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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.27 | 6.87% | 4.20 | 4.01 | 4.64 | 4.49 | 4.05 | 4.05 | 49,036 | 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
|
RIVERVIEW BANCORP, INC. | ||
(Exact name of registrant as specified in its charter)
|
||
|
|
|
Washington
|
|
91-1838969
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer I.D. Number)
|
|
|
|
900 Washington St., Ste. 900, Vancouver, Washington
|
|
98660
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
Registrant's telephone number, including area code:
|
|
(360) 693-6650
|
Part I.
|
Financial InformationPage
|
Page
|
|
|
|
Item 1: | Financial Statements (Unaudited) |
|
|
|
|
|
Consolidated Balance Sheets as of
December 31, 2018 and March 31, 2018
|
2
|
|
|
|
|
Consolidated Statements of Income for the
Three and Nine Months Ended December 31, 2018 and 2017
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the
Three and Nine Months Ended December 31, 2018 and 2017
|
4
|
|
|
|
|
Consolidated Statements of Equity for the
Nine Months Ended December 31, 2018 and 2017
|
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the
Nine Months Ended December 31, 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: | Exhibitis | |
SIGNATURES | 45 | |
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, 2018 AND 2017
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
||||||||||||||
(In thousands, except share and per share data) (Unaudited)
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||||||
Interest and fees on loans receivable
|
$
|
11,129
|
$
|
9,978
|
$
|
32,849
|
$
|
29,761
|
||||||||
Interest on investment securities – taxable
|
1,110
|
1,201
|
3,424
|
3,413
|
||||||||||||
Interest on investment securities – nontaxable
|
37
|
31
|
110
|
59
|
||||||||||||
Other interest and dividends
|
60
|
168
|
271
|
483
|
||||||||||||
Total interest and dividend income
|
12,336
|
11,378
|
36,654
|
33,716
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
240
|
298
|
759
|
933
|
||||||||||||
Interest on borrowings
|
416
|
284
|
1,126
|
829
|
||||||||||||
Total interest expense
|
656
|
582
|
1,885
|
1,762
|
||||||||||||
Net interest income
|
11,680
|
10,796
|
34,769
|
31,954
|
||||||||||||
Provision for loan losses
|
-
|
-
|
50
|
-
|
||||||||||||
Net interest income after provision for loan losses
|
11,680
|
10,796
|
34,719
|
31,954
|
||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and service charges
|
1,511
|
1,451
|
4,956
|
4,348
|
||||||||||||
Asset management fees
|
935
|
911
|
2,804
|
2,582
|
||||||||||||
Net gains on sales of loans held for sale
|
82
|
140
|
278
|
522
|
||||||||||||
BOLI
|
192
|
207
|
545
|
618
|
||||||||||||
Other, net
|
62
|
181
|
267
|
271
|
||||||||||||
Total non-interest income, net
|
2,782
|
2,890
|
8,850
|
8,341
|
||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
5,794
|
5,383
|
16,655
|
16,056
|
||||||||||||
Occupancy and depreciation
|
1,306
|
1,347
|
4,016
|
4,105
|
||||||||||||
Data processing
|
621
|
534
|
1,874
|
1,730
|
||||||||||||
Amortization of CDI
|
45
|
58
|
137
|
174
|
||||||||||||
Advertising and marketing
|
151
|
137
|
609
|
627
|
||||||||||||
FDIC insurance premium
|
85
|
108
|
246
|
389
|
||||||||||||
State and local taxes
|
125
|
96
|
475
|
427
|
||||||||||||
Telecommunications
|
85
|
102
|
266
|
309
|
||||||||||||
Professional fees
|
449
|
250
|
1,120
|
926
|
||||||||||||
Other
|
142
|
543
|
1,339
|
1,748
|
||||||||||||
Total non-interest expense
|
8,803
|
8,558
|
26,737
|
26,491
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
5,659
|
5,128
|
16,832
|
13,804
|
||||||||||||
PROVISION FOR INCOME TAXES
|
1,271
|
3,608
|
3,773
|
6,571
|
||||||||||||
NET INCOME
|
$
|
4,388
|
$
|
1,520
|
$
|
13,059
|
$
|
7,233
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
0.19
|
$
|
0.07
|
$
|
0.58
|
$
|
0.32
|
||||||||
Diluted
|
0.19
|
0.07
|
0.58
|
0.32
|
||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
22,598,712
|
22,537,092
|
22,582,956
|
22,520,352
|
||||||||||||
Diluted
|
22,663,919
|
22,622,129
|
22,658,153
|
22,608,603
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
(
In thousands) (Unaudited)
|
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income
|
$
|
4,388
|
$
|
1,520
|
$
|
13,059
|
$
|
7,233
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Net unrealized holding gain (loss) from available for sale investment
|
||||||||||||||||
securities arising during the period, net of tax of ($673), $496,
($134) and $174, respectively
|
2,188
|
(900
|
)
|
434
|
(317
|
)
|
||||||||||
Total comprehensive income, net
|
$
|
6,576
|
$
|
620
|
$
|
13,493
|
$
|
6,916
|
||||||||
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
|
-
|
-
|
-
|
7,233
|
-
|
-
|
7,233
|
|||||||||||||||||||||
Cash dividend on common stock ($0.075 per share)
|
-
|
-
|
-
|
(1,690
|
)
|
-
|
-
|
(1,690
|
)
|
|||||||||||||||||||
Exercise of stock options
|
41,022
|
1
|
164
|
-
|
-
|
-
|
165
|
|||||||||||||||||||||
Earned ESOP shares
|
-
|
-
|
71
|
-
|
77
|
-
|
148
|
|||||||||||||||||||||
Other comprehensive loss, net
|
-
|
-
|
-
|
-
|
-
|
(317
|
)
|
(317
|
)
|
|||||||||||||||||||
Balance December 31, 2017
|
22,551,912
|
$
|
226
|
$
|
64,703
|
$
|
53,878
|
$
|
-
|
$
|
(2,004
|
)
|
$
|
116,803
|
||||||||||||||
Balance April 1, 2018
|
22,570,179
|
$
|
226
|
$
|
64,871
|
$
|
56,552
|
$
|
-
|
$
|
(4,748
|
)
|
$
|
116,901
|
||||||||||||||
Net income
|
-
|
-
|
-
|
13,059
|
-
|
-
|
13,059
|
|||||||||||||||||||||
Cash dividend on common stock ($0.110 per share)
|
-
|
-
|
-
|
(2,485
|
)
|
-
|
-
|
(2,485
|
)
|
|||||||||||||||||||
Exercise of stock options
|
28,533
|
-
|
151
|
-
|
-
|
-
|
151
|
|||||||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
34
|
-
|
-
|
-
|
34
|
|||||||||||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
-
|
434
|
434
|
|||||||||||||||||||||
Balance December 31, 2018
|
22,598,712
|
$
|
226
|
$
|
65,056
|
$
|
67,126
|
$
|
-
|
$
|
(4,314
|
)
|
$
|
128,094
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2018 AND 2017
|
Nine Months Ended
December 31,
|
|||||||
(In thousands) (Unaudited)
|
2018
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
13,059
|
$
|
7,233
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
2,045
|
2,207
|
||||||
Purchased loans accretion, net
|
(47
|
)
|
(209
|
)
|
||||
Provision for loan losses
|
50
|
-
|
||||||
Provision for deferred income taxes
|
-
|
3,796
|
||||||
Expense related to ESOP
|
-
|
148
|
||||||
Stock-based compensation expense
|
34
|
-
|
||||||
Increase in deferred loan origination fees, net of amortization
|
599
|
238
|
||||||
Origination of loans held for sale
|
(8,944
|
)
|
(16,631
|
)
|
||||
Proceeds from sales of loans held for sale
|
9,303
|
17,120
|
||||||
Net gains on loans held for sale and sale of REO
|
(644
|
)
|
(603
|
)
|
||||
Income from BOLI
|
(545
|
)
|
(618
|
)
|
||||
Changes in certain other assets and liabilities:
|
||||||||
Prepaid expenses and other assets
|
(261
|
)
|
(1,151
|
)
|
||||
Accrued interest receivable
|
(312
|
)
|
(523
|
)
|
||||
Accrued expenses and other liabilities
|
6,326
|
(4,070
|
)
|
|||||
Net cash provided by operating activities
|
20,663
|
6,937
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Loan repayments (originations), net
|
(36,726
|
)
|
14,662
|
|||||
Purchases of loans receivable
|
(20,318
|
)
|
(32,198
|
)
|
||||
Principal repayments on investment securities available for sale
|
20,591
|
21,236
|
||||||
Purchases of investment securities available for sale
|
-
|
(47,493
|
)
|
|||||
Proceeds from calls and maturities of investment securities available for sale
|
10,000
|
-
|
||||||
Principal repayments on investment securities held to maturity
|
6
|
20
|
||||||
Redemption of certificates of deposit held for investment
|
5,220
|
4,079
|
||||||
Purchase of FHLB stock
|
(1,382
|
)
|
(42
|
)
|
||||
Purchases of premises and equipment and capitalized software
|
(304
|
)
|
(364
|
)
|
||||
Proceeds from sales of REO and premises and equipment
|
975
|
81
|
||||||
Net cash used in investing activities
|
(21,938
|
)
|
(40,019
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net decrease in deposits
|
(52,067
|
)
|
(7,729
|
)
|
||||
Dividends paid
|
(2,259
|
)
|
(1,462
|
)
|
||||
Proceeds from borrowings
|
166,255
|
19,675
|
||||||
Repayment of borrowings
|
(131,712
|
)
|
(18,625
|
)
|
||||
Net decrease in advance payments by borrowers for taxes and insurance
|
(445
|
)
|
(433
|
)
|
||||
Principal payments on capital lease obligation
|
(21
|
)
|
(17
|
)
|
||||
Proceeds from exercise of stock options
|
151
|
165
|
||||||
Net cash used in financing activities
|
(20,098
|
)
|
(8,426
|
)
|
||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(21,373
|
)
|
(41,508
|
)
|
||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
44,767
|
64,613
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
23,394
|
$
|
23,105
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
1,811
|
$
|
1,640
|
||||
Income taxes
|
5,063
|
3,279
|
||||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Dividends declared and accrued in other liabilities
|
$
|
904
|
$
|
678
|
||||
Other comprehensive income (loss)
|
568
|
(491
|
)
|
|||||
Income tax effect related to other comprehensive income (loss)
|
(134
|
)
|
174
|
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
|
Nine Months Ended
December 31, 2018
|
Nine Months Ended
December 31, 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
|
(41,022
|
)
|
4.01
|
||||||||||
Expired
|
(2,500
|
)
|
8.12
|
(33,000
|
)
|
8.49
|
||||||||||
Balance, end of period
|
110,332
|
$
|
3.27
|
146,632
|
$
|
4.10
|
5.
|
EARNINGS PER SHARE
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Basic EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
4,388,000
|
$
|
1,520,000
|
$
|
13,059,000
|
$
|
7,233,000
|
||||||||
Denominator-weighted average common shares
outstanding
|
22,598,712
|
22,537,092
|
22,582,956
|
22,520,352
|
||||||||||||
Basic EPS
|
$
|
0.19
|
$
|
0.07
|
$
|
0.58
|
$
|
0.32
|
||||||||
Diluted EPS computation:
|
||||||||||||||||
Numerator-net income
|
$
|
4,388,000
|
$
|
1,520,000
|
$
|
13,059,000
|
$
|
7,233,000
|
||||||||
Denominator-weighted average common shares
outstanding
|
22,598,712
|
22,537,092
|
22,582,956
|
22,520,352
|
||||||||||||
Effect of dilutive stock options
|
65,207
|
85,037
|
75,197
|
88,251
|
||||||||||||
Weighted average common shares and common stock
equivalents
|
22,663,919
|
22,622,129
|
22,658,153
|
22,608,603
|
||||||||||||
Diluted EPS
|
$
|
0.19
|
$
|
0.07
|
$
|
0.58
|
$
|
0.32
|
6.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
December 31, 2018
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
8,924
|
$
|
2
|
$
|
(247
|
)
|
$
|
8,679
|
|||||||
Agency securities
|
12,423
|
3
|
(246
|
)
|
12,180
|
|||||||||||
Real estate mortgage investment conduits
(1)
|
42,561
|
1
|
(1,111
|
)
|
41,451
|
|||||||||||
Residential mortgage-backed securities
(1)
|
80,390
|
2
|
(2,565
|
)
|
77,827
|
|||||||||||
Other mortgage-backed securities
(2)
|
43,620
|
5
|
(1,482
|
)
|
42,143
|
|||||||||||
Total available for sale
|
$
|
187,918
|
$
|
13
|
$
|
(5,651
|
)
|
$
|
182,280
|
|||||||
Held to maturity:
|
||||||||||||||||
Residential mortgage-backed securities
(3)
|
$
|
36
|
$
|
1
|
$
|
-
|
$
|
37
|
||||||||
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
|
$
|
5,138
|
$
|
5,111
|
$
|
-
|
$
|
-
|
||||||||
Due after one year through five years
|
8,392
|
8,269
|
33
|
33
|
||||||||||||
Due after five years through ten years
|
50,031
|
48,689
|
-
|
-
|
||||||||||||
Due after ten years
|
124,357
|
120,211
|
3
|
4
|
||||||||||||
Total
|
$
|
187,918
|
$
|
182,280
|
$
|
36
|
$
|
37
|
7.
|
LOANS RECEIVABLE
|
8.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
December 31, 2018
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,858
|
$
|
5,361
|
$
|
237
|
$
|
696
|
$
|
1,007
|
$
|
1,641
|
$
|
713
|
$
|
11,513
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
84
|
(80
|
)
|
31
|
19
|
186
|
(177
|
)
|
(63
|
)
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(52
|
)
|
-
|
(52
|
)
|
||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
41
|
-
|
41
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,942
|
$
|
5,281
|
$
|
268
|
$
|
715
|
$
|
1,193
|
$
|
1,453
|
$
|
650
|
$
|
11,502
|
Nine months ended
December 31, 2018
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,668
|
$
|
4,914
|
$
|
220
|
$
|
822
|
$
|
618
|
$
|
1,809
|
$
|
715
|
$
|
10,766
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
274
|
(456
|
)
|
48
|
(107
|
)
|
575
|
(219
|
)
|
(65
|
)
|
50
|
||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(236
|
)
|
-
|
(236
|
)
|
||||||||||||||||||||||
Recoveries
|
-
|
823
|
-
|
-
|
-
|
99
|
-
|
922
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,942
|
$
|
5,281
|
$
|
268
|
$
|
715
|
$
|
1,193
|
$
|
1,453
|
$
|
650
|
$
|
11,502
|
Three months ended
December 31, 2017
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,340
|
$
|
5,116
|
$
|
196
|
$
|
504
|
$
|
840
|
$
|
1,890
|
$
|
731
|
$
|
10,617
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(186
|
)
|
(26
|
)
|
(19
|
)
|
295
|
(206
|
)
|
81
|
61
|
-
|
||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(46
|
)
|
-
|
(46
|
)
|
||||||||||||||||||||||
Recoveries
|
220
|
65
|
-
|
-
|
-
|
11
|
-
|
296
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,374
|
$
|
5,155
|
$
|
177
|
$
|
799
|
$
|
634
|
$
|
1,936
|
$
|
792
|
$
|
10,867
|
Nine months ended
December 31, 2017
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,418
|
$
|
5,084
|
$
|
228
|
$
|
297
|
$
|
714
|
$
|
2,099
|
$
|
688
|
$
|
10,528
|
||||||||||||||||
Provision for (recapture of)
loan losses
|
(270
|
)
|
40
|
(344
|
)
|
502
|
(80
|
)
|
48
|
104
|
-
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(257
|
)
|
-
|
(257
|
)
|
||||||||||||||||||||||
Recoveries
|
226
|
31
|
293
|
-
|
-
|
46
|
-
|
596
|
||||||||||||||||||||||||
Ending balance
|
$
|
1,374
|
$
|
5,155
|
$
|
177
|
$
|
799
|
$
|
634
|
$
|
1,936
|
$
|
792
|
$
|
10,867
|
Allowance for loan losses
|
Recorded investment in loans
|
|||||||||||||||||||||||
December 31, 2018
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,942
|
$
|
1,942
|
$
|
163
|
$
|
154,197
|
$
|
154,360
|
||||||||||||
Commercial real estate
|
-
|
5,281
|
5,281
|
2,523
|
465,838
|
468,361
|
||||||||||||||||||
Land
|
-
|
268
|
268
|
731
|
17,775
|
18,506
|
||||||||||||||||||
Multi-family
|
-
|
715
|
715
|
1,606
|
53,324
|
54,930
|
||||||||||||||||||
Real estate construction
|
-
|
1,193
|
1,193
|
-
|
76,518
|
76,518
|
||||||||||||||||||
Consumer
|
25
|
1,428
|
1,453
|
705
|
95,256
|
95,961
|
||||||||||||||||||
Unallocated
|
-
|
650
|
650
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
25
|
$
|
11,477
|
$
|
11,502
|
$
|
5,728
|
$
|
862,908
|
$
|
868,636
|
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
|
December 31, 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
|
$
|
-
|
$
|
-
|
$
|
268
|
$
|
268
|
$
|
154,092
|
$
|
154,360
|
||||||||||||
Commercial real estate
|
9
|
-
|
1,112
|
1,121
|
467,240
|
468,361
|
||||||||||||||||||
Land
|
-
|
-
|
-
|
-
|
18,506
|
18,506
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
54,930
|
54,930
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
76,518
|
76,518
|
||||||||||||||||||
Consumer
|
462
|
4
|
228
|
694
|
95,267
|
95,961
|
||||||||||||||||||
Total
|
$
|
471
|
$
|
4
|
$
|
1,608
|
$
|
2,083
|
$
|
866,553
|
$
|
868,636
|
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
|
December 31, 2018
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$
|
150,099
|
$
|
2,075
|
$
|
2,186
|
$
|
-
|
$
|
-
|
$
|
154,360
|
||||||||||||
Commercial real estate
|
456,824
|
8,689
|
2,848
|
-
|
-
|
468,361
|
||||||||||||||||||
Land
|
17,775
|
-
|
731
|
-
|
-
|
18,506
|
||||||||||||||||||
Multi-family
|
54,379
|
530
|
21
|
-
|
-
|
54,930
|
||||||||||||||||||
Real estate construction
|
76,518
|
-
|
-
|
-
|
-
|
76,518
|
||||||||||||||||||
Consumer
|
95,733
|
-
|
228
|
-
|
-
|
95,961
|
||||||||||||||||||
Total
|
$
|
851,328
|
$
|
11,294
|
$
|
6,014
|
$
|
-
|
$
|
-
|
$
|
868,636
|
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
|
December 31, 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
|
$
|
163
|
$
|
-
|
$
|
163
|
$
|
183
|
$
|
-
|
||||||||||
Commercial real estate
|
2,523
|
-
|
2,523
|
3,457
|
-
|
|||||||||||||||
Land
|
731
|
-
|
731
|
768
|
-
|
|||||||||||||||
Multi-family
|
1,606
|
-
|
1,606
|
1,712
|
-
|
|||||||||||||||
Consumer
|
284
|
421
|
705
|
817
|
25
|
|||||||||||||||
Total
|
$
|
5,307
|
$
|
421
|
$
|
5,728
|
$
|
6,937
|
$
|
25
|
||||||||||
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
December 31, 2018
|
Three Months ended
December 31, 2017
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
|||||||||||||
Commercial business
|
$
|
166
|
$
|
-
|
$
|
1,118
|
$
|
9
|
||||||||
Commercial real estate
|
2,539
|
16
|
3,347
|
20
|
||||||||||||
Land
|
735
|
2
|
775
|
-
|
||||||||||||
Multi-family
|
1,613
|
22
|
1,663
|
23
|
||||||||||||
Consumer
|
709
|
9
|
1,446
|
15
|
||||||||||||
Total
|
$
|
5,762
|
$
|
49
|
$
|
8,349
|
$
|
67
|
Nine Months ended
December 31, 2018
|
Nine Months ended
December 31, 2017
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
|||||||||||||
Commercial business
|
$
|
377
|
$
|
-
|
$
|
912
|
$
|
32
|
||||||||
Commercial real estate
|
2,639
|
48
|
4,510
|
82
|
||||||||||||
Land
|
746
|
2
|
786
|
-
|
||||||||||||
Multi-family
|
1,626
|
66
|
1,674
|
68
|
||||||||||||
Consumer
|
1,065
|
35
|
1,458
|
46
|
||||||||||||
Total
|
$
|
6,453
|
$
|
151
|
$
|
9,340
|
$
|
228
|
December 31, 2018
|
March 31, 2018
|
|||||||||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
163
|
$
|
163
|
$
|
826
|
$
|
178
|
$
|
1,004
|
||||||||||||
Commercial real estate
|
1,411
|
1,112
|
2,523
|
1,683
|
1,200
|
2,883
|
||||||||||||||||||
Land
|
731
|
-
|
731
|
-
|
763
|
763
|
||||||||||||||||||
Multi-family
|
1,606
|
-
|
1,606
|
1,644
|
-
|
1,644
|
||||||||||||||||||
Consumer
|
705
|
-
|
705
|
1,428
|
-
|
1,428
|
||||||||||||||||||
Total
|
$
|
4,453
|
$
|
1,275
|
$
|
5,728
|
$
|
5,581
|
$
|
2,141
|
$
|
7,722
|
9.
|
GOODWILL
|
10.
|
FEDERAL HOME LOAN BANK ADVANCES
|
December 31,
2018
|
March 31,
2018
|
|||||||
FHLB advances
(1)
|
$
|
34,543
|
$
|
-
|
||||
Weighted average interest rate on FHLB advances
(2)
|
2.39
|
%
|
1.60
|
%
|
||||
(1)
Consisted of overnight borrowings.
(2)
Computed based on the borrowing activity for the nine months ended December 31, 2018 and the fiscal year ended March 31, 2018, respectively.
|
11.
|
JUNIOR SUBORDINATED DEBENTURES
|
12.
|
FAIR VALUE MEASUREMENTS
|
|
Estimated Fair Value Measurements Using
|
|||||||||||||||
December 31, 2018
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
8,679
|
$
|
-
|
$
|
8,679
|
$
|
-
|
||||||||
Agency securities
|
12,180
|
-
|
12,180
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
41,451
|
-
|
41,451
|
-
|
||||||||||||
Residential mortgage-backed securities
|
77,827
|
-
|
77,827
|
-
|
||||||||||||
Other mortgage-backed securities
|
42,143
|
-
|
42,143
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
182,280
|
$
|
-
|
$
|
182,280
|
$
|
-
|
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
|
|||||||||||||||
December 31, 2018
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$
|
396
|
$
|
-
|
$
|
-
|
$
|
396
|
March 31, 2018
|
||||||||||||||||
Impaired loans
|
$
|
2,143
|
$
|
-
|
$
|
-
|
$
|
2,143
|
Valuation Technique
|
Significant Unobservable Inputs
|
Range
|
||||
Impaired loans
|
Appraised value or
discounted cash flows
|
Adjustment for market conditions or
discount rate
|
N/A
(1)
5.25% - 8.0%
|
|||
(1)
There were no adjustments to appraised values of impaired loans as of December 31, 2018 and March 31, 2018.
|
December 31, 2018
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
23,394
|
$
|
23,394
|
$
|
-
|
$
|
-
|
$
|
23,394
|
||||||||||
Certificates of deposit held for investment
|
747
|
-
|
738
|
-
|
738
|
|||||||||||||||
Investment securities available for sale
|
182,280
|
-
|
182,280
|
-
|
182,280
|
|||||||||||||||
Investment securities held to maturity
|
36
|
-
|
37
|
-
|
37
|
|||||||||||||||
Loans receivable, net
|
857,134
|
-
|
-
|
848,906
|
848,906
|
|||||||||||||||
FHLB stock
|
2,735
|
-
|
2,735
|
-
|
2,735
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Time deposits
|
95,809
|
-
|
93,818
|
-
|
93,818
|
|||||||||||||||
FHLB advances
|
34,543
|
-
|
34,543
|
-
|
34,543
|
|||||||||||||||
Junior subordinated debentures
|
26,553
|
-
|
-
|
15,849
|
15,849
|
|||||||||||||||
Capital lease obligation
|
2,410
|
-
|
2,410
|
-
|
2,410
|
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
|
13.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
14.
|
REVENUE FROM CONTRACTS WITH CUSTOMERS
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Asset management fees
|
$
|
935
|
$
|
911
|
$
|
2,804
|
$
|
2,582
|
||||||||
Debit card and ATM fees
|
799
|
733
|
2,382
|
2,227
|
||||||||||||
Deposit related fees
|
436
|
404
|
1,313
|
1,227
|
||||||||||||
Loan related fees
|
138
|
184
|
796
|
506
|
||||||||||||
BOLI
(1)
|
192
|
207
|
545
|
618
|
||||||||||||
Net gains on sales of loans held for sale
(1)
|
82
|
140
|
278
|
522
|
||||||||||||
FHLMC loan servicing fees
(1)
|
41
|
32
|
102
|
89
|
||||||||||||
Other, net
|
159
|
279
|
630
|
570
|
||||||||||||
Total non-interest income
|
$
|
2,782
|
$
|
2,890
|
$
|
8,850
|
$
|
8,341
|
||||||||
(1)
Not in the scope of ASC 606
|
15.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||||
Commitments to originate loans:
|
||||
Adjustable-rate
|
$
|
17,441
|
||
Fixed-rate
|
6,071
|
|||
Standby letters of credit
|
2,357
|
|||
Undisbursed loan funds and unused lines of credit
|
152,953
|
|||
Total
|
$
|
178,822
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
December 31, 2018
|
||||||||||||||||
Commercial business
|
$
|
154,360
|
$
|
-
|
$
|
-
|
$
|
154,360
|
||||||||
Commercial construction
|
-
|
-
|
58,197
|
58,197
|
||||||||||||
Office buildings
|
-
|
119,850
|
-
|
119,850
|
||||||||||||
Warehouse/industrial
|
-
|
90,167
|
-
|
90,167
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
64,317
|
-
|
64,317
|
||||||||||||
Assisted living facilities
|
-
|
2,790
|
-
|
2,790
|
||||||||||||
Single purpose facilities
|
-
|
191,237
|
-
|
191,237
|
||||||||||||
Land
|
-
|
18,506
|
-
|
18,506
|
||||||||||||
Multi-family
|
-
|
54,930
|
-
|
54,930
|
||||||||||||
One-to-four family construction
|
-
|
-
|
18,321
|
18,321
|
||||||||||||
Total
|
$
|
154,360
|
$
|
541,797
|
$
|
76,518
|
$
|
772,675
|
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
|
|||||||||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
135,484
|
16.35
|
%
|
$
|
66,297
|
8.0
|
%
|
$
|
82,871
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
125,105
|
15.10
|
49,723
|
6.0
|
66,297
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
125,105
|
15.10
|
37,292
|
4.5
|
53,866
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
125,105
|
11.22
|
44,619
|
4.0
|
55,773
|
5.0
|
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
|
December 31, 2018
|
March 31, 2018
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
2
|
$
|
268
|
1
|
$
|
178
|
||||||||||
Commercial real estate
|
2
|
1,112
|
2
|
1,200
|
||||||||||||
Land
|
-
|
-
|
1
|
763
|
||||||||||||
Consumer
|
15
|
232
|
12
|
277
|
||||||||||||
Total
|
19
|
$
|
1,612
|
16
|
$
|
2,418
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
||||||||||||||||
December 31, 2018
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
163
|
$
|
-
|
$
|
105
|
$
|
268
|
||||||||||
Commercial real estate
|
924
|
188
|
-
|
-
|
1,112
|
|||||||||||||||
Consumer
|
-
|
173
|
-
|
59
|
232
|
|||||||||||||||
Total nonperforming loans
|
924
|
524
|
-
|
164
|
1,612
|
|||||||||||||||
REO
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
$
|
924
|
$
|
524
|
$
|
-
|
$
|
164
|
$
|
1,612
|
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
|
|||||||||||||
December 31, 2018
|
||||||||||||||||
Land development
|
$
|
2,187
|
$
|
1,927
|
$
|
14,392
|
$
|
18,506
|
||||||||
Speculative construction
|
1,098
|
81
|
14,226
|
15,405
|
||||||||||||
Total land development and speculative construction
|
$
|
3,285
|
$
|
2,008
|
$
|
28,618
|
$
|
33,911
|
||||||||
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
|
December 31, 2018
|
March 31, 2018
|
|||||||||||||||
Number of
Loans
|
Balance
|
Number of
Loans
|
Balance
|
|||||||||||||
Commercial business
|
9
|
$
|
1,918
|
11
|
$
|
3,209
|
||||||||||
Commercial real estate
|
2
|
1,736
|
2
|
1,785
|
||||||||||||
Multi-family
|
2
|
21
|
1
|
11
|
||||||||||||
Land
|
1
|
731
|
-
|
-
|
||||||||||||
Total
|
14
|
$
|
4,406
|
14
|
$
|
5,005
|
(a)
|
Exhibits:
|
11
|
Statement of recomputation of earnings per share (See Note 5 of the Notes to Consolidated Financial Statements contained herein.)
|
|
101
|
The following materials from Riverview Bancorp Inc.'s Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, 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 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
|
|
Executive Vice President and
|
|
Chief Executive Officer |
|
Chief Financial Officer
|
|
(Principal Executive Officer)
|
|
(Principal Executive Officer) |
Date:
|
February 8, 2019
|
Date:
|
February 8, 2019
|
101 |
The following materials from Riverview Bancorp Inc.'s Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, 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
|
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