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JUNIOR SUBORDINATED DEBENTURES (Tables)
 9 Months Ended
Dec. 31, 2019
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, 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

%  

3.25

%  

3/2036

Riverview Bancorp Statutory Trust II

 

06/2007

 

 

15,464

 

Variable (2)

 

7.03

%  

3.24

%  

9/2037

Merchants Bancorp Statutory Trust I (4)

 

06/2003

 

 

5,155

 

Variable (3)

 

4.16

%  

5.05

%  

6/2033

 

 

 

 

 

27,836

 

 

 

 

 

 

 

 

Fair value adjustment (4)

 

 

 

 

(1,196)

 

  

 

  

 

  

 

  

Total Debentures

 

 

 

$

26,640

 

  

 

  

 

  

 

  

(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%.

Amount, net of accretion, attributable to the purchase and assumption transaction of Merchants Bancorp’s trust preferred security on February 17, 2017.