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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 0.80% | 3.76 | 1.51 | 5.00 | 3.90 | 3.6201 | 3.83 | 52,008 | 21:07:34 |
[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
|
|
|
Page
|
Part I.
|
Financial InformationPage |
|
|
|
|
Item 1:
|
Financial Statements (Unaudited) |
|
|
|
|
|
Consolidated Balance Sheets
|
|
|
as of September 30, 2017 and March 31, 2017 |
2
|
|
|
|
|
Consolidated Statements of Income for the
|
|
|
Three and Six Months Ended September 30, 2017 and 2016
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the |
|
|
Three and Six Months Ended September 30, 2017 and 2016
|
4
|
|
|
|
|
Consolidated Statements of Shareholders' Equity for the
|
|
|
Six Months Ended September 30, 2017 and 2016 |
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the
|
|
Six Months Ended September 30, 2017 and 2016 | 6 | |
Notes to Consolidated Financial Statements | 7 | |
Item 2: | Management's Discussion and Analysis of | |
Financial Condition and Results of Operations | 26 | |
Item 3: | Quantitative and Qualitative Disclosures About Market Risk | 41 |
Item 4: | Controls and Procedures | 41 |
Part II. | Other Information | 42 - 43 |
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 | 44 | |
Certifications | ||
Exhibit 31.1
Exhibit 31.2
Exhibit 32
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
(In thousands, except share and per share data) (Unaudited)
|
2017 | 2016 | 2017 | 2016 | ||||||||||||
INTEREST AND DIVIDEND INCOME:
|
||||||||||||||||
Interest and fees on loans receivable
|
$
|
9,994
|
$
|
7,631
|
$
|
19,783
|
$
|
15,071
|
||||||||
Interest on investment securities – taxable
|
1,079
|
769
|
2,212
|
1,489
|
||||||||||||
Interest on investment securities – nontaxable
|
14
|
-
|
28
|
-
|
||||||||||||
Other interest and dividends
|
228
|
130
|
315
|
232
|
||||||||||||
Total interest and dividend income
|
11,315
|
8,530
|
22,338
|
16,792
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
313
|
279
|
635
|
560
|
||||||||||||
Interest on borrowings
|
277
|
163
|
545
|
321
|
||||||||||||
Total interest expense
|
590
|
442
|
1,180
|
881
|
||||||||||||
Net interest income
|
10,725
|
8,088
|
21,158
|
15,911
|
||||||||||||
Provision for loan losses
|
-
|
-
|
-
|
-
|
||||||||||||
Net interest income after provision for loan losses
|
10,725
|
8,088
|
21,158
|
15,911
|
||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and service charges
|
1,490
|
1,188
|
2,897
|
2,511
|
||||||||||||
Asset management fees
|
818
|
727
|
1,671
|
1,549
|
||||||||||||
Net gains on sales of loans held for sale
|
157
|
163
|
382
|
302
|
||||||||||||
BOLI
|
204
|
190
|
411
|
381
|
||||||||||||
BOLI death benefit in excess of cash surrender value
|
-
|
407
|
-
|
407
|
||||||||||||
Other, net
|
44
|
(94
|
)
|
90
|
(55
|
)
|
||||||||||
Total non-interest income, net
|
2,713
|
2,581
|
5,451
|
5,095
|
||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
5,251
|
4,531
|
10,673
|
9,171
|
||||||||||||
Occupancy and depreciation
|
1,412
|
1,225
|
2,758
|
2,362
|
||||||||||||
Data processing
|
580
|
476
|
1,196
|
971
|
||||||||||||
Amortization of CDI
|
58
|
-
|
116
|
-
|
||||||||||||
Advertising and marketing
|
256
|
252
|
490
|
445
|
||||||||||||
FDIC insurance premium
|
136
|
74
|
281
|
196
|
||||||||||||
State and local taxes
|
177
|
146
|
331
|
285
|
||||||||||||
Telecommunications
|
103
|
76
|
207
|
149
|
||||||||||||
Professional fees
|
261
|
453
|
676
|
711
|
||||||||||||
Litigation settlement
|
-
|
475
|
-
|
575
|
||||||||||||
REO
|
3
|
35
|
5
|
50
|
||||||||||||
Other
|
522
|
654
|
1,200
|
1,297
|
||||||||||||
Total non-interest expense
|
8,759
|
8,397
|
17,933
|
16,212
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
4,679
|
2,272
|
8,676
|
4,794
|
||||||||||||
PROVISION FOR INCOME TAXES
|
1,620
|
592
|
2,963
|
1,417
|
||||||||||||
NET INCOME
|
$
|
3,059
|
$
|
1,680
|
$
|
5,713
|
$
|
3,377
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
0.14
|
$
|
0.07
|
$
|
0.25
|
$
|
0.15
|
||||||||
Diluted
|
0.14
|
0.07
|
0.25
|
0.15
|
||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
22,518,941
|
22,474,019
|
22,511,935
|
22,470,957
|
||||||||||||
Diluted
|
22,609,480
|
22,530,331
|
22,599,851
|
22,522,544
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
(In thousands) (Unaudited)
|
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income
|
$
|
3,059
|
$
|
1,680
|
$
|
5,713
|
$
|
3,377
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Net unrealized holding gain (loss) from available for sale investment securities arising
|
||||||||||||||||
during the period, net of tax of ($105), $194, ($321) and ($50), respectively
|
191
|
(351
|
)
|
584
|
90
|
|||||||||||
Reclassification adjustment for other than temporary impairment of available
|
||||||||||||||||
for sale investment security included in income, net of tax of $0, ($47),
$0 and ($47), respectively
|
-
|
85
|
-
|
85
|
||||||||||||
Total comprehensive income, net
|
$
|
3,250
|
$
|
1,414
|
$
|
6,297
|
$
|
3,552
|
Common Stock
|
Additional
Paid-In
|
Retained |
Unearned
Shares
Issued to
|
Accumulated
Other
Comprehensive
|
||||||||||||||||||||||||
(In thousands, except share data) (Unaudited)
|
Shares
|
Amount
|
Capital
|
Earnings
|
ESOP
|
Income (Loss)
|
Total
|
|||||||||||||||||||||
Balance April 1, 2016
|
22,507,890
|
$
|
225
|
$
|
64,418
|
$
|
42,728
|
$
|
(181
|
)
|
$
|
1,083
|
$
|
108,273
|
||||||||||||||
Net income
|
-
|
-
|
-
|
3,377
|
-
|
-
|
3,377
|
|||||||||||||||||||||
Cash dividend on common stock ($0.04
per share)
|
-
|
-
|
-
|
(898
|
)
|
-
|
-
|
(898
|
)
|
|||||||||||||||||||
Earned ESOP shares
|
-
|
-
|
7
|
-
|
52
|
-
|
59
|
|||||||||||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
-
|
175
|
175
|
|||||||||||||||||||||
Balance September 30, 2016
|
22,507,890
|
$
|
225
|
$
|
64,425
|
$
|
45,207
|
$
|
(129
|
)
|
$
|
1,258
|
$
|
110,986
|
||||||||||||||
Balance April 1, 2017
|
22,510,890
|
$
|
225
|
$
|
64,468
|
$
|
48,335
|
$
|
(77
|
)
|
$
|
(1,687
|
)
|
$
|
111,264
|
|||||||||||||
Net income
|
-
|
-
|
-
|
5,713
|
-
|
-
|
5,713
|
|||||||||||||||||||||
Cash dividend on common stock ($0.045
per share)
|
-
|
-
|
-
|
(1,014
|
)
|
-
|
-
|
(1,014
|
)
|
|||||||||||||||||||
Exercise of stock options
|
23,022
|
-
|
102
|
-
|
-
|
-
|
102
|
|||||||||||||||||||||
Earned ESOP shares
|
-
|
-
|
42
|
-
|
51
|
-
|
93
|
|||||||||||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
-
|
584
|
584
|
|||||||||||||||||||||
Balance September 30, 2017
|
22,533,912
|
$
|
225
|
$
|
64,612
|
$
|
53,034
|
$
|
(26
|
)
|
$
|
(1,103
|
)
|
$
|
116,742
|
|||||||||||||
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2017 AND 2016
|
||||||||
(In thousands) (Unaudited)
|
2017
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
5,713
|
$
|
3,377
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,320
|
1,784
|
||||||
Provision for deferred income taxes
|
1,122
|
1,276
|
||||||
Expense related to ESOP
|
93
|
59
|
||||||
Increase in deferred loan origination fees, net of amortization
|
144
|
316
|
||||||
Origination of loans held for sale
|
(12,166
|
)
|
(9,779
|
)
|
||||
Proceeds from sales of loans held for sale
|
12,567
|
9,490
|
||||||
Writedown of REO
|
-
|
30
|
||||||
Loss on impairment of investment security
|
-
|
132
|
||||||
Net gains on loans held for sale, sales and transfer of REO, sales of
investment securities and sales of premises and equipment
|
(382
|
)
|
(297
|
)
|
||||
Income from BOLI
|
(411
|
)
|
(381
|
)
|
||||
Changes in certain other assets and liabilities:
|
||||||||
Prepaid expenses and other assets
|
(486
|
)
|
(216
|
)
|
||||
Accrued interest receivable
|
(170
|
)
|
(37
|
)
|
||||
Accrued expenses and other liabilities
|
(2,219
|
)
|
866
|
|||||
Net cash provided by operating activities
|
5,125
|
6,620
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Loan repayments (originations), net
|
13,982
|
(26,617
|
)
|
|||||
Purchases of loans receivable
|
(18,122
|
)
|
-
|
|||||
Principal repayments on investment securities available for sale
|
13,855
|
13,814
|
||||||
Purchases of investment securities available for sale
|
(14,024
|
)
|
(21,464
|
)
|
||||
Proceeds from calls, maturities, and sales of investment securities available for sale
|
-
|
5,500
|
||||||
Principal repayments on investment securities held to maturity
|
18
|
6
|
||||||
Redemption of certificates of deposit held for investment
|
1,245
|
1,494
|
||||||
Purchases of premises and equipment and capitalized software
|
(133
|
)
|
(186
|
)
|
||||
Proceeds from sales of REO and premises and equipment
|
-
|
22
|
||||||
Net cash used in investing activities
|
(3,179
|
)
|
(27,431
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase in deposits
|
10,324
|
59,099
|
||||||
Dividends paid
|
(956
|
)
|
(898
|
)
|
||||
Proceeds from borrowings
|
17,925
|
2,000
|
||||||
Repayment of borrowings
|
(17,925
|
)
|
(2,000
|
)
|
||||
Principal payments on capital lease obligation
|
(11
|
)
|
(11
|
)
|
||||
Net increase in advance payments by borrowers
|
227
|
228
|
||||||
Proceeds from exercise of stock options
|
102
|
-
|
||||||
Net cash provided by financing activities
|
9,686
|
58,418
|
||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
11,632
|
37,607
|
||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
64,613
|
55,400
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
76,245
|
$
|
93,007
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
1,102
|
$
|
786
|
||||
Income taxes
|
2,170
|
140
|
||||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Dividends declared and accrued in other liabilities
|
$
|
508
|
$
|
450
|
||||
Other comprehensive income
|
905
|
272
|
||||||
Income tax effect related to other comprehensive income
|
(321
|
)
|
(97
|
)
|
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
BUSINESS COMBINATIONS
|
At February 17, 2017
|
||||||||||||
Book Value
|
Fair Value Adjustment
|
Estimated Fair Value
|
||||||||||
Cash consideration transferred
|
$
|
12,080
|
||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed
|
||||||||||||
Identifiable assets acquired
|
||||||||||||
Cash and cash equivalents
|
$
|
27,196
|
$
|
-
|
$
|
27,196
|
||||||
Loans receivable
|
115,283
|
(3,258
|
)
|
112,025
|
||||||||
CDI
|
-
|
1,363
|
1,363
|
|||||||||
Premises and equipment
|
1,769
|
399
|
2,168
|
|||||||||
BOLI
|
2,113
|
-
|
2,113
|
|||||||||
Accrued interest receivable and other assets
|
431
|
90
|
521
|
|||||||||
Total identifiable assets acquired
|
146,792
|
(1,406
|
)
|
145,386
|
||||||||
Liabilities assumed
|
||||||||||||
Deposits
|
130,572
|
235
|
130,807
|
|||||||||
Junior subordinated debentures
|
5,155
|
(1,468
|
)
|
3,687
|
||||||||
Accrued expenses and other liabilities
|
293
|
23
|
316
|
|||||||||
Total liabilities assumed
|
136,020
|
(1,210
|
)
|
134,810
|
||||||||
Total identifiable net assets acquired
|
$
|
10,772
|
$
|
(196
|
)
|
10,576
|
||||||
Goodwill recognized
|
$
|
1,504
|
4.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Six Months Ended
September 30, 2017
|
Six Months Ended
September 30, 2016
|
|||||||||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||
Balance, beginning of period
|
220,654
|
$
|
4.74
|
223,654
|
$
|
4.73
|
||||||||||
Options exercised
|
(23,022
|
)
|
4.43
|
-
|
-
|
|||||||||||
Expired
|
(15,000
|
)
|
14.49
|
-
|
-
|
|||||||||||
Balance, end of period
|
182,632
|
$
|
3.98
|
223,654
|
$
|
4.73
|
September 30,
|
||||||||
2017
|
2016
|
|||||||
Stock options fully vested and expected to vest:
|
||||||||
Number
|
182,632
|
223,654
|
||||||
Weighted average exercise price
|
$
|
3.98
|
$
|
4.73
|
||||
Aggregate intrinsic value
(1)
|
$
|
817,000
|
$
|
342,000
|
||||
Weighted average contractual term of options (years)
|
3.20
|
3.84
|
||||||
Stock options fully vested and currently exercisable:
|
||||||||
Number
|
182,632
|
223,654
|
||||||
Weighted average exercise price
|
$
|
3.98
|
$
|
4.73
|
||||
Aggregate intrinsic value
(1)
|
$
|
817,000
|
$
|
342,000
|
||||
Weighted average contractual term of options (years)
|
3.20
|
3.84
|
||||||
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Basic EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
3,059,000
|
$
|
1,680,000
|
$
|
5,713,000
|
$
|
3,377,000
|
||||||||
Denominator-weighted average common shares
outstanding
|
22,518,941
|
22,474,019
|
22,511,935
|
22,470,957
|
||||||||||||
Basic EPS
|
$
|
0.14
|
$
|
0.07
|
$
|
0.25
|
$
|
0.15
|
||||||||
Diluted EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
3,059,000
|
$
|
1,680,000
|
$
|
5,713,000
|
$
|
3,377,000
|
||||||||
Denominator-weighted average common shares
outstanding
|
22,518,941
|
22,474,019
|
22,511,935
|
22,470,957
|
||||||||||||
Effect of dilutive stock options
|
90,539
|
56,312
|
87,916
|
51,587
|
||||||||||||
Weighted average common shares and common stock equivalents
|
22,609,480
|
22,530,331
|
22,599,851
|
22,522,544
|
||||||||||||
Diluted EPS
|
$
|
0.14
|
$
|
0.07
|
$
|
0.25
|
$
|
0.15
|
6.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
September 30, 2017
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
6,368
|
$
|
15
|
$
|
(42
|
)
|
$
|
6,341
|
|||||||
Agency securities
|
22,404
|
22
|
(135
|
)
|
22,291
|
|||||||||||
Real estate mortgage investment conduits
(1)
|
39,896
|
42
|
(281
|
)
|
39,657
|
|||||||||||
Residential mortgage-backed securities
(1)
|
88,782
|
148
|
(770
|
)
|
88,160
|
|||||||||||
Other mortgage-backed securities
(2)
|
44,844
|
44
|
(753
|
)
|
44,135
|
|||||||||||
Total available for sale
|
$
|
202,294
|
$
|
271
|
$
|
(1,981
|
)
|
$
|
200,584
|
|||||||
Held to maturity:
|
||||||||||||||||
Residential mortgage-backed securities
(3)
|
$
|
46
|
$
|
1
|
$
|
-
|
$
|
47
|
||||||||
March 31, 2017
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
2,936
|
$
|
-
|
$
|
(117
|
)
|
$
|
2,819
|
|||||||
Agency securities
|
16,993
|
18
|
(203
|
)
|
16,808
|
|||||||||||
Real estate mortgage investment conduits
(1)
|
43,510
|
49
|
(399
|
)
|
43,160
|
|||||||||||
Residential mortgage-backed securities
(1)
|
97,742
|
111
|
(1,242
|
)
|
96,611
|
|||||||||||
Other mortgage-backed securities
(2)
|
41,649
|
15
|
(848
|
)
|
40,816
|
|||||||||||
Total available for sale
|
$
|
202,830
|
$
|
193
|
$
|
(2,809
|
)
|
$
|
200,214
|
|||||||
Held to maturity:
|
||||||||||||||||
Residential mortgage-backed securities
(3)
|
$
|
64
|
$
|
2
|
$
|
-
|
$
|
66
|
||||||||
(1)
Comprised of Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA") and Ginnie Mae ("GNMA") issued securities.
|
||||||||||||||||
(2)
Comprised of U.S. Small Business Administration ("SBA") issued securities and commercial real estate ("CRE") secured securities issued by FNMA.
|
||||||||||||||||
(3)
Comprised of FHLMC and FNMA issued securities.
|
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Amortized
Cost
|
Estimated
Fair Value
|
Amortized
Cost
|
Estimated
Fair Value
|
|||||||||||||
Due in one year or less
|
$
|
5,000
|
$
|
4,990
|
$
|
-
|
$
|
-
|
||||||||
Due after one year through five years
|
11,480
|
11,479
|
7
|
7
|
||||||||||||
Due after five years through ten years
|
42,426
|
42,059
|
34
|
35
|
||||||||||||
Due after ten years
|
143,388
|
142,056
|
5
|
5
|
||||||||||||
Total
|
$
|
202,294
|
$
|
200,584
|
$
|
46
|
$
|
47
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
September 30, 2017
|
||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||
Municipal securities
|
$
|
4,140
|
$
|
(42
|
)
|
$
|
-
|
$
|
-
|
$
|
4,140
|
$
|
(42
|
)
|
||||||||||
Agency securities
|
16,274
|
(125
|
)
|
4,990
|
(10
|
)
|
21,264
|
(135
|
)
|
|||||||||||||||
Real estate mortgage investment conduits
(1)
|
26,962
|
(281
|
)
|
-
|
-
|
26,962
|
(281
|
)
|
||||||||||||||||
Residential mortgage-backed securities
(1)
|
58,627
|
(655
|
)
|
5,481
|
(115
|
)
|
64,108
|
(770
|
)
|
|||||||||||||||
Other mortgage-backed securities
(2)
|
31,483
|
(590
|
)
|
6,958
|
(163
|
)
|
38,441
|
(753
|
)
|
|||||||||||||||
Total available for sale
|
$
|
137,486
|
$
|
(1,693
|
)
|
$
|
17,429
|
$
|
(288
|
)
|
$
|
154,915
|
$
|
(1,981
|
)
|
(1)
Comprised of FHLMC, FNMA and GNMA issued securities.
|
(2)
Comprised of SBA issued and CRE secured securities issued by FHLMC.
|
7.
|
LOANS RECEIVABLE
|
September 30, 2017
|
March 31, 2017
|
|||||||
Commercial and construction
|
||||||||
Commercial business
|
$
|
118,444
|
$
|
107,371
|
||||
Commercial real estate
|
440,555
|
447,071
|
||||||
Land
|
13,745
|
15,875
|
||||||
Multi-family
|
46,082
|
43,715
|
||||||
Real estate construction
|
53,878
|
46,157
|
||||||
Total commercial and construction
|
672,704
|
660,189
|
||||||
Consumer
|
||||||||
Real estate one-to-four family
|
90,764
|
92,865
|
||||||
Other installment
(1)
|
20,236
|
26,378
|
||||||
Total consumer
|
111,000
|
119,243
|
||||||
Total loans
|
783,704
|
779,432
|
||||||
Less: Allowance for loan losses
|
10,617
|
10,528
|
||||||
Loans receivable, net
|
$
|
773,087
|
$
|
768,904
|
||||
(1)
Consists primarily of purchased automobile loans totaling $17.5 million and $23.6 million at September 30, 2017 and March 31, 2017, respectively.
|
8.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
September 30, 2017
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,391
|
$
|
5,176
|
$
|
219
|
$
|
502
|
$
|
668
|
$
|
1,932
|
$
|
709
|
$
|
10,597
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(53
|
)
|
(76
|
)
|
(130
|
)
|
2
|
172
|
63
|
22
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(128
|
)
|
-
|
(128
|
)
|
||||||||||||||||||||||
Recoveries
|
2
|
16
|
107
|
-
|
-
|
23
|
-
|
148
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,340
|
$
|
5,116
|
$
|
196
|
$
|
504
|
$
|
840
|
$
|
1,890
|
$
|
731
|
$
|
10,617
|
Six months ended
September 30, 2017
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,418
|
$
|
5,084
|
$
|
228
|
$
|
297
|
$
|
714
|
$
|
2,099
|
$
|
688
|
$
|
10,528
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(83
|
)
|
16
|
(275
|
)
|
207
|
126
|
(34
|
)
|
43
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(210
|
)
|
-
|
(210
|
)
|
||||||||||||||||||||||
Recoveries
|
5
|
16
|
243
|
-
|
-
|
35
|
-
|
299
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,340
|
$
|
5,116
|
$
|
196
|
$
|
504
|
$
|
840
|
$
|
1,890
|
$
|
731
|
$
|
10,617
|
Three months ended
September 30, 2016
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
902
|
$
|
4,473
|
$
|
312
|
$
|
671
|
$
|
565
|
$
|
2,327
|
$
|
710
|
$
|
9,960
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
1
|
216
|
(264
|
)
|
(58
|
)
|
162
|
(28
|
)
|
(29
|
)
|
-
|
||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(71
|
)
|
-
|
(71
|
)
|
||||||||||||||||||||||
Recoveries
|
6
|
-
|
106
|
-
|
-
|
62
|
-
|
174
|
||||||||||||||||||||||||
Ending balance
|
$
|
909
|
$
|
4,689
|
$
|
154
|
$
|
613
|
$
|
727
|
$
|
2,290
|
$
|
681
|
$
|
10,063
|
Six months ended
September 30, 2016
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,048
|
$
|
4,273
|
$
|
325
|
$
|
712
|
$
|
416
|
$
|
2,403
|
$
|
708
|
$
|
9,885
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(149
|
)
|
414
|
(359
|
)
|
(99
|
)
|
311
|
(91
|
)
|
(27
|
)
|
-
|
|||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(115
|
)
|
-
|
(115
|
)
|
||||||||||||||||||||||
Recoveries
|
10
|
2
|
188
|
-
|
-
|
93
|
-
|
293
|
||||||||||||||||||||||||
Ending balance
|
$
|
909
|
$
|
4,689
|
$
|
154
|
$
|
613
|
$
|
727
|
$
|
2,290
|
$
|
681
|
$
|
10,063
|
Allowance for Loan Losses
|
Recorded Investment In Loans
|
|||||||||||||||||||||||
September 30, 2017
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,340
|
$
|
1,340
|
$
|
1,117
|
$
|
117,327
|
$
|
118,444
|
||||||||||||
Commercial real estate
|
71
|
5,045
|
5,116
|
3,704
|
436,851
|
440,555
|
||||||||||||||||||
Land
|
-
|
196
|
196
|
780
|
12,965
|
13,745
|
||||||||||||||||||
Multi-family
|
-
|
504
|
504
|
1,669
|
44,413
|
46,082
|
||||||||||||||||||
Real estate construction
|
-
|
840
|
840
|
-
|
53,878
|
53,878
|
||||||||||||||||||
Consumer
|
79
|
1,811
|
1,890
|
1,452
|
109,548
|
111,000
|
||||||||||||||||||
Unallocated
|
-
|
731
|
731
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
150
|
$
|
10,467
|
$
|
10,617
|
$
|
8,722
|
$
|
774,982
|
$
|
783,704
|
March 31, 2017
|
||||||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,418
|
$
|
1,418
|
$
|
294
|
$
|
107,077
|
$
|
107,371
|
||||||||||||
Commercial real estate
|
-
|
5,084
|
5,084
|
7,604
|
439,467
|
447,071
|
||||||||||||||||||
Land
|
-
|
228
|
228
|
801
|
15,074
|
15,875
|
||||||||||||||||||
Multi-family
|
-
|
297
|
297
|
1,692
|
42,023
|
43,715
|
||||||||||||||||||
Real estate construction
|
-
|
714
|
714
|
-
|
46,157
|
46,157
|
||||||||||||||||||
Consumer
|
88
|
2,011
|
2,099
|
1,475
|
117,768
|
119,243
|
||||||||||||||||||
Unallocated
|
-
|
688
|
688
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
88
|
$
|
10,440
|
$
|
10,528
|
$
|
11,866
|
$
|
767,566
|
$
|
779,432
|
September 30, 2017
|
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
|
$
|
20
|
$
|
-
|
$
|
290
|
$
|
310
|
$
|
118,134
|
$
|
118,444
|
||||||||||||
Commercial real estate
|
-
|
-
|
1,304
|
1,304
|
439,251
|
440,555
|
||||||||||||||||||
Land
|
-
|
-
|
780
|
780
|
12,965
|
13,745
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
46,082
|
46,082
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
53,878
|
53,878
|
||||||||||||||||||
Consumer
|
183
|
-
|
371
|
554
|
110,446
|
111,000
|
||||||||||||||||||
Total
|
$
|
203
|
$
|
-
|
$
|
2,745
|
$
|
2,948
|
$
|
780,756
|
$
|
783,704
|
March 31, 2017
|
||||||||||||||||||||||||
Commercial business
|
$
|
13
|
$
|
-
|
$
|
294
|
$
|
307
|
$
|
107,064
|
$
|
107,371
|
||||||||||||
Commercial real estate
|
-
|
-
|
1,342
|
1,342
|
445,729
|
447,071
|
||||||||||||||||||
Land
|
-
|
-
|
801
|
801
|
15,074
|
15,875
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
43,715
|
43,715
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
46,157
|
46,157
|
||||||||||||||||||
Consumer
|
228
|
34
|
278
|
540
|
118,703
|
119,243
|
||||||||||||||||||
Total
|
$
|
241
|
$
|
34
|
$
|
2,715
|
$
|
2,990
|
$
|
776,442
|
$
|
779,432
|
September 30, 2017
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$
|
113,792
|
$
|
2,141
|
$
|
2,511
|
$
|
-
|
$
|
-
|
$
|
118,444
|
||||||||||||
Commercial real estate
|
427,173
|
10,259
|
3,123
|
-
|
-
|
440,555
|
||||||||||||||||||
Land
|
12,965
|
-
|
780
|
-
|
-
|
13,745
|
||||||||||||||||||
Multi-family
|
45,530
|
541
|
11
|
-
|
-
|
46,082
|
||||||||||||||||||
Real estate construction
|
53,878
|
-
|
-
|
-
|
-
|
53,878
|
||||||||||||||||||
Consumer
|
110,629
|
-
|
371
|
-
|
-
|
111,000
|
||||||||||||||||||
Total
|
$
|
763,967
|
$
|
12,941
|
$
|
6,796
|
$
|
-
|
$
|
-
|
$
|
783,704
|
March 31, 2017
|
||||||||||||||||||||||||
Commercial business
|
$
|
102,113
|
$
|
2,063
|
$
|
3,195
|
$
|
-
|
$
|
-
|
$
|
107,371
|
||||||||||||
Commercial real estate
|
430,923
|
10,426
|
5,722
|
-
|
-
|
447,071
|
||||||||||||||||||
Land
|
15,074
|
-
|
801
|
-
|
-
|
15,875
|
||||||||||||||||||
Multi-family
|
43,156
|
547
|
12
|
-
|
-
|
43,715
|
||||||||||||||||||
Real estate construction
|
46,157
|
-
|
-
|
-
|
-
|
46,157
|
||||||||||||||||||
Consumer
|
118,965
|
-
|
278
|
-
|
-
|
119,243
|
||||||||||||||||||
Total
|
$
|
756,388
|
$
|
13,036
|
$
|
10,008
|
$
|
-
|
$
|
-
|
$
|
779,432
|
September 30, 2017
|
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
|
$
|
1,117
|
$
|
-
|
$
|
1,117
|
$
|
1,336
|
$
|
-
|
||||||||||
Commercial real estate
|
2,609
|
1,095
|
3,704
|
4,628
|
71
|
|||||||||||||||
Land
|
780
|
-
|
780
|
800
|
-
|
|||||||||||||||
Multi-family
|
1,669
|
-
|
1,669
|
1,797
|
-
|
|||||||||||||||
Consumer
|
300
|
1,152
|
1,452
|
1,565
|
79
|
|||||||||||||||
Total
|
$
|
6,475
|
$
|
2,247
|
$
|
8,722
|
$
|
10,126
|
$
|
150
|
||||||||||
March 31, 2017
|
||||||||||||||||||||
Commercial business
|
$
|
294
|
$
|
-
|
$
|
294
|
$
|
301
|
$
|
-
|
||||||||||
Commercial real estate
|
7,604
|
-
|
7,604
|
8,806
|
-
|
|||||||||||||||
Land
|
801
|
-
|
801
|
807
|
-
|
|||||||||||||||
Multi-family
|
1,692
|
-
|
1,692
|
1,826
|
-
|
|||||||||||||||
Consumer
|
306
|
1,169
|
1,475
|
1,611
|
88
|
|||||||||||||||
Total
|
$
|
10,697
|
$
|
1,169
|
$
|
11,866
|
$
|
13,351
|
$
|
88
|
Three Months ended
September 30, 2017
|
Three Months ended
September 30, 2016
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
1,116
|
$
|
4
|
$
|
245
|
$
|
6
|
||||||||
Commercial real estate
|
3,723
|
31
|
9,463
|
97
|
||||||||||||
Land
|
786
|
-
|
801
|
-
|
||||||||||||
Multi-family
|
1,675
|
22
|
1,715
|
24
|
||||||||||||
Consumer
|
1,458
|
15
|
1,503
|
16
|
||||||||||||
Total
|
$
|
8,758
|
$
|
72
|
$
|
13,727
|
$
|
143
|
Six Months ended
September 30, 2017
|
Six Months ended
September 30, 2016
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
842
|
$
|
23
|
$
|
228
|
$
|
9
|
||||||||
Commercial real estate
|
5,017
|
61
|
9,576
|
194
|
||||||||||||
Land
|
791
|
-
|
801
|
-
|
||||||||||||
Multi-family
|
1,680
|
46
|
1,720
|
47
|
||||||||||||
Consumer
|
1,464
|
31
|
1,561
|
31
|
||||||||||||
Total
|
$
|
9,794
|
$
|
161
|
$
|
13,886
|
$
|
281
|
September 30, 2017
|
March 31, 2017
|
|||||||||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||
Commercial business
|
$
|
827
|
$
|
290
|
$
|
1,117
|
$
|
-
|
$
|
294
|
$
|
294
|
||||||||||||
Commercial real estate
|
2,400
|
1,304
|
3,704
|
6,262
|
1,342
|
7,604
|
||||||||||||||||||
Land
|
-
|
780
|
780
|
-
|
801
|
801
|
||||||||||||||||||
Multi-family
|
1,669
|
-
|
1,669
|
1,692
|
-
|
1,692
|
||||||||||||||||||
Consumer
|
1,452
|
-
|
1,452
|
1,475
|
-
|
1,475
|
||||||||||||||||||
Total
|
$
|
6,348
|
$
|
2,374
|
$
|
8,722
|
$
|
9,429
|
$
|
2,437
|
$
|
11,866
|
9.
|
GOODWILL
|
For the Six
Months Ended
September 30,
2017
|
For the Year
Ended March 31,
2017
|
|||||||
Net carrying value at beginning of period
|
$
|
27,076
|
$
|
25,572
|
||||
MBank Transaction (see Note 3)
|
-
|
1,504
|
||||||
Net carrying value at the end of period
|
$
|
27,076
|
$
|
27,076
|
10.
|
JUNIOR SUBORDINATED DEBENTURES
|
Issuance Trust
|
Issuance
Date
|
Amount
Outstanding
|
Rate Type
|
Initial
Rate
|
Current
Rate
|
Maturity
Date
|
|||||||||||||||
Riverview Bancorp Statutory Trust I
|
12/2005
|
$
|
7,217
|
Variable
(1)
|
5.88
|
%
|
2.68
|
%
|
3/2036
|
||||||||||||
Riverview Bancorp Statutory Trust II
|
06/2007
|
15,464
|
Variable
(2)
|
7.03
|
%
|
2.67
|
%
|
9/2037
|
|||||||||||||
Merchants Bancorp Statutory Trust I
(4)
|
06/2003
|
5,155
|
Variable
(3)
|
4.16
|
%
|
4.43
|
%
|
6/2033
|
|||||||||||||
27,836
|
|||||||||||||||||||||
Fair value adjustment
(4)
|
(1,398
|
)
|
|||||||||||||||||||
Total Debentures at fair value
|
$
|
26,438
|
(1)
The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%.
|
|||||||||||||||||||||
(2)
The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35%.
|
|||||||||||||||||||||
(3)
The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%.
|
|||||||||||||||||||||
(4)
Amount, net of accretion, attributable to the MBank transaction. (See Note 3).
|
11.
|
FAIR VALUE MEASUREMENTS
|
|
Estimated Fair Value Measurements Using
|
|||||||||||||||
September 30, 2017
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
6,341
|
$
|
-
|
$
|
6,341
|
$
|
-
|
||||||||
Agency securities
|
22,291
|
-
|
22,291
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
39,657
|
-
|
39,657
|
-
|
||||||||||||
Residential mortgage-backed securities
|
88,160
|
-
|
88,160
|
-
|
||||||||||||
Other mortgage-backed securities
|
44,135
|
-
|
44,135
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
200,584
|
$
|
-
|
$
|
200,584
|
$
|
-
|
March 31, 2017
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
2,819
|
$
|
-
|
$
|
2,819
|
$
|
-
|
||||||||
Agency securities
|
16,808
|
-
|
16,808
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
43,160
|
-
|
43,160
|
-
|
||||||||||||
Residential mortgage-backed securities
|
96,611
|
-
|
96,611
|
-
|
||||||||||||
Other mortgage-backed securities
|
40,816
|
-
|
40,816
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
200,214
|
$
|
-
|
$
|
200,214
|
$
|
-
|
|
|
Estimated Fair Value Measurements Using
|
||||||||||||||
September 30, 2017
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$
|
2,178
|
$
|
-
|
$
|
-
|
$
|
2,178
|
||||||||
March 31, 2017
|
||||||||||||||||
Impaired loans
|
$
|
2,281
|
$
|
-
|
$
|
-
|
$
|
2,281
|
September 30, 2017
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
76,245
|
$
|
76,245
|
$
|
-
|
$
|
-
|
$
|
76,245
|
||||||||||
Certificates of deposit held for investment
|
9,797
|
-
|
9,824
|
-
|
9,824
|
|||||||||||||||
Loans held for sale
|
347
|
-
|
347
|
-
|
347
|
|||||||||||||||
Investment securities available for sale
|
200,584
|
-
|
200,584
|
-
|
200,584
|
|||||||||||||||
Investment securities held to maturity
|
46
|
-
|
47
|
-
|
47
|
|||||||||||||||
Loans receivable, net
|
773,087
|
-
|
-
|
746,616
|
746,616
|
|||||||||||||||
FHLB stock
|
1,181
|
-
|
1,181
|
-
|
1,181
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand and savings deposits
|
854,330
|
854,330
|
-
|
-
|
854,330
|
|||||||||||||||
Time deposits
|
135,969
|
-
|
135,118
|
-
|
135,118
|
|||||||||||||||
Junior subordinated debentures
|
26,438
|
-
|
-
|
13,913
|
13,913
|
|||||||||||||||
Capital lease obligation
|
2,443
|
-
|
2,443
|
-
|
2,443
|
|||||||||||||||
March 31, 2017
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
64,613
|
$
|
64,613
|
$
|
-
|
$
|
-
|
$
|
64,613
|
||||||||||
Certificates of deposit held for investment
|
11,042
|
-
|
11,108
|
-
|
11,108
|
|||||||||||||||
Loans held for sale
|
478
|
-
|
478
|
-
|
478
|
|||||||||||||||
Investment securities available for sale
|
200,214
|
-
|
200,214
|
-
|
200,214
|
|||||||||||||||
Investment securities held to maturity
|
64
|
-
|
66
|
-
|
66
|
|||||||||||||||
Loans receivable, net
|
768,904
|
-
|
-
|
731,996
|
731,996
|
|||||||||||||||
FHLB stock
|
1,181
|
-
|
1,181
|
-
|
1,181
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand and savings deposits
|
830,258
|
830,258
|
-
|
-
|
830,258
|
|||||||||||||||
Time deposits
|
149,800
|
-
|
148,574
|
-
|
148,574
|
|||||||||||||||
Junior subordinated debentures
|
26,390
|
-
|
-
|
13,284
|
13,284
|
|||||||||||||||
Capital lease obligation
|
2,454
|
-
|
2,454
|
-
|
2,454
|
12.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
13.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||||
Commitments to originate loans:
|
||||
Adjustable-rate
|
$
|
21,601
|
||
Fixed-rate
|
7,432
|
|||
Standby letters of credit
|
2,494
|
|||
Undisbursed loan funds and unused lines of credit
|
137,605
|
|||
Total
|
$
|
169,132
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
September 30, 2017
|
||||||||||||||||
Commercial business
|
$
|
118,444
|
$
|
-
|
$
|
-
|
$
|
118,444
|
||||||||
Commercial construction
|
-
|
-
|
35,923
|
35,923
|
||||||||||||
Office buildings
|
-
|
122,826
|
-
|
122,826
|
||||||||||||
Warehouse/industrial
|
-
|
77,026
|
-
|
77,026
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
69,512
|
-
|
69,512
|
||||||||||||
Assisted living facilities
|
-
|
3,026
|
-
|
3,026
|
||||||||||||
Single purpose facilities
|
-
|
168,165
|
-
|
168,165
|
||||||||||||
Land
|
-
|
13,745
|
-
|
13,745
|
||||||||||||
Multi-family
|
-
|
46,082
|
-
|
46,082
|
||||||||||||
One-to-four family construction
|
-
|
-
|
17,955
|
17,955
|
||||||||||||
Total
|
$
|
118,444
|
$
|
500,382
|
$
|
53,878
|
$
|
672,704
|
March 31, 2017
|
||||||||||||||||
Commercial business
|
$
|
107,371
|
$
|
-
|
$
|
-
|
$
|
107,371
|
||||||||
Commercial construction
|
-
|
-
|
27,050
|
27,050
|
||||||||||||
Office buildings
|
-
|
121,983
|
-
|
121,983
|
||||||||||||
Warehouse/industrial
|
-
|
74,671
|
-
|
74,671
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
78,757
|
-
|
78,757
|
||||||||||||
Assisted living facilities
|
-
|
3,686
|
-
|
3,686
|
||||||||||||
Single purpose facilities
|
-
|
167,974
|
-
|
167,974
|
||||||||||||
Land
|
-
|
15,875
|
-
|
15,875
|
||||||||||||
Multi-family
|
-
|
43,715
|
-
|
43,715
|
||||||||||||
One-to-four family construction
|
-
|
-
|
19,107
|
19,107
|
||||||||||||
Total
|
$
|
107,371
|
$
|
506,661
|
$
|
46,157
|
$
|
660,189
|
Actual
|
For Capital
Adequacy Purposes
|
"Well Capitalized"
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
September 30, 2017
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
118,811
|
15.07
|
%
|
$
|
63,075
|
8.0
|
%
|
$
|
78,843
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
108,941
|
13.82
|
47,306
|
6.0
|
63,075
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
108,941
|
13.82
|
35,479
|
4.5
|
51,248
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
108,941
|
9.75
|
44,705
|
4.0
|
55,881
|
5.0
|
||||||||||||||||||
Tangible Capital:
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
108,941
|
9.75
|
16,764
|
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, 2017
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
112,421
|
14.06
|
%
|
$
|
63,955
|
8.0
|
%
|
$
|
79,944
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
102,411
|
12.81
|
47,966
|
6.0
|
63,955
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
102,411
|
12.81
|
35,975
|
4.5
|
51,963
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
102,411
|
10.21
|
40,110
|
4.0
|
50,138
|
5.0
|
||||||||||||||||||
Tangible Capital:
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
102,411
|
10.21
|
15,041
|
1.5
|
N/A
|
N/A
|
September 30, 2017
|
March 31, 2017
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
2
|
$
|
290
|
2
|
$
|
294
|
||||||||||
Commercial real estate
|
2
|
1,304
|
2
|
1,342
|
||||||||||||
Land
|
1
|
780
|
1
|
801
|
||||||||||||
Consumer
|
14
|
371
|
19
|
312
|
||||||||||||
Total
|
19
|
$
|
2,745
|
24
|
$
|
2,749
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
||||||||||||||||
September 30, 2017
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
290
|
$
|
-
|
$
|
-
|
$
|
290
|
||||||||||
Commercial real estate
|
1,095
|
209
|
-
|
-
|
1,304
|
|||||||||||||||
Land
|
780
|
-
|
-
|
-
|
780
|
|||||||||||||||
Consumer
|
-
|
300
|
-
|
71
|
371
|
|||||||||||||||
Total nonperforming loans
|
1,875
|
799
|
-
|
71
|
2,745
|
|||||||||||||||
REO
|
-
|
-
|
298
|
-
|
298
|
|||||||||||||||
Total nonperforming assets
|
$
|
1,875
|
$
|
799
|
$
|
298
|
$
|
71
|
$
|
3,043
|
||||||||||
March 31, 2017
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
294
|
$
|
-
|
$
|
-
|
$
|
294
|
||||||||||
Commercial real estate
|
1,128
|
214
|
-
|
-
|
1,342
|
|||||||||||||||
Land
|
801
|
-
|
-
|
-
|
801
|
|||||||||||||||
Consumer
|
-
|
170
|
-
|
142
|
312
|
|||||||||||||||
Total nonperforming loans
|
1,929
|
678
|
-
|
142
|
2,749
|
|||||||||||||||
REO
|
-
|
-
|
298
|
-
|
298
|
|||||||||||||||
Total nonperforming assets
|
$
|
1,929
|
$
|
678
|
$
|
298
|
$
|
142
|
$
|
3,047
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
|||||||||||||
September 30, 2017
|
||||||||||||||||
Land development
|
$
|
490
|
$
|
911
|
$
|
12,344
|
$
|
13,745
|
||||||||
Speculative construction
|
376
|
401
|
14,573
|
15,350
|
||||||||||||
Total land development and speculative construction
|
$
|
866
|
$
|
1,312
|
$
|
26,917
|
$
|
29,095
|
March 31, 2017
|
||||||||||||||||
Land development
|
$
|
223
|
$
|
2,523
|
$
|
13,129
|
$
|
15,875
|
||||||||
Speculative construction
|
945
|
3
|
14,492
|
15,440
|
||||||||||||
Total land development and speculative construction
|
$
|
1,168
|
$
|
2,526
|
$
|
27,621
|
$
|
31,315
|
September 30, 2017
|
March 31, 2017
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
5
|
$
|
2,221
|
6
|
$
|
2,901
|
||||||||||
Commercial real estate
|
2
|
1,819
|
3
|
4,380
|
||||||||||||
Multi-family
|
1
|
11
|
1
|
12
|
||||||||||||
Total
|
8
|
$
|
4,051
|
10
|
$
|
7,293
|
(1) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on September 29, 2016 and incorporated herein by reference.
|
(2) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203), and incorporated herein by reference.
|
(3) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference.
|
(4) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2014, and incorporated herein by reference.
|
(5) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 2017 and incorporated herein by reference.
|
(6) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 1997, and incorporated herein by reference.
|
(7) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 1998, and incorporated herein by reference.
|
(8) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-8 (Registration No. 333-66049), and incorporated herein by reference.
|
(9) |
Filed as an exhibit to the Registrant's Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 5, 2003, and incorporated herein by reference.
|
(10) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2005, and incorporated herein by reference.
|
(11) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 2009 and incorporated herein by reference.
|
(12) |
Filed as 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.
|
(13) |
Filed as Appendix A to the Registrant's Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 16, 2017, and incorporated herein by reference.
|
|
RIVERVIEW BANCORP, INC. |
|
|
|
|
By:
Patrick Sheaffer
|
By:
David Lam
|
Patrick Sheaffer
|
David Lam
|
Chairman of the Board and
|
Senior Vice President and
|
Chief Executive Officer |
Chief Financial Officer
|
(Principal Financial Officer)
|
(Principal Financial Officer)
|
Date: November 8, 2017 | Date: November 8, 2017 |
101 |
The following materials from Riverview Bancorp Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Shareholders' Equity (d) Consolidated Statements of Cash Flows; and (e) Notes to Consolidated Financial Statements
|
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