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RIVERVIEW BANCORP, INC. AND SUBSIDIARY - CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
INTEREST AND DIVIDEND INCOME:        
Interest and fees on loans receivable $ 7,631 $ 6,789 $ 15,071 $ 13,649
Interest on investment securities 769 702 1,489 1,284
Other interest and dividends 130 111 232 230
Total interest and dividend income 8,530 7,602 16,792 15,163
INTEREST EXPENSE:        
Interest on deposits 279 300 560 603
Interest on borrowings 163 139 321 273
Total interest expense 442 439 881 876
Net interest income 8,088 7,163 15,911 14,287
Recapture of loan losses   (300)   (800)
Net interest income after recapture of loan losses 8,088 7,463 15,911 15,087
NON-INTEREST INCOME:        
Fees and service charges 1,188 1,132 2,511 2,428
Asset management fees 727 801 1,549 1,625
Net gains on sale of loans held for sale 163 79 302 300
Bank owned life insurance ("BOLI") 190 190 381 387
BOLI death benefit in excess of cash surrender value 407   407  
Other, net (94) 14 (55) 25
Total non-interest income, net 2,581 2,216 5,095 4,765
NON-INTEREST EXPENSE:        
Salaries and employee benefits 4,531 4,236 9,171 8,650
Occupancy and depreciation 1,225 1,154 2,362 2,323
Data processing 476 431 971 921
Advertising and marketing 252 208 445 384
FDIC insurance premium 74 122 196 248
State and local taxes 146 123 285 260
Telecommunications 76 74 149 147
Professional fees 453 218 711 451
Litigation settlement 475   575  
Real estate owned 35 167 50 446
Other 654 551 1,297 1,199
Total non-interest expense 8,397 7,284 16,212 15,029
INCOME BEFORE INCOME TAXES 2,272 2,395 4,794 4,823
PROVISION FOR INCOME TAXES 592 743 1,417 1,576
NET INCOME $ 1,680 $ 1,652 $ 3,377 $ 3,247
Earnings per common share:        
Basic $ 0.07 $ 0.07 $ 0.15 $ 0.14
Diluted $ 0.07 $ 0.07 $ 0.15 $ 0.14
Weighted average number of common shares outstanding:        
Basic 22,474,019 22,449,386 22,470,957 22,441,898
Diluted 22,530,331 22,490,351 22,522,544 22,483,711