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Condensed Financial Information of Parent Company Only Disclosure

12 Months Ended

Mar. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure

20. RIVERVIEW BANCORP, INC. (PARENT COMPANY)

BALANCE SHEETS
March 31, 2014 AND 2013
(In thousands)		2014		2013
ASSETS
Cash and cash equivalents (including interest earning accounts of $1,056 and $952)	$	1,106	$	1,020
Investment in the Bank		120,897		102,280
Other assets		2,350		1,117
TOTAL ASSETS	$	124,353	$	104,417
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accrued expenses and other liabilities	$	3,694	$	3,294
Borrowings		22,681		22,681
Shareholders' equity		97,978		78,442
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	124,353	$	104,417

STATEMENTS OF OPERATIONS
years ended March 31, 2014, 2013 and 2012
(In thousands)		2014			2013			2012
INCOME:
Interest on investment securities and other short-term investments	$	13		$	20		$	40
Interest on loan receivable from the Bank		42			50			59
Total income		55			70			99
EXPENSE:
Management service fees paid to the Bank		143			143			142
Other expenses		459			685			3,624
Total expense		602			828			3,766
LOSS BEFORE INCOME TAXES AND EQUITY
IN UNDISTRIBUTED LOSS OF THE BANK		(547	)		(758	)		(3,667	)
PROVISION (BENEFIT) FOR INCOME TAXES		(1,365	)		(258	)		81
INCOME (LOSS) OF PARENT COMPANY		818			(500	)		(3,748	)
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK		18,605			3,133			(27,909	)
NET INCOME (LOSS)	$	19,423		$	2,633		$	(31,657	)

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

STATEMENTS OF CASH FLOWS

YEARS ENDED MARCH 31, 2014, 2013 AND 2012

(In thousands)		2014			2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	19,423		$	2,633		$	(31,657	)
Adjustments to reconcile net income (loss) cash provided by (used in) operating activities:
Equity in undistributed (earnings) loss of the Bank		(18,605	)		(3,133	)		27,909
Benefit for deferred income taxes		(1,364	)		-			(15	)
Writedown of real estate owned		-			-			1,997
Earned ESOP shares		68			42			62
Stock based compensation		78			2			12
Changes in assets and liabilities
Other assets		131			577			114
Accrued expenses and other liabilities		355			695			1,382
Net cash provided by (used in) operating activities		86			816			(196	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of real estate owned		-			-			1,041
Additional investment in subsidiary		-			(2,700	)		(2,000	)
Net cash used in investing activities		-			(2,700	)		(959	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		86			(1,884	)		(1,155	)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		1,020			2,904			4,059
CASH AND CASH EQUIVALENTS, END OF YEAR	$	1,106		$	1,020		$	2,904

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 2014:
Interest income	$	6,536		$	6,673	$	6,764		$	6,831
Interest expense		582			645		664			677
Net interest income		5,954			6,028		6,100			6,154
Provision for (recapture of) loan losses		(1,200	)		-		-			(2,500	)
Non-interest income		1,850			2,384		1,887			2,246
Non-interest expense		7,460			7,611		7,647			9,243
Income before income taxes		1,544			801		340			1,657
Provision (benefit) for income taxes		(15,097	)		-		(1	)		17
Net income	$	16,641		$	801	$	341		$	1,640
Basic earnings per share ⁽¹⁾	$	0.74		$	0.04	$	0.02		$	0.07
Diluted earnings per share ⁽¹⁾	$	0.74		$	0.04	$	0.02		$	0.07

(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	)

⁽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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