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Condensed Financial Information of Parent Company Only Disclosure | 12 Months Ended
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Mar. 31, 2015
Notes |
Condensed Financial Information of Parent Company Only Disclosure | 21. RIVERVIEW BANCORP, INC. (PARENT COMPANY)
BALANCE SHEETS |  |  |  |  |
March 31, 2015 AND 2014 |  |  |  |  |
(In thousands) |  | 2015 |  |  | 2014
ASSETS |  |  |  |  |
Cash and cash equivalents (including interest earning accounts of $3,111 and $1,056) | $ | 3,140 |  | $ | 1,106
Investment in the Bank |  | 121,178 |  |  | 120,897
Other assets |  | 2,439 |  |  | 2,350
TOTAL ASSETS | $ | 126,757 |  | $ | 124,353
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |
Accrued expenses and other liabilities | $ | 275 |  | $ | 3,694
Borrowings |  | 22,681 |  |  | 22,681
Shareholders' equity |  | 103,801 |  |  | 97,978
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 126,757 |  | $ | 124,353
STATEMENTS OF INCOME |  |  |  |  |  |  |  |  |
years ended March 31, 2015, 2014 and 2013 |  |  |  |  |  |  |  |  |
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
INCOME: |  |  |  |  |  |  |  |  |
Dividend income from Bank | $ | 6,000 |  | $ | - |  | $ | - |
Interest on investment securities and other short-term investments |  | 13 |  |  | 13 |  |  | 20 |
Interest on loan receivable from the Bank |  | 33 |  |  | 42 |  |  | 50 |
Total income |  | 6,046 |  |  | 55 |  |  | 70 |
EXPENSE: |  |  |  |  |  |  |  |  |
Management service fees paid to the Bank |  | 143 |  |  | 143 |  |  | 143 |
Other expenses |  | 457 |  |  | 459 |  |  | 685 |
Total expense |  | 600 |  |  | 602 |  |  | 828 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY |  |  |  |  |  |  |  |  |
IN UNDISTRIBUTED LOSS OF THE BANK |  | 5,446 |  |  | (547 | ) |  | (758 | )
PROVISION (BENEFIT) FOR INCOME TAXES |  | (197 | ) |  | (1,365 | ) |  | (258 | )
INCOME (LOSS) OF PARENT COMPANY |  | 5,643 |  |  | 818 |  |  | (500 | )
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK |  | (1,152 | ) |  | 18,605 |  |  | 3,133 |
NET INCOME (LOSS) | $ | 4,491 |  | $ | 19,423 |  | $ | 2,633 |
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, 2015, 2014 AND 2013
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 4,491 |  | $ | 19,423 |  | $ | 2,633 |
Adjustments to reconcile net income (loss) cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed (earnings) loss of the Bank |  | 1,152 |  |  | (18,605 | ) |  | (3,133 | )
Benefit for deferred income taxes |  | (197 | ) |  | (1,364 | ) |  | - |
Earned ESOP shares |  | 102 |  |  | 68 |  |  | 42 |
Stock based compensation |  | 26 |  |  | 78 |  |  | 2 |
Changes in assets and liabilities |  |  |  |  |  |  |  |  |
Other assets |  | 110 |  |  | 131 |  |  | 577 |
Accrued expenses and other liabilities |  | (3,698 | ) |  | 355 |  |  | 695 |
Net cash provided by (used in) operating activities |  | 1,986 |  |  | 86 |  |  | 816 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Additional investment in subsidiary |  | - |  |  | - |  |  | (2,700 | )
Net cash used in investing activities |  | - |  |  | - |  |  | (2,700 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Proceeds from exercise of stock options |  | 48 |  |  | - |  |  | - |
Net cash provided by financing activities |  | 48 |  |  | - |  |  | - |
NET INCREASE (DECREASE) IN CASH |  | 2,034 |  |  | 86 |  |  | (1,884 | )
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |  | 1,106 |  |  | 1,020 |  |  | 2,904 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 3,140 |  | $ | 1,106 |  | $ | 1,020 |
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 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 7,347 |  |  | $ | 7,203 |  |  | $ | 7,210 |  |  | $ | 6,866 |
Interest expense |  | 434 |  |  |  | 485 |  |  |  | 490 |  |  |  | 507 |
Net interest income |  | 6,913 |  |  |  | 6,718 |  |  |  | 6,720 |  |  |  | 6,359 |
Provision for (recapture of) loan losses |  | (750 | ) |  |  | (400 | ) |  |  | (350 | ) |  |  | (300 | )
Non-interest income |  | 2,178 |  |  |  | 2,264 |  |  |  | 2,223 |  |  |  | 2,210 |
Non-interest expense |  | 7,689 |  |  |  | 7,646 |  |  |  | 7,674 |  |  |  | 7,735 |
Income before income taxes |  | 2,152 |  |  |  | 1,736 |  |  |  | 1,619 |  |  |  | 1,134 |
Provision (benefit) for income taxes |  | 634 |  |  |  | 587 |  |  |  | 535 |  |  |  | 394 |
Net income | $ | 1,518 |  |  | $ | 1,149 |  |  | $ | 1,084 |  |  | $ | 740 |
Basic earnings per share (1) | $ | 0.07 |  |  | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.03 |
Diluted earnings per share (1) | $ | 0.07 |  |  | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.03 |
(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 (loss) before income taxes |  | 1,544 |  |  |  | 801 |  |  |  | 340 |  |  |  | 1,657 |
Provision for income taxes |  | (15,097 | ) |  |  | - |  |  |  | (1 | ) |  |  | 17 |
Net income (loss) | $ | 16,641 |  |  | $ | 801 |  |  | $ | 341 |  |  | $ | 1,640 |
Basic earnings (loss) per share (1) | $ | 0.74 |  |  | $ | 0.04 |  |  | $ | 0.02 |  |  | $ | 0.07 |
Diluted earnings (loss) per share (1) | $ | 0.74 |  |  | $ | 0.04 |  |  | $ | 0.02 |  |  | $ | 0.07 |
(1) Quarterly earnings per share may vary from annual earnings per share due to rounding.

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