[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the transition period from _____ to
_____
|
Washington |
91-1838969
|
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S.
Employer I.D. Number)
|
|
900 Washington St., Ste. 900,Vancouver, Washington |
98660
|
|
(Address of principal executive offices) |
(Zip
Code)
|
|
Registrant's telephone number, including area code: |
(360)
693-6650
|
Part I. | Financial Information | Page |
Item 1: | Financial Statements (Unaudited) | |
Consolidated
Balance Sheets
as
of June 30, 2010 and March 31, 2010
|
2 | |
Consolidated
Statements of Income
Three
Months Ended June 30, 2010 and 2009
|
3 | |
Consolidated
Statements of Equity
Three
Months Ended June 30, 2010 and 2009
|
4 | |
Consolidated
Statements of Cash Flows
Three
Months Ended June 30, 2010 and 2009
|
5 | |
Notes to Consolidated Financial Statements | 6-16 | |
Item 2: |
Management's
Discussion and Analysis of
Financial
Condition and Results of Operations
|
17-33 |
Item 3: | Quantitative and Qualitative Disclosures About Market Risk | 33 |
Item 4: | [Removed and reserved] | 33 |
Part II. | Other Information | 34-46 |
Item 1: | Legal Proceedings | |
Item 1A: | Risk Factors | |
Item 2: | Unregistered Sale of Equity Securities and Use of Proceeds | |
Item 3: | Defaults Upon Senior Securities | |
Item 4: | Submission of Matters to a Vote of Security Holders | |
Item 5: | Other Information | |
Item 6: | Exhibits | |
SIGNATURES | ||
Certifications | 47 | |
Exhibit 31.1 | ||
Exhibit 31.2 | ||
Exhibit 32 | ||
(In
thousands, except share and per share data) (Unaudited)
|
June
30,
2010
|
March
31,
2010
|
||||
ASSETS
|
||||||
Cash
(including interest-earning accounts of $41,435 and
$3,384)
|
$
|
53,244
|
$
|
13,587
|
||
Loans
held for sale
|
667
|
255
|
||||
Investment
securities held to maturity, at amortized cost
(fair
value of $562 and $573)
|
511
|
517
|
||||
Investment
securities available for sale, at fair value
(amortized
cost of $8,691 and $8,706)
|
6,727
|
6,802
|
||||
Mortgage-backed
securities held to maturity, at amortized
cost
(fair value of $211 and $265)
|
203
|
259
|
||||
Mortgage-backed
securities available for sale, at fair value
(amortized
cost of $2,472 and $2,746)
|
2,554
|
2,828
|
||||
Loans
receivable (net of allowance for loan losses of $19,565 and
$21,642)
|
697,795
|
712,837
|
||||
Real
estate and other personal property owned
|
14,908
|
13,325
|
||||
Prepaid
expenses and other assets
|
7,560
|
7,934
|
||||
Accrued
interest receivable
|
2,653
|
2,849
|
||||
Federal
Home Loan Bank stock, at cost
|
7,350
|
7,350
|
||||
Premises
and equipment, net
|
16,201
|
16,487
|
||||
Deferred
income taxes, net
|
11,197
|
11,177
|
||||
Mortgage
servicing rights, net
|
493
|
509
|
||||
Goodwill
|
25,572
|
25,572
|
||||
Core
deposit intangible, net
|
288
|
314
|
||||
Bank
owned life insurance
|
15,501
|
15,351
|
||||
TOTAL
ASSETS
|
$
|
863,424
|
$
|
837,953
|
||
LIABILITIES
AND EQUITY
|
||||||
LIABILITIES:
|
||||||
Deposit
accounts
|
$
|
715,573
|
$
|
688,048
|
||
Accrued
expenses and other liabilities
|
8,224
|
6,833
|
||||
Advanced
payments by borrowers for taxes and insurance
|
194
|
427
|
||||
Federal
Home Loan Bank advances
|
28,000
|
23,000
|
||||
Federal
Reserve Bank advances
|
-
|
10,000
|
||||
Junior
subordinated debentures
|
22,681
|
22,681
|
||||
Capital
lease obligations
|
2,599
|
2,610
|
||||
Total
liabilities
|
777,271
|
753,599
|
||||
COMMITMENTS
AND CONTINGENCIES (See Note 16)
|
||||||
EQUITY:
|
||||||
Shareholders’
equity
|
||||||
Serial
preferred stock, $.01 par value; 250,000 authorized, issued and
outstanding: none
|
-
|
-
|
||||
Common
stock, $.01 par value; 50,000,000 authorized
|
||||||
June
30, 2010 – 10,923,773 issued and outstanding
|
109
|
109
|
||||
March
31, 2010 – 10,923,773 issued and outstanding
|
||||||
Additional
paid-in capital
|
46,980
|
46,948
|
||||
Retained
earnings
|
40,643
|
38,878
|
||||
Unearned
shares issued to employee stock ownership trust
|
(773
|
)
|
(799
|
)
|
||
Accumulated
other comprehensive loss
|
(1,241
|
)
|
(1,202
|
)
|
||
Total
shareholders’ equity
|
85,718
|
83,934
|
||||
Noncontrolling
interest
|
435
|
420
|
||||
Total
equity
|
86,153
|
84,354
|
||||
TOTAL
LIABILITIES AND EQUITY
|
$
|
863,424
|
$
|
837,953
|
Three Months Ended
June 30,
|
||||||
(In thousands, except share and per share data) (Unaudited) | 2010 | 2009 | ||||
INTEREST INCOME: | ||||||
Interest
and fees on loans receivable
|
$
|
11,193
|
$
|
11,710
|
||
Interest
on investment securities – taxable
|
55
|
98
|
||||
Interest
on investment securities – non-taxable
|
15
|
32
|
||||
Interest
on mortgage-backed securities
|
26
|
40
|
||||
Other
interest and dividends
|
15
|
14
|
||||
Total
interest and dividend income
|
11,304
|
11,894
|
||||
INTEREST
EXPENSE:
|
||||||
Interest
on deposits
|
1,901
|
2,694
|
||||
Interest
on borrowings
|
385
|
520
|
||||
Total
interest expense
|
2,286
|
3,214
|
||||
Net
interest income
|
9,018
|
8,680
|
||||
Less
provision for loan losses
|
1,300
|
2,350
|
||||
Net
interest income after provision for loan losses
|
7,718
|
6,330
|
||||
NON-INTEREST
INCOME:
|
||||||
Fees
and service charges
|
1,099
|
1,244
|
||||
Asset
management fees
|
521
|
509
|
||||
Net
gain on sale of loans held for sale
|
119
|
401
|
||||
Impairment
on investment security
|
-
|
(258
|
)
|
|||
Bank
owned life insurance
|
150
|
151
|
||||
Other
|
347
|
56
|
||||
Total
non-interest income
|
2,236
|
2,103
|
||||
NON-INTEREST
EXPENSE:
|
||||||
Salaries
and employee benefits
|
3,940
|
3,875
|
||||
Occupancy
and depreciation
|
1,141
|
1,233
|
||||
Data
processing
|
252
|
240
|
||||
Amortization
of core deposit intangible
|
26
|
30
|
||||
Advertising
and marketing expense
|
135
|
159
|
||||
FDIC
insurance premium
|
421
|
695
|
||||
State
and local taxes
|
171
|
149
|
||||
Telecommunications
|
107
|
116
|
||||
Professional
fees
|
326
|
304
|
||||
Real
estate owned expenses
|
166
|
609
|
||||
Other
|
580
|
578
|
||||
Total
non-interest expense
|
7,265
|
7,988
|
||||
INCOME
BEFORE INCOME TAXES
|
2,689
|
445
|
||||
PROVISION
FOR INCOME TAXES
|
924
|
102
|
||||
NET
INCOME
|
$
|
1,765
|
$
|
343
|
||
Earnings
per common share:
|
||||||
Basic
|
$
|
0.16
|
$
|
0.03
|
||
Diluted
|
0.16
|
0.03
|
||||
Weighted
average number of shares outstanding:
|
||||||
Basic
|
10,735,946
|
10,711,313
|
||||
Diluted
|
10,735,946
|
10,711,313
|
||||
(In
thousands, except share data) (Unaudited)
|
Common
Stock
|
Additional
Paid-In Capital
|
Retained
Earnings
|
Unearned
Shares
Issued
to
Employee
Stock
Ownership
Trust
|
Accumulated
Other
Comprehensive
Loss
|
Noncontrolling
Interest
|
Total
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||||||
Balance
April 1, 2009
|
10,923,773
|
$
|
109
|
$
|
46,866
|
$
|
44,322
|
$
|
(902
|
)
|
$
|
(1,732
|
)
|
$
|
364
|
$
|
89,027
|
|||||||
Stock
option expense
|
-
|
-
|
12
|
-
|
-
|
-
|
-
|
12
|
||||||||||||||||
Earned
ESOP shares
|
-
|
-
|
(6
|
)
|
-
|
26
|
-
|
-
|
20
|
|||||||||||||||
10,923,773
|
109
|
46,872
|
44,322
|
(876
|
)
|
(1,732
|
)
|
364
|
89,059
|
|||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||
Net
loss
|
-
|
-
|
-
|
343
|
-
|
-
|
-
|
343
|
||||||||||||||||
Other
comprehensive income, net of tax:
|
||||||||||||||||||||||||
Unrealized
holding gain on securities
available
for sale
|
-
|
-
|
-
|
-
|
-
|
76
|
-
|
76
|
||||||||||||||||
Noncontrolling
interest
|
-
|
-
|
-
|
-
|
-
|
-
|
18
|
18
|
||||||||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
437
|
||||||||||||||||
Balance
June 30, 2009
|
10,923,773
|
$
|
109
|
$
|
46,872
|
$
|
44,665
|
$
|
(876
|
)
|
$
|
(1,656
|
)
|
$
|
382
|
$
|
89,496
|
|||||||
Balance
April 1, 2010
|
10,923,773
|
$
|
109
|
$
|
46,948
|
$
|
38,878
|
$
|
(799
|
)
|
$
|
(1,202
|
)
|
$
|
420
|
$
|
84,354
|
|||||||
Stock
option expense
|
-
|
-
|
39
|
-
|
-
|
-
|
-
|
39
|
||||||||||||||||
Earned
ESOP shares
|
-
|
-
|
(7
|
)
|
-
|
26
|
-
|
-
|
19
|
|||||||||||||||
10,923,773
|
109
|
46,980
|
38,878
|
(773
|
)
|
(1,202
|
)
|
420
|
84,412
|
|||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||
Net
income
|
-
|
-
|
-
|
1,765
|
-
|
-
|
-
|
1,765
|
||||||||||||||||
Other
comprehensive income, net of tax:
|
||||||||||||||||||||||||
Unrealized holding loss on securities
available for sale
|
-
|
-
|
-
|
-
|
-
|
(39
|
)
|
-
|
(39
|
)
|
||||||||||||||
Noncontrolling
interest
|
-
|
-
|
-
|
-
|
-
|
-
|
15
|
15
|
||||||||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,741
|
||||||||||||||||
Balance
June 30, 2010
|
10,923,773
|
$
|
109
|
$
|
46,980
|
$
|
40,643
|
$
|
(773
|
)
|
$
|
(1,241
|
)
|
$
|
435
|
$
|
86,153
|
|||||||
(In
thousands) (Unaudited)
|
2010
|
2009
|
||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||
Net
income
|
$
|
1,765
|
$
|
343
|
||
Adjustments
to reconcile net income to cash provided by operating
activities:
|
||||||
Depreciation
and amortization
|
345
|
595
|
||||
Mortgage
servicing rights valuation adjustment
|
(1
|
)
|
1
|
|||
Provision
for loan losses
|
1,300
|
2,350
|
||||
Noncash
expense related to ESOP
|
19
|
20
|
||||
Decrease
in deferred loan origination fees, net of amortization
|
(189
|
)
|
(83
|
)
|
||
Origination
of loans held for sale
|
(3,969
|
)
|
(13,990
|
)
|
||
Proceeds
from sales of loans held for sale
|
3,602
|
15,243
|
||||
Stock
based compensation expense
|
39
|
12
|
||||
Writedown
of real estate owned
|
74
|
305
|
||||
Net
gain on loans held for sale, sale of real estate owned,
mortgage-backed
securities, investment securities and premises and
equipment
|
(261
|
)
|
(32
|
)
|
||
Income
from bank owned life insurance
|
(150
|
)
|
(151
|
)
|
||
Changes
in assets and liabilities:
|
||||||
Prepaid
expenses and other assets
|
481
|
(434
|
)
|
|||
Accrued
interest receivable
|
196
|
88
|
||||
Accrued
expenses and other liabilities
|
1,450
|
(358
|
)
|
|||
Net
cash provided by operating activities
|
4,701
|
3,909
|
||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||
Loan
repayments, net
|
10,988
|
17,385
|
||||
Proceeds
from call, maturity, or sale of investment securities available for
sale
|
4,990
|
-
|
||||
Principal
repayments on investment securities available for sale
|
27
|
37
|
||||
Principal
repayments on investment securities held to maturity
|
6
|
6
|
||||
Purchase
of investment securities available for sale
|
(5,000
|
)
|
(4,988
|
)
|
||
Principal
repayments on mortgage-backed securities available for
sale
|
274
|
367
|
||||
Principal
repayments on mortgage-backed securities held to maturity
|
56
|
92
|
||||
Purchase
of premises and equipment and capitalized software
|
(147
|
)
|
(222
|
)
|
||
Capitalized
improvements related to real estate owned
|
(5
|
)
|
-
|
|||
Proceeds
from sale of real estate owned and premises and equipment
|
1,486
|
2,110
|
||||
Net
cash provided by investing activities
|
12,675
|
14,787
|
||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||
Net
increase (decrease) in deposit accounts
|
27,525
|
(20,998
|
)
|
|||
Proceeds
from borrowings
|
78,800
|
377,000
|
||||
Repayment
of borrowings
|
(83,800
|
)
|
(349,850
|
)
|
||
Principal
payments under capital lease obligation
|
(11
|
)
|
(9
|
)
|
||
Net
decrease in advance payments by borrowers
|
(233
|
)
|
(170
|
)
|
||
Net
cash provided by financing activities
|
22,281
|
5,973
|
||||
NET
INCREASE IN CASH
|
39,657
|
24,669
|
||||
CASH,
BEGINNING OF PERIOD
|
13,587
|
19,199
|
||||
CASH,
END OF PERIOD
|
$
|
53,244
|
$
|
43,868
|
||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||
Cash
paid during the year for:
|
||||||
Interest
|
$
|
1,939
|
$
|
3,218
|
||
Income
taxes
|
4
|
28
|
||||
NONCASH
INVESTING AND FINANCING ACTIVITIES:
|
||||||
Transfer
of loans to real estate owned, net
|
$
|
2,996
|
$
|
4,356
|
||
Fair
value adjustment to securities available for sale
|
(59
|
)
|
169
|
|||
Income
tax effect related to fair value adjustment
|
20
|
(93
|
)
|
1.
|
BASIS
OF PRESENTATION
|
2.
|
PRINCIPLES
OF CONSOLIDATION
|
3.
|
STOCK
PLANS AND STOCK-BASED COMPENSATION
|
Three
Months Ended
June
30, 2010
|
Year
Ended
March
31, 2010
|
|||||||||
Number
of Shares
|
Weighted
Average Exercise Price
|
Number
of Shares
|
Weighted
Average Exercise Price
|
|||||||
Balance,
beginning of period
|
465,700
|
$
|
9.35
|
371,696
|
$
|
10.99
|
||||
Grants
|
-
|
-
|
122,000
|
3.82
|
||||||
Options
exercised
|
-
|
-
|
-
|
-
|
||||||
Forfeited
|
-
|
-
|
(8,000
|
)
|
10.82
|
|||||
Expired
|
-
|
-
|
(19,996
|
)
|
5.50
|
|||||
Balance,
end of period
|
465,700
|
$
|
9.35
|
465,700
|
$
|
9.35
|
Three
Months
Ended
June
30, 2010
|
Year
Ended
March
31, 2010
|
||||||
Stock
options fully vested and expected to vest:
|
|||||||
Number
|
458,475
|
458,475
|
|||||
Weighted
average exercise price
|
$
|
9.42
|
$
|
9.42
|
|||
Aggregate
intrinsic value (1)
|
$
|
-
|
$
|
-
|
|||
Weighted
average contractual term of options (years)
|
6.44
|
6.69
|
|||||
Stock
options fully vested and currently exercisable:
|
|||||||
Number
|
335,700
|
334,200
|
|||||
Weighted
average exercise price
|
$
|
11.28
|
$
|
11.28
|
|||
Aggregate
intrinsic value (1)
|
$
|
-
|
$
|
-
|
|||
Weighted
average contractual term of options (years)
|
5.46
|
5.70
|
|||||
(1) The
aggregate intrinsic value of a stock options in the table above represents
the total pre-tax intrinsic value (the amount by which the current market
value of the underlying stock exceeds the exercise price) that would have
been received by the option holders had all option holders
exercised. This amount changes based on changes in the market
value of the Company’s stock.
|
Risk
Free
Interest
Rate
|
Expected
Life
(years)
|
Expected
Volatility
|
Expected
Dividends
|
||||||||
Fiscal
2010
|
3.08
|
%
|
6.25
|
37.55
|
%
|
2.45
|
%
|
4.
|
EARNINGS
PER SHARE
|
Three
Months Ended
June
30,
|
||||||||
2010
|
2009
|
|||||||
Basic
EPS computation:
|
||||||||
Numerator-net
income
|
$ | 1,765,000 | $ | 343,000 | ||||
Denominator-weighted
average common shares
outstanding
|
10,735,946 | 10,711,313 | ||||||
Basic
EPS
|
$ | 0.16 | $ | 0.03 | ||||
Diluted
EPS computation:
|
||||||||
Numerator-net
income
|
$ | 1,765,000 | $ | 343,000 | ||||
Denominator-weighted
average common shares
outstanding
|
10,735,946 | 10,711,313 | ||||||
Effect
of dilutive stock options
|
- | - | ||||||
Weighted
average common shares
|
||||||||
and
common stock equivalents
|
10,735,946 | 10,711,313 | ||||||
Diluted
EPS
|
$ | 0.16 | $ | 0.03 |
5.
|
INVESTMENT
SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||||||||
June 30, 2010
|
|||||||||||
Municipal
bonds
|
$
|
511
|
$
|
51
|
$
|
-
|
$
|
562
|
|||
March 31, 2010
|
|||||||||||
Municipal
bonds
|
$
|
517
|
$
|
56
|
$
|
-
|
$
|
573
|
|||
June 30, 2010
|
Amortized
Cost
|
Estimated
Fair
Value
|
||||
Due
in one year or less
|
$
|
-
|
$
|
-
|
||
Due
after one year through five years
|
-
|
-
|
||||
Due
after five years through ten years
|
511
|
562
|
||||
Due
after ten years
|
-
|
-
|
||||
Total
|
$
|
511
|
$
|
562
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||||||||
June 30, 2010
|
|||||||||||
Trust
preferred
|
$
|
2,974
|
$
|
-
|
$
|
(1,980
|
)
|
$
|
994
|
||
Agency
securities
|
5,000
|
16
|
-
|
5,016
|
|||||||
Municipal
bonds
|
717
|
-
|
-
|
717
|
|||||||
Total
|
$
|
8,691
|
$
|
16
|
$
|
(1,980
|
)
|
$
|
6,727
|
||
March 31, 2010
|
|||||||||||
Trust
preferred
|
$
|
2,974
|
$
|
-
|
$
|
(1,932
|
)
|
$
|
1,042
|
||
Agency
securities
|
4,989
|
28
|
-
|
5,017
|
|||||||
Municipal
bonds
|
743
|
-
|
-
|
743
|
|||||||
Total
|
$
|
8,706
|
$
|
28
|
$
|
(1,932
|
)
|
$
|
6,802
|
||
June 30, 2010
|
Amortized
Cost
|
Estimated
Fair
Value
|
||||
Due
in one year or less
|
$
|
-
|
$
|
-
|
||
Due
after one year through five years
|
5,000
|
5,016
|
||||
Due
after five years through ten years
|
-
|
-
|
||||
Due
after ten years
|
3,691
|
1,711
|
||||
Total
|
$
|
8,691
|
$
|
6,727
|
Less
than 12 months
|
12
months or longer
|
Total
|
||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||
June 30, 2010
|
||||||||||||||||||
Trust
preferred
|
$
|
-
|
$
|
-
|
$
|
994
|
$
|
(1,980
|
)
|
$
|
994
|
$
|
(1,980
|
)
|
||||
March
31, 2010
|
||||||||||||||||||
Trust
preferred
|
$ | - | $ | - | $ | 1,042 | $ | (1,932 | ) | $ | 1,042 | $ | (1,932 | ) |
6.
|
MORTGAGE-BACKED
SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||||||||
June 30, 2010
|
||||||||||||
FHLMC
mortgage-backed securities
|
$
|
85
|
$
|
3
|
$
|
-
|
$
|
88
|
||||
FNMA
mortgage-backed securities
|
118
|
5
|
-
|
123
|
||||||||
Total
|
$
|
203
|
$
|
8
|
$
|
-
|
$
|
211
|
||||
March 31, 2010
|
||||||||||||
Real
estate mortgage investment conduits
|
$
|
53
|
$
|
-
|
$
|
-
|
$
|
53
|
||||
FHLMC
mortgage-backed securities
|
86
|
3
|
-
|
89
|
||||||||
FNMA
mortgage-backed securities
|
120
|
3
|
-
|
123
|
||||||||
Total
|
$
|
259
|
$
|
6
|
$
|
-
|
$
|
265
|
June 30, 2010
|
Amortized
Cost
|
Estimated
Fair
Value
|
|||
Due
in one year or less
|
$
|
-
|
$
|
-
|
|
Due
after one year through five years
|
8
|
8
|
|||
Due
after five years through ten years
|
-
|
-
|
|||
Due
after ten years
|
195
|
203
|
|||
Total
|
$
|
203
|
$
|
211
|
June 30, 2010
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||||||||
Real
estate mortgage investment conduits
|
$
|
501
|
$
|
19
|
$
|
-
|
$
|
520
|
||||
FHLMC
mortgage-backed securities
|
1,925
|
61
|
7
|
-
|
1,986
|
|||||||
FNMA
mortgage-backed securities
|
46
|
2
|
-
|
48
|
||||||||
Total
|
$
|
2,472
|
$
|
82
|
$
|
-
|
$
|
2,554
|
||||
March 31, 2010
|
||||||||||||
Real
estate mortgage investment conduits
|
$
|
538
|
$
|
18
|
$
|
-
|
$
|
556
|
||||
FHLMC
mortgage-backed securities
|
2,158
|
61
|
-
|
2,219
|
||||||||
FNMA
mortgage-backed securities
|
50
|
3
|
-
|
53
|
||||||||
Total
|
$
|
2,746
|
$
|
82
|
$
|
-
|
$
|
2,828
|
June 30, 2010
|
Amortized
Cost
|
Estimated
Fair
Value
|
|||
Due
in one year or less
|
$
|
-
|
$
|
-
|
|
Due
after one year through five years
|
1,950
|
2,013
|
|||
Due
after five years through ten years
|
175
|
187
|
|||
Due
after ten years
|
347
|
354
|
|||
Total
|
$
|
2,472
|
$
|
2,554
|
7.
|
LOANS
RECEIVABLE
|
June
30,
2010
|
March
31,
2010
|
||||
Commercial
and construction
|
|||||
Commercial
business
|
$
|
106,002
|
$
|
108,368
|
|
Other
real estate mortgage
|
455,106
|
459,178
|
|||
Real
estate construction
|
68,717
|
75,456
|
|||
Total
commercial and construction
|
629,825
|
643,002
|
|||
Consumer
|
|||||
Real
estate one-to-four family
|
84,956
|
88,861
|
|||
Other
installment
|
2,579
|
2,616
|
|||
Total
consumer
|
87,535
|
91,477
|
|||
Total
loans
|
717,360
|
734,479
|
|||
Less: Allowance
for loan losses
|
19,565
|
21,642
|
|||
Loans
receivable, net
|
$
|
697,795
|
$
|
712,837
|
8.
|
ALLOWANCE
FOR LOAN LOSSES
|
Three
Months Ended
June
30,
|
||||||
2010
|
2009
|
|||||
Beginning
balance
|
$
|
21,642
|
$
|
16,974
|
||
Provision
for losses
|
1,300
|
2,350
|
||||
Charge-offs
|
(3,392
|
)
|
(1,599
|
)
|
||
Recoveries
|
15
|
51
|
||||
Ending
balance
|
$
|
19,565
|
$
|
17,776
|
Three
Months Ended
June
30,
|
||||||
2010
|
2009
|
|||||
Beginning
balance
|
$
|
185
|
$
|
296
|
||
Net
change in allowance for unfunded loan commitments
|
5
|
(20
|
)
|
|||
Ending
balance
|
$
|
190
|
$
|
276
|
9.
|
GOODWILL
|
June
30,
2010
|
March
31,
2010
|
|||||
Federal
Home Loan Bank advances
|
$
|
28,000
|
$
|
23,000
|
||
Weighted
average interest rate:
|
0.81
|
%
|
0.64
|
%
|
10.
|
FEDERAL
RESERVE BANK ADVANCES
|
June
30,
2010
|
March
31,
2010
|
|||||
Federal
Reserve Bank of San Francisco advances
|
$
|
-
|
$
|
10,000
|
||
Weighted
average interest rate:
|
-
|
%
|
0.50
|
%
|
11.
|
JUNIOR
SUBORDINATED DEBENTURE
|
Issuance
Trust
|
Issuance
Date
|
Amount
Outstanding
|
Rate
Type
|
Initial
Rate
|
Rate
|
Maturing
Date
|
|||||||
Riverview
Bancorp Statutory Trust I
|
12/2005
|
$
|
7,217
|
Variable
(1)
|
5.88
|
%
|
1.90
|
%
|
3/2036
|
||||
Riverview
Bancorp Statutory Trust II
|
06/2007
|
15,464
|
Fixed
(2)
|
7.03
|
%
|
7.03
|
%
|
9/2037
|
|||||
$
|
22,681
|
||||||||||||
(1)
The trust preferred securities reprice quarterly based on the three-month
LIBOR plus 1.36%
|
|||||||||||||
(2)
The trust preferred securities bear a fixed quarterly interest rate for 60
months, at which time the rate begins to float on a quarterly basis based
on the three-month LIBOR plus 1.35% thereafter until
maturity.
|
12.
|
FAIR
VALUE MEASUREMENT
|
|
Fair
value measurements at June 30, 2010, using
|
||||||||||
Quoted
prices in
active
markets
for
identical
assets
|
Other
observable
inputs
|
Significant
unobservable
inputs
|
|||||||||
Fair
value
June
30, 2010
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||
Investment
securities available for sale
|
|||||||||||
Trust
preferred
|
$
|
994
|
$
|
-
|
$
|
-
|
$
|
994
|
|||
Agency
securities
|
5,016
|
-
|
5,016
|
-
|
|||||||
Municipal
bonds
|
717
|
-
|
717
|
-
|
|||||||
Mortgage-backed
securities available for sale
|
|||||||||||
Real
estate mortgage investment conduits
|
520
|
-
|
520
|
-
|
|||||||
FHLMC
mortgage-backed securities
|
1,986
|
-
|
1,986
|
-
|
|||||||
FNMA
mortgage-backed securities
|
48
|
-
|
48
|
-
|
|||||||
Total
recurring assets measured at fair value
|
$
|
9,281
|
$
|
-
|
$
|
8,287
|
$
|
994
|
For
the Three
|
|||
Months
Ended
|
|||
June
30, 2010
|
|||
Available
for sale
securities
|
|||
Balance
at March 31, 2010
|
$
|
1,042
|
|
Transfers
in to Level 3
|
-
|
||
Included
in earnings
(1)
|
-
|
||
Included
in other comprehensive income
|
(48
|
)
|
|
Balance
at June 30, 2010
|
$
|
994
|
|
(1)
Included in other
non-interest income
|
|||
|
Fair
value measurements at June 30, 2010, using
|
||||||||||
Quoted
prices in
active
markets
for
identical
assets
|
Other
observable
inputs
|
Significant
unobservable
inputs
|
|||||||||
Fair
value
June
30, 2010
|
(Level
1)
|
|
(Level
2)
|
|
(Level
3)
|
||||||
Impaired
loans
|
$
|
13,414
|
$
|
-
|
$
|
-
|
$
|
13,414
|
|||
Real
estate owned
|
5,624
|
-
|
-
|
5,624
|
|||||||
Total
nonrecurring assets measured at fair value
|
$
|
19,038
|
$
|
-
|
$
|
-
|
$
|
19,038
|
13.
|
NEW
ACCOUNTING PRONOUNCEMENTS
|
14.
|
FAIR
VALUE OF FINANCIAL INSTRUMENTS
|
June
30, 2010
|
March
31, 2010
|
||||||||||
Carrying
Value
|
Fair
value
|
Carrying
Value
|
Fair
Value
|
||||||||
Assets:
|
|||||||||||
Cash
|
$
|
53,244
|
$
|
53,244
|
$
|
13,587
|
$
|
13,587
|
|||
Investment
securities held to maturity
|
511
|
562
|
517
|
573
|
|||||||
Investment
securities available for sale
|
6,727
|
6,727
|
6,802
|
6,802
|
|||||||
Mortgage-backed
securities held to maturity
|
203
|
211
|
259
|
265
|
|||||||
Mortgage-backed
securities available for sale
|
2,554
|
2,554
|
2,828
|
2,828
|
|||||||
Loans
receivable, net
|
697,795
|
617,558
|
712,837
|
631,706
|
|||||||
Loans
held for sale
|
667
|
667
|
255
|
255
|
|||||||
Mortgage
servicing rights
|
493
|
871
|
509
|
1,015
|
|||||||
Liabilities:
|
|||||||||||
Demand
– savings deposits
|
410,268
|
410,268
|
396,342
|
396,342
|
|||||||
Time
deposits
|
305,305
|
308,145
|
291,706
|
294,337
|
|||||||
FHLB
advances
|
28,000
|
27,994
|
23,000
|
23,006
|
|||||||
FRB
advances
|
-
|
-
|
10,000
|
9,998
|
|||||||
Junior
subordinated debentures
|
22,681
|
12,908
|
22,681
|
14,124
|
15.
|
COMMITMENTS
AND CONTINGENCIES
|
Contract
or Notional Amount
|
||
Commitments
to originate loans:
|
||
Adjustable-rate
|
$
|
1,504
|
Fixed-rate
|
5,184
|
|
Standby
letters of credit
|
866
|
|
Undisbursed
loan funds, and unused lines of credit
|
81,517
|
|
Total
|
$
|
89,071
|
16.
|
SUBSEQUENT
EVENTS
|
Commercial
Business
|
Other
Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial
& Construction
Total
|
||||||||
June
30, 2010
|
(in
thousands)
|
||||||||||
Commercial
business
|
$
|
106,002
|
$
|
-
|
$
|
-
|
$
|
106,002
|
|||
Commercial
construction
|
-
|
-
|
36,440
|
36,440
|
|||||||
Office
buildings
|
-
|
90,116
|
-
|
90,116
|
|||||||
Warehouse/industrial
|
-
|
47,381
|
-
|
47,381
|
|||||||
Retail/shopping
centers/strip malls
|
-
|
86,080
|
-
|
86,080
|
|||||||
Assisted living facilities
|
-
|
35,317
|
-
|
35,317
|
|||||||
Single
purpose facilities
|
-
|
93,514
|
-
|
93,514
|
|||||||
Land
|
-
|
68,272
|
-
|
68,272
|
|||||||
Multi-family
|
-
|
34,426
|
-
|
34,426
|
|||||||
One-to-four
family construction
|
-
|
-
|
32,277
|
32,277
|
|||||||
Total
|
$
|
106,002
|
$
|
455,106
|
$
|
68,717
|
$
|
629,825
|
Commercial
Business
|
Other
Real
Estate
Mortgage
|
Real
Estate
Construction
|
Commercial
& Construction
Total
|
||||||||
March
31, 2010
|
(in
thousands)
|
||||||||||
Commercial
business
|
$
|
108,368
|
$
|
-
|
$
|
-
|
$
|
108,368
|
|||
Commercial
construction
|
-
|
-
|
40,017
|
40,017
|
|||||||
Office
buildings
|
-
|
90,000
|
-
|
90,000
|
|||||||
Warehouse/industrial
|
-
|
46,731
|
-
|
46,731
|
|||||||
Retail/shopping
centers/strip malls
|
-
|
80,982
|
-
|
80,982
|
|||||||
Assisted living facilities
|
-
|
39,604
|
-
|
39,604
|
|||||||
Single
purpose facilities
|
-
|
93,866
|
-
|
93,866
|
|||||||
Land
|
-
|
74,779
|
-
|
74,779
|
|||||||
Multi-family
|
-
|
33,216
|
-
|
33,216
|
|||||||
One-to-four
family construction
|
-
|
-
|
35,439
|
35,439
|
|||||||
Total
|
$
|
108,368
|
$
|
459,178
|
$
|
75,456
|
$
|
643,002
|
Actual
|
“Adequately
Capitalized”
|
“Well
Capitalized”
|
||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||
June
30, 2010
|
||||||||||||||||
Total
Capital:
|
||||||||||||||||
(To
Risk-Weighted Assets)
|
$
|
90,967
|
12.61
|
%
|
$
|
57,693
|
8.0
|
%
|
$
|
72,117
|
10.0
|
%
|
||||
Tier
1 Capital:
|
||||||||||||||||
(To
Risk-Weighted Assets)
|
81,889
|
11.36
|
28,847
|
4.0
|
43,270
|
6.0
|
||||||||||
Tier
1 Capital (Leverage):
|
||||||||||||||||
(To
Adjusted Tangible Assets)
|
81,889
|
9.78
|
33,490
|
4.0
|
41,863
|
5.0
|
||||||||||
Tangible
Capital:
|
||||||||||||||||
(To
Tangible Assets)
|
81,889
|
9.78
|
12,559
|
1.5
|
N/A
|
N/A
|
Actual
|
“Adequately
Capitalized”
|
“Well
Capitalized”
|
||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||
March
31, 2010
|
||||||||||||||||
Total
Capital:
|
||||||||||||||||
(To
Risk-Weighted Assets)
|
$
|
89,048
|
12.11
|
%
|
$
|
58,835
|
8.0
|
%
|
$
|
73,544
|
10.0
|
%
|
||||
Tier
1 Capital:
|
||||||||||||||||
(To
Risk-Weighted Assets)
|
79,801
|
10.85
|
29,417
|
4.0
|
44,126
|
6.0
|
||||||||||
Tier
1 Capital (Leverage):
|
||||||||||||||||
(To
Adjusted Tangible Assets)
|
79,801
|
9.84
|
32,453
|
4.0
|
40,566
|
5.0
|
||||||||||
Tangible
Capital:
|
||||||||||||||||
(To
Tangible Assets)
|
79,801
|
9.84
|
12,170
|
1.5
|
N/A
|
N/A
|
June
30,
2010
|
March
31, 2010
|
|||||
(dollars
in thousands)
|
||||||
Loans
accounted for on a non-accrual basis:
|
||||||
Commercial
business
|
$
|
6,989
|
$
|
6,430
|
||
Other
real estate mortgage
|
14,120
|
15,079
|
||||
Real
estate construction
|
10,148
|
11,826
|
||||
Real
estate one-to-four family
|
1,697
|
2,676
|
||||
Total
|
32,954
|
36,011
|
||||
Accruing
loans which are contractually
past
due 90 days or more
|
-
|
-
|
||||
Total
nonperforming loans
|
32,954
|
36,011
|
||||
REO
|
14,908
|
13,325
|
||||
Total
nonperforming assets
|
$
|
47,862
|
$
|
49,336
|
||
Total
nonperforming loans to total loans
|
4.59
|
%
|
4.90
|
%
|
||
Total
nonperforming loans to total assets
|
3.82
|
4.30
|
||||
Total
nonperforming assets to total assets
|
5.54
|
5.89
|
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
|||||||||||
June
30, 2010
|
(Dollars
in thousands)
|
||||||||||||||||
Commercial
business
|
$
|
1,121
|
$
|
2,689
|
$
|
3,179
|
$
|
-
|
$
|
-
|
$
|
6,989
|
|||||
Commercial
real estate
|
3,060
|
245
|
1,150
|
-
|
-
|
4,455
|
|||||||||||
Land
|
-
|
215
|
7,813
|
258
|
1,379
|
9,665
|
|||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Commercial
construction
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
One-to-four
family construction
|
3,300
|
3,836
|
1,734
|
1,278
|
-
|
10,148
|
|||||||||||
Real
estate one-to-four family
|
250
|
310
|
1,125
|
12
|
-
|
1,697
|
|||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Total
nonperforming loans
|
7,731
|
7,295
|
15,001
|
1,548
|
1,379
|
32,954
|
|||||||||||
REO
|
3,205
|
2,317
|
5,322
|
4,064
|
-
|
14,908
|
|||||||||||
Total
nonperforming assets
|
$
|
10,936
|
$
|
9,612
|
$
|
20,323
|
$
|
5,612
|
$
|
1,379
|
$
|
47,862
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
||||||||||||
June
30, 2010
|
(Dollars
in thousands)
|
||||||||||||||||
Land
development
|
$
|
7,229
|
$
|
4,399
|
$
|
48,087
|
$
|
317
|
$
|
8,240
|
$
|
68,272
|
|||||
Speculative
construction
|
4,152
|
10,836
|
11,847
|
1,278
|
-
|
28,113
|
|||||||||||
Total
speculative and land construction
|
$
|
11,381
|
$
|
15,235
|
$
|
59,934
|
$
|
1,595
|
$
|
8,240
|
$
|
96,385
|
Three
Months Ended June 30,
|
|||||||||||||||||
2010
|
2009
|
||||||||||||||||
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
||||||||||||
(Dollars
in thousands)
|
|||||||||||||||||
Interest-earning
assets:
|
|||||||||||||||||
Mortgage
loans
|
$
|
625,616
|
$
|
9,796
|
6.28
|
%
|
$
|
672,773
|
$
|
10,189
|
6.07
|
%
|
|||||
Non-mortgage
loans
|
104,235
|
1,397
|
5.38
|
118,775
|
1,521
|
5.14
|
|||||||||||
Total
net loans (1)
|
729,851
|
11,193
|
6.15
|
791,548
|
11,710
|
5.93
|
|||||||||||
Mortgage-backed
securities (2)
|
2,836
|
26
|
3.68
|
4,336
|
40
|
3.70
|
|||||||||||
Investment
securities (2)(3)
|
9,492
|
78
|
3.30
|
11,863
|
146
|
4.94
|
|||||||||||
Daily
interest-bearing assets
|
397
|
-
|
-
|
2,200
|
1
|
0.18
|
|||||||||||
Other
earning assets
|
12,547
|
15
|
0.48
|
11,482
|
13
|
0.45
|
|||||||||||
Total interest-earning assets
|
755,123
|
11,312
|
6.15
|
821,429
|
11,910
|
5.82
|
|||||||||||
Non-interest-earning
assets:
|
|||||||||||||||||
Office
properties and equipment, net
|
16,393
|
19,406
|
|||||||||||||||
Other
non-interest-earning assets
|
67,854
|
68,871
|
|||||||||||||||
Total
assets
|
$
|
839,370
|
$
|
909,706
|
|||||||||||||
Interest-bearing
liabilities:
|
|||||||||||||||||
Regular
savings accounts
|
$
|
32,264
|
44
|
0.55
|
$
|
28,566
|
39
|
0.55
|
|||||||||
Interest
checking accounts
|
73,734
|
63
|
0.34
|
90,232
|
118
|
0.52
|
|||||||||||
Money
market deposit accounts
|
207,265
|
508
|
0.98
|
183,368
|
646
|
1.41
|
|||||||||||
Certificates
of deposit
|
296,993
|
1,286
|
1.74
|
258,161
|
1,891
|
2.94
|
|||||||||||
Total
interest-bearing deposits
|
610,256
|
1,901
|
1.25
|
560,327
|
2,694
|
1.93
|
|||||||||||
Other
interest-bearing liabilities
|
45,843
|
385
|
3.37
|
166,413
|
520
|
1.25
|
|||||||||||
Total interest-bearing liabilities
|
656,099
|
2,286
|
1.40
|
726,740
|
3,214
|
1.77
|
|||||||||||
Non-interest-bearing
liabilities:
|
|||||||||||||||||
Non-interest-bearing
deposits
|
89,227
|
85,615
|
|||||||||||||||
Other
liabilities
|
7,613
|
6,870
|
|||||||||||||||
Total
liabilities
|
752,939
|
819,225
|
|||||||||||||||
Shareholders’
equity
|
86,431
|
90,481
|
|||||||||||||||
Total
liabilities and shareholders’ equity
|
$
|
839,370
|
$
|
909,706
|
|||||||||||||
Net
interest income
|
$
|
9,026
|
$
|
8,696
|
|||||||||||||
Interest
rate spread
|
4.61
|
%
|
4.05
|
%
|
|||||||||||||
Net
interest margin
|
4.79
|
%
|
4.25
|
%
|
|||||||||||||
Ratio
of average interest-earning assets to average interest-bearing
liabilities
|
115.09
|
%
|
113.03
|
%
|
|||||||||||||
Tax
equivalent adjustment (3)
|
$
|
8
|
$
|
16
|
|||||||||||||
(1)
Includes non-accrual loans.
|
|||||||||||||||||
(2)
For purposes of the computation of average yield on investments available
for sale, historical cost balances were utilized;
therefore,
the yield information does not give effect to changes in fair value that
are reflected as a component of shareholders’ equity.
|
|||||||||||||||||
(3)
Tax-equivalent adjustment relates to non-taxable investment interest
income. Interest and rates are presented on a fully taxable
–equivalent basis under a tax rate of 34%.
|
|||||||||||||||||
Three
Months Ended June 30,
|
|||||||||
2010
vs. 2009
|
|||||||||
Increase
(Decrease) Due to
|
|||||||||
Total
|
|||||||||
Increase
|
|||||||||
(in
thousands)
|
Volume
|
Rate
|
(Decrease)
|
||||||
Interest
Income:
|
|||||||||
Mortgage
loans
|
$
|
(735
|
)
|
$
|
342
|
$
|
(393
|
)
|
|
Non-mortgage
loans
|
(193
|
)
|
69
|
(124
|
)
|
||||
Mortgage-backed
securities
|
(14
|
)
|
-
|
(14
|
)
|
||||
Investment
securities (1)
|
(25
|
)
|
(43
|
)
|
(68
|
)
|
|||
Daily
interest-bearing
|
(1
|
)
|
-
|
(1
|
)
|
||||
Other
earning assets
|
1
|
1
|
2
|
||||||
Total
interest income
|
(967
|
)
|
369
|
(598
|
)
|
||||
Interest
Expense:
|
|||||||||
Regular
savings accounts
|
5
|
-
|
5
|
||||||
Interest
checking accounts
|
(19
|
)
|
(36
|
)
|
(55
|
)
|
|||
Money
market deposit accounts
|
77
|
(215
|
)
|
(138
|
)
|
||||
Certificates
of deposit
|
253
|
(858
|
)
|
(605
|
)
|
||||
Other
interest-bearing liabilities
|
(567
|
)
|
432
|
(135
|
)
|
||||
Total
interest expense
|
(251
|
)
|
(677
|
)
|
(928
|
)
|
|||
Net
interest income
|
$
|
(716
|
)
|
$
|
1,046
|
$
|
330
|
||
(1)
Interest is presented on a fully tax-equivalent basis under a tax rate of
34%
|
·
|
remain
in compliance with the minimum capital ratios contained in Riverview
Community Bank’s business plan;
|
·
|
provide
notice to and obtain a non-objection from the OTS prior to declaring a
dividend;
|
·
|
maintain
an adequate allowance for loan and lease
losses;
|
·
|
engage
an independent consultant to conduct a comprehensive evaluation of
Riverview Community Bank’s asset
quality;
|
·
|
submit
a quarterly update to its written comprehensive plan to reduce classified
assets, that is acceptable to the OTS;
and
|
·
|
obtain
written approval of the loan committee and the Board prior to the
extension of credit to any borrower with a classified
loan.
|
·
|
provide
notice to and obtain written non-objection from the OTS prior to declaring
a dividend or redeeming any capital stock or receiving dividends or other
payments from Riverview Community
Bank;
|
·
|
provide
notice to and obtain written non-objection from the OTS prior to
incurring, issuing, renewing or repurchasing any new debt;
and
|
·
|
submit
to the OTS within prescribed time periods an operations plan and a
consolidated capital plan that respectively addresses Riverview’s ability
to meet its financial obligations through December 2012 and how Riverview
Community Bank will maintain capital ratios mandated by its
MOU.
|
·
|
loan
delinquencies, problem assets and foreclosures may
increase;
|
·
|
demand
for our products and services may
decline;
|
·
|
collateral
for loans made may decline further in value, in turn reducing customers’
borrowing power, reducing the value of assets and collateral associated
with existing loans;
|
·
|
the
amount of our low-cost or non-interest bearing deposits may decrease;
and
|
·
|
the
price of our common stock may
decrease.
|
·
|
the
cash flow of the borrower and/or the project being
financed;
|
·
|
changes
and uncertainties as to the future value of the collateral, in the case of
a collateralized loan;
|
·
|
the
duration of the loan;
|
·
|
the
credit history of a particular borrower;
and
|
·
|
changes
in economic and industry
conditions.
|
·
|
our
general reserve, based on our historical default and loss experience and
certain macroeconomic factors based on management’s expectations of future
events; and
|
·
|
our
specific reserve, based on our evaluation of nonperforming loans and their
underlying collateral.
|
(a) | Exhibits: | |
3.1 | Articles of Incorporation of the Registrant (1) | |
3.2 | Bylaws of the Registrant (1) | |
4 | Form of Certificate of Common Stock of the Registrant (1) | |
10.1 |
Form
of Employment Agreement between the Bank and each Patrick Sheaffer, Ronald
A. Wysaske, David A. Dahlstrom and John A. Karas(2)
|
|
10.2 | Form of Change in Control Agreement between the Bank and Kevin J. Lycklama (2) | |
10.3 | Employee Severance Compensation Plan (3) | |
10.4 | Employee Stock Ownership Plan (4) | |
10.5 | 1998 Stock Option Plan (5) | |
10.6 | 2003 Stock Option Plan (6) | |
10.7 | Form of Incentive Stock Option Award Pursuant to 2003 Stock Option Plan (7) | |
10.8 | Form of Non-qualified Stock Option Award Pursuant to 2003 Stock Option Plan (7) | |
10.9 |
Deferred
Compensation Plan (8)
|
|
11 |
Statement
recomputation of per share earnings (See Note 4 of Notes to Consolidated
Financial Statements contained herein.)
|
|
31.1 |
Certifications
of the Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act
|
|
31.2 |
Certifications
of the Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act
|
|
32 |
Certifications
of the Chief Executive Officer and Chief Financial Officer Pursuant to
Section 906 of the Sarbanes-Oxley
Act
|
(1)
|
Filed
as an exhibit to the Registrant's Registration Statement on Form S-1
(Registration No. 333-30203), and incorporated herein by
reference.
|
(2)
|
Filed
as an exhibit to the Registrant's Current Report on Form 8-K filed with
the SEC on September 18, 2007 and incorporated herein by
reference.
|
(3)
|
Filed
as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the
quarter-ended September 30, 1997, and incorporated herein by
reference.
|
(4)
|
Filed
as an exhibit to the Registrant's Annual Report on Form 10-K for the year
ended March 31, 1998, and incorporated herein by
reference.
|
(5)
|
Filed
as an exhibit to the Registrant’s Registration Statement on Form S-8
(Registration No. 333-66049), and incorporated herein by
reference.
|
(6)
|
Filed
as an exhibit to the Registrant’s Definitive Annual Meeting Proxy
Statement (000-22957), filed with the Commission on June 5, 2003, and
incorporated herein by reference.
|
(7)
|
Filed
as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the
quarter-ended December 31, 2005, and incorporated herein by
reference.
|
(8)
|
Filed
as an exhibit to the Registrant’s Annual Report on Form 10-K for the year
ended March 31, 2009 and incorporated herein by
reference.
|
By: /S/ Patrick Sheaffer | By: /S/ Kevin J. Lycklama |
Patrick Sheaffer | Kevin J. Lycklama |
Chairman of the Board
|
Executive Vice President
|
Chief Executive Officer
|
Chief Financial Officer
|
(Principal Executive Officer) | |
Date: August 5, 2010 | Date: August 5, 2010 |
|
31.1
|
Certifications
of the Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act
|
|
31.2
|
Certifications
of the Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act
|
|
32
|
Certifications
of the Chief Executive Officer and Chief Financial Officer Pursuant to
Section 906 of the Sarbanes-Oxley
Act
|
48
|