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RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)
 12 Months Ended
Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)
20.
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)
 
BALANCE SHEETS
            
AS OF MARCH 31, 2019 AND 2018
            
(In thousands)
  
2019
    
2018
  
ASSETS
            
Cash and cash equivalents
  
$
4,178
    
$
6,479
  
Investment in the Bank
    
155,041
      
136,497
  
Other assets
    
1,445
      
1,166
  
TOTAL ASSETS
  
$
160,664
    
$
144,142
  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
                
Accrued expenses and other liabilities
  
$
63
    
$
80
  
Dividend payable
    
904
      
677
  
Borrowings
    
26,575
      
26,484
  
Shareholders' equity
    
133,122
      
116,901
  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  
$
160,664
    
$
144,142
  
 
STATEMENTS OF INCOME
                  
FOR THE YEARS ENDED MARCH 31, 2019, 2018 AND 2017
                  
(In thousands)
  
2019
    
2018
    
2017
  
                   
INCOME:
                  
Interest on investment securities and other short-term investments
  
$
35
    
$
26
    
$
21
  
Interest on loan receivable from the Bank
    
-
      
6
      
15
  
Total income
    
35
      
32
      
36
  
                         
EXPENSE:
                        
Management service fees paid to the Bank
    
143
      
143
      
143
  
Other expenses
    
1,298
      
1,020
      
587
  
Total expense
    
1,441
      
1,163
      
730
  
LOSS BEFORE INCOME TAXES AND EQUITY
                        
IN UNDISTRIBUTED INCOME OF THE BANK
    
(1,406
)
    
(1,131
)
    
(694
)
BENEFIT FOR INCOME TAXES
    
(294
)
    
(513
)
    
(235
)
LOSS OF PARENT COMPANY
    
(1,112
)
    
(618
)
    
(459
)
EQUITY IN UNDISTRIBUTED INCOME OF THE BANK
    
18,378
      
10,860
      
7,863
  
NET INCOME
  
$
17,266
    
$
10,242
    
$
7,404
  
 
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
FOR THE YEARS ENDED MARCH 31, 2019, 2018 AND 2017
 
(In thousands)
  
2019
    
2018
    
2017
  
                   
CASH FLOWS FROM OPERATING ACTIVITIES:
                  
Net income
  
$
17,266
    
$
10,242
    
$
7,404
  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
                        
Equity in undistributed income of the Bank
    
(18,378
)
    
(10,860
)
    
(7,863
)
Amortization
    
91
      
94
      
22
  
Provision for deferred income taxes
    
10
      
174
      
666
  
Earned ESOP shares
    
-
      
148
      
143
  
Changes in assets and liabilities:
                        
Other assets
    
(447
)
    
1,770
      
(1,031
)
Accrued expenses and other liabilities
    
141
      
(132
)
    
(19
)
Net cash provided by (used in) operating activities
    
(1,317
)
    
1,436
      
(678
)
                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                        
Proceeds from assumption of junior subordinated debt (see Note 3)
    
-
      
-
      
3,687
  
Dividend from the Bank
    
2,000
      
1,750
      
2,500
  
Net cash provided by investing activities
    
2,000
      
1,750
      
6,187
  
                         
CASH FLOWS FROM FINANCING ACTIVITIES:
                        
Dividends paid
    
(3,163
)
    
(2,140
)
    
(1,799
)
Proceeds from exercise of stock options
    
179
      
245
      
11
  
Net cash used in financing activities
    
(2,984
)
    
(1,895
)
    
(1,788
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
(2,301
)
    
1,291
      
3,721
  
                         
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
    
6,479
      
5,188
      
1,467
  
                         
CASH AND CASH EQUIVALENTS, END OF YEAR
  
$
4,178
    
$
6,479
    
$
5,188
  
   RIVERVIEW BANCORP, INC.
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):
 
(Dollars in thousands, except per share data)
  
Three Months Ended
  
   
March 31
    
December 31
    
September 30
    
June 30
  
Fiscal 2019:
                        
Interest and dividend income
  
$
12,464
    
$
12,336
    
$
12,213
    
$
12,105
  
Interest expense
    
930
      
656
      
611
      
618
  
Net interest income
    
11,534
      
11,680
      
11,602
      
11,487
  
Provision for (recapture of) loan losses
    
-
      
-
      
250
      
(200
)
Non-interest income, net
    
3,008
      
2,782
      
3,016
      
3,052
  
Non-interest expense
    
8,962
      
8,803
      
8,915
      
9,019
  
Income before income taxes
    
5,580
      
5,659
      
5,453
      
5,720
  
Provision for income taxes
    
1,373
      
1,271
      
1,224
      
1,278
  
                                 
Net income
  
$
4,207
    
$
4,388
    
$
4,229
    
$
4,442
  
                                 
Basic earnings per common share (1)
  
$
0.19
    
$
0.19
    
$
0.19
    
$
0.20
  
                                 
Diluted earnings per common share (1)
  
$
0.19
    
$
0.19
    
$
0.19
    
$
0.20
  
                                 
Fiscal 2018:
                                
Interest and dividend income
  
$
11,244
    
$
11,378
    
$
11,315
    
$
11,023
  
Interest expense
    
587
      
582
      
590
      
590
  
Net interest income
    
10,657
      
10,796
      
10,725
      
10,433
  
Provision for loan losses
    
-
      
-
      
-
      
-
  
Non-interest income, net
    
2,663
      
2,890
      
2,713
      
2,738
  
Non-interest expense
    
9,127
      
8,558
      
8,759
      
9,174
  
Income before income taxes
    
4,193
      
5,128
      
4,679
      
3,997
  
Provision for income taxes
    
1,184
      
3,608
      
1,620
      
1,343
  
                                 
Net income
  
$
3,009
    
$
1,520
    
$
3,059
    
$
2,654
  
                                 
Basic earnings per common share (1)
  
$
0.13
    
$
0.07
    
$
0.14
    
$
0.12
  
                                 
Diluted earnings per common share (1)
  
$
0.13
    
$
0.07
    
$
0.14
    
$
0.12
  
 
          (1)  Quarterly earnings per common share may vary from annual earnings common per share due to rounding.