XML 40 R27.htm IDEA: XBRL DOCUMENT v3.5.0.1
Summary of Significant Accounting Policies: Principles of Consolidation (Policies)
 12 Months Ended
Mar. 31, 2016
Policies  
Principles of Consolidation

Principles of Consolidation – The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owned subsidiary, Riverview Community Bank (the “Bank”); and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc. and Riverview Asset Management Corp. (“RAMCorp”) (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated in consolidation. As of March 31, 2015, a noncontrolling interest owner held a 10% interest in RAMCorp. During December 2015, RAMCorp repurchased all the remaining shares held by its noncontrolling interest owner. The purchase price of these shares was based on two third party appraisals of RAMCorp. Upon repurchase these shares were retired. This transaction resulted in the Bank’s ownership of RAMCorp increasing from 90% at March 31, 2015 to 100% at March 31, 2016. The former noncontrolling interest owner is an Executive Vice President of the Bank and also serves as Chairman of the Board, CEO and President of its subsidiary, RAMCorp.

 

The Company has also established two subsidiary grantor trusts in connection with the issuance of trust preferred securities (see Note 10). In accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”), the accounts and transactions of the trusts are not included in the accompanying consolidated financial statements.