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JUNIOR SUBORDINATED DEBENTURES (Tables)

3 Months Ended

Jun. 30, 2020

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 June 30, 2020 (dollars in thousands):

		Issuance		Amount			Rate		Initial		Current		Maturity
Issuance Trust		Date		Outstanding			Type		Rate		Rate		Date
Riverview Bancorp Statutory Trust I		12/2005		$	7,217		Variable (1)		5.88	%	1.67	%	3/2036
Riverview Bancorp Statutory Trust II		06/2007			15,464		Variable (2)		7.03	%	1.66	%	9/2037
Merchants Bancorp Statutory Trust I (4)		06/2003			5,155		Variable (3)		4.16	%	3.38	%	6/2033
					27,836
Fair value adjustment (4)					(1,152)
Total Debentures				$	26,684

⁽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 a prior year’s business combination.

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Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.

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