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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Riverview Bancorp Inc | NASDAQ:RVSB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.93 | 1.59 | 5.95 | 0 | 09:09:58 |
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
|
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 | |
Securities registered pursuant to Section 12(b) of the Act: |
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 |
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer [X]
|
Smaller reporting company [X]
|
Emerging growth company [ ]
|
|
Part I.
|
Financial Information
|
Page
|
|
|
|
Item 1:
|
Financial Statements (Unaudited)
|
|
|
|
|
|
Consolidated Balance Sheets as of
September 30, 2020 and March 31, 2020
|
2
|
|
|
|
|
Consolidated Statements of Income for the
Three and Six Months Ended September 30, 2020 and 2019
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the
Three and Six Months Ended September 30, 2020 and 2019
|
4
|
|
|
|
|
Consolidated Statements of Shareholders’ Equity for the
Three and Six Months Ended September 30, 2020 and 2019
|
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the
Six Months Ended September 30, 2020 and 2019
|
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
|
43
|
|
|
|
Item 4:
|
Controls and Procedures
|
43
|
|
|
|
Part II.
|
Other Information
|
44-45
|
|
|
|
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
|
46
|
|
Certifications | ||
|
Exhibit 31.1
Exhibit 31.2
Exhibit 32
|
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED
SEPTEMBER 30, 2020 AND 2019
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
||||||||||||||
(In thousands, except share and per share data) (Unaudited)
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
INTEREST AND DIVIDEND INCOME:
|
||||||||||||||||
Interest and fees on loans receivable
|
$
|
11,346
|
$
|
11,893
|
$
|
22,874
|
$
|
23,447
|
||||||||
Interest on investment securities – taxable
|
505
|
860
|
1,160
|
1,738
|
||||||||||||
Interest on investment securities – nontaxable
|
17
|
36
|
35
|
73
|
||||||||||||
Other interest and dividends
|
81
|
93
|
118
|
180
|
||||||||||||
Total interest and dividend income
|
11,949
|
12,882
|
24,187
|
25,438
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
657
|
660
|
1,515
|
1,011
|
||||||||||||
Interest on borrowings
|
228
|
503
|
480
|
1,238
|
||||||||||||
Total interest expense
|
885
|
1,163
|
1,995
|
2,249
|
||||||||||||
Net interest income
|
11,064
|
11,719
|
22,192
|
23,189
|
||||||||||||
Provision for loan losses
|
1,800
|
-
|
6,300
|
-
|
||||||||||||
Net interest income after provision for loan losses
|
9,264
|
11,719
|
15,892
|
23,189
|
||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and service charges
|
1,663
|
1,752
|
3,061
|
3,389
|
||||||||||||
Asset management fees
|
883
|
1,090
|
1,857
|
2,233
|
||||||||||||
Net gains on sales of loans held for sale
|
-
|
46
|
28
|
142
|
||||||||||||
BOLI
|
242
|
204
|
432
|
397
|
||||||||||||
Other, net
|
31
|
77
|
64
|
144
|
||||||||||||
Total non-interest income, net
|
2,819
|
3,169
|
5,442
|
6,305
|
||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
5,379
|
5,697
|
10,571
|
11,412
|
||||||||||||
Occupancy and depreciation
|
1,457
|
1,277
|
2,907
|
2,597
|
||||||||||||
Data processing
|
697
|
669
|
1,358
|
1,349
|
||||||||||||
Amortization of CDI
|
35
|
41
|
70
|
81
|
||||||||||||
Advertising and marketing
|
110
|
298
|
239
|
508
|
||||||||||||
FDIC insurance premium
|
84
|
-
|
132
|
80
|
||||||||||||
State and local taxes
|
204
|
174
|
408
|
369
|
||||||||||||
Telecommunications
|
85
|
76
|
171
|
162
|
||||||||||||
Professional fees
|
321
|
263
|
641
|
588
|
||||||||||||
Other
|
464
|
508
|
1,024
|
1,051
|
||||||||||||
Total non-interest expense
|
8,836
|
9,003
|
17,521
|
18,197
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
3,247
|
5,885
|
3,813
|
11,297
|
||||||||||||
PROVISION FOR INCOME TAXES
|
704
|
1,351
|
790
|
2,571
|
||||||||||||
NET INCOME
|
$
|
2,543
|
$
|
4,534
|
$
|
3,023
|
$
|
8,726
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
0.11
|
$
|
0.20
|
$
|
0.14
|
$
|
0.39
|
||||||||
Diluted
|
0.11
|
0.20
|
0.14
|
0.38
|
||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
22,261,709
|
22,643,103
|
22,259,201
|
22,631,406
|
||||||||||||
Diluted
|
22,276,312
|
22,702,696
|
22,276,308
|
22,694,067
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
(In thousands) (Unaudited)
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Net income
|
$
|
2,543
|
$
|
4,534
|
$
|
3,023
|
$
|
8,726
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Net unrealized holding gain (loss) from available for sale investment securities arising
|
||||||||||||||||
during the period, net of tax of $8, ($223), ($201) and ($898), respectively
|
(24
|
)
|
712
|
639
|
2,847
|
|||||||||||
Total comprehensive income, net
|
$
|
2,519
|
$
|
5,246
|
$
|
3,662
|
$
|
11,573
|
||||||||
(In thousands, except share and per share data) (Unaudited)
|
Common Stock
|
Additional
Paid-In
|
Retained
|
Accumulated
Other
Comprehensive
|
Total
|
|||||||||||||
Shares
|
Amount
|
Capital | Earnings | Income (Loss) | ||||||||||||||
For the three months ended September 30, 2019
|
||||||||||||||||||
Balance July 1, 2019
|
22,705,385
|
$
|
226
|
$
|
65,326
|
$
|
73,602
|
$
|
(491
|
)
|
$
|
138,663
|
||||||
Net income
|
-
|
-
|
-
|
4,534
|
-
|
4,534
|
||||||||||||
Cash dividends on common stock ($0.045 per share)
|
-
|
-
|
-
|
(1,024
|
)
|
-
|
(1,024
|
)
|
||||||||||
Exercise of stock options
|
43,000
|
1
|
164
|
-
|
-
|
165
|
||||||||||||
Stock-based compensation expense
|
-
|
-
|
69
|
-
|
-
|
69
|
||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
712
|
712
|
||||||||||||
Balance September 30, 2019
|
22,748,385
|
$
|
227
|
$
|
65,559
|
$
|
77,112
|
$
|
221
|
$
|
143,119
|
|||||||
For the six months ended September 30, 2019
|
||||||||||||||||||
Balance April 1, 2019
|
22,607,712
|
$
|
226
|
$
|
65,094
|
$
|
70,428
|
$
|
(2,626
|
)
|
$
|
133,122
|
||||||
Net income
|
-
|
-
|
-
|
8,726
|
-
|
8,726
|
||||||||||||
Cash dividends on common stock ($0.090 per share)
|
-
|
-
|
-
|
(2,042
|
)
|
-
|
(2,042
|
)
|
||||||||||
Exercise of stock options
|
58,000
|
1
|
216
|
-
|
-
|
217
|
||||||||||||
Restricted stock grants
|
82,673
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Stock-based compensation expense
|
-
|
-
|
249
|
-
|
-
|
249
|
||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
2,847
|
2,847
|
||||||||||||
Balance September 30, 2019
|
22,748,385
|
$
|
227
|
$
|
65,559
|
$
|
77,112
|
$
|
221
|
$
|
143,119
|
For the three months ended September 30, 2020
|
||||||||||||||||||
Balance July 1, 2020
|
22,245,472
|
$
|
222
|
$
|
63,254
|
$
|
81,240
|
$
|
2,762
|
$
|
147,478
|
|||||||
Net income
|
-
|
-
|
-
|
2,543
|
-
|
2,543
|
||||||||||||
Cash dividends on common stock ($0.05 per share)
|
-
|
-
|
-
|
(1,117
|
)
|
-
|
(1,117
|
)
|
||||||||||
Restricted stock grants
|
90,763
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Stock-based compensation expense
|
-
|
-
|
166
|
-
|
-
|
166
|
||||||||||||
Other comprehensive loss, net
|
-
|
-
|
-
|
-
|
(24
|
)
|
(24
|
)
|
||||||||||
Balance September 30, 2020
|
22,336,235
|
$
|
222
|
$
|
63,420
|
$
|
82,666
|
$
|
2,738
|
$
|
149,046
|
|||||||
For the six months ended September 30, 2020
|
||||||||||||||||||
Balance April 1, 2020
|
22,544,285
|
$
|
225
|
$
|
64,649
|
$
|
81,870
|
$
|
2,099
|
$
|
148,843
|
|||||||
Net income
|
-
|
-
|
-
|
3,023
|
-
|
3,023
|
||||||||||||
Cash dividends on common stock ($0.10 per share)
|
-
|
-
|
-
|
(2,227
|
)
|
-
|
(2,227
|
)
|
||||||||||
Exercise of stock options
|
5,000
|
-
|
9
|
-
|
-
|
9
|
||||||||||||
Stock repurchased
|
(295,900
|
)
|
(3
|
)
|
(1,444
|
)
|
-
|
-
|
(1,447
|
)
|
||||||||
Restricted stock grants
|
90,763
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Restricted stock cancelled
|
(7,913
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Stock-based compensation expense
|
-
|
-
|
206
|
-
|
-
|
206
|
||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
639
|
639
|
||||||||||||
Balance September 30, 2020
|
22,336,235
|
$
|
222
|
$
|
63,420
|
$
|
82,666
|
$
|
2,738
|
$
|
149,046
|
(In thousands) (Unaudited)
|
2020
|
2019
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||
Net income
|
$
|
3,023
|
$
|
8,726
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||
Depreciation and amortization
|
1,513
|
1,496
|
||||
Purchased loans amortization, net
|
122
|
181
|
||||
Provision for loan losses
|
6,300
|
-
|
||||
Stock-based compensation expense
|
206
|
249
|
||||
Increase in deferred loan origination fees, net of amortization
|
2,351
|
96
|
||||
Origination of loans held for sale
|
(913
|
)
|
(4,786
|
)
|
||
Proceeds from sales of loans held for sale
|
1,214
|
5,477
|
||||
Net gains on loans held for sale and sales of premises and equipment
|
(23
|
)
|
(216
|
)
|
||
Income from BOLI
|
(432
|
)
|
(397
|
)
|
||
Changes in certain other assets and liabilities:
|
||||||
Prepaid expenses and other assets
|
(2,752
|
)
|
2,001
|
|||
Accrued interest receivable
|
(1,637
|
)
|
92
|
|||
Accrued expenses and other liabilities
|
(1,429
|
)
|
(677
|
)
|
||
Net cash provided by operating activities
|
7,543
|
12,242
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||
Loan repayments (originations), net
|
(62,370
|
)
|
1,530
|
|||
Purchases of loans receivable
|
(3,826
|
)
|
(6,992
|
)
|
||
Principal repayments on investment securities available for sale
|
19,105
|
14,515
|
||||
Proceeds from calls of investment securities available for sale
|
3,000
|
3,000
|
||||
Principal repayments on investment securities held to maturity
|
4
|
4
|
||||
Purchases of premises and equipment and capitalized software
|
(2,338
|
)
|
(599
|
)
|
||
Redemption of certificates of deposit held for investment
|
-
|
498
|
||||
Redemption (purchases) of FHLB stock, net
|
(1,200
|
)
|
2,264
|
|||
Proceeds from sales of real estate owned (“REO”) and premises and equipment
|
-
|
81
|
||||
Net cash provided by (used in) investing activities
|
(47,625
|
)
|
14,301
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||
Net increase in deposits
|
209,524
|
57,217
|
||||
Dividends paid
|
(2,245
|
)
|
(1,923
|
)
|
||
Proceeds from borrowings
|
30,000
|
214,897
|
||||
Repayment of borrowings
|
-
|
(271,483
|
)
|
|||
Net increase in advance payments by borrowers for taxes and insurance
|
308
|
486
|
||||
Principal payments on finance lease liability
|
(19
|
)
|
(16)
|
|||
Proceeds from exercise of stock options
|
9
|
217
|
||||
Repurchase of common stock
|
(1,447
|
)
|
-
|
|||
Net cash provided by (used in) financing activities
|
236,130
|
(605
|
)
|
|||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
196,048
|
25,938
|
||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
41,968
|
22,950
|
||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
238,016
|
$
|
48,888
|
||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||
Cash paid during the period for:
|
||||||
Interest
|
$
|
1,901
|
$
|
2,202
|
||
Income taxes
|
2,292
|
1,482
|
||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||
Dividends declared and accrued in other liabilities
|
$
|
1,117
|
$
|
1,023
|
||
Net unrealized holding gain from available for sale investment securities
|
840
|
3,745
|
||||
Income tax effect related to other comprehensive income
|
(201
|
)
|
(898
|
)
|
||
ROU lease assets obtained in exchange for operating lease liabilities
|
5,833
|
5,603
|
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Six Months Ended
September 30, 2020
|
Six Months Ended
September 30, 2019
|
|||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||
Balance, beginning of period
|
43,332
|
$
|
2.69
|
101,332
|
$
|
3.26
|
||||
Options exercised
|
(5,000
|
)
|
1.97
|
(58,000
|
)
|
3.69
|
||||
Balance, end of period
|
38,332
|
$
|
2.78
|
43,332
|
$
|
2.69
|
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
|
49,298
|
$
|
8.35
|
33,375
|
$
|
8.35
|
82,673
|
$
|
8.35
|
||||||
Granted
|
19,453
|
4.17
|
71,310
|
4.17
|
90,763
|
4.17
|
|||||||||
Forfeited
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||
Vested
|
(23,135
|
)
|
8.35
|
-
|
-
|
(23,135
|
)
|
8.35
|
|||||||
Cancelled
|
-
|
-
|
(7,913
|
)
|
8.35
|
(7,913
|
)
|
8.35
|
|||||||
Balance, end of period
|
45,616
|
$
|
6.57
|
96,772
|
$
|
5.27
|
142,388
|
$
|
5.69
|
4.
|
EARNINGS PER SHARE
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||
Basic EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
2,543,000
|
$
|
4,534,000
|
$
|
3,023,000
|
$
|
8,726,000
|
||||
Denominator-weighted average common shares
outstanding
|
22,261,709
|
22,643,103
|
22,259,201
|
22,631,406
|
||||||||
Basic EPS
|
$
|
0.11
|
$
|
0.20
|
$
|
0.14
|
$
|
0.39
|
||||
Diluted EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
2,543,000
|
$
|
4,534,000
|
$
|
3,023,000
|
$
|
8,726,000
|
||||
Denominator-weighted average common shares
outstanding |
22,261,709
|
22,643,103
|
22,259,201
|
22,631,406
|
||||||||
Effect of dilutive stock options
|
14,603
|
59,593
|
17,107
|
62,661
|
||||||||
Weighted average common shares and common
stock equivalents
|
22,276,312
|
22,702,696
|
22,276,308
|
22,694,067
|
||||||||
Diluted EPS
|
$
|
0.11
|
$
|
0.20
|
$
|
0.14
|
$
|
0.38
|
5.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated Fair
Value
|
||||||||
September 30, 2020
|
|||||||||||
Available for sale:
|
|||||||||||
Municipal securities
|
$
|
4,733
|
$
|
277
|
$
|
-
|
$
|
5,010
|
|||
Agency securities
|
3,006
|
4
|
(8
|
)
|
3,002
|
||||||
Real estate mortgage investment conduits (1)
|
36,312
|
811
|
-
|
37,123
|
|||||||
Residential mortgage-backed securities (1)
|
48,302
|
1,399
|
-
|
49,701
|
|||||||
Other mortgage-backed securities (2)
|
30,318
|
1,201
|
(82
|
)
|
31,437
|
||||||
Total available for sale
|
$
|
122,671
|
$
|
3,692
|
$
|
(90
|
)
|
$
|
126,273
|
||
Held to maturity:
|
|||||||||||
Residential mortgage-backed securities (3)
|
$
|
24
|
$
|
-
|
$
|
-
|
$
|
24
|
|||
Available for Sale
|
Held to Maturity
|
|||||||||||
Amortized
Cost
|
Estimated
Fair Value
|
Amortized
Cost
|
Estimated
Fair Value
|
|||||||||
Due in one year or less
|
$
|
1,000
|
$
|
1,004
|
$
|
-
|
$
|
-
|
||||
Due after one year through five years
|
6,650
|
6,760
|
21
|
21
|
||||||||
Due after five years through ten years
|
28,333
|
29,193
|
3
|
3
|
||||||||
Due after ten years
|
86,688
|
89,316
|
-
|
-
|
||||||||
Total
|
$
|
122,671
|
$
|
126,273
|
$
|
24
|
$
|
24
|
6.
|
LOANS RECEIVABLE
|
7.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
September 30, 2020
|
Commercial Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
2,011
|
$
|
11,323
|
$
|
243
|
$
|
879
|
$
|
692
|
$
|
1,281
|
$
|
647
|
$
|
17,076
|
||||||||||||||||
Provision for (recapture of) loan losses
|
169
|
1,886
|
2
|
(134
|
)
|
28
|
(116
|
)
|
(35
|
)
|
1,800
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(23
|
)
|
-
|
(23
|
)
|
||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
13
|
-
|
13
|
||||||||||||||||||||||||
Ending balance
|
$
|
2,180
|
$
|
13,209
|
$
|
245
|
$
|
745
|
$
|
720
|
$
|
1,155
|
$
|
612
|
$
|
18,866
|
Six months ended
September 30, 2020
|
Commercial Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
2,008
|
$
|
6,421
|
$
|
230
|
$
|
854
|
$
|
1,149
|
$
|
1,363
|
$
|
599
|
$
|
12,624
|
||||||||||||||||
Provision for (recapture of) loan losses
|
162
|
6,788
|
15
|
(109
|
)
|
(429
|
)
|
(140
|
)
|
13
|
6,300
|
|||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(88
|
)
|
-
|
(88
|
)
|
||||||||||||||||||||||
Recoveries
|
10
|
-
|
-
|
-
|
-
|
20
|
-
|
30
|
||||||||||||||||||||||||
Ending balance
|
$
|
2,180
|
$
|
13,209
|
$
|
245
|
$
|
745
|
$
|
720
|
$
|
1,155
|
$
|
612
|
$
|
18,866
|
Three months ended
September 30, 2019
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
2,113
|
$
|
4,889
|
$
|
244
|
$
|
699
|
$
|
1,506
|
$
|
1,346
|
$
|
645
|
$
|
11,442
|
||||||||||||||||
Provision for (recapture of) loan losses
|
(62
|
)
|
149
|
(25
|
)
|
80
|
(125
|
)
|
7
|
(24
|
)
|
-
|
||||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(13
|
)
|
-
|
(13
|
)
|
||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
7
|
-
|
7
|
||||||||||||||||||||||||
Ending balance
|
$
|
2,051
|
$
|
5,038
|
$
|
219
|
$
|
779
|
$
|
1,381
|
$
|
1,347
|
$
|
621
|
$
|
11,436
|
Six months ended
September 30, 2019
|
||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
1,808
|
$
|
5,053
|
$
|
254
|
$
|
728
|
$
|
1,457
|
$
|
1,447
|
$
|
710
|
$
|
11,457
|
||||||||||||||||
Provision for (recapture of) loan losses
|
246
|
(15
|
)
|
(35
|
)
|
51
|
(76
|
)
|
(82
|
)
|
(89
|
)
|
-
|
|||||||||||||||||||
Charge-offs
|
(3
|
)
|
-
|
-
|
-
|
-
|
(54
|
)
|
-
|
(57
|
)
|
|||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
36
|
-
|
36
|
||||||||||||||||||||||||
Ending balance
|
$
|
2,051
|
$
|
5,038
|
$
|
219
|
$
|
779
|
$
|
1,381
|
$
|
1,347
|
$
|
621
|
$
|
11,436
|
Allowance for Loan Losses
|
Recorded Investment in Loans
|
|||||||||||||||||||||||
September 30, 2020
|
Individually
Evaluated for Impairment
|
Collectively
Evaluated for Impairment
|
Total
|
Individually
Evaluated for Impairment
|
Collectively
Evaluated for Impairment
|
Total
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
2,180
|
$
|
2,180
|
$
|
129
|
$
|
281,541
|
$
|
281,670
|
||||||||||||
Commercial real estate
|
-
|
13,209
|
13,209
|
2,349
|
523,628
|
525,977
|
||||||||||||||||||
Land
|
-
|
245
|
245
|
714
|
13,817
|
14,531
|
||||||||||||||||||
Multi-family
|
-
|
745
|
745
|
1,553
|
48,325
|
49,878
|
||||||||||||||||||
Real estate construction
|
-
|
720
|
720
|
-
|
28,308
|
28,308
|
||||||||||||||||||
Consumer
|
10
|
1,145
|
1,155
|
546
|
74,264
|
74,810
|
||||||||||||||||||
Unallocated
|
-
|
612
|
612
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
10
|
$
|
18,856
|
$
|
18,866
|
$
|
5,291
|
$
|
969,883
|
$
|
975,174
|
March 31, 2020
|
||||||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
2,008
|
$
|
2,008
|
$
|
139
|
$
|
178,890
|
$
|
179,029
|
||||||||||||
Commercial real estate
|
-
|
6,421
|
6,421
|
2,378
|
505,493
|
507,871
|
||||||||||||||||||
Land
|
-
|
230
|
230
|
714
|
13,312
|
14,026
|
||||||||||||||||||
Multi-family
|
-
|
854
|
854
|
1,549
|
56,825
|
58,374
|
||||||||||||||||||
Real estate construction
|
-
|
1,149
|
1,149
|
-
|
64,843
|
64,843
|
||||||||||||||||||
Consumer
|
12
|
1,351
|
1,363
|
432
|
86,934
|
87,366
|
||||||||||||||||||
Unallocated
|
-
|
599
|
599
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
12
|
$
|
12,612
|
$
|
12,624
|
$
|
5,212
|
$
|
906,297
|
$
|
911,509
|
September 30, 2020
|
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
|
$
|
-
|
$
|
-
|
$
|
191
|
$
|
191
|
$
|
281,479
|
$
|
281,670
|
||||||||||||
Commercial real estate
|
-
|
-
|
1,005
|
1,005
|
524,972
|
525,977
|
||||||||||||||||||
Land
|
-
|
-
|
-
|
-
|
14,531
|
14,531
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
49,878
|
49,878
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
28,308
|
28,308
|
||||||||||||||||||
Consumer
|
193
|
-
|
79
|
272
|
74,538
|
74,810
|
||||||||||||||||||
Total
|
$
|
193
|
$
|
-
|
$
|
1,275
|
$
|
1,468
|
$
|
973,706
|
$
|
975,174
|
March 31, 2020
|
||||||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
201
|
$
|
201
|
$
|
178,828
|
$
|
179,029
|
||||||||||||
Commercial real estate
|
-
|
-
|
1,014
|
1,014
|
506,857
|
507,871
|
||||||||||||||||||
Land
|
-
|
-
|
-
|
-
|
14,026
|
14,026
|
||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
58,374
|
58,374
|
||||||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
64,843
|
64,843
|
||||||||||||||||||
Consumer
|
271
|
-
|
180
|
451
|
86,915
|
87,366
|
||||||||||||||||||
Total
|
$
|
271
|
$
|
-
|
$
|
1,395
|
$
|
1,666
|
$
|
909,843
|
$
|
911,509
|
September 30, 2020
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$
|
281,036
|
$
|
443
|
$
|
191
|
$
|
-
|
$
|
-
|
$
|
281,670
|
||||||||||||
Commercial real estate
|
485,377
|
36,030
|
4,570
|
-
|
-
|
525,977
|
||||||||||||||||||
Land
|
14,531
|
-
|
-
|
-
|
-
|
14,531
|
||||||||||||||||||
Multi-family
|
49,804
|
41
|
33
|
-
|
-
|
49,878
|
||||||||||||||||||
Real estate construction
|
25,755
|
2,553
|
-
|
-
|
-
|
28,308
|
||||||||||||||||||
Consumer
|
74,731
|
-
|
79
|
-
|
-
|
74,810
|
||||||||||||||||||
Total
|
$
|
931,234
|
$
|
39,067
|
$
|
4,873
|
$
|
-
|
$
|
-
|
$
|
975,174
|
March 31, 2020
|
||||||||||||||||||||||||
Commercial business
|
$
|
177,399
|
$
|
1,282
|
$
|
348
|
$
|
-
|
$
|
-
|
$
|
179,029
|
||||||||||||
Commercial real estate
|
506,794
|
63
|
1,014
|
-
|
-
|
507,871
|
||||||||||||||||||
Land
|
14,026
|
-
|
-
|
-
|
-
|
14,026
|
||||||||||||||||||
Multi-family
|
58,295
|
45
|
34
|
-
|
-
|
58,374
|
||||||||||||||||||
Real estate construction
|
64,843
|
-
|
-
|
-
|
-
|
64,843
|
||||||||||||||||||
Consumer
|
87,186
|
-
|
180
|
-
|
-
|
87,366
|
||||||||||||||||||
Total
|
$
|
908,543
|
$
|
1,390
|
$
|
1,576
|
$
|
-
|
$
|
-
|
$
|
911,509
|
September 30, 2020
|
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
|
$
|
129
|
$
|
-
|
$
|
129
|
$
|
164
|
$
|
-
|
||||||||||
Commercial real estate
|
2,349
|
-
|
2,349
|
3,433
|
-
|
|||||||||||||||
Land
|
714
|
-
|
714
|
749
|
-
|
|||||||||||||||
Multi-family
|
1,553
|
-
|
1,553
|
1,657
|
-
|
|||||||||||||||
Consumer
|
416
|
130
|
546
|
660
|
10
|
|||||||||||||||
Total
|
$
|
5,161
|
$
|
130
|
$
|
5,291
|
$
|
6,663
|
$
|
10
|
||||||||||
March 31, 2020
|
||||||||||||||||||||
Commercial business
|
$
|
139
|
$
|
-
|
$
|
139
|
$
|
170
|
$
|
-
|
||||||||||
Commercial real estate
|
2,378
|
-
|
2,378
|
3,405
|
-
|
|||||||||||||||
Land
|
714
|
-
|
714
|
748
|
-
|
|||||||||||||||
Multi-family
|
1,549
|
-
|
1,549
|
1,662
|
-
|
|||||||||||||||
Consumer
|
295
|
137
|
432
|
543
|
12
|
|||||||||||||||
Total
|
$
|
5,075
|
$
|
137
|
$
|
5,212
|
$
|
6,528
|
$
|
12
|
Three months ended
September 30, 2020
|
Three months ended
September 30, 2019
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
132
|
$
|
-
|
$
|
153
|
$
|
-
|
||||||||
Commercial real estate
|
2,356
|
15
|
2,424
|
16
|
||||||||||||
Land
|
714
|
10
|
722
|
10
|
||||||||||||
Multi-family
|
1,552
|
22
|
1,577
|
23
|
||||||||||||
Consumer
|
485
|
10
|
451
|
7
|
||||||||||||
Total
|
$
|
5,239
|
$
|
57
|
$
|
5,327
|
$
|
56
|
Six months ended
September 30, 2020
|
Six months ended
September 30, 2019
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
134
|
$
|
-
|
$
|
155
|
$
|
-
|
||||||||
Commercial real estate
|
2,364
|
30
|
2,444
|
31
|
||||||||||||
Land
|
714
|
20
|
724
|
20
|
||||||||||||
Multi-family
|
1,551
|
44
|
1,584
|
45
|
||||||||||||
Consumer
|
467
|
16
|
533
|
15
|
||||||||||||
Total
|
$
|
5,230
|
$
|
110
|
$
|
5,440
|
$
|
111
|
September 30, 2020
|
March 31, 2020
|
|||||||||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
129
|
$
|
129
|
$
|
-
|
$
|
139
|
$
|
139
|
||||||||||||
Commercial real estate
|
1,344
|
1,005
|
2,349
|
1,364
|
1,014
|
2,378
|
||||||||||||||||||
Land
|
714
|
-
|
714
|
714
|
-
|
714
|
||||||||||||||||||
Multi-family
|
1,553
|
-
|
1,553
|
1,549
|
-
|
1,549
|
||||||||||||||||||
Consumer
|
546
|
-
|
546
|
432
|
-
|
432
|
||||||||||||||||||
Total
|
$
|
4,157
|
$
|
1,134
|
$
|
5,291
|
$
|
4,059
|
$
|
1,153
|
$
|
5,212
|
8.
|
GOODWILL
|
9.
|
FEDERAL HOME LOAN BANK ADVANCES
|
September 30,
2020
|
March 31,
2020
|
|||||||
FHLB advances
|
$
|
30,000
|
$
|
-
|
||||
Weighted average interest rate on FHLB advances (1)
|
0.31
|
%
|
2.54
|
%
|
||||
(1) Computed based on the borrowing activity for the six months ended September 30, 2020 and the fiscal year ended March 31, 2020, respectively.
|
10.
|
JUNIOR SUBORDINATED DEBENTURES
|
11.
|
FAIR VALUE MEASUREMENTS
|
|
Estimated Fair Value Measurements Using
|
|||||||||||||||
September 30, 2020
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
5,010
|
$
|
-
|
$
|
5,010
|
$
|
-
|
||||||||
Agency securities
|
3,002
|
-
|
3,002
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
37,123
|
-
|
37,123
|
-
|
||||||||||||
Residential mortgage-backed securities
|
49,701
|
-
|
49,701
|
-
|
||||||||||||
Other mortgage-backed securities
|
31,437
|
-
|
31,437
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
126,273
|
$
|
-
|
$
|
126,273
|
$
|
-
|
March 31, 2020
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Municipal securities
|
$
|
4,877
|
$
|
-
|
$
|
4,877
|
$
|
-
|
||||||||
Agency securities
|
6,016
|
-
|
6,016
|
-
|
||||||||||||
Real estate mortgage investment conduits
|
43,791
|
-
|
43,791
|
-
|
||||||||||||
Residential mortgage-backed securities
|
60,085
|
-
|
60,085
|
-
|
||||||||||||
Other mortgage-backed securities
|
33,522
|
-
|
33,522
|
-
|
||||||||||||
Total assets measured at fair value on a recurring basis
|
$
|
148,291
|
$
|
-
|
$
|
148,291
|
$
|
-
|
|
Estimated Fair Value Measurements Using
|
|||||||||||||||
September 30, 2020
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$
|
120
|
$
|
-
|
$
|
-
|
$
|
120
|
March 31, 2020
|
||||||||||||||||
Impaired loans
|
$
|
125
|
$
|
-
|
$
|
-
|
$
|
125
|
September 30, 2020
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
238,016
|
$
|
238,016
|
$
|
-
|
$
|
-
|
$
|
238,016
|
||||||||||
Certificates of deposit held for investment
|
249
|
-
|
264
|
-
|
264
|
|||||||||||||||
Investment securities available for sale
|
126,273
|
-
|
126,273
|
-
|
126,273
|
|||||||||||||||
Investment securities held to maturity
|
24
|
-
|
24
|
-
|
24
|
|||||||||||||||
Loans receivable, net
|
956,308
|
-
|
-
|
946,171
|
946,171
|
|||||||||||||||
FHLB stock
|
2,620
|
-
|
2,620
|
-
|
2,620
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Certificates of deposit
|
131,309
|
-
|
133,063
|
-
|
133,063
|
|||||||||||||||
FHLB advances
|
30,000
|
-
|
30,000
|
-
|
30,000
|
|||||||||||||||
Junior subordinated debentures
|
26,705
|
-
|
-
|
12,559
|
12,559
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Estimated
Fair Value
|
||||||||||||||||
March 31, 2020
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
41,968
|
$
|
41,968
|
$
|
-
|
$
|
-
|
$
|
41,968
|
||||||||||
Certificates of deposit held for investment
|
249
|
-
|
258
|
-
|
258
|
|||||||||||||||
Loans held for sale
|
275
|
-
|
275
|
-
|
275
|
|||||||||||||||
Investment securities available for sale
|
148,291
|
-
|
148,291
|
-
|
148,291
|
|||||||||||||||
Investment securities held to maturity
|
28
|
-
|
28
|
-
|
28
|
|||||||||||||||
Loans receivable, net
|
898,885
|
-
|
-
|
889,398
|
889,398
|
|||||||||||||||
FHLB stock
|
1,420
|
-
|
1,420
|
-
|
1,420
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Certificates of deposit
|
134,941
|
-
|
136,997
|
-
|
136,997
|
|||||||||||||||
Junior subordinated debentures
|
26,662
|
-
|
-
|
12,127
|
12,127
|
12.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Asset management fees
|
$
|
883
|
$
|
1,090
|
$
|
1,857
|
$
|
2,233
|
||||||||
Debit card and ATM fees
|
816
|
825
|
1,516
|
1,645
|
||||||||||||
Deposit related fees
|
398
|
573
|
751
|
1,132
|
||||||||||||
Loan related fees
|
294
|
179
|
529
|
272
|
||||||||||||
BOLI (1)
|
242
|
204
|
432
|
397
|
||||||||||||
Net gains on sales of loans held for sale (1)
|
-
|
46
|
28
|
142
|
||||||||||||
FHLMC loan servicing fees (1)
|
21
|
39
|
49
|
82
|
||||||||||||
Other, net
|
165
|
213
|
280
|
402
|
||||||||||||
Total non-interest income
|
$
|
2,819
|
$
|
3,169
|
$
|
5,442
|
$
|
6,305
|
||||||||
(1) Not within the scope of ASC 606
|
14.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||||
Commitments to originate loans:
|
||||
Adjustable-rate
|
$
|
14,263
|
||
Fixed-rate
|
24,988
|
|||
Standby letters of credit
|
2,055
|
|||
Undisbursed loan funds and unused lines of credit
|
121,298
|
|||
Total
|
$
|
162,604
|
15.
|
LEASES
|
Leases
|
September 30,
2020
|
March 31,
2020
|
Classification in the consolidated
balance sheets
|
||||||
Finance lease ROU assets
|
$
|
1,470
|
$
|
1,508
|
Financing lease ROU assets
|
||||
Finance lease liability
|
$
|
2,350
|
$
|
2,369
|
Finance lease liability
|
||||
Finance lease remaining lease term
|
19.18
|
years
|
19.68
|
years
|
|||||
Finance lease discount rate
|
7.16
|
%
|
7.16
|
%
|
|||||
Operating lease ROU assets
|
$
|
9,090
|
$
|
3,949
|
Prepaid expenses and other assets
|
||||
Operating lease liabilities
|
$
|
9,511
|
$
|
4,046
|
Accrued expenses and other liabilities
|
||||
Operating lease weighted-average remaining lease term
|
8.40
|
years
|
3.92
|
years
|
|||||
Operating lease weighted-average discount rate
|
1.84
|
%
|
2.77
|
%
|
Year Ending March 31:
|
Operating
Leases
|
Finance
Lease
|
|||||
Remaining of 2021
|
$
|
685
|
$
|
105
|
|||
2022
|
1,374
|
212
|
|||||
2023
|
1,200
|
215
|
|||||
2024
|
1,216
|
219
|
|||||
2025
|
1,218
|
222
|
|||||
Thereafter
|
4,555
|
3,400
|
|||||
Total minimum lease payments
|
10,248
|
4,373
|
|||||
Less: amount of lease payment representing interest
|
(737
|
)
|
(2,023
|
)
|
|||
Lease liabilities
|
$
|
9,511
|
$
|
2,350
|
Balance
|
Percent
to total
loans
|
Weighted Average Loan-To-Value
Percentage
|
Weighted Average Debt-Service-
Coverage Ratio
|
|||||||||||||
Hotel/Motel
|
$
|
107,543
|
11.0
|
%
|
50.92
|
%
|
1.90
|
|||||||||
Retail strip centers
|
79,155
|
8.1
|
53.14
|
1.56
|
||||||||||||
Restaurant/fast food
|
14,847
|
1.5
|
56.86
|
1.58
|
•
|
Interest only payments or full payment deferrals for up to 90 days upon request with an extension for another 90 days upon submission of specified documentation and recovery plans;
|
•
|
Loan re-amortization, especially in cases where significant prepayments of principal have occurred and to provide for continuing payment reduction at the end of the 180-day deferment
period;
|
•
|
Covenant waivers and resets; and
|
•
|
Extension of up to six months on loans maturing prior to December 31, 2020.
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial & Construction
Total
|
|||||||||||||
September 30, 2020
|
||||||||||||||||
Commercial business
|
$
|
170,876
|
$
|
-
|
$
|
-
|
$
|
170,876
|
||||||||
SBA PPP
|
110,794
|
-
|
-
|
110,794
|
||||||||||||
Commercial construction
|
-
|
-
|
20,260
|
20,260
|
||||||||||||
Office buildings
|
-
|
129,865
|
-
|
129,865
|
||||||||||||
Warehouse/industrial
|
-
|
75,160
|
-
|
75,160
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
79,155
|
-
|
79,155
|
||||||||||||
Assisted living facilities
|
-
|
837
|
-
|
837
|
||||||||||||
Single purpose facilities
|
-
|
240,960
|
-
|
240,960
|
||||||||||||
Land
|
-
|
14,531
|
-
|
14,531
|
||||||||||||
Multi-family
|
-
|
49,878
|
-
|
49,878
|
||||||||||||
One-to-four family construction
|
-
|
-
|
8,048
|
8,048
|
||||||||||||
Total
|
$
|
281,670
|
$
|
590,386
|
$
|
28,308
|
$
|
900,364
|
March 31, 2020
|
||||||||||||||||
Commercial business
|
$
|
179,029
|
$
|
-
|
$
|
-
|
$
|
179,029
|
||||||||
Commercial construction
|
-
|
-
|
52,608
|
52,608
|
||||||||||||
Office buildings
|
-
|
113,433
|
-
|
113,433
|
||||||||||||
Warehouse/industrial
|
-
|
91,764
|
-
|
91,764
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
76,802
|
-
|
76,802
|
||||||||||||
Assisted living facilities
|
-
|
1,033
|
-
|
1,033
|
||||||||||||
Single purpose facilities
|
-
|
224,839
|
-
|
224,839
|
||||||||||||
Land
|
-
|
14,026
|
-
|
14,026
|
||||||||||||
Multi-family
|
-
|
58,374
|
-
|
58,374
|
||||||||||||
One-to-four family construction
|
-
|
-
|
12,235
|
12,235
|
||||||||||||
Total
|
$
|
179,029
|
$
|
580,271
|
$
|
64,843
|
$
|
824,143
|
Actual
|
For Capital
Adequacy Purposes
|
“Well Capitalized”
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
146,207
|
17.53
|
%
|
$
|
66,731
|
8.0
|
%
|
$
|
83,414
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
135,670
|
16.26
|
50,049
|
6.0
|
66,731
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
135,670
|
16.26
|
37,536
|
4.5
|
54,219
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
135,670
|
9.82
|
55,271
|
4.0
|
69,089
|
5.0
|
March 31, 2020
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
145,949
|
17.01
|
%
|
$
|
68,630
|
8.0
|
%
|
$
|
85,787
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
135,196
|
15.76
|
51,472
|
6.0
|
68,630
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
135,196
|
15.76
|
38,604
|
4.5
|
55,762
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
135,196
|
11.79
|
45,851
|
4.0
|
57,313
|
5.0
|
September 30, 2020
|
March 31, 2020
|
|||||||||||||||
Number of
Loans
|
Balance
|
Number of
Loans
|
Balance
|
|||||||||||||
Commercial business
|
2
|
$
|
191
|
2
|
$
|
201
|
||||||||||
Commercial real estate
|
2
|
1,005
|
2
|
1,014
|
||||||||||||
Consumer
|
8
|
79
|
9
|
180
|
||||||||||||
Total
|
12
|
$
|
1,275
|
13
|
$
|
1,395
|
Other Oregon
|
Southwest
Washington
|
Other
|
Total
|
|||||||||||||
September 30, 2020
|
||||||||||||||||
Commercial business
|
$
|
-
|
$
|
191
|
$
|
-
|
$
|
191
|
||||||||
Commercial real estate
|
851
|
154
|
-
|
1,005
|
||||||||||||
Consumer
|
-
|
58
|
21
|
79
|
||||||||||||
Total nonperforming assets
|
$
|
851
|
$
|
403
|
$
|
21
|
$
|
1,275
|
March 31, 2020
|
||||||||||||||||
Commercial business
|
$
|
-
|
$
|
201
|
$
|
-
|
$
|
201
|
||||||||
Commercial real estate
|
851
|
163
|
-
|
1,014
|
||||||||||||
Consumer
|
-
|
152
|
28
|
180
|
||||||||||||
Total nonperforming assets
|
$
|
851
|
$
|
516
|
$
|
28
|
$
|
1,395
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
|||||||||||||
September 30, 2020
|
||||||||||||||||
Land acquisition and development
|
$
|
2,125
|
$
|
1,803
|
$
|
10,603
|
$
|
14,531
|
||||||||
Speculative and custom/presold construction
|
-
|
-
|
6,377
|
6,377
|
||||||||||||
Total
|
$
|
2,125
|
$
|
1,803
|
$
|
16,980
|
$
|
20,908
|
March 31, 2020
|
||||||||||||||||
Land acquisition and development
|
$
|
2,124
|
$
|
1,834
|
$
|
10,068
|
$
|
14,026
|
||||||||
Speculative and custom/presold construction
|
282
|
-
|
11,745
|
12,027
|
||||||||||||
Total
|
$
|
2,406
|
$
|
1,834
|
$
|
21,813
|
$
|
26,053
|
September 30, 2020
|
March 31, 2020
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
-
|
$
|
-
|
3
|
$
|
147
|
||||||||||
Commercial real estate
|
1
|
3,565
|
-
|
-
|
||||||||||||
Multi-family
|
3
|
33
|
3
|
34
|
||||||||||||
Total
|
4
|
$
|
3,598
|
6
|
$
|
181
|
(1) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203) and incorporated herein by reference.
|
(2) |
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on July 6, 2020 and incorporated herein by reference.
|
(3) |
Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended March 31, 2020, 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, 2017 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, 1998, and incorporated herein by reference.
|
(6) |
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.
|
(7) |
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.
|
(8) |
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.
|
(9) |
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.
|
(10) |
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:
|
November 13, 2020 | Date: | November 13, 2020 |
1 Year Riverview Bancorp Chart |
1 Month Riverview Bancorp Chart |
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