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RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) (Tables) | 12 Months Ended
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Mar. 31, 2021
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) |
Schedule of condensed balance sheet | BALANCE SHEETS AS OF MARCH 31, 2021 AND 2020
(In thousands) |  | 2021 |  | 2020
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,006 |  | $ | 10,269
Investment in the Bank |  |  | 168,064 |  |  | 165,130
Other assets |  |  | 1,454 |  |  | 1,440
TOTAL ASSETS |  | $ | 179,524 |  | $ | 176,839
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | 64 |  | $ | 199
Dividend payable |  |  | 1,118 |  |  | 1,135
Borrowings |  |  | 26,748 |  |  | 26,662
Shareholders' equity |  |  | 151,594 |  |  | 148,843
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 179,524 |  | $ | 176,839
Schedule of condensed income statement | STATEMENTS OF INCOME FOR THE YEARS ENDED MARCH 31, 2021, 2020 AND 2019
(In thousands) |  | 2021 |  | 2020 |  | 2019
INCOME: |  |  |  |  |  |  |  |  |
Interest on investment securities and other short-term investments |  | $ | 17 |  | $ | 33 |  | $ | 35
Total income |  |  | 17 |  |  | 33 |  |  | 35
EXPENSE: |  |  |  |  |  |  |  |  |
Management service fees paid to the Bank |  |  | 143 |  |  | 143 |  |  | 143
Other expenses |  |  | 731 |  |  | 1,233 |  |  | 1,298
Total expense |  |  | 874 |  |  | 1,376 |  |  | 1,441
LOSS BEFORE INCOME TAXES AND EQUITY |  |  |  |  |  |  |  |  |
IN UNDISTRIBUTED INCOME OF THE BANK |  |  | (857) |  |  | (1,343) |  |  | (1,406)
BENEFIT FOR INCOME TAXES |  |  | (180) |  |  | (282) |  |  | (294)
LOSS OF PARENT COMPANY |  |  | (677) |  |  | (1,061) |  |  | (1,112)
EQUITY IN UNDISTRIBUTED INCOME OF THE BANK |  |  | 11,149 |  |  | 16,809 |  |  | 18,378
NET INCOME |  | $ | 10,472 |  | $ | 15,748 |  | $ | 17,266
Schedule of condensed cash flow statement | STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2021, 2020 AND 2019
(In thousands) |  | 2021 |  | 2020 |  | 2019
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net income |  | $ | 10,472 |  | $ | 15,748 |  | $ | 17,266
Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed income of the Bank |  |  | (11,149) |  |  | (16,809) |  |  | (18,378)
Amortization |  |  | 86 |  |  | 87 |  |  | 91
Provision for deferred income taxes |  |  | — |  |  | — |  |  | 10
Stock-based compensation |  |  | 396 |  |  | 346 |  |  | 44
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Other assets |  |  | 224 |  |  | (278) |  |  | (447)
Accrued expenses and other liabilities |  |  | (417) |  |  | 364 |  |  | 97
Net cash used in operating activities |  |  | (388) |  |  | (542) |  |  | (1,317)
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Dividend from the Bank |  |  | 6,000 |  |  | 11,500 |  |  | 2,000
Net cash provided by investing activities |  |  | 6,000 |  |  | 11,500 |  |  | 2,000
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Dividends paid |  |  | (4,478) |  |  | (4,075) |  |  | (3,163)
Proceeds from exercise of stock options |  |  | 50 |  |  | 227 |  |  | 179
Repurchase of common stock |  |  | (1,447) |  |  | (1,019) |  |  | —
Net cash used in financing activities |  |  | (5,875) |  |  | (4,867) |  |  | (2,984)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  |  | (263) |  |  | 6,091 |  |  | (2,301)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |  |  | 10,269 |  |  | 4,178 |  |  | 6,479
CASH AND CASH EQUIVALENTS, END OF YEAR |  | $ | 10,006 |  | $ | 10,269 |  | $ | 4,178
Schedule of quarterly financial information | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):
(Dollars in thousands, except per share data) |  | Three Months Ended
|  |  |  |  |  | December |  |  | September |  |  |
Fiscal 2021: |  | March 31 |  | 31 |  | 30 |  | June 30
Interest and dividend income |  | $ | 11,865 |  | $ | 12,292 |  | $ | 11,949 |  | $ | 12,238
Interest expense |  |  | 669 |  |  | 763 |  |  | 885 |  |  | 1,110
Net interest income |  |  | 11,196 |  |  | 11,529 |  |  | 11,064 |  |  | 11,128
Provision for loan losses |  |  | — |  |  | — |  |  | 1,800 |  |  | 4,500
Non-interest income, net |  |  | 2,836 |  |  | 2,812 |  |  | 2,819 |  |  | 2,623
Non-interest expense |  |  | 9,626 |  |  | 9,107 |  |  | 8,836 |  |  | 8,685
Income before income taxes |  |  | 4,406 |  |  | 5,234 |  |  | 3,247 |  |  | 566
Provision for income taxes |  |  | 992 |  |  | 1,199 |  |  | 704 |  |  | 86
Net income |  | $ | 3,414 |  | $ | 4,035 |  | $ | 2,543 |  | $ | 480
Basic earnings per common share (1) |  | $ | 0.15 |  | $ | 0.18 |  | $ | 0.11 |  | $ | 0.02
Diluted earnings per common share (1) |  | $ | 0.15 |  | $ | 0.18 |  | $ | 0.11 |  | $ | 0.02
Fiscal 2020: |  |  |  |  |  |  |  |  |  |  |  |
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
| (1) |  | Quarterly earnings per common share may vary from annual earnings per common share due to rounding.

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