RIVERVIEW BANCORP INC, 10-Q filed on 2/12/2025
Quarterly Report
v3.25.0.1
Document and Entity Information - shares
 9 Months Ended
Dec. 31, 2024
Feb. 13, 2025
Document and Entity Information:    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2024  
Document Transition Report false  
Securities Act File Number 000-22957  
Entity Registrant Name RIVERVIEW BANCORP INC  
Entity Incorporation, State or Country Code WA  
Entity Tax Identification Number 91-1838969  
Entity Address, Address Line One 900 Washington St.  
Entity Address, Address Line Two Ste. 900  
Entity Address, City or Town Vancouver  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98660  
City Area Code 360  
Local Phone Number 693-6650  
Title of 12(b) Security Common Stock  
Trading Symbol RVSB  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   20,976,200
Entity Central Index Key 0001041368  
Current Fiscal Year End Date --03-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
ASSETS    
Cash and cash equivalents (including interest earning deposits in other banks of $12,573 and $12,164) $ 25,348 $ 23,642
Investment securities:    
Available for sale, at estimated fair value 124,874 143,196
Held to maturity, at amortized cost (estimated fair value of $180,474 and $195,519) 212,295 229,510
Loans receivable (net of allowance for credit losses of $15,352 and $15,364) 1,029,757 1,008,649
Prepaid expenses and other assets 12,945 14,469
Accrued interest receivable 4,639 4,415
Federal Home Loan Bank ("FHLB") stock, at cost 4,742 4,927
Premises and equipment, net 22,731 21,718
Financing lease right-of-use ("ROU") assets 1,144 1,202
Deferred income taxes, net 9,471 9,778
Goodwill 27,076 27,076
Core deposit intangible ("CDI"), net 196 271
Bank owned life insurance ("BOLI") 33,391 32,676
TOTAL ASSETS 1,508,609 1,521,529
LIABILITIES:    
Deposits 1,219,002 1,231,679
Accrued expenses and other liabilities 17,634 16,205
Advance payments by borrowers for taxes and insurance 317 581
FHLB advances 84,200 88,304
Junior subordinated debentures 27,069 27,004
Finance lease liability 2,117 2,168
Total liabilities 1,350,339 1,365,941
COMMITMENTS AND CONTINGENCIES (See Note 13)
SHAREHOLDERS' EQUITY:    
Serial preferred stock, $.01 par value; 250,000 shares authorized; issued and outstanding: none
Common stock, $.01 par value; 50,000,000 shares authorized December 31, 2024 - 21,134,758 shares issued and outstanding March 31, 2024 - 21,111,043 shares issued and outstanding 209 211
Additional paid-in capital 54,227 55,005
Retained earnings 118,988 116,499
Accumulated other comprehensive loss (15,154) (16,127)
Total shareholders' equity 158,270 155,588
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,508,609 $ 1,521,529
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
CONSOLIDATED BALANCE SHEETS    
Interest-Bearing Deposits in Banks and Other Financial Institutions $ 12,573 $ 12,164
Fair value of mortgage-backed securities held to maturity (in dollars) 180,474 195,519
Allowance for credit losses (in dollars) $ 15,352 $ 15,364
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 250,000 250,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares, Issued 21,134,758 21,111,043
Common Stock, Shares, Outstanding 21,134,758 21,111,043
v3.25.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
INTEREST AND DIVIDEND INCOME:        
Interest and fees on loans receivable $ 13,201 $ 11,645 $ 37,936 $ 34,288
Interest on investment securities - taxable 1,589 2,231 5,435 6,826
Interest on investment securities - nontaxable 65 65 195 196
Other interest and dividends 272 331 902 954
Total interest and dividend income 15,127 14,272 44,468 42,264
INTEREST EXPENSE:        
Interest on deposits 4,101 2,059 11,403 5,264
Interest on borrowings 1,638 2,889 5,914 7,466
Total interest expense 5,739 4,948 17,317 12,730
Net interest income 9,388 9,324 27,151 29,534
Provision for credit losses     100  
Net interest income after provision for credit losses 9,388 9,324 27,051 29,534
NON-INTEREST INCOME:        
Income from BOLI 225 211 715 669
Other, net 181 46 844 288
Total non-interest income, net 3,341 3,056 10,549 9,748
NON-INTEREST EXPENSE:        
Salaries and employee benefits 6,471 6,091 19,336 17,979
Occupancy and depreciation 1,871 1,698 5,687 4,930
Data processing 743 712 2,202 2,096
Amortization of CDI 25 27 75 81
Advertising and marketing 317 282 994 950
FDIC insurance premium 174 178 518 530
State and local taxes 327 355 777 814
Telecommunications 54 56 153 161
Professional fees 429 353 1,223 961
Other 743 799 1,859 2,116
Total non-interest expense 11,154 10,551 32,824 30,618
INCOME BEFORE INCOME TAXES 1,575 1,829 4,776 8,664
PROVISION FOR INCOME TAXES 343 377 1,021 1,897
NET INCOME $ 1,232 $ 1,452 $ 3,755 $ 6,767
Earnings per common share:        
Basic $ 0.06 $ 0.07 $ 0.18 $ 0.32
Diluted $ 0.06 $ 0.07 $ 0.18 $ 0.32
Weighted average number of common shares outstanding:        
Basic 21,037,246 21,113,464 21,081,851 21,146,888
Diluted 21,037,246 21,113,464 21,081,851 21,148,679
Fees and service charges        
NON-INTEREST INCOME:        
Non-interest income $ 1,492 $ 1,533 $ 4,556 $ 4,871
Asset management fees        
NON-INTEREST INCOME:        
Non-interest income $ 1,443 $ 1,266 $ 4,434 $ 3,920
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME        
Net income $ 1,232 $ 1,452 $ 3,755 $ 6,767
Other comprehensive income (loss):        
Net unrealized holding gains (losses) from available for sale investment securities arising during the period, net of tax (expense) benefit of $783, ($1,968), ($307) and ($270), respectively (2,481) 6,236 973 855
Total comprehensive income (loss), net $ (1,249) $ 7,688 $ 4,728 $ 7,622
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME        
Tax effect of unrealized holding gains (losses) from available for sale securities $ 783 $ (1,968) $ (307) $ (270)
v3.25.0.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Additional Paid-In Capital
Retained Earnings
Adjustment
Retained Earnings
Accumulated Other Comprehensive Loss
Adjustment
Total
Balance at Mar. 31, 2023 $ 212 $ 55,511   $ 117,826 $ (18,310)   $ 155,239
Balance (in shares) at Mar. 31, 2023 21,221,960            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income       6,767     6,767
Cash dividends on common stock       (3,806)     (3,806)
Exercise of stock options   36         $ 36
Exercise of stock options (in shares) 12,799           12,799
Stock repurchased $ (1) (576)         $ (577)
Stock repurchased (in shares) (109,162)            
Restricted stock grants and forfeited, net (in shares) (14,554)            
Stock-based compensation, net   11         11
Other comprehensive income (loss), net         855   855
Balance at Dec. 31, 2023 $ 211 54,982 $ (53) 120,734 (17,455) $ (53) 158,472
Balance (in shares) at Dec. 31, 2023 21,111,043            
Balance at Sep. 30, 2023 $ 211 54,963   120,556 (23,691)   152,039
Balance (in shares) at Sep. 30, 2023 21,125,889            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income       1,452     1,452
Cash dividends on common stock       (1,274)     (1,274)
Restricted stock grants and forfeited, net (in shares) (14,846)            
Stock-based compensation, net   19         19
Other comprehensive income (loss), net         6,236   6,236
Balance at Dec. 31, 2023 $ 211 54,982 $ (53) 120,734 (17,455) $ (53) 158,472
Balance (in shares) at Dec. 31, 2023 21,111,043            
Balance at Mar. 31, 2024 $ 211 55,005   116,499 (16,127)   155,588
Balance (in shares) at Mar. 31, 2024 21,111,043            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income       3,755     3,755
Cash dividends on common stock       (1,266)     (1,266)
Stock repurchased $ (2) (1,094)         (1,096)
Stock repurchased (in shares) (200,073)            
Restricted stock grants and forfeited, net (in shares) 223,788            
Stock-based compensation, net   316         316
Other comprehensive income (loss), net         973   973
Balance at Dec. 31, 2024 $ 209 54,227   118,988 (15,154)   158,270
Balance (in shares) at Dec. 31, 2024 21,134,758            
Balance at Sep. 30, 2024 $ 211 55,057   118,179 (12,673)   160,774
Balance (in shares) at Sep. 30, 2024 21,096,968            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income       1,232     1,232
Cash dividends on common stock       (423)     (423)
Stock repurchased $ (2) (1,094)         (1,096)
Stock repurchased (in shares) (200,073)            
Restricted stock grants and forfeited, net (in shares) 237,863            
Stock-based compensation, net   264         264
Other comprehensive income (loss), net         (2,481)   (2,481)
Balance at Dec. 31, 2024 $ 209 $ 54,227   $ 118,988 $ (15,154)   $ 158,270
Balance (in shares) at Dec. 31, 2024 21,134,758            
v3.25.0.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY        
Dividend per share (in dollars per share) $ 0.02 $ 0.06 $ 0.06 $ 0.18
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,755 $ 6,767
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,444 1,934
Purchased loans amortization, net 62 92
Provision for credit losses 100  
Stock-based compensation expense 316 11
Increase (decrease) in deferred loan origination fees, net of amortization (444) 326
Income from BOLI (715) (669)
Changes in certain other assets and liabilities:    
Prepaid expenses and other assets 773 1,577
Accrued interest receivable (224) (458)
Accrued expenses and other liabilities 2,342 11,041
Net cash provided by operating activities 8,409 20,621
CASH FLOWS FROM INVESTING ACTIVITIES:    
Loan originations, net (4,011) (2,093)
Purchases of loans receivable (16,815) (7,658)
Principal repayments on investment securities available for sale 6,236 13,229
Proceeds from calls and maturities of investment securities available for sale 19,230 3,016
Principal repayments on investment securities held to maturity 10,918 10,867
Proceeds from sale of shares in trading asset - VISA stock 392  
Purchases of premises and equipment and capitalized software (2,621) (3,812)
Redemption of certificates of deposit held for investment   249
Sale (purchase) of FHLB stock, net 185 (1,159)
Proceeds from sales of premises and equipment 86  
Net cash provided by investing activities 13,600 12,639
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net decrease in deposits (12,677) (46,325)
Dividends paid (2,111) (3,814)
Proceeds from borrowings 472,700 465,480
Repayment of borrowings (476,804) (432,180)
Net decrease in advance payments by borrowers for taxes and insurance (264) (326)
Principal payments on finance lease liability (51) (45)
Proceeds from exercise of stock options   36
Repurchase of common stock (1,096) (577)
Net cash used in financing activities (20,303) (17,751)
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,706 15,509
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 23,642 22,044
CASH AND CASH EQUIVALENTS, END OF PERIOD 25,348 37,553
Cash paid during the period for:    
Interest 16,200 12,205
Income taxes 73 1,620
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Dividends declared and accrued in other liabilities 423 1,267
Net unrealized holding gains from available for sale investment securities 1,280 1,125
Income tax effect related to other comprehensive income (loss) (307) (270)
Adjustment to retained earnings, net of deferred tax; - adoption of ASU 2016-13   $ (53)
Conversion of shares in trading asset - VISA stock $ 392  
v3.25.0.1
BASIS OF PRESENTATION
 9 Months Ended
Dec. 31, 2024
BASIS OF PRESENTATION  
BASIS OF PRESENTATION

1.      BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”). However, all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature.

​

The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2024 (“2024 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2024 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2025.

​

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

​

Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total shareholders’ equity.

​

​
v3.25.0.1
PRINCIPLES OF CONSOLIDATION
 9 Months Ended
Dec. 31, 2024
PRINCIPLES OF CONSOLIDATION  
PRINCIPLES OF CONSOLIDATION

2.      PRINCIPLES OF CONSOLIDATION

The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Bank (the “Bank”); and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc. and Riverview Trust Company (the “Trust Company”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation.

​
v3.25.0.1
STOCK PLANS AND STOCK-BASED COMPENSATION
 9 Months Ended
Dec. 31, 2024
STOCK PLANS AND STOCK-BASED COMPENSATION  
STOCK PLANS AND STOCK-BASED COMPENSATION

3.      STOCK PLANS AND STOCK-BASED COMPENSATION

Stock Option Plans - In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective in July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan. Further, no options granted under the 2003 plan remain outstanding as of December 31, 2024, with all such awards having been either previously exercised or forfeited.  Each option granted under the 2003 Plan had an exercise price equal to the fair value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years.

​

In July 2017, the shareholders of the Company approved the Riverview Bancorp, Inc. 2017 Equity Incentive Plan (“2017 Plan”). The 2017 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. The Company reserved 1,800,000 shares of its common stock for issuance under the 2017 Plan. At December 31, 2024, there were ­­­­1,308,215 shares available for grant under the 2017 Plan. The 2003 Plan and the 2017 Plan are collectively referred to as “the Stock Option Plans”.

​

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes stock option valuation model. The fair value of all awards is amortized on a straight-line basis over the requisite service periods, which are generally the vesting periods. The expected life of options granted represents the period of time that they are expected to be outstanding. The expected life is determined based on historical experience with similar options, considering the contractual terms and vesting schedules. Expected volatility is estimated at the date of grant based on the historical volatility of the Company's common stock. Expected dividends are based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free interest rate for periods within the contractual life of the

options is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no stock options granted under the 2017 Stock Option Plan during the nine months ended December 31, 2024 and 2023.

​

As of December 31, 2024, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense related to stock options granted under the Stock Option Plans. There was no stock-based compensation expense related to stock options for the nine months ended December 31, 2024 and 2023 under the Stock Option Plans.

​

There was no activity related to stock options for the nine months ended December 31, 2024. The following table presents the activity related to stock options under the Stock Option Plans for the nine months ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

Nine Months Ended December 31, 

​

​

    

2023

    

​

 

​

    

Weighted 

 

​

​

​

​

Average

​

​

​

Number of

​

Exercise

​

​

 

Shares

 

Price

 

Balance, beginning of period

 

14,310

​

$

2.78

 

Options exercised

 

(12,799)

​

 

2.78

 

Options expired

 

(1,511)

​

 

2.78

 

Balance, end of period

 

—

​

$

—

 

​

There were no stock options outstanding as of December 31, 2024 and 2023.

​

There was no intrinsic value of stock options exercised for the nine months ended December 31, 2024. The total intrinsic value of stock options exercised was $28,000 for the nine months ended December 31, 2023, under the Stock Option Plans.

​

The Company may grant restricted stock pursuant to the 2017 Plan of which vesting can either be time based or performance based. Performance based awards are subject to attaining certain performance metrics and all, or a portion of, the performance based awards can subsequently be cancelled for not attaining the predetermined performance metrics. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the date of grant. The related stock-based compensation expense is recorded over the requisite service period. Stock-based compensation related to restricted stock grants was $264,000 and $19,000 for the three months ended December 31, 2024 and 2023, respectively. Stock-based compensation related to restricted stock grants was $316,000 and $11,000 for the nine months ended December 31, 2024 and 2023, respectively. The increase in the stock-based compensation expense was due to there being no net restricted stock forfeitures for the three and nine months ended December 31, 2024 compared to the reversal of stock-based compensation expense related to restricted stock forfeited for the three and nine months ended December 31,2023 totaling $26,000 and $238,000, respectively. The unrecognized stock-based compensation related to restricted stock was $1.2 million and $267,000 at December 31, 2024 and 2023, respectively. The weighted average vesting period for the restricted stock was 2.68 years and 1.51 years at December 31, 2024 and 2023, respectively.

​

A summary of changes in nonvested restricted stock awards for the periods shown:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Time Based

    

Performance Based

    

Total

​

​

Number 

​

Weighted 

​

Number 

​

Weighted 

​

Number 

​

Weighted 

​

​

of

​

Average 

​

of

​

Average 

​

of

​

Average 

​

​

 Unvested 

​

Grant Date

​

 Unvested 

​

Grant Date

​

 Unvested 

​

Grant Date

Nine Months Ended December 31, 2024

    

Shares

    

Fair Value

    

Shares

    

Fair Value

    

Shares

    

Fair Value

Balance, beginning of period

 

15,779

​

$

5.72

 

63,397

​

$

5.68

 

79,176

​

$

5.69

Granted

 

147,462

​

 

5.76

 

90,401

​

 

5.76

 

237,863

​

 

5.76

Forfeited

 

—

​

 

—

 

(14,075)

​

 

5.21

 

(14,075)

​

 

5.21

Vested

 

(7,281)

​

 

6.08

 

(16,393)

​

 

6.73

 

(23,674)

​

 

6.53

Balance, end of period

 

155,960

​

$

5.74

 

123,330

​

$

5.65

 

279,290

​

$

5.70

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Time Based

    

Performance Based

    

Total

​

​

Number 

​

Weighted 

​

Number 

​

Weighted 

​

Number 

​

Weighted 

​

​

of

​

Average 

​

of

​

Average 

​

of

​

Average 

​

​

 Unvested 

​

Grant Date

​

 Unvested 

​

Grant Date

​

 Unvested 

​

Grant Date

Nine Months Ended December 31, 2023

    

Shares

    

Fair Value

    

Shares

    

Fair Value

    

Shares

    

Fair Value

Balance, beginning of period

 

29,977

​

$

6.14

 

132,645

​

$

6.05

 

162,622

​

$

6.07

Granted

 

19,926

​

 

5.21

 

84,040

​

 

5.21

 

103,966

​

 

5.21

Forfeited

 

(19,006)

​

 

5.81

 

(99,514)

​

 

5.94

 

(118,520)

​

 

5.92

Vested

 

(15,118)

​

 

5.77

 

(53,774)

​

 

5.38

 

(68,892)

​

 

5.47

Balance, end of period

 

15,779

​

$

5.72

 

63,397

​

$

5.68

 

79,176

​

$

5.69

​
v3.25.0.1
EARNINGS PER SHARE
 9 Months Ended
Dec. 31, 2024
EARNINGS PER SHARE  
EARNINGS PER SHARE

4.      EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Nonvested shares of restricted stock are included in the computation of basic EPS because the holder has voting rights and shares in non-forfeitable dividends during the vesting period. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed exercise of outstanding stock options. For the nine months ended December 31, 2024 and 2023, there were no stock options excluded in computing diluted EPS.

​

In November 2022, the Company’s Board of Directors adopted a stock repurchase program (the “November 2022 repurchase program”). Under the November 2022 repurchase program, the Company was authorized to repurchase up to $2.5 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on November 28, 2022 and continuing until the earlier of the completion of the authorized level of repurchases or May 28, 2023, depending upon market conditions. The Company completed the November 2022 repurchase program on May 5, 2023, repurchasing a total of 394,334 shares at an average cost of $6.34 per share for a total cost of $2.5 million. All shares repurchased under the November 2022 program were retired as of May 28, 2023.

On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program (the “September 2024 repurchase program”).  Under the September 2024 repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions.  The repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date of October 29, 2024, depending on market conditions.  As of December 31, 2024, the Company had repurchased 200,073 shares at a total cost of $1.1 million under the September 2024 repurchase program at an average price of $5.43 per share.

The following table presents a reconciliation of the components used to compute basic and diluted EPS for the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended December 31, 

    

Nine Months Ended December 31, 

​

    

2024

    

2023

    

2024

    

2023

(Dollars and share data in thousands, except per share data)

 

​

​

​

​

​

 

​

​

​

​

​

Basic EPS computation:

 

​

  

 

​

  

 

​

  

 

​

  

Numerator-net income

​

$

1,232

​

$

1,452

​

$

3,755

​

$

6,767

Denominator-weighted average common shares outstanding

​

 

21,037

​

 

21,113

​

 

21,082

​

 

21,147

Basic EPS

​

$

0.06

​

$

0.07

​

$

0.18

​

$

0.32

Diluted EPS computation:

​

 

  

​

 

  

​

 

  

​

 

  

Numerator-net income

​

$

1,232

​

$

1,452

​

$

3,755

​

$

6,767

Denominator-weighted average common shares outstanding

​

 

21,037

​

 

21,113

​

 

21,082

​

 

21,147

Effect of dilutive stock options

​

 

—

​

 

—

​

 

—

​

 

2

Weighted average common shares and common stock equivalents

​

 

21,037

​

 

21,113

​

 

21,082

​

 

21,149

Diluted EPS

​

$

0.06

​

$

0.07

​

$

0.18

​

$

0.32

​
v3.25.0.1
INVESTMENT SECURITIES
 9 Months Ended
Dec. 31, 2024
INVESTMENT SECURITIES  
INVESTMENT SECURITIES

5.      INVESTMENT SECURITIES

The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gross

    

Gross

    

Estimated 

​

​

Amortized

​

Unrealized

​

Unrealized 

​

Fair

​

​

Cost

​

 Gains

​

Losses

​

Value

December 31, 2024

 

​

  

 

​

  

 

​

  

 

​

  

Available for sale:

 

​

​

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

37,329

​

$

1

​

$

(6,794)

​

$

30,536

Agency securities

​

 

38,937

​

​

—

​

​

(3,352)

​

​

35,585

Real estate mortgage investment conduits (1)

​

 

29,261

​

​

—

​

​

(5,658)

​

​

23,603

Residential mortgage-backed securities (1)

​

 

11,422

​

​

12

​

​

(751)

​

​

10,683

Other mortgage-backed securities (2)

​

 

27,865

​

​

4

​

​

(3,402)

​

​

24,467

Total available for sale

​

$

144,814

​

$

17

​

$

(19,957)

​

$

124,874

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

 

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

10,302

​

$

—

​

$

(2,945)

​

$

7,357

Agency securities

​

​

48,253

​

​

—

​

​

(3,368)

​

​

44,885

Real estate mortgage investment conduits (1)

​

​

29,249

​

​

—

​

​

(4,786)

​

​

24,463

Residential mortgage-backed securities (1)

​

​

104,314

​

​

—

​

​

(17,686)

​

​

86,628

Other mortgage-backed securities (3)

​

​

20,177

​

​

—

​

​

(3,036)

​

​

17,141

Total held to maturity

​

$

212,295

​

$

—

​

$

(31,821)

​

$

180,474

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

Unrealized 

​

Unrealized

​

Estimated 

​

​

Cost

​

Gains

​

 Losses

​

Fair Value

March 31, 2024

 

​

  

 

​

  

 

​

  

 

​

  

Available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

41,657

​

$

20

​

$

(6,541)

​

$

35,136

Agency securities

​

 

47,818

​

​

—

​

​

(4,241)

​

​

43,577

Real estate mortgage investment conduits (1)

​

 

31,424

​

​

—

​

​

(5,759)

​

​

25,665

Residential mortgage-backed securities (1)

​

 

13,519

​

​

3

​

​

(971)

​

​

12,551

Other mortgage-backed securities (2)

​

 

29,998

​

​

3

​

​

(3,734)

​

​

26,267

Total available for sale

​

$

164,416

​

$

26

​

$

(21,246)

​

$

143,196

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

 

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

10,321

​

$

—

​

$

(2,789)

​

$

7,532

Agency securities

​

​

54,123

​

​

—

​

​

(4,522)

​

​

49,601

Real estate mortgage investment conduits (1)

​

​

31,752

​

​

—

​

​

(5,171)

​

​

26,581

Residential mortgage-backed securities (1)

​

​

112,834

​

​

—

​

​

(18,196)

​

​

94,638

Other mortgage-backed securities (3)

​

​

20,480

​

​

—

​

​

(3,313)

​

​

17,167

Total held to maturity

​

$

229,510

​

$

—

​

$

(33,991)

​

$

195,519

​

(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 and FHLMC.
(3)Comprised of FHLMC and FNMA issued securities.

The contractual maturities of investment securities as of December 31, 2024 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for Sale

​

Held to Maturity

​

    

​

​

    

Estimated

    

​

​

    

Estimated

​

​

Amortized

​

Fair 

​

Amortized

​

Fair 

​

​

Cost

​

Value

​

Cost

​

Value

Due in one year or less

​

$

6,263

​

$

6,255

​

$

14,995

​

$

14,841

Due after one year through five years

​

 

44,284

​

 

40,044

​

 

30,353

​

 

28,149

Due after five years through ten years

​

 

34,347

​

 

29,492

​

 

21,274

​

 

18,007

Due after ten years

​

 

59,920

​

 

49,083

​

 

145,673

​

 

119,477

Total

​

$

144,814

​

$

124,874

​

$

212,295

​

$

180,474

​

Expected maturities of investment securities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

The gross unrealized losses and the fair value of securities available-for-sale and held to maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 months or longer

​

Total

​

    

Estimated

    

​

​

    

Estimated

    

​

​

    

Estimated

    

​

​

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

December 31, 2024

​

 Value

​

Losses

​

 Value

​

Losses

​

 Value

​

Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for sale:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Municipal securities

​

$

—

​

$

—

​

$

29,365

​

$

(6,794)

​

$

29,365

​

$

(6,794)

Agency securities

​

 

—

​

 

—

​

 

35,585

​

 

(3,352)

​

 

35,585

​

 

(3,352)

Real estate mortgage investment conduits (1)

​

 

—

​

 

—

​

 

23,603

​

 

(5,658)

​

 

23,603

​

 

(5,658)

Residential mortgage-backed securities (1)

​

 

—

​

 

—

​

 

10,005

​

 

(751)

​

 

10,005

​

 

(751)

Other mortgage-backed securities (2)

​

 

470

​

 

(3)

​

 

23,729

​

 

(3,399)

​

 

24,199

​

 

(3,402)

Total available for sale

​

$

470

​

$

(3)

​

$

122,287

​

$

(19,954)

​

$

122,757

​

$

(19,957)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

—

​

$

—

​

$

7,357

​

$

(2,945)

​

$

7,357

​

$

(2,945)

Agency securities

​

​

—

​

​

—

​

​

44,885

​

​

(3,368)

​

​

44,885

​

​

(3,368)

Real estate mortgage investment conduits (1)

​

​

—

​

​

—

​

​

24,463

​

​

(4,786)

​

​

24,463

​

​

(4,786)

Residential mortgage-backed securities (1)

​

​

—

​

​

—

​

​

86,628

​

​

(17,686)

​

​

86,628

​

​

(17,686)

Other mortgage-backed securities (3)

​

​

—

​

​

—

​

​

17,141

​

​

(3,036)

​

​

17,141

​

​

(3,036)

Total held to maturity

​

$

—

​

$

—

​

$

180,474

​

$

(31,821)

​

$

180,474

​

$

(31,821)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

—

​

$

—

​

$

32,748

​

$

(6,541)

​

$

32,748

​

$

(6,541)

Agency securities

​

​

—

​

 

—

​

 

43,577

​

 

(4,241)

​

 

43,577

​

 

(4,241)

Real estate mortgage investment conduits (1)

​

 

—

​

 

—

​

 

25,665

​

 

(5,759)

​

 

25,665

​

 

(5,759)

Residential mortgage-backed securities (1)

​

 

—

​

 

—

​

 

12,073

​

 

(971)

​

 

12,073

​

 

(971)

Other mortgage-backed securities (2)

​

 

534

​

 

(1)

​

 

25,403

​

 

(3,733)

​

 

25,937

​

 

(3,734)

Total available for sale

​

$

534

​

$

(1)

​

$

139,466

​

$

(21,245)

​

$

140,000

​

$

(21,246)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

—

​

$

—

​

$

7,532

​

$

(2,789)

​

$

7,532

​

$

(2,789)

Agency securities

​

​

—

​

​

—

​

​

49,601

​

​

(4,522)

​

​

49,601

​

​

(4,522)

Real estate mortgage investment conduits (1)

​

​

—

​

​

—

​

​

26,581

​

​

(5,171)

​

​

26,581

​

​

(5,171)

Residential mortgage-backed securities (1)

​

​

—

​

​

—

​

​

94,638

​

​

(18,196)

​

​

94,638

​

​

(18,196)

Other mortgage-backed securities (3)

​

​

—

​

​

—

​

​

17,167

​

​

(3,313)

​

​

17,167

​

​

(3,313)

Total held to maturity

​

$

—

​

$

—

​

$

195,519

​

$

(33,991)

​

$

195,519

​

$

(33,991)

​

(1)Comprised of FHLMC, FNMA and GNMA issued securities.
(2)Comprised of SBA and CRE secured securities issued by FHLMC and FNMA.
(3)Comprised of FHLMC and FNMA issued securities.

​

Allowance for Credit Losses (“ACL”) on Available-for-Sale Debt Securities – Each reporting period, the Company assesses each available for sale debt security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis results from a credit loss or other factors. The Company did not record an ACL on available for sale debt securities at December 31, 2024. As of December 31, 2024, the Company considered the unrealized losses across the classes of major security-type to be related to fluctuations in market conditions, primarily interest rates, and not reflective of a deterioration in credit value.

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings.  If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security, the

Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, Management considers the extent to which fair value is less than amortized costs, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security.  Projected cash flows are discounted by the current effective interest rate.  If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to accumulated other comprehensive income (loss) (“AOCI”).

ACL on Held to Maturity Debt Securities – The Company separately evaluates its held to maturity debt securities for any credit losses based on probability of default and loss given default utilizing historical industry data based on investment category. The probability of default and loss given default are incorporated into the present value of expected cash flows and compared against amortized cost. The Company did not record an ACL on held to maturity debt securities at December 31, 2024 as the impact was insignificant.

The Company had no sales and realized no gains or losses on sales of investment securities for the nine months ended December 31, 2024 and 2023. Investment securities available for sale with an amortized cost of $2.2 million and $2.6 million and an estimated fair value of $2.0 million and $2.4 million at December 31, 2024 and March 31, 2024, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $10.5 million and $11.2 million and a fair value of $8.6 million and $9.3 million at December 31, 2024 and March 31, 2024, respectively, were pledged as collateral for government public funds held by the Bank. Investment securities held to maturity with an amortized cost of $143.4 million and $151.2 million and a fair value of $119.6 million and $126.1 million at December 31, 2024 and March 31, 2024, respectively, were pledged as collateral to the Federal Reserve Bank of San Francisco (“FRB”) pursuant to borrowing agreements.
v3.25.0.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS
 9 Months Ended
Dec. 31, 2024
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS  
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS

6.      LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS

Loans receivable are reported net of deferred loan fees and discounts, and inclusive of premiums. Deferred loan fees totaled $4.2 million and $4.7 million at December 31, 2024 and March 31, 2024, respectively. Loans receivable discounts and premiums totaled $1.2 million and $1.8 million, respectively, at December 31, 2024, compared to $1.3 million and $1.9 million, respectively, at March 31, 2024. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

    

December 31, 

    

March 31, 

​

​

2024

​

2024

Commercial and construction

 

​

  

 

​

  

Commercial business

​

$

224,506

​

$

229,404

Commercial real estate

​

 

574,496

​

​

583,501

Land

​

 

4,062

​

​

5,693

Multi-family

​

 

78,822

​

​

70,771

Real estate construction

​

 

49,956

​

​

36,538

Total commercial and construction

​

 

931,842

​

​

925,907

​

​

​

​

​

​

​

Consumer

​

 

​

​

​

​

Real estate one-to-four family

​

 

97,760

​

​

96,366

Other installment

​

 

15,507

​

​

1,740

Total consumer

​

 

113,267

​

​

98,106

​

​

​

​

​

​

​

Total loans

​

 

1,045,109

​

​

1,024,013

​

​

​

​

​

​

​

Less: ACL for loans

​

 

15,352

​

​

15,364

Loans receivable, net

​

$

1,029,757

​

$

1,008,649

​

The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At December 31, 2024, loans carried at $738.8 million were pledged as collateral to the FHLB of Des Moines and FRB pursuant to borrowing agreements.

Substantially all the Company’s business activity is with customers located in the states of Washington and Oregon. Loans and extensions of credit outstanding at one time to one borrower are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive income (loss). As of December 31, 2024 and March 31, 2024, the Bank had no loans to any one borrower in excess of the regulatory limit.

​

Troubled Loan Modifications (“TLM”) – Occasionally, the Company offers modifications of loans to borrowers experiencing financial difficulty by providing principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions or any combination of these. When principal forgiveness is provided, the amount of the forgiveness is charged-off against the ACL for loans. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL for loans is adjusted by the same amount. The ACL on modified loans is measured using the same credit loss estimation methods used to determine the ACL for all other loans held for investment. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historical modified loans.

There were no loans modified related to borrowers experiencing financial difficulty during the three months ended December 31, 2024. There were no loans past due at December 31, 2024 that had been modified in the previous 12 months.

​

Credit quality indicators: The Company monitors credit risk in its loan portfolio using a risk rating system (on a scale of one to nine) for all commercial (non-consumer) loans. The risk rating system is a measure of the credit risk of the borrower based on their historical, current and anticipated future financial characteristics. The Company assigns a risk rating to each commercial loan at origination and subsequently updates these ratings, as necessary, so that the risk rating continues to reflect the appropriate risk characteristics of the loan. Application of appropriate risk ratings is key to management of loan portfolio risk. In determining the appropriate risk rating, the Company considers the following factors: delinquency, payment history, quality of management, liquidity, leverage, earnings trends, alternative funding sources, geographic risk, industry risk, cash flow adequacy, account practices, asset protection and extraordinary risks. Consumer loans, including custom construction loans, are not assigned a risk rating but rather are grouped into homogeneous pools with similar risk characteristics. When a consumer loan is delinquent 90 days, it is placed on non-accrual status and assigned a substandard risk rating. Loss factors are assigned to each risk rating and homogeneous pool based on historical loss experience for similar loans. This historical loss experience is adjusted for qualitative factors that are likely to cause the estimated credit losses to differ from the Company’s historical loss experience. The Company uses these loss factors to estimate the general component of its allowance for credit losses.

​

Pass – These loans have a risk rating between 1 and 4 and are to borrowers that meet normal credit standards. Any deficiencies in satisfactory asset quality, liquidity, debt servicing capacity and coverage are offset by strengths in other areas. The borrower currently has the capacity to perform according to the loan terms. Any concerns about risk factors such as stability of margins, stability of cash flows, liquidity, dependence on a single product/supplier/customer, depth of management, etc. are offset by strengths in other areas. Typically, these loans are secured by the operating assets of the borrower and/or real estate. The borrower’s management is considered competent. The borrower has the ability to repay the debt in the normal course of business.

​

Watch – These loans have a risk rating of 5 and are included in the “pass” rating. However, there would typically be some reason for additional management oversight, such as the borrower’s recent financial setbacks and/or deteriorating financial position, industry concerns and failure to perform on other borrowing obligations. Loans with this rating are monitored closely in an effort to correct deficiencies.

​

Special mention – These loans have a risk rating of 6 and are rated in accordance with regulatory guidelines. These loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the credit position at some future date. These loans pose elevated risk but their weakness does not yet justify a “substandard” classification.

​

Substandard – These loans have a risk rating of 7 and are rated in accordance with regulatory guidelines, for which the accrual of interest may or may not be discontinued. Under regulatory guidelines, a “substandard” loan has defined weaknesses which make payment default or principal exposure likely but not yet certain. Repayment of such loans is likely to be dependent upon collateral liquidation, a secondary source of repayment, or an event outside of the normal course of business.

​

Doubtful – These loans have a risk rating of 8 and are rated in accordance with regulatory guidelines. Such loans are placed on non-accrual status and repayment may be dependent upon collateral which has value that is difficult to determine or upon some near-term event which lacks certainty.

​

Loss – These loans have a risk rating of 9 and are rated in accordance with regulatory guidelines. Such loans are charged-off or charged-down when payment is acknowledged to be uncertain or when the timing or value of payments cannot be determined. “Loss” is not intended to imply that the loan or some portion of it will never be paid, nor does it in any way imply that there has been a forgiveness of debt.

​

The following table sets forth the Company’s loan portfolio at December 31, 2024 and March 31, 2024 by risk attribute and year of origination as well as current period gross charge-offs (in thousands). Revolving loans that are converted to term loans are treated as new originations in the table below and are presented by year of origination. Term loans that are renewed or extended for periods longer than 90 days are presented as a new origination in the year of the most recent renewal or extension.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2024

 

​

​

​

​

​

​

​

Term Loans Amortized Cost Basis by Origination Fiscal Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Revolving

​

Loans

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior

 

Loans

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

7,714

​

$

20,332

​

$

57,278

​

$

79,864

​

$

21,697

​

$

25,379

​

$

7,536

​

$

219,800

Special Mention

​

 

2,077

​

 

—

​

 

—

​

​

613

​

​

519

​

​

806

​

​

649

​

​

4,664

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

42

​

​

—

​

​

42

Total commercial business

​

$

9,791

​

$

20,332

​

$

57,278

​

$

80,477

​

$

22,216

​

$

26,227

​

$

8,185

​

$

224,506

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

20,427

​

$

37,573

​

$

60,894

​

$

142,028

​

$

87,473

​

$

180,602

​

$

—

​

$

528,997

Special Mention

​

 

4,489

​

 

3,166

​

 

3,668

​

​

2,698

​

​

—

​

​

31,385

​

​

—

​

​

45,406

Substandard

​

 

—

​

 

30

​

 

—

​

​

—

​

​

—

​

​

63

​

​

—

​

​

93

Total commercial real estate

​

$

24,916

​

$

40,769

​

$

64,562

​

$

144,726

​

$

87,473

​

$

212,050

​

$

—

​

$

574,496

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

80

​

$

80

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Land

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

619

​

$

—

​

$

2,597

​

$

86

​

$

—

​

$

479

​

$

281

​

$

4,062

Total land

​

$

619

​

$

—

​

$

2,597

​

$

86

​

$

—

​

$

479

​

$

281

​

$

4,062

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

711

​

$

953

​

$

26,020

​

$

36,040

​

$

4,289

​

$

10,383

​

$

—

​

$

78,396

Special Mention

​

 

—

​

 

—

​

 

184

​

​

—

​

​

18

​

​

166

​

​

—

​

​

368

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

58

​

​

—

​

​

58

Total multi-family

​

$

711

​

$

953

​

$

26,204

​

$

36,040

​

$

4,307

​

$

10,607

​

$

—

​

$

78,822

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2024

 

​

​

    

​

​

​

​

Term Loans Amortized Cost Basis by Origination Fiscal Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Revolving

​

Loans

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior

 

Loans

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

10,901

​

$

27,530

​

$

3,442

​

$

8,083

​

$

—

​

$

—

​

$

—

​

$

49,956

Total real estate construction

​

$

10,901

​

$

27,530

​

$

3,442

​

$

8,083

​

$

—

​

$

—

​

$

—

​

$

49,956

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate one-to-four family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

10

​

$

—

​

$

—

​

$

59,305

​

$

4,072

​

$

17,482

​

$

16,859

​

$

97,728

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

32

​

​

—

​

​

32

Total real estate one-to-four family

​

$

10

​

$

—

​

$

—

​

$

59,305

​

$

4,072

​

$

17,514

​

$

16,859

​

$

97,760

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

11

​

$

11

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Other installment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

13,928

​

$

606

​

$

376

​

$

118

​

$

53

​

$

10

​

$

416

​

$

15,507

Total other installment

​

$

13,928

​

$

606

​

$

376

​

$

118

​

$

53

​

$

10

​

$

416

​

$

15,507

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

26

​

$

26

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans receivable, gross

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

54,310

​

$

86,994

​

$

150,607

​

$

325,524

​

$

117,584

​

$

234,335

​

$

25,092

​

$

994,446

Special Mention

​

 

6,566

​

 

3,166

​

 

3,852

​

​

3,311

​

​

537

​

​

32,357

​

​

649

​

​

50,438

Substandard

​

 

—

​

 

30

​

 

—

​

​

—

​

​

—

​

​

195

​

​

—

​

​

225

Total loans receivable, gross

​

$

60,876

​

$

90,190

​

$

154,459

​

$

328,835

​

$

118,121

​

$

266,887

​

$

25,741

​

$

1,045,109

Total current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

117

​

$

117

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

March 31, 2024

 

​

​

​

​

​

​

​

Term Loans Amortized Cost Basis by Origination Fiscal Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Revolving

​

Loans

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

 

Loans

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

14,126

​

$

63,838

​

$

85,131

​

$

28,119

​

$

16,945

​

$

12,411

​

$

4,827

​

$

225,397

Special Mention

​

 

—

​

 

—

​

 

733

​

​

—

​

​

486

​

​

232

​

​

2,498

​

​

3,949

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

58

​

​

—

​

​

58

Total commercial business

​

$

14,126

​

$

63,838

​

$

85,864

​

$

28,119

​

$

17,431

​

$

12,701

​

$

7,325

​

$

229,404

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

36,116

​

$

66,847

​

$

147,015

​

$

89,662

​

$

53,424

​

$

158,311

​

$

—

​

$

551,375

Special Mention

​

 

—

​

 

3,752

​

 

897

​

​

—

​

​

—

​

​

26,878

​

​

—

​

​

31,527

Substandard

​

 

520

​

 

—

​

 

—

​

​

—

​

​

—

​

​

79

​

​

—

​

​

599

Total commercial real estate

​

$

36,636

​

$

70,599

​

$

147,912

​

$

89,662

​

$

53,424

​

$

185,268

​

$

—

​

$

583,501

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Land

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

2,361

​

$

2,340

​

$

94

​

$

—

​

$

106

​

$

437

​

$

—

​

$

5,338

Special Mention

​

 

—

​

 

355

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

355

Total land

​

$

2,361

​

$

2,695

​

$

94

​

$

—

​

$

106

​

$

437

​

$

—

​

$

5,693

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

970

​

$

21,643

​

$

32,003

​

$

4,841

​

$

8,788

​

$

2,429

​

$

—

​

$

70,674

Special Mention

​

 

—

​

 

—

​

 

—

​

​

—

​

​

35

​

​

32

​

​

—

​

​

67

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

30

​

​

—

​

​

30

Total multi-family

​

$

970

​

$

21,643

​

$

32,003

​

$

4,841

​

$

8,823

​

$

2,491

​

$

—

​

$

70,771

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

March 31, 2024

 

​

​

    

​

​

​

​

Term Loans Amortized Cost Basis by Origination Fiscal Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Revolving

​

Loans

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

 

Loans

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

13,320

​

$

10,078

​

$

12,346

​

$

—

​

$

—

​

$

—

​

$

—

​

$

35,744

Special Mention

​

 

794

​

 

—

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

794

Total real estate construction

​

$

14,114

​

$

10,078

​

$

12,346

​

$

—

​

$

—

​

$

—

​

$

—

​

$

36,538

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate one-to-four family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

60,447

​

$

4,164

​

$

4,364

​

$

14,756

​

$

12,599

​

$

96,330

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

36

​

​

—

​

​

36

Total real estate one-to-four family

​

$

—

​

$

—

​

$

60,447

​

$

4,164

​

$

4,364

​

$

14,792

​

$

12,599

​

$

96,366

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Other installment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

418

​

$

555

​

$

198

​

$

75

​

$

27

​

$

8

​

$

459

​

$

1,740

Total other installment

​

$

418

​

$

555

​

$

198

​

$

75

​

$

27

​

$

8

​

$

459

​

$

1,740

Current YTD gross charge-offs

​

$

—

​

$

11

​

$

—

​

$

—

​

$

—

​

$

2

​

$

—

​

$

13

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans receivable, gross

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

67,311

​

$

165,301

​

$

337,234

​

$

126,861

​

$

83,654

​

$

188,352

​

$

17,885

​

$

986,598

Special Mention

​

 

794

​

 

4,107

​

 

1,630

​

​

—

​

​

521

​

​

27,142

​

​

2,498

​

​

36,692

Substandard

​

 

520

​

 

—

​

 

—

​

​

—

​

​

—

​

​

203

​

​

—

​

​

723

Total loans receivable, gross

​

$

68,625

​

$

169,408

​

$

338,864

​

$

126,861

​

$

84,175

​

$

215,697

​

$

20,383

​

$

1,024,013

Total current YTD gross charge-offs

​

$

—

​

$

11

​

$

—

​

$

—

​

$

—

​

$

2

​

$

—

​

$

13

​

ACL on Loans - The ACL for loans is an estimate of the expected credit losses on financial assets measured at amortized cost. The ACL for loans is evaluated and calculated on a collective basis for those loans which share similar risk characteristics. The Company estimates the expected credit losses over the loans’ contractual terms, adjusted for expected prepayments. The ACL for loans is calculated for loan segments utilizing loan level information and relevant information from internal and external sources related to past events and current conditions. In addition, the Company incorporates a reasonable and supportable forecast. For loans that are individually evaluated, an allowance is established when the discounted cash flows or collateral value (less estimated selling costs, if applicable) of the loan is lower than  its carrying value.

​

​

When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. The existence of some or all of the following criteria will generally confirm that a loss has been incurred: the loan is significantly delinquent and the borrower has not demonstrated the ability or intent to bring the loan current; the Company has no recourse to the borrower, or if it does, the borrower has insufficient assets to pay the debt; and/or the estimated fair value of the loan collateral is significantly below the current loan balance, and there is little or no near-term prospect for improvement.

​

Management’s evaluation of the ACL for loans is based on ongoing, quarterly assessments of the known and inherent risks in the loan portfolio. Loss factors are based on the Company’s historical loss experience with additional consideration and adjustments made for changes in economic conditions, changes in the amount and composition of the loan portfolio, delinquency rates, changes in collateral values, seasoning of the loan portfolio, duration of the current business cycle, a detailed analysis of individually evaluated loans and other factors as deemed appropriate. These factors are evaluated on a quarterly basis. Loss rates used by the Company are affected as changes in these factors increase or decrease from quarter to quarter. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s ACL for loans and may require the Company to make additions to the ACL for loans based on their judgment about information available to them at the time of their examinations.

​

The following tables detail activity in the ACL for loans at or for the three and nine months ended December 31, 2024 and December 31, 2023, by loan category (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

    

Commercial

    

Commercial

    

​

​

    

Multi-

    

Real Estate

    

​

​

    

​

​

    

​

​

December 31, 2024

​

Business

​

Real Estate

​

Land

​

Family

​

Construction

​

Consumer

​

Unallocated

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

5,118

​

$

7,137

​

$

139

​

$

354

​

$

925

​

$

1,793

​

$

—

​

$

15,466

(Recapture of) provision for credit losses

​

 

16

​

​

162

​

​

(67)

​

​

11

​

​

(96)

​

​

(26)

​

​

—

​

​

—

Charge-offs

​

 

—

​

​

(80)

​

​

—

​

​

—

​

​

—

​

​

(36)

​

​

—

​

​

(116)

Recoveries

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2

​

​

—

​

​

2

Ending balance

​

$

5,134

​

$

7,219

​

$

72

​

$

365

​

$

829

​

$

1,733

​

$

—

​

$

15,352

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

5,280

​

$

7,391

​

$

106

​

$

367

​

$

636

​

$

1,584

​

$

—

​

$

15,364

Provision for (recapture of) credit losses

​

 

(146)

​

​

(92)

​

​

(34)

​

​

(2)

​

​

193

​

​

181

​

​

—

​

 

100

Charge-offs

​

 

—

​

​

(80)

​

​

—

​

​

—

​

​

—

​

​

(37)

​

​

—

​

 

(117)

Recoveries

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5

​

​

—

​

 

5

Ending balance

​

$

5,134

​

$

7,219

​

$

72

​

$

365

​

$

829

​

$

1,733

​

$

—

​

$

15,352

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

5,339

​

$

7,138

​

$

112

​

$

293

​

$

860

​

$

1,604

​

$

—

​

$

15,346

Provision for (recapture of) credit losses

​

 

(74)

​

​

141

​

​

45

​

​

41

​

​

(129)

​

​

(24)

​

​

—

​

​

—

Charge-offs

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(2)

​

​

—

​

​

(2)

Recoveries

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

17

​

​

—

​

​

17

Ending balance

​

$

5,265

​

$

7,279

​

$

157

​

$

334

​

$

731

​

$

1,595

​

$

—

​

$

15,361

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

3,123

​

$

8,894

​

$

93

​

$

798

​

$

764

​

$

1,127

​

$

510

​

$

15,309

Impact of adopting CECL (ASU 2016-13)

​

​

1,884

​

​

(1,494)

​

​

40

​

​

(492)

​

​

131

​

​

483

​

​

(510)

​

​

42

Provision for (recapture of) loan losses

​

 

258

​

​

(121)

​

​

24

​

​

28

​

​

(164)

​

​

(25)

​

​

—

​

 

—

Charge-offs

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(13)

​

​

—

​

 

(13)

Recoveries

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

23

​

​

—

​

 

23

Ending balance

​

$

5,265

​

$

7,279

​

$

157

​

$

334

​

$

731

​

$

1,595

​

$

—

​

$

15,361

​

​

Non-accrual loans: Loans are reviewed regularly and it is the Company’s general policy that a loan is past due when it is 30 to 89 days delinquent. In general, when a loan is 90 days delinquent or when collection of principal or interest appears doubtful, it is placed on non-accrual status, at which time the accrual of interest ceases and a reserve for unrecoverable accrued interest is established and charged against operations. As a general practice, payments received on non-accrual loans are applied to reduce the outstanding principal balance on a cost recovery method. Also, as a general practice, a loan is not removed from non-accrual status until all delinquent principal, interest and late fees have been brought current and the borrower has demonstrated a history of performance based upon the contractual terms of the note. A history of repayment performance generally would be a minimum of six months. Interest income foregone on non-accrual loans was $30,000 and $8,000 for the nine months ended December 31, 2024 and 2023, respectively.

​

The following tables present an analysis of loans by aging category at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

​

​

    

Total 

    

​

​

    

​

​

​

​

​

​

​

90 Days

​

​

​

​

Past

​

​

​

​

​

​

​

​

​

​

​

and

​

​

​

​

Due and

​

​

​

​

Total

​

​

30-89 Days

​

Greater

​

​

​

​

Non-

​

​

​

​

 Loans

December 31, 2024

​

Past Due

​

Past Due

​

Non-accrual

​

accrual

​

Current

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

$

2,455

​

$

301

​

$

43

​

$

2,799

​

$

221,707

​

$

224,506

Commercial real estate

​

 

—

​

 

—

​

 

93

​

​

93

​

​

574,403

​

​

574,496

Land

​

 

—

​

 

—

​

 

—

​

​

—

​

​

4,062

​

​

4,062

Multi-family

​

 

—

​

 

—

​

 

—

​

​

—

​

​

78,822

​

​

78,822

Real estate construction

​

 

2,122

​

 

—

​

 

—

​

​

2,122

​

​

47,834

​

​

49,956

Consumer

​

 

981

​

 

—

​

 

32

​

​

1,013

​

​

112,254

​

​

113,267

Total

​

$

5,558

​

$

301

​

$

168

​

$

6,027

​

$

1,039,082

​

$

1,045,109

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

$

1,778

​

$

5

​

$

58

​

$

1,841

​

$

227,563

​

$

229,404

Commercial real estate

​

 

—

​

 

—

​

 

79

​

​

79

​

​

583,422

​

​

583,501

Land

​

 

—

​

 

—

​

 

—

​

​

—

​

​

5,693

​

​

5,693

Multi-family

​

 

—

​

 

—

​

 

—

​

​

—

​

​

70,771

​

​

70,771

Real estate construction

​

 

—

​

 

—

​

 

—

​

​

—

​

​

36,538

​

​

36,538

Consumer

​

 

1

​

 

—

​

 

36

​

​

37

​

​

98,069

​

​

98,106

Total

​

$

1,779

​

$

5

​

$

173

​

$

1,957

​

$

1,022,056

​

$

1,024,013

​

The increase in the 30-89 days past due loans was primarily related to one commercial construction loan which is in the process of being renewed and one consumer loan which is progressing through the probate process. Included in the 30-89 days past due loans at December 31, 2024 and March 31, 2024 are $2.5 million and $1.8 million, respectively, of fully guaranteed SBA or United States Department of Agriculture (“USDA”) loans. These government guaranteed loans are classified as pass rated loans and are not considered to be either nonaccrual or classified loans because based on the guarantee, the Company expects to receive all principal and interest according to the contractual terms of the loan agreement and there are no well-defined weaknesses or risk of loss. As a result, these loans were omitted from the required calculation of the ACL for loans. Interest income foregone on non-accrual loans was $30,000 and $10,000 for the nine months ended December 31, 2024 and the year ended March 31, 2024, respectively. For additional information, see Management’s Discussion and Analysis of Financial Condition and Results of Operations – Comparison of Financial Condition at December 31, 2024 and March 31, 2024 – Asset Quality, discussed below.

​

At December 31, 2024, the Company had $105,000 of non-accrual loans with no ACL and $63,000 of non-accrual loans with an ACL of $1,000. The amortized cost of collateral dependent loans as of December 31, 2024, were $42,000 and $63,000 for commercial business and commercial real estate, respectively.

​

​
v3.25.0.1
GOODWILL
 9 Months Ended
Dec. 31, 2024
GOODWILL  
GOODWILL

​

​

7.      GOODWILL

Goodwill and certain other intangibles generally arise from business combinations accounted for under the purchase method of accounting. Goodwill and other intangibles deemed to have indefinite lives generated from business combinations are not subject to amortization and are instead tested for impairment not less than annually. The Company has two reporting units, the Bank and the Trust Company, for purposes of evaluating goodwill for impairment. All the Company’s goodwill has been allocated to the Bank reporting unit.

The Company performed an impairment assessment as of October 31, 2024 and determined that no impairment of goodwill exists. The goodwill impairment test involves a two-step process. The first step is a comparison of the reporting unit’s fair value to its carrying value. If the reporting unit’s fair value is less than its carrying value, the Company would be required to progress to the second step. In the second step, the Company calculates the implied fair value of goodwill and compares the implied fair value of goodwill to the carrying amount of goodwill in the Company’s consolidated balance sheet. If the carrying amount of the goodwill is greater than the implied fair value of that goodwill, an impairment loss must be recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as goodwill recognized in a business combination. The results of the Company’s step one test indicated that the reporting unit’s fair value was greater than its carrying value, and, therefore, a step two analysis was not required; however, no assurance can be given that the Company’s goodwill will not be written down in future periods. The Company completed a qualitative assessment of goodwill as of December 31, 2024, and concluded that it is more likely than not that the fair value of the Bank (the reporting unit), exceeds its carrying value at that date.

v3.25.0.1
FEDERAL HOME LOAN BANK ADVANCES
 9 Months Ended
Dec. 31, 2024
FEDERAL HOME LOAN BANK ADVANCES  
FEDERAL HOME LOAN BANK ADVANCES

8.      FEDERAL HOME LOAN BANK ADVANCES

FHLB advances are summarized at the dates indicated (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

December 31, 2024

    

March 31, 2024

 

FHLB advances

​

$

84,200

​

$

88,304

​

Weighted average interest rate on FHLB advances (1)

​

 

5.32

%    

 

5.40

%

​

(1) Computed based on the borrowing activity for the nine months ended December 31, 2024 and the fiscal year ended March 31, 2024, respectively.

​

The Bank has a credit line with the FHLB equal to 45% of total assets, limited by available collateral. At December 31, 2024, based on collateral values, the Bank had additional borrowing capacity of $164.4 million from the FHLB. FHLB advances are collateralized with loans secured by real estate. At December 31, 2024, loans carried at $455.4 million were pledged as collateral to the FHLB.
v3.25.0.1
JUNIOR SUBORDINATED DEBENTURES
 9 Months Ended
Dec. 31, 2024
JUNIOR SUBORDINATED DEBENTURES  
JUNIOR SUBORDINATED DEBENTURES

9.      JUNIOR SUBORDINATED DEBENTURES

The Company has wholly-owned subsidiary grantor trusts that were established for the purpose of issuing trust preferred securities and common securities. The trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in each trust agreement. The trusts used the net proceeds from each of the offerings to purchase a like amount of junior subordinated debentures (the “Debentures”) of the Company. The Debentures are the sole assets of the trusts. The Company’s obligations under the Debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon maturity of the Debentures or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole or in part on or after specific dates, at a redemption price specified in the indentures governing the Debentures plus any accrued but unpaid interest to the redemption date. The Company also has the right to defer the payment of interest on each of the Debentures for a period not to exceed 20 consecutive quarters, provided that the deferral period does not extend beyond the stated maturity. During such deferral period, distributions on the corresponding trust preferred securities will also be deferred and the Company may not pay cash dividends to the holders of shares of the Company’s common stock.

​

​

The Debentures issued by the Company to the grantor trusts, which totaled $27.1 million and $27.0 million at December 31, 2024 and March 31, 2024, respectively, are reported as “junior subordinated debentures” in the consolidated balance sheets. The common securities issued by the grantor trusts were purchased by the Company, and the Company’s investment in the common securities of $836,000 at both December 31, 2024 and March 31, 2024, is included in prepaid expenses and other assets in the consolidated balance sheets. The Company records interest expense on the Debentures in the consolidated statements of income.

The following table is a summary of the terms and the amounts outstanding of the Debentures at December 31, 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Issuance Trust

    

Issuance Date

    

Amount Outstanding

    

Rate Type

    

Initial Rate

    

Current Rate

    

Maturity Date

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Riverview Bancorp Statutory Trust I

 

12/2005

​

$

7,217

 

Variable

(1)

5.88

%  

5.98

%  

3/2036

Riverview Bancorp Statutory Trust II

 

06/2007

​

 

15,464

 

Variable

(2)

7.03

%  

5.97

%  

9/2037

Merchants Bancorp Statutory Trust I (4)

 

06/2003

​

 

5,155

 

Variable

(3)

4.16

%  

7.69

%  

6/2033

​

 

​

​

​

27,836

​

​

​

​

​

​

​

​

Fair value adjustment (4)

 

​

​

​

(767)

 

  

 

  

 

  

 

  

Total Debentures

​

​

​

$

27,069

 

  

 

  

 

  

 

  

​

(1)The trust preferred securities reprice quarterly based on the three-month Chicago Mercantile Exchange (“CME”) Term SOFR plus 1.36%.
(2)The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.35%.
(3)The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 3.10%.
(4)Amount, net of accretion, attributable to a prior year’s business combination.
v3.25.0.1
FAIR VALUE MEASUREMENTS
 9 Months Ended
Dec. 31, 2024
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

10.      FAIR VALUE MEASUREMENTS

Fair value is defined under GAAP as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of three levels. These levels are:

Quoted prices in active markets for identical assets (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means.

Significant unobservable inputs (Level 3): Inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

Financial instruments are presented in the tables that follow by recurring or nonrecurring measurement status. Recurring assets are initially measured at fair value and are required to be remeasured at fair value in the consolidated financial statements at each reporting date. Assets measured on a nonrecurring basis are assets that, as a result of an event or circumstance, were required to be remeasured at fair value after initial recognition in the consolidated financial statements at some time during the reporting period.

The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Estimated 

​

Estimated Fair Value Measurements Using

December 31, 2024

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment securities available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

30,536

​

$

—

​

$

30,536

​

$

—

Agency securities

​

 

35,585

​

 

—

​

 

35,585

​

 

—

Real estate mortgage investment conduits

​

 

23,603

​

 

—

​

 

23,603

​

 

—

Residential mortgage-backed securities

​

 

10,683

​

 

—

​

 

10,683

​

 

—

Other mortgage-backed securities

​

 

24,467

​

 

—

​

 

24,467

​

 

—

Total assets measured at fair value on a recurring basis

​

$

124,874

​

$

—

​

$

124,874

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Total Estimated 

    

Estimated Fair Value Measurements Using

March 31, 2024

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment securities available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

35,136

​

$

—

​

$

35,136

​

$

—

Agency securities

​

 

43,577

​

 

—

​

 

43,577

​

 

—

Real estate mortgage investment conduits

​

 

25,665

​

 

—

​

 

25,665

​

 

—

Residential mortgage-backed securities

​

 

12,551

​

 

—

​

 

12,551

​

 

—

Other mortgage-backed securities

​

 

26,267

​

 

—

​

 

26,267

​

 

—

Total assets measured at fair value on a recurring basis

​

$

143,196

​

$

—

​

$

143,196

​

$

—

​

There were no transfers of assets into or out of Levels 1, 2 or 3 for both the nine months ended December 31, 2024 and the year ended March 31, 2024.

The following methods were used to estimate the fair value of financial instruments above:

Investment securities are included within Level 1 of the hierarchy when quoted prices in an active market for identical assets are available. The Company uses a third-party pricing service to assist the Company in determining the fair value of its Level 2 securities, which incorporates pricing models and/or quoted prices of investment securities with similar characteristics. Investment securities are included within Level 3 of the hierarchy when there are significant unobservable inputs.

For Level 2 securities, the independent pricing service provides pricing information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data from market research publications. The Company’s third-party pricing service has established processes for the Company to submit inquiries regarding the estimated fair value. In such cases, the Company’s third-party pricing service will review the inputs to the evaluation in light of any new market data presented by the Company. The Company’s third-party pricing service may then affirm the original estimated fair value or may update the evaluation on a go-forward basis.

Management reviews the pricing information received from the third-party pricing service through a combination of procedures that include an evaluation of methodologies used by the pricing service, analytical reviews and performance analysis of the prices against statistics and trends. Based on this review, management determines whether the current placement of the security in the fair value hierarchy is appropriate or whether transfers may be warranted. As necessary, management compares prices received from the pricing service to discounted cash flow models or by performing independent valuations of inputs and assumptions similar to those used by the pricing service in order to help ensure prices represent a reasonable estimate of fair value.

There were no assets measured at estimated fair value on a nonrecurring basis at either December 31, 2024 or March 31, 2024.

The following disclosure of the estimated fair value of financial instruments is made in accordance with GAAP. The Company, using available market information and appropriate valuation methodologies, has determined the estimated fair value amounts. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in the future. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Estimated

December 31, 2024

​

 Amount

  

Level 1

​

Level 2

​

Level 3

  

Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

    

  

​

    

  

​

    

  

​

    

  

​

    

  

​

Cash and cash equivalents

​

$

25,348

​

$

25,348

​

$

—

​

$

—

​

$

25,348

Investment securities available for sale

​

 

124,874

​

 

—

​

 

124,874

​

 

—

​

 

124,874

Investment securities held to maturity

​

 

212,295

​

 

—

​

 

180,474

​

 

—

​

 

180,474

Loans receivable, net

​

 

1,029,757

​

 

—

​

 

—

​

 

928,326

​

 

928,326

FHLB stock

​

 

4,742

​

 

—

​

 

4,742

​

 

—

​

 

4,742

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Certificates of deposit

​

 

242,095

​

 

—

​

 

240,968

​

 

—

​

 

240,968

FHLB advances

​

 

84,200

​

 

—

​

 

84,006

​

 

—

​

 

84,006

Junior subordinated debentures

​

 

27,069

​

 

—

​

 

—

​

 

19,952

​

 

19,952

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Estimated

March 31, 2024

​

Amount

​

Level 1

​

Level 2

​

Level 3

​

Fair Value

​

    

​

​

   

​

​

    

​

​

    

​

​

    

​

​

Assets:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

23,642

​

$

23,642

​

$

—

​

$

—

​

$

23,642

Investment securities available for sale

​

 

143,196

​

 

—

​

 

143,196

​

 

—

​

 

143,196

Investment securities held to maturity

​

 

229,510

​

 

—

​

 

195,519

​

 

—

​

 

195,519

Loans receivable, net

​

 

1,008,649

​

 

—

​

 

—

​

 

909,254

​

 

909,254

FHLB stock

​

 

4,927

​

 

—

​

 

4,927

​

 

—

​

 

4,927

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Certificates of deposit

​

 

190,972

​

 

—

​

 

188,972

​

 

—

​

 

188,972

FHLB advances

​

 

88,304

​

 

—

​

 

88,101

​

 

—

​

 

88,101

Junior subordinated debentures

​

 

27,004

​

 

—

​

 

—

​

 

19,327

​

 

19,327

​

Fair value estimates were based on existing financial instruments without attempting to estimate the value of anticipated future business. The fair value was not estimated for assets and liabilities that were not considered financial instruments.
v3.25.0.1
NEW ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Dec. 31, 2024
NEW ACCOUNTING PRONOUNCEMENTS  
NEW ACCOUNTING PRONOUNCEMENTS

11.      NEW ACCOUNTING PRONOUNCEMENTS

In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance within Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the ASU are intended to provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU requires disclosure in the rate reconciliation of specific categories as well as additional information for reconciling items that meet a quantitative threshold.

Those amendments require disclosure of the following information about income taxes paid on an annual basis:

●Income taxes paid (net of refunds received), disaggregated by federal and state taxes and by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).
●Income tax expense (or benefit) from continuing operations disaggregated by federal and state jurisdictions.

The ASU is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. The Company expects this ASU to only impact its disclosure requirements and does not expect the adoption of this ASU to have a material impact on its business operations or financial condition.

​

In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40): Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. The amendments in this ASU require disclosure, in notes to the financial statements, of specified information about certain costs and expenses. In conjunction with recent standards that enhanced the disaggregation of revenue and income tax information, the disaggregated expense information will enable investors to better understand the major components of an entity's income statement. The new standard is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company expects this ASU to only impact its disclosure requirements and does not expect the adoption of the ASU to have a material impact on its business operations or the Company's consolidated financial statements.

​

In January 2025, the FASB issued ASU 2025-01, Income Statement (Subtopic 220-40): Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Clarifying the Effective Date. The amendments in this ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2025-01 is permitted.

​
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Dec. 31, 2024
REVENUE FROM CONTRACTS WITH CUSTOMERS  
REVENUE FROM CONTRACTS WITH CUSTOMERS

12.      REVENUE FROM CONTRACTS WITH CUSTOMERS

In accordance with ASC Topic 606 “Revenues from Contracts with Customers” (“ASC 606”), revenues are recognized when goods or services are transferred to the customer in exchange for the consideration the Company expects to be entitled to receive. The largest portion of the Company’s revenue is from interest income, which is not within the scope of ASC 606. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized in non-interest income except for gains on sales of REO and premises and equipment, which are included in non-interest expense.

If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue as it satisfies a performance obligation. Payments from customers are generally collected at the time services are rendered, monthly, or quarterly. For contracts with customers within the scope of ASC 606, revenue is either earned at a point in time or revenue is earned over time. Examples of revenue earned at a point in time are automated teller machine (“ATM”) transaction fees, wire transfer fees, overdraft fees and interchange fees. Revenue earned at a point in time is primarily based on the number and type of transactions that are generally derived from transactional information accumulated by the Company’s systems and is recognized immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Company is generally the principal in these contracts, except for interchange fees, in which case the Company is acting as the agent and records revenue net of expenses paid to the principal. Examples of revenue earned over time, which generally occur monthly, are deposit account maintenance fees, investment advisory fees, merchant revenue, trust and investment management fees and safe deposit box fees. Revenue is generally derived from transactional information accumulated by the Company’s systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the customer. For the nine months ended December 31, 2024 and 2023, substantially all of the Company’s revenues within the scope of ASC 606 are for performance obligations satisfied at a point in time.

Disaggregation of Revenue

The following table includes the Company’s non-interest income, net disaggregated by type of service for the periods shown (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

December 31, 

​

December 31, 

​

    

2024

    

2023

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset management fees

​

$

1,443

​

$

1,266

​

$

4,434

​

$

3,920

Debit card and ATM fees

​

 

764

​

 

808

​

 

2,386

​

 

2,500

Deposit related fees

​

 

484

​

 

465

​

 

1,394

​

 

1,374

Loan related fees

​

 

101

​

 

99

​

 

276

​

 

471

Income from BOLI (1)

​

 

225

​

 

211

​

 

715

​

 

669

FHLMC loan servicing fees (1)

​

 

18

​

 

21

​

 

57

​

 

64

Other, net

​

 

306

​

 

186

​

 

1,287

​

 

750

Total non-interest income, net

​

$

3,341

​

$

3,056

​

$

10,549

​

$

9,748

​

(1)Not within scope of ASC 606

Revenues recognized within scope of ASC 606

Asset management fees: Asset management fees are variable, since they are based on the underlying portfolio value, which is subject to market conditions and amounts invested by clients through the Trust Company. Asset management fees are recognized over the period that services are provided, and when the portfolio values are known or can be estimated at the end of each quarter.

Debit card and ATM fees: Debit and ATM interchange income represents fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through the MasterCard® payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders’ debit card. Certain expenses directly associated with the debit cards are recorded on a net basis with the interchange income.

Deposit related fees: Fees are earned on the Bank’s deposit accounts for various products offered to or services performed for the Bank’s customers. Fees include business account fees, non-sufficient fund fees, stop payment fees, wire services, safe deposit box and others. These fees are recognized on a daily, monthly or quarterly basis, depending on the type of service.

Loan related fees: Non-interest loan fee income is earned on loans that the Bank services, excluding loans serviced for the FHLMC which are not within the scope of ASC 606. Loan related fees include prepayment fees, late charges, brokered loan fees, maintenance fees and others. These fees are recognized on a daily, monthly, quarterly or annual basis, depending on the type of service.

Other: Fees earned on other services, such as merchant services or occasional non-recurring type services, are recognized at the time of the event or the applicable billing cycle.

Contract Balances

As of December 31, 2024, the Company had no significant contract liabilities where the Company had an obligation to transfer goods or services for which the Company had already received consideration. In addition, the Company had no material unsatisfied performance obligations as of December 31, 2024 and 2023.

​
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

13.      COMMITMENTS AND CONTINGENCIES

Off-balance sheet arrangements – In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk in order to meet the financing needs of its customers. These financial instruments generally include commitments to originate mortgage, commercial and consumer loans, and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s maximum exposure to credit loss in the event of nonperformance by the borrower is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to originate loans are conditional and are honored for up to 45 days subject to the Company’s usual terms and conditions. Collateral is not required to support commitments.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. These guarantees are primarily used to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies and is required in instances where the Company deems it necessary.

Significant off-balance sheet commitments at December 31, 2024 are listed below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Contract or Notional

​

​

Amount

​

​

December 31, 

​

    

2024

Commitments to extend credit:

​

 

  

Adjustable-rate

​

$

3,000

Fixed-rate

​

 

—

Standby letters of credit

​

 

1,600

Undisbursed loan funds and unused lines of credit

​

 

101,996

Total

​

$

106,596

​

Other contractual obligations – In connection with certain asset sales, the Company typically makes representations and warranties about the underlying assets conforming to specified guidelines. If the underlying assets do not conform to the specifications, the Company may have an obligation to repurchase the assets or indemnify the purchaser against loss. At December 31, 2024, loans under warranty totaled $28.9 million, which substantially represents the unpaid principal balance of the Company’s loans serviced for the FHLMC. The Company believes that the potential for loss under these arrangements is remote. At December 31, 2024, the Company had an ACL for FHLMC loans of $12,000.

The Bank is a public depository and, accordingly, accepts deposit and other public funds belonging to, or held for the benefit of, Washington and Oregon states, political subdivisions thereof, and municipal corporations. In accordance with applicable state law, in the event of default of a participating bank, all other participating banks in the state collectively assure that no loss of funds are suffered by any public depositor. Generally, in the event of default by a public depository, the assessment attributable to all public depositories is allocated on a pro rata basis in proportion to the maximum liability of each depository as it existed on the date of loss. The Company did not incur any losses related to public depository funds for the nine months ended December 31, 2024 and 2023.

The Bank has entered into employment contracts with certain key employees, which provide for contingent payments subject to future events.

​

​

​

​

Litigation – The Company is periodically involved in litigation arising from the ordinary course of business, some of which may involve claims for substantial or uncertain amounts. At least quarterly, we assess liabilities and contingencies related to all outstanding or new legal matters based on the most recent information available. If a loss is not probable, or the amount cannot be estimated, no accrual is established. When a loss is determined to be probable and can be reasonably estimated, an accrual for the loss is established and adjusted as necessary to reflect any subsequent developments. Estimating the amount of loss  is inherently difficult and there may be cases where a loss is probable or reasonably possible but not currently estimable. Actual losses may exceed any established accrual or the range of reasonably possible loss and management’s estimates may change over time. Determining the future resolution of legal matters involves significant judgment and uncertainty, and it is usually difficult  to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the process.

The Company was involved in litigation with a former business client concerning real estate investments offered by a business owned by that client. In May 2023, the parties participated in mediation, after which a stay of proceedings was issued to facilitate continued settlement discussions. As of March 31, 2024, based on available information, including the likelihood of a proposed global settlement, management determined that a loss was probable and could be reasonably estimated. Consequently, the Company recorded a $2.3 million expense in other non-interest expense for the three months ended March 31, 2024. This amount reflected the Company’s estimate of litigation costs exceeding its insurance coverage. The settlement was subsequently approved by all relevant courts in July 2024 and the final settlement payment of $2.3 million was made in August 2024, fully releasing the Company from all claims related to the litigation. Since the final settlement payment, the Company received approximately $669,000 in legal expense recovery related to the settled litigation matter of which approximately $583,000 was recorded in non-interest income and $86,000 was recorded as a recovery of legal expenses through the line item of professional fees in non-interest expense.
v3.25.0.1
LEASES
 9 Months Ended
Dec. 31, 2024
LEASES  
LEASES

14.      LEASES

The Company has a finance lease for the shell of the building constructed as the Company’s operations center which expires in November 2039. The Company is also obligated under various noncancelable operating lease agreements for land, buildings and equipment that require future minimum rental payments. For each operating lease with an initial term of more than 12 months, the Company records an operating lease right-of-use (“ROU”) asset (representing the right to use the underlying asset for the lease term) and an operating lease liability (representing the obligation to make lease payments required under the terms of the lease). Operating lease ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate – derived from information available at the lease commencement date – as the discount rate when determining the present value of lease payments. The Company does not have any operating leases with an initial term of 12 months or less. Certain operating leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Certain operating leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. Lease extensions are not reasonably certain and the Company generally does not include payments occurring during option periods in the calculation of its operating lease ROU assets and operating lease liabilities.

The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheets at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 

​

March 31, 

    

Classification in the

Leases

    

2024

    

2024

    

consolidated balance sheets

Finance lease ROU assets

​

$

1,144

 

$

1,202

 

Financing lease ROU assets

Finance lease liability

​

$

2,117

 

$

2,168

 

Finance lease liability

Finance lease remaining lease term

​

 

14.92

years

 

15.68

years

​

Finance lease discount rate

​

 

7.16

%  

 

7.16

%  

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets

​

$

4,508

 

$

5,479

 

Prepaid expenses and other assets

Operating lease liabilities

​

$

4,746

 

$

5,780

 

Accrued expenses and other liabilities

Operating lease weighted-average remaining lease term

​

 

4.86

years

 

5.34

years

​

Operating lease weighted-average discount rate

​

 

1.68

%  

 

1.74

%  

  

​

The table below presents certain information related to the lease costs for financing and operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Three months ended

Lease Costs

    

December 31, 2024

    

December 31, 2023

Finance lease amortization of ROU asset

​

$

19

​

$

20

Finance lease interest on lease liability

​

 

38

​

 

39

Operating lease costs

​

 

283

​

 

283

Variable lease costs

​

 

—

​

 

53

Total lease cost (1)

​

$

340

​

$

395

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

Nine months ended

Lease Costs

    

December 31, 2024

    

December 31, 2023

Finance lease amortization of ROU asset

​

$

58

​

$

58

Finance lease interest on lease liability

​

 

115

​

 

119

Operating lease costs

​

 

849

​

 

849

Variable lease costs

​

 

105

​

 

157

Total lease cost (1)

​

$

1,127

​

$

1,183

​

(1)Income related to sub-lease activity is not significant and not presented herein.

​

Supplemental cash flow information - Operating cash flows paid for operating lease amounts included in the measurement of lease liabilities was $293,000 and $988,000 for the three and nine months ended December 31, 2024, respectively, compared to $343,000 and $1.0 million for the three and nine months ended December 31, 2023, respectively. During the three and nine months ended December 31, 2024 and 2023, the Company did not record any operating lease ROU assets that were exchanged for operating lease liabilities.

The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

Fiscal Year Ending March 31:

    

Operating

    

Finance

​

​

Leases

​

Lease

Remainder of 2025

​

$

294

​

$

57

2026

​

 

1,125

​

 

226

2027

​

 

1,116

​

 

230

2028

​

 

899

​

 

232

2029

​

 

684

​

 

232

Thereafter

​

 

947

​

 

2,479

Total minimum lease payments

​

 

5,065

​

 

3,456

Less: amount of lease payments representing interest

​

 

(319)

​

 

(1,339)

Lease liabilities

​

$

4,746

​

$

2,117

​
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 1,232 $ 1,452 $ 3,755 $ 6,767
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
v3.25.0.1
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Dec. 31, 2024
BASIS OF PRESENTATION  
BASIS OF PRESENTATION BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”). However, all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature.

​

The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2024 (“2024 Form 10-K”). The unaudited consolidated results of operations for the nine months ended December 31, 2024 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2025.

​

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

​

Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total shareholders’ equity.
Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Bank (the “Bank”); and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc. and Riverview Trust Company (the “Trust Company”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation.

​
v3.25.0.1
STOCK PLANS AND STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Dec. 31, 2024
STOCK PLANS AND STOCK-BASED COMPENSATION  
Schedule of activity related to stock options under the Stock Option Plans

​

​

​

​

​

​

​

​

​

​

Nine Months Ended December 31, 

​

​

    

2023

    

​

 

​

    

Weighted 

 

​

​

​

​

Average

​

​

​

Number of

​

Exercise

​

​

 

Shares

 

Price

 

Balance, beginning of period

 

14,310

​

$

2.78

 

Options exercised

 

(12,799)

​

 

2.78

 

Options expired

 

(1,511)

​

 

2.78

 

Balance, end of period

 

—

​

$

—

 
Schedule of unvested restricted stock activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Time Based

    

Performance Based

    

Total

​

​

Number 

​

Weighted 

​

Number 

​

Weighted 

​

Number 

​

Weighted 

​

​

of

​

Average 

​

of

​

Average 

​

of

​

Average 

​

​

 Unvested 

​

Grant Date

​

 Unvested 

​

Grant Date

​

 Unvested 

​

Grant Date

Nine Months Ended December 31, 2024

    

Shares

    

Fair Value

    

Shares

    

Fair Value

    

Shares

    

Fair Value

Balance, beginning of period

 

15,779

​

$

5.72

 

63,397

​

$

5.68

 

79,176

​

$

5.69

Granted

 

147,462

​

 

5.76

 

90,401

​

 

5.76

 

237,863

​

 

5.76

Forfeited

 

—

​

 

—

 

(14,075)

​

 

5.21

 

(14,075)

​

 

5.21

Vested

 

(7,281)

​

 

6.08

 

(16,393)

​

 

6.73

 

(23,674)

​

 

6.53

Balance, end of period

 

155,960

​

$

5.74

 

123,330

​

$

5.65

 

279,290

​

$

5.70

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Time Based

    

Performance Based

    

Total

​

​

Number 

​

Weighted 

​

Number 

​

Weighted 

​

Number 

​

Weighted 

​

​

of

​

Average 

​

of

​

Average 

​

of

​

Average 

​

​

 Unvested 

​

Grant Date

​

 Unvested 

​

Grant Date

​

 Unvested 

​

Grant Date

Nine Months Ended December 31, 2023

    

Shares

    

Fair Value

    

Shares

    

Fair Value

    

Shares

    

Fair Value

Balance, beginning of period

 

29,977

​

$

6.14

 

132,645

​

$

6.05

 

162,622

​

$

6.07

Granted

 

19,926

​

 

5.21

 

84,040

​

 

5.21

 

103,966

​

 

5.21

Forfeited

 

(19,006)

​

 

5.81

 

(99,514)

​

 

5.94

 

(118,520)

​

 

5.92

Vested

 

(15,118)

​

 

5.77

 

(53,774)

​

 

5.38

 

(68,892)

​

 

5.47

Balance, end of period

 

15,779

​

$

5.72

 

63,397

​

$

5.68

 

79,176

​

$

5.69

​
v3.25.0.1
EARNINGS PER SHARE (Tables)
 9 Months Ended
Dec. 31, 2024
EARNINGS PER SHARE  
Schedule of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended December 31, 

    

Nine Months Ended December 31, 

​

    

2024

    

2023

    

2024

    

2023

(Dollars and share data in thousands, except per share data)

 

​

​

​

​

​

 

​

​

​

​

​

Basic EPS computation:

 

​

  

 

​

  

 

​

  

 

​

  

Numerator-net income

​

$

1,232

​

$

1,452

​

$

3,755

​

$

6,767

Denominator-weighted average common shares outstanding

​

 

21,037

​

 

21,113

​

 

21,082

​

 

21,147

Basic EPS

​

$

0.06

​

$

0.07

​

$

0.18

​

$

0.32

Diluted EPS computation:

​

 

  

​

 

  

​

 

  

​

 

  

Numerator-net income

​

$

1,232

​

$

1,452

​

$

3,755

​

$

6,767

Denominator-weighted average common shares outstanding

​

 

21,037

​

 

21,113

​

 

21,082

​

 

21,147

Effect of dilutive stock options

​

 

—

​

 

—

​

 

—

​

 

2

Weighted average common shares and common stock equivalents

​

 

21,037

​

 

21,113

​

 

21,082

​

 

21,149

Diluted EPS

​

$

0.06

​

$

0.07

​

$

0.18

​

$

0.32

​
v3.25.0.1
INVESTMENT SECURITIES (Tables)
 9 Months Ended
Dec. 31, 2024
INVESTMENT SECURITIES  
Schedule of amortized cost and approximate fair value of investment securities

The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gross

    

Gross

    

Estimated 

​

​

Amortized

​

Unrealized

​

Unrealized 

​

Fair

​

​

Cost

​

 Gains

​

Losses

​

Value

December 31, 2024

 

​

  

 

​

  

 

​

  

 

​

  

Available for sale:

 

​

​

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

37,329

​

$

1

​

$

(6,794)

​

$

30,536

Agency securities

​

 

38,937

​

​

—

​

​

(3,352)

​

​

35,585

Real estate mortgage investment conduits (1)

​

 

29,261

​

​

—

​

​

(5,658)

​

​

23,603

Residential mortgage-backed securities (1)

​

 

11,422

​

​

12

​

​

(751)

​

​

10,683

Other mortgage-backed securities (2)

​

 

27,865

​

​

4

​

​

(3,402)

​

​

24,467

Total available for sale

​

$

144,814

​

$

17

​

$

(19,957)

​

$

124,874

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

 

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

10,302

​

$

—

​

$

(2,945)

​

$

7,357

Agency securities

​

​

48,253

​

​

—

​

​

(3,368)

​

​

44,885

Real estate mortgage investment conduits (1)

​

​

29,249

​

​

—

​

​

(4,786)

​

​

24,463

Residential mortgage-backed securities (1)

​

​

104,314

​

​

—

​

​

(17,686)

​

​

86,628

Other mortgage-backed securities (3)

​

​

20,177

​

​

—

​

​

(3,036)

​

​

17,141

Total held to maturity

​

$

212,295

​

$

—

​

$

(31,821)

​

$

180,474

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

Unrealized 

​

Unrealized

​

Estimated 

​

​

Cost

​

Gains

​

 Losses

​

Fair Value

March 31, 2024

 

​

  

 

​

  

 

​

  

 

​

  

Available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

41,657

​

$

20

​

$

(6,541)

​

$

35,136

Agency securities

​

 

47,818

​

​

—

​

​

(4,241)

​

​

43,577

Real estate mortgage investment conduits (1)

​

 

31,424

​

​

—

​

​

(5,759)

​

​

25,665

Residential mortgage-backed securities (1)

​

 

13,519

​

​

3

​

​

(971)

​

​

12,551

Other mortgage-backed securities (2)

​

 

29,998

​

​

3

​

​

(3,734)

​

​

26,267

Total available for sale

​

$

164,416

​

$

26

​

$

(21,246)

​

$

143,196

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

 

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

10,321

​

$

—

​

$

(2,789)

​

$

7,532

Agency securities

​

​

54,123

​

​

—

​

​

(4,522)

​

​

49,601

Real estate mortgage investment conduits (1)

​

​

31,752

​

​

—

​

​

(5,171)

​

​

26,581

Residential mortgage-backed securities (1)

​

​

112,834

​

​

—

​

​

(18,196)

​

​

94,638

Other mortgage-backed securities (3)

​

​

20,480

​

​

—

​

​

(3,313)

​

​

17,167

Total held to maturity

​

$

229,510

​

$

—

​

$

(33,991)

​

$

195,519

​

(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 and FHLMC.
(3)Comprised of FHLMC and FNMA issued securities.
Schedule of contractual maturities of investment securities

The contractual maturities of investment securities as of December 31, 2024 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for Sale

​

Held to Maturity

​

    

​

​

    

Estimated

    

​

​

    

Estimated

​

​

Amortized

​

Fair 

​

Amortized

​

Fair 

​

​

Cost

​

Value

​

Cost

​

Value

Due in one year or less

​

$

6,263

​

$

6,255

​

$

14,995

​

$

14,841

Due after one year through five years

​

 

44,284

​

 

40,044

​

 

30,353

​

 

28,149

Due after five years through ten years

​

 

34,347

​

 

29,492

​

 

21,274

​

 

18,007

Due after ten years

​

 

59,920

​

 

49,083

​

 

145,673

​

 

119,477

Total

​

$

144,814

​

$

124,874

​

$

212,295

​

$

180,474
Schedule of fair value for securities available-for-sale and held to maturity and unrealized losses

The gross unrealized losses and the fair value of securities available-for-sale and held to maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 months or longer

​

Total

​

    

Estimated

    

​

​

    

Estimated

    

​

​

    

Estimated

    

​

​

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

December 31, 2024

​

 Value

​

Losses

​

 Value

​

Losses

​

 Value

​

Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for sale:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Municipal securities

​

$

—

​

$

—

​

$

29,365

​

$

(6,794)

​

$

29,365

​

$

(6,794)

Agency securities

​

 

—

​

 

—

​

 

35,585

​

 

(3,352)

​

 

35,585

​

 

(3,352)

Real estate mortgage investment conduits (1)

​

 

—

​

 

—

​

 

23,603

​

 

(5,658)

​

 

23,603

​

 

(5,658)

Residential mortgage-backed securities (1)

​

 

—

​

 

—

​

 

10,005

​

 

(751)

​

 

10,005

​

 

(751)

Other mortgage-backed securities (2)

​

 

470

​

 

(3)

​

 

23,729

​

 

(3,399)

​

 

24,199

​

 

(3,402)

Total available for sale

​

$

470

​

$

(3)

​

$

122,287

​

$

(19,954)

​

$

122,757

​

$

(19,957)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

—

​

$

—

​

$

7,357

​

$

(2,945)

​

$

7,357

​

$

(2,945)

Agency securities

​

​

—

​

​

—

​

​

44,885

​

​

(3,368)

​

​

44,885

​

​

(3,368)

Real estate mortgage investment conduits (1)

​

​

—

​

​

—

​

​

24,463

​

​

(4,786)

​

​

24,463

​

​

(4,786)

Residential mortgage-backed securities (1)

​

​

—

​

​

—

​

​

86,628

​

​

(17,686)

​

​

86,628

​

​

(17,686)

Other mortgage-backed securities (3)

​

​

—

​

​

—

​

​

17,141

​

​

(3,036)

​

​

17,141

​

​

(3,036)

Total held to maturity

​

$

—

​

$

—

​

$

180,474

​

$

(31,821)

​

$

180,474

​

$

(31,821)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

—

​

$

—

​

$

32,748

​

$

(6,541)

​

$

32,748

​

$

(6,541)

Agency securities

​

​

—

​

 

—

​

 

43,577

​

 

(4,241)

​

 

43,577

​

 

(4,241)

Real estate mortgage investment conduits (1)

​

 

—

​

 

—

​

 

25,665

​

 

(5,759)

​

 

25,665

​

 

(5,759)

Residential mortgage-backed securities (1)

​

 

—

​

 

—

​

 

12,073

​

 

(971)

​

 

12,073

​

 

(971)

Other mortgage-backed securities (2)

​

 

534

​

 

(1)

​

 

25,403

​

 

(3,733)

​

 

25,937

​

 

(3,734)

Total available for sale

​

$

534

​

$

(1)

​

$

139,466

​

$

(21,245)

​

$

140,000

​

$

(21,246)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Municipal securities

​

$

—

​

$

—

​

$

7,532

​

$

(2,789)

​

$

7,532

​

$

(2,789)

Agency securities

​

​

—

​

​

—

​

​

49,601

​

​

(4,522)

​

​

49,601

​

​

(4,522)

Real estate mortgage investment conduits (1)

​

​

—

​

​

—

​

​

26,581

​

​

(5,171)

​

​

26,581

​

​

(5,171)

Residential mortgage-backed securities (1)

​

​

—

​

​

—

​

​

94,638

​

​

(18,196)

​

​

94,638

​

​

(18,196)

Other mortgage-backed securities (3)

​

​

—

​

​

—

​

​

17,167

​

​

(3,313)

​

​

17,167

​

​

(3,313)

Total held to maturity

​

$

—

​

$

—

​

$

195,519

​

$

(33,991)

​

$

195,519

​

$

(33,991)

​

(1)Comprised of FHLMC, FNMA and GNMA issued securities.
(2)Comprised of SBA and CRE secured securities issued by FHLMC and FNMA.
(3)Comprised of FHLMC and FNMA issued securities.
v3.25.0.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS (Tables)
 9 Months Ended
Dec. 31, 2024
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS  
Schedule of loans and financing receivable Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

    

December 31, 

    

March 31, 

​

​

2024

​

2024

Commercial and construction

 

​

  

 

​

  

Commercial business

​

$

224,506

​

$

229,404

Commercial real estate

​

 

574,496

​

​

583,501

Land

​

 

4,062

​

​

5,693

Multi-family

​

 

78,822

​

​

70,771

Real estate construction

​

 

49,956

​

​

36,538

Total commercial and construction

​

 

931,842

​

​

925,907

​

​

​

​

​

​

​

Consumer

​

 

​

​

​

​

Real estate one-to-four family

​

 

97,760

​

​

96,366

Other installment

​

 

15,507

​

​

1,740

Total consumer

​

 

113,267

​

​

98,106

​

​

​

​

​

​

​

Total loans

​

 

1,045,109

​

​

1,024,013

​

​

​

​

​

​

​

Less: ACL for loans

​

 

15,352

​

​

15,364

Loans receivable, net

​

$

1,029,757

​

$

1,008,649
Schedule of risk category of bank loans by year of origination

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2024

 

​

​

​

​

​

​

​

Term Loans Amortized Cost Basis by Origination Fiscal Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Revolving

​

Loans

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior

 

Loans

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

7,714

​

$

20,332

​

$

57,278

​

$

79,864

​

$

21,697

​

$

25,379

​

$

7,536

​

$

219,800

Special Mention

​

 

2,077

​

 

—

​

 

—

​

​

613

​

​

519

​

​

806

​

​

649

​

​

4,664

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

42

​

​

—

​

​

42

Total commercial business

​

$

9,791

​

$

20,332

​

$

57,278

​

$

80,477

​

$

22,216

​

$

26,227

​

$

8,185

​

$

224,506

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

20,427

​

$

37,573

​

$

60,894

​

$

142,028

​

$

87,473

​

$

180,602

​

$

—

​

$

528,997

Special Mention

​

 

4,489

​

 

3,166

​

 

3,668

​

​

2,698

​

​

—

​

​

31,385

​

​

—

​

​

45,406

Substandard

​

 

—

​

 

30

​

 

—

​

​

—

​

​

—

​

​

63

​

​

—

​

​

93

Total commercial real estate

​

$

24,916

​

$

40,769

​

$

64,562

​

$

144,726

​

$

87,473

​

$

212,050

​

$

—

​

$

574,496

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

80

​

$

80

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Land

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

619

​

$

—

​

$

2,597

​

$

86

​

$

—

​

$

479

​

$

281

​

$

4,062

Total land

​

$

619

​

$

—

​

$

2,597

​

$

86

​

$

—

​

$

479

​

$

281

​

$

4,062

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

711

​

$

953

​

$

26,020

​

$

36,040

​

$

4,289

​

$

10,383

​

$

—

​

$

78,396

Special Mention

​

 

—

​

 

—

​

 

184

​

​

—

​

​

18

​

​

166

​

​

—

​

​

368

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

58

​

​

—

​

​

58

Total multi-family

​

$

711

​

$

953

​

$

26,204

​

$

36,040

​

$

4,307

​

$

10,607

​

$

—

​

$

78,822

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2024

 

​

​

    

​

​

​

​

Term Loans Amortized Cost Basis by Origination Fiscal Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Revolving

​

Loans

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior

 

Loans

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

10,901

​

$

27,530

​

$

3,442

​

$

8,083

​

$

—

​

$

—

​

$

—

​

$

49,956

Total real estate construction

​

$

10,901

​

$

27,530

​

$

3,442

​

$

8,083

​

$

—

​

$

—

​

$

—

​

$

49,956

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate one-to-four family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

10

​

$

—

​

$

—

​

$

59,305

​

$

4,072

​

$

17,482

​

$

16,859

​

$

97,728

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

32

​

​

—

​

​

32

Total real estate one-to-four family

​

$

10

​

$

—

​

$

—

​

$

59,305

​

$

4,072

​

$

17,514

​

$

16,859

​

$

97,760

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

11

​

$

11

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Other installment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

13,928

​

$

606

​

$

376

​

$

118

​

$

53

​

$

10

​

$

416

​

$

15,507

Total other installment

​

$

13,928

​

$

606

​

$

376

​

$

118

​

$

53

​

$

10

​

$

416

​

$

15,507

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

26

​

$

26

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans receivable, gross

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

54,310

​

$

86,994

​

$

150,607

​

$

325,524

​

$

117,584

​

$

234,335

​

$

25,092

​

$

994,446

Special Mention

​

 

6,566

​

 

3,166

​

 

3,852

​

​

3,311

​

​

537

​

​

32,357

​

​

649

​

​

50,438

Substandard

​

 

—

​

 

30

​

 

—

​

​

—

​

​

—

​

​

195

​

​

—

​

​

225

Total loans receivable, gross

​

$

60,876

​

$

90,190

​

$

154,459

​

$

328,835

​

$

118,121

​

$

266,887

​

$

25,741

​

$

1,045,109

Total current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

117

​

$

117

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

March 31, 2024

 

​

​

​

​

​

​

​

Term Loans Amortized Cost Basis by Origination Fiscal Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Revolving

​

Loans

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

 

Loans

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

14,126

​

$

63,838

​

$

85,131

​

$

28,119

​

$

16,945

​

$

12,411

​

$

4,827

​

$

225,397

Special Mention

​

 

—

​

 

—

​

 

733

​

​

—

​

​

486

​

​

232

​

​

2,498

​

​

3,949

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

58

​

​

—

​

​

58

Total commercial business

​

$

14,126

​

$

63,838

​

$

85,864

​

$

28,119

​

$

17,431

​

$

12,701

​

$

7,325

​

$

229,404

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

36,116

​

$

66,847

​

$

147,015

​

$

89,662

​

$

53,424

​

$

158,311

​

$

—

​

$

551,375

Special Mention

​

 

—

​

 

3,752

​

 

897

​

​

—

​

​

—

​

​

26,878

​

​

—

​

​

31,527

Substandard

​

 

520

​

 

—

​

 

—

​

​

—

​

​

—

​

​

79

​

​

—

​

​

599

Total commercial real estate

​

$

36,636

​

$

70,599

​

$

147,912

​

$

89,662

​

$

53,424

​

$

185,268

​

$

—

​

$

583,501

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Land

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

2,361

​

$

2,340

​

$

94

​

$

—

​

$

106

​

$

437

​

$

—

​

$

5,338

Special Mention

​

 

—

​

 

355

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

355

Total land

​

$

2,361

​

$

2,695

​

$

94

​

$

—

​

$

106

​

$

437

​

$

—

​

$

5,693

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

970

​

$

21,643

​

$

32,003

​

$

4,841

​

$

8,788

​

$

2,429

​

$

—

​

$

70,674

Special Mention

​

 

—

​

 

—

​

 

—

​

​

—

​

​

35

​

​

32

​

​

—

​

​

67

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

30

​

​

—

​

​

30

Total multi-family

​

$

970

​

$

21,643

​

$

32,003

​

$

4,841

​

$

8,823

​

$

2,491

​

$

—

​

$

70,771

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

March 31, 2024

 

​

​

    

​

​

​

​

Term Loans Amortized Cost Basis by Origination Fiscal Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Revolving

​

Loans

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

 

Loans

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

13,320

​

$

10,078

​

$

12,346

​

$

—

​

$

—

​

$

—

​

$

—

​

$

35,744

Special Mention

​

 

794

​

 

—

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

794

Total real estate construction

​

$

14,114

​

$

10,078

​

$

12,346

​

$

—

​

$

—

​

$

—

​

$

—

​

$

36,538

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate one-to-four family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

60,447

​

$

4,164

​

$

4,364

​

$

14,756

​

$

12,599

​

$

96,330

Substandard

​

 

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

36

​

​

—

​

​

36

Total real estate one-to-four family

​

$

—

​

$

—

​

$

60,447

​

$

4,164

​

$

4,364

​

$

14,792

​

$

12,599

​

$

96,366

Current YTD gross charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Other installment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

418

​

$

555

​

$

198

​

$

75

​

$

27

​

$

8

​

$

459

​

$

1,740

Total other installment

​

$

418

​

$

555

​

$

198

​

$

75

​

$

27

​

$

8

​

$

459

​

$

1,740

Current YTD gross charge-offs

​

$

—

​

$

11

​

$

—

​

$

—

​

$

—

​

$

2

​

$

—

​

$

13

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans receivable, gross

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

67,311

​

$

165,301

​

$

337,234

​

$

126,861

​

$

83,654

​

$

188,352

​

$

17,885

​

$

986,598

Special Mention

​

 

794

​

 

4,107

​

 

1,630

​

​

—

​

​

521

​

​

27,142

​

​

2,498

​

​

36,692

Substandard

​

 

520

​

 

—

​

 

—

​

​

—

​

​

—

​

​

203

​

​

—

​

​

723

Total loans receivable, gross

​

$

68,625

​

$

169,408

​

$

338,864

​

$

126,861

​

$

84,175

​

$

215,697

​

$

20,383

​

$

1,024,013

Total current YTD gross charge-offs

​

$

—

​

$

11

​

$

—

​

$

—

​

$

—

​

$

2

​

$

—

​

$

13
Schedule of reconciliation of the allowance for loan losses

The following tables detail activity in the ACL for loans at or for the three and nine months ended December 31, 2024 and December 31, 2023, by loan category (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

    

Commercial

    

Commercial

    

​

​

    

Multi-

    

Real Estate

    

​

​

    

​

​

    

​

​

December 31, 2024

​

Business

​

Real Estate

​

Land

​

Family

​

Construction

​

Consumer

​

Unallocated

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

5,118

​

$

7,137

​

$

139

​

$

354

​

$

925

​

$

1,793

​

$

—

​

$

15,466

(Recapture of) provision for credit losses

​

 

16

​

​

162

​

​

(67)

​

​

11

​

​

(96)

​

​

(26)

​

​

—

​

​

—

Charge-offs

​

 

—

​

​

(80)

​

​

—

​

​

—

​

​

—

​

​

(36)

​

​

—

​

​

(116)

Recoveries

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2

​

​

—

​

​

2

Ending balance

​

$

5,134

​

$

7,219

​

$

72

​

$

365

​

$

829

​

$

1,733

​

$

—

​

$

15,352

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

5,280

​

$

7,391

​

$

106

​

$

367

​

$

636

​

$

1,584

​

$

—

​

$

15,364

Provision for (recapture of) credit losses

​

 

(146)

​

​

(92)

​

​

(34)

​

​

(2)

​

​

193

​

​

181

​

​

—

​

 

100

Charge-offs

​

 

—

​

​

(80)

​

​

—

​

​

—

​

​

—

​

​

(37)

​

​

—

​

 

(117)

Recoveries

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5

​

​

—

​

 

5

Ending balance

​

$

5,134

​

$

7,219

​

$

72

​

$

365

​

$

829

​

$

1,733

​

$

—

​

$

15,352

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

5,339

​

$

7,138

​

$

112

​

$

293

​

$

860

​

$

1,604

​

$

—

​

$

15,346

Provision for (recapture of) credit losses

​

 

(74)

​

​

141

​

​

45

​

​

41

​

​

(129)

​

​

(24)

​

​

—

​

​

—

Charge-offs

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(2)

​

​

—

​

​

(2)

Recoveries

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

17

​

​

—

​

​

17

Ending balance

​

$

5,265

​

$

7,279

​

$

157

​

$

334

​

$

731

​

$

1,595

​

$

—

​

$

15,361

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

3,123

​

$

8,894

​

$

93

​

$

798

​

$

764

​

$

1,127

​

$

510

​

$

15,309

Impact of adopting CECL (ASU 2016-13)

​

​

1,884

​

​

(1,494)

​

​

40

​

​

(492)

​

​

131

​

​

483

​

​

(510)

​

​

42

Provision for (recapture of) loan losses

​

 

258

​

​

(121)

​

​

24

​

​

28

​

​

(164)

​

​

(25)

​

​

—

​

 

—

Charge-offs

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(13)

​

​

—

​

 

(13)

Recoveries

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

23

​

​

—

​

 

23

Ending balance

​

$

5,265

​

$

7,279

​

$

157

​

$

334

​

$

731

​

$

1,595

​

$

—

​

$

15,361
Schedule of analysis of loans by aging category

The following tables present an analysis of loans by aging category at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

​

​

    

Total 

    

​

​

    

​

​

​

​

​

​

​

90 Days

​

​

​

​

Past

​

​

​

​

​

​

​

​

​

​

​

and

​

​

​

​

Due and

​

​

​

​

Total

​

​

30-89 Days

​

Greater

​

​

​

​

Non-

​

​

​

​

 Loans

December 31, 2024

​

Past Due

​

Past Due

​

Non-accrual

​

accrual

​

Current

​

Receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

$

2,455

​

$

301

​

$

43

​

$

2,799

​

$

221,707

​

$

224,506

Commercial real estate

​

 

—

​

 

—

​

 

93

​

​

93

​

​

574,403

​

​

574,496

Land

​

 

—

​

 

—

​

 

—

​

​

—

​

​

4,062

​

​

4,062

Multi-family

​

 

—

​

 

—

​

 

—

​

​

—

​

​

78,822

​

​

78,822

Real estate construction

​

 

2,122

​

 

—

​

 

—

​

​

2,122

​

​

47,834

​

​

49,956

Consumer

​

 

981

​

 

—

​

 

32

​

​

1,013

​

​

112,254

​

​

113,267

Total

​

$

5,558

​

$

301

​

$

168

​

$

6,027

​

$

1,039,082

​

$

1,045,109

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

$

1,778

​

$

5

​

$

58

​

$

1,841

​

$

227,563

​

$

229,404

Commercial real estate

​

 

—

​

 

—

​

 

79

​

​

79

​

​

583,422

​

​

583,501

Land

​

 

—

​

 

—

​

 

—

​

​

—

​

​

5,693

​

​

5,693

Multi-family

​

 

—

​

 

—

​

 

—

​

​

—

​

​

70,771

​

​

70,771

Real estate construction

​

 

—

​

 

—

​

 

—

​

​

—

​

​

36,538

​

​

36,538

Consumer

​

 

1

​

 

—

​

 

36

​

​

37

​

​

98,069

​

​

98,106

Total

​

$

1,779

​

$

5

​

$

173

​

$

1,957

​

$

1,022,056

​

$

1,024,013
v3.25.0.1
FEDERAL HOME LOAN BANK ADVANCES (Tables)
 9 Months Ended
Dec. 31, 2024
FEDERAL HOME LOAN BANK ADVANCES  
Schedule of FHLB advances

FHLB advances are summarized at the dates indicated (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

December 31, 2024

    

March 31, 2024

 

FHLB advances

​

$

84,200

​

$

88,304

​

Weighted average interest rate on FHLB advances (1)

​

 

5.32

%    

 

5.40

%

​

(1) Computed based on the borrowing activity for the nine months ended December 31, 2024 and the fiscal year ended March 31, 2024, respectively.
v3.25.0.1
JUNIOR SUBORDINATED DEBENTURES (Tables)
 9 Months Ended
Dec. 31, 2024
JUNIOR SUBORDINATED DEBENTURES  
Schedule of summary of the terms and amounts outstanding of the debentures

The following table is a summary of the terms and the amounts outstanding of the Debentures at December 31, 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Issuance Trust

    

Issuance Date

    

Amount Outstanding

    

Rate Type

    

Initial Rate

    

Current Rate

    

Maturity Date

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Riverview Bancorp Statutory Trust I

 

12/2005

​

$

7,217

 

Variable

(1)

5.88

%  

5.98

%  

3/2036

Riverview Bancorp Statutory Trust II

 

06/2007

​

 

15,464

 

Variable

(2)

7.03

%  

5.97

%  

9/2037

Merchants Bancorp Statutory Trust I (4)

 

06/2003

​

 

5,155

 

Variable

(3)

4.16

%  

7.69

%  

6/2033

​

 

​

​

​

27,836

​

​

​

​

​

​

​

​

Fair value adjustment (4)

 

​

​

​

(767)

 

  

 

  

 

  

 

  

Total Debentures

​

​

​

$

27,069

 

  

 

  

 

  

 

  

​

(1)The trust preferred securities reprice quarterly based on the three-month Chicago Mercantile Exchange (“CME”) Term SOFR plus 1.36%.
(2)The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 1.35%.
(3)The trust preferred securities reprice quarterly based on the three-month CME Term SOFR plus 3.10%.
(4)Amount, net of accretion, attributable to a prior year’s business combination.
v3.25.0.1
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Dec. 31, 2024
FAIR VALUE MEASUREMENTS  
Schedule of assets that are measured at estimated fair value on a recurring basis

The following tables present assets that are measured at estimated fair value on a recurring basis at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Estimated 

​

Estimated Fair Value Measurements Using

December 31, 2024

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment securities available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

30,536

​

$

—

​

$

30,536

​

$

—

Agency securities

​

 

35,585

​

 

—

​

 

35,585

​

 

—

Real estate mortgage investment conduits

​

 

23,603

​

 

—

​

 

23,603

​

 

—

Residential mortgage-backed securities

​

 

10,683

​

 

—

​

 

10,683

​

 

—

Other mortgage-backed securities

​

 

24,467

​

 

—

​

 

24,467

​

 

—

Total assets measured at fair value on a recurring basis

​

$

124,874

​

$

—

​

$

124,874

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Total Estimated 

    

Estimated Fair Value Measurements Using

March 31, 2024

    

 Fair Value

    

Level 1

    

Level 2

    

Level 3

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment securities available for sale:

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

35,136

​

$

—

​

$

35,136

​

$

—

Agency securities

​

 

43,577

​

 

—

​

 

43,577

​

 

—

Real estate mortgage investment conduits

​

 

25,665

​

 

—

​

 

25,665

​

 

—

Residential mortgage-backed securities

​

 

12,551

​

 

—

​

 

12,551

​

 

—

Other mortgage-backed securities

​

 

26,267

​

 

—

​

 

26,267

​

 

—

Total assets measured at fair value on a recurring basis

​

$

143,196

​

$

—

​

$

143,196

​

$

—
Schedule of carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial instruments is as follows at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Estimated

December 31, 2024

​

 Amount

  

Level 1

​

Level 2

​

Level 3

  

Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

    

  

​

    

  

​

    

  

​

    

  

​

    

  

​

Cash and cash equivalents

​

$

25,348

​

$

25,348

​

$

—

​

$

—

​

$

25,348

Investment securities available for sale

​

 

124,874

​

 

—

​

 

124,874

​

 

—

​

 

124,874

Investment securities held to maturity

​

 

212,295

​

 

—

​

 

180,474

​

 

—

​

 

180,474

Loans receivable, net

​

 

1,029,757

​

 

—

​

 

—

​

 

928,326

​

 

928,326

FHLB stock

​

 

4,742

​

 

—

​

 

4,742

​

 

—

​

 

4,742

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Certificates of deposit

​

 

242,095

​

 

—

​

 

240,968

​

 

—

​

 

240,968

FHLB advances

​

 

84,200

​

 

—

​

 

84,006

​

 

—

​

 

84,006

Junior subordinated debentures

​

 

27,069

​

 

—

​

 

—

​

 

19,952

​

 

19,952

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Estimated

March 31, 2024

​

Amount

​

Level 1

​

Level 2

​

Level 3

​

Fair Value

​

    

​

​

   

​

​

    

​

​

    

​

​

    

​

​

Assets:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

23,642

​

$

23,642

​

$

—

​

$

—

​

$

23,642

Investment securities available for sale

​

 

143,196

​

 

—

​

 

143,196

​

 

—

​

 

143,196

Investment securities held to maturity

​

 

229,510

​

 

—

​

 

195,519

​

 

—

​

 

195,519

Loans receivable, net

​

 

1,008,649

​

 

—

​

 

—

​

 

909,254

​

 

909,254

FHLB stock

​

 

4,927

​

 

—

​

 

4,927

​

 

—

​

 

4,927

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Certificates of deposit

​

 

190,972

​

 

—

​

 

188,972

​

 

—

​

 

188,972

FHLB advances

​

 

88,304

​

 

—

​

 

88,101

​

 

—

​

 

88,101

Junior subordinated debentures

​

 

27,004

​

 

—

​

 

—

​

 

19,327

​

 

19,327
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 9 Months Ended
Dec. 31, 2024
REVENUE FROM CONTRACTS WITH CUSTOMERS  
Schedule of non-interest income disaggregated by type of service

The following table includes the Company’s non-interest income, net disaggregated by type of service for the periods shown (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

December 31, 

​

December 31, 

​

    

2024

    

2023

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset management fees

​

$

1,443

​

$

1,266

​

$

4,434

​

$

3,920

Debit card and ATM fees

​

 

764

​

 

808

​

 

2,386

​

 

2,500

Deposit related fees

​

 

484

​

 

465

​

 

1,394

​

 

1,374

Loan related fees

​

 

101

​

 

99

​

 

276

​

 

471

Income from BOLI (1)

​

 

225

​

 

211

​

 

715

​

 

669

FHLMC loan servicing fees (1)

​

 

18

​

 

21

​

 

57

​

 

64

Other, net

​

 

306

​

 

186

​

 

1,287

​

 

750

Total non-interest income, net

​

$

3,341

​

$

3,056

​

$

10,549

​

$

9,748

​

(1)Not within scope of ASC 606
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES  
Schedule of significant off-balance sheet commitments

Significant off-balance sheet commitments at December 31, 2024 are listed below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Contract or Notional

​

​

Amount

​

​

December 31, 

​

    

2024

Commitments to extend credit:

​

 

  

Adjustable-rate

​

$

3,000

Fixed-rate

​

 

—

Standby letters of credit

​

 

1,600

Undisbursed loan funds and unused lines of credit

​

 

101,996

Total

​

$

106,596
v3.25.0.1
LEASES (Tables)
 9 Months Ended
Dec. 31, 2024
LEASES  
Schedule of lease right-of-use assets and lease liabilities

The table below presents the ROU assets and lease liabilities recorded in the consolidated balance sheets at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 

​

March 31, 

    

Classification in the

Leases

    

2024

    

2024

    

consolidated balance sheets

Finance lease ROU assets

​

$

1,144

 

$

1,202

 

Financing lease ROU assets

Finance lease liability

​

$

2,117

 

$

2,168

 

Finance lease liability

Finance lease remaining lease term

​

 

14.92

years

 

15.68

years

​

Finance lease discount rate

​

 

7.16

%  

 

7.16

%  

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets

​

$

4,508

 

$

5,479

 

Prepaid expenses and other assets

Operating lease liabilities

​

$

4,746

 

$

5,780

 

Accrued expenses and other liabilities

Operating lease weighted-average remaining lease term

​

 

4.86

years

 

5.34

years

​

Operating lease weighted-average discount rate

​

 

1.68

%  

 

1.74

%  

  
Schedule of lease costs for finance and operating leases

The table below presents certain information related to the lease costs for financing and operating leases, which are recorded in occupancy and depreciation in the accompanying consolidated statements of income at the dates indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Three months ended

Lease Costs

    

December 31, 2024

    

December 31, 2023

Finance lease amortization of ROU asset

​

$

19

​

$

20

Finance lease interest on lease liability

​

 

38

​

 

39

Operating lease costs

​

 

283

​

 

283

Variable lease costs

​

 

—

​

 

53

Total lease cost (1)

​

$

340

​

$

395

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

Nine months ended

Lease Costs

    

December 31, 2024

    

December 31, 2023

Finance lease amortization of ROU asset

​

$

58

​

$

58

Finance lease interest on lease liability

​

 

115

​

 

119

Operating lease costs

​

 

849

​

 

849

Variable lease costs

​

 

105

​

 

157

Total lease cost (1)

​

$

1,127

​

$

1,183

​

(1)Income related to sub-lease activity is not significant and not presented herein.

​
Schedule of maturities of operating lease liabilities

The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

Fiscal Year Ending March 31:

    

Operating

    

Finance

​

​

Leases

​

Lease

Remainder of 2025

​

$

294

​

$

57

2026

​

 

1,125

​

 

226

2027

​

 

1,116

​

 

230

2028

​

 

899

​

 

232

2029

​

 

684

​

 

232

Thereafter

​

 

947

​

 

2,479

Total minimum lease payments

​

 

5,065

​

 

3,456

Less: amount of lease payments representing interest

​

 

(319)

​

 

(1,339)

Lease liabilities

​

$

4,746

​

$

2,117

​
Schedule of maturities of finance lease liabilities

The following table reconciles the undiscounted cash flows for the periods presented related to the Company’s lease liabilities as of December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

Fiscal Year Ending March 31:

    

Operating

    

Finance

​

​

Leases

​

Lease

Remainder of 2025

​

$

294

​

$

57

2026

​

 

1,125

​

 

226

2027

​

 

1,116

​

 

230

2028

​

 

899

​

 

232

2029

​

 

684

​

 

232

Thereafter

​

 

947

​

 

2,479

Total minimum lease payments

​

 

5,065

​

 

3,456

Less: amount of lease payments representing interest

​

 

(319)

​

 

(1,339)

Lease liabilities

​

$

4,746

​

$

2,117

​
v3.25.0.1
STOCK PLANS AND STOCK-BASED COMPENSATION - Stock option activity (Details)
 9 Months Ended
Dec. 31, 2023
$ / shares
shares
Number of Shares  
Balance, beginning of period 14,310
Options exercised (12,799)
Options expired (1,511)
Balance, end of period 0
Weighted Average Exercise Price  
Balance, beginning of period | $ / shares $ 2.78
Options exercised | $ / shares 2.78
Options expired | $ / shares $ 2.78
v3.25.0.1
STOCK PLANS AND STOCK-BASED COMPENSATION - Restricted Stock Activity (Details) - $ / shares
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Time Based    
Number of Unvested Shares    
Balance, beginning of period 15,779 29,977
Granted 147,462 19,926
Forfeited   (19,006)
Vested (7,281) (15,118)
Balance, end of period 155,960 15,779
Weighted Average Grant Date Fair Value    
Balance, beginning of period $ 5.72 $ 6.14
Granted 5.76 5.21
Forfeited   5.81
Vested 6.08 5.77
Balance, end of period $ 5.74 $ 5.72
Performance Based    
Number of Unvested Shares    
Balance, beginning of period 63,397 132,645
Granted 90,401 84,040
Forfeited (14,075) (99,514)
Vested (16,393) (53,774)
Balance, end of period 123,330 63,397
Weighted Average Grant Date Fair Value    
Balance, beginning of period $ 5.68 $ 6.05
Granted 5.76 5.21
Forfeited 5.21 5.94
Vested 6.73 5.38
Balance, end of period $ 5.65 $ 5.68
Restricted stock    
Number of Unvested Shares    
Balance, beginning of period 79,176 162,622
Granted 237,863 103,966
Forfeited (14,075) (118,520)
Vested (23,674) (68,892)
Balance, end of period 279,290 79,176
Weighted Average Grant Date Fair Value    
Balance, beginning of period $ 5.69 $ 6.07
Granted 5.76 5.21
Forfeited 5.21 5.92
Vested 6.53 5.47
Balance, end of period $ 5.7 $ 5.69
v3.25.0.1
STOCK PLANS AND STOCK-BASED COMPENSATION - Additional information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Jul. 31, 2017
STOCK PLANS AND STOCK-BASED COMPENSATION            
Stock options outstanding 0 0 0 0 14,310  
Stock Option Plans            
STOCK PLANS AND STOCK-BASED COMPENSATION            
Total intrinsic value of stock options exercised     $ 0 $ 28,000    
Unrecognized compensation expense $ 0   0      
Stock based Compensation Expense     $ 0 $ 0    
2003 Stock Option Plan            
STOCK PLANS AND STOCK-BASED COMPENSATION            
Number of stock options outstanding 0   0      
Maximum term of stock options granted     10 years      
2017 Plan            
STOCK PLANS AND STOCK-BASED COMPENSATION            
Shares available for grant 1,308,215   1,308,215      
Number of shares reserved for common stock           1,800,000
Minimum | 2003 Stock Option Plan            
STOCK PLANS AND STOCK-BASED COMPENSATION            
Vesting period     0 years      
Maximum | 2003 Stock Option Plan            
STOCK PLANS AND STOCK-BASED COMPENSATION            
Vesting period     5 years      
Stock options            
STOCK PLANS AND STOCK-BASED COMPENSATION            
Number of stock options granted     0 0    
Restricted stock            
STOCK PLANS AND STOCK-BASED COMPENSATION            
Restricted stock forfeitures   $ 26,000   $ 238,000    
Restricted stock forfeited (in shares) 0   0      
Unrecognized compensation expense $ 1,200,000 267,000 $ 1,200,000 267,000    
Stock based Compensation Expense $ 264,000 $ 19,000 $ 316,000 $ 11,000    
Restricted stock | Weighted average            
STOCK PLANS AND STOCK-BASED COMPENSATION            
Vesting period     2 years 8 months 4 days 1 year 6 months 3 days    
v3.25.0.1
EARNINGS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Basic EPS computation:        
Numerator-net income (in dollars) $ 1,232 $ 1,452 $ 3,755 $ 6,767
Denominator-weighted average common shares outstanding 21,037,246 21,113,464 21,081,851 21,146,888
Basic EPS (in dollars per share) $ 0.06 $ 0.07 $ 0.18 $ 0.32
Diluted EPS computation:        
Numerator-net income (in dollars) $ 1,232 $ 1,452 $ 3,755 $ 6,767
Denominator-weighted average common shares outstanding 21,037,246 21,113,464 21,081,851 21,146,888
Effect of dilutive stock options       2,000
Weighted average common shares and common stock equivalents 21,037,246 21,113,464 21,081,851 21,148,679
Diluted EPS (in dollars per share) $ 0.06 $ 0.07 $ 0.18 $ 0.32
v3.25.0.1
EARNINGS PER SHARE - Additional information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
May 05, 2023
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Sep. 25, 2024
Nov. 30, 2022
EARNINGS PER SHARE            
Antidilutive securities excluded from computation of earnings per share, amount     0 0    
November 2022 Repurchase Program            
EARNINGS PER SHARE            
Maximum shares repurchase amount           $ 2.5
Average price $ 6.34          
Shares repurchased and retired 394,334          
Shares repurchased and retired value $ 2.5          
September 2024 Repurchase Program            
EARNINGS PER SHARE            
Maximum shares repurchase amount         $ 2.0  
Average price   $ 5.43        
Shares repurchased and retired   200,073        
Shares repurchased and retired value   $ 1.1        
v3.25.0.1
INVESTMENT SECURITIES - Available for sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
INVESTMENT SECURITIES    
Amortized Cost $ 144,814 $ 164,416
Gross Unrealized Gains 17 26
Gross Unrealized Losses (19,957) (21,246)
Estimated Fair Value 124,874 143,196
Municipal securities    
INVESTMENT SECURITIES    
Amortized Cost 37,329 41,657
Gross Unrealized Gains 1 20
Gross Unrealized Losses (6,794) (6,541)
Estimated Fair Value 30,536 35,136
Agency securities    
INVESTMENT SECURITIES    
Amortized Cost 38,937 47,818
Gross Unrealized Losses (3,352) (4,241)
Estimated Fair Value 35,585 43,577
Real estate mortgage investment conduits    
INVESTMENT SECURITIES    
Amortized Cost 29,261 31,424
Gross Unrealized Losses (5,658) (5,759)
Estimated Fair Value 23,603 25,665
Residential mortgage-backed securities    
INVESTMENT SECURITIES    
Amortized Cost 11,422 13,519
Gross Unrealized Gains 12 3
Gross Unrealized Losses (751) (971)
Estimated Fair Value 10,683 12,551
Other mortgage-backed securities    
INVESTMENT SECURITIES    
Amortized Cost 27,865 29,998
Gross Unrealized Gains 4 3
Gross Unrealized Losses (3,402) (3,734)
Estimated Fair Value $ 24,467 $ 26,267
v3.25.0.1
INVESTMENT SECURITIES - Held to maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
INVESTMENT SECURITIES    
Amortized Cost $ 212,295 $ 229,510
Gross Unrealized Losses (31,821) (33,991)
Estimated Fair Value 180,474 195,519
Municipal securities    
INVESTMENT SECURITIES    
Amortized Cost 10,302 10,321
Gross Unrealized Losses (2,945) (2,789)
Estimated Fair Value 7,357 7,532
Agency securities    
INVESTMENT SECURITIES    
Amortized Cost 48,253 54,123
Gross Unrealized Losses (3,368) (4,522)
Estimated Fair Value 44,885 49,601
Real estate mortgage investment conduits    
INVESTMENT SECURITIES    
Amortized Cost 29,249 31,752
Gross Unrealized Losses (4,786) (5,171)
Estimated Fair Value 24,463 26,581
Residential mortgage-backed securities    
INVESTMENT SECURITIES    
Amortized Cost 104,314 112,834
Gross Unrealized Losses (17,686) (18,196)
Estimated Fair Value 86,628 94,638
Other mortgage-backed securities    
INVESTMENT SECURITIES    
Amortized Cost 20,177 20,480
Gross Unrealized Losses (3,036) (3,313)
Estimated Fair Value $ 17,141 $ 17,167
v3.25.0.1
INVESTMENT SECURITIES - Contractual maturities, Available for sale (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Available for Sale, Amortized Cost  
Due in one year or less $ 6,263
Due after one year through five years 44,284
Due after five years through ten years 34,347
Due after ten years 59,920
Total, Amortized Cost 144,814
Available for Sale, Estimated Fair Value  
Due in one year or less 6,255
Due after one year through five years 40,044
Due after five years through ten years 29,492
Due after ten years 49,083
Total, Estimated Fair Value $ 124,874
v3.25.0.1
INVESTMENT SECURITIES - Contractual maturities, Held to maturity (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Held to Maturity, Amortized Cost  
Due in one year or less $ 14,995
Due after one year through five years 30,353
Due after five years through ten years 21,274
Due after ten years 145,673
Total, Amortized Cost 212,295
Held to Maturity, Estimated Fair Value  
Due in one year or less 14,841
Due after one year through five years 28,149
Due after five years through ten years 18,007
Due after ten years 119,477
Total, Estimated Fair Value $ 180,474
v3.25.0.1
INVESTMENT SECURITIES - Fair value of impaired investment securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
INVESTMENT SECURITIES    
Less than 12 months, Estimated Fair Value $ 470 $ 534
Less than 12 months, Unrealized Losses (3) (1)
12 months or longer, Estimated Fair Value 122,287 139,466
12 months or longer, Unrealized Losses (19,954) (21,245)
Total, Estimated Fair Value 122,757 140,000
Total, Unrealized Losses (19,957) (21,246)
Debt Securities, Held to maturity    
12 months or longer, estimated fair value 180,474 195,519
12 months or longer, unrealized losses (31,821) (33,991)
Total estimated fair value 180,474 195,519
Total, unrealized losses (31,821) (33,991)
Municipal securities    
INVESTMENT SECURITIES    
12 months or longer, Estimated Fair Value 29,365 32,748
12 months or longer, Unrealized Losses (6,794) (6,541)
Total, Estimated Fair Value 29,365 32,748
Total, Unrealized Losses (6,794) (6,541)
Debt Securities, Held to maturity    
12 months or longer, estimated fair value 7,357 7,532
12 months or longer, unrealized losses (2,945) (2,789)
Total estimated fair value 7,357 7,532
Total, unrealized losses (2,945) (2,789)
Agency securities    
INVESTMENT SECURITIES    
12 months or longer, Estimated Fair Value 35,585 43,577
12 months or longer, Unrealized Losses (3,352) (4,241)
Total, Estimated Fair Value 35,585 43,577
Total, Unrealized Losses (3,352) (4,241)
Debt Securities, Held to maturity    
12 months or longer, estimated fair value 44,885 49,601
12 months or longer, unrealized losses (3,368) (4,522)
Total estimated fair value 44,885 49,601
Total, unrealized losses (3,368) (4,522)
Real estate mortgage investment conduits    
INVESTMENT SECURITIES    
12 months or longer, Estimated Fair Value 23,603 25,665
12 months or longer, Unrealized Losses (5,658) (5,759)
Total, Estimated Fair Value 23,603 25,665
Total, Unrealized Losses (5,658) (5,759)
Debt Securities, Held to maturity    
12 months or longer, estimated fair value 24,463 26,581
12 months or longer, unrealized losses (4,786) (5,171)
Total estimated fair value 24,463 26,581
Total, unrealized losses (4,786) (5,171)
Residential mortgage-backed securities    
INVESTMENT SECURITIES    
12 months or longer, Estimated Fair Value 10,005 12,073
12 months or longer, Unrealized Losses (751) (971)
Total, Estimated Fair Value 10,005 12,073
Total, Unrealized Losses (751) (971)
Debt Securities, Held to maturity    
12 months or longer, estimated fair value 86,628 94,638
12 months or longer, unrealized losses (17,686) (18,196)
Total estimated fair value 86,628 94,638
Total, unrealized losses (17,686) (18,196)
Other mortgage-backed securities    
INVESTMENT SECURITIES    
Less than 12 months, Estimated Fair Value 470 534
Less than 12 months, Unrealized Losses (3) (1)
12 months or longer, Estimated Fair Value 23,729 25,403
12 months or longer, Unrealized Losses (3,399) (3,733)
Total, Estimated Fair Value 24,199 25,937
Total, Unrealized Losses (3,402) (3,734)
Debt Securities, Held to maturity    
12 months or longer, estimated fair value 17,141 17,167
12 months or longer, unrealized losses (3,036) (3,313)
Total estimated fair value 17,141 17,167
Total, unrealized losses $ (3,036) $ (3,313)
v3.25.0.1
INVESTMENT SECURITIES - Additional information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
INVESTMENT SECURITIES      
Proceeds from the sale of investment securities $ 0 $ 0  
Gross realized gains on sales of investment securities 0 $ 0  
Available for sale with amortized cost 144,814   $ 164,416
Available for sale, at estimated fair value 124,874   143,196
Held to maturity, estimated fair value 180,474   195,519
Asset Pledged as Collateral | Government public funds held by the bank      
INVESTMENT SECURITIES      
Available for sale with amortized cost 2,200   2,600
Available for sale, at estimated fair value 2,000   2,400
Held to maturity at amortized cost 10,500   11,200
Held to maturity, estimated fair value 8,600   9,300
Asset Pledged as Collateral | FHLB and FRB Borrowing Arrangements      
INVESTMENT SECURITIES      
Held to maturity at amortized cost 143,400   151,200
Held to maturity, estimated fair value $ 119,600   $ 126,100
v3.25.0.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Loans receivable, excluding loans held for sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Mar. 31, 2023
LOANS RECEIVABLE            
Total loans $ 1,045,109   $ 1,024,013      
Less: ACL for loans 15,352 $ 15,466 15,364 $ 15,361 $ 15,346 $ 15,309
Loans receivable, net 1,029,757   1,008,649      
Commercial and Industrial | Commercial Business            
LOANS RECEIVABLE            
Total loans 224,506   229,404      
Commercial Real Estate Portfolio Segment            
LOANS RECEIVABLE            
Total loans 931,842   925,907      
Commercial Real Estate Portfolio Segment | Commercial Business            
LOANS RECEIVABLE            
Total loans 224,506   229,404      
Less: ACL for loans 5,134 5,118 5,280 5,265 5,339 3,123
Commercial Real Estate Portfolio Segment | Commercial Real Estate            
LOANS RECEIVABLE            
Total loans 574,496   583,501      
Less: ACL for loans 7,219 7,137 7,391 7,279 7,138 8,894
Commercial Real Estate Portfolio Segment | Land            
LOANS RECEIVABLE            
Total loans 4,062   5,693      
Less: ACL for loans 72 139 106 157 112 93
Commercial Real Estate Portfolio Segment | Multi-Family            
LOANS RECEIVABLE            
Total loans 78,822   70,771      
Less: ACL for loans 365 354 367 334 293 798
Commercial Real Estate Portfolio Segment | Real Estate Construction            
LOANS RECEIVABLE            
Total loans 49,956   36,538      
Less: ACL for loans 829 925 636 731 860 764
Consumer            
LOANS RECEIVABLE            
Total loans 113,267   98,106      
Less: ACL for loans 1,733 $ 1,793 1,584 $ 1,595 $ 1,604 $ 1,127
Consumer | Real estate one-to-four family            
LOANS RECEIVABLE            
Total loans 97,760   96,366      
Consumer | Other installment            
LOANS RECEIVABLE            
Total loans $ 15,507   $ 1,740      
v3.25.0.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Risk category of bank loans by year of origination (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Origination year          
2025/2024 $ 60,876   $ 60,876   $ 68,625
2024/2023 90,190   90,190   169,408
2023/2022 154,459   154,459   338,864
2022/2021 328,835   328,835   126,861
2021/2020 118,121   118,121   84,175
Prior 266,887   266,887   215,697
Revolving Loans 25,741   25,741   20,383
Total Loans Receivable 1,045,109   1,045,109   1,024,013
Gross write-offs          
2024/2023         11
Prior         2
Revolving Loans     117    
Total Loans Receivable 116 $ 2 117 $ 13 13
Commercial and Industrial | Commercial Business          
Origination year          
2025/2024 9,791   9,791   14,126
2024/2023 20,332   20,332   63,838
2023/2022 57,278   57,278   85,864
2022/2021 80,477   80,477   28,119
2021/2020 22,216   22,216   17,431
Prior 26,227   26,227   12,701
Revolving Loans 8,185   8,185   7,325
Total Loans Receivable 224,506   224,506   229,404
Commercial Real Estate Portfolio Segment          
Origination year          
Total Loans Receivable 931,842   931,842   925,907
Commercial Real Estate Portfolio Segment | Commercial Business          
Origination year          
Total Loans Receivable 224,506   224,506   229,404
Commercial Real Estate Portfolio Segment | Commercial Real Estate          
Origination year          
2025/2024 24,916   24,916   36,636
2024/2023 40,769   40,769   70,599
2023/2022 64,562   64,562   147,912
2022/2021 144,726   144,726   89,662
2021/2020 87,473   87,473   53,424
Prior 212,050   212,050   185,268
Total Loans Receivable 574,496   574,496   583,501
Gross write-offs          
Revolving Loans     80    
Total Loans Receivable 80   80    
Commercial Real Estate Portfolio Segment | Land          
Origination year          
2025/2024 619   619   2,361
2024/2023         2,695
2023/2022 2,597   2,597   94
2022/2021 86   86    
2021/2020         106
Prior 479   479   437
Revolving Loans 281   281    
Total Loans Receivable 4,062   4,062   5,693
Commercial Real Estate Portfolio Segment | Multi-Family          
Origination year          
2025/2024 711   711   970
2024/2023 953   953   21,643
2023/2022 26,204   26,204   32,003
2022/2021 36,040   36,040   4,841
2021/2020 4,307   4,307   8,823
Prior 10,607   10,607   2,491
Total Loans Receivable 78,822   78,822   70,771
Commercial Real Estate Portfolio Segment | Real Estate Construction          
Origination year          
2025/2024 10,901   10,901   14,114
2024/2023 27,530   27,530   10,078
2023/2022 3,442   3,442   12,346
2022/2021 8,083   8,083    
Total Loans Receivable 49,956   49,956   36,538
Consumer          
Origination year          
Total Loans Receivable 113,267   113,267   98,106
Gross write-offs          
Total Loans Receivable 36 $ 2 37 $ 13  
Consumer | Real estate one-to-four family          
Origination year          
2025/2024 10   10    
2023/2022         60,447
2022/2021 59,305   59,305   4,164
2021/2020 4,072   4,072   4,364
Prior 17,514   17,514   14,792
Revolving Loans 16,859   16,859   12,599
Total Loans Receivable 97,760   97,760   96,366
Gross write-offs          
Revolving Loans     11    
Total Loans Receivable     11    
Consumer | Other installment          
Origination year          
2025/2024 13,928   13,928   418
2024/2023 606   606   555
2023/2022 376   376   198
2022/2021 118   118   75
2021/2020 53   53   27
Prior 10   10   8
Revolving Loans 416   416   459
Total Loans Receivable 15,507   15,507   1,740
Gross write-offs          
2024/2023         11
Prior         2
Revolving Loans     26    
Total Loans Receivable     26   13
Pass          
Origination year          
2025/2024 54,310   54,310   67,311
2024/2023 86,994   86,994   165,301
2023/2022 150,607   150,607   337,234
2022/2021 325,524   325,524   126,861
2021/2020 117,584   117,584   83,654
Prior 234,335   234,335   188,352
Revolving Loans 25,092   25,092   17,885
Total Loans Receivable 994,446   994,446   986,598
Pass | Commercial and Industrial | Commercial Business          
Origination year          
2025/2024 7,714   7,714   14,126
2024/2023 20,332   20,332   63,838
2023/2022 57,278   57,278   85,131
2022/2021 79,864   79,864   28,119
2021/2020 21,697   21,697   16,945
Prior 25,379   25,379   12,411
Revolving Loans 7,536   7,536   4,827
Total Loans Receivable 219,800   219,800   225,397
Pass | Commercial Real Estate Portfolio Segment | Commercial Real Estate          
Origination year          
2025/2024 20,427   20,427   36,116
2024/2023 37,573   37,573   66,847
2023/2022 60,894   60,894   147,015
2022/2021 142,028   142,028   89,662
2021/2020 87,473   87,473   53,424
Prior 180,602   180,602   158,311
Total Loans Receivable 528,997   528,997   551,375
Pass | Commercial Real Estate Portfolio Segment | Land          
Origination year          
2025/2024 619   619   2,361
2024/2023         2,340
2023/2022 2,597   2,597   94
2022/2021 86   86    
2021/2020         106
Prior 479   479   437
Revolving Loans 281   281    
Total Loans Receivable 4,062   4,062   5,338
Pass | Commercial Real Estate Portfolio Segment | Multi-Family          
Origination year          
2025/2024 711   711   970
2024/2023 953   953   21,643
2023/2022 26,020   26,020   32,003
2022/2021 36,040   36,040   4,841
2021/2020 4,289   4,289   8,788
Prior 10,383   10,383   2,429
Total Loans Receivable 78,396   78,396   70,674
Pass | Commercial Real Estate Portfolio Segment | Real Estate Construction          
Origination year          
2025/2024 10,901   10,901   13,320
2024/2023 27,530   27,530   10,078
2023/2022 3,442   3,442   12,346
2022/2021 8,083   8,083    
Total Loans Receivable 49,956   49,956   35,744
Pass | Consumer | Real estate one-to-four family          
Origination year          
2025/2024 10   10    
2023/2022         60,447
2022/2021 59,305   59,305   4,164
2021/2020 4,072   4,072   4,364
Prior 17,482   17,482   14,756
Revolving Loans 16,859   16,859   12,599
Total Loans Receivable 97,728   97,728   96,330
Pass | Consumer | Other installment          
Origination year          
2025/2024 13,928   13,928   418
2024/2023 606   606   555
2023/2022 376   376   198
2022/2021 118   118   75
2021/2020 53   53   27
Prior 10   10   8
Revolving Loans 416   416   459
Total Loans Receivable 15,507   15,507   1,740
Special Mention          
Origination year          
2025/2024 6,566   6,566   794
2024/2023 3,166   3,166   4,107
2023/2022 3,852   3,852   1,630
2022/2021 3,311   3,311    
2021/2020 537   537   521
Prior 32,357   32,357   27,142
Revolving Loans 649   649   2,498
Total Loans Receivable 50,438   50,438   36,692
Special Mention | Commercial and Industrial | Commercial Business          
Origination year          
2025/2024 2,077   2,077    
2023/2022         733
2022/2021 613   613    
2021/2020 519   519   486
Prior 806   806   232
Revolving Loans 649   649   2,498
Total Loans Receivable 4,664   4,664   3,949
Special Mention | Commercial Real Estate Portfolio Segment          
Origination year          
2024/2023         3,752
2023/2022         897
Prior         26,878
Total Loans Receivable         31,527
Special Mention | Commercial Real Estate Portfolio Segment | Commercial Real Estate          
Origination year          
2025/2024 4,489   4,489    
2024/2023 3,166   3,166    
2023/2022 3,668   3,668    
2022/2021 2,698   2,698    
Prior 31,385   31,385    
Total Loans Receivable 45,406   45,406    
Special Mention | Commercial Real Estate Portfolio Segment | Land          
Origination year          
2024/2023         355
Total Loans Receivable         355
Special Mention | Commercial Real Estate Portfolio Segment | Multi-Family          
Origination year          
2023/2022 184   184    
2021/2020 18   18   35
Prior 166   166   32
Total Loans Receivable 368   368   67
Special Mention | Commercial Real Estate Portfolio Segment | Real Estate Construction          
Origination year          
2025/2024         794
Total Loans Receivable         794
Substandard          
Origination year          
2025/2024         520
2024/2023 30   30    
Prior 195   195   203
Total Loans Receivable 225   225   723
Substandard | Commercial and Industrial | Commercial Business          
Origination year          
Prior 42   42   58
Total Loans Receivable 42   42   58
Substandard | Commercial Real Estate Portfolio Segment          
Origination year          
2025/2024         520
Prior         79
Total Loans Receivable         599
Substandard | Commercial Real Estate Portfolio Segment | Commercial Real Estate          
Origination year          
2024/2023 30   30    
Prior 63   63    
Total Loans Receivable 93   93    
Substandard | Commercial Real Estate Portfolio Segment | Multi-Family          
Origination year          
Prior 58   58   30
Total Loans Receivable 58   58   30
Substandard | Consumer | Real estate one-to-four family          
Origination year          
Prior 32   32   36
Total Loans Receivable $ 32   $ 32   $ 36
v3.25.0.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Reconciliation of the allowance for loan losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Reconciliation of the allowance for loan losses          
Beginning balance $ 15,466 $ 15,346 $ 15,364 $ 15,309 $ 15,309
(Recapture of) provision for credit losses     100    
Charge-offs (116) (2) (117) (13) (13)
Recoveries 2 17 5 23  
Ending balance 15,352 15,361 15,352 15,361 15,364
Adjustment | ASU 2016-13          
Reconciliation of the allowance for loan losses          
Beginning balance       42 42
Commercial Real Estate Portfolio Segment | Commercial Business          
Reconciliation of the allowance for loan losses          
Beginning balance 5,118 5,339 5,280 3,123 3,123
(Recapture of) provision for credit losses 16 (74) (146) 258  
Ending balance 5,134 5,265 5,134 5,265 5,280
Commercial Real Estate Portfolio Segment | Commercial Business | Adjustment | ASU 2016-13          
Reconciliation of the allowance for loan losses          
Beginning balance       1,884 1,884
Commercial Real Estate Portfolio Segment | Commercial Real Estate          
Reconciliation of the allowance for loan losses          
Beginning balance 7,137 7,138 7,391 8,894 8,894
(Recapture of) provision for credit losses 162 141 (92) (121)  
Charge-offs (80)   (80)    
Ending balance 7,219 7,279 7,219 7,279 7,391
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Adjustment | ASU 2016-13          
Reconciliation of the allowance for loan losses          
Beginning balance       (1,494) (1,494)
Commercial Real Estate Portfolio Segment | Land          
Reconciliation of the allowance for loan losses          
Beginning balance 139 112 106 93 93
(Recapture of) provision for credit losses (67) 45 (34) 24  
Ending balance 72 157 72 157 106
Commercial Real Estate Portfolio Segment | Land | Adjustment | ASU 2016-13          
Reconciliation of the allowance for loan losses          
Beginning balance       40 40
Commercial Real Estate Portfolio Segment | Multi-Family          
Reconciliation of the allowance for loan losses          
Beginning balance 354 293 367 798 798
(Recapture of) provision for credit losses 11 41 (2) 28  
Ending balance 365 334 365 334 367
Commercial Real Estate Portfolio Segment | Multi-Family | Adjustment | ASU 2016-13          
Reconciliation of the allowance for loan losses          
Beginning balance       (492) (492)
Commercial Real Estate Portfolio Segment | Real Estate Construction          
Reconciliation of the allowance for loan losses          
Beginning balance 925 860 636 764 764
(Recapture of) provision for credit losses (96) (129) 193 (164)  
Ending balance 829 731 829 731 636
Commercial Real Estate Portfolio Segment | Real Estate Construction | Adjustment | ASU 2016-13          
Reconciliation of the allowance for loan losses          
Beginning balance       131 131
Consumer          
Reconciliation of the allowance for loan losses          
Beginning balance 1,793 1,604 1,584 1,127 1,127
(Recapture of) provision for credit losses (26) (24) 181 (25)  
Charge-offs (36) (2) (37) (13)  
Recoveries 2 17 5 23  
Ending balance $ 1,733 $ 1,595 $ 1,733 1,595 1,584
Consumer | Adjustment | ASU 2016-13          
Reconciliation of the allowance for loan losses          
Beginning balance       483 483
Unallocated          
Reconciliation of the allowance for loan losses          
Beginning balance       510 510
Unallocated | Adjustment | ASU 2016-13          
Reconciliation of the allowance for loan losses          
Beginning balance       $ (510) $ (510)
v3.25.0.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Analysis of loans by aging category (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual $ 168 $ 173
Total Past Due and Non-accrual 6,027 1,957
Total loans 1,045,109 1,024,013
30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 5,558 1,779
90 Days and Greater Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 301 5
Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 1,039,082 1,022,056
Commercial and Industrial | Commercial Business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual 43 58
Total Past Due and Non-accrual 2,799 1,841
Total loans 224,506 229,404
Commercial and Industrial | Commercial Business | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,455 1,778
Commercial and Industrial | Commercial Business | 90 Days and Greater Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 301 5
Commercial and Industrial | Commercial Business | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 221,707 227,563
Commercial Real Estate Portfolio Segment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 931,842 925,907
Commercial Real Estate Portfolio Segment | Commercial Business    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 224,506 229,404
Commercial Real Estate Portfolio Segment | Commercial Real Estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual 93 79
Total Past Due and Non-accrual 93 79
Total loans 574,496 583,501
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 574,403 583,422
Commercial Real Estate Portfolio Segment | Land    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 4,062 5,693
Commercial Real Estate Portfolio Segment | Land | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 4,062 5,693
Commercial Real Estate Portfolio Segment | Multi-Family    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 78,822 70,771
Commercial Real Estate Portfolio Segment | Multi-Family | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 78,822 70,771
Commercial Real Estate Portfolio Segment | Real Estate Construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Past Due and Non-accrual 2,122  
Total loans 49,956 36,538
Commercial Real Estate Portfolio Segment | Real Estate Construction | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,122  
Commercial Real Estate Portfolio Segment | Real Estate Construction | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 47,834 36,538
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual 32 36
Total Past Due and Non-accrual 1,013 37
Total loans 113,267 98,106
Consumer | 30-89 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 981 1
Consumer | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 112,254 $ 98,069
v3.25.0.1
LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS - Additional information (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
loan
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Deferred loan fees $ 4,200,000 $ 4,200,000   $ 4,700,000      
Discount On Loans Receivable 1,200,000 1,200,000   1,300,000      
Receivable with Imputed Interest, Premium 1,800,000 1,800,000   1,900,000      
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss 1,029,757,000 $ 1,029,757,000   $ 1,008,649,000      
Percentage Of Loans And Extensions Of Credit Outstanding   15.00%          
Number of loans to one borrower over regulatory limit | loan   0   0      
Financing receivable, excluding accrued interest, modified in period, amount 0            
Financing receivable, excluding accrued interest, modified, subsequent default   $ 0          
Allowance for credit losses (in dollars) 15,352,000 15,352,000 $ 15,361,000 $ 15,364,000 $ 15,466,000 $ 15,346,000 $ 15,309,000
Non-accrual loans with no ACL 105,000 105,000          
Non-accrual loans with ACL 63,000 63,000          
Non-accruals, Allowance 1,000 1,000          
Interest income foregone on non-accrual loans   30,000 8,000 10,000      
Total loans 1,045,109,000 1,045,109,000   1,024,013,000      
30-89 Days Past Due              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total loans 5,558,000 5,558,000   1,779,000      
Adjustment | ASU 2016-13              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Allowance for credit losses (in dollars)             42,000
Fully Guaranteed SBA Or USDA Loans | 30-89 Days Past Due              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total loans 2,500,000 2,500,000   1,800,000      
Assets pledged as collateral | FHLB and FRB Borrowing Arrangements              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss 738,800,000 738,800,000          
Assets pledged as collateral | Financing receivable | Commercial Business              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss 42,000 42,000          
Assets pledged as collateral | Financing receivable | Commercial Real Estate              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss 63,000 63,000          
Commercial and Industrial | Commercial Business              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total loans 224,506,000 224,506,000   229,404,000      
Commercial and Industrial | Commercial Business | 30-89 Days Past Due              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total loans 2,455,000 2,455,000   1,778,000      
Commercial Real Estate Portfolio Segment              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total loans 931,842,000 931,842,000   925,907,000      
Commercial Real Estate Portfolio Segment | Commercial Business              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Allowance for credit losses (in dollars) 5,134,000 5,134,000 5,265,000 5,280,000 5,118,000 5,339,000 3,123,000
Total loans 224,506,000 224,506,000   229,404,000      
Commercial Real Estate Portfolio Segment | Commercial Business | Adjustment | ASU 2016-13              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Allowance for credit losses (in dollars)             1,884,000
Commercial Real Estate Portfolio Segment | Commercial Real Estate              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Allowance for credit losses (in dollars) 7,219,000 7,219,000 7,279,000 7,391,000 7,137,000 7,138,000 8,894,000
Total loans 574,496,000 574,496,000   583,501,000      
Commercial Real Estate Portfolio Segment | Commercial Real Estate | Adjustment | ASU 2016-13              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Allowance for credit losses (in dollars)             (1,494,000)
Consumer              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Allowance for credit losses (in dollars) 1,733,000 1,733,000 $ 1,595,000 1,584,000 $ 1,793,000 $ 1,604,000 1,127,000
Total loans 113,267,000 113,267,000   98,106,000      
Consumer | 30-89 Days Past Due              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total loans 981,000 981,000   1,000      
Consumer | Adjustment | ASU 2016-13              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Allowance for credit losses (in dollars)             $ 483,000
Consumer | Real estate one-to-four family              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Total loans $ 97,760,000 $ 97,760,000   $ 96,366,000      
v3.25.0.1
GOODWILL (Details)
$ in Thousands
 9 Months Ended
Oct. 31, 2024
USD ($)
Dec. 31, 2024
item
GOODWILL    
Number of Reporting Units | item   2
Goodwill impairment | $ $ 0  
v3.25.0.1
FEDERAL HOME LOAN BANK ADVANCES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
FEDERAL HOME LOAN BANK ADVANCES    
FHLB advances $ 84,200 $ 88,304
Weighted average interest rate on FHLB advances 5.32% 5.40%
v3.25.0.1
FEDERAL HOME LOAN BANK ADVANCES - Additional Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Mar. 31, 2024
FEDERAL HOME LOAN BANK ADVANCES    
Loans pledged as collateral $ 1,029,757 $ 1,008,649
Assets pledged as collateral    
FEDERAL HOME LOAN BANK ADVANCES    
Percentage of total assets equal to bank credit line from FHLB 45.00%  
Bank additional borrowing capacity from FHLB $ 164,400  
Assets pledged as collateral | FHLB advances    
FEDERAL HOME LOAN BANK ADVANCES    
Loans pledged as collateral $ 455,400  
v3.25.0.1
JUNIOR SUBORDINATED DEBENTURES (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Mar. 31, 2024
JUNIOR SUBORDINATED DEBENTURES    
Amount Outstanding $ 27,836  
Fair value adjustment (767)  
Total Debentures $ 27,069 $ 27,004
Riverview Bancorp Statutory Trust I    
JUNIOR SUBORDINATED DEBENTURES    
Issuance Date Dec. 01, 2005  
Amount Outstanding $ 7,217  
Rate Type Variable  
Initial Rate 5.88%  
Current Rate 5.98%  
Maturity Date 2036-03  
Riverview Bancorp Statutory Trust II    
JUNIOR SUBORDINATED DEBENTURES    
Issuance Date Jun. 01, 2007  
Amount Outstanding $ 15,464  
Rate Type Variable  
Initial Rate 7.03%  
Current Rate 5.97%  
Maturity Date 2037-09  
Merchants Bancorp Statutory Trust I    
JUNIOR SUBORDINATED DEBENTURES    
Issuance Date Jun. 01, 2003  
Amount Outstanding $ 5,155  
Rate Type Variable  
Initial Rate 4.16%  
Current Rate 7.69%  
Maturity Date 2033-06  
v3.25.0.1
JUNIOR SUBORDINATED DEBENTURES - Additional Information (Details)
 9 Months Ended
Dec. 31, 2024
USD ($)
item
Mar. 31, 2024
USD ($)
JUNIOR SUBORDINATED DEBENTURES    
Maximum number of consecutive quarters for deferred payment of each debenture | item 20  
Debentures issued to grantor trusts $ 27,100,000 $ 27,000,000
Common securities issued by grantor trusts $ 836,000 $ 836,000
Riverview Bancorp Statutory Trust I    
JUNIOR SUBORDINATED DEBENTURES    
Description of variable rate three-month Chicago Mercantile Exchange (“CME”) Term SOFR  
Interest basis spread on variable rate 1.36%  
Riverview Bancorp Statutory Trust II    
JUNIOR SUBORDINATED DEBENTURES    
Description of variable rate three-month CME Term SOFR  
Interest basis spread on variable rate 1.35%  
Merchants Bancorp Statutory Trust I    
JUNIOR SUBORDINATED DEBENTURES    
Description of variable rate three-month CME Term SOFR  
Interest basis spread on variable rate 3.10%  
v3.25.0.1
FAIR VALUE MEASUREMENTS - Estimated Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Transfers of assets from level 1 to level 2 $ 0 $ 0
Transfers of assets from level 2 to level 1 0 0
Transfers of assets into level 3 0 0
Transfers of assets out of level 3 0 0
Recurring basis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 124,874 143,196
Recurring basis | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 30,536 35,136
Recurring basis | Agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 35,585 43,577
Recurring basis | Real estate mortgage investment conduits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 23,603 25,665
Recurring basis | Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 10,683 12,551
Recurring basis | Other mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 24,467 26,267
Recurring basis | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 124,874 143,196
Recurring basis | Level 2 | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 30,536 35,136
Recurring basis | Level 2 | Agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 35,585 43,577
Recurring basis | Level 2 | Real estate mortgage investment conduits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 23,603 25,665
Recurring basis | Level 2 | Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 10,683 12,551
Recurring basis | Level 2 | Other mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets measured at fair value on a recurring basis 24,467 26,267
Nonrecurring basis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets $ 0 $ 0
v3.25.0.1
FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Nonrecurring basis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total nonrecurring assets measured at fair value $ 0 $ 0
v3.25.0.1
FAIR VALUE MEASUREMENTS - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment securities held to maturity $ 180,474 $ 195,519
Carrying Amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment securities available for sale 124,874 143,196
Investment securities held to maturity 212,295 229,510
Carrying Amount | Cash and cash equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 25,348 23,642
Carrying Amount | Loans Receivable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 1,029,757 1,008,649
Carrying Amount | FHLB stock    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 4,742 4,927
Carrying Amount | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities 242,095 190,972
Carrying Amount | FHLB advances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities 84,200 88,304
Carrying Amount | Junior subordinated debentures    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities 27,069 27,004
Total Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment securities available for sale 124,874 143,196
Investment securities held to maturity 180,474 195,519
Total Estimated Fair Value | Cash and cash equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 25,348 23,642
Total Estimated Fair Value | Loans Receivable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 928,326 909,254
Total Estimated Fair Value | FHLB stock    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 4,742 4,927
Total Estimated Fair Value | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities 240,968 188,972
Total Estimated Fair Value | FHLB advances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities 84,006 88,101
Total Estimated Fair Value | Junior subordinated debentures    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities 19,952 19,327
Level 1 | Cash and cash equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 25,348 23,642
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment securities available for sale 124,874 143,196
Investment securities held to maturity 180,474 195,519
Level 2 | FHLB stock    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 4,742 4,927
Level 2 | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities 240,968 188,972
Level 2 | FHLB advances    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities 84,006 88,101
Level 3 | Loans Receivable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 928,326 909,254
Level 3 | Junior subordinated debentures    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities $ 19,952 $ 19,327
v3.25.0.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]        
Income from BOLI $ 225 $ 211 $ 715 $ 669
FHLMC loan servicing fees 18 21 57 64
Total non-interest income, net 3,341 3,056 10,549 9,748
Contract with customer liability 0   0  
Revenue remaining performance obligation 0 0 0 0
Asset management fees        
Revenue from External Customer [Line Items]        
Non-interest income 1,443 1,266 4,434 3,920
Debit card and ATM fees        
Revenue from External Customer [Line Items]        
Non-interest income 764 808 2,386 2,500
Deposit related fees        
Revenue from External Customer [Line Items]        
Non-interest income 484 465 1,394 1,374
Loan related fees        
Revenue from External Customer [Line Items]        
Non-interest income 101 99 276 471
Other, net        
Revenue from External Customer [Line Items]        
Non-interest income $ 306 $ 186 $ 1,287 $ 750
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Significant Off-balance Sheet Commitments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Total $ 106,596
Commitments to extend credit | Adjustable-rate  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Total 3,000
Commitments to extend credit | Fixed-rate  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Total 0
Standby letters of credit  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Total 1,600
Undisbursed loan funds and unused lines of credit  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Total $ 101,996
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)
 1 Months Ended 9 Months Ended
Aug. 31, 2024
Dec. 31, 2024
Mar. 31, 2024
Loss Contingencies [Line Items]      
Threshold limit for honoring of commitments   45 days  
Loans under warranty   $ 28,900,000  
Allowance for FHLMC loans   12,000  
Settlement of the litigation, final settlement $ 2,300,000    
Legal expense recovery   669,000  
Non Interest Income      
Loss Contingencies [Line Items]      
Legal expense recovery   583,000  
Professional fees      
Loss Contingencies [Line Items]      
Legal expense recovery   $ 86,000  
Pending Litigation      
Loss Contingencies [Line Items]      
Loss Contingency, Estimate of Possible Loss     $ 2,300,000
v3.25.0.1
LEASES - Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
LEASES    
Finance lease ROU assets $ 1,144 $ 1,202
Finance lease liability $ 2,117 $ 2,168
Finance lease remaining lease term 14 years 11 months 1 day 15 years 8 months 4 days
Finance lease discount rate 7.16% 7.16%
Operating lease ROU assets $ 4,508 $ 5,479
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets Prepaid Expense and Other Assets
Operating lease liabilities $ 4,746 $ 5,780
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities and Other Liabilities Accrued Liabilities and Other Liabilities
Operating lease weighted-average remaining lease term 4 years 10 months 9 days 5 years 4 months 2 days
Operating lease weighted-average discount rate 1.68% 1.74%
v3.25.0.1
LEASES - Lease Costs for Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
LEASES        
Finance lease amortization of ROU asset $ 19 $ 20 $ 58 $ 58
Finance lease interest on lease liability 38 39 115 119
Operating lease costs 283 283 849 849
Variable lease costs   53 105 157
Total lease cost $ 340 $ 395 $ 1,127 $ 1,183
v3.25.0.1
LEASES - Undiscounted Cash Flows (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Operating Leases    
Remainder of Fiscal 2025 $ 294  
2026 1,125  
2027 1,116  
2028 899  
2029 684  
Thereafter 947  
Total minimum lease payments 5,065  
Less: amount of lease payment representing interest (319)  
Lease liabilities 4,746 $ 5,780
Finance Lease    
Remainder of Fiscal 2025 57  
2026 226  
2027 230  
2028 232  
2029 232  
Thereafter 2,479  
Total minimum lease payments 3,456  
Less: amount of lease payment representing interest (1,339)  
Lease liabilities $ 2,117 $ 2,168
v3.25.0.1
LEASES - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
LEASES        
Operating lease $ 293,000 $ 343,000 $ 988,000 $ 1,000,000
ROU assets obtained in exchange for operating lease liabilities $ 0 $ 0 $ 0 $ 0