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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Riverview Bancorp Inc | NASDAQ:RVSB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.12 | 1.65 | 6.55 | 0 | 09:09:57 |
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2019
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, Par Value $0.01 per share | RVSB | The NASDAQ Stock Market LLC |
Part I.
|
Financial Information
|
Page
|
|
|
|
Item 1:
|
Financial Statements (Unaudited)
|
|
|
|
|
|
Consolidated Balance Sheets as of
December 31, 2019 and March 31, 2019
|
2
|
|
|
|
|
Consolidated Statements of Income for the
Three and Nine months Ended December 31, 2019 and 2018
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the
Three and Nine months Ended December 31, 2019 and 2018
|
4
|
|
|
|
|
Consolidated Statements of Shareholders’ Equity for the
Three and Nine months Ended December 31, 2019 and 2018
|
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the
Nine months Ended December 31, 2019 and 2018
|
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
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||
(In thousands, except share and per share data) (Unaudited) | 2019 |
2018
|
2019
|
2018
|
||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||
Interest and fees on loans receivable
|
$
|
11,699
|
$
|
11,182
|
$
|
35,146
|
$
|
33,261
|
||||
Interest on investment securities – taxable
|
851
|
1,110
|
2,589
|
3,424
|
||||||||
Interest on investment securities – nontaxable
|
27
|
37
|
100
|
110
|
||||||||
Other interest and dividends
|
189
|
60
|
369
|
271
|
||||||||
Total interest and dividend income
|
12,766
|
12,389
|
38,204
|
37,066
|
||||||||
INTEREST EXPENSE:
|
||||||||||||
Interest on deposits
|
942
|
240
|
1,953
|
759
|
||||||||
Interest on borrowings
|
332
|
416
|
1,570
|
1,126
|
||||||||
Total interest expense
|
1,274
|
656
|
3,523
|
1,885
|
||||||||
Net interest income
|
11,492
|
11,733
|
34,681
|
35,181
|
||||||||
Provision for loan losses
|
-
|
-
|
-
|
50
|
||||||||
Net interest income after provision for loan losses
|
11,492
|
11,733
|
34,681
|
35,131
|
||||||||
NON-INTEREST INCOME:
|
||||||||||||
Fees and service charges
|
1,661
|
1,458
|
5,050
|
4,544
|
||||||||
Asset management fees
|
1,136
|
935
|
3,369
|
2,804
|
||||||||
Net gains on sales of loans held for sale
|
68
|
82
|
210
|
278
|
||||||||
BOLI
|
188
|
192
|
585
|
545
|
||||||||
Other, net
|
110
|
62
|
254
|
267
|
||||||||
Total non-interest income, net
|
3,163
|
2,729
|
9,468
|
8,438
|
||||||||
NON-INTEREST EXPENSE:
|
||||||||||||
Salaries and employee benefits
|
5,941
|
5,794
|
17,353
|
16,655
|
||||||||
Occupancy and depreciation
|
1,461
|
1,306
|
4,058
|
4,016
|
||||||||
Data processing
|
637
|
621
|
1,986
|
1,874
|
||||||||
Amortization of CDI
|
40
|
45
|
121
|
137
|
||||||||
Advertising and marketing
|
181
|
151
|
689
|
609
|
||||||||
FDIC insurance premium
|
-
|
85
|
81
|
246
|
||||||||
State and local taxes
|
126
|
125
|
495
|
475
|
||||||||
Telecommunications
|
84
|
85
|
246
|
266
|
||||||||
Professional fees
|
267
|
449
|
855
|
1,120
|
||||||||
Other
|
511
|
142
|
1,561
|
1,339
|
||||||||
Total non-interest expense
|
9,248
|
8,803
|
27,445
|
26,737
|
||||||||
INCOME BEFORE INCOME TAXES
|
5,407
|
5,659
|
16,704
|
16,832
|
||||||||
PROVISION FOR INCOME TAXES
|
1,279
|
1,271
|
3,850
|
3,773
|
||||||||
NET INCOME
|
$
|
4,128
|
$
|
4,388
|
$
|
12,854
|
$
|
13,059
|
||||
Earnings per common share:
|
||||||||||||
Basic
|
$
|
0.18
|
$
|
0.19
|
$
|
0.57
|
$
|
0.58
|
||||
Diluted
|
0.18
|
0.19
|
0.57
|
0.58
|
||||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
22,665,712
|
22,598,712
|
22,642,883
|
22,582,956
|
||||||||
Diluted
|
22,718,255
|
22,663,919
|
22,701,415
|
22,658,153
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||
(In thousands) (Unaudited)
|
2019 |
2018
|
2019
|
2018
|
||||||||
Net income
|
$
|
4,128
|
$
|
4,388
|
$
|
12,854
|
$
|
13,059
|
||||
Other comprehensive income (loss):
|
||||||||||||
Net unrealized holding gain (loss) from available for sale investment securities arising
|
||||||||||||
during the period, net of tax of $112, ($673), ($786) and ($134), respectively
|
(359
|
)
|
2,188
|
2,488
|
434
|
|||||||
Reclassification adjustment of net gain from sale of available for sale investment
|
||||||||||||
securities included in income, net of tax of $7, $0, $7, and $0, respectively
|
(23
|
)
|
-
|
(23
|
)
|
-
|
||||||
Total other comprehensive income (loss), net
|
(382
|
)
|
2,188
|
2,465
|
434
|
|||||||
Total comprehensive income, net
|
$
|
3,746
|
$
|
6,576
|
$
|
15,319
|
$
|
13,493
|
||||
(In thousands, except share and per share data) (Unaudited)
|
Common Stock
|
Additional
Paid-In Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
|
|||||||||||||
Shares
|
Amount
|
|||||||||||||||||
For the three months ended December 31, 2018
|
||||||||||||||||||
Balance October 1, 2018
|
22,598,712
|
$
|
226
|
$
|
65,044
|
$
|
63,642
|
$
|
(6,502
|
)
|
$
|
122,410
|
||||||
Net income
|
-
|
-
|
-
|
4,388
|
-
|
4,388
|
||||||||||||
Cash dividends on common stock ($0.040 per share)
|
-
|
-
|
-
|
(904
|
)
|
-
|
(904
|
)
|
||||||||||
Stock-based compensation expense
|
-
|
-
|
12
|
-
|
-
|
12
|
||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
2,188
|
2,188
|
||||||||||||
Balance December 31, 2018
|
22,598,712
|
$
|
226
|
$
|
65,056
|
$
|
67,126
|
$
|
(4,314
|
)
|
$
|
128,094
|
||||||
For the nine months ended December 31, 2018
|
||||||||||||||||||
Balance April 1, 2018
|
22,570,179
|
$
|
226
|
$
|
64,871
|
$
|
56,552
|
$
|
(4,748
|
)
|
$
|
116,901
|
||||||
Net income
|
-
|
-
|
-
|
13,059
|
-
|
13,059
|
||||||||||||
Cash dividends 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
|
For the three months ended December 31, 2019
|
||||||||||||||||||
Balance October 1, 2019
|
22,748,385
|
$
|
227
|
$
|
65,559
|
$
|
77,112
|
$
|
221
|
$
|
143,119
|
|||||||
Net income
|
-
|
-
|
-
|
4,128
|
-
|
4,128
|
||||||||||||
Cash dividends on common stock ($0.050 per share)
|
-
|
-
|
-
|
(1,137
|
)
|
-
|
(1,137
|
)
|
||||||||||
Exercise of stock options
|
-
|
-
|
10
|
-
|
-
|
10
|
||||||||||||
Stock-based compensation expense
|
-
|
-
|
68
|
-
|
-
|
68
|
||||||||||||
Other comprehensive loss, net
|
-
|
-
|
-
|
-
|
(382
|
)
|
(382
|
)
|
||||||||||
Balance December 31, 2019
|
22,748,385
|
$
|
227
|
$
|
65,637
|
$
|
80,103
|
$
|
(161
|
)
|
$
|
145,806
|
||||||
For the nine months ended December 31, 2019
|
||||||||||||||||||
Balance April 1, 2019
|
22,607,712
|
$
|
226
|
$
|
65,094
|
$
|
70,428
|
$
|
(2,626
|
)
|
$
|
133,122
|
||||||
Net income
|
-
|
-
|
-
|
12,854
|
-
|
12,854
|
||||||||||||
Cash dividends on common stock ($0.140 per share)
|
-
|
-
|
-
|
(3,179
|
)
|
-
|
(3,179
|
)
|
||||||||||
Exercise of stock options
|
58,000
|
1
|
226
|
-
|
-
|
227
|
||||||||||||
Restricted stock grants
|
82,673
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Stock-based compensation expense
|
-
|
-
|
317
|
-
|
-
|
317
|
||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
2,465
|
2,465
|
||||||||||||
Balance December 31, 2019
|
22,748,385
|
$
|
227
|
$
|
65,637
|
$
|
80,103
|
$
|
(161
|
)
|
$
|
145,806
|
(In thousands) (Unaudited)
|
2019
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||
Net income
|
$
|
12,854
|
$
|
13,059
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||
Depreciation and amortization
|
2,244
|
2,045
|
||||
Purchased loans amortization (accretion), net
|
21
|
(47
|
)
|
|||
Provision for loan losses
|
-
|
50
|
||||
Stock-based compensation expense
|
317
|
34
|
||||
Increase in deferred loan origination fees, net of amortization
|
49
|
599
|
||||
Origination of loans held for sale
|
(7,178
|
)
|
(8,944
|
)
|
||
Proceeds from sales of loans held for sale
|
8,219
|
9,303
|
||||
Net gains on sales of loans held for sale, sales of investment securities available for sale and sales of
premises and equipment
|
(313
|
)
|
(644
|
)
|
||
Income from BOLI
|
(585
|
)
|
(545
|
)
|
||
Changes in certain other assets and liabilities:
|
||||||
Prepaid expenses and other assets
|
1,775
|
(261
|
)
|
|||
Accrued interest receivable
|
190
|
(312
|
)
|
|||
Accrued expenses and other liabilities
|
81
|
6,326
|
||||
Net cash provided by operating activities
|
17,674
|
20,663
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||
Loan repayments (originations), net
|
4,745
|
(36,726
|
)
|
|||
Purchases of loans receivable
|
(15,198
|
)
|
(20,318
|
)
|
||
Principal repayments on investment securities available for sale
|
21,676
|
20,591
|
||||
Purchases of investment securities available for sale
|
(18,125
|
)
|
-
|
|||
Proceeds from calls, maturities and sales of investment securities available for sale
|
21,122
|
10,000
|
||||
Principal repayments on investment securities held to maturity
|
6
|
6
|
||||
Purchases of premises and equipment and capitalized software
|
(1,348
|
)
|
(304
|
)
|
||
Redemption of certificates of deposit held for investment
|
498
|
5,220
|
||||
Redemption (purchase) of FHLB stock, net
|
2,264
|
(1,382
|
)
|
|||
Proceeds from sales of real estate owned (“REO”) and premises and equipment
|
81
|
975
|
||||
Net cash provided by (used in) investing activities
|
15,721
|
(21,938
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||
Net increase (decrease) in deposits
|
65,409
|
(52,067
|
)
|
|||
Dividends paid
|
(2,945
|
)
|
(2,259
|
)
|
||
Proceeds from borrowings
|
214,897
|
166,255
|
||||
Repayment of borrowings
|
(271,483
|
)
|
(131,712
|
)
|
||
Net decrease in advance payments by borrowers for taxes and insurance
|
(302
|
)
|
(445
|
)
|
||
Principal payments on finance lease liability
|
(25
|
)
|
(21
|
)
|
||
Proceeds from exercise of stock options
|
227
|
151
|
||||
Net cash provided by (used in) financing activities
|
5,778
|
(20,098
|
)
|
|||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
39,173
|
(21,373
|
)
|
|||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
22,950
|
44,767
|
||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
62,123
|
$
|
23,394
|
||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||
Cash paid during the period for:
|
||||||
Interest
|
$
|
3,406
|
$
|
1,811
|
||
Income taxes
|
2,945
|
5,063
|
||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||
Dividends declared and accrued in other liabilities
|
$
|
1,138
|
$
|
904
|
||
Other comprehensive income
|
3,244
|
568
|
||||
Income tax effect related to other comprehensive income
|
(779
|
)
|
(134
|
)
|
||
Right-of-use lease assets obtained in exchange for operating lease liabilities
|
5,603
|
-
|
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Nine Months Ended
December 31, 2019
|
Nine Months Ended
December 31, 2018
|
|||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||
Balance, beginning of period
|
101,332
|
$
|
3.26
|
141,365
|
$
|
3.77
|
||||
Options exercised
|
(58,000
|
)
|
3.69
|
(28,533
|
)
|
5.30
|
||||
Expired
|
-
|
-
|
(2,500
|
)
|
8.12
|
|||||
Balance, end of period
|
43,332
|
2.69
|
110,332
|
$
|
3.27
|
Time Based
|
Performance Based
|
Total
|
|||||||||||||
Number of
Unvested
Shares
|
Weighted
Average
Market
Price
|
Number of
Unvested
Shares
|
Weighted
Average
Market
Price
|
Number of
Unvested
Shares
|
Weighted
Average
Market
Price
|
||||||||||
Balance, beginning of period
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||
Granted
|
49,298
|
8.35
|
33,375
|
8.35
|
82,673
|
8.35
|
|||||||||
Forfeited
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||
Vested
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||
Balance, end of period
|
49,298
|
$
|
8.35
|
33,375
|
$
|
8.35
|
82,673
|
$
|
8.35
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||
Basic EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
4,128,000
|
$
|
4,388,000
|
$
|
12,854,000
|
$
|
13,059,000
|
||||
Denominator-weighted average common shares
outstanding
|
22,665,712
|
22,598,712
|
22,642,883
|
22,582,956
|
||||||||
Basic EPS
|
$
|
0.18
|
$
|
0.19
|
$
|
0.57
|
$
|
0.58
|
||||
Diluted EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
4,128,000
|
$
|
4,388,000
|
$
|
12,854,000
|
$
|
13,059,000
|
||||
Denominator-weighted average common shares
outstanding
|
22,665,712
|
22,598,712
|
22,642,883
|
22,582,956
|
||||||||
Effect of dilutive stock options and restricted stock
|
52,543
|
65,207
|
58,532
|
75,197
|
||||||||
Weighted average common shares and common
stock equivalents
|
22,718,255
|
22,663,919
|
22,701,415
|
22,658,153
|
||||||||
Diluted EPS
|
$
|
0.18
|
$
|
0.19
|
$
|
0.57
|
$
|
0.58
|
5.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated Fair
Value
|
||||||||
December 31, 2019
|
|||||||||||
Available for sale:
|
|||||||||||
Municipal securities
|
$
|
4,746
|
$
|
160
|
$
|
-
|
$
|
4,906
|
|||
Agency securities
|
9,431
|
76
|
(41
|
)
|
9,466
|
||||||
Real estate mortgage investment conduits (1)
|
44,577
|
166
|
(158
|
)
|
44,585
|
||||||
Residential mortgage-backed securities (1)
|
61,823
|
194
|
(256
|
)
|
61,761
|
||||||
Other mortgage-backed securities (2)
|
35,391
|
54
|
(406
|
)
|
35,039
|
||||||
Total available for sale
|
$
|
155,968
|
$
|
650
|
$
|
(861
|
)
|
$
|
155,757
|
||
Held to maturity:
|
|||||||||||
Residential mortgage-backed securities (3)
|
$
|
29
|
$
|
1
|
$
|
-
|
$
|
30
|
|||
March 31, 2019
|
|||||||||||
Available for sale:
|
|||||||||||
Municipal securities
|
$
|
8,885
|
$
|
30
|
$
|
(34
|
)
|
$
|
8,881
|
||
Agency securities
|
12,426
|
22
|
(107
|
)
|
12,341
|
||||||
Real estate mortgage investment conduits (1)
|
40,835
|
-
|
(673
|
)
|
40,162
|
||||||
Residential mortgage-backed securities (1)
|
77,402
|
7
|
(1,588
|
)
|
75,821
|
||||||
Other mortgage-backed securities (2)
|
42,133
|
12
|
(1,124
|
)
|
41,021
|
||||||
Total available for sale
|
$
|
181,681
|
$
|
71
|
$
|
(3,526
|
)
|
$
|
178,226
|
||
Held to maturity:
|
|||||||||||
Residential mortgage-backed securities (3)
|
$
|
35
|
$
|
-
|
$
|
-
|
$
|
35
|
|||
(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
|
$
|
1,001
|
$
|
1,008
|
$
|
-
|
$
|
-
|
||||
Due after one year through five years
|
5,953
|
5,934
|
26
|
27
|
||||||||
Due after five years through ten years
|
35,598
|
35,789
|
3
|
3
|
||||||||
Due after ten years
|
113,416
|
113,026
|
-
|
-
|
||||||||
Total
|
$
|
155,968
|
$
|
155,757
|
$
|
29
|
$
|
30
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
Estimated
Fair Value
|
Unrealized
Losses
|
|||||||||||||
December 31, 2019
|
||||||||||||||||||
Available for sale:
|
||||||||||||||||||
Municipal securities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Agency securities
|
1,998
|
(11
|
)
|
2,969
|
(30
|
)
|
4,967
|
(41
|
)
|
|||||||||
Real estate mortgage investment conduits (1)
|
22,033
|
(140
|
)
|
2,850
|
(18
|
)
|
24,883
|
(158
|
)
|
|||||||||
Residential mortgage-backed securities (1)
|
8,707
|
(18
|
)
|
25,116
|
(238
|
)
|
33,823
|
(256
|
)
|
|||||||||
Other mortgage-backed securities (2)
|
15,987
|
(246
|
)
|
8,509
|
(160
|
)
|
24,496
|
(406
|
)
|
|||||||||
Total available for sale
|
$
|
48,725
|
$
|
(415
|
)
|
$
|
39,444
|
$
|
(446
|
)
|
$
|
88,169
|
$
|
(861
|
)
|
|||
March 31, 2019
|
||||||||||||||||||
Available for sale:
|
||||||||||||||||||
Municipal securities
|
$
|
-
|
$
|
-
|
$
|
6,554
|
$
|
(34
|
)
|
$
|
6,554
|
$
|
(34
|
)
|
||||
Agency securities
|
-
|
-
|
6,861
|
(107
|
)
|
6,861
|
(107
|
)
|
||||||||||
Real estate mortgage investment conduits (1)
|
-
|
-
|
40,126
|
(673
|
)
|
40,126
|
(673
|
)
|
||||||||||
Residential mortgage-backed securities (1)
|
-
|
-
|
74,288
|
(1,588
|
)
|
74,288
|
(1,588
|
)
|
||||||||||
Other mortgage-backed securities (2)
|
-
|
-
|
40,409
|
(1,124
|
)
|
40,409
|
(1,124
|
)
|
||||||||||
Total available for sale
|
$
|
-
|
$
|
-
|
$
|
168,238
|
$
|
(3,526
|
)
|
$
|
168,238
|
$
|
(3,526
|
)
|
||||
(1) Comprised of FHLMC, FNMA and GNMA issued securities.
|
||||||||||||||||||
(2) Comprised of SBA issued securities and CRE secured securities issued by
FNMA.
|
7.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
December 31, 2019
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||
Beginning balance
|
$
|
2,051
|
$
|
5,038
|
$
|
219
|
$
|
779
|
$
|
1,381
|
$
|
1,347
|
$
|
621
|
$
|
11,436
|
||||||||
Provision for (recapture of)
loan losses
|
-
|
(20
|
)
|
16
|
(14
|
)
|
86
|
(76
|
)
|
8
|
-
|
|||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(13
|
)
|
-
|
(13
|
)
|
||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
10
|
-
|
10
|
||||||||||||||||
Ending balance
|
$
|
2,051
|
$
|
5,018
|
$
|
235
|
$
|
765
|
$
|
1,467
|
$
|
1,268
|
$
|
629
|
$
|
11,433
|
Nine months ended
December 31, 2019
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,808
|
$
|
5,053
|
$
|
254
|
$
|
728
|
$
|
1,457
|
$
|
1,447
|
$
|
710
|
$
|
11,457
|
||||||||
Provision for (recapture of)
loan losses
|
246
|
(35
|
)
|
(19
|
)
|
37
|
10
|
(158
|
)
|
(81
|
)
|
-
|
||||||||||||
Charge-offs
|
(3
|
)
|
-
|
-
|
-
|
-
|
(67
|
)
|
-
|
(70
|
)
|
|||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
46
|
-
|
46
|
||||||||||||||||
Ending balance
|
$
|
2,051
|
$
|
5,018
|
$
|
235
|
$
|
765
|
$
|
1,467
|
$
|
1,268
|
$
|
629
|
$
|
11,433
|
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
|
Allowance for Loan Losses
|
Recorded Investment in Loans
|
|||||||||||||||||
December 31, 2019
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||
Commercial business
|
$
|
-
|
$
|
2,051
|
$
|
2,051
|
$
|
144
|
$
|
165,382
|
$
|
165,526
|
||||||
Commercial real estate
|
-
|
5,018
|
5,018
|
2,392
|
467,771
|
470,163
|
||||||||||||
Land
|
-
|
235
|
235
|
716
|
14,447
|
15,163
|
||||||||||||
Multi-family
|
-
|
765
|
765
|
1,563
|
56,229
|
57,792
|
||||||||||||
Real estate construction
|
-
|
1,467
|
1,467
|
-
|
88,872
|
88,872
|
||||||||||||
Consumer
|
8
|
1,260
|
1,268
|
439
|
88,578
|
89,017
|
||||||||||||
Unallocated
|
-
|
629
|
629
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
8
|
$
|
11,425
|
$
|
11,433
|
$
|
5,254
|
$
|
881,279
|
$
|
886,533
|
March 31, 2019
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,808
|
$
|
1,808
|
$
|
160
|
$
|
162,636
|
$
|
162,796
|
||||||
Commercial real estate
|
-
|
5,053
|
5,053
|
2,482
|
458,950
|
461,432
|
||||||||||||
Land
|
-
|
254
|
254
|
728
|
16,299
|
17,027
|
||||||||||||
Multi-family
|
-
|
728
|
728
|
1,598
|
49,972
|
51,570
|
||||||||||||
Real estate construction
|
-
|
1,457
|
1,457
|
-
|
90,882
|
90,882
|
||||||||||||
Consumer
|
22
|
1,425
|
1,447
|
697
|
91,712
|
92,409
|
||||||||||||
Unallocated
|
-
|
710
|
710
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
22
|
$
|
11,435
|
$
|
11,457
|
$
|
5,665
|
$
|
870,451
|
$
|
876,116
|
March 31, 2019
|
|||||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
225
|
$
|
225
|
$
|
162,571
|
$
|
162,796
|
|||||
Commercial real estate
|
-
|
-
|
1,081
|
1,081
|
460,351
|
461,432
|
|||||||||||
Land
|
-
|
-
|
-
|
-
|
17,027
|
17,027
|
|||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
51,570
|
51,570
|
|||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
90,882
|
90,882
|
|||||||||||
Consumer
|
345
|
3
|
210
|
558
|
91,851
|
92,409
|
|||||||||||
Total
|
$
|
345
|
$
|
3
|
$
|
1,516
|
$
|
1,864
|
$
|
874,252
|
$
|
876,116
|
December 31, 2019
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
|||||||||||
Commercial business
|
$
|
162,291
|
$
|
1,375
|
$
|
1,860
|
$
|
-
|
$
|
-
|
$
|
165,526
|
|||||
Commercial real estate
|
469,080
|
64
|
1,019
|
-
|
-
|
470,163
|
|||||||||||
Land
|
15,163
|
-
|
-
|
-
|
-
|
15,163
|
|||||||||||
Multi-family
|
57,725
|
32
|
35
|
-
|
-
|
57,792
|
|||||||||||
Real estate construction
|
88,872
|
-
|
-
|
-
|
-
|
88,872
|
|||||||||||
Consumer
|
88,826
|
-
|
191
|
-
|
-
|
89,017
|
|||||||||||
Total
|
$
|
881,957
|
$
|
1,471
|
$
|
3,105
|
$
|
-
|
$
|
-
|
$
|
886,533
|
March 31, 2019
|
|||||||||||||||||
Commercial business
|
$
|
159,997
|
$
|
840
|
$
|
1,959
|
$
|
-
|
$
|
-
|
$
|
162,796
|
|||||
Commercial real estate
|
454,013
|
4,030
|
3,389
|
-
|
-
|
461,432
|
|||||||||||
Land
|
16,299
|
-
|
728
|
-
|
-
|
17,027
|
|||||||||||
Multi-family
|
51,093
|
457
|
20
|
-
|
-
|
51,570
|
|||||||||||
Real estate construction
|
90,882
|
-
|
-
|
-
|
-
|
90,882
|
|||||||||||
Consumer
|
92,199
|
-
|
210
|
-
|
-
|
92,409
|
|||||||||||
Total
|
$
|
864,483
|
$
|
5,327
|
$
|
6,306
|
$
|
-
|
$
|
-
|
$
|
876,116
|
December 31, 2019
|
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
|
$
|
144
|
$
|
-
|
$
|
144
|
$
|
173
|
$
|
-
|
||||
Commercial real estate
|
2,392
|
-
|
2,392
|
3,410
|
-
|
|||||||||
Land
|
716
|
-
|
716
|
748
|
-
|
|||||||||
Multi-family
|
1,563
|
-
|
1,563
|
1,676
|
-
|
|||||||||
Consumer
|
298
|
141
|
439
|
552
|
8
|
|||||||||
Total
|
$
|
5,113
|
$
|
141
|
$
|
5,254
|
$
|
6,559
|
$
|
8
|
||||
March 31, 2019
|
||||||||||||||
Commercial business
|
$
|
160
|
$
|
-
|
$
|
160
|
$
|
182
|
$
|
-
|
||||
Commercial real estate
|
2,482
|
-
|
2,482
|
3,424
|
-
|
|||||||||
Land
|
728
|
-
|
728
|
766
|
-
|
|||||||||
Multi-family
|
1,598
|
-
|
1,598
|
1,709
|
-
|
|||||||||
Consumer
|
281
|
416
|
697
|
807
|
22
|
|||||||||
Total
|
$
|
5,249
|
$
|
416
|
$
|
5,665
|
$
|
6,888
|
$
|
22
|
Three months ended
December 31, 2019
|
Three months ended
December 31, 2018
|
|||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||
Commercial business
|
$
|
147
|
$
|
-
|
$
|
166
|
$
|
-
|
||||
Commercial real estate
|
2,401
|
16
|
2,539
|
16
|
||||||||
Land
|
718
|
10
|
735
|
2
|
||||||||
Multi-family
|
1,567
|
22
|
1,613
|
22
|
||||||||
Consumer
|
443
|
7
|
709
|
9
|
||||||||
Total
|
$
|
5,276
|
$
|
55
|
$
|
5,762
|
$
|
49
|
Nine months ended
December 31, 2019
|
Nine months ended
December 31, 2018
|
|||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||
Commercial business
|
$
|
152
|
$
|
-
|
$
|
377
|
$
|
-
|
||||
Commercial real estate
|
2,431
|
47
|
2,639
|
48
|
||||||||
Land
|
722
|
30
|
746
|
2
|
||||||||
Multi-family
|
1,579
|
68
|
1,626
|
66
|
||||||||
Consumer
|
509
|
21
|
1,065
|
35
|
||||||||
Total
|
$
|
5,393
|
$
|
166
|
$
|
6,453
|
$
|
151
|
December 31, 2019
|
March 31, 2019
|
|||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||
Commercial business
|
$
|
-
|
$
|
144
|
$
|
144
|
$
|
-
|
$
|
160
|
$
|
160
|
||||||
Commercial real estate
|
1,373
|
1,019
|
2,392
|
1,401
|
1,081
|
2,482
|
||||||||||||
Land
|
716
|
-
|
716
|
728
|
-
|
728
|
||||||||||||
Multi-family
|
1,563
|
-
|
1,563
|
1,598
|
-
|
1,598
|
||||||||||||
Consumer
|
414
|
25
|
439
|
697
|
-
|
697
|
||||||||||||
Total
|
$
|
4,066
|
$
|
1,188
|
$
|
5,254
|
$
|
4,424
|
$
|
1,241
|
$
|
5,665
|
8.
|
GOODWILL
|
December 31,
2019
|
March 31,
2019
|
|||||
FHLB advances (1)
|
$
|
-
|
$
|
56,586
|
||
Weighted average interest rate on FHLB advances (2)
|
2.54
|
%
|
2.58
|
%
|
||
(1) Consisted of overnight borrowings.
(2) Computed based on the borrowing activity for the nine months ended December 31, 2019 and the fiscal year ended March 31, 2019,
respectively.
|
11.
|
FAIR VALUE MEASUREMENTS
|
|
|
|
|
Estimated Fair Value Measurements Using
|
|||||||
December 31, 2019
|
Total Estimated
Fair Value
|
|
Level 1
|
Level 2
|
Level 3
|
||||||
Investment securities available for sale:
|
|
|
|
||||||||
Municipal securities
|
$
|
4,906
|
$
|
-
|
$
|
4,906
|
$
|
-
|
|||
Agency securities
|
9,466
|
-
|
9,466
|
-
|
|||||||
Real estate mortgage investment conduits
|
44,585
|
-
|
44,585
|
-
|
|||||||
Residential mortgage-backed securities
|
61,761
|
-
|
61,761
|
-
|
|||||||
Other mortgage-backed securities
|
35,039
|
-
|
35,039
|
-
|
|||||||
Total assets measured at fair value on a recurring basis
|
$
|
155,757
|
|
$
|
-
|
|
$
|
155,757
|
|
$
|
-
|
|
|
|
|
Estimated Fair Value Measurements Using
|
|||||||
March 31, 2019
|
Total Estimated
Fair Value
|
|
Level 1
|
Level 2
|
Level 3
|
||||||
Investment securities available for sale:
|
|
|
|
||||||||
Municipal securities
|
$
|
8,881
|
$
|
-
|
$
|
8,881
|
$
|
-
|
|||
Agency securities
|
12,341
|
-
|
12,341
|
-
|
|||||||
Real estate mortgage investment conduits
|
40,162
|
-
|
40,162
|
-
|
|||||||
Residential mortgage-backed securities
|
75,821
|
-
|
75,821
|
-
|
|||||||
Other mortgage-backed securities
|
41,021
|
-
|
41,021
|
-
|
|||||||
Total assets measured at fair value on a recurring basis
|
$
|
178,226
|
|
$
|
-
|
|
$
|
178,226
|
|
$
|
-
|
|
|
|
|
Estimated Fair Value Measurements Using
|
|||||||
December 31, 2019
|
Total Estimated
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||
|
|
|
|||||||||
Impaired loans
|
$
|
132
|
$
|
-
|
$
|
-
|
$
|
132
|
March 31, 2019
|
|||||||||||
|
|
|
|||||||||
Impaired loans
|
$
|
394
|
$
|
-
|
$
|
-
|
$
|
394
|
December 31, 2019
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Estimated
Fair Value
|
||||||
Assets:
|
|
|
|
|||||||||||
Cash and cash equivalents
|
$
|
62,123
|
$
|
62,123
|
$
|
-
|
$
|
-
|
$
|
62,123
|
||||
Certificates of deposit held for investment
|
249
|
-
|
256
|
-
|
256
|
|||||||||
Investment securities available for sale
|
155,757
|
-
|
155,757
|
-
|
155,757
|
|||||||||
Investment securities held to maturity
|
29
|
-
|
30
|
-
|
30
|
|||||||||
Loans receivable, net
|
875,100
|
-
|
-
|
871,950
|
871,950
|
|||||||||
FHLB stock
|
1,380
|
-
|
1,380
|
-
|
1,380
|
|||||||||
Liabilities:
|
||||||||||||||
Certificates of deposit
|
131,373
|
-
|
131,790
|
-
|
131,790
|
|||||||||
Junior subordinated debentures
|
26,640
|
-
|
-
|
13,119
|
13,119
|
|||||||||
Finance lease liability
|
2,378
|
-
|
2,378
|
-
|
2,378
|
|
|
|
||||||||||||
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Estimated
Fair Value
|
|||||||
March 31, 2019
|
||||||||||||||
Assets:
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
22,950
|
$
|
22,950
|
$
|
-
|
$
|
-
|
$
|
22,950
|
||||
Certificates of deposit held for investment
|
747
|
-
|
746
|
-
|
746
|
|||||||||
Loans held for sale
|
909
|
-
|
909
|
-
|
909
|
|||||||||
Investment securities available for sale
|
178,226
|
-
|
178,226
|
-
|
178,226
|
|||||||||
Investment securities held to maturity
|
35
|
-
|
35
|
-
|
35
|
|||||||||
Loans receivable, net
|
864,659
|
-
|
-
|
862,429
|
862,429
|
|||||||||
FHLB stock
|
3,644
|
-
|
3,644
|
-
|
3,644
|
|||||||||
Liabilities:
|
||||||||||||||
Certificates of deposit
|
86,006
|
-
|
84,455
|
-
|
84,455
|
|||||||||
FHLB advances
|
56,586
|
-
|
56,586
|
-
|
56,586
|
|||||||||
Junior subordinated debentures
|
26,575
|
-
|
-
|
15,468
|
15,468
|
|||||||||
Finance lease liability
|
2,403
|
-
|
2,403
|
-
|
2,403
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
||||||||||
2019
|
2018
|
2019
|
2018
|
||||||||
Asset management fees
|
$
|
1,136
|
$
|
935
|
$
|
3,369
|
$
|
2,804
|
|||
Debit card and ATM fees
|
758
|
799
|
2,403
|
2,382
|
|||||||
Deposit related fees
|
559
|
436
|
1,691
|
1,313
|
|||||||
Loan related fees
|
202
|
85
|
474
|
384
|
|||||||
BOLI (1)
|
188
|
192
|
585
|
545
|
|||||||
Net gains on sales of loans held for sale (1)
|
68
|
82
|
210
|
278
|
|||||||
FHLMC loan servicing fees (1)
|
31
|
41
|
113
|
102
|
|||||||
Other, net
|
221
|
159
|
623
|
630
|
|||||||
Total non-interest income
|
$
|
3,163
|
$
|
2,729
|
$
|
9,468
|
$
|
8,438
|
|||
(1) Not within the scope of ASC 606
|
Contract or
Notional Amount
|
||
Commitments to originate loans:
|
||
Adjustable-rate
|
$
|
14,318
|
Fixed-rate
|
12,903
|
|
Standby letters of credit
|
2,070
|
|
Undisbursed loan funds and unused lines of credit
|
126,465
|
|
Total
|
$
|
155,756
|
15.
|
LEASES
|
Leases
|
Classification in the consolidated balance sheets
|
||||
Finance lease right-of-use asset
|
$
|
1,528
|
Premises and equipment, net
|
||
Finance lease liability
|
$
|
2,378
|
Finance lease liability
|
||
Finance lease remaining lease term
|
19.93
|
years
|
|||
Finance lease discount rate
|
7.16
|
%
|
|||
Operating lease right-of-use assets
|
$
|
4,325
|
Prepaid expenses and other assets
|
||
Operating lease liabilities
|
$
|
4,419
|
Accrued expenses and other liabilities
|
||
Operating lease weighted-average remaining lease term
|
4.16
|
years
|
|||
Operating lease weighted-average discount rate
|
2.77
|
%
|
Year Ending March 31:
|
Operating
Leases
|
Finance
Lease
|
||||
Remaining of 2020
|
$
|
404
|
$
|
52
|
||
2021
|
1,011
|
208
|
||||
2022
|
747
|
212
|
||||
2023
|
573
|
215
|
||||
2024
|
583
|
219
|
||||
Thereafter
|
1,507
|
3,622
|
||||
Total minimum lease payments
|
4,825
|
4,528
|
||||
Less: amount of lease payment representing interest
|
(406
|
)
|
(2,150
|
)
|
||
Lease liabilities
|
$
|
4,419
|
$
|
2,378
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
||||||||
December 31, 2019
|
|||||||||||
Commercial business
|
$
|
165,526
|
$
|
-
|
$
|
-
|
$
|
165,526
|
|||
Commercial construction
|
-
|
-
|
79,034
|
79,034
|
|||||||
Office buildings
|
-
|
109,517
|
-
|
109,517
|
|||||||
Warehouse/industrial
|
-
|
99,167
|
-
|
99,167
|
|||||||
Retail/shopping centers/strip malls
|
-
|
67,874
|
-
|
67,874
|
|||||||
Assisted living facilities
|
-
|
1,075
|
-
|
1,075
|
|||||||
Single purpose facilities
|
-
|
192,530
|
-
|
192,530
|
|||||||
Land
|
-
|
15,163
|
-
|
15,163
|
|||||||
Multi-family
|
-
|
57,792
|
-
|
57,792
|
|||||||
One-to-four family construction
|
-
|
-
|
9,838
|
9,838
|
|||||||
Total
|
$
|
165,526
|
$
|
543,118
|
$
|
88,872
|
$
|
797,516
|
March 31, 2019
|
|||||||||||
Commercial business
|
$
|
162,796
|
$
|
-
|
$
|
-
|
$
|
162,796
|
|||
Commercial construction
|
-
|
-
|
70,533
|
70,533
|
|||||||
Office buildings
|
-
|
118,722
|
-
|
118,722
|
|||||||
Warehouse/industrial
|
-
|
91,787
|
-
|
91,787
|
|||||||
Retail/shopping centers/strip malls
|
-
|
64,934
|
-
|
64,934
|
|||||||
Assisted living facilities
|
-
|
2,740
|
-
|
2,740
|
|||||||
Single purpose facilities
|
-
|
183,249
|
-
|
183,249
|
|||||||
Land
|
-
|
17,027
|
-
|
17,027
|
|||||||
Multi-family
|
-
|
51,570
|
-
|
51,570
|
|||||||
One-to-four family construction
|
-
|
-
|
20,349
|
20,349
|
|||||||
Total
|
$
|
162,796
|
$
|
530,029
|
$
|
90,882
|
$
|
783,707
|
Actual
|
For Capital
Adequacy Purposes
|
“Well Capitalized”
Under Prompt
Corrective Action
|
|||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||
December 31, 2019
|
|||||||||||||||
Total Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
$
|
146,532
|
17.66
|
%
|
$
|
67,286
|
8.0
|
%
|
$
|
84,107
|
10.0
|
%
|
|||
Tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
138,002
|
16.41
|
50,464
|
6.0
|
67,286
|
8.0
|
|||||||||
Common equity tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
138,002
|
16.41
|
37,848
|
4.5
|
54,670
|
6.5
|
|||||||||
Tier 1 Capital (Leverage):
|
|||||||||||||||
(To Average Tangible Assets)
|
138,002
|
12.05
|
45,812
|
4.0
|
57,265
|
5.0
|
Actual
|
For Capital
Adequacy Purposes
|
“Well Capitalized”
Under Prompt
Corrective Action
|
|||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||
March 31, 2019
|
|||||||||||||||
Total Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
$
|
140,062
|
16.88
|
%
|
$
|
66,379
|
8.0
|
%
|
$
|
82,974
|
10.0
|
%
|
|||
Tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
129,671
|
15.63
|
49,784
|
6.0
|
66,379
|
8.0
|
|||||||||
Common equity tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
129,671
|
15.63
|
37,338
|
4.5
|
53,933
|
6.5
|
|||||||||
Tier 1 Capital (Leverage):
|
|||||||||||||||
(To Average Tangible Assets)
|
129,671
|
11.56
|
44,874
|
4.0
|
56,092
|
5.0
|
December 31, 2019
|
March 31, 2019
|
|||||||||||
Number of
Loans
|
Balance
|
Number of
Loans
|
Balance
|
|||||||||
Commercial business
|
3
|
$
|
299
|
2
|
$
|
225
|
||||||
Commercial real estate
|
2
|
1,019
|
2
|
1,081
|
||||||||
Consumer
|
11
|
199
|
16
|
213
|
||||||||
Total
|
16
|
$
|
1,517
|
20
|
$
|
1,519
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington |
Other
|
Total
|
||||||||||
December 31, 2019
|
||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
299
|
$
|
-
|
$
|
299
|
||||
Commercial real estate
|
-
|
851
|
168
|
-
|
1,019
|
|||||||||
Consumer
|
-
|
-
|
179
|
20
|
199
|
|||||||||
Total nonperforming assets
|
$
|
-
|
$
|
851
|
$
|
646
|
$
|
20
|
$
|
1,517
|
March 31, 2019
|
||||||||||||||
Commercial business
|
$
|
65
|
$
|
-
|
$
|
160
|
$
|
-
|
$
|
225
|
||||
Commercial real estate
|
-
|
896
|
185
|
-
|
1,081
|
|||||||||
Consumer
|
-
|
-
|
169
|
44
|
213
|
|||||||||
Total nonperforming assets
|
$
|
65
|
$
|
896
|
$
|
514
|
$
|
44
|
$
|
1,519
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
||||||||
December 31, 2019
|
|||||||||||
Land acquisition and development
|
$
|
2,175
|
$
|
1,852
|
$
|
11,136
|
$
|
15,163
|
|||
Speculative and custom/presold construction
|
278
|
-
|
9,496
|
9,774
|
|||||||
Total
|
$
|
2,453
|
$
|
1,852
|
$
|
20,632
|
$
|
24,937
|
March 31, 2019
|
|||||||||||
Land acquisition and development
|
$
|
2,184
|
$
|
1,908
|
$
|
12,935
|
$
|
17,027
|
|||
Speculative and custom/presold construction
|
1,680
|
104
|
15,284
|
17,068
|
|||||||
Total
|
$
|
3,864
|
$
|
2,012
|
$
|
28,219
|
$
|
34,095
|
December 31, 2019
|
March 31, 2019
|
|||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||
Commercial business
|
5
|
$
|
1,561
|
9
|
$
|
1,734
|
||||||
Commercial real estate
|
-
|
-
|
3
|
2,308
|
||||||||
Land
|
-
|
-
|
1
|
728
|
||||||||
Multi-family
|
3
|
35
|
2
|
20
|
||||||||
Total
|
8
|
$
|
1,596
|
15
|
$
|
4,790
|
Three Months Ended December 31,
|
|||||||||||||||||
2019
|
2018
|
||||||||||||||||
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
||||||||||||
Interest-earning assets:
|
|||||||||||||||||
Mortgage loans
|
$
|
692,227
|
$
|
9,478
|
5.45
|
%
|
$
|
670,116
|
$
|
9,001
|
5.33
|
%
|
|||||
Non-mortgage loans
|
186,429
|
2,221
|
4.74
|
184,252
|
2,181
|
4.70
|
|||||||||||
Total net loans (1)
|
878,656
|
11,699
|
5.30
|
854,368
|
11,182
|
5.19
|
|||||||||||
Investment securities (2)
|
159,356
|
887
|
2.21
|
193,171
|
1,158
|
2.38
|
|||||||||||
Daily interest-earning assets
|
105
|
-
|
-
|
73
|
-
|
-
|
|||||||||||
Other earning assets
|
44,112
|
|
189
|
1.70
|
9,587
|
60
|
2.48
|
||||||||||
Total interest-earning assets
|
1,082,229
|
12,775
|
4.70
|
1,057,199
|
12,400
|
4.65
|
|||||||||||
Non-interest-earning assets:
|
|||||||||||||||||
Office properties and equipment, net
|
15,811
|
15,256
|
|||||||||||||||
Other non-interest-earning assets
|
76,116
|
65,643
|
|||||||||||||||
Total assets
|
$
|
1,174,156
|
$
|
1,138,098
|
|||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||
Regular savings accounts
|
$
|
208,486
|
354
|
0.68
|
$
|
137,862
|
35
|
0.10
|
|||||||||
Interest checking accounts
|
176,856
|
24
|
0.05
|
182,055
|
26
|
0.06
|
|||||||||||
Money market accounts
|
184,194
|
54
|
0.12
|
248,305
|
74
|
0.12
|
|||||||||||
Certificates of deposit
|
127,747
|
510
|
1.59
|
101,415
|
105
|
0.41
|
|||||||||||
Total interest-bearing deposits
|
697,283
|
942
|
0.54
|
669,637
|
240
|
0.14
|
|||||||||||
Other interest-bearing liabilities
|
29,011
|
332
|
4.55
|
37,981
|
416
|
4.35
|
|||||||||||
Total interest-bearing liabilities
|
726,294
|
1,274
|
0.70
|
707,618
|
656
|
0.37
|
|||||||||||
Non-interest-bearing liabilities:
|
|||||||||||||||||
Non-interest-bearing deposits
|
289,773
|
297,609
|
|||||||||||||||
Other liabilities
|
11,999
|
7,619
|
|||||||||||||||
Total liabilities
|
1,028,066
|
1,012,846
|
|||||||||||||||
Shareholders’ equity
|
146,090
|
125,252
|
|||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,174,156
|
$
|
1,138,098
|
|||||||||||||
Net interest income
|
$
|
11,501
|
$
|
11,744
|
|||||||||||||
Interest rate spread
|
4.00
|
%
|
4.28
|
%
|
|||||||||||||
Net interest margin
|
4.23
|
%
|
4.41
|
%
|
|||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities
|
149.01
|
%
|
149.40
|
%
|
|||||||||||||
Tax equivalent adjustment (3)
|
$
|
9
|
$
|
11
|
(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 and preferred equity securities dividend income.
|
Nine Months Ended December 31,
|
|||||||||||||||||
2019
|
2018
|
||||||||||||||||
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
||||||||||||
Interest-earning assets:
|
|||||||||||||||||
Mortgage loans
|
$
|
693,776
|
$
|
28,586
|
5.48
|
%
|
$
|
655,929
|
$
|
26,963
|
5.46
|
%
|
|||||
Non-mortgage loans
|
188,003
|
6,560
|
4.64
|
179,768
|
6,298
|
4.65
|
|||||||||||
Total net loans (1)
|
881,779
|
35,146
|
5.30
|
835,697
|
33,261
|
5.28
|
|||||||||||
Investment securities (2)
|
168,266
|
2,721
|
2.15
|
204,194
|
3,568
|
2.32
|
|||||||||||
Daily interest-earning assets
|
115
|
-
|
-
|
47
|
1
|
2.82
|
|||||||||||
Other earning assets
|
22,424
|
369
|
2.19
|
16,812
|
270
|
2.13
|
|||||||||||
Total interest-earning assets
|
1,072,584
|
38,236
|
4.74
|
1,056,750
|
37,100
|
4.66
|
|||||||||||
Non-interest-earning assets:
|
|||||||||||||||||
Office properties and equipment, net
|
15,569
|
15,535
|
|||||||||||||||
Other non-interest-earning assets
|
74,157
|
66,451
|
|||||||||||||||
Total assets
|
$
|
1,162,310
|
$
|
1,138,736
|
|||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||
Regular savings accounts
|
$
|
179,494
|
744
|
0.55
|
$
|
136,763
|
103
|
0.10
|
|||||||||
Interest checking accounts
|
179,794
|
75
|
0.06
|
180,723
|
76
|
0.06
|
|||||||||||
Money market accounts
|
200,170
|
177
|
0.12
|
256,203
|
233
|
0.12
|
|||||||||||
Certificates of deposit
|
105,550
|
957
|
1.21
|
109,915
|
347
|
0.42
|
|||||||||||
Total interest-bearing deposits
|
665,008
|
1,953
|
0.39
|
683,604
|
759
|
0.15
|
|||||||||||
Other interest-bearing liabilities
|
56,337
|
1,570
|
3.71
|
33,286
|
1,126
|
4.49
|
|||||||||||
Total interest-bearing liabilities
|
721,345
|
3,523
|
0.65
|
716,890
|
1,885
|
0.35
|
|||||||||||
Non-interest-bearing liabilities:
|
|||||||||||||||||
Non-interest-bearing deposits
|
288,410
|
291,691
|
|||||||||||||||
Other liabilities
|
10,911
|
7,857
|
|||||||||||||||
Total liabilities
|
1,020,666
|
1,016,438
|
|||||||||||||||
Shareholders’ equity
|
141,644
|
122,298
|
|||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,162,310
|
$
|
1,138,736
|
|||||||||||||
Net interest income
|
$
|
34,713
|
$
|
35,215
|
|||||||||||||
Interest rate spread
|
4.09
|
%
|
4.31
|
%
|
|||||||||||||
Net interest margin
|
4.31
|
%
|
4.42
|
%
|
|||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities
|
148.69
|
%
|
147.41
|
%
|
|||||||||||||
Tax equivalent adjustment (3)
|
$
|
32
|
$
|
34
|
(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 and preferred equity securities dividend income.
|
Three Months Ended December 31,
|
Nine Months Ended December 31,
|
||||||||||||||||||
2019 vs. 2018
|
2019 vs. 2018
|
||||||||||||||||||
Increase (Decrease) Due to
|
Increase (Decrease) Due to
|
||||||||||||||||||
Total Net
|
Total Net
|
||||||||||||||||||
Volume
|
Rate
|
Increase
(Decrease)
|
Volume
|
Rate
|
Increase
(Decrease)
|
||||||||||||||
Interest Income:
|
|||||||||||||||||||
Mortgage loans
|
$
|
284
|
$
|
193
|
$
|
477
|
$
|
1,526
|
$
|
97
|
$
|
1,623
|
|||||||
Non-mortgage loans
|
23
|
17
|
40
|
277
|
(15
|
)
|
262
|
||||||||||||
Investment securities (1)
|
(192
|
)
|
(79
|
)
|
(271
|
)
|
(598)
|
(249
|
)
|
(847
|
)
|
||||||||
Daily interest-bearing
|
-
|
-
|
-
|
-
|
(1
|
)
|
(1
|
)
|
|||||||||||
Other earning assets
|
153
|
(24
|
)
|
129
|
91
|
8
|
99
|
||||||||||||
Total interest income
|
268
|
107
|
375
|
1,296
|
(160
|
)
|
1,136
|
||||||||||||
Interest Expense:
|
|||||||||||||||||||
Regular savings accounts
|
26
|
293
|
319
|
42
|
599
|
641
|
|||||||||||||
Interest checking accounts
|
-
|
(2
|
)
|
(2
|
)
|
(1
|
)
|
-
|
(1
|
)
|
|||||||||
Money market accounts
|
(20
|
)
|
-
|
(20
|
)
|
(56
|
)
|
-
|
(56
|
)
|
|||||||||
Certificates of deposit
|
33
|
372
|
405
|
(15
|
)
|
625
|
610
|
||||||||||||
Other interest-bearing liabilities
|
(102
|
)
|
18
|
(84
|
)
|
667
|
(223
|
)
|
444
|
||||||||||
Total interest expense
|
(63
|
)
|
681
|
618
|
637
|
1,001
|
1,638
|
||||||||||||
Net interest income
|
$
|
331
|
$
|
(574
|
)
|
$
|
(243
|
)
|
$
|
659
|
$
|
(1,161
|
)
|
$
|
(502
|
)
|
(1) Interest is presented on a fully tax-equivalent basis.
|
(1) |
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on September 29, 2016 and incorporated herein by reference.
|
(2) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203), and incorporated herein by reference.
|
(3) |
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on May 3, 2019 and incorporated herein by reference.
|
(4) |
Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended March 31, 2019, 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 Annual Report on Form 10-K for the year ended March 31, 1998, and incorporated herein by reference.
|
(7) |
Filed as an exhibit to the Registrant’s Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 5, 2003, and incorporated herein by reference.
|
(8) |
Filed as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, and incorporated herein by reference.
|
(9) |
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.
|
(10) |
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.
|
(11) |
Filed as an exhibit to the Registrant’s Registration Statement on Form S-8 (Registration No. 333-228099), and incorporated herein by reference.
|
* |
Filed herewith
|
|
|
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:
|
February 7, 2020
|
Date:
|
February 7, 2020
|
|
101 |
The following materials from Riverview Bancorp Inc.’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2019, 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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