XML 39 R26.htm IDEA: XBRL DOCUMENT v3.5.0.1
Condensed Financial Information of Parent Company Only Disclosure
 12 Months Ended
Mar. 31, 2016
Notes  
Condensed Financial Information of Parent Company Only Disclosure

18.   RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)

 

BALANCE SHEETS

 

 

 

 

 

March 31, 2016 AND 2015

 

 

 

 

 

(In thousands)

 

2016

 

 

2015

ASSETS

 

 

 

 

 

Cash and cash equivalents (including interest earning accounts of

    $0 and $3,111)

$

1,467

 

$

3,140

Investment in the Bank

 

127,311

 

 

121,178

Other assets

 

2,657

 

 

2,439

TOTAL ASSETS

$

131,435

 

$

126,757

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Accrued expenses and other liabilities

$

29

 

$

22

Dividend payable

 

452

 

 

253

Borrowings

 

22,681

 

 

22,681

Shareholders' equity

 

108,273

 

 

103,801

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

131,435

 

$

126,757

 

STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

years ended March 31, 2016, 2015 and 2014

 

 

 

 

 

 

 

 

 

(In thousands)

 

2016

 

 

2015

 

 

2014

 

INCOME:

 

 

 

 

 

 

 

 

 

Dividend income from the Bank

$

-

 

$

6,000

 

$

-

 

Interest on investment securities and other short-term investments

 

12

 

 

13

 

 

13

 

Interest on loan receivable from the Bank

 

24

 

 

33

 

 

42

 

Total income

 

36

 

 

6,046

 

 

55

 

EXPENSE:

 

 

 

 

 

 

 

 

 

Management service fees paid to the Bank

 

143

 

 

143

 

 

143

 

Other expenses

 

443

 

 

457

 

 

459

 

Total expense

 

586

 

 

600

 

 

602

 

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK    

 

(550

)

 

5,446

 

 

(547

)

BENEFIT FOR INCOME TAXES

 

(187

)

 

(197

)

 

(1,365

)

INCOME (LOSS) OF PARENT COMPANY

 

(363

)

 

5,643

 

 

818

 

EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK

 

6,721

 

 

(1,152

)

 

18,605

 

NET INCOME

$

6,358

 

$

4,491

 

$

19,423

 

 

There were no items of other comprehensive income that were solely attributable to the parent Company.

 

RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)

 

STATEMENTS OF CASH FLOWS

YEARS ENDED MARCH 31, 2016, 2015 AND 2014

 

(In thousands)

 

2016

 

 

2015

 

 

2014

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Net income

$

6,358

 

$

4,491

 

$

19,423

 

Adjustments to reconcile net income to cash provided by

    (used in) operating activities:

 

 

 

 

 

 

 

 

 

Equity in undistributed (income) loss of the Bank

 

(6,721

)

 

1,152

 

 

(18,605

)

Provision (benefit) for deferred income taxes

 

721

 

 

(197

)

 

(1,364

)

Earned ESOP shares

 

110

 

 

102

 

 

68

 

Stock based compensation

 

-

 

 

26

 

 

78

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

Other assets

 

(941

)

 

110

 

 

131

 

Accrued expenses and other liabilities

 

(1

)

 

(3,698

)

 

355

 

Net cash provided by (used in) operating activities

 

(474

)

 

1,986

 

 

86

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Dividends paid

 

(1,261

)

 

-

 

 

-

 

Proceeds from exercise of stock options

 

62

 

 

48

 

 

-

 

Net cash provided by (used in) financing activities

 

(1,199

)

 

48

 

 

-

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(1,673

)

 

2,034

 

 

86

 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

 

3,140

 

 

1,106

 

 

1,020

 

CASH AND CASH EQUIVALENTS, END OF YEAR

$

1,467

 

$

3,140

 

$

1,106

 

 

 

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 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

$

7,864

 

 

$

7,921

 

 

$

7,602

 

 

$

7,561

 

Interest expense

 

432

 

 

 

434

 

 

 

439

 

 

 

437

 

Net interest income

 

7,432

 

 

 

7,487

 

 

 

7,163

 

 

 

7,124

 

Recapture of loan losses

 

(350

)

 

 

-

 

 

 

(300

)

 

 

(500

)

Non-interest income, net

 

2,193

 

 

 

2,417

 

 

 

2,216

 

 

 

2,549

 

Non-interest expense

 

7,569

 

 

 

7,349

 

 

 

7,284

 

 

 

7,745

 

Income before income taxes

 

2,406

 

 

 

2,555

 

 

 

2,395

 

 

 

2,428

 

Provision for income taxes

 

1,001

 

 

 

849

 

 

 

743

 

 

 

833

 

Net income

$

1,405

 

 

$

1,706

 

 

$

1,652

 

 

$

1,595

 

Basic earnings per share (1)

$

0.06

 

 

$

0.08

 

 

$

0.07

 

 

$

0.07

 

Diluted earnings per share (1)

$

0.06

 

 

$

0.08

 

 

$

0.07

 

 

$

0.07

 

 

 

 

March 31

 

 

 

December 31

 

 

 

September 30

 

 

 

June 30

 

Fiscal 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend 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

 

Recapture of loan losses

 

(750

)

 

 

(400

)

 

 

(350

)

 

 

(300

)

Non-interest income, net

 

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 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