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RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)
 12 Months Ended
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.