19. RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)

BALANCE SHEETS

AS OF MARCH 31, 2020 AND 2019


(In thousands)	2020		2019
ASSETS
Cash and cash equivalents	$	10,269	$	4,178
Investment in the Bank		165,130		155,041
Other assets		1,440		1,445
TOTAL ASSETS	$	176,839	$	160,664
LIABILITIES AND SHAREHOLDERS' EQUITY
Accrued expenses and other liabilities	$	199	$	63
Dividend payable		1,135		904
Borrowings		26,662		26,575
Shareholders' equity		148,843		133,122
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	176,839	$	160,664

STATEMENTS OF INCOME

FOR THE YEARS ENDED MARCH 31, 2020, 2019 AND 2018


(In thousands)	2020		2019		2018

INCOME:
Interest on investment securities and other short-term investments	$	33	$	35	$	26
Interest on loan receivable from the Bank		—		—		6
Total income		33		35		32

EXPENSE:
Management service fees paid to the Bank		143		143		143
Other expenses		1,233		1,298		1,020
Total expense		1,376		1,441		1,163
LOSS BEFORE INCOME TAXES AND EQUITY
IN UNDISTRIBUTED INCOME OF THE BANK		(1,343)		(1,406)		(1,131)
BENEFIT FOR INCOME TAXES		(282)		(294)		(513)
LOSS OF PARENT COMPANY		(1,061)		(1,112)		(618)
EQUITY IN UNDISTRIBUTED INCOME OF THE BANK		16,809		18,378		10,860
NET INCOME	$	15,748	$	17,266	$	10,242

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, 2020, 2019 AND 2018


(In thousands)	2020		2019		2018

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	15,748	$	17,266	$	10,242
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed income of the Bank		(16,809)		(18,378)		(10,860)
Amortization		87		91		94
Provision for deferred income taxes		—		10		174
Earned ESOP shares		—		—		148
Stock based compensation		346		44		88
Changes in assets and liabilities:
Other assets		(278)		(447)		1,770
Accrued expenses and other liabilities		364		97		(220)
Net cash provided by (used in) operating activities		(542)		(1,317)		1,436

CASH FLOWS FROM INVESTING ACTIVITIES:
Dividend from the Bank		11,500		2,000		1,750
Net cash provided by investing activities		11,500		2,000		1,750

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid		(4,075)		(3,163)		(2,140)
Proceeds from exercise of stock options		227		179		245
Repurchase of common stock		(1,019)		—		—
Net cash used in financing activities		(4,867)		(2,984)		(1,895)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		6,091		(2,301)		1,291

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		4,178		6,479		5,188

CASH AND CASH EQUIVALENTS, END OF YEAR	$	10,269	$	4,178	$	6,479

RIVERVIEW BANCORP, INC.

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):


(Dollars in thousands, except per share data)	Three Months Ended
Fiscal 2020:	March 31		December 31		September 30		June 30

Interest and dividend income	$	12,291	$	12,766	$	12,882	$	12,556
Interest expense		1,241		1,274		1,163		1,086
Net interest income		11,050		11,492		11,719		11,470
Provision for loan losses		1,250		—		—		—
Non-interest income, net		2,892		3,163		3,169		3,136
Non-interest expense		8,818		9,248		9,003		9,194
Income before income taxes		3,874		5,407		5,885		5,412
Provision for income taxes		980		1,279		1,351		1,220

Net income	$	2,894	$	4,128	$	4,534	$	4,192

Basic earnings per common share (1)	$	0.13	$	0.18	$	0.20	$	0.19

Diluted earnings per common share (1)	$	0.13	$	0.18	$	0.20	$	0.18

Fiscal 2019:
Interest and dividend income	$	12,802	$	12,390	$	12,389	$	12,288
Interest expense		930		656		611		618
Net interest income		11,872		11,734		11,778		11,670
Provision for loan losses		—		-		250		(200)
Non-interest income, net		2,670		2,728		2,840		2,869
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

⁽¹⁾

Quarterly earnings per common share may vary from annual earnings per common share due to rounding.