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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% | 3.75 | 3.93 | 3.94 | 0 | 01:00:00 |
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Washington
|
|
91-1838969
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer I.D. Number)
|
|
|
|
900 Washington St., Ste. 900, Vancouver, Washington |
|
98660
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
Registrant's telephone number, including area code:
|
|
(360) 693-6650
|
Part I.
|
Financial Information Page
|
Page
|
|
|
|
Item 1:
|
Financial Statements (Unaudited)
|
|
|
|
|
|
Consolidated Balance Sheets
as of December 31, 2016 and March 31, 2016
|
2
|
|
|
|
|
Consolidated Statements of Income for the
Three and Nine Months Ended December 31, 2016 and 2015
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income (Loss) for the
Three and Nine Months Ended December 31, 2016 and 2015
|
4
|
|
|
|
|
Consolidated Statements of Equity for the
Nine Months Ended December 31, 2016 and 2015
|
5
|
Consolidated Statements of Cash Flows for the
Nine Months Ended December 31, 2016 and 2015
|
6 | |
Notes to Consolidated Financial Statements | 7 | |
Item 2: |
Management's Discussion and Analysis of
Financial Condition and Results of Operations
|
24 |
Item 3: | Quantitative and Qualitative Disclosures About Market Risk | 37 |
Item 4: | Controls and Procedures | 37 |
Part II. | Other Information | 38 - 39 |
Item 1: | Legal Proceedings | |
Item 1A: | Risk Factors | |
Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3:
|
Defaults Upon Senior Securities
|
|
Item 4: | Mine Safety Disclosures | |
Item 5: | Other Information | |
Item 6: | Exhibits | |
SIGNATURES | 40 | |
Certifications | ||
Exhibit 31.1
Exhibit 31.2
Exhibit 32
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED
DECEMBER 31, 2016 AND 2015
|
||||||||||||||||
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
(In thousands, except share and per share data) (Unaudited) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||||||
Interest and fees on loans receivable
|
$
|
7,883
|
$
|
7,109
|
$
|
22,954
|
$
|
20,758
|
||||||||
Interest on investment securities – taxable
|
946
|
702
|
2,435
|
1,986
|
||||||||||||
Interest on investment securities – nontaxable
|
11
|
-
|
11
|
-
|
||||||||||||
Other interest and dividends
|
112
|
110
|
344
|
340
|
||||||||||||
Total interest and dividend income
|
8,952
|
7,921
|
25,744
|
23,084
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
277
|
290
|
837
|
893
|
||||||||||||
Interest on borrowings
|
173
|
144
|
494
|
417
|
||||||||||||
Total interest expense
|
450
|
434
|
1,331
|
1,310
|
||||||||||||
Net interest income
|
8,502
|
7,487
|
24,413
|
21,774
|
||||||||||||
Recapture of loan losses
|
-
|
-
|
-
|
(800
|
)
|
|||||||||||
Net interest income after recapture of loan losses
|
8,502
|
7,487
|
24,413
|
22,574
|
||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and service charges
|
1,304
|
1,312
|
3,815
|
3,740
|
||||||||||||
Asset management fees
|
709
|
830
|
2,258
|
2,455
|
||||||||||||
Net gains on sales of loans held for sale
|
191
|
125
|
493
|
425
|
||||||||||||
Bank owned life insurance ("BOLI")
|
185
|
193
|
566
|
580
|
||||||||||||
BOLI death benefit in excess of cash surrender value
|
-
|
-
|
407
|
-
|
||||||||||||
Other, net
|
(56
|
) |
(43
|
) |
(111
|
)
|
(18
|
)
|
||||||||
Total non-interest income, net
|
2,333
|
2,417
|
7,428
|
7,182
|
||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
4,850
|
4,452
|
14,021
|
13,102
|
||||||||||||
Occupancy and depreciation
|
1,158
|
1,200
|
3,520
|
3,523
|
||||||||||||
Data processing
|
562
|
424
|
1,533
|
1,345
|
||||||||||||
Advertising and marketing
|
163
|
149
|
608
|
533
|
||||||||||||
FDIC insurance premium
|
77
|
127
|
273
|
375
|
||||||||||||
State and local taxes
|
170
|
102
|
455
|
362
|
||||||||||||
Telecommunications
|
75
|
71
|
224
|
218
|
||||||||||||
Professional fees
|
355
|
222
|
1,066
|
673
|
||||||||||||
Litigation settlement
|
-
|
-
|
500
|
100
|
||||||||||||
Real estate owned
|
2
|
65
|
52
|
511
|
||||||||||||
Other
|
439
|
537
|
1,811
|
1,636
|
||||||||||||
Total non-interest expense
|
7,851
|
7,349
|
24,063
|
22,378
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
2,984
|
2,555
|
7,778
|
7,378
|
||||||||||||
PROVISION FOR INCOME TAXES
|
991
|
849
|
2,408
|
2,425
|
||||||||||||
NET INCOME
|
$
|
1,993
|
$
|
1,706
|
$
|
5,370
|
$
|
4,953
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
0.09
|
$
|
0.08
|
$
|
0.24
|
$
|
0.22
|
||||||||
Diluted
|
0.09
|
0.08
|
0.24
|
0.22
|
||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
22,490,433
|
22,455,543
|
22,477,473
|
22,446,463
|
||||||||||||
Diluted
|
22,563,712
|
22,506,341
|
22,537,663
|
22,491,546
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
(I
n thousands) (Unaudited)
|
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income
|
$
|
1,993
|
$
|
1,706
|
$
|
5,370
|
$
|
4,953
|
||||||||
Other comprehensive income (loss)
|
||||||||||||||||
Net unrealized holding loss from available for sale investment securities arising
|
||||||||||||||||
during the period, net of tax of $1,787, $436, $1,738 and $511, respectively
|
(3,249
|
)
|
(792
|
)
|
(3,158
|
)
|
(978
|
)
|
||||||||
Reclassification adjustment for other than temporary impairment of available for sale
|
||||||||||||||||
investment security included in income, net of tax of ($38), $0, ($85) and $0, respectively
|
70
|
-
|
155
|
-
|
||||||||||||
Noncontrolling interest
|
-
|
13
|
-
|
47
|
||||||||||||
Total comprehensive income (loss)
|
$
|
(1,186
|
)
|
$
|
927
|
$
|
2,367
|
$
|
4,022
|
Common Stock
|
Additional
Paid-In
|
Retained
|
Unearned
Shares
Issued to
|
Accumulated
Other
Comprehensive
|
Noncontrolling | |||||||||||||||||||||||||||
(In thousands, except share data)
(Unaudited)
|
Shares
|
Amount
|
Capital
|
Earnings
|
ESOP
|
Income (Loss)
|
Interest
|
Total
|
||||||||||||||||||||||||
Balance April 1, 2015
|
22,489,890
|
$
|
225
|
$
|
65,268
|
$
|
37,830
|
$
|
(284
|
)
|
$
|
762
|
$
|
536
|
$
|
104,337
|
||||||||||||||||
Net income
|
-
|
-
|
-
|
4,953
|
-
|
-
|
-
|
4,953
|
||||||||||||||||||||||||
Purchase of subsidiary shares
from noncontrolling interest
|
-
|
-
|
(919
|
)
|
-
|
-
|
-
|
(583
|
)
|
(1,502
|
)
|
|||||||||||||||||||||
Cash dividend ($0.045 per share)
|
-
|
-
|
-
|
(1,010
|
)
|
-
|
-
|
-
|
(1,010
|
)
|
||||||||||||||||||||||
Exercise of stock options
|
18,000
|
-
|
62
|
-
|
-
|
-
|
-
|
62
|
||||||||||||||||||||||||
Earned ESOP shares
|
-
|
-
|
6
|
-
|
78
|
-
|
-
|
84
|
||||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(978
|
)
|
-
|
(978
|
)
|
||||||||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
47
|
47
|
||||||||||||||||||||||||
Balance December 31, 2015
|
22,507,890
|
$
|
225
|
$
|
64,417
|
$
|
41,773
|
$
|
(206
|
)
|
$
|
(216
|
)
|
$
|
-
|
$
|
105,993
|
|||||||||||||||
Balance April 1, 2016
|
22,507,890
|
$
|
225
|
$
|
64,418
|
$
|
42,728
|
$
|
(181
|
)
|
$
|
1,083
|
$
|
-
|
$
|
108,273
|
||||||||||||||||
Net income
|
-
|
-
|
-
|
5,370
|
-
|
-
|
-
|
5,370
|
||||||||||||||||||||||||
Cash dividend ($0.06 per share)
|
-
|
-
|
-
|
(1,348
|
)
|
-
|
-
|
-
|
(1,348
|
)
|
||||||||||||||||||||||
Exercise of stock options
|
3,000
|
-
|
11
|
-
|
-
|
-
|
-
|
11
|
||||||||||||||||||||||||
Earned ESOP shares
|
-
|
-
|
19
|
-
|
78
|
-
|
-
|
97
|
||||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(3,003
|
)
|
-
|
(3,003
|
)
|
||||||||||||||||||||||
Balance December 31, 2016
|
22,510,890
|
$
|
225
|
$
|
64,448
|
$
|
46,750
|
$
|
(103
|
)
|
$
|
(1,920
|
)
|
$
|
-
|
$
|
109,400
|
|||||||||||||||
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2016 AND 2015
|
Nine Months Ended
December 31,
|
|||||||
(In thousands) (Unaudited)
|
2016
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
5,370
|
$
|
4,953
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
2,624
|
2,395
|
||||||
Recapture of loan losses
|
-
|
(800
|
)
|
|||||
Provision for deferred income taxes
|
2,177
|
2,265
|
||||||
Expense related to ESOP
|
97
|
84
|
||||||
Increase in deferred loan origination fees, net of amortization
|
441
|
400
|
||||||
Origination of loans held for sale
|
(16,713
|
)
|
(12,536
|
)
|
||||
Proceeds from sales of loans held for sale
|
15,854
|
13,198
|
||||||
Writedown of real estate owned
|
30
|
323
|
||||||
Loss on impairment of investment security
|
240
|
-
|
||||||
Net gains on loans held for sale, sales and transfer of real estate owned, sales of investment securities
and sales of premises and equipment
|
(487
|
)
|
(265
|
)
|
||||
Income from BOLI
|
(566
|
)
|
(580
|
)
|
||||
Changes in certain other assets and liabilities:
|
||||||||
Prepaid expenses and other assets
|
505
|
(30
|
)
|
|||||
Accrued interest receivable
|
(462
|
)
|
(290
|
)
|
||||
Accrued expenses and other liabilities
|
3,182
|
(909
|
)
|
|||||
Net cash provided by operating activities
|
12,292
|
8,208
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Loan originations, net
|
(40,055
|
)
|
(15,948
|
)
|
||||
Purchases of loans receivable
|
-
|
(15,618
|
)
|
|||||
Principal repayments on investment securities available for sale
|
22,681
|
16,599
|
||||||
Purchases of investment securities available for sale
|
(92,417
|
)
|
(60,679
|
)
|
||||
Proceeds from calls, maturities, and sales of investment securities available for sale
|
5,500
|
-
|
||||||
Principal repayments on investment securities held to maturity
|
8
|
9
|
||||||
Redemption of certificates of deposit held for investment, net
|
5,478
|
8,208
|
||||||
Proceeds from redemption of Federal Home Loan Bank stock
|
-
|
4,936
|
||||||
Proceeds from death benefit on BOLI
|
407
|
-
|
||||||
Purchases of premises and equipment and capitalized software
|
(209
|
)
|
(281
|
)
|
||||
Proceeds from sales of real estate owned and premises and equipment
|
263
|
744
|
||||||
Net cash used in investing activities
|
(98,344
|
)
|
(62,030
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase in deposits
|
60,588
|
26,715
|
||||||
Purchase of subsidiary shares from noncontrolling interest
|
-
|
(1,502
|
)
|
|||||
Dividends paid
|
(1,348
|
)
|
(868
|
)
|
||||
Proceeds from borrowings
|
2,000
|
3,100
|
||||||
Repayment of borrowings
|
(2,000
|
)
|
(3,100
|
)
|
||||
Principal payments on capital lease obligation
|
(16
|
)
|
(38
|
)
|
||||
Net decrease in advance payments by borrowers
|
(321
|
)
|
(239
|
)
|
||||
Proceeds from exercise of stock options
|
11
|
62
|
||||||
Net cash provided by financing activities
|
58,914
|
24,130
|
||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(27,138
|
)
|
(29,692
|
)
|
||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
55,400
|
58,659
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
28,262
|
$
|
28,967
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
1,194
|
$
|
1,180
|
||||
Income taxes
|
230
|
199
|
||||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Dividends declared and accrued in other liabilities
|
$
|
450
|
$
|
393
|
||||
Adjustment to capital lease obligation and premises and equipment
|
-
|
241
|
||||||
Unrealized holding loss from investment securities available for sale
|
(4,656
|
)
|
(1,489
|
)
|
||||
Income tax effect related to unrealized holding loss from investment securities available for sale
|
1,653
|
511
|
||||||
Transfer of investment security to other assets
|
1,679
|
-
|
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Nine Months Ended
December 31, 2016
|
Nine Months Ended
December 31, 2015
|
|||||||||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||
Balance, beginning of period
|
223,654
|
$
|
4.73
|
424,654
|
$
|
8.00
|
||||||||||
Options exercised
|
(3,000
|
)
|
3.84
|
(18,000
|
)
|
3.49
|
||||||||||
Forfeited
|
-
|
-
|
(25,000
|
)
|
9.52
|
|||||||||||
Expired
|
-
|
-
|
(8,000
|
)
|
11.79
|
|||||||||||
Balance, end of period
|
220,654
|
$
|
4.74
|
373,654
|
$
|
8.04
|
4.
|
EARNINGS PER SHARE
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Basic EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
1,993,000
|
$
|
1,706,000
|
$
|
5,370,000
|
$
|
4,953,000
|
||||||||
Denominator-weighted average common shares outstanding
|
22,490,433
|
22,455,543
|
22,477,473
|
22,446,463
|
||||||||||||
Basic EPS
|
$
|
0.09
|
$
|
0.08
|
$
|
0.24
|
$
|
0.22
|
||||||||
Diluted EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
1,993,000
|
$
|
1,706,000
|
$
|
5,370,000
|
$
|
4,953,000
|
||||||||
Denominator-weighted average common shares outstanding
|
22,490,433
|
22,455,543
|
22,477,473
|
22,446,463
|
||||||||||||
Effect of dilutive stock options
|
73,279
|
50,798
|
60,190
|
45,083
|
||||||||||||
Weighted average common shares and common stock equivalents
|
22,563,712
|
22,506,341
|
22,537,663
|
22,491,546
|
||||||||||||
Diluted EPS
|
$
|
0.09
|
$
|
0.08
|
$
|
0.24
|
$
|
0.22
|
5.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
December 31, 2016
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
2,951
|
$
|
-
|
$
|
(141
|
)
|
$
|
2,810
|
|||||||
Agency securities
|
16,992
|
17
|
(212
|
)
|
16,797
|
|||||||||||
Real estate mortgage investment conduits
(1)
|
45,505
|
64
|
(420
|
)
|
45,149
|
|||||||||||
Residential mortgage-backed securities
(1)
|
102,193
|
82
|
(1,312
|
)
|
100,963
|
|||||||||||
Other mortgage-backed securities
(2)
|
42,607
|
18
|
(1,073
|
)
|
41,552
|
|||||||||||
Total available for sale
|
$
|
210,248
|
$
|
181
|
$
|
(3,158
|
)
|
$
|
207,271
|
|||||||
Held to maturity:
|
||||||||||||||||
Mortgage-backed securities
(3)
|
$
|
67
|
$
|
1
|
$
|
-
|
$
|
68
|
||||||||
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
|
|||||||||||
Residential 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:
|
||||||||||||||||
Residential mortgage-backed securities
(3)
|
$
|
75
|
$
|
1
|
$
|
-
|
$
|
76
|
||||||||
(1)
Comprised of Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA") and Ginnie Mae ("GNMA") issued securities.
|
||||||||||||||||
(2)
Comprised of U.S. Small Business Administration ("SBA") issued securities and commercial real estate ("CRE") secured securities issued by FNMA.
|
||||||||||||||||
(3)
Comprised of FNMA and FHLMC 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
|
$
|
16,486
|
$
|
16,433
|
$
|
-
|
$
|
-
|
||||||||
Due after five years through ten years
|
34,178
|
33,578
|
60
|
61
|
||||||||||||
Due after ten years
|
159,584
|
157,260
|
7
|
7
|
||||||||||||
Total
|
$
|
210,248
|
$
|
207,271
|
$
|
67
|
$
|
68
|
6.
|
LOANS RECEIVABLE
|
December 31, 2016
|
March 31, 2016
|
|||||||
Commercial and construction
|
||||||||
Commercial business
|
$
|
64,401
|
$
|
69,397
|
||||
Commercial real estate
|
397,345
|
353,749
|
||||||
Land
|
12,276
|
12,045
|
||||||
Multi-family
|
23,161
|
33,733
|
||||||
Real estate construction
|
52,707
|
26,731
|
||||||
Total commercial and construction
|
549,890
|
495,655
|
||||||
Consumer
|
||||||||
Real estate one-to-four family
|
85,956
|
88,780
|
||||||
Other installment
(1)
|
28,496
|
40,384
|
||||||
Total consumer
|
114,452
|
129,164
|
||||||
Total loans
|
664,342
|
624,819
|
||||||
Less: Allowance for loan losses
|
10,289
|
9,885
|
||||||
Loans receivable, net
|
$
|
654,053
|
$
|
614,934
|
||||
(1)
Consists primarily of purchased automobile loans totaling $26.4 million and $37.4 million at December 31, 2016 and March 31, 2016, respectively.
|
7.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
December 31, 2016
|
Commercial
Business
|
Commercial Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
909
|
$
|
4,689
|
$
|
154
|
$
|
613
|
$
|
727
|
$
|
2,290
|
$
|
681
|
$
|
10,063
|
||||||||||||||||
Provision for (recapture of) loan losses
|
131
|
162
|
(113
|
)
|
(284
|
)
|
94
|
(13
|
)
|
23
|
-
|
|||||||||||||||||||||
Charge-offs
|
(1
|
)
|
-
|
-
|
-
|
-
|
(131
|
)
|
-
|
(132
|
)
|
|||||||||||||||||||||
Recoveries
|
205
|
-
|
132
|
-
|
-
|
21
|
-
|
358
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,244
|
$
|
4,851
|
$
|
173
|
$
|
329
|
$
|
821
|
$
|
2,167
|
$
|
704
|
$
|
10,289
|
Nine months ended
December 31, 2016
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,048
|
$
|
4,273
|
$
|
325
|
$
|
712
|
$
|
416
|
$
|
2,403
|
$
|
708
|
$
|
9,885
|
||||||||||||||||
Provision for (recapture of) loan losses
|
(19
|
)
|
576
|
(472
|
)
|
(383
|
)
|
405
|
(103
|
)
|
(4
|
)
|
-
|
|||||||||||||||||||
Charge-offs
|
(1
|
)
|
-
|
-
|
-
|
-
|
(246
|
)
|
-
|
(247
|
)
|
|||||||||||||||||||||
Recoveries
|
216
|
2
|
320
|
-
|
-
|
113
|
-
|
651
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,244
|
$
|
4,851
|
$
|
173
|
$
|
329
|
$
|
821
|
$
|
2,167
|
$
|
704
|
$
|
10,289
|
Three months ended
December 31, 2015
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,360
|
$
|
4,293
|
$
|
490
|
$
|
494
|
$
|
286
|
$
|
2,329
|
$
|
861
|
$
|
10,113
|
||||||||||||||||
Provision for (recapture of) loan losses
|
160
|
(141
|
)
|
(134
|
)
|
9
|
84
|
175
|
(153
|
)
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(87
|
)
|
-
|
(87
|
)
|
||||||||||||||||||||||
Recoveries
|
6
|
-
|
107
|
-
|
-
|
34
|
-
|
147
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,526
|
$
|
4,152
|
$
|
463
|
$
|
503
|
$
|
370
|
$
|
2,451
|
$
|
708
|
$
|
10,173
|
Nine months ended
December 31, 2015
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,263
|
$
|
4,268
|
$
|
539
|
$
|
348
|
$
|
769
|
$
|
2,548
|
$
|
1,027
|
$
|
10,762
|
||||||||||||||||
Provision for (recapture of) loan losses
|
239
|
(116
|
)
|
(306
|
)
|
155
|
(405
|
)
|
(48
|
)
|
(319
|
)
|
(800
|
)
|
||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(161
|
)
|
-
|
(161
|
)
|
||||||||||||||||||||||
Recoveries
|
24
|
-
|
230
|
-
|
6
|
112
|
-
|
372
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,526
|
$
|
4,152
|
$
|
463
|
$
|
503
|
$
|
370
|
$
|
2,451
|
$
|
708
|
$
|
10,173
|
Allowance for loan losses
|
Recorded investment in loans
|
|||||||||||||||||||||||
December 31, 2016
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,244
|
$
|
1,244
|
$
|
296
|
$
|
64,105
|
$
|
64,401
|
||||||||||||
Commercial real estate
|
-
|
4,851
|
4,851
|
7,784
|
389,561
|
397,345
|
||||||||||||||||||
Land
|
-
|
173
|
173
|
801
|
11,475
|
12,276
|
||||||||||||||||||
Multi-family
|
-
|
329
|
329
|
1,698
|
21,463
|
23,161
|
||||||||||||||||||
Real estate construction
|
-
|
821
|
821
|
-
|
52,707
|
52,707
|
||||||||||||||||||
Consumer
|
102
|
2,065
|
2,167
|
1,487
|
112,965
|
114,452
|
||||||||||||||||||
Unallocated
|
-
|
704
|
704
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
102
|
$
|
10,187
|
$
|
10,289
|
$
|
12,066
|
$
|
652,276
|
$
|
664,342
|
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
|
December 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
|
$
|
-
|
$
|
-
|
$
|
189
|
$
|
189
|
$
|
64,212
|
$
|
64,401
|
||||||||||||
Commercial real estate
|
252
|
-
|
1,478
|
1,730
|
395,615
|
397,345
|
||||||||||||||||||
Land
|
-
|
-
|
801
|
801
|
11,475
|
12,276
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
23,161
|
23,161
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
52,707
|
52,707
|
||||||||||||||||||
Consumer
|
649
|
10
|
309
|
968
|
113,484
|
114,452
|
||||||||||||||||||
Total
|
$
|
901
|
$
|
10
|
$
|
2,777
|
$
|
3,688
|
$
|
660,654
|
$
|
664,342
|
March 31, 2016
|
||||||||||||||||||||||||
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
|
December 31, 2016
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$
|
61,558
|
$
|
1,573
|
$
|
1,270
|
$
|
-
|
$
|
-
|
$
|
64,401
|
||||||||||||
Commercial real estate
|
389,486
|
6,207
|
1,652
|
-
|
-
|
397,345
|
||||||||||||||||||
Land
|
11,475
|
-
|
801
|
-
|
-
|
12,276
|
||||||||||||||||||
Multi-family
|
23,149
|
-
|
12
|
-
|
-
|
23,161
|
||||||||||||||||||
Real estate construction
|
52,707
|
-
|
-
|
-
|
-
|
52,707
|
||||||||||||||||||
Consumer
|
114,143
|
-
|
309
|
-
|
-
|
114,452
|
||||||||||||||||||
Total
|
$
|
652,518
|
$
|
7,780
|
$
|
4,044
|
$
|
-
|
$
|
-
|
$
|
664,342
|
March 31, 2016
|
||||||||||||||||||||||||
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
|
December 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
|
$
|
296
|
$
|
-
|
$
|
296
|
$
|
299
|
$
|
-
|
||||||||||
Commercial real estate
|
7,784
|
-
|
7,784
|
8,869
|
-
|
|||||||||||||||
Land
|
801
|
-
|
801
|
807
|
-
|
|||||||||||||||
Multi-family
|
1,698
|
-
|
1,698
|
1,827
|
-
|
|||||||||||||||
Consumer
|
309
|
1,178
|
1,487
|
1,623
|
102
|
|||||||||||||||
Total
|
$
|
10,888
|
$
|
1,178
|
$
|
12,066
|
$
|
13,425
|
$
|
102
|
||||||||||
March 31, 2016
|
||||||||||||||||||||
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
|
Three Months ended
December 31, 2016
|
Three Months ended
December 31, 2015
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
|||||||||||||
Commercial business
|
$
|
298
|
$
|
2
|
$
|
405
|
$
|
2
|
||||||||
Commercial real estate
|
8,607
|
72
|
12,617
|
98
|
||||||||||||
Land
|
801
|
-
|
801
|
-
|
||||||||||||
Multi-family
|
1,704
|
23
|
1,821
|
24
|
||||||||||||
Consumer
|
1,492
|
16
|
1,778
|
18
|
||||||||||||
Total
|
$
|
12,902
|
$
|
113
|
$
|
17,422
|
$
|
142
|
Nine Months ended
December 31, 2016
|
Nine Months ended
December 31, 2015
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
|||||||||||||
Commercial business
|
$
|
244
|
$
|
10
|
$
|
630
|
$
|
15
|
||||||||
Commercial real estate
|
9,128
|
267
|
13,962
|
364
|
||||||||||||
Land
|
801
|
-
|
801
|
-
|
||||||||||||
Multi-family
|
1,715
|
70
|
1,869
|
76
|
||||||||||||
Consumer
|
1,543
|
47
|
2,014
|
54
|
||||||||||||
Total
|
$
|
13,431
|
$
|
394
|
$
|
19,276
|
$
|
509
|
December 31, 2016
|
March 31, 2016
|
|||||||||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||
Commercial business
|
$
|
107
|
$
|
189
|
$
|
296
|
$
|
192
|
$
|
-
|
$
|
192
|
||||||||||||
Commercial real estate
|
6,306
|
1,478
|
7,784
|
8,244
|
1,289
|
9,533
|
||||||||||||||||||
Land
|
-
|
801
|
801
|
-
|
801
|
801
|
||||||||||||||||||
Multi-family
|
1,698
|
-
|
1,698
|
1,731
|
-
|
1,731
|
||||||||||||||||||
Consumer
|
1,487
|
-
|
1,487
|
1,678
|
-
|
1,678
|
||||||||||||||||||
Total
|
$
|
9,598
|
$
|
2,468
|
$
|
12,066
|
$
|
11,845
|
$
|
2,090
|
$
|
13,935
|
8.
|
GOODWILL
|
9.
|
JUNIOR SUBORDINATED DEBENTURES
|
10.
|
FAIR VALUE MEASUREMENTS
|
|
Estimated fair value measurements using
|
|||||||||||||||
December 31, 2016
|
Total estimated
fair value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
2,810
|
$
|
-
|
$
|
2,810
|
$
|
-
|
||||||||
Agency securities
|
16,797
|
-
|
16,797
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
45,149
|
-
|
45,149
|
-
|
||||||||||||
Residential mortgage-backed securities
|
100,963
|
-
|
100,963
|
-
|
||||||||||||
Other mortgage-backed securities
|
41,552
|
-
|
41,552
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
207,271
|
$
|
-
|
$
|
207,271
|
$
|
-
|
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
|
-
|
||||||||||||
Residential 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
|
|
Estimated Fair Value Measurements Using
|
|||||||||||||||
December 31, 2016
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$
|
1,076
|
$
|
-
|
$
|
-
|
$
|
1,076
|
March 31, 2016
|
||||||||||||||||
Impaired loans
|
$
|
1,092
|
$
|
-
|
$
|
-
|
$
|
1,092
|
||||||||
Real estate owned ("REO")
|
644
|
-
|
-
|
644
|
||||||||||||
Total nonrecurring assets measured at fair value
|
$
|
1,736
|
$
|
-
|
$
|
-
|
$
|
1,736
|
December 31, 2016
|
Carrying Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
28,262
|
$
|
28,262
|
$
|
-
|
$
|
-
|
$
|
28,262
|
||||||||||
Certificates of deposit held for investment
|
11,291
|
-
|
11,362
|
-
|
11,362
|
|||||||||||||||
Loans held for sale
|
1,679
|
-
|
1,679
|
-
|
1,679
|
|||||||||||||||
Investment securities available for sale
|
207,271
|
-
|
207,271
|
-
|
207,271
|
|||||||||||||||
Investment securities held to maturity
|
67
|
-
|
68
|
-
|
68
|
|||||||||||||||
Loans receivable, net
|
654,053
|
-
|
-
|
618,193
|
618,193
|
|||||||||||||||
FHLB stock
|
1,060
|
-
|
1,060
|
-
|
1,060
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand and savings deposits
|
730,131
|
730,131
|
-
|
-
|
730,131
|
|||||||||||||||
Time deposits
|
110,260
|
-
|
109,365
|
-
|
109,365
|
|||||||||||||||
Junior subordinated debentures
|
22,681
|
-
|
-
|
9,016
|
9,016
|
|||||||||||||||
Capital lease obligation
|
2,459
|
-
|
2,459
|
-
|
2,459
|
|||||||||||||||
March 31, 2016
|
||||||||||||||||||||
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 obligation
|
2,475
|
-
|
2,475
|
-
|
2,475
|
11.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
12.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||||
Commitments to originate loans:
|
||||
Adjustable-rate
|
$
|
24,100
|
||
Fixed-rate
|
5,464
|
|||
Standby letters of credit
|
1,439
|
|||
Undisbursed loan funds and unused lines of credit
|
104,686
|
|||
Total
|
$
|
135,689
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
December 31, 2016
|
||||||||||||||||
Commercial business
|
$
|
64,401
|
$
|
-
|
$
|
-
|
$
|
64,401
|
||||||||
Commercial construction
|
-
|
-
|
31,942
|
31,942
|
||||||||||||
Office buildings
|
-
|
117,310
|
-
|
117,310
|
||||||||||||
Warehouse/industrial
|
-
|
66,739
|
-
|
66,739
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
60,257
|
-
|
60,257
|
||||||||||||
Assisted living facilities
|
-
|
1,781
|
-
|
1,781
|
||||||||||||
Single purpose facilities
|
-
|
151,258
|
-
|
151,258
|
||||||||||||
Land
|
-
|
12,276
|
-
|
12,276
|
||||||||||||
Multi-family
|
-
|
23,161
|
-
|
23,161
|
||||||||||||
One-to-four family construction
|
-
|
-
|
20,765
|
20,765
|
||||||||||||
Total
|
$
|
64,401
|
$
|
432,782
|
$
|
52,707
|
$
|
549,890
|
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
|
Actual
|
For Capital
Adequacy Purposes
|
"Well Capitalized"
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
December 31, 2016
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
111,991
|
15.93
|
%
|
$
|
56,243
|
8.0
|
%
|
$
|
70,304
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
103,173
|
14.68
|
42,183
|
6.0
|
56,243
|
8.0
|
||||||||||||||||||
Common equity tier 1 capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
103,173
|
14.68
|
31,637
|
4.5
|
45,698
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Adjusted Tangible Assets)
|
103,173
|
10.81
|
38,160
|
4.0
|
47,701
|
5.0
|
||||||||||||||||||
Tangible Capital:
|
||||||||||||||||||||||||
(To Tangible Assets)
|
103,173
|
10.81
|
14,310
|
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, 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
|
December 31, 2016
|
March 31, 2016
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
1
|
$
|
189
|
-
|
$
|
-
|
||||||||||
Commercial real estate
|
2
|
1,478
|
2
|
1,559
|
||||||||||||
Land
|
1
|
801
|
1
|
801
|
||||||||||||
Consumer
|
22
|
319
|
12
|
354
|
||||||||||||
Total
|
26
|
$
|
2,787
|
15
|
$
|
2,714
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
|||||||||||||||||||
December 31, 2016
|
||||||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
189
|
$
|
-
|
$
|
-
|
$
|
189
|
||||||||||||
Commercial real estate
|
-
|
1,262
|
216
|
-
|
-
|
1,478
|
||||||||||||||||||
Land
|
-
|
801
|
-
|
-
|
-
|
801
|
||||||||||||||||||
Consumer
|
-
|
-
|
173
|
-
|
146
|
319
|
||||||||||||||||||
Total nonperforming loans
|
-
|
2,063
|
578
|
-
|
146
|
2,787
|
||||||||||||||||||
REO
|
-
|
-
|
-
|
298
|
-
|
298
|
||||||||||||||||||
Total nonperforming assets
|
$
|
-
|
$
|
2,063
|
$
|
578
|
$
|
298
|
$
|
146
|
$
|
3,085
|
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
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
|||||||||||||
December 31, 2016
|
||||||||||||||||
Land
|
$
|
89
|
$
|
2,563
|
$
|
9,624
|
$
|
12,276
|
||||||||
Speculative construction
|
954
|
119
|
16,298
|
17,371
|
||||||||||||
Total land and speculative construction
|
$
|
1,043
|
$
|
2,682
|
$
|
25,922
|
$
|
29,647
|
||||||||
March 31, 2016
|
||||||||||||||||
Land
|
$
|
97
|
$
|
2,766
|
$
|
9,182
|
$
|
12,045
|
||||||||
Speculative construction
|
400
|
-
|
7,711
|
8,111
|
||||||||||||
Total land and speculative construction
|
$
|
497
|
$
|
2,766
|
$
|
16,893
|
$
|
20,156
|
December 31, 2016
|
March 31, 2016
|
|||||||||||||||
Number of
Loans
|
Balance
|
Number of
Loans
|
Balance
|
|||||||||||||
Commercial business
|
4
|
$
|
1,081
|
5
|
$
|
363
|
||||||||||
Commercial real estate
|
1
|
174
|
4
|
1,225
|
||||||||||||
Multi-family
|
1
|
12
|
1
|
12
|
||||||||||||
Total
|
6
|
$
|
1,267
|
10
|
$
|
1,600
|
(a)
|
Exhibits:
|
2.1
|
Purchase and Assumption Agreement among Riverview Community Bank, a federal savings bank, and Riverview Bancorp, Inc. a Washington corporation, and MBank, an Oregon state-chartered commercial bank, and Merchants Bancorp, an Oregon corporation (1)
|
|
3.1
|
Articles of Incorporation of the Registrant (2)
|
|
3.2
|
Bylaws of the Registrant (3)
|
|
4
|
Form of Certificate of Common Stock of the Registrant (2)
|
|
10.1
|
Form of Employment Agreement between the Company and each of Patrick Sheaffer, Ronald A. Wysaske, and Kevin J. Lycklama (4)
|
|
10.2
|
Form of Change in Control Agreement between the Company and the Bank and each of Patrick Sheaffer, Ronald A. Wysaske, and Kevin J. Lycklama (4)
|
|
10.3
|
Form of Employment Agreement between the Bank and John A. Karas (5)
|
|
10.4
|
Employee Severance Compensation Plan (6)
|
|
10.5
|
Employee Stock Ownership Plan (7)
|
|
10.6
|
1998 Stock Option Plan (8)
|
|
10.7
|
2003 Stock Option Plan (9)
|
|
10.8
|
Form of Incentive Stock Option Award Pursuant to 2003 Stock Option Plan (10)
|
|
10.9
|
Form of Non-qualified Stock Option Award Pursuant to 2003 Stock Option Plan (10)
|
|
10.10
|
Deferred Compensation Plan (11)
|
|
10.11
|
Standstill Agreement, dated August 26, 2015, by and among, Riverview Bancorp, Inc. and Ancora Advisors, LLC, Merlin Partners LP, Ancora Catalyst Fund, Frederick DiSanto, Brian Hopkins, Patrick Sweeney and James M. Chadwick (12)
|
|
11
|
Statement of recomputation of per share earnings (See Note 4 of the Notes to Consolidated Financial Statements contained herein.)
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
32
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
101
|
The following materials from Riverview Bancorp Inc.'s Quarterly Report on Form 10-Q for the quarter ended December 31, 2016, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income; (d) Consolidated Statements of Equity (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements
|
(1) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on September 29, 2016 and incorporated herein by reference
|
(2) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203), and incorporated herein by reference.
|
(3) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on May 3, 2016 and incorporated herein by reference.
|
(4) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2014, and incorporated herein by reference.
|
(5) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on September 18, 2007 and incorporated herein by reference.
|
(6) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 1997, and incorporated herein by reference.
|
(7) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 1998, and incorporated herein by reference.
|
(8) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-8 (Registration No. 333-66049), and incorporated herein by reference.
|
(9) |
Filed as an exhibit to the Registrant's Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 5, 2003, and incorporated herein by reference.
|
(10) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2005, and incorporated herein by reference.
|
(11) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 2009 and incorporated herein by reference.
|
(12) |
Filed as 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.
|
|
|
|
RIVERVIEW BANCORP, INC.
|
|
|
|
|
|
|
By:
|
/S/ Patrick Sheaffer
|
|
By:
|
/s/ Kevin J. Lycklama
|
|
Patrick Sheaffer
|
|
|
Kevin J. Lycklama
|
|
Chairman of the Board and
|
|
|
Executive Vice President and
|
|
Chief Executive Officer
|
|
|
Chief Financial Officer
|
|
(Principal Executive Officer)
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
Date:
|
February 8, 2017
|
|
Date:
|
February 8, 2017
|
31.1 |
Certifications of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
31.2 |
Certifications of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
32 |
Certifications of the Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
|
101 |
The following materials from Riverview Bancorp Inc.'s Quarterly Report on Form 10-Q for the quarter ended December 31, 2016, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Equity (d) Consolidated Statements of Cash Flows; and (e) Notes to Consolidated Financial Statements
|
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