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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 December 31, 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
|
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, 2020 and March 31, 2020
|
2
|
|
|
|
|
Consolidated Statements of Income for the
Three and Nine months Ended December 31, 2020 and 2019
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the
Three and Nine months Ended December 31, 2020 and 2019
|
4
|
|
|
|
|
Consolidated Statements of Shareholders’ Equity for the
Three and Nine months Ended December 31, 2020 and 2019
|
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the
Nine months Ended December 31, 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
|
44
|
|
|
|
Item 4:
|
Controls and Procedures
|
44
|
|
|
|
Part II.
|
Other Information
|
45-46
|
|
|
|
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
|
47
|
|
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, 2020 AND 2019
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
||||||||||||||
(In thousands, except share and per share data) (Unaudited) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||||||
Interest and fees on loans receivable
|
$
|
11,601
|
$
|
11,699
|
$
|
34,475
|
$
|
35,146
|
||||||||
Interest on investment securities – taxable
|
549
|
851
|
1,709
|
2,589
|
||||||||||||
Interest on investment securities – nontaxable
|
44
|
27
|
79
|
100
|
||||||||||||
Other interest and dividends
|
98
|
189
|
216
|
369
|
||||||||||||
Total interest and dividend income
|
12,292
|
12,766
|
36,479
|
38,204
|
||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
556
|
942
|
2,071
|
1,953
|
||||||||||||
Interest on borrowings
|
207
|
332
|
687
|
1,570
|
||||||||||||
Total interest expense
|
763
|
1,274
|
2,758
|
3,523
|
||||||||||||
Net interest income
|
11,529
|
11,492
|
33,721
|
34,681
|
||||||||||||
Provision for loan losses
|
-
|
-
|
6,300
|
-
|
||||||||||||
Net interest income after provision for loan losses
|
11,529
|
11,492
|
27,421
|
34,681
|
||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and service charges
|
1,654
|
1,661
|
4,715
|
5,050
|
||||||||||||
Asset management fees
|
889
|
1,136
|
2,746
|
3,369
|
||||||||||||
Net gains on sales of loans held for sale
|
-
|
68
|
28
|
210
|
||||||||||||
BOLI
|
193
|
188
|
625
|
585
|
||||||||||||
Other, net
|
76
|
110
|
140
|
254
|
||||||||||||
Total non-interest income, net
|
2,812
|
3,163
|
8,254
|
9,468
|
||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
5,698
|
5,941
|
16,269
|
17,353
|
||||||||||||
Occupancy and depreciation
|
1,434
|
1,461
|
4,341
|
4,058
|
||||||||||||
Data processing
|
638
|
637
|
1,996
|
1,986
|
||||||||||||
Amortization of CDI
|
35
|
40
|
105
|
121
|
||||||||||||
Advertising and marketing
|
144
|
181
|
383
|
689
|
||||||||||||
FDIC insurance premium
|
89
|
-
|
221
|
81
|
||||||||||||
State and local taxes
|
190
|
126
|
598
|
495
|
||||||||||||
Telecommunications
|
74
|
84
|
245
|
246
|
||||||||||||
Professional fees
|
321
|
267
|
962
|
855
|
||||||||||||
Other
|
484
|
511
|
1,508
|
1,561
|
||||||||||||
Total non-interest expense
|
9,107
|
9,248
|
26,628
|
27,445
|
||||||||||||
INCOME BEFORE INCOME TAXES
|
5,234
|
5,407
|
9,047
|
16,704
|
||||||||||||
PROVISION FOR INCOME TAXES
|
1,199
|
1,279
|
1,989
|
3,850
|
||||||||||||
NET INCOME
|
$
|
4,035
|
$
|
4,128
|
$
|
7,058
|
$
|
12,854
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
0.18
|
$
|
0.18
|
$
|
0.32
|
$
|
0.57
|
||||||||
Diluted
|
0.18
|
0.18
|
0.32
|
0.57
|
||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
22,320,699
|
22,748,385
|
22,279,774
|
22,701,806
|
||||||||||||
Diluted
|
22,337,644
|
22,776,193
|
22,296,827
|
22,741,652
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
(In thousands) (Unaudited)
|
2020 | 2019 |
2020
|
2019
|
||||||||||||
Net income
|
$
|
4,035
|
$
|
4,128
|
$
|
7,058
|
$
|
12,854
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Net unrealized holding gain (loss) from available for sale investment securities arising
|
||||||||||||||||
during the period, net of tax of $66, 112, ($135) and ($786), respectively
|
(210
|
)
|
(359
|
)
|
429
|
2,488
|
||||||||||
Reclassification adjustment of net gain from sale of available for sale investment
|
||||||||||||||||
securities included in income, net of tax of $0, $7, $0 and $7, respectively
|
-
|
(23
|
)
|
-
|
(23
|
)
|
||||||||||
Total other comprehensive income (loss), net
|
(210
|
)
|
(382
|
)
|
429
|
2,465
|
||||||||||
Total comprehensive income, net
|
$
|
3,825
|
$
|
3,746
|
$
|
7,487
|
$
|
15,319
|
||||||||
(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, 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
|
||||||
For the three months ended December 31, 2020
|
||||||||||||||||||
Balance October 1, 2020
|
22,336,235
|
$
|
222
|
$
|
63,420
|
$
|
82,666
|
$
|
2,738
|
$
|
149,046
|
|||||||
Net income
|
-
|
-
|
-
|
4,035
|
-
|
4,035
|
||||||||||||
Cash dividends on common stock ($0.050 per share)
|
-
|
-
|
-
|
(1,117
|
)
|
-
|
(1,117
|
)
|
||||||||||
Exercise of stock options
|
9,000
|
1
|
24
|
-
|
-
|
25
|
||||||||||||
Stock-based compensation expense
|
-
|
-
|
95
|
-
|
-
|
95
|
||||||||||||
Other comprehensive loss, net
|
-
|
-
|
-
|
-
|
(210
|
)
|
(210
|
)
|
||||||||||
Balance December 31, 2020
|
22,345,235
|
223
|
63,539
|
85,584
|
2,528
|
151,874
|
||||||||||||
For the nine months ended December 31, 2020
|
||||||||||||||||||
Balance April 1, 2020
|
22,544,285
|
$
|
225
|
$
|
64,649
|
$
|
81,870
|
$
|
2,099
|
$
|
148,843
|
|||||||
Net income
|
-
|
-
|
-
|
7,058
|
-
|
7,058
|
||||||||||||
Cash dividends on common stock ($0.150 per share)
|
-
|
-
|
-
|
(3,344
|
)
|
-
|
(3,344
|
)
|
||||||||||
Exercise of stock options
|
14,000
|
1
|
33
|
-
|
-
|
34
|
||||||||||||
Stock repurchased
|
(295,900
|
)
|
(3
|
)
|
(1,444)
|
-
|
-
|
(1,447
|
)
|
|||||||||
Restricted stock grants
|
90,763
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Restricted stock cancelled
|
(7,913
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Stock-based compensation expense
|
-
|
-
|
301
|
-
|
-
|
301
|
||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
429
|
429
|
||||||||||||
Balance December 31, 2020
|
22,345,235
|
223
|
63,539
|
85,584
|
2,528
|
151,874
|
(In thousands) (Unaudited)
|
2020
|
2019
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||
Net income
|
$
|
7,058
|
$
|
12,854
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||
Depreciation and amortization
|
2,347
|
2,244
|
||||
Purchased loans amortization, net
|
243
|
21
|
||||
Provision for loan losses
|
6,300
|
-
|
||||
Stock-based compensation expense
|
301
|
317
|
||||
Increase in deferred loan origination fees, net of amortization
|
1,232
|
49
|
||||
Origination of loans held for sale
|
(913
|
)
|
(7,178
|
)
|
||
Proceeds from sales of loans held for sale
|
1,214
|
8,219
|
||||
Net gains on sales of loans held for sale, sales of investment securities available for sale and sales of
premises and equipment
|
(23
|
)
|
(313
|
)
|
||
Income from BOLI
|
(625
|
)
|
(585
|
)
|
||
Changes in certain other assets and liabilities:
|
||||||
Prepaid expenses and other assets
|
(101
|
)
|
1,775
|
|||
Accrued interest receivable
|
(1,579
|
)
|
190
|
|||
Accrued expenses and other liabilities
|
652
|
81
|
||||
Net cash provided by operating activities
|
16,106
|
17,674
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||
Loan repayments (originations), net
|
(17,340
|
)
|
4,745
|
|||
Purchases of loans receivable
|
(3,826
|
)
|
(15,198
|
)
|
||
Principal repayments on investment securities available for sale
|
29,879
|
21,676
|
||||
Purchases of investment securities available for sale
|
(39,407
|
)
|
(18,125
|
)
|
||
Proceeds from calls, maturities and sales of investment securities available for sale
|
4,000
|
21,122
|
||||
Principal repayments on investment securities held to maturity
|
47
|
6
|
||||
Purchases of investment securities held to maturity
|
(33,463
|
)
|
-
|
|||
Purchases of premises and equipment and capitalized software
|
(3,267
|
)
|
(1,348
|
)
|
||
Redemption of certificates of deposit held for investment
|
-
|
498
|
||||
Redemption of FHLB stock, net
|
-
|
2,264
|
||||
Proceeds from sales of real estate owned (“REO”) and premises and equipment
|
-
|
81
|
||||
Net cash provided by (used in) investing activities
|
(63,377
|
)
|
15,721
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||
Net increase in deposits
|
246,488
|
65,409
|
||||
Dividends paid
|
(3,362
|
)
|
(2,945
|
)
|
||
Proceeds from borrowings
|
30,000
|
214,897
|
||||
Repayment of borrowings
|
(30,000
|
)
|
(271,483
|
)
|
||
Net increase in advance payments by borrowers for taxes and insurance
|
(547
|
)
|
(302
|
)
|
||
Principal payments on finance lease liability
|
(29
|
)
|
(25
|
)
|
||
Proceeds from exercise of stock options
|
34
|
227
|
||||
Repurchase of common stock
|
(1,447
|
)
|
-
|
|||
Net cash provided by financing activities
|
241,137
|
5,778
|
||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
193,866
|
39,173
|
||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
41,968
|
22,950
|
||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
235,834
|
$
|
62,123
|
||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||
Cash paid during the period for:
|
||||||
Interest
|
$
|
2,646
|
$
|
3,406
|
||
Income taxes
|
3,435
|
2,945
|
||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||
Dividends declared and accrued in other liabilities
|
$
|
1,117
|
$
|
1,138
|
||
Net unrealized holding gain from available for sale investment securities
|
564
|
3,244
|
||||
Income tax effect related to other comprehensive income
|
(135
|
)
|
(779
|
)
|
||
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
|
Nine Months Ended
December 31, 2020
|
Nine Months Ended
December 31, 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
|
(14,000
|
)
|
2.49
|
(58,000
|
)
|
3.69
|
||||
Balance, end of period
|
29,332
|
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
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||
Basic EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
4,035,000
|
$
|
4,128,000
|
$
|
7,058,000
|
$
|
12,854,000
|
||||
Denominator-weighted average common shares
outstanding
|
22,320,699
|
22,748,385
|
22,279,774
|
22,701,806
|
||||||||
Basic EPS
|
$
|
0.18
|
$
|
0.18
|
$
|
0.32
|
$
|
0.57
|
||||
Diluted EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
4,035,000
|
$
|
4,128,000
|
$
|
7,058,000
|
$
|
12,854,000
|
||||
Denominator-weighted average common shares
outstanding
|
22,320,699
|
22,748,385
|
22,279,774
|
22,701,806
|
||||||||
Effect of dilutive stock options
|
16,945
|
27,808
|
17,053
|
39,846
|
||||||||
Weighted average common shares and common
stock equivalents
|
22,337,644
|
22,776,193
|
22,296,827
|
22,741,652
|
||||||||
Diluted EPS
|
$
|
0.18
|
$
|
0.18
|
$
|
0.32
|
$
|
0.57
|
5.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated Fair
Value
|
||||||||
December 31, 2020
|
|||||||||||
Available for sale:
|
|||||||||||
Municipal securities
|
$
|
22,201
|
$
|
494
|
$
|
(10
|
)
|
$
|
22,685
|
||
Agency securities
|
11,001
|
8
|
(20
|
)
|
10,989
|
||||||
Real estate mortgage investment conduits (1)
|
44,905
|
657
|
(79
|
)
|
45,483
|
||||||
Residential mortgage-backed securities (1)
|
42,809
|
1,286
|
-
|
44,095
|
|||||||
Other mortgage-backed securities (2)
|
28,977
|
1,048
|
(58
|
)
|
29,967
|
||||||
Total available for sale
|
$
|
149,893
|
$
|
3,493
|
$
|
(167
|
)
|
$
|
153,219
|
||
Held to maturity:
|
|||||||||||
Municipal securities
|
$
|
6,009
|
$
|
136
|
$
|
(32
|
)
|
$
|
6,113
|
||
Agency securities
|
7,700
|
2
|
(8
|
)
|
7,694
|
||||||
Real estate mortgage investment conduits (1)
|
9,324
|
9
|
(7
|
)
|
9,326
|
||||||
Residential mortgage-backed securities (3)
|
6,295
|
10
|
(41
|
)
|
6,264
|
||||||
Other mortgage-backed securities (2)
|
4,097
|
-
|
-
|
4,097
|
|||||||
Total held to maturity
|
$
|
33,425
|
$
|
157
|
$
|
(88
|
)
|
$
|
33,494
|
March 31, 2020
|
|||||||||||
Available for sale:
|
|||||||||||
Municipal securities
|
$
|
4,740
|
$
|
137
|
$
|
-
|
$
|
4,877
|
|||
Agency securities
|
6,009
|
17
|
(10
|
)
|
6,016
|
||||||
Real estate mortgage investment conduits (1)
|
42,663
|
1,128
|
-
|
43,791
|
|||||||
Residential mortgage-backed securities (1)
|
58,700
|
1,415
|
(30
|
)
|
60,085
|
||||||
Other mortgage-backed securities (2)
|
33,417
|
256
|
(151
|
)
|
33,522
|
||||||
Total available for sale
|
$
|
145,529
|
$
|
2,953
|
$
|
(191
|
)
|
$
|
148,291
|
||
Held to maturity:
|
|||||||||||
Residential mortgage-backed securities (3)
|
$
|
28
|
$
|
-
|
$
|
-
|
$
|
28
|
|||
(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
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
Due after one year through five years
|
6,618
|
6,732
|
20
|
20
|
||||||||
Due after five years through ten years
|
37,163
|
37,932
|
8,600
|
8,599
|
||||||||
Due after ten years
|
106,112
|
108,555
|
24,805
|
24,875
|
||||||||
Total
|
$
|
149,893
|
$
|
153,219
|
$
|
33,425
|
$
|
33,494
|
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, 2020
|
||||||||||||||||||
Available for sale:
|
||||||||||||||||||
Municipal securities
|
$
|
1,886
|
$
|
(10
|
)
|
$
|
-
|
$
|
-
|
$
|
1,886
|
$
|
(10
|
)
|
||||
Agency securities
|
5,975
|
(20
|
)
|
-
|
-
|
5,975
|
(20
|
)
|
||||||||||
Real estate mortgage investment conduits (1)
|
15,540
|
(79
|
)
|
-
|
-
|
15,540
|
(79
|
)
|
||||||||||
Other mortgage-backed securities (2)
|
-
|
-
|
2,316
|
(58
|
)
|
2,316
|
(58
|
)
|
||||||||||
Total available for sale
|
$
|
23,401
|
$
|
(109
|
)
|
$
|
2,316
|
$
|
(58
|
)
|
$
|
25,717
|
$
|
(167
|
)
|
|||
Held to maturity:
|
||||||||||||||||||
Municipal securities
|
$
|
2,278
|
$
|
(32
|
)
|
$
|
-
|
$
|
-
|
$
|
2,278
|
$
|
(32
|
)
|
||||
Agency securities
|
6,193
|
(8
|
)
|
-
|
-
|
6,193
|
(8
|
)
|
||||||||||
Real estate mortgage investment conduits (3)
|
3,104
|
(7
|
)
|
-
|
-
|
3,104
|
(7
|
)
|
||||||||||
Residential mortgage-backed securities (4)
|
3,130
|
(41
|
)
|
-
|
-
|
3,130
|
(41
|
)
|
||||||||||
Total held to maturity
|
$
|
14,705
|
$
|
(88
|
)
|
$
|
-
|
$
|
-
|
$
|
14,705
|
$
|
(88
|
)
|
||||
March 31, 2020
|
||||||||||||||||||
Available for sale:
|
||||||||||||||||||
Agency securities
|
$
|
1,998
|
$
|
(10
|
)
|
$
|
-
|
$
|
-
|
$
|
1,998
|
$
|
(10
|
)
|
||||
Residential mortgage-backed securities (5)
|
2,509
|
(22
|
)
|
409
|
(8
|
)
|
2,918
|
(30
|
)
|
|||||||||
Other mortgage-backed securities (6)
|
11,726
|
(58
|
)
|
4,911
|
(93
|
)
|
16,637
|
(151
|
)
|
|||||||||
Total available for sale
|
$
|
16,233
|
$
|
(90
|
)
|
$
|
5,320
|
$
|
(101
|
)
|
$
|
21,553
|
$
|
(191
|
)
|
|||
(1) Comprised of FHLMC, FNMA and GNMA issued securities.
|
||||||||||||||||||
(2) Comprised of SBA issued securities.
|
||||||||||||||||||
(3) Comprised of FHLMC issued securities.
|
||||||||||||||||||
(4) Comprised of FNMA issued securities.
|
||||||||||||||||||
(5) Comprised of FHLMC and FNMA issued securities.
|
||||||||||||||||||
(6) Comprised of SBA and CRE secured securities issued by FNMA.
|
6.
|
LOANS RECEIVABLE
|
7.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
December 31, 2020
|
Commercial Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||
Beginning balance
|
$
|
2,180
|
$
|
13,209
|
$
|
245
|
$
|
745
|
$
|
720
|
$
|
1,155
|
$
|
612
|
$
|
18,866
|
||||||||
Provision for (recapture of)
loan losses
|
286
|
181
|
(43
|
)
|
(121
|
)
|
(198
|
)
|
(137
|
)
|
32
|
-
|
||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(15
|
)
|
-
|
(15
|
)
|
||||||||||||||
Recoveries
|
-
|
332
|
-
|
-
|
-
|
9
|
-
|
341
|
||||||||||||||||
Ending balance
|
$
|
2,466
|
13,722
|
202
|
624
|
522
|
1,012
|
644
|
19,192
|
Nine months ended
December 31, 2020
|
||||||||||||||||||||||||
Beginning balance
|
$
|
2,008
|
$
|
6,421
|
$
|
230
|
$
|
854
|
$
|
1,149
|
$
|
1,363
|
$
|
599
|
$
|
12,624
|
||||||||
Provision for (recapture of)
loan losses
|
448
|
6,969
|
(28
|
)
|
(230
|
)
|
(627
|
)
|
(277
|
)
|
45
|
6,300
|
||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(103
|
)
|
-
|
(103
|
)
|
||||||||||||||
Recoveries
|
10
|
332
|
-
|
-
|
-
|
29
|
-
|
371
|
||||||||||||||||
Ending balance
|
$
|
2,466
|
13,722
|
202
|
624
|
522
|
1,012
|
644
|
19,192
|
Three months ended
December 31, 2019
|
||||||||||||||||||||||||
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
|
Allowance for Loan Losses
|
Recorded Investment in Loans
|
|||||||||||||||||
December 31, 2020
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||
Commercial business
|
$
|
-
|
$
|
2,466
|
$
|
2,466
|
$
|
125
|
$
|
252,562
|
$
|
252,687
|
||||||
Commercial real estate
|
-
|
13,722
|
13,722
|
1,483
|
539,934
|
541,417
|
||||||||||||
Land
|
-
|
202
|
202
|
714
|
11,412
|
12,126
|
||||||||||||
Multi-family
|
-
|
624
|
624
|
1,157
|
41,009
|
42,166
|
||||||||||||
Real estate construction
|
-
|
522
|
522
|
-
|
16,922
|
16,922
|
||||||||||||
Consumer
|
13
|
999
|
1,012
|
539
|
65,611
|
66,150
|
||||||||||||
Unallocated
|
-
|
644
|
644
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
13
|
$
|
19,179
|
$
|
19,192
|
$
|
4,018
|
$
|
927,450
|
$
|
931,468
|
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
|
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
|
December 31, 2020
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
|||||||||||
Commercial business
|
$
|
251,761
|
$
|
739
|
$
|
187
|
$
|
-
|
$
|
-
|
$
|
252,687
|
|||||
Commercial real estate
|
494,631
|
43,072
|
3,714
|
-
|
-
|
541,417
|
|||||||||||
Land
|
12,126
|
-
|
-
|
-
|
-
|
12,126
|
|||||||||||
Multi-family
|
42,093
|
49
|
24
|
-
|
-
|
42,166
|
|||||||||||
Real estate construction
|
14,301
|
2,621
|
-
|
-
|
-
|
16,922
|
|||||||||||
Consumer
|
66,093
|
-
|
57
|
-
|
-
|
66,150
|
|||||||||||
Total
|
$
|
881,005
|
$
|
46,481
|
$
|
3,982
|
$
|
-
|
$
|
-
|
$
|
931,468
|
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
|
December 31, 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
|
$
|
125
|
$
|
-
|
$
|
125
|
$
|
161
|
$
|
-
|
||||
Commercial real estate
|
1,483
|
-
|
1,483
|
1,578
|
-
|
|||||||||
Land
|
714
|
-
|
714
|
745
|
-
|
|||||||||
Multi-family
|
1,157
|
-
|
1,157
|
1,257
|
-
|
|||||||||
Consumer
|
283
|
256
|
539
|
656
|
13
|
|||||||||
Total
|
$
|
3,762
|
$
|
256
|
$
|
4,018
|
$
|
4,397
|
$
|
13
|
||||
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
December 31, 2020
|
Three months ended
December 31, 2019
|
|||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||
Commercial business
|
$
|
127
|
$
|
-
|
$
|
147
|
$
|
-
|
||||
Commercial real estate
|
1,916
|
15
|
2,401
|
16
|
||||||||
Land
|
714
|
10
|
718
|
10
|
||||||||
Multi-family
|
1,355
|
21
|
1,567
|
22
|
||||||||
Consumer
|
542
|
8
|
443
|
7
|
||||||||
Total
|
$
|
4,654
|
$
|
54
|
$
|
5,276
|
$
|
55
|
Nine months ended
December 31, 2020
|
Nine months ended
December 31, 2019
|
|||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||
Commercial business
|
$
|
132
|
$
|
-
|
$
|
152
|
$
|
-
|
||||
Commercial real estate
|
2,143
|
46
|
2,431
|
47
|
||||||||
Land
|
714
|
30
|
722
|
30
|
||||||||
Multi-family
|
1,453
|
65
|
1,579
|
68
|
||||||||
Consumer
|
485
|
23
|
509
|
21
|
||||||||
Total
|
$
|
4,927
|
$
|
164
|
$
|
5,393
|
$
|
166
|
December 31, 2020
|
March 31, 2020
|
|||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||
Commercial business
|
$
|
-
|
$
|
125
|
$
|
125
|
$
|
-
|
$
|
139
|
$
|
139
|
||||||
Commercial real estate
|
1,334
|
149
|
1,483
|
1,364
|
1,014
|
|
2,378
|
|||||||||||
Land
|
714
|
-
|
714
|
714
|
-
|
714
|
||||||||||||
Multi-family
|
1,157
|
-
|
1,157
|
1,549
|
-
|
1,549
|
||||||||||||
Consumer
|
539
|
-
|
539
|
432
|
-
|
432
|
||||||||||||
Total
|
$
|
3,744
|
$
|
274
|
$
|
4,018
|
$
|
4,059
|
$
|
1,153
|
$
|
5,212
|
8.
|
GOODWILL
|
9.
|
FEDERAL HOME LOAN BANK ADVANCES
|
10.
|
JUNIOR SUBORDINATED DEBENTURES
|
11.
|
FAIR VALUE MEASUREMENTS
|
|
|
|
|
Estimated Fair Value Measurements Using
|
|||||||
December 31, 2020
|
Total Estimated
Fair Value
|
|
Level 1
|
Level 2
|
Level 3
|
||||||
Investment securities available for sale:
|
|
|
|
||||||||
Municipal securities
|
$
|
22,685
|
$
|
-
|
$
|
22,685
|
$
|
-
|
|||
Agency securities
|
10,989
|
-
|
10,989
|
-
|
|||||||
Real estate mortgage investment conduits
|
45,483
|
-
|
45,483
|
-
|
|||||||
Residential mortgage-backed securities
|
44,095
|
-
|
44,095
|
-
|
|||||||
Other mortgage-backed securities
|
29,967
|
-
|
29,967
|
-
|
|||||||
Total assets measured at fair value on a recurring basis
|
$
|
153,219
|
|
$
|
-
|
|
$
|
153,219
|
|
$
|
-
|
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
|
|||||||
December 31, 2020
|
Total Estimated
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||
|
|
|
|||||||||
Impaired loans
|
$
|
243
|
$
|
-
|
$
|
-
|
$
|
243
|
March 31, 2020
|
|||||||||||
|
|
|
|||||||||
Impaired loans
|
$
|
125
|
$
|
-
|
$
|
-
|
$
|
125
|
December 31, 2020
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Estimated
Fair Value
|
||||||
Assets:
|
|
|
|
|||||||||||
Cash and cash equivalents
|
$
|
235,834
|
$
|
235,834
|
$
|
-
|
$
|
-
|
$
|
235,834
|
||||
Certificates of deposit held for investment
|
249
|
-
|
263
|
-
|
263
|
|||||||||
Investment securities available for sale
|
153,219
|
-
|
153,219
|
-
|
153,219
|
|||||||||
Investment securities held to maturity
|
33,425
|
-
|
33,494
|
-
|
33,494
|
|||||||||
Loans receivable, net
|
912,276
|
-
|
-
|
902,606
|
902,606
|
|||||||||
FHLB stock
|
1,420
|
-
|
1,420
|
-
|
1,420
|
|||||||||
Liabilities:
|
||||||||||||||
Certificates of deposit
|
127,829
|
-
|
129,217
|
-
|
129,217
|
|||||||||
Junior subordinated debentures
|
26,726
|
-
|
-
|
12,782
|
12,782
|
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
December 31,
|
Nine Months Ended
December 31,
|
||||||||||
2020
|
2019
|
2020
|
2019
|
||||||||
Asset management fees
|
$
|
889
|
$
|
1,136
|
$
|
2,746
|
$
|
3,369
|
|||
Debit card and ATM fees
|
771
|
758
|
2,287
|
2,403
|
|||||||
Deposit related fees
|
392
|
559
|
1,143
|
1,691
|
|||||||
Loan related fees
|
357
|
202
|
886
|
474
|
|||||||
BOLI (1)
|
193
|
188
|
625
|
585
|
|||||||
Net gains on sales of loans held for sale (1)
|
-
|
68
|
28
|
210
|
|||||||
FHLMC loan servicing fees (1)
|
23
|
31
|
72
|
113
|
|||||||
Other, net
|
187
|
221
|
467
|
623
|
|||||||
Total non-interest income
|
$
|
2,812
|
$
|
3,163
|
$
|
8,254
|
$
|
9,468
|
|||
(1) Not within the scope of ASC 606
|
14.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||
Commitments to originate loans:
|
||
Adjustable-rate
|
$
|
10,915
|
Fixed-rate
|
11,721
|
|
Standby letters of credit
|
2,034
|
|
Undisbursed loan funds and unused lines of credit
|
122,467
|
|
Total
|
$
|
147,137
|
15.
|
LEASES
|
Leases
|
December 31,
2020
|
March 31,
2020
|
Classification in the consolidated
balance sheets
|
||||||
Finance lease ROU assets
|
$
|
1,451
|
$
|
1,508
|
Financing lease ROU assets
|
||||
Finance lease liability
|
$
|
2,340
|
$
|
2,369
|
Finance lease liability
|
||||
Finance lease remaining lease term
|
18.93
|
years
|
19.68
|
years
|
|||||
Finance lease discount rate
|
7.16
|
%
|
7.16
|
%
|
|||||
Operating lease ROU assets
|
$
|
8,785
|
$
|
3,949
|
Prepaid expenses and other assets
|
||||
Operating lease liabilities
|
$
|
9,209
|
$
|
4,046
|
Accrued expenses and other liabilities
|
||||
Operating lease weighted-average remaining lease term
|
8.20
|
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
|
$
|
346
|
$
|
53
|
||
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
|
9,909
|
4,321
|
||||
Less: amount of lease payment representing interest
|
|
(700
|
)
|
(1,981
|
)
|
|
Lease liabilities
|
$
|
9,209
|
$
|
2,340
|
•
|
The maximum for a first-draw PPP loan is $10 million, the same as the initial PPP;
|
•
|
Revised lender fee structure;
|
o
|
Loans up to $50,000 – lesser of $2,500 or 50% of principal amount;
|
o
|
Loans from $50,000 to $349,999 – 5% of principal amount;
|
o
|
Loans $350,000 or higher – 3% of principal amount;
|
•
|
A second draw is available to original PPP borrowers up to $2.0 million that have:
|
o
|
300 or fewer employees;
|
o
|
sustained a 25% drop in revenue for any 2020 quarter compared to the same quarter in 2019, and
|
o
|
used, or expect to use, 100% of the initial PPP loan.
|
Balance
|
Percent
to total
loans
|
Weighted Average
Loan-To-Value
Percentage
|
Weighted Average
Debt-Service-
Coverage Ratio
|
||||||||||
Hotel/Motel
|
$
|
107,483
|
11.5
|
%
|
53.13
|
%
|
1.93
|
||||||
Retail strip centers
|
84,901
|
9.1
|
52.18
|
1.61
|
|||||||||
Restaurant/fast food
|
14,405
|
1.5
|
55.26
|
1.82
|
•
|
Interest only payments or full payment deferrals based upon the respective borrowers’ circumstances subject to credit administration review and approval which may include 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 deferment period;
|
•
|
Covenant waivers and resets; and
|
•
|
Extension of up to six months on maturing loans.
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
||||||||
December 31, 2020
|
|||||||||||
Commercial business
|
$
|
171,902
|
$
|
-
|
$
|
-
|
$
|
171,902
|
|||
SBA PPP
|
80,785
|
-
|
-
|
80,785
|
|||||||
Commercial construction
|
-
|
-
|
10,440
|
10,440
|
|||||||
Office buildings
|
-
|
132,756
|
-
|
132,756
|
|||||||
Warehouse/industrial
|
-
|
86,833
|
-
|
86,833
|
|||||||
Retail/shopping centers/strip malls
|
-
|
84,901
|
-
|
84,901
|
|||||||
Assisted living facilities
|
-
|
901
|
-
|
901
|
|||||||
Single purpose facilities
|
-
|
236,026
|
-
|
236,026
|
|||||||
Land
|
-
|
12,126
|
-
|
12,126
|
|||||||
Multi-family
|
-
|
42,166
|
-
|
42,166
|
|||||||
One-to-four family construction
|
-
|
-
|
6,482
|
6,482
|
|||||||
Total
|
$
|
252,687
|
$
|
595,709
|
$
|
16,922
|
$
|
865,318
|
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
|
||||||||||
December 31, 2020
|
|||||||||||||||
Total Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
$
|
149,133
|
17.58
|
%
|
$
|
67,860
|
8.0
|
%
|
$
|
84,825
|
10.0
|
%
|
|||
Tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
138,418
|
16.32
|
50,895
|
6.0
|
67,860
|
8.0
|
|||||||||
Common equity tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
138,418
|
16.32
|
38,171
|
4.5
|
55,136
|
6.5
|
|||||||||
Tier 1 Capital (Leverage):
|
|||||||||||||||
(To Average Tangible Assets)
|
138,418
|
9.80
|
56,494
|
4.0
|
70,617
|
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
|
December 31, 2020
|
March 31, 2020
|
|||||||||||
Number of
Loans
|
Balance
|
Number of
Loans
|
Balance
|
|||||||||
Commercial business
|
2
|
$
|
187
|
2
|
$
|
201
|
||||||
Commercial real estate
|
1
|
149
|
2
|
1,014
|
||||||||
Consumer
|
5
|
57
|
9
|
180
|
||||||||
Total
|
8
|
$
|
393
|
13
|
$
|
1,395
|
Other Oregon
|
Southwest
Washington
|
Other
|
Total
|
||||||||
December 31, 2020
|
|||||||||||
Commercial business
|
$
|
-
|
$
|
187
|
$
|
-
|
$
|
187
|
|||
Commercial real estate
|
-
|
149
|
-
|
149
|
|||||||
Consumer
|
-
|
57
|
-
|
57
|
|||||||
Total nonperforming assets
|
$
|
-
|
$
|
393
|
$
|
-
|
$
|
393
|
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
|
||||||||
December 31, 2020
|
|||||||||||
Land acquisition and development
|
$
|
2,248
|
$
|
1,786
|
$
|
8,092
|
$
|
12,126
|
|||
Speculative and custom/presold construction
|
225
|
-
|
4,774
|
4,999
|
|||||||
Total
|
$
|
2,473
|
$
|
1,786
|
$
|
12,866
|
$
|
17,125
|
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
|
December 31, 2020
|
March 31, 2020
|
|||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||
Commercial business
|
-
|
$
|
-
|
3
|
$
|
147
|
||||||
Commercial real estate
|
1
|
3,565
|
-
|
-
|
||||||||
Multi-family
|
2
|
24
|
3
|
34
|
||||||||
Total
|
3
|
$
|
3,589
|
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 November 24, 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:
|
February 11, 2021 |
Date:
|
February 11, 2021
|
1 Year Riverview Bancorp Chart |
1 Month Riverview Bancorp Chart |
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