We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.14 | 3.33% | 4.34 | 4.21 | 4.37 | 4.34 | 4.20 | 4.20 | 2,291 | 16:31:29 |
[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 |
RIVERVIEW BANCORP, INC.
|
(Exact name of registrant as specified in its charter)
|
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 |
Table of Contents
|
||
PART I
|
PAGE
|
|
Item 1.
|
Business
|
4
|
Item 1A.
|
Risk Factors
|
32
|
Item 1B.
|
Unresolved Staff Comments
|
42
|
Item 2.
|
Properties
|
42
|
Item 3.
|
Legal Proceedings
|
42
|
Item 4.
|
Mine Safety Disclosures
|
42
|
PART II
|
||
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
43
|
Item 6.
|
Selected Financial Data
|
45
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
47
|
Item 7A.
|
Quantitative and Qualitative Disclosures about Market Risk
|
63
|
Item 8.
|
Financial Statements and Supplementary Data
|
65
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
104
|
Item 9A.
|
Controls and Procedures
|
104
|
Item 9B.
|
Other Information
|
107
|
PART III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
107
|
Item 11.
|
Executive Compensation
|
107
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters
|
108
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
108
|
Item 14.
|
Principal Accounting Fees and Services
|
108
|
PART IV
|
||
Item 15.
|
Exhibits and Financial Statement Schedules
|
109
|
Signatures
|
110
|
|
Exhibit Index
|
111
|
Commercial
|
Other
Real Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
March 31, 2016
|
||||||||||||||||
Commercial business
|
$
|
69,397
|
$
|
-
|
$
|
-
|
$
|
69,397
|
||||||||
Commercial construction
|
-
|
-
|
16,716
|
16,716
|
||||||||||||
Office buildings
|
-
|
107,986
|
-
|
107,986
|
||||||||||||
Warehouse/industrial
|
-
|
55,830
|
-
|
55,830
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
61,600
|
-
|
61,600
|
||||||||||||
Assisted living facilities
|
-
|
1,809
|
-
|
1,809
|
||||||||||||
Single purpose facilities
|
-
|
126,524
|
-
|
126,524
|
||||||||||||
Land
|
-
|
12,045
|
-
|
12,045
|
||||||||||||
Multi-family
|
-
|
33,733
|
-
|
33,733
|
||||||||||||
One-to-four family construction
|
-
|
-
|
10,015
|
10,015
|
||||||||||||
Total
|
$
|
69,397
|
$
|
399,527
|
$
|
26,731
|
$
|
495,655
|
March 31, 2015
|
||||||||||||||||
Commercial business
|
$
|
77,186
|
$
|
-
|
$
|
-
|
$
|
77,186
|
||||||||
Commercial construction
|
-
|
-
|
27,967
|
27,967
|
||||||||||||
Office buildings
|
-
|
86,813
|
-
|
86,813
|
||||||||||||
Warehouse/industrial
|
-
|
42,173
|
-
|
42,173
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
60,736
|
-
|
60,736
|
||||||||||||
Assisted living facilities
|
-
|
1,846
|
-
|
1,846
|
||||||||||||
Single purpose facilities
|
-
|
108,123
|
-
|
108,123
|
||||||||||||
Land
|
-
|
15,358
|
-
|
15,358
|
||||||||||||
Multi-family
|
-
|
30,457
|
-
|
30,457
|
||||||||||||
One-to-four family construction
|
-
|
-
|
2,531
|
2,531
|
||||||||||||
Total
|
$
|
77,186
|
$
|
345,506
|
$
|
30,498
|
$
|
453,190
|
At March 31,
|
||||||||||||||||
2016
|
2015
|
|||||||||||||||
Amount
(1)
|
Percent
|
Amount
(1)
|
Percent
|
|||||||||||||
Speculative construction
|
$
|
6,089
|
8.76
|
%
|
$
|
885
|
1.71
|
%
|
||||||||
Commercial/multi-family construction
|
50,174
|
72.22
|
45,096
|
87.15
|
||||||||||||
Custom/presold construction
|
10,529
|
15.16
|
4,098
|
7.92
|
||||||||||||
Construction/permanent
|
2,681
|
3.86
|
1,666
|
3.22
|
||||||||||||
Total
|
$
|
69,473
|
100.00
|
%
|
$
|
51,745
|
100.00
|
%
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
|||||||||||||
March 31, 2016
|
||||||||||||||||
Land development
|
$
|
97
|
$
|
2,766
|
$
|
9,182
|
$
|
12,045
|
||||||||
Speculative construction
|
400
|
-
|
7,711
|
8,111
|
||||||||||||
Total land development and speculative construction
|
$
|
497
|
$
|
2,766
|
$
|
16,893
|
$
|
20,156
|
March 31, 2015
|
||||||||||||||||
Land development
|
$
|
108
|
$
|
2,895
|
$
|
12,355
|
$
|
15,358
|
||||||||
Speculative construction
|
-
|
108
|
1,578
|
1,686
|
||||||||||||
Total land development and speculative construction
|
$
|
108
|
$
|
3,003
|
$
|
13,933
|
$
|
17,044
|
Within 1
Year
|
1 – 3 Years
|
After
3 – 5 Years
|
After
5 – 10 Years
|
Beyond
10 Years
|
Total
|
|||||||||||||||||||
Commercial and construction:
|
||||||||||||||||||||||||
Commercial business
|
$
|
14,926
|
$
|
16,548
|
$
|
9,364
|
$
|
24,724
|
$
|
3,835
|
$
|
69,397
|
||||||||||||
Other real estate mortgage
|
31,303
|
92,794
|
22,907
|
182,610
|
69,913
|
399,527
|
||||||||||||||||||
Real estate construction
|
7,755
|
2,567
|
-
|
7,916
|
8,493
|
26,731
|
||||||||||||||||||
Total commercial and construction
|
53,984
|
111,909
|
32,271
|
215,250
|
82,241
|
495,655
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Real estate one-to-four family
|
801
|
893
|
2,283
|
5,212
|
79,591
|
88,780
|
||||||||||||||||||
Other installment
|
1,445
|
3,060
|
28,198
|
7,619
|
62
|
40,384
|
||||||||||||||||||
Total consumer
|
2,246
|
3,953
|
30,481
|
12,831
|
79,653
|
129,164
|
||||||||||||||||||
Total loans
|
$
|
56,230
|
$
|
115,862
|
$
|
62,752
|
$
|
228,081
|
$
|
161,894
|
$
|
624,819
|
Fixed Rate
|
Adjustable Rate
|
Total
|
||||||||||
Commercial and construction:
|
||||||||||||
Commercial business
|
$
|
32,135
|
$
|
22,336
|
$
|
54,471
|
||||||
Other real estate mortgage
|
122,739
|
245,485
|
368,224
|
|||||||||
Real estate construction
|
4,319
|
14,657
|
18,976
|
|||||||||
Total commercial and construction
|
159,193
|
282,478
|
441,671
|
|||||||||
Consumer:
|
||||||||||||
Real estate one-to-four family
|
65,372
|
22,607
|
87,979
|
|||||||||
Other installment
|
38,475
|
464
|
38,939
|
|||||||||
Total consumer
|
103,847
|
23,071
|
126,918
|
|||||||||
Total loans
|
$
|
263,040
|
$
|
305,549
|
$
|
568,589
|
March 31, 2016
|
March 31, 2015
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial real estate
|
2
|
$
|
1,559
|
4
|
$
|
3,291
|
||||||||||
Land
|
1
|
801
|
1
|
801
|
||||||||||||
Consumer
|
12
|
354
|
8
|
1,226
|
||||||||||||
Total
|
15
|
$
|
2,714
|
13
|
$
|
5,318
|
At March 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Loans accounted for on a non-accrual basis:
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
452
|
$
|
1,349
|
$
|
3,930
|
||||||||||
Other real estate mortgage
|
2,360
|
4,092
|
10,881
|
16,550
|
28,562
|
|||||||||||||||
Real estate construction
|
-
|
-
|
-
|
175
|
7,756
|
|||||||||||||||
Consumer
|
334
|
1,226
|
2,729
|
3,059
|
3,915
|
|||||||||||||||
Total
|
2,694
|
5,318
|
14,062
|
21,133
|
44,163
|
|||||||||||||||
Accruing loans which are contractually
past due 90 days or more
|
20
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
2,714
|
5,318
|
14,062
|
21,133
|
44,163
|
|||||||||||||||
REO
|
595
|
1,603
|
7,703
|
15,638
|
18,731
|
|||||||||||||||
Total nonperforming assets
|
$
|
3,309
|
$
|
6,921
|
$
|
21,765
|
$
|
36,771
|
$
|
62,894
|
||||||||||
Foregone interest on non-accrual loans
|
$
|
112
|
$
|
433
|
$
|
949
|
$
|
1,420
|
$
|
2,313
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
|||||||||||||||||||
March 31, 2016
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
269
|
$
|
1,290
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,559
|
||||||||||||
Land
|
-
|
801
|
-
|
-
|
-
|
801
|
||||||||||||||||||
Consumer
|
112
|
-
|
139
|
-
|
103
|
354
|
||||||||||||||||||
Total nonperforming loans
|
381
|
2,091
|
139
|
-
|
103
|
2,714
|
||||||||||||||||||
REO
|
271
|
-
|
26
|
298
|
-
|
595
|
||||||||||||||||||
Total nonperforming assets
|
$
|
652
|
$
|
2,091
|
$
|
165
|
$
|
298
|
$
|
103
|
$
|
3,309
|
March 31, 2015
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
993
|
$
|
1,372
|
$
|
926
|
$
|
-
|
$
|
-
|
$
|
3,291
|
||||||||||||
Land
|
-
|
801
|
-
|
-
|
-
|
801
|
||||||||||||||||||
Consumer
|
440
|
14
|
489
|
265
|
18
|
1,226
|
||||||||||||||||||
Total nonperforming loans
|
1,433
|
2,187
|
1,415
|
265
|
18
|
5,318
|
||||||||||||||||||
REO
|
706
|
-
|
852
|
45
|
-
|
1,603
|
||||||||||||||||||
Total nonperforming assets
|
$
|
2,139
|
$
|
2,187
|
$
|
2,267
|
$
|
310
|
$
|
18
|
$
|
6,921
|
March 31, 2016
|
March 31, 2015
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
5
|
$
|
363
|
7
|
$
|
566
|
||||||||||
Commercial real estate
|
4
|
1,225
|
8
|
3,674
|
||||||||||||
Multi-family
|
1
|
12
|
2
|
1,935
|
||||||||||||
Commercial construction
|
-
|
-
|
1
|
1,828
|
||||||||||||
Total
|
10
|
$
|
1,600
|
18
|
$
|
8,003
|
At or For the Year
|
||||||||
Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
Classified loans
|
$
|
4,294
|
$
|
13,321
|
||||
General loss allowances
|
9,775
|
10,615
|
||||||
Specific loss allowances
|
110
|
147
|
||||||
Net recoveries
|
(273
|
)
|
(11
|
)
|
Year Ended March 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Balance at beginning of year
|
$
|
10,762
|
$
|
12,551
|
$
|
15,643
|
$
|
19,921
|
$
|
14,968
|
||||||||||
Provision for (recapture of) loan losses
|
(1,150
|
)
|
(1,800
|
)
|
(3,700
|
)
|
900
|
29,350
|
||||||||||||
Recoveries:
|
||||||||||||||||||||
Commercial and construction
|
||||||||||||||||||||
Commercial business
|
30
|
34
|
526
|
118
|
29
|
|||||||||||||||
Other real estate mortgage
|
331
|
271
|
873
|
1,263
|
103
|
|||||||||||||||
Real estate construction
|
6
|
-
|
4
|
228
|
3
|
|||||||||||||||
Total commercial and construction
|
367
|
305
|
1,403
|
1,609
|
135
|
|||||||||||||||
Consumer
|
||||||||||||||||||||
Real estate one-to-four family
|
153
|
158
|
304
|
138
|
12
|
|||||||||||||||
Other installment
|
27
|
12
|
7
|
1
|
3
|
|||||||||||||||
Total consumer
|
180
|
170
|
311
|
139
|
15
|
|||||||||||||||
Total recoveries
|
547
|
475
|
1,714
|
1,748
|
150
|
|||||||||||||||
Charge-offs:
|
||||||||||||||||||||
Commercial and construction
|
||||||||||||||||||||
Commercial business
|
-
|
120
|
340
|
1,606
|
2,801
|
|||||||||||||||
Other real estate mortgage
|
-
|
233
|
406
|
3,869
|
16,895
|
|||||||||||||||
Real estate construction
|
-
|
-
|
11
|
141
|
2,101
|
|||||||||||||||
Total commercial and construction
|
-
|
353
|
757
|
5,616
|
21,797
|
|||||||||||||||
Consumer
|
||||||||||||||||||||
Real estate one-to-four family
|
8
|
53
|
346
|
1,238
|
2,694
|
|||||||||||||||
Other installment
|
266
|
58
|
3
|
72
|
56
|
|||||||||||||||
Total consumer
|
274
|
111
|
349
|
1,310
|
2,750
|
|||||||||||||||
Total charge-offs
|
274
|
464
|
1,106
|
6,926
|
24,547
|
|||||||||||||||
Net charge-offs (recoveries)
|
(273
|
)
|
(11
|
)
|
(608
|
)
|
5,178
|
24,397
|
||||||||||||
Balance at end of year
|
$
|
9,885
|
$
|
10,762
|
$
|
12,551
|
$
|
15,643
|
$
|
19,921
|
||||||||||
Ratio of allowance to total loans
outstanding at end of year
|
1.58
|
%
|
1.86
|
%
|
2.35
|
%
|
2.92
|
%
|
2.91
|
%
|
||||||||||
Ratio of net charge-offs (recoveries) to average net loans outstanding during year
|
(0.05
|
)
|
0.00
|
(0.12
|
)
|
0.86
|
3.51
|
|||||||||||||
Ratio of allowance to total nonperforming loans
|
364.22
|
202.37
|
89.25
|
74.02
|
45.11
|
At March 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||||||||
Commercial and construction:
|
||||||||||||||||||||||||||||||||||||||||
Commercial business
|
$
|
1,048
|
11.11
|
%
|
$
|
1,263
|
13.31
|
%
|
$
|
2,409
|
13.43
|
%
|
$
|
2,128
|
13.42
|
%
|
$
|
2,688
|
12.74
|
%
|
||||||||||||||||||||
Other real estate mortgage
|
5,310
|
63.94
|
5,155
|
59.60
|
5,812
|
60.90
|
8,539
|
66.30
|
11,626
|
63.49
|
||||||||||||||||||||||||||||||
Real estate construction
|
416
|
4.28
|
769
|
5.26
|
387
|
3.65
|
221
|
1.81
|
412
|
3.76
|
||||||||||||||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||||||||||||||||||
Real estate one-to-four family
|
1,652
|
14.21
|
1,881
|
15.49
|
2,190
|
17.43
|
2,868
|
18.12
|
3,220
|
19.71
|
||||||||||||||||||||||||||||||
Other installment
|
751
|
6.46
|
667
|
6.34
|
463
|
4.59
|
81
|
0.35
|
54
|
0.30
|
||||||||||||||||||||||||||||||
Unallocated
|
708
|
-
|
1,027
|
-
|
1,290
|
-
|
1,806
|
-
|
1,921
|
-
|
||||||||||||||||||||||||||||||
Total allowance for loan losses
|
$
|
9,885
|
100.00
|
%
|
$
|
10,762
|
100.00
|
%
|
$
|
12,551
|
100.00
|
%
|
$
|
15,643
|
100.00
|
%
|
$
|
19,921
|
100.00
|
%
|
At March 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Carrying
Value
|
Percent of
Portfolio
|
Carrying
Value
|
Percent of
Portfolio
|
Carrying
Value
|
Percent of
Portfolio
|
|||||||||||||||||||
Available for sale (at estimated fair value):
|
||||||||||||||||||||||||
Trust preferred securities
|
$
|
1,808
|
1.20
|
%
|
$
|
1,812
|
1.61
|
%
|
$
|
1,903
|
1.86
|
%
|
||||||||||||
Agency securities
|
19,569
|
12.98
|
13,939
|
12.38
|
21,491
|
21.06
|
||||||||||||||||||
REMICs
|
43,924
|
29.14
|
22,709
|
20.18
|
7,150
|
7.00
|
||||||||||||||||||
Mortgage-backed securities
|
76,353
|
50.64
|
68,514
|
60.87
|
65,413
|
64.09
|
||||||||||||||||||
Other mortgage-backed securities
|
9,036
|
5.99
|
5,489
|
4.88
|
6,012
|
5.89
|
||||||||||||||||||
150,690
|
99.95
|
112,463
|
99.92
|
101,969
|
99.90
|
|||||||||||||||||||
Held to maturity (at amortized cost):
|
||||||||||||||||||||||||
Mortgage-backed securities
|
75
|
0.05
|
86
|
0.08
|
101
|
0.10
|
||||||||||||||||||
Total investment securities
|
$
|
150,765
|
100.00
|
%
|
$
|
112,549
|
100.00
|
%
|
$
|
102,070
|
100.00
|
%
|
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)
|
|||||||||||||||||||
Trust preferred securities
|
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
$
|
1,808
|
5.11
|
%
|
||||||||||||
Agency securities
|
16,559
|
1.17
|
3,010
|
1.29
|
-
|
-
|
||||||||||||||||||
REMICs
|
2,538
|
2.13
|
2,973
|
2.35
|
38,413
|
1.98
|
||||||||||||||||||
Mortgage-backed securities
|
-
|
-
|
8,000
|
1.89
|
68,428
|
2.09
|
||||||||||||||||||
Other mortgage-backed securities
|
-
|
-
|
3,714
|
2.22
|
5,322
|
1.98
|
||||||||||||||||||
Total
|
$
|
19,097
|
1.30
|
%
|
$
|
17,697
|
1.93
|
%
|
$
|
113,971
|
2.10
|
%
|
Year Ended March 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
|||||||||||||||||||
Non-interest-bearing demand
|
$
|
170,612
|
0.00
|
%
|
$
|
140,949
|
0.00
|
%
|
$
|
120,290
|
0.00
|
%
|
||||||||||||
Interest checking
|
127,161
|
0.08
|
104,719
|
0.08
|
93,395
|
0.11
|
||||||||||||||||||
Regular savings accounts
|
84,485
|
0.10
|
71,202
|
0.10
|
59,844
|
0.15
|
||||||||||||||||||
Money market accounts
|
231,873
|
0.12
|
229,840
|
0.12
|
224,689
|
0.21
|
||||||||||||||||||
Certificates of deposit
|
129,427
|
0.55
|
148,573
|
0.61
|
174,522
|
0.75
|
||||||||||||||||||
Total
|
$
|
743,558
|
0.16
|
%
|
$
|
695,283
|
0.19
|
%
|
$
|
672,740
|
0.29
|
%
|
Maturity Period
|
Amount
|
Weighted
Average Rate
|
||||||
Three months or less
|
$
|
11,514
|
0.27
|
%
|
||||
Over three through six months
|
10,828
|
0.29
|
||||||
Over six through 12 months
|
16,996
|
0.40
|
||||||
Over 12 months
|
23,907
|
1.20
|
||||||
Total
|
$
|
63,245
|
0.66
|
%
|
Year Ended March 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Maximum amounts of FHLB advances outstanding at any month end
|
$
|
-
|
$
|
2,100
|
$
|
-
|
||||||
Average FHLB advances outstanding
|
5
|
285
|
5
|
|||||||||
Weighted average rate on FHLB advances
|
0.31
|
%
|
0.33
|
%
|
0.52
|
%
|
||||||
Maximum amounts of FRB borrowings outstanding at any month end
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Average FRB borrowings outstanding
|
5
|
3
|
-
|
|||||||||
Weighted average rate on FRB borrowings
|
0.88
|
%
|
0.75
|
%
|
-
|
%
|
Name
|
Age
(1)
|
Position
|
Patrick Sheaffer
|
76
|
Chairman of the Board and Chief Executive Officer
|
Ronald A. Wysaske
|
63
|
President and Chief Operating Officer
|
Kevin J. Lycklama
|
38
|
Executive Vice President and Chief Financial Officer
|
Daniel D. Cox
|
38
|
Executive Vice President and Chief Credit Officer
|
Richard S. Michalek
|
71
|
Executive Vice President and Chief Lending Officer
|
John A. Karas
|
67
|
Executive Vice President
|
Kim J. Capeloto
|
54
|
Executive Vice President and Chief Retail Banking Officer
|
•
|
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 the Company; and
|
•
|
before any other company could acquire 25% or more of the common stock of the Company and may be required for an acquisition of as little as 10% of such stock.
|
·
|
loan delinquencies, problem assets and foreclosures may increase;
|
·
|
we may increase our allowance for loan losses;
|
·
|
the slowing of sales of foreclosed assets;
|
·
|
demand for our products and services may decline possibly resulting in a decrease in our total loans or assets;
|
·
|
collateral for loans made may decline further in value, exposing us to increased risk loans, reducing customers' borrowing power, and reducing the value of assets and collateral associated with existing loans;
|
·
|
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; 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;
|
·
|
in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral;
|
·
|
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, 2016
|
High
|
Low
|
Cash
Dividends
Declared
|
|||||||||
Quarter ended March 31, 2016
|
$
|
4.76
|
$
|
4.20
|
$
|
0.02000
|
||||||
Quarter ended December 31, 2015
|
5.11
|
4.35
|
0.01750
|
|||||||||
Quarter ended September 30, 2015
|
4.75
|
4.15
|
0.01500
|
|||||||||
Quarter ended June 30, 2015
|
4.52
|
4.08
|
0.01250
|
Fiscal Year Ended March 31, 2015
|
High
|
Low
|
Cash
Dividends
Declared
|
|||||||||
Quarter ended March 31, 2015
|
$
|
4.74
|
$
|
4.32
|
$
|
0.01125
|
||||||
Quarter ended December 31, 2014
|
4.49
|
3.84
|
-
|
|||||||||
Quarter ended September 30, 2014
|
3.99
|
3.67
|
-
|
|||||||||
Quarter ended June 30, 2014
|
4.03
|
3.38
|
-
|
3/31/11*
|
3/31/12
|
3/31/13
|
3/31/14
|
3/31/15
|
3/31/16
|
||||||||||||||||||||
Riverview Bancorp, Inc.
|
100.00
|
74.34
|
86.84
|
112.68
|
148.03
|
139.84
|
|||||||||||||||||||
S & P 500
|
100.00
|
108.54
|
123.69
|
150.73
|
169.92
|
172.95
|
|||||||||||||||||||
NASDAQ Bank
|
100.00
|
102.54
|
116.46
|
152.32
|
154.05
|
156.55
|
At March 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
FINANCIAL CONDITION DATA:
|
||||||||||||||||||||
Total assets
|
$
|
921,229
|
$
|
858,750
|
$
|
824,521
|
$
|
777,003
|
$
|
855,998
|
||||||||||
Loans receivable, net
|
614,934
|
569,010
|
520,937
|
520,369
|
664,888
|
|||||||||||||||
Loans held for sale
|
503
|
778
|
1,024
|
831
|
480
|
|||||||||||||||
Investment securities available for sale
|
150,690
|
112,463
|
101,969
|
6,647
|
7,288
|
|||||||||||||||
Investment securities held to maturity
|
75
|
86
|
101
|
125
|
664
|
|||||||||||||||
Cash and cash equivalents
|
55,400
|
58,659
|
68,577
|
115,415
|
46,393
|
|||||||||||||||
Deposits
|
779,803
|
720,850
|
690,066
|
663,806
|
744,455
|
|||||||||||||||
Shareholders' equity
|
108,273
|
103,801
|
97,978
|
78,442
|
75,607
|
|||||||||||||||
Year Ended March 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
OPERATING DATA:
|
||||||||||||||||||||
Interest and dividend income
|
$
|
30,948
|
$
|
28,626
|
$
|
26,804
|
$
|
32,932
|
$
|
39,532
|
||||||||||
Interest expense
|
1,742
|
1,916
|
2,568
|
3,485
|
5,865
|
|||||||||||||||
Net interest income
|
29,206
|
26,710
|
24,236
|
29,447
|
33,667
|
|||||||||||||||
Provision for (recapture of) loan losses
|
(1,150
|
)
|
(1,800
|
)
|
(3,700
|
)
|
900
|
29,350
|
||||||||||||
Net interest income after provision for (recapture of) loan losses
|
30,356
|
28,510
|
27,936
|
28,547
|
4,317
|
|||||||||||||||
Gains (losses) from sale of loans,
securities and real estate owned
|
338
|
674
|
422
|
1,002
|
(396
|
)
|
||||||||||||||
Other non-interest income
|
9,037
|
8,201
|
7,945
|
7,871
|
7,223
|
|||||||||||||||
Non- interest expense
|
29,947
|
30,744
|
31,961
|
34,758
|
34,423
|
|||||||||||||||
Income (loss) before income taxes
|
9,784
|
6,641
|
4,342
|
2,662
|
(23,279
|
)
|
||||||||||||||
Provision (benefit) for income taxes
|
3,426
|
2,150
|
(15,081
|
)
|
29
|
8,378
|
||||||||||||||
Net income (loss)
|
$
|
6,358
|
$
|
4,491
|
$
|
19,423
|
$
|
2,633
|
$
|
(31,657
|
)
|
Earnings (loss) per share:
|
||||||||||||||||||||
Basic
|
$
|
0.28
|
$
|
0.20
|
$
|
0.87
|
$
|
0.12
|
$
|
(1.42
|
)
|
|||||||||
Diluted
|
0.28
|
0.20
|
0.87
|
0.12
|
(1.42
|
)
|
||||||||||||||
Dividends per share
|
0.06500
|
0.01125
|
-
|
-
|
-
|
At or For the Year Ended March 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
KEY FINANCIAL RATIOS:
|
||||||||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return (loss) on average assets
|
0.72
|
%
|
0.54
|
%
|
2.46
|
%
|
0.33
|
%
|
(3.64
|
)%
|
||||||||||
Return (loss) on average equity
|
5.93
|
4.42
|
23.73
|
3.41
|
(30.19
|
)
|
||||||||||||||
Dividend payout ratio
(1)
|
23.21
|
5.63
|
-
|
-
|
-
|
|||||||||||||||
Interest rate spread
|
3.60
|
3.52
|
3.29
|
3.95
|
4.17
|
|||||||||||||||
Net interest margin
|
3.67
|
3.59
|
3.37
|
4.06
|
4.33
|
|||||||||||||||
Non-interest expense to average assets
|
3.39
|
3.70
|
4.05
|
4.30
|
3.95
|
|||||||||||||||
Efficiency ratio
(2)
|
77.62
|
86.40
|
98.03
|
90.70
|
85.01
|
|||||||||||||||
Average equity to average assets
|
12.14
|
12.23
|
10.37
|
9.55
|
12.04
|
|||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Allowance for loan losses to
total net loans at end of period
|
1.58
|
1.86
|
2.35
|
2.92
|
2.91
|
|||||||||||||||
Allowance for loan losses to
nonperforming loans
|
364.22
|
202.37
|
89.25
|
74.02
|
45.11
|
|||||||||||||||
Net charge-offs (recoveries) to average outstanding
loans during the period
|
(0.05
|
)
|
-
|
(0.12
|
)
|
0.86
|
3.51
|
|||||||||||||
Ratio of nonperforming assets
to total assets
|
0.36
|
0.81
|
2.64
|
4.73
|
7.35
|
|||||||||||||||
Ratio of nonperforming loans
to total loans
|
0.43
|
0.92
|
2.64
|
3.94
|
6.45
|
|||||||||||||||
Capital Ratios:
|
||||||||||||||||||||
Total capital to risk-weighted assets
|
16.07
|
15.89
|
16.66
|
15.29
|
12.11
|
|||||||||||||||
Tier 1 capital to risk-weighted assets
|
14.81
|
14.63
|
15.40
|
14.02
|
10.84
|
|||||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
14.81
|
14.63
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
||||||||||||
Leverage ratio
|
11.18
|
10.89
|
10.71
|
9.99
|
8.76
|
(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
|
$
|
76,823
|
$
|
31,062
|
$
|
7,380
|
$
|
4,117
|
$
|
119,382
|
||||||||||
Operating leases
|
1,382
|
2,545
|
1,862
|
1,981
|
7,770
|
|||||||||||||||
Capital leases
|
21
|
51
|
74
|
2,329
|
2,475
|
|||||||||||||||
Junior subordinates debentures
|
-
|
-
|
-
|
22,681
|
22,681
|
|||||||||||||||
Total other contractual obligations
|
$
|
78,226
|
$
|
33,658
|
$
|
9,316
|
$
|
31,108
|
$
|
152,308
|
Average
Rate
|
Within
1 Year
|
After
1 - 3
Years
|
After
3 - 5
Years
|
After
5 - 10
Years
|
Beyond
10
Years
|
Total
|
||||||||||||||||||||||
Interest-Sensitive Assets:
|
||||||||||||||||||||||||||||
Loans receivable
|
4.27
|
%
|
$
|
56,230
|
$
|
115,862
|
$
|
62,752
|
$
|
228,081
|
$
|
161,894
|
$
|
624,819
|
||||||||||||||
Investments securities and
|
||||||||||||||||||||||||||||
other interest-earning
assets
|
1.64
|
71,058
|
28,915
|
88,683
|
19,195
|
-
|
207,851
|
|||||||||||||||||||||
FHLB stock
|
0.30
|
212
|
424
|
424
|
-
|
-
|
1,060
|
|||||||||||||||||||||
Total assets
|
$
|
127,500
|
$
|
145,201
|
$
|
151,859
|
$
|
247,276
|
$
|
161,894
|
$
|
833,730
|
||||||||||||||||
Interest-Sensitive
Liabilities:
|
||||||||||||||||||||||||||||
Interest checking
|
0.07
|
$
|
28,948
|
$
|
57,896
|
$
|
57,896
|
$
|
-
|
$
|
-
|
$
|
144,740
|
|||||||||||||||
Savings accounts
|
0.10
|
19,398
|
38,798
|
38,798
|
-
|
-
|
96,994
|
|||||||||||||||||||||
Money market accounts
|
0.12
|
47,908
|
95,818
|
95,818
|
-
|
-
|
239,544
|
|||||||||||||||||||||
Certificate accounts
|
0.55
|
76,823
|
31,062
|
7,380
|
4,117
|
-
|
119,382
|
|||||||||||||||||||||
FHLB advances
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
FRB borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Subordinated debentures
|
1.99
|
-
|
-
|
-
|
-
|
22,681
|
22,681
|
|||||||||||||||||||||
Obligations under capital lease
|
7.16
|
21
|
51
|
74
|
309
|
2,020
|
2,475
|
|||||||||||||||||||||
Total liabilities
|
173,098
|
223,625
|
199,966
|
4,426
|
24,701
|
625,816
|
||||||||||||||||||||||
Interest sensitivity gap
|
(45,598
|
)
|
(78,424
|
)
|
(48,107
|
)
|
242,850
|
137,193
|
$
|
207,914
|
||||||||||||||||||
Cumulative interest sensitivity gap
|
$
|
(45,598
|
)
|
$
|
(124,022
|
)
|
$
|
(172,129
|
)
|
$
|
70,721
|
$
|
207,914
|
|||||||||||||||
Off-Balance Sheet Items:
|
||||||||||||||||||||||||||||
Commitments to extend credit
|
$
|
41,875
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
41,875
|
||||||||||||||||
Unused lines of credit
|
$
|
101,623
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
101,623
|
TABLE OF CONTENTS
|
|
Page
|
|
Report of Independent Registered Public Accounting Firm – Delap LLP
|
66
|
Report of Independent Registered Public Accounting Firm – Deloitte & Touche LLP
|
67
|
Consolidated Balance Sheets as of March 31, 2016 and 2015
|
68
|
Consolidated Statements of Income for the Years Ended March 31, 2016, 2015 and 2014
|
69
|
Consolidated Statements of Comprehensive Income for the Years Ended March 31, 2016, 2015 and 2014
|
70
|
Consolidated Statements of Equity for the Years Ended March 31, 2016, 2015 and 2014
|
71
|
Consolidated Statements of Cash Flows for the Years Ended March 31, 2016, 2015 and 2014
|
72
|
Notes to Consolidated Financial Statements
|
73
|
(In thousands, except share and per share data)
|
2016
|
2015
|
2014
|
||||||||
INTEREST AND DIVIDEND INCOME:
|
|||||||||||
Interest and fees on loans receivable
|
$
|
27,795
|
$
|
25,896
|
$
|
25,423
|
|||||
Interest on investment securities
|
2,709
|
2,274
|
695
|
||||||||
Other interest and dividends
|
444
|
456
|
686
|
||||||||
Total interest and dividend income
|
30,948
|
28,626
|
26,804
|
||||||||
INTEREST EXPENSE:
|
|||||||||||
Interest on deposits
|
1,173
|
1,326
|
1,973
|
||||||||
Interest on borrowings
|
569
|
590
|
595
|
||||||||
Total interest expense
|
1,742
|
1,916
|
2,568
|
||||||||
Net interest income
|
29,206
|
26,710
|
24,236
|
||||||||
Recapture of loan losses
|
(1,150
|
)
|
(1,800
|
)
|
(3,700
|
)
|
|||||
Net interest income after recapture of loan losses
|
30,356
|
28,510
|
27,936
|
||||||||
NON-INTEREST INCOME:
|
|||||||||||
Fees and service charges
|
4,846
|
4,317
|
4,258
|
||||||||
Asset management fees
|
3,212
|
2,975
|
2,630
|
||||||||
Net gains on sales of loans held for sale
|
525
|
596
|
667
|
||||||||
Bank owned life insurance
|
770
|
716
|
553
|
||||||||
Other, net
|
22
|
271
|
259
|
||||||||
Total non-interest income, net
|
9,375
|
8,875
|
8,367
|
||||||||
NON-INTEREST EXPENSE:
|
|||||||||||
Salaries and employee benefits
|
17,694
|
17,805
|
15,755
|
||||||||
Occupancy and depreciation
|
4,727
|
4,778
|
4,811
|
||||||||
Data processing
|
1,775
|
1,807
|
2,058
|
||||||||
Advertising and marketing
|
669
|
628
|
726
|
||||||||
FDIC insurance premium
|
500
|
627
|
1,487
|
||||||||
State and local taxes
|
510
|
559
|
462
|
||||||||
Telecommunications
|
292
|
295
|
304
|
||||||||
Professional fees
|
904
|
1,089
|
1,290
|
||||||||
Real estate owned
|
567
|
994
|
2,765
|
||||||||
Other
|
2,309
|
2,162
|
2,303
|
||||||||
Total non-interest expense
|
29,947
|
30,744
|
31,961
|
||||||||
INCOME BEFORE INCOME TAXES
|
9,784
|
6,641
|
4,342
|
||||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
3,426
|
2,150
|
(15,081
|
)
|
|||||||
NET INCOME
|
$
|
6,358
|
$
|
4,491
|
$
|
19,423
|
|||||
Earnings per common share:
|
|||||||||||
Basic
|
$
|
0.28
|
$
|
0.20
|
$
|
0.87
|
|||||
Diluted
|
0.28
|
0.20
|
0.87
|
||||||||
Weighted average number of shares outstanding:
|
|||||||||||
Basic
|
22,450,252
|
22,392,744
|
22,367,174
|
||||||||
Diluted
|
22,494,151
|
22,431,839
|
22,369,175
|
(In thousands)
|
2016
|
2015
|
2014
|
||||||||
Net income
|
$
|
6,358
|
$
|
4,491
|
$
|
19,423
|
|||||
Other comprehensive income:
|
|||||||||||
Net unrealized holding gain from available for sale investment securities arising
|
|||||||||||
during the period, net of tax of ($203), ($778) and ($189), respectively
|
321
|
1,513
|
366
|
||||||||
Reclassification adjustment of net gain from sale of available for sale investment
|
|||||||||||
securities included in income, net of tax of $0, $54 and $0, respectively
|
-
|
(104
|
)
|
-
|
|||||||
Total other comprehensive income, net
|
321
|
1,409
|
366
|
||||||||
Noncontrolling interest
|
47
|
65
|
81
|
||||||||
Total comprehensive income
|
$
|
6,726
|
$
|
5,965
|
$
|
19,870
|
|||||
(In thousands, except share data)
|
Common Stock
|
Additional Paid-In Capital
|
Retained
Earnings
|
Unearned
Shares
Issued to
ESOP
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling Interest
|
Total
|
||||||||||||||||||
Shares
|
Amount
|
||||||||||||||||||||||||
Balance April 1, 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-based compensation
expense
|
-
|
-
|
78
|
-
|
-
|
-
|
-
|
78
|
|||||||||||||||||
Earned ESOP shares
|
-
|
-
|
(35
|
)
|
-
|
103
|
-
|
-
|
68
|
||||||||||||||||
Unrealized holding gain on investment securities available for sale
|
-
|
-
|
-
|
-
|
-
|
366
|
-
|
366
|
|||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
81
|
81
|
|||||||||||||||||
Balance March 31, 2014
|
22,471,890
|
225
|
65,195
|
33,592
|
(387
|
)
|
(647
|
)
|
471
|
98,449
|
|||||||||||||||
Net income
|
-
|
-
|
-
|
4,491
|
-
|
-
|
-
|
4,491
|
|||||||||||||||||
Cash dividend on common stock ($0.01125 per share)
|
-
|
-
|
-
|
(253
|
)
|
-
|
-
|
-
|
(253
|
)
|
|||||||||||||||
Exercise of stock options
|
18,000
|
-
|
48
|
-
|
-
|
-
|
-
|
48
|
|||||||||||||||||
Stock-based compensation
expense
|
-
|
-
|
26
|
-
|
-
|
-
|
-
|
26
|
|||||||||||||||||
Earned ESOP shares
|
-
|
-
|
(1
|
)
|
-
|
103
|
-
|
-
|
102
|
||||||||||||||||
Unrealized holding gain on investment securities available for sale
|
-
|
-
|
-
|
-
|
-
|
1,409
|
-
|
1,409
|
|||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
65
|
65
|
|||||||||||||||||
Balance March 31, 2015
|
22,489,890
|
225
|
65,268
|
37,830
|
(284
|
)
|
762
|
536
|
104,337
|
||||||||||||||||
Net income
|
-
|
-
|
-
|
6,358
|
-
|
-
|
-
|
6,358
|
|||||||||||||||||
Purchase of subsidiary shares
from noncontrolling interest
|
-
|
-
|
(919
|
)
|
-
|
-
|
-
|
(583
|
)
|
(1,502
|
)
|
||||||||||||||
Cash dividend on common stock ($0.065 per share)
|
-
|
-
|
-
|
(1,460
|
)
|
-
|
-
|
-
|
(1,460
|
)
|
|||||||||||||||
Exercise of stock options
|
18,000
|
-
|
62
|
-
|
-
|
-
|
-
|
62
|
|||||||||||||||||
Earned ESOP shares
|
-
|
-
|
7
|
-
|
103
|
-
|
-
|
110
|
|||||||||||||||||
Unrealized holding gain on investment securities available for sale
|
-
|
-
|
-
|
-
|
-
|
321
|
-
|
321
|
|||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
47
|
47
|
|||||||||||||||||
Balance March 31, 2016
|
22,507,890
|
$
|
225
|
$
|
64,418
|
$
|
42,728
|
$
|
(181
|
)
|
$
|
1,083
|
$
|
-
|
$
|
108,273
|
|||||||||
(In thousands)
|
2016
|
2015
|
2014
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|||||||||||
Net income
|
$
|
6,358
|
$
|
4,491
|
$
|
19,423
|
|||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||
Depreciation and amortization
|
3,294
|
3,283
|
1,898
|
||||||||
Recapture of loan losses
|
(1,150
|
)
|
(1,800
|
)
|
(3,700
|
)
|
|||||
Provision (benefit) for deferred income taxes
|
3,175
|
2,140
|
(15,100
|
)
|
|||||||
Expense related to ESOP
|
110
|
102
|
68
|
||||||||
Increase in deferred loan origination fees, net of amortization
|
585
|
190
|
102
|
||||||||
Origination of loans held for sale
|
(15,768
|
)
|
(17,991
|
)
|
(24,413
|
)
|
|||||
Proceeds from sales of loans held for sale
|
16,398
|
18,673
|
24,718
|
||||||||
Stock-based compensation expense
|
-
|
26
|
78
|
||||||||
Writedown of real estate owned
|
369
|
715
|
2,056
|
||||||||
Net gains on loans held for sale, sales and transfer of real estate owned, sales of
investment securities and sales of premises and equipment
|
(321
|
)
|
(663
|
)
|
(640
|
)
|
|||||
Income from bank owned life insurance
|
(770
|
)
|
(716
|
)
|
(553
|
)
|
|||||
Changes in certain other assets and liabilities:
|
|||||||||||
Prepaid expenses and other assets
|
(239
|
)
|
(161
|
)
|
46
|
||||||
Accrued interest receivable
|
(245
|
)
|
(303
|
)
|
(89
|
)
|
|||||
Accrued expenses and other liabilities
|
(718
|
)
|
(2,424
|
)
|
2,637
|
||||||
Net cash provided by operating activities
|
11,078
|
5,562
|
6,531
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|||||||||||
Loan repayments (originations), net
|
(30,686
|
)
|
(24,270
|
)
|
24,044
|
||||||
Purchases of loans receivable
|
(15,618
|
)
|
(22,864
|
)
|
(22,082
|
)
|
|||||
Principal repayments on investment securities available for sale
|
21,860
|
18,553
|
3,516
|
||||||||
Purchase of investment securities available for sale
|
(60,679
|
)
|
(52,199
|
)
|
(101,514
|
)
|
|||||
Proceeds from call, maturity, and sales of investment securities available for sale
|
-
|
24,205
|
3,000
|
||||||||
Principal repayments on investment securities held to maturity
|
11
|
15
|
24
|
||||||||
Purchase of premises and equipment and capitalized software
|
(366
|
)
|
(464
|
)
|
(835
|
)
|
|||||
Redemption of certificates of deposit held for investment, net
|
9,200
|
10,956
|
7,710
|
||||||||
Proceeds from redemption of Federal Home Loan Bank stock, net
|
4,864
|
820
|
410
|
||||||||
Purchase of bank owned life insurance
|
-
|
(6,500
|
)
|
-
|
|||||||
Proceeds from sales of real estate owned and premises and equipment
|
753
|
5,493
|
7,347
|
||||||||
Net cash used in investing activities
|
(70,661
|
)
|
(46,255
|
)
|
(78,380
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|||||||||||
Net increase in deposits
|
58,953
|
30,784
|
26,260
|
||||||||
Purchase of subsidiary shares from noncontrolling interest
|
(1,502
|
)
|
-
|
(612
|
)
|
||||||
Dividends paid
|
(1,261
|
)
|
-
|
-
|
|||||||
Proceeds from borrowings
|
4,100
|
25,450
|
3,000
|
||||||||
Repayment of borrowings
|
(4,100
|
)
|
(25,450
|
)
|
(3,000
|
)
|
|||||
Principal payments under capital lease obligation
|
(42
|
)
|
(85
|
)
|
(79
|
)
|
|||||
Net increase (decrease) in advance payments by borrowers
|
114
|
28
|
(558
|
)
|
|||||||
Proceeds from exercise of stock options
|
62
|
48
|
-
|
||||||||
Net cash provided by financing activities
|
56,324
|
30,775
|
25,011
|
||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(3,259
|
)
|
(9,918
|
)
|
(46,838
|
)
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
58,659
|
68,577
|
115,415
|
||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR
|
$
|
55,400
|
$
|
58,659
|
$
|
68,577
|
|||||
SUPPLEMENTAL DISCLOSURES:
|
|||||||||||
Cash paid during the year for:
|
|||||||||||
Interest
|
$
|
1,570
|
$
|
5,457
|
$
|
1,974
|
|||||
Income taxes
|
239
|
15
|
31
|
||||||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
|||||||||||
Dividends declared and accrued in other liabilities
|
$
|
452
|
$
|
253
|
$
|
-
|
|||||
Transfer of loans to real estate owned
|
298
|
1,512
|
$
|
6,331
|
|||||||
Transfer of real estate owned to loans
|
-
|
1,333
|
4,946
|
||||||||
Adjustment to capital lease obligations and premises and equipment due to lease
modification
|
241
|
-
|
-
|
||||||||
Unrealized holding gain from investment securities available for sale
|
524
|
2,133
|
555
|
||||||||
Income tax effect related to unrealized holding gain from investment securities available for sale
|
(203
|
)
|
(724
|
)
|
(189
|
)
|
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, 2016
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Trust preferred
|
$
|
1,919
|
$
|
-
|
$
|
(111
|
)
|
$
|
1,808
|
|||||||
Agency securities
|
19,520
|
63
|
(14
|
)
|
19,569
|
|||||||||||
Real estate mortgage investment conduits
(1)
|
43,293
|
632
|
(1
|
)
|
43,924
|
|||||||||||
Mortgage-backed securities
(1)
|
75,404
|
980
|
(31
|
)
|
76,353
|
|||||||||||
Other mortgage-backed securities
(2)
|
8,875
|
185
|
(24
|
)
|
9,036
|
|||||||||||
Total available for sale
|
$
|
149,011
|
$
|
1,860
|
$
|
(181
|
)
|
$
|
150,690
|
|||||||
Held to maturity:
|
||||||||||||||||
Mortgage-backed securities
(3)
|
$
|
75
|
$
|
1
|
$
|
-
|
$
|
76
|
||||||||
March 31, 2015
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Trust preferred
|
$
|
1,919
|
$
|
-
|
$
|
(107
|
)
|
$
|
1,812
|
|||||||
Agency securities
|
14,008
|
38
|
(107
|
)
|
13,939
|
|||||||||||
Real estate mortgage investment conduits
(3)
|
22,455
|
255
|
(1
|
)
|
22,709
|
|||||||||||
Mortgage-backed securities
(1)
|
67,568
|
1,006
|
(60
|
)
|
68,514
|
|||||||||||
Other mortgage-backed securities
(2)
|
5,359
|
142
|
(12
|
)
|
5,489
|
|||||||||||
Total available for sale
|
$
|
111,309
|
$
|
1,441
|
$
|
(287
|
)
|
$
|
112,463
|
|||||||
Held to maturity:
|
||||||||||||||||
Mortgage-backed securities
(3)
|
$
|
86
|
$
|
2
|
$
|
-
|
$
|
88
|
||||||||
(1)
Comprised of 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 after one year through five years
|
$
|
18,982
|
$
|
19,097
|
$
|
-
|
$
|
-
|
||||
Due after five years through ten years
|
17,418
|
17,631
|
66
|
67
|
||||||||
Due after ten years
|
112,611
|
113,962
|
9
|
9
|
||||||||
Total
|
$
|
149,011
|
$
|
150,690
|
$
|
75
|
$
|
76
|
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, 2016
|
||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||
Trust preferred
|
$
|
-
|
$
|
-
|
$
|
1,808
|
$
|
(111
|
)
|
$
|
1,808
|
$
|
(111
|
)
|
||||||||||
Agency securities
|
5,508
|
(6
|
)
|
4,991
|
(8
|
)
|
10,499
|
(14
|
)
|
|||||||||||||||
Real estate mortgage investment conduits
(1)
|
1,636
|
(1
|
)
|
-
|
-
|
1,636
|
(1
|
)
|
||||||||||||||||
Mortgage-backed securities
(2)
|
831
|
(10
|
)
|
3,051
|
(21
|
)
|
3,882
|
(31
|
)
|
|||||||||||||||
Other mortgage-backed securities
(3)
|
1,891
|
(6
|
)
|
1,229
|
(18
|
)
|
3,120
|
(24
|
)
|
|||||||||||||||
Total available for sale
|
$
|
9,866
|
$
|
(23
|
)
|
$
|
11,079
|
$
|
(158
|
)
|
$
|
20,945
|
$
|
(181
|
)
|
March 31, 2015
|
||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||
Trust preferred
|
$
|
-
|
$
|
-
|
$
|
1,812
|
$
|
(107
|
)
|
$
|
1,812
|
$
|
(107
|
)
|
||||||||||
Agency securities
|
-
|
-
|
12,893
|
(107
|
)
|
12,893
|
(107
|
)
|
||||||||||||||||
Real estate mortgage investment conduits
(1)
|
1,323
|
(1
|
)
|
-
|
-
|
1,323
|
(1
|
)
|
||||||||||||||||
Mortgage-backed securities
(2)
|
-
|
-
|
5,098
|
(60
|
)
|
5,098
|
(60
|
)
|
||||||||||||||||
Other mortgage-backed securities
(3)
|
-
|
-
|
1,417
|
(12
|
)
|
1,417
|
(12
|
)
|
||||||||||||||||
Total available for sale
|
$
|
1,323
|
$
|
(1
|
)
|
$
|
21,220
|
$
|
(286
|
)
|
$
|
22,543
|
$
|
(287
|
)
|
|||||||||
(1)
Comprised of FHLMC issued securities.
|
||||||||||||||||||||||||
(2)
Comprised of FHLMC and FNMA issued securities.
|
||||||||||||||||||||||||
(3)
Comprised of SBA issued securities.
|
4.
|
LOANS RECEIVABLE
|
March 31, 2016
|
March 31, 2015
|
|||||
Commercial and construction
|
||||||
Commercial business
|
$
|
69,397
|
$
|
77,186
|
||
Commercial real estate
|
353,749
|
299,691
|
||||
Land
|
12,045
|
15,358
|
||||
Multi-family
|
33,733
|
30,457
|
||||
Real estate construction
|
26,731
|
30,498
|
||||
Total commercial and construction
|
495,655
|
453,190
|
||||
Consumer
|
||||||
Real estate one-to-four family
|
88,780
|
89,801
|
||||
Other installment
(1)
|
40,384
|
36,781
|
||||
Total consumer
|
129,164
|
126,582
|
||||
Total loans
|
624,819
|
579,772
|
||||
Less: Allowance for loan losses
|
9,885
|
10,762
|
||||
Loans receivable, net
|
$
|
614,934
|
$
|
569,010
|
||
(1)
Consists primarily of purchased automobile loans totaling $37.4 million and $34.7 million at March 31, 2016 and 2015, respectively.
|
Year Ended March 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Beginning balance
|
$
|
1,233
|
$
|
854
|
$
|
1,609
|
||||||
Originations
|
53
|
511
|
-
|
|||||||||
Principal repayments
|
(445
|
)
|
(132
|
)
|
(755
|
)
|
||||||
Ending balance
|
$
|
841
|
$
|
1,233
|
$
|
854
|
5.
|
ALLOWANCE FOR LOAN LOSSES
|
March 31, 2016
|
Commercial Business
|
Commercial Real Estate
|
Land
|
Multi-Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,263
|
$
|
4,268
|
$
|
539
|
$
|
348
|
$
|
769
|
$
|
2,548
|
$
|
1,027
|
$
|
10,762
|
||||||||||||||||
Provision for (recapture
of) loan losses
|
(245
|
)
|
5
|
(545
|
)
|
364
|
(359
|
)
|
(51
|
)
|
(319
|
)
|
(1,150
|
)
|
||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(274
|
)
|
-
|
(274
|
)
|
||||||||||||||||||||||
Recoveries
|
30
|
-
|
331
|
-
|
6
|
180
|
-
|
547
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,048
|
$
|
4,273
|
$
|
325
|
$
|
712
|
$
|
416
|
$
|
2,403
|
$
|
708
|
$
|
9,885
|
March 31, 2015
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
2,409
|
$
|
5,269
|
$
|
340
|
$
|
203
|
$
|
387
|
$
|
2,653
|
$
|
1,290
|
$
|
12,551
|
||||||||||||||||
Provision for (recapture
of) loan losses
|
(1,060
|
)
|
(768
|
)
|
(72
|
)
|
145
|
382
|
(164
|
)
|
(263
|
)
|
(1,800
|
)
|
||||||||||||||||||
Charge-offs
|
(120
|
)
|
(233
|
)
|
-
|
-
|
-
|
(111
|
)
|
-
|
(464
|
)
|
||||||||||||||||||||
Recoveries
|
34
|
-
|
271
|
-
|
-
|
170
|
-
|
475
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,263
|
$
|
4,268
|
$
|
539
|
$
|
348
|
$
|
769
|
$
|
2,548
|
$
|
1,027
|
$
|
10,762
|
March 31, 2014
|
||||||||||||||||||||||||||||||||
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
|
Allowance for Loan Losses
|
Recorded Investment in Loans
|
|||||||||||||||||||||||
March 31, 2016
|
Individually Evaluated for Impairment
|
Collectively Evaluated for Impairment
|
Total
|
Individually Evaluated for Impairment
|
Collectively Evaluated for Impairment
|
Total
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,048
|
$
|
1,048
|
$
|
192
|
$
|
69,205
|
$
|
69,397
|
||||||||||||
Commercial real estate
|
-
|
4,273
|
4,273
|
9,802
|
343,947
|
353,749
|
||||||||||||||||||
Land
|
-
|
325
|
325
|
801
|
11,244
|
12,045
|
||||||||||||||||||
Multi-family
|
-
|
712
|
712
|
1,731
|
32,002
|
33,733
|
||||||||||||||||||
Real estate construction
|
-
|
416
|
416
|
-
|
26,731
|
26,731
|
||||||||||||||||||
Consumer
|
110
|
2,293
|
2,403
|
1,678
|
127,486
|
129,164
|
||||||||||||||||||
Unallocated
|
-
|
708
|
708
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
110
|
$
|
9,775
|
$
|
9,885
|
$
|
14,204
|
$
|
610,615
|
$
|
624,819
|
March 31, 2015
|
||||||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,263
|
$
|
1,263
|
$
|
1,091
|
$
|
76,095
|
$
|
77,186
|
||||||||||||
Commercial real estate
|
-
|
4,268
|
4,268
|
15,939
|
283,752
|
299,691
|
||||||||||||||||||
Land
|
-
|
539
|
539
|
801
|
14,557
|
15,358
|
||||||||||||||||||
Multi-family
|
-
|
348
|
348
|
1,922
|
28,535
|
30,457
|
||||||||||||||||||
Real estate construction
|
-
|
769
|
769
|
-
|
30,498
|
30,498
|
||||||||||||||||||
Consumer
|
147
|
2,401
|
2,548
|
2,622
|
123,960
|
126,582
|
||||||||||||||||||
Unallocated
|
-
|
1,027
|
1,027
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
147
|
$
|
10,615
|
$
|
10,762
|
$
|
22,375
|
$
|
557,397
|
$
|
579,772
|
Year Ended March 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Beginning balance
|
$
|
259
|
$
|
294
|
$
|
229
|
||||||
Net change in allowance for unfunded loan commitments
|
65
|
(35
|
)
|
65
|
||||||||
Ending balance
|
$
|
324
|
$
|
259
|
$
|
294
|
March 31, 2016
|
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
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
69,397
|
$
|
69,397
|
||||||||||||
Commercial real estate
|
-
|
-
|
1,559
|
1,559
|
352,190
|
353,749
|
||||||||||||||||||
Land
|
-
|
-
|
801
|
801
|
11,244
|
12,045
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
33,733
|
33,733
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
26,731
|
26,731
|
||||||||||||||||||
Consumer
|
611
|
20
|
334
|
965
|
128,199
|
129,164
|
||||||||||||||||||
Total
|
$
|
611
|
$
|
20
|
$
|
2,694
|
$
|
3,325
|
$
|
621,494
|
$
|
624,819
|
March 31, 2015
|
||||||||||||||||||||||||
Commercial business
|
$
|
359
|
$
|
-
|
$
|
-
|
$
|
359
|
$
|
76,827
|
$
|
77,186
|
||||||||||||
Commercial real estate
|
225
|
-
|
3,291
|
3,516
|
296,175
|
299,691
|
||||||||||||||||||
Land
|
-
|
-
|
801
|
801
|
14,557
|
15,358
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
30,457
|
30,457
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
30,498
|
30,498
|
||||||||||||||||||
Consumer
|
902
|
-
|
1,226
|
2,128
|
124,454
|
126,582
|
||||||||||||||||||
Total
|
$
|
1,486
|
$
|
-
|
$
|
5,318
|
$
|
6,804
|
$
|
572,968
|
$
|
579,772
|
March 31, 2016
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans Receivable
|
||||||||||||||||||
Commercial business
|
$
|
68,221
|
$
|
813
|
$
|
363
|
$
|
-
|
$
|
-
|
$
|
69,397
|
||||||||||||
Commercial real estate
|
343,306
|
7,659
|
2,784
|
-
|
-
|
353,749
|
||||||||||||||||||
Land
|
9,760
|
1,484
|
801
|
-
|
-
|
12,045
|
||||||||||||||||||
Multi-family
|
33,721
|
-
|
12
|
-
|
-
|
33,733
|
||||||||||||||||||
Real estate construction
|
26,731
|
-
|
-
|
-
|
-
|
26,731
|
||||||||||||||||||
Consumer
|
128,830
|
-
|
334
|
-
|
-
|
129,164
|
||||||||||||||||||
Total
|
$
|
610,569
|
$
|
9,956
|
$
|
4,294
|
$
|
-
|
$
|
-
|
$
|
624,819
|
March 31, 2015
|
||||||||||||||||||||||||
Commercial business
|
$
|
75,643
|
$
|
977
|
$
|
566
|
$
|
-
|
$
|
-
|
$
|
77,186
|
||||||||||||
Commercial real estate
|
277,156
|
15,570
|
6,965
|
-
|
-
|
299,691
|
||||||||||||||||||
Land
|
11,665
|
2,892
|
801
|
-
|
-
|
15,358
|
||||||||||||||||||
Multi-family
|
28,508
|
14
|
1,935
|
-
|
-
|
30,457
|
||||||||||||||||||
Real estate construction
|
28,670
|
-
|
1,828
|
-
|
-
|
30,498
|
||||||||||||||||||
Consumer
|
125,356
|
-
|
1,226
|
-
|
-
|
126,582
|
||||||||||||||||||
Total
|
$
|
546,998
|
$
|
19,453
|
$
|
13,321
|
$
|
-
|
$
|
-
|
$
|
579,772
|
March 31, 2016
|
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
|
$
|
192
|
$
|
-
|
$
|
192
|
$
|
192
|
$
|
-
|
||||||||||
Commercial real estate
|
9,802
|
-
|
9,802
|
10,758
|
-
|
|||||||||||||||
Land
|
801
|
-
|
801
|
807
|
-
|
|||||||||||||||
Multi-family
|
1,731
|
-
|
1,731
|
1,871
|
-
|
|||||||||||||||
Consumer
|
477
|
1,201
|
1,678
|
1,845
|
110
|
|||||||||||||||
Total
|
$
|
13,003
|
$
|
1,201
|
$
|
14,204
|
$
|
15,473
|
$
|
110
|
||||||||||
March 31, 2015
|
||||||||||||||||||||
Commercial business
|
$
|
1,091
|
$
|
-
|
$
|
1,091
|
$
|
1,125
|
$
|
-
|
||||||||||
Commercial real estate
|
15,939
|
-
|
15,939
|
17,188
|
-
|
|||||||||||||||
Land
|
801
|
-
|
801
|
804
|
-
|
|||||||||||||||
Multi-family
|
1,922
|
-
|
1,922
|
2,058
|
-
|
|||||||||||||||
Consumer
|
1,276
|
1,346
|
2,622
|
3,211
|
147
|
|||||||||||||||
Total
|
$
|
21,029
|
$
|
1,346
|
$
|
22,375
|
$
|
24,386
|
$
|
147
|
Year ended
March 31, 2016
|
Year ended
March 31, 2015
|
Year ended
March 31, 2014
|
||||||||||||||||||||||
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
|
$
|
542
|
$
|
17
|
$
|
1,075
|
$
|
62
|
$
|
1,150
|
$
|
43
|
||||||||||||
Commercial real estate
|
13,130
|
456
|
17,136
|
478
|
19,451
|
472
|
||||||||||||||||||
Land
|
801
|
-
|
817
|
-
|
1,854
|
5
|
||||||||||||||||||
Multi-family
|
1,842
|
99
|
2,176
|
17
|
2,758
|
16
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
69
|
-
|
||||||||||||||||||
Consumer
|
1,947
|
72
|
3,187
|
85
|
3,679
|
47
|
||||||||||||||||||
Total
|
$
|
18,262
|
$
|
644
|
$
|
24,391
|
$
|
642
|
$
|
28,961
|
$
|
583
|
March 31, 2016
|
March 31, 2015
|
|||||||||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||
Commercial business
|
$
|
192
|
$
|
-
|
$
|
192
|
$
|
1,091
|
$
|
-
|
$
|
1,091
|
||||||||||||
Commercial real estate
|
8,244
|
1,289
|
9,533
|
12,647
|
2,298
|
14,945
|
||||||||||||||||||
Land
|
-
|
801
|
801
|
-
|
801
|
801
|
||||||||||||||||||
Multi-family
|
1,731
|
-
|
1,731
|
1,922
|
-
|
1,922
|
||||||||||||||||||
Consumer
|
1,678
|
-
|
1,678
|
1,673
|
949
|
2,622
|
||||||||||||||||||
Total
|
$
|
11,845
|
$
|
2,090
|
$
|
13,935
|
$
|
17,333
|
$
|
4,048
|
$
|
21,381
|
||||||||||||
Year ended March 31, 2016
|
Year ended March 31, 2015
|
Year ended March 31, 2014
|
||||||||||||||||||||||||||||||||||
Number of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
Number of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
Number of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
||||||||||||||||||||||||||||
Commercial business
|
-
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
3
|
$
|
504
|
$
|
465
|
|||||||||||||||||||||
Commercial real estate
|
-
|
-
|
-
|
1
|
344
|
327
|
4
|
6,295
|
6,210
|
|||||||||||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
2,562
|
2,014
|
|||||||||||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
573
|
561
|
|||||||||||||||||||||||||||
Total
|
-
|
$
|
-
|
$
|
-
|
1
|
$
|
344
|
$
|
327
|
12
|
$
|
9,934
|
$
|
9,250
|
6.
|
PREMISES AND EQUIPMENT
|
March 31,
|
||||||||
2016
|
2015
|
|||||||
Land
|
$
|
4,177
|
$
|
4,177
|
||||
Buildings and improvements
|
13,974
|
13,971
|
||||||
Leasehold improvements
|
1,286
|
1,286
|
||||||
Furniture and equipment
|
9,876
|
10,471
|
||||||
Building under capitalized lease
|
2,956
|
2,715
|
||||||
Construction in progress
|
720
|
720
|
||||||
Total
|
32,989
|
33,340
|
||||||
Less accumulated depreciation and amortization
|
(18,394
|
)
|
(17,906
|
)
|
||||
Premises and equipment, net
|
$
|
14,595
|
$
|
15,434
|
Year Ending March 31:
|
Operating Leases
|
Capital Lease
|
|||||
2017
|
$
|
1,382
|
$
|
197
|
|||
2018
|
1,325
|
198
|
|||||
2019
|
1,220
|
202
|
|||||
2020
|
1,190
|
205
|
|||||
2021
|
672
|
208
|
|||||
Thereafter
|
1,981
|
4,268
|
|||||
Total minimum lease payments
|
$
|
7,770
|
5,278
|
||||
Less amount representing interest
|
(2,803
|
)
|
|||||
Present value of net minimum lease payments
|
$
|
2,475
|
7.
|
REAL ESTATE OWNED
|
Year Ended March 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Balance at beginning of year, net
|
$
|
1,603
|
$
|
7,703
|
$
|
15,638
|
||||||
Additions
|
298
|
1,512
|
6,564
|
|||||||||
Dispositions
|
(937
|
)
|
(6,897
|
)
|
(12,443
|
)
|
||||||
Writedowns
|
(369
|
)
|
(715
|
)
|
(2,056
|
)
|
||||||
Balance at end of year, net
|
$
|
595
|
$
|
1,603
|
$
|
7,703
|
8.
|
GOODWILL
|
9.
|
DEPOSITS
|
Account Type
|
March 31, 2016
|
March 31, 2015
|
||||||
Non-interest-bearing
|
$
|
179,143
|
$
|
151,953
|
||||
Interest-bearing checking
|
144,740
|
115,461
|
||||||
Money market
|
239,544
|
237,465
|
||||||
Savings accounts
|
96,994
|
77,132
|
||||||
Certificates of deposit
|
119,382
|
138,839
|
||||||
Total
|
$
|
779,803
|
$
|
720,850
|
Year Ending March 31:
|
||||
2017
|
$
|
76,823
|
||
2018
|
20,859
|
|||
2019
|
10,203
|
|||
2020
|
5,211
|
|||
2021
|
2,169
|
|||
Thereafter
|
4,117
|
|||
Total
|
$
|
119,382
|
Year Ended March 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Interest checking
|
$
|
99
|
$
|
79
|
$
|
102
|
||||||
Money market
|
272
|
277
|
477
|
|||||||||
Savings accounts
|
85
|
71
|
87
|
|||||||||
Certificates of deposit
|
717
|
899
|
1,307
|
|||||||||
Total
|
$
|
1,173
|
$
|
1,326
|
$
|
1,973
|
10.
|
JUNIOR SUBORDINATED DEBENTURES
|
11.
|
INCOME TAXES
|
Year Ended March 31
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Current
|
$
|
251
|
$
|
16
|
$
|
19
|
||||||
Deferred
|
3,175
|
2,140
|
(15,100
|
)
|
||||||||
Total
|
$
|
3,426
|
$
|
2,156
|
$
|
(15,081
|
)
|
March 31, 2016
|
March 31, 2015
|
|||||||
Deferred tax assets:
|
||||||||
Deferred compensation
|
$
|
128
|
$
|
107
|
||||
Allowance for loan losses
|
3,624
|
3,913
|
||||||
Accrued expenses
|
199
|
193
|
||||||
Accumulated depreciation and amortization
|
908
|
789
|
||||||
Deferred gain on sale
|
418
|
475
|
||||||
Net operating loss carryforwards
|
4,849
|
8,150
|
||||||
Impairment on investment security available for sale
|
-
|
151
|
||||||
REO expense
|
49
|
155
|
||||||
Non-compete agreement
|
53
|
66
|
||||||
Other
|
526
|
558
|
||||||
Total deferred tax assets
|
10,754
|
14,557
|
Deferred tax liabilities:
|
||||||||
FHLB stock dividend
|
(143
|
)
|
(857
|
)
|
||||
Purchase accounting
|
-
|
(1
|
)
|
|||||
Net unrealized gain on investment securities available for sale
|
(596
|
)
|
(393
|
)
|
||||
Prepaid expense
|
(172
|
)
|
(198
|
)
|
||||
Loan fees/costs
|
(654
|
)
|
(540
|
)
|
||||
Total deferred tax liabilities
|
(1,565
|
)
|
(1,989
|
)
|
||||
Deferred tax assets, net
|
$
|
9,189
|
$
|
12,568
|
Year Ended March 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Statutory federal income tax rate
|
34.0
|
%
|
34.0
|
%
|
34.0
|
%
|
||||||
State and local income tax rate
|
1.5
|
1.6
|
1.5
|
|||||||||
ESOP market value adjustment
|
(0.1
|
)
|
-
|
(0.3
|
)
|
|||||||
Bank owned life insurance
|
(2.8
|
)
|
(3.8
|
)
|
(4.4
|
)
|
||||||
Valuation adjustment
|
-
|
-
|
(365.9
|
)
|
||||||||
Other, net
|
2.2
|
0.4
|
(5.9
|
)
|
||||||||
Effective federal income tax rate
|
34.8
|
%
|
32.2
|
%
|
(341.0
|
)%
|
12.
|
EMPLOYEE BENEFIT PLANS
|
Risk Free
Interest Rate
|
Expected
Life (years)
|
Expected
Volatility
|
Expected
Dividends
|
||||||||
Fiscal 2014
|
1.95
|
%
|
6.25
|
51.87
|
%
|
2.04
|
%
|
Year Ended March 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
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
|
424,654
|
$
|
8.00
|
474,654
|
$
|
7.91
|
407,500
|
$
|
9.05
|
|||||||||||||||
Grants
|
-
|
-
|
-
|
-
|
87,154
|
2.78
|
||||||||||||||||||
Options exercised
|
(18,000
|
)
|
3.49
|
(18,000
|
)
|
2.69
|
-
|
-
|
||||||||||||||||
Forfeited
|
(29,000
|
)
|
10.00
|
(32,000
|
)
|
9.55
|
-
|
-
|
||||||||||||||||
Expired
|
(154,000
|
)
|
12.92
|
-
|
-
|
(20,000
|
)
|
8.98
|
||||||||||||||||
Balance, end of period
|
223,654
|
$
|
4.73
|
424,654
|
$
|
8.00
|
474,654
|
$
|
7.91
|
Options Outstanding
|
Options Exercisable
|
|||||||||||
Weighted Avg
|
Weighted
|
Weighted
|
||||||||||
Remaining
|
Average
|
Average
|
||||||||||
Range of
|
Contractual
|
Exercise
|
Exercise
|
|||||||||
Exercise Price
|
Life (years)
|
Number
|
Price
|
Number
|
Price
|
|||||||
$1.97 - $6.17
|
4.66
|
201,154
|
$
|
3.82
|
201,154
|
$
|
3.82
|
|||||
$7.49 - $9.51
|
2.22
|
2,500
|
8.12
|
2,500
|
8.12
|
|||||||
$10.10 - $10.83
|
1.96
|
5,000
|
10.18
|
5,000
|
10.18
|
|||||||
$12.98 - $14.52
|
1.23
|
15,000
|
14.49
|
15,000
|
14.49
|
|||||||
4.34
|
223,654
|
$
|
4.73
|
223,654
|
$
|
4.73
|
Year Ended March 31, 2016
|
Year Ended March 31, 2015
|
|||||||
Stock options fully vested and expected to vest:
|
||||||||
Number
|
223,654
|
424,654
|
||||||
Weighted average exercise price
|
$
|
4.73
|
$
|
8.00
|
||||
Aggregate intrinsic value
(1)
|
$
|
147,000
|
$
|
225,000
|
||||
Weighted average contractual term of options (years)
|
4.34
|
3.57
|
||||||
Stock options fully vested and currently exercisable:
|
||||||||
Number
|
223,654
|
424,654
|
||||||
Weighted average exercise price
|
$
|
4.73
|
$
|
8.00
|
||||
Aggregate intrinsic value
|
$
|
147,000
|
$
|
225,000
|
||||
Weighted average contractual term of options (years)
|
4.34
|
3.57
|
||||||
(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. |
13.
|
EMPLOYEE STOCK OWNERSHIP PLAN
|
Estimated Fair
Value of
Unreleased
Shares
|
Unreleased
ESOP
Shares
|
Allocated
and Released
Shares
|
Total
|
|||||
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
|
|||
Allocation December 31, 2014
|
(24,633
|
)
|
24,633
|
-
|
||||
Balance, March 31, 2015
|
$
|
332,500
|
73,899
|
888,685
|
962,584
|
|||
Allocation December 31, 2015
|
(24,633
|
)
|
24,633
|
-
|
||||
Balance, March 31, 2016
|
$
|
207,000
|
49,266
|
913,318
|
962,584
|
14.
|
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, 2016
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
105,277
|
16.07
|
%
|
$
|
52,405
|
8.0
|
%
|
$
|
65,507
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
97,046
|
14.81
|
39,304
|
6.0
|
52,405
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
97,046
|
14.81
|
29,478
|
4.5
|
42,579
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Adjusted Tangible Assets)
|
97,046
|
11.18
|
34,718
|
4.0
|
43,397
|
5.0
|
||||||||||||||||||
Tangible Capital:
|
||||||||||||||||||||||||
(To Tangible Assets)
|
97,046
|
11.18
|
13,019
|
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, 2015
|
||||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
95,713
|
15.89
|
%
|
$
|
48,188
|
8.0
|
%
|
$
|
72,282
|
12.0
|
%
|
(1) |
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
88,122
|
14.63
|
36,141
|
6.0
|
48,188
|
8.0
|
||||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
88,122
|
14.63
|
27,106
|
4.5
|
39,152
|
6.5
|
||||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||||
(To Adjusted Tangible Assets)
|
88,122
|
10.89
|
32,355
|
4.0
|
72,799
|
9.0
|
(1) |
|
||||||||||||||||||
Tangible Capital:
|
||||||||||||||||||||||||||
(To Tangible Assets)
|
88,122
|
10.89
|
12,133
|
1.5
|
N/
|
A
|
N/
|
A
|
(1)
|
The Bank agreed with the OCC to establish higher minimum capital ratios and to 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". On December 7, 2015, the Bank was notified by the OCC that the requirement to establish higher minimum capital ratios was rescinded.
|
15.
|
EARNINGS PER SHARE
|
Year Ended March 31,
|
||||||||||||
(Dollars and share data in thousands, except per share data)
|
2016
|
2015
|
2014
|
|||||||||
Basic EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
6,358
|
$
|
4,491
|
$
|
19,423
|
||||||
Denominator-weighted average common shares outstanding
|
22,450
|
22,393
|
22,367
|
|||||||||
Basic EPS
|
$
|
0.28
|
$
|
0.20
|
$
|
0.87
|
||||||
Diluted EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
6,358
|
$
|
4,491
|
$
|
19,423
|
||||||
Denominator-weighted average common shares outstanding
|
22,450
|
22,393
|
22,367
|
|||||||||
Effect of dilutive stock options
|
44
|
39
|
2
|
|||||||||
Weighted average common shares and common stock
|
||||||||||||
equivalents
|
22,494
|
22,432
|
22,369
|
|||||||||
Diluted EPS
|
$
|
0.28
|
$
|
0.20
|
$
|
0.87
|
16.
|
FAIR VALUE MEASUREMENTS
|
Estimated Fair Value
Measurements Using
|
||||||||||||||||
March 31, 2016
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Trust preferred
|
$
|
1,808
|
$
|
-
|
$
|
-
|
$
|
1,808
|
||||||||
Agency securities
|
19,569
|
-
|
19,569
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
43,924
|
-
|
43,924
|
-
|
||||||||||||
Mortgage-backed securities
|
76,353
|
-
|
76,353
|
-
|
||||||||||||
Other mortgage-backed securities
|
9,036
|
-
|
9,036
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
150,690
|
$
|
-
|
$
|
148,882
|
$
|
1,808
|
March 31, 2015
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Trust preferred
|
$
|
1,812
|
$
|
-
|
$
|
-
|
$
|
1,812
|
||||||||
Agency securities
|
13,939
|
-
|
13,939
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
22,709
|
-
|
22,709
|
-
|
||||||||||||
Mortgage-backed securities
|
68,514
|
-
|
68,514
|
-
|
||||||||||||
Other mortgage-backed securities
|
5,489
|
-
|
5,489
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
112,463
|
$
|
-
|
$
|
110,651
|
$
|
1,812
|
For the Year Ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Beginning balance
|
$
|
1,812
|
$
|
1,903
|
||||
Transfers in to Level 3
|
-
|
-
|
||||||
Included in earnings
|
-
|
-
|
||||||
Included in other comprehensive income
|
(4
|
)
|
(91
|
)
|
||||
Ending balance
|
$
|
1,808
|
$
|
1,812
|
|
Estimated fair value measurements using
|
|||||||||||||||
March 31, 2016
|
Total estimated fair value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$
|
1,092
|
$
|
-
|
$
|
-
|
$
|
1,092
|
||||||||
REO
|
644
|
-
|
-
|
644
|
||||||||||||
Total assets measured at fair value on a nonrecurring basis
|
$
|
1,736
|
$
|
-
|
$
|
-
|
$
|
1,736
|
March 31, 2015
|
||||||||||||||||
Impaired loans
|
$
|
3,059
|
$
|
-
|
$
|
-
|
$
|
3,059
|
||||||||
REO
|
1,193
|
-
|
-
|
1,193
|
||||||||||||
Total assets measured at fair value on a nonrecurring basis
|
$
|
4,252
|
$
|
-
|
$
|
-
|
$
|
4,252
|
March 31, 2016
|
Carrying Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
55,400
|
$
|
55,400
|
$
|
-
|
$
|
-
|
$
|
55,400
|
||||||||||
Certificates of deposit held for investment
|
16,769
|
-
|
16,959
|
-
|
16,959
|
|||||||||||||||
Loans held for sale
|
503
|
-
|
503
|
-
|
503
|
|||||||||||||||
Investment securities available for sale
|
150,690
|
-
|
148,882
|
1,808
|
150,690
|
|||||||||||||||
Investment securities held to maturity
|
75
|
-
|
76
|
-
|
76
|
|||||||||||||||
Loans receivable, net
|
614,934
|
-
|
-
|
571,068 |
571,068
|
|||||||||||||||
FHLB stock
|
1,060
|
-
|
1,060
|
-
|
1,060
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand and savings deposits
|
660,421
|
660,421
|
-
|
-
|
660,421
|
|||||||||||||||
Time deposits
|
119,382
|
-
|
119,143
|
-
|
119,143
|
|||||||||||||||
Junior subordinated debentures
|
22,681
|
-
|
-
|
7,705
|
7,705
|
|||||||||||||||
Capital lease obligations
|
2,475
|
-
|
2,475
|
-
|
2,475
|
|||||||||||||||
|
March 31, 2015
|
Carrying Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
58,659
|
$
|
58,659
|
$
|
-
|
$
|
-
|
$
|
58,659
|
||||||||||
Certificates of deposit held for investment
|
25,969
|
-
|
26,256
|
-
|
26,256
|
|||||||||||||||
Loans held for sale
|
778
|
-
|
778
|
-
|
778
|
|||||||||||||||
Investment securities available for sale
|
112,463
|
-
|
110,651
|
1,812
|
112,463
|
|||||||||||||||
Investment securities held to maturity
|
86
|
-
|
88
|
-
|
88
|
|||||||||||||||
Loans receivable, net
|
569,010
|
-
|
-
|
548,908
|
548,908
|
|||||||||||||||
FHLB stock
|
5,924
|
-
|
5,924
|
-
|
5,924
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand and savings deposits
|
582,011
|
582,011
|
-
|
-
|
582,011
|
|||||||||||||||
Time deposits
|
138,839
|
-
|
138,744
|
-
|
138,744
|
|||||||||||||||
Junior subordinated debentures
|
22,681
|
-
|
-
|
9,769
|
9,769
|
|||||||||||||||
Capital lease obligations
|
2,276
|
-
|
2,276
|
-
|
2,276
|
17.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or Notional Amount
|
||||||||
March 31, 2016
|
March 31, 2015
|
|||||||
Commitments to originate loans:
|
||||||||
Adjustable-rate
|
$
|
25,186
|
$
|
13,410
|
||||
Fixed-rate
|
16,689
|
3,652
|
||||||
Standby letters of credit
|
1,379
|
1,105
|
||||||
Undisbursed loan funds and unused lines of credit
|
101,623
|
82,011
|
||||||
Total
|
$
|
144,877
|
$
|
100,178
|
18.
|
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)
|
BALANCE SHEETS
|
|||||
MARCH 31, 2016 AND 2015
|
|||||
(In thousands)
|
2016
|
2015
|
|||
ASSETS
|
|||||
Cash and cash equivalents (including interest earning accounts of
$0 and $3,111)
|
$
|
1,467
|
$
|
3,140
|
|
Investment in the Bank
|
127,311
|
121,178
|
|||
Other assets
|
2,657
|
2,439
|
|||
TOTAL ASSETS
|
$
|
131,435
|
$
|
126,757
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||
Accrued expenses and other liabilities
|
$
|
29
|
$
|
22
|
|
Dividend payable
|
452
|
253
|
|||
Borrowings
|
22,681
|
22,681
|
|||
Shareholders' equity
|
108,273
|
103,801
|
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
131,435
|
$
|
126,757
|
STATEMENTS OF INCOME
|
|||||||||
YEARS ENDED MARCH 31, 2016, 2015 AND 2014
|
|||||||||
(In thousands)
|
2016
|
2015
|
2014
|
||||||
INCOME:
|
|||||||||
Dividend income from the Bank
|
$
|
-
|
$
|
6,000
|
$
|
-
|
|||
Interest on investment securities and other short-term investments
|
12
|
13
|
13
|
||||||
Interest on loan receivable from the Bank
|
24
|
33
|
42
|
||||||
Total income
|
36
|
6,046
|
55
|
||||||
EXPENSE:
|
|||||||||
Management service fees paid to the Bank
|
143
|
143
|
143
|
||||||
Other expenses
|
443
|
457
|
459
|
||||||
Total expense
|
586
|
600
|
602
|
||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY
|
|||||||||
IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK
|
(550
|
)
|
5,446
|
(547
|
)
|
||||
BENEFIT FOR INCOME TAXES
|
(187
|
)
|
(197
|
)
|
(1,365
|
)
|
|||
INCOME (LOSS) OF PARENT COMPANY
|
(363
|
)
|
5,643
|
818
|
|||||
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK
|
6,721
|
(1,152
|
)
|
18,605
|
|||||
NET INCOME
|
$
|
6,358
|
$
|
4,491
|
$
|
19,423
|
(In thousands)
|
2016
|
2015
|
2014
|
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net income
|
$
|
6,358
|
$
|
4,491
|
$
|
19,423
|
||||||
Adjustments to reconcile net income to cash provided by
(used in) operating activities:
|
||||||||||||
Equity in undistributed (income) loss of the Bank
|
(6,721
|
)
|
1,152
|
(18,605
|
)
|
|||||||
Provision (benefit) for deferred income taxes
|
721
|
(197
|
)
|
(1,364
|
)
|
|||||||
Earned ESOP shares
|
110
|
102
|
68
|
|||||||||
Stock based compensation
|
-
|
26
|
78
|
|||||||||
Changes in assets and liabilities:
|
||||||||||||
Other assets
|
(941
|
)
|
110
|
131
|
||||||||
Accrued expenses and other liabilities
|
(1
|
)
|
(3,698
|
)
|
355
|
|||||||
Net cash provided by (used in) operating activities
|
(474
|
)
|
1,986
|
86
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Dividends paid
|
(1,261
|
)
|
-
|
-
|
||||||||
Proceeds from exercise of stock options
|
62
|
48
|
-
|
|||||||||
Net cash provided by (used in) financing activities
|
(1,199
|
)
|
48
|
-
|
||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(1,673
|
)
|
2,034
|
86
|
||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
3,140
|
1,106
|
1,020
|
|||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR
|
$
|
1,467
|
$
|
3,140
|
$
|
1,106
|
||||||
(Dollars in thousands, except share data)
|
Three Months Ended
|
|||||||||||||||
March 31
|
December 31
|
September 30
|
June 30
|
|||||||||||||
Fiscal 2016:
|
||||||||||||||||
Interest and dividend income
|
$
|
7,864
|
$
|
7,921
|
$
|
7,602
|
$
|
7,561
|
||||||||
Interest expense
|
432
|
434
|
439
|
437
|
||||||||||||
Net interest income
|
7,432
|
7,487
|
7,163
|
7,124
|
||||||||||||
Recapture of loan losses
|
(350
|
)
|
-
|
(300
|
)
|
(500
|
)
|
|||||||||
Non-interest income, net
|
2,193
|
2,417
|
2,216
|
2,549
|
||||||||||||
Non-interest expense
|
7,569
|
7,349
|
7,284
|
7,745
|
||||||||||||
Income before income taxes
|
2,406
|
2,555
|
2,395
|
2,428
|
||||||||||||
Provision for income taxes
|
1,001
|
849
|
743
|
833
|
||||||||||||
Net income
|
$
|
1,405
|
$
|
1,706
|
$
|
1,652
|
$
|
1,595
|
||||||||
Basic earnings per share
(1)
|
$
|
0.06
|
$
|
0.08
|
$
|
0.07
|
$
|
0.07
|
||||||||
Diluted earnings per share
(1)
|
$
|
0.06
|
$
|
0.08
|
$
|
0.07
|
$
|
0.07
|
||||||||
Fiscal 2015:
|
||||||||||||||||
Interest and dividend income
|
$
|
7,347
|
$
|
7,203
|
$
|
7,210
|
$
|
6,866
|
||||||||
Interest expense
|
434
|
485
|
490
|
507
|
||||||||||||
Net interest income
|
6,913
|
6,718
|
6,720
|
6,359
|
||||||||||||
Recapture of loan losses
|
(750
|
)
|
(400
|
)
|
(350
|
)
|
(300
|
)
|
||||||||
Non-interest income, net
|
2,178
|
2,264
|
2,223
|
2,210
|
||||||||||||
Non-interest expense
|
7,689
|
7,646
|
7,674
|
7,735
|
||||||||||||
Income before income taxes
|
2,152
|
1,736
|
1,619
|
1,134
|
||||||||||||
Provision for income taxes
|
634
|
587
|
535
|
394
|
||||||||||||
Net income
|
$
|
1,518
|
$
|
1,149
|
$
|
1,084
|
$
|
740
|
||||||||
Basic earnings per share
(1)
|
$
|
0.07
|
$
|
0.05
|
$
|
0.05
|
$
|
0.03
|
||||||||
Diluted earnings per share
(1)
|
$
|
0.07
|
$
|
0.05
|
$
|
0.05
|
$
|
0.03
|
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
|
165,154
|
3.31
|
-
|
|||||||||
1998 Stock Option Plan
|
58,500
|
8.73
|
-
|
|||||||||
Equity compensation plans not approved by security holders:
|
-
|
-
|
-
|
|||||||||
Total
|
223,654
|
-
|
(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 May 3, 2016 and incorporated herein by reference. |
(3) | 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. |
(4) | 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. |
(5) | 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. |
(6) | 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. |
(7) | Filed as an exhibit to the Registrant's Registration Statement on Form S-8 (Registration No. 333-66049), and incorporated herein by reference. |
(8) | 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. |
(9) | 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. |
(10) | 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. |
(11) | Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on August 31, 2015, and incorporated herein by reference. |
(12) | 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. |
By:
|
/s/ Patrick Sheaffer
|
By: | /s/ Ronald A. Wysaske |
|
Patrick Sheaffer
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
|
Ronald A. Wysaske
President and Chief Operating Officer
Director
|
|
|
|
||
Date:
|
June 14, 2016
|
Date: | June 14, 2016 |
|
|
||
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 14, 2016
|
Date: | June 14, 2016 |
|
|
||
By:
|
/s/ Gary R. Douglass
|
By: | /s/ Bradley J. Carlson |
|
Gary R. Douglass
|
Bradley J. Carlson | |
|
Director | Director | |
|
|
||
Date:
|
June 14, 2016
|
Date: | June 14, 2016 |
|
|
||
By: | /s/ Michael D. Allen | By: | /s/ Jerry C. Olson |
|
Michael D. Allen
|
Jerry C. Olson | |
|
Director | Director | |
Date: | June 14, 2016 | Date: | June 14, 2016 |
|
|
||
By: | /s/ Gerald L. Nies | By: | /s/ James M. Chadwick |
Gerald L. Nies | James M. Chadwick | ||
Director | Director | ||
Date: | June 14, 2016 | Date: | June 14, 2016 |
By: | /s/ David Nierenberg | ||
David Nierenberg | |||
Director | |||
Date: | June 14, 2016 |
Exhibit 23
|
Consent of Independent Registered Public Accounting Firm – Delap LLP
|
|
|
|
|
Exhibit 23.1 |
Consent of Independent Registered Public Accounting Firm – Deloitte & Touche LLP
|
|
|
|
|
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, 2016, formatted in Extensible Business Reporting Language (XBRL): (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (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 |
1 Year Riverview Bancorp Chart |
1 Month Riverview Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions