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JUNIOR SUBORDINATED DEBENTURES (Tables) | 12 Months Ended
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Mar. 31, 2021
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 March 31, 2021 (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 | % | 1.54 | % | 3/2036
Riverview Bancorp Statutory Trust II |  |  | 06/2007 |  |  | 15,464 |  | Variable (2) |  | 7.03 | % | 1.53 | % | 9/2037
Merchants Bancorp Statutory Trust I (4) |  |  | 06/2003 |  |  | 5,155 |  | Variable (3) |  | 4.16 | % | 3.30 | % | 6/2033
|  |  |  |  |  | 27,836 |  |  |  |  |  |  |  |
Fair value adjustment (4) |  |  |  |  |  | (1,088) |  |  |  |  |  |  |  |
Total Debentures |  |  |  |  | $ | 26,748 |  |  |  |  |  |  |  |
(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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- Definition 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. + References No definition available. + Details
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