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JUNIOR SUBORDINATED DEBENTURES | 6 Months Ended
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Sep. 30, 2019
JUNIOR SUBORDINATED DEBENTURES |
JUNIOR SUBORDINATED DEBENTURES | 10. JUNIOR SUBORDINATED DEBENTURES The Company has three 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, totaling $26.6 million at both September 30, 2019 and March 31, 2019, 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 September 30, 2019 and March 31, 2019, is included in prepaid expenses and other assets in the accompanying 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 September 30, 2019 (dollars in thousands):
|  | Issuance |  | Amount |  |  |  | Initial |  | Current |  | Maturity
Issuance Trust |  | Date |  | Outstanding |  | Rate Type |  | Rate |  | Rate |  | Date
Riverview Bancorp Statutory Trust I |  | 12/2005 |  | $ | 7,217 |  | Variable (1) |  | 5.88 | % | 3.48 | % | 3/2036
Riverview Bancorp Statutory Trust II |  | 06/2007 |  |  | 15,464 |  | Variable (2) |  | 7.03 | % | 3.47 | % | 9/2037
Merchants Bancorp Statutory Trust I (4) |  | 06/2003 |  |  | 5,155 |  | Variable (3) |  | 4.16 | % | 5.21 | % | 6/2033
|  |  |  |  | 27,836 |  |  |  |  |  |  |  |
Fair value adjustment (4) |  |  |  |  | (1,217) |  |  |  |  |  |  |  |
Total Debentures |  |  |  | $ | 26,619 |  |  |  |  |  |  |  |
| (1) |  | The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.36%.
| (2) |  | The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.35%.
| (3) |  | The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.10%.
| (4) |  | Amount, net of accretion, attributable to the purchase and assumption transaction of Merchants Bancorp’s trust preferred security on February 17, 2017.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References No definition available. + Details
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- References No definition available. + Details
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