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

12 Months Ended

Mar. 31, 2021

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

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

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

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.