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20. Riverview Bancorp, Inc. (Parent Company)

12 Months Ended

Mar. 31, 2013

20. Riverview Bancorp, Inc. (Parent Company)

20. RIVERVIEW BANCORP, INC. (PARENT COMPANY)

BALANCE SHEETS
March 31, 2013 AND 2012
(In thousands)		2013		2012
ASSETS
Cash and cash equivalents (including interest earning accounts of $952 and $2,856)	$	1,020	$	2,904
Investment in the Bank		102,280		96,348
Other assets		1,117		1,694
TOTAL ASSETS	$	104,417	$	100,946
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accrued expenses and other liabilities	$	3,294	$	2,658
Borrowings		22,681		22,681
Parent Company Shareholders' equity		78,442		75,607
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	104,417	$	100,946

STATEMENTS OF OPERATIONS
years ended March 31, 2013, 2012 and 2011
(In thousands)		2013		2012		2011
INCOME:
Interest on investment securities and other short-term investments	$	20	$	40	$	44
Interest on loan receivable from the Bank		50		59		68
Total income		70		99		112
EXPENSE:
Management service fees paid to the Bank		143		142		143
Other expenses		685		3,624		1,316
Total expense		828		3,766		1,459
LOSS BEFORE INCOME TAXES AND EQUITY
IN UNDISTRIBUTED LOSS OF THE BANK		(758)		(3,667)		(1,347)
PROVISION (BENEFIT) FOR INCOME TAXES		(258)		81		(458)
LOSS OF PARENT COMPANY		(500)		(3,748)		(889)
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK		3,133		(27,909)		5,204
NET INCOME (LOSS)	$	2,633	$	(31,657)	$	4,315

There were no items of other comprehensive income for the parent Company.

RIVERVIEW BANCORP, INC. (PARENT COMPANY)
STATEMENTS OF CASH FLOWS
YEARS ENDED MARCH 31, 2013, 2012 AND 2011
(In thousands)		2013		2012		2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	2,633	$	(31,657)	$	4,315
Adjustments to reconcile net income (loss) cash provided by (used in) operating activities:
Equity in undistributed (earnings) loss of the Bank		(3,133)		27,909		(5,204)
Provision (benefit) for deferred income taxes		-		(15)		10
Writedown of real estate owned		-		1,997		-
Earned ESOP shares		42		62		64
Stock based compensation		2		12		77
Changes in assets and liabilities
Other assets		577		114		(43)
Accrued expenses and other liabilities		695		1,382		1,209
Net cash provided by (used in) operating activities		816		(196)		428
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		(2,700)		(2,000)		(7,000)
Net cash used in investing activities		(2,700)		(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		(1,884)		(1,155)		3,869
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		2,904		4,059		190
CASH AND CASH EQUIVALENTS, END OF YEAR	$	1,020	$	2,904	$	4,059

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 2013:
Interest income	$	6,905	$	8,136	$	8,648	$	9,243
Interest expense		700		752		861		1,172
Net interest income		6,205		7,384		7,787		8,071
Provision for (recapture of) loan losses		(3,600)		-		500		4,000
Non-interest income		2,032		2,087		2,314		2,440
Non-interest expense		10,236		8,434		7,812		8,276
Income (loss) before income taxes		1,601		1,037		1,789		(1,765)
Provision for income taxes		6		6		2		15
Net income (loss)	$	1,595	$	1,031	$	1,787	$	(1,780)
Basic earnings (loss) per share ⁽¹⁾	$	0.07	$	0.05	$	0.08	$	(0.08)
Diluted earnings (loss) per share ⁽¹⁾	$	0.07	$	0.05	$	0.08	$	(0.08)

(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 (loss) before income taxes		(16,153)		(8,375)		222		1,027
Provision (benefit) for income taxes		(196)		8,220		41		313
Net income (loss)	$	(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

⁽¹⁾ Quarterly earnings per share may vary from annual earnings per share due to rounding.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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