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.