JUNIOR SUBORDINATED DEBENTURES (Tables)

3 Months Ended

Jun. 30, 2023

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, 2023 (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	%	6.91	%	3/2036
Riverview Bancorp Statutory Trust II	06/2007		15,464	Variable	(2)	7.03	%	6.90	%	9/2037
Merchants Bancorp Statutory Trust I (4)	06/2003		5,155	Variable	(3)	4.16	%	8.64	%	6/2033
			27,836
Fair value adjustment (4)			(896)
Total Debentures		$	26,940

(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.