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RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) | 12 Months Ended
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Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) |
19. | RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)
BALANCE SHEETS |  |  |  |  |  |
MARCH 31, 2017 AND 2016 |  |  |  |  |  |
(In thousands) |  | 2017 |  |  | 2016 |
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,188 |  |  | $ | 1,467 |
Investment in the Bank |  |  | 129,947 |  |  |  | 127,311 |
Other assets |  |  | 3,022 |  |  |  | 2,657 |
TOTAL ASSETS |  | $ | 138,157 |  |  | $ | 131,435 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | 53 |  |  | $ | 29 |
Dividend payable |  |  | 450 |  |  |  | 452 |
Borrowings |  |  | 26,390 |  |  |  | 22,681 |
Shareholders' equity |  |  | 111,264 |  |  |  | 108,273 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |  | $ | 138,157 |  |  | $ | 131,435 |
STATEMENTS OF INCOME |  |  |  |  |  |  |  |  |
YEARS ENDED MARCH 31, 2017, 2016 AND 2015 |  |  |  |  |  |  |  |  |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
INCOME: |  |  |  |  |  |  |  |  |
Dividend income from the Bank |  | $ | - |  |  | $ | - |  |  | $ | 6,000 |
Interest on investment securities and other short-term investments |  |  | 21 |  |  |  | 12 |  |  |  | 13 |
Interest on loan receivable from the Bank |  |  | 15 |  |  |  | 24 |  |  |  | 33 |
Total income |  |  | 36 |  |  |  | 36 |  |  |  | 6,046 |
EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |
Management service fees paid to the Bank |  |  | 143 |  |  |  | 143 |  |  |  | 143 |
Other expenses |  |  | 587 |  |  |  | 443 |  |  |  | 457 |
Total expense |  |  | 730 |  |  |  | 586 |  |  |  | 600 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |
IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK |  |  | (694 | ) |  |  | (550 | ) |  |  | 5,446 |
BENEFIT FOR INCOME TAXES |  |  | (235 | ) |  |  | (187 | ) |  |  | (197 | )
INCOME (LOSS) OF PARENT COMPANY |  |  | (459 | ) |  |  | (363 | ) |  |  | 5,643 |
EQUITY IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK |  |  | 7,863 |  |  |  | 6,721 |  |  |  | (1,152 | )
NET INCOME |  | $ | 7,404 |  |  | $ | 6,358 |  |  | $ | 4,491 |
There were no items of other comprehensive income that were solely attributable to the parent Company. STATEMENTS OF CASH FLOWS YEARS ENDED MARCH 31, 2017, 2016 AND 2015
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net income |  | $ | 7,404 |  |  | $ | 6,358 |  |  | $ | 4,491 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed (income) loss of the Bank |  |  | (7,863 | ) |  |  | (6,721 | ) |  |  | 1,152 |
Amortization |  |  | 22 |  |  |  | - |  |  |  | - |
Provision (benefit) for deferred income taxes |  |  | 666 |  |  |  | 721 |  |  |  | (197 | )
Earned ESOP shares |  |  | 143 |  |  |  | 110 |  |  |  | 102 |
Stock-based compensation |  |  | - |  |  |  | - |  |  |  | 26 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | (1,031 | ) |  |  | (941 | ) |  |  | 110 |
Accrued expenses and other liabilities |  |  | (19 | ) |  |  | (1 | ) |  |  | (3,698 | )
Net cash provided by (used in) operating activities |  |  | (678 | ) |  |  | (474 | ) |  |  | 1,986 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from assumption of junior subordinated debt (see Note 3) |  |  | 3,687 |  |  |  | - |  |  |  | - |
Dividend from the Bank |  |  | 2,500 |  |  |  | - |  |  |  | - |
Net cash provided by investing activities |  |  | 6,187 |  |  |  | - |  |  |  | - |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Dividends paid |  |  | (1,799 | ) |  |  | (1,261 | ) |  |  | - |
Proceeds from exercise of stock options |  |  | 11 |  |  |  | 62 |  |  |  | 48 |
Net cash provided by (used in) financing activities |  |  | (1,788 | ) |  |  | (1,199 | ) |  |  | 48 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  |  | 3,721 |  |  |  | (1,673 | ) |  |  | 2,034 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |  |  | 1,467 |  |  |  | 3,140 |  |  |  | 1,106 |
CASH AND CASH EQUIVALENTS, END OF YEAR |  | $ | 5,188 |  |  | $ | 1,467 |  |  | $ | 3,140 |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):
(Dollars in thousands, except share data) |  | Three Months Ended |
|  | March 31 |  |  | December 31 |  |  | September 30 |  |  | June 30 |
Fiscal 2017: |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividend income |  | $ | 9,883 |  |  | $ | 8,952 |  |  | $ | 8,530 |  |  | $ | 8,262 |
Interest expense |  |  | 538 |  |  |  | 450 |  |  |  | 442 |  |  |  | 439 |
Net interest income |  |  | 9,345 |  |  |  | 8,502 |  |  |  | 8,088 |  |  |  | 7,823 |
Recapture of loan losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-interest income, net |  |  | 2,586 |  |  |  | 2,333 |  |  |  | 2,581 |  |  |  | 2,514 |
Non-interest expense |  |  | 8,918 |  |  |  | 7,851 |  |  |  | 8,397 |  |  |  | 7,815 |
Income before income taxes |  |  | 3,013 |  |  |  | 2,984 |  |  |  | 2,272 |  |  |  | 2,522 |
Provision for income taxes |  |  | 979 |  |  |  | 991 |  |  |  | 592 |  |  |  | 825 |
Net income |  | $ | 2,034 |  |  | $ | 1,993 |  |  | $ | 1,680 |  |  | $ | 1,697 |
Basic earnings per share (1) |  | $ | 0.09 |  |  | $ | 0.09 |  |  | $ | 0.07 |  |  | $ | 0.08 |
Diluted earnings per share (1) |  | $ | 0.09 |  |  | $ | 0.09 |  |  | $ | 0.07 |  |  | $ | 0.08 |
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 |
(1) Quarterly earnings per share may vary from annual earnings per share due to rounding.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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