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Condensed Financial Information of Parent Company Only Disclosure

12 Months Ended

Mar. 31, 2015

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.

- 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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