(1)
|
Amount
|
Weighted Average
Yield
(1)
|
Amount
|
Weighted Average
Yield
(1)
|
||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||
Agency securities
|
$
|
-
|
-
|
%
|
$
|
14,099
|
1.15
|
%
|
$
|
7,392
|
1.52
|
%
|
$
|
-
|
-
|
%
|
|||||||
REMICs
|
-
|
-
|
27
|
5.26
|
137
|
4.39
|
6,986
|
2.30
|
|||||||||||||||
FHLMC mortgage-backed securities
|
4
|
4.03
|
-
|
-
|
1,567
|
1.33
|
23,841
|
1.99
|
|||||||||||||||
FNMA mortgage-backed securities
|
1
|
7.06
|
-
|
-
|
9,522
|
1.86
|
29,502
|
2.04
|
|||||||||||||||
SBA mortgage-backed securities
|
-
|
-
|
-
|
-
|
-
|
-
|
3,932
|
1.18
|
|||||||||||||||
GNMA mortgage-backed securities
|
-
|
-
|
-
|
-
|
-
|
-
|
1,077
|
1.97
|
|||||||||||||||
CRE mortgage-backed securities
|
-
|
-
|
-
|
-
|
-
|
-
|
2,080
|
3.40
|
|||||||||||||||
Trust preferred securities
|
-
|
-
|
-
|
-
|
-
|
-
|
1,903
|
3.73
|
|||||||||||||||
Total
|
$
|
5
|
4.64
|
%
|
$
|
14,126
|
1.16
|
%
|
$
|
18,618
|
1.70
|
%
|
$
|
69,321
|
1.89
|
%
|
Year Ended March 31,
|
||||||||||||||||||
2014
|
2013
|
2012
|
||||||||||||||||
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||||
Non-interest-bearing demand
|
$
|
120,290
|
0.00
|
%
|
$
|
127,048
|
0.00
|
%
|
$
|
110,959
|
0.00
|
%
|
||||||
Interest checking
|
93,395
|
0.11
|
86,091
|
0.16
|
96,764
|
0.29
|
||||||||||||
Regular savings accounts
|
59,844
|
0.15
|
49,394
|
0.19
|
40,345
|
0.31
|
||||||||||||
Money market accounts
|
224,689
|
0.21
|
228,269
|
0.26
|
234,325
|
0.45
|
||||||||||||
Certificates of deposit
|
174,522
|
0.75
|
206,565
|
0.89
|
248,696
|
1.17
|
||||||||||||
Total
|
$
|
672,740
|
0.29
|
%
|
$
|
697,367
|
0.38
|
%
|
$
|
731,089
|
0.60
|
%
|
Maturity Period
|
Amount
|
Weighted
Average Rate
|
||||||
(Dollars in thousands)
|
||||||||
Three months or less
|
$ | 20,669 | 0.40 | % | ||||
Over three through six months
|
17,270 | 0.51 | ||||||
Over six through 12 months
|
25,981 | 0.36 | ||||||
Over 12 Months
|
26,252 | 1.38 | ||||||
Total
|
$ | 90,172 | 0.70 | % |
Year Ended March 31,
|
|||||||||||
2014 | 2013 | 2012 | |||||||||
(Dollars in thousands)
|
|||||||||||
Maximum amounts of FHLB advances
outstanding at any month end
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||
Average FHLB advances outstanding
|
5
|
3
|
3
|
||||||||
Weighted average rate on FHLB advances
|
0.52
|
%
|
0.55
|
%
|
0.25
|
%
|
|||||
Maximum amounts of FRB borrowings
outstanding at any month end
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||
Average FRB borrowings outstanding
|
-
|
3
|
11
|
||||||||
Weighted average rate on FRB borrowings
|
-
|
%
|
0.75
|
%
|
0.75
|
%
|
Name
|
Age
(1
)
|
Position
|
Patrick Sheaffer
|
74
|
Chairman of the Board and Chief Executive Officer
|
Ronald A. Wysaske
|
61
|
President and Chief Operating Officer
|
Kevin J. Lycklama
|
36
|
Executive Vice President and Chief Financial Officer
|
Daniel D. Cox
|
36
|
Executive Vice President and Chief Credit Officer
|
Richard S. Michalek
|
69
|
Executive Vice President and Chief Lending Officer
|
John A. Karas
|
65
|
Executive Vice President
|
James D. Baldovin
|
55
|
Executive Vice President Retail Banking
|
Kim J. Capeloto
|
52
|
Executive Vice President Marketing and Operations
|
•
|
Total reported loans for construction, land development and other land represent 100% or more of the bank’s capital; or
|
•
|
Total commercial real estate loans (as defined in the guidance) represent 300% or more of the bank’s total capital or the outstanding balance of the bank’s commercial real estate loan portfolio has increased 50% or more during the prior 36 months.
|
•
|
before any savings and loan holding company or bank holding company could acquire 5% or more of the common stock of Riverview Bancorp, Inc.; and
|
•
|
before any other company could acquire 25% or more of the common stock of Riverview Bancorp, Inc., and may be required for an acquisition of as little as 10% of such stock.
|
·
|
loan delinquencies, problem assets and foreclosures may increase;
|
·
|
the slowing of sales of foreclosed assets;
|
·
|
demand for our products and services may decline;
|
·
|
collateral for loans made may decline further in value, in turn reducing customers’ borrowing power, reducing the value of assets and collateral associated with existing loans; and
|
·
|
the amount of our low-cost or non-interest bearing deposits may decrease.
|
·
|
the cash flow of the borrower and/or the project being financed;
|
·
|
changes and uncertainties as to the future value of the collateral, in the case of a collateralized loan;
|
·
|
the duration of the loan;
|
·
|
the credit history of a particular borrower; and
|
·
|
changes in economic and industry conditions.
|
·
|
our general reserve, based on our historical default and loss experience and certain macroeconomic factors based on management’s expectations of future events;
|
·
|
our specific reserve, based on our evaluation of nonperforming loans and their underlying collateral; and
|
·
|
an unallocated reserve to provide for other credit losses inherent in our portfolio that may not have been contemplated in the other loss factors.
|
Fiscal Year Ended March 31, 2014
|
High
|
Low
|
Cash
Dividends
Declared
|
|||||
Quarter ended March 31, 2014
|
$
|
3.49
|
$
|
2.82
|
$
|
-
|
||
Quarter ended December 31, 2013
|
2.98
|
2.51
|
-
|
|||||
Quarter ended September 30, 2013
|
2.96
|
2.42
|
-
|
|||||
Quarter ended June 30, 2013
|
2.67
|
2.27
|
-
|
Fiscal Year Ended March 31, 2013
|
High
|
Low
|
Cash
Dividends
Declared
|
|||||
Quarter ended March 31, 2013
|
$
|
2.76
|
$
|
1.66
|
$
|
-
|
||
Quarter ended December 31, 2012
|
1.99
|
1.41
|
-
|
|||||
Quarter ended September 30, 2012
|
1.49
|
1.24
|
-
|
|||||
Quarter ended June 30, 2012
|
2.29
|
1.08
|
-
|
3/31/09*
|
3/31/10
|
3/31/11
|
3/31/12
|
3/31/13
|
3/31/14
|
||
Riverview Bancorp, Inc.
|
100.00
|
59.43
|
78.55
|
58.40
|
68.22
|
88.51
|
|
S & P 500
|
100.00
|
149.77
|
173.20
|
187.99
|
214.24
|
261.06
|
|
NASDAQ Bank
|
100.00
|
130.24
|
129.55
|
132.74
|
152.64
|
199.25
|
Earnings (loss) per share: | |||||||||||||||
Basic
|
$
|
0.87
|
$
|
0.12
|
$
|
(1.42
|
)
|
$
|
0.24
|
$
|
(0.51
|
)
|
|||
Diluted
|
0.87
|
0.12
|
(1.42
|
)
|
0.24
|
(0.51
|
)
|
||||||||
Dividends per share
|
-
|
-
|
-
|
-
|
-
|
At or For the Year Ended March 31,
|
||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
KEY FINANCIAL RATIOS:
|
||||||||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return (loss) on average assets
|
2.46 | % | 0.33 | % | (3.64 | )% | 0.51 | % | (0.62 | )% | ||||||||||
Return (loss) on average equity
|
23.73 | 3.41 | (30.19 | ) | 4.29 | (6.00 | ) | |||||||||||||
Dividend payout ratio
(1)
|
- | - | - | - | - | |||||||||||||||
Interest rate spread
|
3.29 | 3.95 | 4.17 | 4.46 | 4.19 | |||||||||||||||
Net interest margin
|
3.37 | 4.06 | 4.33 | 4.64 | 4.39 | |||||||||||||||
Non-interest expense to average assets
|
4.05 | 4.30 | 3.95 | 3.70 | 3.97 | |||||||||||||||
Efficiency ratio
(2)
|
98.03 | 90.70 | 85.01 | 73.16 | 82.97 | |||||||||||||||
Average equity to average assets
|
10.37 | 9.55 | 12.04 | 11.84 | 10.29 | |||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Allowance for loan losses to
total net loans at end of period
|
2.35 | 2.92 | 2.91 | 2.18 | 2.95 | |||||||||||||||
Allowance for loan losses to
nonperforming loans
|
89.25 | 74.02 | 45.11 | 121.46 | 60.10 | |||||||||||||||
Net charge-offs (recoveries) to average outstanding
loans during the period
|
(0.12 | ) | 0.86 | 3.51 | 1.67 | 1.48 | ||||||||||||||
Ratio of nonperforming assets
to total assets
|
2.64 | 4.73 | 7.35 | 4.65 | 5.89 | |||||||||||||||
Ratio of nonperforming loans
to total loans
|
2.64 | 3.94 | 6.45 | 1.79 | 4.90 | |||||||||||||||
Capital Ratios:
|
||||||||||||||||||||
Total capital to risk-weighted assets
|
16.66 | 15.29 | 12.11 | 14.61 | 12.11 | |||||||||||||||
Tier 1 capital to risk-weighted assets
|
15.40 | 14.02 | 10.84 | 13.35 | 10.85 | |||||||||||||||
Leverage ratio
|
10.71 | 9.99 | 8.76 | 11.24 | 9.84 |
(1) |
Dividends per share divided by earnings per share
|
(2) |
Non-interest expense divided by the sum of net interest income and non-interest income
|
Within
1 Year
|
Over
1 - 3
Years
|
Over
3 - 5
Years
|
After
5 Years
|
Total
Balance
|
||||||||||
Certificates of deposit
|
$
|
112,892
|
$
|
27,016
|
$
|
14,523
|
$
|
7,822
|
$
|
162,253
|
||||
Operating leases
|
1,783
|
3,164
|
2,495
|
2,295
|
9,737
|
|||||||||
Capital leases
|
85
|
189
|
218
|
1,869
|
2,361
|
|||||||||
Junior subordinates debentures
|
-
|
-
|
-
|
22,681
|
22,681
|
|||||||||
Total other contractual obligations
|
$
|
114,760
|
$
|
30,369
|
$
|
17,236
|
$
|
34,667
|
$
|
197,032
|
Average
Rate
|
Within
1 Year
|
After
1 - 3
Years
|
After
3 - 5
Years
|
After
5 - 10
Years
|
Beyond
10
Years
|
Total
|
||||||||||||||||
Interest-Sensitive Assets:
|
(Dollars in thousands)
|
|||||||||||||||||||||
Loans receivable
|
4.61
|
%
|
$
|
76,149
|
$
|
75,384
|
$
|
146,150
|
$
|
146,163
|
$
|
89,642
|
$
|
533,488
|
||||||||
Mortgage-backed
|
||||||||||||||||||||||
securities
|
2.01
|
4,202
|
5,585
|
44,403
|
24,486
|
-
|
78,676
|
|||||||||||||||
Investments and other
|
||||||||||||||||||||||
interest-earning assets
|
0.78
|
78,335
|
19,246
|
13,198
|
1,255
|
-
|
112,034
|
|||||||||||||||
FHLB stock
|
0.08
|
1,348
|
2,698
|
2,698
|
-
|
-
|
6,744
|
|||||||||||||||
Total assets
|
$
|
160,034
|
$
|
102,913
|
$
|
206,449
|
$
|
171,904
|
$
|
89,642
|
$
|
730,942
|
||||||||||
Interest-Sensitive Liabilities:
|
||||||||||||||||||||||
Interest checking
|
0.07
|
$
|
20,909
|
$
|
41,817
|
$
|
41,817
|
$
|
-
|
$
|
-
|
$
|
104,543
|
|||||||||
Savings accounts
|
0.10
|
13,340
|
26,681
|
26,681
|
-
|
-
|
66,702
|
|||||||||||||||
Money market accounts
|
0.12
|
45,587
|
91,173
|
91,173
|
-
|
-
|
227,933
|
|||||||||||||||
Certificate accounts
|
0.67
|
112,892
|
27,016
|
14,523
|
7,792
|
30
|
162,253
|
|||||||||||||||
FHLB advances
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
FRB borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Subordinated debentures
|
1.59
|
-
|
-
|
-
|
-
|
22,681
|
22,681
|
|||||||||||||||
Obligations under capital lease
|
7.16
|
85
|
189
|
218
|
702
|
1,167
|
2,361
|
|||||||||||||||
Total liabilities
|
192,813
|
186,876
|
174,412
|
8,494
|
23,878
|
586,473
|
||||||||||||||||
Interest sensitivity gap
|
(32,779
|
)
|
(83,963
|
)
|
32,037
|
163,410
|
65,764
|
$
|
144,469
|
|||||||||||||
Cumulative interest sensitivity gap
|
$
|
(32,779
|
)
|
$
|
(116,742
|
)
|
$
|
(84,705
|
)
|
$
|
78,705
|
$
|
144,469
|
|||||||||
Off-Balance Sheet Items:
|
||||||||||||||||||||||
Commitments to extend credit
|
-
|
$
|
8,112
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8,112
|
|||||||||
Unused lines of credit
|
-
|
$
|
85,113
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
85,113
|
TABLE OF CONTENTS
|
|
Page
|
|
Report of Independent Registered Public Accounting Firm – Deloitte & Touche LLP
|
71
|
Consolidated Balance Sheets as of March 31, 2014 and 2013
|
72
|
Consolidated Statements of Operations for the Years Ended March 31, 2014, 2013 and 2012
|
73
|
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended March 31, 2014, 2013 and 2012
|
74
|
Consolidated Statements of Equity for the Years Ended March 31, 2014, 2013 and 2012
|
75
|
Consolidated Statements of Cash Flows for the Years Ended March 31, 2014, 2013 and 2012
|
76
|
Notes to Consolidated Financial Statements
|
77
|
(Dollars in thousands, except share data)
|
2014
|
2013
|
2012
|
||||||||
INTEREST AND DIVIDEND INCOME:
|
|||||||||||
Interest and fees on loans receivable
|
$
|
25,423
|
$
|
32,041
|
$
|
38,894
|
|||||
Interest on investment securities – taxable
|
271
|
276
|
145
|
||||||||
Interest on investment securities – non taxable
|
-
|
16
|
42
|
||||||||
Interest on mortgage-backed securities
|
424
|
25
|
51
|
||||||||
Other interest and dividends
|
686
|
574
|
400
|
||||||||
Total interest and dividend income
|
26,804
|
32,932
|
39,532
|
||||||||
INTEREST EXPENSE:
|
|||||||||||
Interest on deposits
|
1,973
|
2,667
|
4,357
|
||||||||
Interest on borrowings
|
595
|
818
|
1,508
|
||||||||
Total interest expense
|
2,568
|
3,485
|
5,865
|
||||||||
Net interest income
|
24,236
|
29,447
|
33,667
|
||||||||
Less provision for (recapture of) loan losses
|
(3,700
|
)
|
900
|
29,350
|
|||||||
Net interest income after provision for (recapture of) loan losses
|
27,936
|
28,547
|
4,317
|
||||||||
NON-INTEREST INCOME:
|
|||||||||||
Fees and service charges
|
4,258
|
4,695
|
3,996
|
||||||||
Asset management fees
|
2,630
|
2,172
|
2,367
|
||||||||
Net gain on sale of loans held for sale
|
667
|
1,386
|
160
|
||||||||
Bank owned life insurance
|
553
|
585
|
601
|
||||||||
Other
|
259
|
35
|
(297
|
)
|
|||||||
Total non-interest income
|
8,367
|
8,873
|
6,827
|
||||||||
NON-INTEREST EXPENSE:
|
|||||||||||
Salaries and employee benefits
|
15,755
|
15,325
|
15,889
|
||||||||
Occupancy and depreciation
|
4,811
|
4,970
|
4,793
|
||||||||
Data processing
|
2,058
|
1,420
|
1,421
|
||||||||
Amortization of core deposit intangible
|
40
|
71
|
82
|
||||||||
Advertising and marketing expense
|
726
|
834
|
998
|
||||||||
FDIC insurance premium
|
1,487
|
1,532
|
1,136
|
||||||||
State and local taxes
|
462
|
547
|
549
|
||||||||
Telecommunications
|
304
|
384
|
434
|
||||||||
Professional fees
|
1,290
|
1,456
|
1,254
|
||||||||
Real estate owned expenses
|
2,765
|
5,781
|
5,097
|
||||||||
Other
|
2,263
|
2,438
|
2,770
|
||||||||
Total non-interest expense
|
31,961
|
34,758
|
34,423
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
4,342
|
2,662
|
(23,279
|
)
|
|||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
(15,081
|
)
|
29
|
8,378
|
|||||||
NET INCOME (LOSS)
|
$
|
19,423
|
$
|
2,633
|
$
|
(31,657
|
)
|
||||
Earnings (loss) per common share:
|
|||||||||||
Basic
|
$
|
0.87
|
$
|
0.12
|
$
|
(1.42
|
)
|
||||
Diluted
|
0.87
|
0.12
|
(1.42
|
)
|
|||||||
Weighted average number of shares outstanding:
|
|||||||||||
Basic
|
22,367,174
|
22,342,541
|
22,317,933
|
||||||||
Diluted
|
22,369,175
|
22,342,541
|
22,317,933
|
(Dollars in thousands, except share data)
|
2014
|
2013
|
2012
|
||||||||
Net income (loss)
|
$
|
19,423
|
$
|
2,633
|
$
|
(31,657
|
)
|
||||
Other comprehensive income (loss):
(1)
|
|||||||||||
Unrealized holding gain on securities, net
|
555
|
239
|
372
|
||||||||
Income tax expense related to securities unrealized holding gain
|
(189
|
)
|
(81
|
)
|
(126
|
)
|
|||||
Noncontrolling interest
|
81
|
59
|
79
|
||||||||
Total comprehensive income (loss)
|
$
|
19,870
|
$
|
2,850
|
$
|
(31,332
|
)
|
||||
(1)
There were no reclassifications out of other comprehensive income (loss) for the years ended
March 31, 2014, 2013 and 2012.
|
|||||||||||
(
In thousands, except share data)
|
Common Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Unearned
Shares
Issued to
Employee
Stock Ownership
Trust
|
Accumulated
Other
Comprehensive
Loss
|
Noncontrolling Interest
|
Total
|
||||||||||||||||||
Shares
|
Amount
|
||||||||||||||||||||||||
Balance April 1, 2011
|
22,471,890
|
$
|
225
|
$
|
65,639
|
$
|
43,193
|
$
|
(696
|
)
|
$
|
(1,417
|
)
|
$
|
465
|
$
|
107,409
|
||||||||
Net loss
|
-
|
-
|
-
|
(31,657
|
)
|
-
|
-
|
-
|
(31,657
|
)
|
|||||||||||||||
Stock option expense
|
-
|
-
|
12
|
-
|
-
|
-
|
-
|
12
|
|||||||||||||||||
Earned ESOP shares
|
-
|
-
|
(41
|
)
|
-
|
103
|
-
|
-
|
62
|
||||||||||||||||
Unrealized holding gain on securities
|
-
|
-
|
-
|
-
|
-
|
246
|
-
|
246
|
|||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
79
|
79
|
|||||||||||||||||
Balance March 31, 2012
|
22,471,890
|
225
|
65,610
|
11,536
|
(593
|
)
|
(1,171
|
)
|
544
|
76,151
|
|||||||||||||||
Net income
|
-
|
-
|
-
|
2,633
|
-
|
-
|
-
|
2,633
|
|||||||||||||||||
Stock option expense
|
-
|
-
|
2
|
-
|
-
|
-
|
-
|
2
|
|||||||||||||||||
Earned ESOP shares
|
-
|
-
|
(61
|
)
|
-
|
103
|
-
|
-
|
42
|
||||||||||||||||
Unrealized holding gain on securities
|
-
|
-
|
-
|
-
|
-
|
158
|
-
|
158
|
|||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
59
|
59
|
|||||||||||||||||
Balance March 31, 2013
|
22,471,890
|
225
|
65,551
|
14,169
|
(490
|
)
|
(1,013
|
)
|
603
|
79,045
|
|||||||||||||||
Net income
|
-
|
-
|
-
|
19,423
|
-
|
-
|
-
|
19,423
|
|||||||||||||||||
Purchase of subsidiary shares
from noncontrolling interest
|
-
|
-
|
(399
|
)
|
-
|
-
|
-
|
(213
|
)
|
(612
|
)
|
||||||||||||||
Stock option expense
|
-
|
-
|
78
|
-
|
-
|
-
|
-
|
78
|
|||||||||||||||||
Earned ESOP shares
|
-
|
-
|
(35
|
)
|
-
|
103
|
-
|
-
|
68
|
||||||||||||||||
Unrealized holding gain on securities
|
-
|
-
|
-
|
-
|
-
|
366
|
-
|
366
|
|||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
81
|
81
|
|||||||||||||||||
Balance March 31, 2014
|
22,471,890
|
$
|
225
|
$
|
65,195
|
$
|
33,592
|
$
|
(387
|
)
|
$
|
(647
|
)
|
$
|
471
|
$
|
98,449
|
||||||||
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
RESTRICTED ASSETS
|
3.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
March 31, 2014
|
||||||||||||||||
Trust preferred
|
$ | 1,919 | $ | - | $ | (16 | ) | $ | 1,903 | |||||||
Agency securities
|
21,947 | 6 | (462 | ) | 21,491 | |||||||||||
Total
|
$ | 23,866 | $ | 6 | $ | (478 | ) | $ | 23,394 | |||||||
March 31, 2013
|
||||||||||||||||
Trust preferred
|
$ | 2,766 | $ | - | $ | (1,528 | ) | $ | 1,238 | |||||||
Agency securities
|
5,000 | - | (22 | ) | 4,978 | |||||||||||
Total
|
$ | 7,766 | $ | - | $ | (1,550 | ) | $ | 6,216 |
March 31, 2014
|
Amortized
Cost
|
Estimated
Fair Value
|
||||||
Due in one year or less
|
$ | - | $ | - | ||||
Due after one year through five years
|
14,438 | 14,099 | ||||||
Due after five years through ten years
|
7,509 | 7,392 | ||||||
Due after ten years
|
1,919 | 1,903 | ||||||
Total
|
$ | 23,866 | $ | 23,394 |
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
March 31, 2014
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||
Trust preferred
|
$ | 1,903 | $ | (16 | ) | $ | - | $ | - | $ | 1,903 | $ | (16 | ) | ||||||||||
Agency securities
|
17,985 | (462 | ) | - | - | 17,985 | (462 | ) | ||||||||||||||||
Total
|
$ | 19,888 | $ | (478 | ) | $ | - | $ | - | $ | 19,888 | $ | (478 | ) |
March 31, 2013
|
||||||||||||||||||||||||
Trust preferred
|
$ | - | $ | - | $ | 1,238 | $ | (1,528 | ) | $ | 1,238 | $ | (1,528 | ) | ||||||||||
Agency securities
|
4,978 | (22 | ) | - | - | 4,978 | (22 | ) | ||||||||||||||||
Total
|
$ | 4,978 | $ | (22 | ) | $ | 1,238 | $ | (1,528 | ) | $ | 6,216 | $ | (1,550 | ) |
4.
|
MORTGAGE-BACKED SECURITIES
|
March 31, 2014
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||||||||||||
Mortgage-backed securities
(1)
|
$ | 101 | $ | 3 | $ | - | $ | 104 | ||||||||
March 31, 2013
|
||||||||||||||||
Mortgage-backed securities
(1)
|
$ | 125 | $ | 4 | $ | - | $ | 129 | ||||||||
(1)
Comprised of Federal National Mortgage Association (“FNMA”) and FHLMC
|
March 31, 2014
|
Amortized
Cost
|
Estimated
Fair Value
|
|||
Due in one year or less
|
$
|
1
|
$
|
1
|
|
Due after one year through five years
|
-
|
-
|
|||
Due after five years through ten years
|
81
|
82
|
|||
Due after ten years
|
19
|
21
|
|||
Total
|
$
|
101
|
$
|
104
|
March 31, 2014
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||||||||
Real estate mortgage investment conduits
(1)
|
$
|
7,218
|
$
|
9
|
$
|
(77
|
)
|
$
|
7,150
|
|||
Mortgage-backed securities
(2)
|
65,858
|
102
|
(547
|
)
|
65,413
|
|||||||
Other mortgage-backed securities
(3)
|
6,007
|
18
|
(13
|
)
|
6,012
|
|||||||
Total
|
$
|
79,083
|
$
|
129
|
$
|
(637
|
)
|
$
|
78,575
|
March 31, 2014
|
Amortized
Cost
|
Estimated
Fair Value
|
|||
Due in one year or less
|
$
|
4
|
$
|
4
|
|
Due after one year through five years
|
26
|
27
|
|||
Due after five years through ten years
|
11,100
|
11,145
|
|||
Due after ten years
|
67,953
|
67,399
|
|||
Total
|
$
|
79,083
|
$
|
78,575
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||
March 31, 2014
|
||||||||||||||||||
Real estate mortgage investment conduits
|
$
|
4,996
|
$
|
(77
|
)
|
$
|
-
|
$
|
-
|
$
|
4,996
|
$
|
(77
|
)
|
||||
Mortgage-backed securities
(1)
|
49,177
|
(547
|
)
|
-
|
-
|
49,177
|
(547
|
)
|
||||||||||
Other mortgage-backed securities
(2)
|
1,526
|
(13
|
)
|
-
|
-
|
1,526
|
(13
|
)
|
||||||||||
Total
|
$
|
55,699
|
$
|
(637
|
)
|
$
|
-
|
$
|
-
|
$
|
55,699
|
$
|
(637
|
)
|
||||
(1)
Comprised of FHLMC and FNMA
|
||||||||||||||||||
(2)
Comprised of SBA
|
5.
|
LOANS RECEIVABLE
|
March 31, 2014 | March 31, 2013 | ||||
Commercial and construction
|
|||||
Commercial business
|
$
|
71,632
|
$
|
71,935
|
|
Other real estate mortgage
|
324,881
|
355,397
|
|||
Real estate construction
|
19,482
|
9,675
|
|||
Total commercial and construction
|
415,995
|
437,007
|
|||
Consumer
|
|||||
Real estate one-to-four family
|
93,007
|
97,140
|
|||
Other installment
|
24,486
|
1,865
|
|||
Total consumer
|
117,493
|
99,005
|
|||
Total loans
|
533,488
|
536,012
|
|||
Less:
|
|||||
Allowance for loan losses
|
12,551
|
15,643
|
|||
Loans receivable, net
|
$
|
520,937
|
$
|
520,369
|
Year Ended March 31,
|
|||||||||
2014
|
2013
|
2012
|
|||||||
Beginning balance
|
$
|
1,609
|
$
|
1,907
|
$
|
2,160
|
|||
Originations
|
-
|
226
|
1
|
||||||
Principal repayments
|
(755
|
)
|
(524
|
)
|
(254
|
)
|
|||
Ending balance
|
$
|
854
|
$
|
1,609
|
$
|
1,907
|
6.
|
ALLOWANCE FOR LOAN LOSSES
|
March 31, 2014
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||
Beginning balance
|
$
|
2,128
|
$
|
5,979
|
$
|
2,019
|
$
|
541
|
$
|
221
|
$
|
2,949
|
$
|
1,806
|
$
|
15,643
|
||||||||
Provision for (recapture of) loan losses
|
95
|
(417
|
)
|
(2,439
|
)
|
(338
|
)
|
173
|
(258
|
)
|
(516
|
)
|
(3,700
|
)
|
||||||||||
Charge-offs
|
(340
|
)
|
(316
|
)
|
(90
|
)
|
-
|
(11
|
)
|
(349
|
)
|
-
|
(1,106
|
)
|
||||||||||
Recoveries
|
526
|
23
|
850
|
-
|
4
|
311
|
-
|
1,714
|
||||||||||||||||
Ending balance
|
$
|
2,409
|
$
|
5,269
|
$
|
340
|
$
|
203
|
$
|
387
|
$
|
2,653
|
$
|
1,290
|
$
|
12,551
|
March 31, 2013
|
||||||||||||||||||||||||||
Beginning balance
|
$
|
2,688
|
$
|
5,599
|
$
|
4,906
|
$
|
1,121
|
$
|
412
|
$
|
3,274
|
$
|
1,921
|
$
|
19,921
|
||||||||||
Provision for (recapture of) loan losses
|
928
|
1,865
|
(2,149
|
)
|
(197
|
)
|
(278
|
)
|
846
|
(115
|
)
|
900
|
||||||||||||||
Charge-offs
|
(1,606
|
)
|
(1,494
|
)
|
(1,753
|
)
|
(622
|
)
|
(141
|
)
|
(1,310
|
)
|
-
|
(6,926
|
)
|
|||||||||||
Recoveries
|
118
|
9
|
1,015
|
239
|
228
|
139
|
-
|
1,748
|
||||||||||||||||||
Ending balance
|
$
|
2,128
|
$
|
5,979
|
$
|
2,019
|
$
|
541
|
$
|
221
|
$
|
2,949
|
$
|
1,806
|
$
|
15,643
|
March 31, 2012
|
||||||||||||||||||||||||||
Beginning balance
|
$
|
1,822
|
$
|
4,744
|
$
|
2,003
|
$
|
2,172
|
$
|
820
|
$
|
1,339
|
$
|
2,068
|
$
|
14,968
|
||||||||||
Provision for (recapture of) loan losses
|
3,638
|
3,681
|
13,692
|
2,126
|
1,690
|
4,670
|
(147
|
)
|
29,350
|
|||||||||||||||||
Charge-offs
|
(2,801
|
)
|
(2,826
|
)
|
(10,892
|
)
|
(3,177
|
)
|
(2,101
|
)
|
(2,750
|
)
|
-
|
(24,547
|
)
|
|||||||||||
Recoveries
|
29
|
-
|
103
|
-
|
3
|
15
|
-
|
150
|
||||||||||||||||||
Ending balance
|
$
|
2,688
|
$
|
5,599
|
$
|
4,906
|
$
|
1,121
|
$
|
412
|
$
|
3,274
|
$
|
1,921
|
$
|
19,921
|
Allowance for loan losses
|
Recorded investment in loans
|
|||||||||||||||||
March 31, 2014
|
Individually
Evaluated for Impairment
|
Collectively Evaluated for Impairment
|
Total
|
Individually
Evaluated for Impairment
|
Collectively
Evaluated for Impairment
|
Total
|
||||||||||||
Commercial business
|
$
|
-
|
$
|
2,409
|
$
|
2,409
|
$
|
947
|
$
|
70,685
|
$
|
71,632
|
||||||
Commercial real estate
|
137
|
5,132
|
5,269
|
18,122
|
269,386
|
287,508
|
||||||||||||
Land
|
-
|
340
|
340
|
858
|
15,387
|
16,245
|
||||||||||||
Multi-family
|
-
|
203
|
203
|
2,014
|
19,114
|
21,128
|
||||||||||||
Real estate construction
|
-
|
387
|
387
|
-
|
19,482
|
19,482
|
||||||||||||
Consumer
|
142
|
2,511
|
2,653
|
4,009
|
113,484
|
117,493
|
||||||||||||
Unallocated
|
-
|
1,290
|
1,290
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
279
|
$
|
12,272
|
$
|
12,551
|
$
|
25,950
|
$
|
507,538
|
$
|
533,488
|
Allowance for loan losses
|
Recorded investment in loans
|
|||||||||||||||||
March 31, 2013
|
Individually
Evaluated for Impairment
|
Collectively Evaluated for Impairment
|
Total
|
Individually
Evaluated for Impairment
|
Collectively
Evaluated for Impairment
|
Total
|
||||||||||||
Commercial business
|
$
|
-
|
$
|
2,128
|
$
|
2,128
|
$
|
679
|
$
|
71,256
|
$
|
71,935
|
||||||
Commercial real estate
|
536
|
5,443
|
5,979
|
19,466
|
278,225
|
297,691
|
||||||||||||
Land
|
-
|
2,019
|
2,019
|
3,469
|
19,935
|
23,404
|
||||||||||||
Multi-family
|
-
|
541
|
541
|
3,846
|
30,456
|
34,302
|
||||||||||||
Real estate construction
|
-
|
221
|
221
|
175
|
9,500
|
9,675
|
||||||||||||
Consumer
|
183
|
2,766
|
2,949
|
4,933
|
94,072
|
99,005
|
||||||||||||
Unallocated
|
-
|
1,806
|
1,806
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
719
|
$
|
14,924
|
$
|
15,643
|
$
|
32,568
|
$
|
503,444
|
$
|
536,012
|
Year Ended March 31,
|
|||||||||
2014
|
2013
|
2012
|
|||||||
Beginning balance
|
$
|
229
|
$
|
217
|
$
|
166
|
|||
Net change in allowance for unfunded loan commitments
|
65
|
12
|
51
|
||||||
Ending balance
|
$
|
294
|
$
|
229
|
$
|
217
|
March 31, 2014
|
30-89 Days
Past Due
|
Greater
Than 90
Days (Non-Accrual)
|
Total Past
Due
|
Current
|
Total
Loans
Receivable
|
Recorded Investment >
90 Days and Accruing
|
||||||||||||||||||
Commercial business
|
$ | 120 | $ | 452 | $ | 572 | $ | 71,060 | $ | 71,632 | $ | - | ||||||||||||
Commercial real estate
|
188 | 8,067 | 8,255 | 279,253 | 287,508 | - | ||||||||||||||||||
Land
|
- | 800 | 800 | 15,445 | 16,245 | - | ||||||||||||||||||
Multi-family
|
359 | 2,014 | 2,373 | 18,755 | 21,128 | - | ||||||||||||||||||
Real estate construction
|
- | - | - | 19,482 | 19,482 | - | ||||||||||||||||||
Consumer
|
1,580 | 2,729 | 4,309 | 113,184 | 117,493 | - | ||||||||||||||||||
Total
|
$ | 2,247 | $ | 14,062 | $ | 16,309 | $ | 517,179 | $ | 533,488 | $ | - |
March 31, 2013
|
||||||||||||||||||||||||
Commercial business
|
$ | 336 | $ | 1,349 | $ | 1,685 | $ | 70,250 | $ | 71,935 | $ | - | ||||||||||||
Commercial real estate
|
6,345 | 10,315 | 16,660 | 281,031 | 297,691 | - | ||||||||||||||||||
Land
|
- | 3,267 | 3,267 | 20,137 | 23,404 | - | ||||||||||||||||||
Multi-family
|
- | 2,968 | 2,968 | 31,334 | 34,302 | - | ||||||||||||||||||
Real estate construction
|
- | 175 | 175 | 9,500 | 9,675 | - | ||||||||||||||||||
Consumer
|
2,654 | 3,059 | 5,713 | 93,292 | 99,005 | - | ||||||||||||||||||
Total
|
$ | 9,335 | $ | 21,133 | $ | 30,468 | $ | 505,544 | $ | 536,012 | $ | - |
March 31, 2014
|
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
|
$ | 947 | $ | - | $ | 947 | $ | 1,067 | $ | - | ||||||||||
Commercial real estate
|
17,956 | 166 | 18,122 | 20,601 | 137 | |||||||||||||||
Land
|
858 | - | 858 | 861 | - | |||||||||||||||
Multi-family
|
2,014 | - | 2,014 | 2,103 | - | |||||||||||||||
Real estate construction
|
- | - | - | - | - | |||||||||||||||
Consumer
|
2,596 | 1,413 | 4,009 | 4,639 | 142 | |||||||||||||||
Total
|
$ | 24,371 | $ | 1,579 | $ | 25,950 | $ | 29,271 | $ | 279 | ||||||||||
March 31, 2013
|
||||||||||||||||||||
Commercial business
|
$ | 679 | $ | - | $ | 679 | $ | 944 | $ | - | ||||||||||
Commercial real estate
|
12,011 | 7,455 | 19,466 | 21,291 | 536 | |||||||||||||||
Land
|
3,469 | - | 3,469 | 4,359 | - | |||||||||||||||
Multi-family
|
3,846 | - | 3,846 | 4,802 | - | |||||||||||||||
Real estate construction
|
175 | - | 175 | 811 | - | |||||||||||||||
Consumer
|
3,090 | 1,843 | 4,933 | 5,799 | 183 | |||||||||||||||
Total
|
$ | 23,270 | $ | 9,298 | $ | 32,568 | $ | 38,006 | $ | 719 |
Year ended
March 31, 2014
|
Year ended
March 31, 2013
|
Year ended
March 31, 2012
|
||||||||||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized
on Impaired
Loans
|
Average
Recorded
Investment
|
Interest
Recognized
on Impaired
Loans
|
Average
Recorded
Investment
|
Interest
Recognized
on Impaired
Loans
|
|||||||||||||||||||
Commercial business
|
$ | 1,150 | $ | 43 | $ | 3,986 | $ | 98 | $ | 6,400 | $ | 316 | ||||||||||||
Commercial real estate
|
19,451 | 472 | 20,705 | 388 | 17,102 | 919 | ||||||||||||||||||
Land
|
1,854 | 5 | 6,818 | 78 | 13,339 | 321 | ||||||||||||||||||
Multi-family
|
2,758 | 16 | 7,822 | 127 | 8,254 | 402 | ||||||||||||||||||
Real estate construction
|
69 | - | 2,365 | - | 6,700 | 159 | ||||||||||||||||||
Consumer
|
3,679 | 47 | 4,961 | 105 | 1,584 | 75 | ||||||||||||||||||
Total
|
$ | 28,961 | $ | 583 | $ | 46,657 | $ | 796 | $ | 53,379 | $ | 2,192 |
7.
|
PREMISES AND EQUIPMENT
|
March 31,
|
|||||||
2014
|
2013
|
||||||
Land
|
$
|
4,177
|
$
|
4,177
|
|||
Buildings and improvements
|
13,925
|
13,921
|
|||||
Leasehold improvements
|
1,429
|
1,426
|
|||||
Furniture and equipment
|
10,533
|
10,732
|
|||||
Buildings under capitalized leases
|
2,715
|
2,715
|
|||||
Construction in progress
|
720
|
720
|
|||||
Total
|
33,499
|
33,691
|
|||||
Less accumulated depreciation and amortization
|
(17,082
|
)
|
(15,998
|
)
|
|||
Premises and equipment, net
|
$
|
16,417
|
$
|
17,693
|
Year Ending March 31:
|
Operating
Lease
|
Capital
Lease
|
||||||
2015
|
$ | 1,783 | $ | 251 | ||||
2016
|
1,595 | 251 | ||||||
2017
|
1,569 | 251 | ||||||
2018
|
1,441 | 251 | ||||||
2019
|
1,054 | 251 | ||||||
Thereafter
|
2,295 | 2,679 | ||||||
Total minimum lease payments
|
$ | 9,737 | 3,934 | |||||
Less amount representing interest
|
(1,573 | ) | ||||||
Present value of net minimum lease payments
|
$ | 2,361 |
8.
|
REAL ESTATE OWNED
|
Year Ended March 31, | ||||||||||||
2014
|
2013
|
2012
|
||||||||||
Balance at beginning of year, net
|
$ | 15,638 | $ | 18,731 | $ | 27,590 | ||||||
Additions
|
6,564 | 14,207 | 7,050 | |||||||||
Dispositions
|
(12,443 | ) | (12,326 | ) | (11,671 | ) | ||||||
Writedowns
|
(2,056 | ) | (4,974 | ) | (4,238 | ) | ||||||
Balance at end of year, net
|
$ | 7,703 | $ | 15,638 | $ | 18,731 |
9.
|
GOODWILL
|
10.
|
DEPOSIT ACCOUNTS
|
Account Type
|
Weighted
Average
Rate
(1)
|
March 31,
2014
|
Weighted
Average
Rate
(1)
|
March 31,
2013
|
||||||||
Non-interest-bearing
|
0.00
|
%
|
$
|
128,635
|
0.00
|
%
|
$
|
112,527
|
||||
Interest checking
|
0.07
|
104,543
|
0.11
|
91,754
|
||||||||
Money market
|
0.12
|
227,933
|
0.22
|
217,091
|
||||||||
Savings accounts
|
0.10
|
66,702
|
0.15
|
54,316
|
||||||||
Certificates of deposit
|
0.67
|
162,253
|
0.82
|
188,118
|
||||||||
Total
|
0.22
|
%
|
$
|
690,066
|
0.33
|
%
|
$
|
663,806
|
||||
Year Ended March 31,
|
||||||||||||
2014
|
2013
|
2012
|
||||||||||
Interest checking
|
$ | 102 | $ | 135 | $ | 281 | ||||||
Money market
|
477 | 602 | 1,049 | |||||||||
Savings accounts
|
87 | 92 | 124 | |||||||||
Certificate of deposit
|
1,307 | 1,838 | 2,903 | |||||||||
Total
|
$ | 1,973 | $ | 2,667 | $ | 4,357 |
11.
|
JUNIOR SUBORDINATED DEBENTURES
|
12.
|
INCOME TAXES
|
2014
|
2013
|
2012
|
|||||||
Current
|
$
|
19
|
$
|
29
|
$
|
(158
|
)
|
||
Deferred
|
(15,100
|
)
|
-
|
8,536
|
|||||
Total
|
$
|
(15,081
|
)
|
$
|
29
|
$
|
8,378
|
2014
|
2013
|
|||||
Deferred tax assets:
|
||||||
Deferred compensation
|
$
|
105
|
$
|
120
|
||
Loan loss reserve
|
4,560
|
5,635
|
||||
Accrued expenses
|
203
|
221
|
||||
Accumulated depreciation
|
736
|
817
|
||||
Deferred gain on sale
|
532
|
327
|
||||
Net operating loss carryforwards
|
8,191
|
6,079
|
||||
Net unrealized loss on securities available for sale
|
332
|
522
|
||||
Impairment on investment security
|
150
|
233
|
||||
REO expense
|
1,681
|
3,889
|
||||
Non-compete agreement
|
80
|
93
|
||||
Other
|
465
|
395
|
||||
Valuation allowance for deferred tax assets
|
-
|
(16,181
|
)
|
|||
Total deferred tax asset
|
17,035
|
2,150
|
Deferred tax liabilities:
|
||||||
FHLB stock dividend
|
(975
|
)
|
(1,035
|
)
|
||
Purchase accounting
|
(9
|
)
|
(23
|
)
|
||
Prepaid expense
|
(161
|
)
|
(175
|
)
|
||
Loan fees/costs
|
(454
|
)
|
(395
|
)
|
||
Other
|
(3
|
)
|
-
|
|||
Total deferred tax liability
|
(1,602
|
)
|
(1,628
|
)
|
||
Deferred tax asset, net
|
$
|
15,433
|
$
|
522
|
2014
|
2013
|
2012
|
||||||||||
Statutory federal income tax rate
|
34.0 | % | 34.0 | % | 34.0 | % | ||||||
State and local income tax rate
|
1.5 | 1.9 | 1.5 | |||||||||
ESOP market value adjustment
|
(0.3 | ) | 0.8 | 0.1 | ||||||||
Interest income on municipal securities
|
- | (0.2 | ) | 0.1 | ||||||||
Bank owned life insurance
|
(4.4 | ) | (7.6 | ) | 0.9 | |||||||
Valuation adjustment
|
(365.9 | ) | (23.9 | ) | (72.5 | ) | ||||||
Other, net
|
(5.9 | ) | (3.9 | ) | (0.1 | ) | ||||||
Effective federal income tax rate
|
(341.0 | )% | 1.1 | % | (36.0 | )% |
13.
|
EMPLOYEE BENEFIT PLANS
|
Risk Free
Interest Rate
|
Expected
Life (years)
|
Expected
Volatility
|
Expected
Dividends
|
|||||||||||||
Fiscal 2014
|
1.95 | % | 6.25 | 51.87 | % | 2.04 | % | |||||||||
Fiscal 2013
|
- | - | - | - | ||||||||||||
Fiscal 2012
|
- | - | - | - |
Year Ended March 31,
|
||||||||||||||||||||||||
2014
|
2013
|
2012
|
||||||||||||||||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
Balance, beginning of period
|
407,500 | $ | 9.05 | 440,500 | $ | 8.87 | 468,700 | $ | 9.00 | |||||||||||||||
Grants
|
87,154 | 2.78 | - | - | - | - | ||||||||||||||||||
Forfeited
|
- | - | (3,000 | ) | 1.97 | (28,200 | ) | 11.17 | ||||||||||||||||
Expired
|
(20,000 | ) | 8.98 | (30,000 | ) | 7.00 | - | - | ||||||||||||||||
Balance, end of period
|
474,654 | $ | 7.91 | 407,500 | $ | 9.05 | 440,500 | $ | 8.87 |
Options Outstanding
|
Options Exercisable
|
|||||||||||
Weighted Avg
|
Weighted
|
Weighted
|
||||||||||
Remaining
|
Average
|
Average
|
||||||||||
Range of
|
Contractual
|
Number
|
Exercise
|
Number
|
Exercise
|
|||||||
Exercise Price
|
Life (years)
|
Outstanding
|
Price
|
Exercisable
|
Price
|
|||||||
$1.97 - $6.17
|
6.71
|
258,154
|
$
|
3.70
|
169,400
|
$
|
4.19
|
|||||
$7.49 - $9.51
|
4.22
|
2,500
|
8.12
|
2,500
|
8.12
|
|||||||
$10.10 - $10.83
|
2.65
|
9,000
|
10.37
|
9,000
|
10.37
|
|||||||
$12.98 - $14.52
|
2.05
|
205,000
|
13.09
|
205,000
|
13.09
|
|||||||
4.61
|
474,654
|
$
|
7.91
|
385,900
|
$
|
9.09
|
14.
|
EMPLOYEE STOCK OWNERSHIP PLAN
|
Fair Value of Unreleased
Shares
|
Unreleased
ESOP
Shares
|
Allocated
and Released
Shares
|
Total
|
|||||
Balance, March 31, 2011
|
$
|
524,000
|
172,431
|
790,153
|
962,584
|
|||
Allocation December 31, 2011
|
(24,633
|
)
|
24,633
|
-
|
||||
Balance, March 31, 2012
|
$
|
334,000
|
147,798
|
814,786
|
962,584
|
|||
Allocation December 31, 2012
|
(24,633
|
)
|
24,633
|
-
|
||||
Balance, March 31, 2013
|
$
|
325,000
|
123,165
|
839,419
|
962,584
|
|||
Allocation December 31, 2013
|
(24,633
|
)
|
24,633
|
-
|
||||
Balance, March 31, 2014
|
$
|
338,000
|
98,532
|
864,052
|
962,584
|
15.
|
SHAREHOLDERS’ EQUITY AND REGULATORY CAPITAL REQUIREMENTS
|
Actual
|
For Capital
Adequacy Purposes
|
“Well Capitalized”
Under Prompt
Corrective Action
|
||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||
March 31, 2014
|
||||||||||||||||
Total Capital:
|
||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
90,733
|
16.66
|
%
|
$
|
43,572
|
8.0
|
%
|
$
|
65,359
|
12.0
|
%
(1)
|
||||
Tier 1 Capital:
|
||||||||||||||||
(To Risk-Weighted Assets)
|
83,850
|
15.40
|
21,786
|
4.0
|
32,679
|
6.0
|
||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||
(To Adjusted Tangible Assets)
|
83,850
|
10.71
|
31,320
|
4.0
|
70,469
|
9.0
|
(1)
|
|||||||||
Tangible Capital:
|
||||||||||||||||
(To Tangible Assets)
|
83,850
|
10.71
|
11,745
|
1.5
|
N/A
|
N/A
|
Actual
|
For Capital
Adequacy Purposes
|
“Well Capitalized”
Under Prompt
Corrective Action
|
|||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||
March 31, 2013
|
|||||||||||||||
Total Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
$
|
81,227
|
15.29
|
%
|
$
|
42,493
|
8.0
|
%
|
$
|
63,740
|
12.0
|
%
(1)
|
|||
Tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
74,473
|
14.02
|
21,247
|
4.0
|
31,870
|
6.0
|
|||||||||
Tier 1 Capital (Leverage):
|
|||||||||||||||
(To Adjusted Tangible Assets)
|
74,473
|
9.99
|
29,823
|
4.0
|
67,102
|
9.0
|
(1)
|
||||||||
Tangible Capital:
|
|||||||||||||||
(To Tangible Assets)
|
74,473
|
9.99
|
11,184
|
1.5
|
N/A
|
N/A
|
(1)
|
The Bank agreed with the OCC to establishing higher minimum capital ratios and must maintain a Tier 1 capital (leverage) ratio of not less than 9.0% and a total risked-based capital ratio of not less than 12.0% in order to be deemed “well capitalized”.
|
16.
|
EARNINGS PER SHARE
|
|
(1)
For the year ended March 31, 2012 the Company recognized a net loss and therefore all outstanding stock options were excluded from the calculation of diluted earnings per share because they were antidilutive.
|
17.
|
FAIR VALUE MEASUREMENT
|
Fair value measurements using
|
||||||||||||||||
March 31, 2014
|
Fair value
|
Quoted prices in
active markets for identical assets
(Level 1)
|
Other
observable
inputs
(Level 2)
|
Significant unobservable
inputs
(Level 3)
|
||||||||||||
Investment securities available for sale
|
||||||||||||||||
Trust preferred
|
$ | 1,903 | $ | - | $ | - | $ | 1,903 | ||||||||
Agency securities
|
21,491 | - | 21,491 | - | ||||||||||||
Mortgage-backed securities available for sale
|
||||||||||||||||
Real estate mortgage investment conduits
|
7,150 | - | 7,150 | - | ||||||||||||
FHLMC mortgage-backed securities
|
25,386 | - | 25,386 | - | ||||||||||||
FNMA mortgage-backed securities
|
38,950 | - | 38,950 | - | ||||||||||||
SBA mortgage-backed securities
|
3,932 | - | 3,932 | - | ||||||||||||
GNMA mortgage-backed securities
|
1,077 | - | 1,077 | - | ||||||||||||
CRE mortgage-backed securities
|
2,080 | - | 2,080 | - | ||||||||||||
Total recurring assets measured at fair value
|
$ | 101,969 | $ | - | $ | 100,066 | $ | 1,903 |
March 31, 2013
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
Trust preferred
|
$ | 1,238 | $ | - | $ | - | $ | 1,238 | ||||||||
Agency securities
|
4,978 | - | 4,978 | - | ||||||||||||
Mortgage-backed securities available for sale
|
||||||||||||||||
Real estate mortgage investment conduits
|
237 | - | 237 | - | ||||||||||||
FHLMC mortgage-backed securities
|
191 | - | 191 | - | ||||||||||||
FNMA mortgage-backed securities
|
3 | - | 3 | - | ||||||||||||
Total recurring assets measured at fair value
|
$ | 6,647 | $ | - | $ | 5,409 | $ | 1,238 |
Fair value measurements at using
|
||||||||||||||||
March 31, 2014
|
Fair Value
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
Other
observable
inputs
(Level 2)
|
Significant unobservable
inputs
(Level 3)
|
||||||||||||
Loans measured for impairment
|
$ | 15,151 | $ | - | $ | - | $ | 15,151 | ||||||||
Real estate owned
|
8,206 | - | - | 8,206 | ||||||||||||
Total nonrecurring assets measured at fair value
|
$ | 23,357 | $ | - | $ | - | $ | 23,357 |
Valuation
technique
|
Significant unobservable inputs
|
Range
|
||||
Loans measured for impairment
|
Appraised value
|
Adjustment for market conditions
|
0% - 25%
|
|||
Real estate owned
|
Appraised value
|
Adjustment for market conditions
|
0% - 19%
|
18.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
Quoted prices in
active markets for identical assets
|
Other
observable
inputs
|
Significant unobservable
inputs
|
||||||||||||||||||
March 31, 2014
|
Carry Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash
|
$ | 68,577 | $ | 68,577 | $ | - | $ | - | $ | 68,577 | ||||||||||
Certificates of deposit held for investment
|
36,925 | - | 37,176 | - | 37,176 | |||||||||||||||
Investment securities available for sale
|
23,394 | - | 21,491 | 1,903 | 23,394 | |||||||||||||||
Mortgage-backed securities held to maturity
|
101 | - | 104 | - | 104 | |||||||||||||||
Mortgage-backed securities available for sale
|
78,575 | - | 78,575 | - | 78,575 | |||||||||||||||
Loans receivable, net
|
520,937 | - | - | 480,454 | 480,454 | |||||||||||||||
Loans held for sale
|
1,024 | - | 1,024 | - | 1,024 | |||||||||||||||
Federal Home Loan Bank stock
|
6,744 | - | 6,744 | - | 6,744 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand – savings deposits
|
527,813 | 527,813 | - | - | 527,813 | |||||||||||||||
Time deposits
|
162,253 | - | 162,020 | - | 162,020 | |||||||||||||||
Junior subordinated debentures
|
22,681 | - | - | 11,233 | 11,233 | |||||||||||||||
Quoted prices in
active markets for identical assets
|
Other
observable
inputs
|
Significant unobservable
inputs
|
||||||||||||||||||
March 31, 2013
|
Carry Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash
|
$ | 115,415 | $ | 115,415 | $ | - | $ | - | $ | 115,415 | ||||||||||
Certificates of deposit held for investment
|
44,635 | - | 45,078 | - | 45,078 | |||||||||||||||
Investment securities available for sale
|
6,216 | - | 4,978 | 1,238 | 6,216 | |||||||||||||||
Mortgage-backed securities held to maturity
|
125 | - | 129 | - | 129 | |||||||||||||||
Mortgage-backed securities available for sale
|
431 | - | 431 | - | 431 | |||||||||||||||
Loans receivable, net
|
520,369 | - | - | 495,312 | 495,312 | |||||||||||||||
Loans held for sale
|
831 | - | 831 | - | 831 | |||||||||||||||
Federal Home Loan Bank stock
|
7,154 | - | 7,154 | - | 7,154 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand – savings deposits
|
475,688 | - | 475,688 | - | 475,688 | |||||||||||||||
Time deposits
|
188,118 | - | 189,289 | - | 189,289 | |||||||||||||||
Junior subordinated debentures
|
22,681 | - | - | 9,433 | 9,433 |
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.
|
19.
|
COMMITMENTS AND CONTINGENCIES
|
20.
|
RIVERVIEW BANCORP, INC. (PARENT COMPANY)
|
BALANCE SHEETS
|
||||||||
MARCH 31, 2014 AND 2013
|
||||||||
(In thousands)
|
2014
|
2013
|
||||||
ASSETS
|
||||||||
Cash and cash equivalents (including interest earning accounts of
$1,056 and $952)
|
$ | 1,106 | $ | 1,020 | ||||
Investment in the Bank
|
120,897 | 102,280 | ||||||
Other assets
|
2,350 | 1,117 | ||||||
TOTAL ASSETS
|
$ | 124,353 | $ | 104,417 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Accrued expenses and other liabilities
|
$ | 3,694 | $ | 3,294 | ||||
Borrowings
|
22,681 | 22,681 | ||||||
Shareholders' equity
|
97,978 | 78,442 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 124,353 | $ | 104,417 |
STATEMENTS OF OPERATIONS
|
|||||||||
YEARS ENDED MARCH 31, 2014, 2013 AND 2012
|
|||||||||
(In thousands)
|
2014
|
2013
|
2012
|
||||||
INCOME:
|
|||||||||
Interest on investment securities and other short-term investments
|
$
|
13
|
$
|
20
|
$
|
40
|
|||
Interest on loan receivable from the Bank
|
42
|
50
|
59
|
||||||
Total income
|
55
|
70
|
99
|
||||||
EXPENSE:
|
|||||||||
Management service fees paid to the Bank
|
143
|
143
|
142
|
||||||
Other expenses
|
459
|
685
|
3,624
|
||||||
Total expense
|
602
|
828
|
3,766
|
||||||
LOSS BEFORE INCOME TAXES AND EQUITY
|
|||||||||
IN UNDISTRIBUTED LOSS OF THE BANK
|
(547
|
)
|
(758
|
)
|
(3,667
|
)
|
|||
PROVISION
(
BENEFIT
)
FOR INCOME TAXES
|
(1,365
|
)
|
(258
|
)
|
81
|
||||
INCOME (LOSS) OF PARENT COMPANY
|
818
|
(500
|
)
|
(3,748
|
)
|
||||
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK
|
18,605
|
3,133
|
(27,909
|
)
|
|||||
NET INCOME (LOSS)
|
$
|
19,423
|
$
|
2,633
|
$
|
(31,657
|
)
|
(Dollars in thousands, except share data)
|
Three Months Ended
|
||||||||||||||
March 31
|
December 31
|
September 30
|
June 30
|
||||||||||||
Fiscal 2014:
|
|||||||||||||||
Interest income
|
$
|
6,536
|
$
|
6,673
|
$
|
6,764
|
$
|
6,831
|
|||||||
Interest expense
|
582
|
645
|
664
|
677
|
|||||||||||
Net interest income
|
5,954
|
6,028
|
6,100
|
6,154
|
|||||||||||
Provision for (recapture of) loan losses
|
(1,200
|
)
|
-
|
-
|
(2,500
|
)
|
|||||||||
Non-interest income
|
1,850
|
2,384
|
1,887
|
2,246
|
|||||||||||
Non-interest expense
|
7,460
|
7,611
|
7,647
|
9,243
|
|||||||||||
Income before income taxes
|
1,544
|
801
|
340
|
1,657
|
|||||||||||
Provision (benefit) for income taxes
|
(15,097
|
)
|
-
|
(1
|
)
|
17
|
|||||||||
Net income
|
$
|
16,641
|
$
|
801
|
$
|
341
|
$
|
1,640
|
|||||||
Basic earnings per share
(1)
|
$
|
0.74
|
$
|
0.04
|
$
|
0.02
|
$
|
0.07
|
|||||||
Diluted earnings per share
(1)
|
$
|
0.74
|
$
|
0.04
|
$
|
0.02
|
$
|
0.07
|
|||||||
Fiscal 2013:
|
|||||||||||||||
Interest income
|
$
|
6,905
|
$
|
8,136
|
$
|
8,648
|
$
|
9,243
|
|||||||
Interest expense
|
700
|
752
|
861
|
1,172
|
|||||||||||
Net interest income
|
6,205
|
7,384
|
7,787
|
8,071
|
|||||||||||
Provision for (recapture of) loan losses
|
(3,600
|
)
|
-
|
500
|
4,000
|
||||||||||
Non-interest income
|
2,032
|
2,087
|
2,314
|
2,440
|
|||||||||||
Non-interest expense
|
10,236
|
8,434
|
7,812
|
8,276
|
|||||||||||
Income (loss) before income taxes
|
1,601
|
1,037
|
1,789
|
(1,765
|
)
|
||||||||||
Provision for income taxes
|
6
|
6
|
2
|
15
|
|||||||||||
Net income (loss)
|
$
|
1,595
|
$
|
1,031
|
$
|
1,787
|
$
|
(1,780
|
)
|
||||||
Basic earnings (loss) per share
(1)
|
$
|
0.07
|
$
|
0.05
|
$
|
0.08
|
$
|
(0.08
|
)
|
||||||
Diluted earnings (loss) per share
(1)
|
$
|
0.07
|
$
|
0.05
|
$
|
0.08
|
$
|
(0.08
|
)
|
|
Plan category
|
Number of
securities to be
issued upon
exercise of
outstanding
options
|
Weighted-
average
price of
outstanding
options
|
Number of
securities
remaining
available for future
issuance under
equity
compensation
plans excluding
securities reflected
in column (A)
|
||||
Equity compensation plans approved by security holders:
|
(A)
|
(B)
|
(C)
|
||||
2003 Stock Option Plan
|
412,154
|
7.76
|
-
|
||||
1998 Stock Option Plan
|
62,500
|
8.85
|
-
|
||||
Equity compensation plans not approved by security holders:
|
-
|
-
|
-
|
||||
Total
|
474,654
|
-
|
(1)
|
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203), and incorporated herein by reference.
|
(2)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on September 18, 2007, and incorporated herein by reference.
|
(3)
|
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.
|
(4)
|
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.
|
(5)
|
Filed as an exhibit to the Registrant’s Registration Statement on Form S-8 (Registration No. 333-66049), and incorporated herein by reference.
|
(6)
|
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.
|
(7)
|
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.
|
(8)
|
Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended March 31, 2007, and incorporated herein by reference.
|
(9)
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise not subject to liability under those sections.
|
|
|
RIVERVIEW BANCORP, INC.
|
|
Date: June 13, 2014 | By: /s/ Patrick Sheaffer |
Patrick Sheaffer
Chairman of the Board and
Chief Executive Officer
(Duly Authorized Representative)
|
By: /s/ Patrick Sheaffer | By: /s/ Ronald A. Wysaske |
Patrick Sheaffer | Ronald A. Wysaske |
Chairman of the Board and
|
President and Chief Operating Officer
|
Chief Executive Officer
|
Director
|
(Principal Executive Officer) | |
Date: June 13, 2014 | Date: June 13, 2014 |
By: /s/ Kevin J. Lycklama | By: /s/ Bess R. Wills |
Kevin J. Lycklama | Bess R. Wills |
Executive Vice President and | Director |
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
Date: June 13, 2014 | Date: June 13, 2014 |
By: /s/ Gary R. Douglass | By: /s/ Edward R. Geiger |
Gary R. Douglass | Edward R. Geiger |
Director | Director |
Date: June 13, 2014 | Date: June 13, 2014 |
By: /s/ Michael D. Allen | By: /s/ Jerry C. Olson |
Michael D. Allen
|
Jerry C. Olson |
Director | Director |
Date: June 13, 2014 | Date: June 13, 2014 |
By: /s/ Gerald L. Nies | |
Gerald L. Nies | |
Director | |
Date: June 13, 2014 |
Exhibit 23 | Consent of Independent Registered Public Accounting Firm |
Exhibit 31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Exhibit 31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Exhibit 32
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Exhibit 101
|
The following materials from Riverview Bancorp, Inc.’s Annual Report on Form 10-K for the year ended March 31, 2014, formatted in Extensible Business Reporting Language (XBRL): (a) Consolidated Balance Sheets; (b) Consolidated Statements of Operations; (c) Consolidated Statements of Comprehensive Income (Loss); (d) Consolidated Statements of Shareholders’ Equity; (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements
|
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