XML 17 R28.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Riverview Bancorp, Inc. (Parent Company) | 12 Months Ended
--- | ---
Mar. 31, 2012
Riverview Bancorp, Inc. (Parent Company): |
Riverview Bancorp, Inc. (Parent Company) |
20. | RIVERVIEW BANCORP, INC. (PARENT COMPANY)
BALANCE SHEETS |  |  |  |  |  |
MARCH 31, 2012 AND 2011 |  |  |  |  |  |
(In thousands) |  | 2012 |  |  | 2011 |
ASSETS |  |  |  |  |  |
Cash and cash equivalents (including interest earning accounts of $2,856 and $4,000) |  | $ | 2,904 |  |  | $ | 4,059 |
Investment in the Bank |  |  | 96,348 |  |  |  | 116,750 |
Real estate owned – held for investment |  |  | - |  |  |  | 8,328 |
Other assets |  |  | 1,694 |  |  |  | 1,808 |
TOTAL ASSETS |  | $ | 100,946 |  |  | $ | 130,945 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | 2,658 |  |  | $ | 1,305 |
Deferred income taxes |  |  | - |  |  |  | 15 |
Borrowings |  |  | 22,681 |  |  |  | 22,681 |
Shareholders' equity |  |  | 75,607 |  |  |  | 106,944 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 100,946 |  |  | $ | 130,945 |
STATEMENTS OF OPERATIONS |  |  |  |  |  |  |  |  |
YEARS ENDED MARCH 31, 2012, 2011 AND 2010 |  |  |  |  |  |  |  |  |
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
INCOME: |  |  |  |  |  |  |  |  |
Dividend income from Bank |  | $ | - |  |  | $ | - |  |  | $ | 300 |
Interest on investment securities and other short-term investments |  |  | 40 |  |  |  | 44 |  |  |  | 37 |
Interest on loan receivable from the Bank |  |  | 59 |  |  |  | 68 |  |  |  | 77 |
Total income |  |  | 99 |  |  |  | 112 |  |  |  | 414 |
EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |
Management service fees paid to the Bank |  |  | 142 |  |  |  | 143 |  |  |  | 143 |
Other expenses |  |  | 3,624 |  |  |  | 1,316 |  |  |  | 1,318 |
Total expense |  |  | 3,766 |  |  |  | 1,459 |  |  |  | 1,461 |
LOSS BEFORE INCOME TAXES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |
IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK |  |  | (3,667 | ) |  |  | (1,347 | ) |  |  | (1,047 | )
PROVISION (BENEFIT) FOR INCOME TAXES |  |  | 81 |  |  |  | (458 | ) |  |  | (458 | )
LOSS OF PARENT COMPANY |  |  | (3,748 | ) |  |  | (889 | ) |  |  | (589 | )
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK |  |  | (27,909 | ) |  |  | 5,204 |  |  |  | (4,855 | )
NET INCOME (LOSS) |  | $ | (31,657 | ) |  | $ | 4,315 |  |  | $ | (5,444 | )
RIVERVIEW BANCORP, INC. (PARENT COMPANY) STATEMENTS OF CASH FLOWS YEARS ENDED MARCH 31, 2012, 2011 AND 2010
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net income (loss) | $ | (31,657 | ) | $ | 4,315 |  | $ | (5,444 | )
Adjustments to reconcile net income (loss) cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed (earnings) loss of the Bank |  | 27,909 |  |  | (5,204 | ) |  | 4,855 |
Provision (benefit) for deferred income taxes |  | (15 | ) |  | 10 |  |  | (7 | )
Writedown of real estate owned |  | 1,997 |  |  | - |  |  | - |
Earned ESOP shares |  | 62 |  |  | 64 |  |  | 73 |
Stock based compensation |  | 12 |  |  | 77 |  |  | 112 |
Changes in assets and liabilities |  |  |  |  |  |  |  |  |
Other assets |  | 114 |  |  | (43 | ) |  | (413 | )
Accrued expenses and other liabilities |  | 1,382 |  |  | 1,209 |  |  | (91 | )
Net cash provided by (used in) operating activities |  | (196 | ) |  | 428 |  |  | (915 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Purchase of real estate held for investment |  | - |  |  | (8,328 | ) |  | - |
Proceeds from sale of real estate owned |  | 1,041 |  |  | - |  |  | - |
Additional investment in subsidiary |  | (2,000 | ) |  | (7,000 | ) |  | - |
Net cash used in investing activities |  | (959 | ) |  | (15,328 | ) |  | - |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock, net |  | - |  |  | 18,769 |  |  | - |
Net cash provided by financing activities |  | - |  |  | 18,769 |  |  | - |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  | (1,155 | ) |  | 3,869 |  |  | (915 | )
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |  | 4,059 |  |  | 190 |  |  | 1,105 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 2,904 |  | $ | 4,059 |  | $ | 190 |
NONCASH INVESTING AND FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Transfer of real estate owned | $ | 5,290 |  | $ | - |  | $ | - |
RIVERVIEW BANCORP, INC. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):
(Dollars in thousands, except share data) | Three Months Ended |
|  | March 31 |  |  |  | December 31 |  |  |  | September 30 |  |  |  | June 30 |
Fiscal 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 9,310 |  |  | $ | 9,829 |  |  | $ | 9,965 |  |  | $ | 10,428 |
Interest expense |  | 1,295 |  |  |  | 1,442 |  |  |  | 1,530 |  |  |  | 1,598 |
Net interest income |  | 8,015 |  |  |  | 8,387 |  |  |  | 8,435 |  |  |  | 8,830 |
Provision for loan losses |  | 17,500 |  |  |  | 8,100 |  |  |  | 2,200 |  |  |  | 1,550 |
Non-interest income |  | 1,561 |  |  |  | 1,530 |  |  |  | 1,832 |  |  |  | 1,904 |
Non-interest expense |  | 8,229 |  |  |  | 10,192 |  |  |  | 7,845 |  |  |  | 8,157 |
Income before income taxes |  | (16,153 | ) |  |  | (8,375 | ) |  |  | 222 |  |  |  | 1,027 |
Provision for income taxes |  | (196 | ) |  |  | 8,220 |  |  |  | 41 |  |  |  | 313 |
Net income (loss) (2) | $ | (15,957 | ) |  | $ | (16,595 | ) |  | $ | 181 |  |  | $ | 714 |
Basic earnings (loss) per share (1) | $ | (0.71 | ) |  | $ | (0.74 | ) |  | $ | 0.01 |  |  | $ | 0.03 |
Diluted earnings (loss) per share (1) | $ | (0.71 | ) |  | $ | (0.74 | ) |  | $ | 0.01 |  |  | $ | 0.03 |
Fiscal 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 10,388 |  |  | $ | 10,733 |  |  | $ | 10,789 |  |  | $ | 11,304 |
Interest expense |  | 1,701 |  |  |  | 1,926 |  |  |  | 2,139 |  |  |  | 2,286 |
Net interest income |  | 8,687 |  |  |  | 8,807 |  |  |  | 8,650 |  |  |  | 9,018 |
Provision for loan losses |  | 500 |  |  |  | 1,600 |  |  |  | 1,675 |  |  |  | 1,300 |
Non-interest income |  | 1,739 |  |  |  | 1,864 |  |  |  | 2,050 |  |  |  | 2,236 |
Non-interest expense |  | 8,566 |  |  |  | 8,253 |  |  |  | 7,412 |  |  |  | 7,265 |
Income before income taxes |  | 1,360 |  |  |  | 818 |  |  |  | 1,613 |  |  |  | 2,689 |
Provision for income taxes |  | 506 |  |  |  | 239 |  |  |  | 496 |  |  |  | 924 |
Net income | $ | 854 |  |  | $ | 579 |  |  | $ | 1,117 |  |  | $ | 1,765 |
Basic earnings per share (1) | $ | 0.04 |  |  | $ | 0.03 |  |  | $ | 0.06 |  |  | $ | 0.16 |
Diluted earnings per share (1) | $ | 0.04 |  |  | $ | 0.03 |  |  | $ | 0.06 |  |  | $ | 0.16 |
(1) | Quarterly earnings per share may vary from annual earnings per share due to rounding.
(2) | Increase in the quarter-ended December 31, 2011 due to the increase in the allowance for loan losses and the establishment of a valuation allowance on deferred tax assets. Increase in the quarter-ended March 31, 2012 due to the increase in the allowance for loan losses.

X
- Definition No authoritative reference available. + References No definition available. + Details
Name: | fil_RiverviewBancorpIncParentCompany
Namespace Prefix: | fil_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | fil_RiverviewBancorpIncParentCompanyAbstract
Namespace Prefix: | fil_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration