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Employee Benefit Plans | 12 Months Ended
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Mar. 31, 2014
Notes |
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS Retirement Plan - The Riverview Bancorp, Inc. Employees’ Savings and Profit Sharing Plan (the “Plan”) is a defined contribution profit-sharing plan incorporating the provisions of Section 401(k) of the Internal Revenue Code. Company expenses related to the Plan for the years ended March 31, 2014, 2013 and 2012 were $195,000 $192,000 and $401,000, respectively. Directors Deferred Compensation Plan - Directors may elect to defer their monthly directors’ fees until retirement with no income tax payable by the director until retirement benefits are received. Chairman, President, Executive and Senior Vice Presidents of the Company may also defer salary into this plan. This alternative is made available to them through a nonqualified deferred compensation plan. The Company accrues annual interest on the unfunded liability under the Directors Deferred Compensation Plan based upon a formula relating to gross revenues, which amounted to 3.18%, 4.15% and 4.51% for the years ended March 31, 2014, 2013 and 2012, respectively. The estimated liability under the plan is accrued as earned by the participant. At March 31, 2014 and 2013, the Company’s aggregate liability under the plan was $297,000 and $339,000, respectively. Stock Option Plans - In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1998 and expired in October 2008. Accordingly, no further option awards may be granted under the 1998 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 1998 Plan has an exercise price equal to the fair market 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 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 2003 Plan has an exercise price equal to the fair market 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. The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes based 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, giving consideration to the contractual terms and vesting schedules. Expected volatility was 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. During the year ended March 31, 2014, the Company granted 87,154 stock options. The weighted average fair value of stock options granted during the year ended March 31, 2014 was $1.18. The Company did not grant stock options during the years ended March 31, 2013 and 2012. The Black-Scholes model uses the assumptions listed in the following table:
| Risk Free Interest Rate |  |  | Expected Life (years) |  |  | Expected Volatility |  |  | Expected Dividends |
Fiscal 2014 | 1.95 | % |  | 6.25 |  |  | 51.87 | % |  | 2.04 | %
Fiscal 2013 | - |  |  | - |  |  | - |  |  | - |
Fiscal 2012 | - |  |  | - |  |  | - |  |  | - |
As of March 31, 2014, unrecognized compensation cost related to nonvested stock options totaled $27,000. The Company recognized pre-tax compensation expense related to stock options of $78,000, $2,000 and $12,000 for the years ended March 31, 2014, 2013 and 2012, respectively. The following table presents the activity related to options under all plans for the years indicated.
| Year Ended March 31, |
| 2014 |  | 2013 |  | 2012 |
| Number of Shares |  |  | Weighted Average Exercise Price |  | Number of Shares |  |  | Weighted Average Exercise Price |  | Number of Shares |  |  | Weighted Average Exercise Price |
Balance, beginning of period | 407,500 |  | $ | 9.05 |  | 440,500 |  | $ | 8.87 |  | 468,700 |  | $ | 9.00 |
Grants | 87,154 |  |  | 2.78 |  | - |  |  | - |  | - |  |  | - |
Forfeited | - |  |  | - |  | (3,000 | ) |  | 1.97 |  | (28,200 | ) |  | 11.17 |
Expired | (20,000 | ) |  | 8.98 |  | (30,000 | ) |  | 7.00 |  | - |  |  | - |
Balance, end of period | 474,654 |  | $ | 7.91 |  | 407,500 |  | $ | 9.05 |  | 440,500 |  | $ | 8.87 |
Additional information regarding options outstanding as of March 31, 2014 is as follows: `
|  |  |  | Options Outstanding |  | Options Exercisable
|  | Weighted Avg |  |  |  |  | Weighted |  |  |  |  | Weighted
|  | Remaining |  |  |  |  | Average |  |  |  |  | Average
Range of |  | Contractual |  | Number |  |  | Exercise |  | Number |  |  | Exercise
Exercise Price |  | Life (years) |  | Outstanding |  |  | Price |  | Exercisable |  |  | Price
$1.97 - $6.17 |  | 6.71 |  | 258,154 |  | $ | 3.70 |  | 169,400 |  | $ | 4.19
$7.49 - $9.51 |  | 4.22 |  | 2,500 |  |  | 8.12 |  | 2,500 |  |  | 8.12
$10.10 - $10.83 |  | 2.65 |  | 9,000 |  |  | 10.37 |  | 9,000 |  |  | 10.37
$12.98 - $14.52 |  | 2.05 |  | 205,000 |  |  | 13.09 |  | 205,000 |  |  | 13.09
|  | 4.61 |  | 474,654 |  | $ | 7.91 |  | 385,900 |  | $ | 9.09
The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures.
| Year Ended March 31, 2014 |  | Year Ended March 31, 2013
Stock options fully vested and expected to vest: |  |  |  |  |  |  |
Number |  | 469,896 |  |  |  | 407,100 |
Weighted average exercise price | $ | 7.96 |  |  | $ | 9.06 |
Aggregate intrinsic value (1) | $ | 71,000 |  |  | $ | 3,000 |
Weighted average contractual term of options (years) |  | 4.57 |  |  |  | 4.34 |
Stock options fully vested and currently exercisable: |  |  |  |  |  |  |
Number |  | 385,900 |  |  |  | 404,300 |
Weighted average exercise price | $ | 9.09 |  |  | $ | 9.11 |
Aggregate intrinsic value (1) | $ | 16,000 |  |  | $ | 2,000 |
Weighted average contractual term of options (years) |  | 3.54 |  |  |  | 4.32 |
(1) The aggregate intrinsic value of a stock options in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s stock.
There were no stock options exercised for the years ended March 31, 2014, 2013 and 2012, respectively.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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