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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 1.73% | 4.12 | 4.09 | 4.64 | 4.17 | 4.05 | 4.09 | 18,281 | 21:53:08 |
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Washington
|
|
91-1838969 |
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer I.D. Number) |
|
|
|
900 Washington St., Ste. 900, Vancouver, Washington
|
|
98660
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
Registrant's telephone number, including area code:
|
|
(360) 693-6650
|
Part I. | Financial Information Page | Page |
Item 1:
|
Financial Statements (Unaudited)
|
|
|
|
|
|
Consolidated Balance Sheets as of
September 30, 2018 and March 31, 2018
|
2
|
|
|
|
|
Consolidated Statements of Income for the
Three and Six Months Ended September 30, 2018 and 2017
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the
Three and Six Months Ended September 30, 2018 and 2017
|
4
|
|
|
|
|
Consolidated Statements of Equity for the
Six Months Ended September 30, 2018 and 2017
|
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the
Six Months Ended September 30, 2018 and 2017
|
6
|
Notes to Consolidated Financial Statements | 7 | |
Item 2: |
Management's Discussion and Analysis of
Financial Condition and Results of Operations
|
27 |
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
42
|
Item 4:
|
Controls and Procedures
|
42
|
Part II. | Other Information | 43-44 |
Item 1: | Legal Proceedings | |
Item 1A: | Risk Factors | |
Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3: | Defaults Upon Senior Securities | |
Item 4: | Mine Safety Disclosures | |
Item 5: | Other Information | |
Item 6: | Exhibits | |
SIGNATURES
|
45 | |
|
|
|
Certifications | ||
Exhibit 31.1
Exhibit 31.2
Exhibit 32
|
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED
SEPTEMBER 30, 2018 AND 2017
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
||||||||||||||
(In thousands, except share and per share data) (Unaudited)
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
INTEREST AND DIVIDEND INCOME:
|
||||||||||||||||
Interest and fees on loans receivable
|
$
|
10,943
|
$
|
9,994
|
$
|
21,720
|
$
|
19,783
|
||||||||
Interest on investment securities – taxable
|
1,116
|
1,079
|
2,314
|
2,212
|
||||||||||||
Interest on investment securities – nontaxable
|
36
|
14
|
73
|
28
|
||||||||||||
Other interest and dividends
|
118
|
228
|
211
|
315
|
||||||||||||
Total interest and dividend income
|
12,213
|
11,315
|
24,318
|
22,338
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
259
|
313
|
519
|
635
|
||||||||||||
Interest on borrowings
|
352
|
277
|
710
|
545
|
||||||||||||
Total interest expense
|
611
|
590
|
1,229
|
1,180
|
||||||||||||
Net interest income
|
11,602
|
10,725
|
23,089
|
21,158
|
||||||||||||
Provision for loan losses
|
250
|
-
|
50
|
-
|
||||||||||||
Net interest income after provision for loan losses
|
11,352
|
10,725
|
23,039
|
21,158
|
||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and service charges
|
1,690
|
1,490
|
3,445
|
2,897
|
||||||||||||
Asset management fees
|
943
|
818
|
1,869
|
1,671
|
||||||||||||
Net gains on sales of loans held for sale
|
44
|
157
|
196
|
382
|
||||||||||||
BOLI
|
174
|
204
|
353
|
411
|
||||||||||||
Other, net
|
165
|
44
|
205
|
90
|
||||||||||||
Total non-interest income, net
|
3,016
|
2,713
|
6,068
|
5,451
|
||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
5,283
|
5,251
|
10,861
|
10,673
|
||||||||||||
Occupancy and depreciation
|
1,351
|
1,412
|
2,710
|
2,758
|
||||||||||||
Data processing
|
622
|
580
|
1,253
|
1,196
|
||||||||||||
Amortization of CDI
|
46
|
58
|
92
|
116
|
||||||||||||
Advertising and marketing
|
266
|
256
|
458
|
490
|
||||||||||||
FDIC insurance premium
|
85
|
136
|
161
|
281
|
||||||||||||
State and local taxes
|
182
|
177
|
350
|
331
|
||||||||||||
Telecommunications
|
88
|
103
|
181
|
207
|
||||||||||||
Professional fees
|
387
|
261
|
671
|
676
|
||||||||||||
Other
|
605
|
525
|
1,197
|
1,205
|
||||||||||||
Total non-interest expense
|
8,915
|
8,759
|
17,934
|
17,933
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
5,453
|
4,679
|
11,173
|
8,676
|
||||||||||||
PROVISION FOR INCOME TAXES
|
1,224
|
1,620
|
2,502
|
2,963
|
||||||||||||
NET INCOME
|
$
|
4,229
|
$
|
3,059
|
$
|
8,671
|
$
|
5,713
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
0.19
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
||||||||
Diluted
|
0.19
|
0.14
|
0.38
|
0.25
|
||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
22,579,839
|
22,518,941
|
22,575,009
|
22,511,935
|
||||||||||||
Diluted
|
22,658,737
|
22,609,480
|
22,655,297
|
22,599,851
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
(In thousands) (Unaudited) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income
|
$
|
4,229
|
$
|
3,059
|
$
|
8,671
|
$
|
5,713
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Net unrealized holding gain (loss) from available for sale investment securities arising
|
||||||||||||||||
during the period, net of tax of $313, ($105), $539 and ($321), respectively
|
(1,018
|
)
|
191
|
(1,754
|
)
|
584
|
||||||||||
Total comprehensive income, net
|
$
|
3,211
|
$
|
3,250
|
$
|
6,917
|
$
|
6,297
|
Common Stock
|
Additional
|
Unearned
Shares
Issued to
Employee
Stock
Ownership
|
Accumulated
Other
|
|||||||||||||||||||||||||
(In thousands, except share data)
(Unaudited)
|
Shares
|
Amount
|
Paid-In
Capital
|
Retained
Earnings
|
Plan
("ESOP")
|
Comprehensive
Loss
|
Total
|
|||||||||||||||||||||
Balance April 1, 2017
|
22,510,890
|
$
|
225
|
$
|
64,468
|
$
|
48,335
|
$
|
(77
|
)
|
$
|
(1,687
|
)
|
$
|
111,264
|
|||||||||||||
Net income
|
-
|
-
|
-
|
5,713
|
-
|
-
|
5,713
|
|||||||||||||||||||||
Cash dividends on common stock
($0.045 per share)
|
-
|
-
|
-
|
(1,014
|
)
|
-
|
-
|
(1,014
|
)
|
|||||||||||||||||||
Exercise of stock options
|
23,022
|
-
|
102
|
-
|
-
|
-
|
102
|
|||||||||||||||||||||
Earned ESOP shares
|
-
|
-
|
42
|
-
|
51
|
-
|
93
|
|||||||||||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
-
|
584
|
584
|
|||||||||||||||||||||
Balance September 30, 2017
|
22,533,912
|
$
|
225
|
$
|
64,612
|
$
|
53,034
|
$
|
(26
|
)
|
$
|
(1,103
|
)
|
$
|
116,742
|
|||||||||||||
Balance April 1, 2018
|
22,570,179
|
$
|
226
|
$
|
64,871
|
$
|
56,552
|
$
|
-
|
$
|
(4,748
|
)
|
$
|
116,901
|
||||||||||||||
Net income
|
-
|
-
|
-
|
8,671
|
-
|
-
|
8,671
|
|||||||||||||||||||||
Cash dividends on common stock
($0.070 per share)
|
-
|
-
|
-
|
(1,581
|
)
|
-
|
-
|
(1,581
|
)
|
|||||||||||||||||||
Exercise of stock options
|
28,533
|
-
|
151
|
-
|
-
|
-
|
151
|
|||||||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
22
|
-
|
-
|
-
|
22
|
|||||||||||||||||||||
Other comprehensive loss, net
|
-
|
-
|
-
|
-
|
-
|
(1,754
|
)
|
(1,754
|
)
|
|||||||||||||||||||
Balance September 30, 2018
|
22,598,712
|
$
|
226
|
$
|
65,044
|
$
|
63,642
|
$
|
-
|
$
|
(6,502
|
)
|
$
|
122,410
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2018 AND 2017
|
||||||||
(In thousands) (Unaudited)
|
2018
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
8,671
|
$
|
5,713
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,404
|
1,478
|
||||||
Purchased loans amortization (accretion), net
|
9
|
(158
|
)
|
|||||
Provision for loan losses
|
50
|
-
|
||||||
Provision for deferred income taxes
|
-
|
1,122
|
||||||
Expense related to ESOP
|
-
|
93
|
||||||
Stock-based compensation expense
|
22
|
-
|
||||||
Increase in deferred loan origination fees, net of amortization
|
506
|
144
|
||||||
Origination of loans held for sale
|
(6,110
|
)
|
(12,166
|
)
|
||||
Proceeds from sales of loans held for sale
|
6,419
|
12,567
|
||||||
Net gains on sales of loans held for sale and sale of REO
|
(198
|
)
|
(382
|
)
|
||||
Income from BOLI
|
(353
|
)
|
(411
|
)
|
||||
Changes in certain other assets and liabilities:
|
||||||||
Prepaid expenses and other assets
|
(1,307
|
)
|
(486
|
)
|
||||
Accrued interest receivable
|
(194
|
)
|
(170
|
)
|
||||
Accrued expenses and other liabilities
|
4,303
|
(2,219
|
)
|
|||||
Net cash provided by operating activities
|
13,222
|
5,125
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Loan repayments (originations), net
|
(21,874
|
)
|
14,557
|
|||||
Purchases of loans receivable
|
(16,350
|
)
|
(18,697
|
)
|
||||
Principal repayments on investment securities available for sale
|
14,496
|
13,855
|
||||||
Purchases of investment securities available for sale
|
-
|
(14,024
|
)
|
|||||
Proceeds from maturity of investment security available for sale
|
5,000
|
-
|
||||||
Principal repayments on investment securities held to maturity
|
4
|
18
|
||||||
Redemption of certificates of deposit held for investment
|
1,983
|
1,245
|
||||||
Purchases of premises and equipment and capitalized software
|
(194
|
)
|
(133
|
)
|
||||
Proceeds from sale of REO
|
326
|
-
|
||||||
Net cash used in investing activities
|
(16,609
|
)
|
(3,179
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase (decrease) in deposits
|
(13,384
|
)
|
10,324
|
|||||
Dividends paid
|
(1,467
|
)
|
(956
|
)
|
||||
Proceeds from borrowings
|
59,740
|
17,925
|
||||||
Repayment of borrowings
|
(59,740
|
)
|
(17,925
|
)
|
||||
Net increase in advance payments by borrowers
|
413
|
227
|
||||||
Principal payments on capital lease obligation
|
(13
|
)
|
(11
|
)
|
||||
Proceeds from exercise of stock options
|
151
|
102
|
||||||
Net cash provided by (used in) financing activities
|
(14,300
|
)
|
9,686
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(17,687
|
)
|
11,632
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
44,767
|
64,613
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
27,080
|
$
|
76,245
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
1,183
|
$
|
1,102
|
||||
Income taxes
|
4,591
|
2,170
|
||||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Dividends declared and accrued in other liabilities
|
$
|
791
|
$
|
508
|
||||
Other comprehensive income (loss)
|
(2,293
|
)
|
905
|
|||||
Income tax effect related to other comprehensive income (loss)
|
539
|
(321
|
)
|
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
BUSINESS COMBINATIONS
|
At February 17, 2017
|
||||||||||||
Book
Value
|
Fair Value
Adjustment
|
Estimated
Fair Value
|
||||||||||
Cash consideration transferred
|
$
|
12,080
|
||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed
|
||||||||||||
Identifiable assets acquired
|
||||||||||||
Cash and cash equivalents
|
$
|
27,196
|
$
|
-
|
$
|
27,196
|
||||||
Loans receivable
|
115,283
|
(3,258
|
)
|
112,025
|
||||||||
CDI
|
-
|
1,363
|
1,363
|
|||||||||
Premises and equipment
|
1,769
|
399
|
2,168
|
|||||||||
BOLI
|
2,113
|
-
|
2,113
|
|||||||||
Accrued interest receivable and other assets
|
431
|
90
|
521
|
|||||||||
Total identifiable assets acquired
|
146,792
|
(1,406
|
)
|
145,386
|
||||||||
Liabilities assumed
|
||||||||||||
Deposits
|
130,572
|
235
|
130,807
|
|||||||||
Junior subordinated debentures
|
5,155
|
(1,468
|
)
|
3,687
|
||||||||
Accrued expenses and other liabilities
|
293
|
23
|
316
|
|||||||||
Total liabilities assumed
|
136,020
|
(1,210
|
)
|
134,810
|
||||||||
Total identifiable net assets acquired
|
$
|
10,772
|
$
|
(196
|
)
|
10,576
|
||||||
Goodwill recognized
|
$
|
1,504
|
4.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Six Months Ended
September 30, 2018
|
Six Months Ended
September 30, 2017
|
|||||||||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||
Balance, beginning of period
|
141,365
|
$
|
3.77
|
220,654
|
$
|
4.74
|
||||||||||
Options exercised
|
(28,533
|
)
|
5.30
|
(23,022
|
)
|
4.43
|
||||||||||
Expired
|
(2,500
|
)
|
8.12
|
(15,000
|
)
|
14.49
|
||||||||||
Balance, end of period
|
110,332
|
$
|
3.27
|
182,632
|
$
|
3.98
|
5.
|
EARNINGS PER SHARE
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Basic EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
4,229,000
|
$
|
3,059,000
|
$
|
8,671,000
|
$
|
5,713,000
|
||||||||
Denominator-weighted average common shares
outstanding
|
22,579,839
|
22,518,941
|
22,575,009
|
22,511,935
|
||||||||||||
Basic EPS
|
$
|
0.19
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
||||||||
Diluted EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
4,229,000
|
$
|
3,059,000
|
$
|
8,671,000
|
$
|
5,713,000
|
||||||||
Denominator-weighted average common shares
outstanding
|
22,579,839
|
22,518,941
|
22,575,009
|
22,511,935
|
||||||||||||
Effect of dilutive stock options
|
78,898
|
90,539
|
80,288
|
87,916
|
||||||||||||
Weighted average common shares and common
stock equivalents
|
22,658,737
|
22,609,480
|
22,655,297
|
22,599,851
|
||||||||||||
Diluted EPS
|
$
|
0.19
|
$
|
0.14
|
$
|
0.38
|
$
|
0.25
|
6.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
September 30, 2018
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
8,964
|
$
|
-
|
$
|
(390
|
)
|
$
|
8,574
|
|||||||
Agency securities
|
17,420
|
4
|
(412
|
)
|
17,012
|
|||||||||||
Real estate mortgage investment conduits
(1)
|
44,108
|
1
|
(1,860
|
)
|
42,249
|
|||||||||||
Residential mortgage-backed securities
(1)
|
83,865
|
3
|
(3,721
|
)
|
80,147
|
|||||||||||
Other mortgage-backed securities
(2)
|
44,934
|
-
|
(2,124
|
)
|
42,810
|
|||||||||||
Total available for sale
|
$
|
199,291
|
$
|
8
|
$
|
(8,507
|
)
|
$
|
190,792
|
|||||||
Held to maturity:
|
||||||||||||||||
Residential mortgage-backed securities
(3)
|
$
|
38
|
$
|
1
|
$
|
-
|
$
|
39
|
||||||||
March 31, 2018
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
9,041
|
$
|
-
|
$
|
(309
|
)
|
$
|
8,732
|
|||||||
Agency securities
|
22,412
|
1
|
(311
|
)
|
22,102
|
|||||||||||
Real estate mortgage investment conduits
(1)
|
48,310
|
-
|
(1,355
|
)
|
46,955
|
|||||||||||
Residential mortgage-backed securities
(1)
|
91,786
|
3
|
(2,715
|
)
|
89,074
|
|||||||||||
Other mortgage-backed securities
(2)
|
47,878
|
1
|
(1,521
|
)
|
46,358
|
|||||||||||
Total available for sale
|
$
|
219,427
|
$
|
5
|
$
|
(6,211
|
)
|
$
|
213,221
|
|||||||
Held to maturity:
|
||||||||||||||||
Residential mortgage-backed securities
(3)
|
$
|
42
|
$
|
1
|
$
|
-
|
$
|
43
|
||||||||
(1)
Comprised of Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA") and Ginnie Mae ("GNMA") issued securities.
|
||||||||||||||||
(2)
Comprised of U.S. Small Business Administration ("SBA") issued securities and commercial real estate ("CRE") secured securities issued by FNMA.
|
||||||||||||||||
(3)
Comprised of FHLMC and FNMA issued securities.
|
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Amortized
Cost
|
Estimated
Fair Value
|
Amortized
Cost
|
Estimated
Fair Value
|
|||||||||||||
Due in one year or less
|
$
|
8,000
|
$
|
7,971
|
$
|
-
|
$
|
-
|
||||||||
Due after one year through five years
|
10,787
|
10,535
|
5
|
5
|
||||||||||||
Due after five years through ten years
|
41,341
|
39,543
|
29
|
30
|
||||||||||||
Due after ten years
|
139,163
|
132,743
|
4
|
4
|
||||||||||||
Total
|
$
|
199,291
|
$
|
190,792
|
$
|
38
|
$
|
39
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||
Municipal securities
|
$
|
5,293
|
$
|
(289
|
)
|
$
|
3,281
|
$
|
(101
|
)
|
$
|
8,574
|
$
|
(390
|
)
|
|||||||||
Agency securities
|
995
|
(9
|
)
|
13,999
|
(403
|
)
|
14,994
|
(412
|
)
|
|||||||||||||||
Real estate mortgage investment conduits
(2)
|
20,660
|
(759
|
)
|
21,546
|
(1,101
|
)
|
42,206
|
(1,860
|
)
|
|||||||||||||||
Residential mortgage-backed securities
(2)
|
28,498
|
(1,018
|
)
|
51,415
|
(2,703
|
)
|
79,913
|
(3,721
|
)
|
|||||||||||||||
Other mortgage-backed securities
(3)
|
10,514
|
(259
|
)
|
32,296
|
(1,865
|
)
|
42,810
|
(2,124
|
)
|
|||||||||||||||
Total available for sale
|
$
|
65,960
|
$
|
(2,334
|
)
|
$
|
122,537
|
$
|
(6,173
|
)
|
$
|
188,497
|
$
|
(8,507
|
)
|
7.
|
LOANS RECEIVABLE
|
8.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
September 30, 2018
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,799
|
$
|
5,139
|
$
|
258
|
$
|
781
|
$
|
855
|
$
|
1,788
|
$
|
729
|
$
|
11,349
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
59
|
222
|
(21
|
)
|
(85
|
)
|
152
|
(61
|
)
|
(16
|
)
|
250
|
||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(92
|
)
|
-
|
(92
|
)
|
||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,858
|
$
|
5,361
|
$
|
237
|
$
|
696
|
$
|
1,007
|
$
|
1,641
|
$
|
713
|
$
|
11,513
|
Six months ended
September 30, 2018
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,668
|
$
|
4,914
|
$
|
220
|
$
|
822
|
$
|
618
|
$
|
1,809
|
$
|
715
|
$
|
10,766
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
190
|
(376
|
)
|
17
|
(126
|
)
|
389
|
(42
|
)
|
(2
|
)
|
50
|
||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(184
|
)
|
-
|
(184
|
)
|
||||||||||||||||||||||
Recoveries
|
-
|
823
|
-
|
-
|
-
|
58
|
-
|
881
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,858
|
$
|
5,361
|
$
|
237
|
$
|
696
|
$
|
1,007
|
$
|
1,641
|
$
|
713
|
$
|
11,513
|
Three months ended
September 30, 2017
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,391
|
$
|
5,176
|
$
|
219
|
$
|
502
|
$
|
668
|
$
|
1,932
|
$
|
709
|
$
|
10,597
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(53
|
)
|
(76
|
)
|
(130
|
)
|
2
|
172
|
63
|
22
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(128
|
)
|
-
|
(128
|
)
|
||||||||||||||||||||||
Recoveries
|
2
|
16
|
107
|
-
|
-
|
23
|
-
|
148
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,340
|
$
|
5,116
|
$
|
196
|
$
|
504
|
$
|
840
|
$
|
1,890
|
$
|
731
|
$
|
10,617
|
Six months ended
September 30, 2017
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,418
|
$
|
5,084
|
$
|
228
|
$
|
297
|
$
|
714
|
$
|
2,099
|
$
|
688
|
$
|
10,528
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(83
|
)
|
16
|
(275
|
)
|
207
|
126
|
(34
|
)
|
43
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(210
|
)
|
-
|
(210
|
)
|
||||||||||||||||||||||
Recoveries
|
5
|
16
|
243
|
-
|
-
|
35
|
-
|
299
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,340
|
$
|
5,116
|
$
|
196
|
$
|
504
|
$
|
840
|
$
|
1,890
|
$
|
731
|
$
|
10,617
|
Allowance for Loan Losses
|
Recorded Investment In Loans
|
|||||||||||||||||||||||
September 30, 2018
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,858
|
$
|
1,858
|
$
|
168
|
$
|
155,319
|
$
|
155,487
|
||||||||||||
Commercial real estate
|
-
|
5,361
|
5,361
|
2,555
|
459,822
|
462,377
|
||||||||||||||||||
Land
|
-
|
237
|
237
|
740
|
15,199
|
15,939
|
||||||||||||||||||
Multi-family
|
-
|
696
|
696
|
1,619
|
53,323
|
54,942
|
||||||||||||||||||
Real estate construction
|
-
|
1,007
|
1,007
|
-
|
62,795
|
62,795
|
||||||||||||||||||
Consumer
|
26
|
1,615
|
1,641
|
713
|
97,589
|
98,302
|
||||||||||||||||||
Unallocated
|
-
|
713
|
713
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
26
|
$
|
11,487
|
$
|
11,513
|
$
|
5,795
|
$
|
844,047
|
$
|
849,842
|
March 31, 2018
|
||||||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,668
|
$
|
1,668
|
$
|
1,004
|
$
|
136,668
|
$
|
137,672
|
||||||||||||
Commercial real estate
|
-
|
4,914
|
4,914
|
2,883
|
447,714
|
450,597
|
||||||||||||||||||
Land
|
-
|
220
|
220
|
763
|
14,574
|
15,337
|
||||||||||||||||||
Multi-family
|
-
|
822
|
822
|
1,644
|
61,436
|
63,080
|
||||||||||||||||||
Real estate construction
|
-
|
618
|
618
|
-
|
39,584
|
39,584
|
||||||||||||||||||
Consumer
|
69
|
1,740
|
1,809
|
1,428
|
103,678
|
105,106
|
||||||||||||||||||
Unallocated
|
-
|
715
|
715
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
69
|
$
|
10,697
|
$
|
10,766
|
$
|
7,722
|
$
|
803,654
|
$
|
811,376
|
September 30, 2018
|
30-89 Days
Past Due
|
90 Days
and
Greater
Past Due
|
Non-accrual
|
Total Past
Due and
Non-
accrual
|
Current
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$
|
128
|
$
|
-
|
$
|
168
|
$
|
296
|
$
|
155,191
|
$
|
155,487
|
||||||||||||
Commercial real estate
|
163
|
-
|
1,135
|
1,298
|
461,079
|
462,377
|
||||||||||||||||||
Land
|
-
|
-
|
740
|
740
|
15,199
|
15,939
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
54,942
|
54,942
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
62,795
|
62,795
|
||||||||||||||||||
Consumer
|
401
|
-
|
240
|
641
|
97,661
|
98,302
|
||||||||||||||||||
Total
|
$
|
692
|
$
|
-
|
$
|
2,283
|
$
|
2,975
|
$
|
846,867
|
$
|
849,842
|
March 31, 2018
|
||||||||||||||||||||||||
Commercial business
|
$
|
7
|
$
|
-
|
$
|
178
|
$
|
185
|
$
|
137,487
|
$
|
137,672
|
||||||||||||
Commercial real estate
|
-
|
-
|
1,200
|
1,200
|
449,397
|
450,597
|
||||||||||||||||||
Land
|
-
|
-
|
763
|
763
|
14,574
|
15,337
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
63,080
|
63,080
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
39,584
|
39,584
|
||||||||||||||||||
Consumer
|
513
|
-
|
277
|
790
|
104,316
|
105,106
|
||||||||||||||||||
Total
|
$
|
520
|
$
|
-
|
$
|
2,418
|
$
|
2,938
|
$
|
808,438
|
$
|
811,376
|
September 30, 2018
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$
|
151,080
|
$
|
2,141
|
$
|
2,266
|
$
|
-
|
$
|
-
|
$
|
155,487
|
||||||||||||
Commercial real estate
|
449,511
|
9,976
|
2,890
|
-
|
-
|
462,377
|
||||||||||||||||||
Land
|
15,199
|
-
|
740
|
-
|
-
|
15,939
|
||||||||||||||||||
Multi-family
|
52,769
|
2,152
|
21
|
-
|
-
|
54,942
|
||||||||||||||||||
Real estate construction
|
62,795
|
-
|
-
|
-
|
-
|
62,795
|
||||||||||||||||||
Consumer
|
98,062
|
-
|
240
|
-
|
-
|
98,302
|
||||||||||||||||||
Total
|
$
|
829,416
|
$
|
14,269
|
$
|
6,157
|
$
|
-
|
$
|
-
|
$
|
849,842
|
March 31, 2018
|
||||||||||||||||||||||||
Commercial business
|
$
|
132,309
|
$
|
1,976
|
$
|
3,387
|
$
|
-
|
$
|
-
|
$
|
137,672
|
||||||||||||
Commercial real estate
|
440,123
|
7,489
|
2,985
|
-
|
-
|
450,597
|
||||||||||||||||||
Land
|
14,574
|
-
|
763
|
-
|
-
|
15,337
|
||||||||||||||||||
Multi-family
|
60,879
|
2,190
|
11
|
-
|
-
|
63,080
|
||||||||||||||||||
Real estate construction
|
39,584
|
-
|
-
|
-
|
-
|
39,584
|
||||||||||||||||||
Consumer
|
104,829
|
-
|
277
|
-
|
-
|
105,106
|
||||||||||||||||||
Total
|
$
|
792,298
|
$
|
11,655
|
$
|
7,423
|
$
|
-
|
$
|
-
|
$
|
811,376
|
September 30, 2018
|
Recorded
Investment with
No Specific
Valuation
Allowance
|
Recorded
Investment
with Specific
Valuation
Allowance
|
Total
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Specific
Valuation
Allowance
|
|||||||||||||||
Commercial business
|
$
|
168
|
$
|
-
|
$
|
168
|
$
|
186
|
$
|
-
|
||||||||||
Commercial real estate
|
2,555
|
-
|
2,555
|
3,463
|
-
|
|||||||||||||||
Land
|
740
|
-
|
740
|
779
|
-
|
|||||||||||||||
Multi-family
|
1,619
|
-
|
1,619
|
1,726
|
-
|
|||||||||||||||
Consumer
|
287
|
426
|
713
|
823
|
26
|
|||||||||||||||
Total
|
$
|
5,369
|
$
|
426
|
$
|
5,795
|
$
|
6,977
|
$
|
26
|
||||||||||
March 31, 2018
|
||||||||||||||||||||
Commercial business
|
$
|
1,004
|
$
|
-
|
$
|
1,004
|
$
|
1,062
|
$
|
-
|
||||||||||
Commercial real estate
|
2,883
|
-
|
2,883
|
3,816
|
-
|
|||||||||||||||
Land
|
763
|
-
|
763
|
790
|
-
|
|||||||||||||||
Multi-family
|
1,644
|
-
|
1,644
|
1,765
|
-
|
|||||||||||||||
Consumer
|
294
|
1,134
|
1,428
|
1,544
|
69
|
|||||||||||||||
Total
|
$
|
6,588
|
$
|
1,134
|
$
|
7,722
|
$
|
8,977
|
$
|
69
|
Three Months ended
September 30, 2018
|
Three Months ended
September 30, 2017
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
170
|
$
|
-
|
$
|
1,116
|
$
|
4
|
||||||||
Commercial real estate
|
2,576
|
16
|
3,723
|
31
|
||||||||||||
Land
|
745
|
-
|
786
|
-
|
||||||||||||
Multi-family
|
1,625
|
22
|
1,675
|
22
|
||||||||||||
Consumer
|
1,064
|
10
|
1,458
|
15
|
||||||||||||
Total
|
$
|
6,180
|
$
|
48
|
$
|
8,758
|
$
|
72
|
Six Months ended
September 30, 2018
|
Six Months ended
September 30, 2017
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
448
|
$
|
-
|
$
|
842
|
$
|
23
|
||||||||
Commercial real estate
|
2,678
|
32
|
5,017
|
61
|
||||||||||||
Land
|
751
|
-
|
791
|
-
|
||||||||||||
Multi-family
|
1,632
|
44
|
1,680
|
46
|
||||||||||||
Consumer
|
1,185
|
26
|
1,464
|
31
|
||||||||||||
Total
|
$
|
6,694
|
$
|
102
|
$
|
9,794
|
$
|
161
|
September 30, 2018
|
March 31, 2018
|
|||||||||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
168
|
$
|
168
|
$
|
826
|
$
|
178
|
$
|
1,004
|
||||||||||||
Commercial real estate
|
1,420
|
1,135
|
2,555
|
1,683
|
1,200
|
2,883
|
||||||||||||||||||
Land
|
-
|
740
|
740
|
-
|
763
|
763
|
||||||||||||||||||
Multi-family
|
1,619
|
-
|
1,619
|
1,644
|
-
|
1,644
|
||||||||||||||||||
Consumer
|
713
|
-
|
713
|
1,428
|
-
|
1,428
|
||||||||||||||||||
Total
|
$
|
3,752
|
$
|
2,043
|
$
|
5,795
|
$
|
5,581
|
$
|
2,141
|
$
|
7,722
|
9.
|
GOODWILL
|
10.
|
JUNIOR SUBORDINATED DEBENTURES
|
11.
|
FAIR VALUE MEASUREMENTS
|
|
Estimated Fair Value Measurements Using
|
|||||||||||||||
September 30, 2018
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
8,574
|
$
|
-
|
$
|
8,574
|
$
|
-
|
||||||||
Agency securities
|
17,012
|
-
|
17,012
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
42,249
|
-
|
42,249
|
-
|
||||||||||||
Residential mortgage-backed securities
|
80,147
|
-
|
80,147
|
-
|
||||||||||||
Other mortgage-backed securities
|
42,810
|
-
|
42,810
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
190,792
|
$
|
-
|
$
|
190,792
|
$
|
-
|
March 31, 2018
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
8,732
|
$
|
-
|
$
|
8,732
|
$
|
-
|
||||||||
Agency securities
|
22,102
|
-
|
22,102
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
46,955
|
-
|
46,955
|
-
|
||||||||||||
Residential mortgage-backed securities
|
89,074
|
-
|
89,074
|
-
|
||||||||||||
Other mortgage-backed securities
|
46,358
|
-
|
46,358
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
213,221
|
$
|
-
|
$
|
213,221
|
$
|
-
|
|
|
Estimated Fair Value Measurements Using
|
||||||||||||||
September 30, 2018
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$
|
401
|
$
|
-
|
$
|
-
|
$
|
401
|
||||||||
March 31, 2018
|
||||||||||||||||
Impaired loans
|
$
|
2,143
|
$
|
-
|
$
|
-
|
$
|
2,143
|
September 30, 2018
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
27,080
|
$
|
27,080
|
$
|
-
|
$
|
-
|
$
|
27,080
|
||||||||||
Certificates of deposit held for investment
|
3,984
|
-
|
3,975
|
-
|
3,975
|
|||||||||||||||
Investment securities available for sale
|
190,792
|
-
|
190,792
|
-
|
190,792
|
|||||||||||||||
Investment securities held to maturity
|
38
|
-
|
39
|
-
|
39
|
|||||||||||||||
Loans receivable, net
|
838,329
|
-
|
-
|
830,281
|
830,281
|
|||||||||||||||
FHLB stock
|
1,353
|
-
|
1,353
|
-
|
1,353
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Time deposits
|
107,887
|
-
|
105,494
|
-
|
105,494
|
|||||||||||||||
Junior subordinated debentures
|
26,530
|
-
|
-
|
15,658
|
15,658
|
|||||||||||||||
Capital lease obligation
|
2,418
|
-
|
2,418
|
-
|
2,418
|
|||||||||||||||
|
March 31, 2018
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
44,767
|
$
|
44,767
|
$
|
-
|
$
|
-
|
$
|
44,767
|
||||||||||
Certificates of deposit held for investment
|
5,967
|
-
|
5,959
|
-
|
5,959
|
|||||||||||||||
Loans held for sale
|
210
|
-
|
210
|
-
|
210
|
|||||||||||||||
Investment securities available for sale
|
213,221
|
-
|
213,221
|
-
|
213,221
|
|||||||||||||||
Investment securities held to maturity
|
42
|
-
|
43
|
-
|
43
|
|||||||||||||||
Loans receivable, net
|
800,610
|
-
|
-
|
792,916
|
792,916
|
|||||||||||||||
FHLB stock
|
1,353
|
-
|
1,353
|
-
|
1,353
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Time deposits
|
123,144
|
-
|
120,940
|
-
|
120,940
|
|||||||||||||||
Junior subordinated debentures
|
26,484
|
-
|
-
|
15,274
|
15,274
|
|||||||||||||||
Capital lease obligation
|
2,431
|
-
|
2,431
|
-
|
2,431
|
12.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
13.
|
REVENUE FROM CONTRACTS WITH CUSTOMERS
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Asset management fees
|
$
|
943
|
$
|
818
|
$
|
1,869
|
$
|
1,671
|
||||||||
Debit card and ATM fees
|
778
|
755
|
1,583
|
1,494
|
||||||||||||
Deposit related fees
|
434
|
404
|
877
|
823
|
||||||||||||
Loan related fees
|
314
|
197
|
658
|
322
|
||||||||||||
BOLI
(1)
|
174
|
204
|
353
|
411
|
||||||||||||
Net gains on sales of loans held for sale
(1)
|
44
|
157
|
196
|
382
|
||||||||||||
FHLMC loan servicing fees
(1)
|
34
|
29
|
61
|
57
|
||||||||||||
Other, net
|
295
|
149
|
471
|
291
|
||||||||||||
Total non-interest income
|
$
|
3,016
|
$
|
2,713
|
$
|
6,068
|
$
|
5,451
|
||||||||
(1)
Not in the scope of ASC 606
|
14.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||||
Commitments to originate loans:
|
||||
Adjustable-rate
|
$
|
29,187
|
||
Fixed-rate
|
12,956
|
|||
Standby letters of credit
|
2,357
|
|||
Undisbursed loan funds and unused lines of credit
|
161,886
|
|||
Total
|
$
|
206,386
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
September 30, 2018
|
||||||||||||||||
Commercial business
|
$
|
155,487
|
$
|
-
|
$
|
-
|
$
|
155,487
|
||||||||
Commercial construction
|
-
|
-
|
45,330
|
45,330
|
||||||||||||
Office buildings
|
-
|
122,465
|
-
|
122,465
|
||||||||||||
Warehouse/industrial
|
-
|
87,630
|
-
|
87,630
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
66,458
|
-
|
66,458
|
||||||||||||
Assisted living facilities
|
-
|
2,840
|
-
|
2,840
|
||||||||||||
Single purpose facilities
|
-
|
182,984
|
-
|
182,984
|
||||||||||||
Land
|
-
|
15,939
|
-
|
15,939
|
||||||||||||
Multi-family
|
-
|
54,942
|
-
|
54,942
|
||||||||||||
One-to-four family construction
|
-
|
-
|
17,465
|
17,465
|
||||||||||||
Total
|
$
|
155,487
|
$
|
533,258
|
$
|
62,795
|
$
|
751,540
|
March 31, 2018
|
||||||||||||||||
Commercial business
|
$
|
137,672
|
$
|
-
|
$
|
-
|
$
|
137,672
|
||||||||
Commercial construction
|
-
|
-
|
23,158
|
23,158
|
||||||||||||
Office buildings
|
-
|
124,000
|
-
|
124,000
|
||||||||||||
Warehouse/industrial
|
-
|
89,442
|
-
|
89,442
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
68,932
|
-
|
68,932
|
||||||||||||
Assisted living facilities
|
-
|
2,934
|
-
|
2,934
|
||||||||||||
Single purpose facilities
|
-
|
165,289
|
-
|
165,289
|
||||||||||||
Land
|
-
|
15,337
|
-
|
15,337
|
||||||||||||
Multi-family
|
-
|
63,080
|
-
|
63,080
|
||||||||||||
One-to-four family construction
|
-
|
-
|
16,426
|
16,426
|
||||||||||||
Total
|
$
|
137,672
|
$
|
529,014
|
$
|
39,584
|
$
|
706,270
|
Actual
|
For Capital
Adequacy Purposes
|
"Well Capitalized"
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
130,740
|
15.82
|
%
|
$
|
66,117
|
8.0
|
%
|
$
|
82,646
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
120,388
|
14.57
|
49,588
|
6.0
|
66,117
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
120,388
|
14.57
|
37,191
|
4.5
|
53,720
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
120,388
|
10.72
|
44,925
|
4.0
|
56,156
|
5.0
|
Actual
|
For Capital
Adequacy Purposes
|
"Well Capitalized"
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
March 31, 2018
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
123,061
|
15.41
|
%
|
$
|
63,868
|
8.0
|
%
|
$
|
79,835
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
113,066
|
14.16
|
47,901
|
6.0
|
63,868
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
113,066
|
14.16
|
35,926
|
4.5
|
51,893
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
113,066
|
10.26
|
44,093
|
4.0
|
55,116
|
5.0
|
September 30, 2018
|
March 31, 2018
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
1
|
$
|
168
|
1
|
$
|
178
|
||||||||||
Commercial real estate
|
2
|
1,135
|
2
|
1,200
|
||||||||||||
Land
|
1
|
740
|
1
|
763
|
||||||||||||
Consumer
|
13
|
240
|
12
|
277
|
||||||||||||
Total
|
17
|
$
|
2,283
|
16
|
$
|
2,418
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
||||||||||||||||
September 30, 2018
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
168
|
$
|
-
|
$
|
-
|
$
|
168
|
||||||||||
Commercial real estate
|
942
|
193
|
-
|
-
|
1,135
|
|||||||||||||||
Land
|
740
|
-
|
-
|
-
|
740
|
|||||||||||||||
Consumer
|
-
|
173
|
-
|
67
|
240
|
|||||||||||||||
Total nonperforming loans
|
1,682
|
534
|
-
|
67
|
2,283
|
|||||||||||||||
REO
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
$
|
1,682
|
$
|
534
|
$
|
-
|
$
|
67
|
$
|
2,283
|
||||||||||
March 31, 2018
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
178
|
$
|
-
|
$
|
-
|
$
|
178
|
||||||||||
Commercial real estate
|
997
|
203
|
-
|
-
|
1,200
|
|||||||||||||||
Land
|
763
|
-
|
-
|
-
|
763
|
|||||||||||||||
Consumer
|
-
|
206
|
-
|
71
|
277
|
|||||||||||||||
Total nonperforming loans
|
1,760
|
587
|
-
|
71
|
2,418
|
|||||||||||||||
REO
|
-
|
-
|
298
|
-
|
298
|
|||||||||||||||
Total nonperforming assets
|
$
|
1,760
|
$
|
587
|
$
|
298
|
$
|
71
|
$
|
2,716
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
|||||||||||||
September 30, 2018
|
||||||||||||||||
Land development
|
$
|
199
|
$
|
1,950
|
$
|
13,790
|
$
|
15,939
|
||||||||
Speculative construction
|
571
|
4
|
14,054
|
14,629
|
||||||||||||
Total land development and speculative construction
|
$
|
770
|
$
|
1,954
|
$
|
27,844
|
$
|
30,568
|
March 31, 2018
|
||||||||||||||||
Land development
|
$
|
482
|
$
|
881
|
$
|
13,974
|
$
|
15,337
|
||||||||
Speculative construction
|
400
|
421
|
12,596
|
13,417
|
||||||||||||
Total land development and speculative construction
|
$
|
882
|
$
|
1,302
|
$
|
26,570
|
$
|
28,754
|
September 30, 2018
|
March 31, 2018
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
10
|
$
|
2,098
|
11
|
$
|
3,209
|
||||||||||
Commercial real estate
|
2
|
1,755
|
2
|
1,785
|
||||||||||||
Multi-family
|
2
|
21
|
1
|
11
|
||||||||||||
Total
|
14
|
$
|
3,874
|
14
|
$
|
5,005
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||||||
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
|||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Mortgage loans
|
$
|
659,734
|
$
|
8,807
|
5.30
|
%
|
$
|
622,927
|
$
|
8,132
|
5.18
|
%
|
||||||||||||
Non-mortgage loans
|
179,763
|
2,136
|
4.71
|
160,286
|
1,862
|
4.61
|
||||||||||||||||||
Total net loans
(1)
|
839,497
|
10,943
|
5.17
|
783,213
|
9,994
|
5.06
|
||||||||||||||||||
Investment securities
(2)
|
203,579
|
1,163
|
2.27
|
203,761
|
1,101
|
2.14
|
||||||||||||||||||
Daily interest-earning assets
|
18
|
-
|
-
|
54
|
-
|
-
|
||||||||||||||||||
Other earning assets
|
21,292
|
118
|
2.20
|
69,790
|
228
|
1.30
|
||||||||||||||||||
Total interest-earning assets
|
1,064,386
|
12,224
|
4.56
|
1,056,818
|
11,323
|
4.25
|
||||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||
Office properties and equipment, net
|
15,574
|
15,933
|
||||||||||||||||||||||
Other non-interest-earning assets
|
66,571
|
72,739
|
||||||||||||||||||||||
Total assets
|
$
|
1,146,531
|
$
|
1,145,490
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Regular savings accounts
|
$
|
137,423
|
35
|
0.10
|
$
|
132,967
|
33
|
0.10
|
||||||||||||||||
Interest checking accounts
|
182,799
|
26
|
0.06
|
171,151
|
25
|
0.06
|
||||||||||||||||||
Money market accounts
|
257,175
|
79
|
0.12
|
277,481
|
86
|
0.12
|
||||||||||||||||||
Certificates of deposit
|
110,711
|
119
|
0.43
|
138,700
|
169
|
0.48
|
||||||||||||||||||
Total interest-bearing deposits
|
688,108
|
259
|
0.15
|
720,299
|
313
|
0.17
|
||||||||||||||||||
Other interest-bearing liabilities
|
28,977
|
352
|
4.82
|
28,873
|
277
|
3.81
|
||||||||||||||||||
Total interest-bearing liabilities
|
717,085
|
611
|
0.34
|
749,172
|
590
|
0.31
|
||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing deposits
|
298,840
|
271,812
|
||||||||||||||||||||||
Other liabilities
|
7,976
|
7,831
|
||||||||||||||||||||||
Total liabilities
|
1,023,901
|
1,028,815
|
||||||||||||||||||||||
Shareholders' equity
|
122,630
|
116,675
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,146,531
|
$
|
1,145,490
|
||||||||||||||||||||
Net interest income
|
$
|
11,613
|
$
|
10,733
|
||||||||||||||||||||
Interest rate spread
|
4.22
|
%
|
3.94
|
%
|
||||||||||||||||||||
Net interest margin
|
4.33
|
%
|
4.03
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities
|
148.43
|
%
|
141.06
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
(3)
|
$
|
11
|
$
|
8
|
(1)
Includes non-accrual loans.
|
|||||||||||
(2)
For purposes of the computation of average yield on investment securities available for sale, historical cost balances were utilized; therefore, the yield information does not give effect to changes in fair value that are reflected as a component of shareholders' equity.
|
|||||||||||
(3)
Tax-equivalent adjustment relates to non-taxable investment interest income.
|
Six Months Ended September 30,
|
||||||||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||||||
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
|||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Mortgage loans
|
$
|
648,796
|
$
|
17,604
|
5.41
|
%
|
$
|
630,248
|
$
|
15,815
|
5.00
|
%
|
||||||||||||
Non-mortgage loans
|
177,513
|
4,116
|
4.62
|
154,508
|
3,968
|
5.12
|
||||||||||||||||||
Total net loans
(1)
|
826,309
|
21,720
|
5.24
|
784,756
|
19,783
|
5.03
|
||||||||||||||||||
Investment securities
(2)
|
209,735
|
2,409
|
2.29
|
206,519
|
2,256
|
2.18
|
||||||||||||||||||
Daily interest-earning assets
|
33
|
-
|
-
|
76
|
-
|
-
|
||||||||||||||||||
Other earning assets
|
20,445
|
211
|
2.06
|
48,747
|
315
|
1.29
|
||||||||||||||||||
Total interest-earning assets
|
1,056,522
|
24,340
|
4.59
|
1,040,098
|
22,354
|
4.29
|
||||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||
Office properties and equipment, net
|
15,675
|
16,039
|
||||||||||||||||||||||
Other non-interest-earning assets
|
66,859
|
72,772
|
||||||||||||||||||||||
Total assets
|
$
|
1,139,056
|
$
|
1,128,909
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Regular savings accounts
|
$
|
136,211
|
68
|
0.10
|
$
|
129,449
|
65
|
0.10
|
||||||||||||||||
Interest checking accounts
|
180,053
|
51
|
0.06
|
168,814
|
49
|
0.06
|
||||||||||||||||||
Money market accounts
|
260,173
|
159
|
0.12
|
277,099
|
170
|
0.12
|
||||||||||||||||||
Certificates of deposit
|
114,188
|
241
|
0.42
|
142,833
|
351
|
0.49
|
||||||||||||||||||
Total interest-bearing deposits
|
690,625
|
519
|
0.15
|
718,195
|
635
|
0.18
|
||||||||||||||||||
Other interest-bearing liabilities
|
30,925
|
710
|
4.58
|
28,988
|
545
|
3.75
|
||||||||||||||||||
Total interest-bearing liabilities
|
721,550
|
1,229
|
0.34
|
747,183
|
1,180
|
0.31
|
||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing deposits
|
288,716
|
258,655
|
||||||||||||||||||||||
Other liabilities
|
7,977
|
7,895
|
||||||||||||||||||||||
Total liabilities
|
1,018,243
|
1,013,733
|
||||||||||||||||||||||
Shareholders' equity
|
120,813
|
115,176
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,139,056
|
$
|
1,128,909
|
||||||||||||||||||||
Net interest income
|
$
|
23,111
|
$
|
21,174
|
||||||||||||||||||||
Interest rate spread
|
4.25
|
%
|
3.98
|
%
|
||||||||||||||||||||
Net interest margin
|
4.36
|
%
|
4.06
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities
|
146.42
|
%
|
139.20
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
(3)
|
$
|
22
|
$
|
16
|
(1)
Includes non-accrual loans.
|
|||||||||||
(2)
For purposes of the computation of average yield on investment securities available for sale, historical cost balances were utilized; therefore, the yield information does not give effect to changes in fair value that are reflected as a component of shareholders' equity.
|
|||||||||||
(3)
Tax-equivalent adjustment relates to non-taxable investment interest income.
|
(1) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on September 29, 2016 and incorporated herein by reference.
|
(2) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203), and incorporated herein by reference.
|
(3) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference.
|
(4) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2014, and incorporated herein by reference.
|
(5) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 2017 and incorporated herein by reference.
|
(6) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 1997, and incorporated herein by reference.
|
(7) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 1998, and incorporated herein by reference.
|
(8) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-8 (Registration No. 333-66049), and incorporated herein by reference.
|
(9) |
Filed as an exhibit to the Registrant's Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 5, 2003, and incorporated herein by reference.
|
(10) |
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31, 2005, and incorporated herein by reference.
|
(11) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 2009 and incorporated herein by reference.
|
(12) |
Filed as Appendix A to the Registrant's Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 16, 2017, and incorporated herein by reference.
|
RIVERVIEW BANCORP, INC. | |||
By:
|
/S/ Kevin J. Lycklama
|
By:
|
/S/ David Lam
|
|
Kevin J. Lycklama
|
|
David Lam
|
|
President and Chief Executive Officer
|
|
Executive Vice President and
|
|
Director
|
|
Chief Financial Officer
|
|
(Principal Executive Officer)
|
|
(Principal Financial and Accounting Officer) |
Date: | November 7, 2018 | Date: | November 7, 2018 |
|
|
|
|
101 |
The following materials from Riverview Bancorp Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Equity (d) Consolidated Statements of Cash Flows; and (e) Notes to Consolidated Financial Statements
|
1 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