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RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)

12 Months Ended

Mar. 31, 2022

RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)

RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)

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

BALANCE SHEETS

AS OF MARCH 31, 2022 AND 2021


(In thousands)		2022			2021
ASSETS
Cash and cash equivalents		$	10,867		$	10,006
Investment in the Bank			173,223			168,064
Other assets			1,321			1,454
TOTAL ASSETS		$	185,411		$	179,524
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accrued expenses and other liabilities		$	112		$	64
Dividend payable			1,217			1,118
Borrowings			26,833			26,748
Shareholders' equity			157,249			151,594
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	185,411		$	179,524

STATEMENTS OF INCOME

FOR THE YEARS ENDED MARCH 31, 2022, 2021 AND 2020


(In thousands)		2022			2021			2020

INCOME:
Interest on investment securities and other short-term investments		$	16		$	17		$	33
Total income			16			17			33

EXPENSE:
Management service fees paid to the Bank			143			143			143
Other expenses			670			731			1,233
Total expense			813			874			1,376
LOSS BEFORE INCOME TAXES AND EQUITY
IN UNDISTRIBUTED INCOME OF THE BANK			(797)			(857)			(1,343)
BENEFIT FOR INCOME TAXES			(167)			(180)			(282)
LOSS OF PARENT COMPANY			(630)			(677)			(1,061)
EQUITY IN UNDISTRIBUTED INCOME OF THE BANK			22,450			11,149			16,809
NET INCOME		$	21,820		$	10,472		$	15,748

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, 2022, 2021 AND 2020


(In thousands)		2022			2021			2020

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	21,820		$	10,472		$	15,748
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed income of the Bank			(22,450)			(11,149)			(16,809)
Amortization			85			86			87
Provision for deferred income taxes			2			—			—
Stock-based compensation			319			396			346
Changes in assets and liabilities:
Other assets			131			224			(278)
Accrued expenses and other liabilities			48			(417)			364
Net cash used in operating activities			(45)			(388)			(542)

CASH FLOWS FROM INVESTING ACTIVITIES:
Dividend from the Bank			7,500			6,000			11,500
Net cash provided by investing activities			7,500			6,000			11,500

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid			(4,670)			(4,478)			(4,075)
Proceeds from exercise of stock options			16			50			227
Repurchase of common stock			(1,940)			(1,447)			(1,019)
Net cash used in financing activities			(6,594)			(5,875)			(4,867)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			861			(263)			6,091

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR			10,006			10,269			4,178

CASH AND CASH EQUIVALENTS, END OF YEAR		$	10,867		$	10,006		$	10,269

RIVERVIEW BANCORP, INC.

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):


(Dollars in thousands, except per share data)		Three Months Ended
Fiscal 2022:		March 31			December 31			September 30			June 30

Interest and dividend income		$	12,389		$	12,551		$	12,965		$	11,920
Interest expense			483			492			589			636
Net interest income			11,906			12,059			12,376			11,284
Recapture of loan losses			(650)			(1,275)			(1,100)			(1,600)
Non-interest income, net			2,966			3,116			3,074			3,588
Non-interest expense			10,115			9,279			8,187			9,137
Income before income taxes			5,407			7,171			8,363			7,335
Provision for income taxes			1,282			1,661			1,933			1,580

Net income		$	4,125		$	5,510		$	6,430		$	5,755

Basic earnings per common share ⁽¹⁾		$	0.19		$	0.25		$	0.29		$	0.26

Diluted earnings per common share ⁽¹⁾		$	0.19		$	0.25		$	0.29		$	0.26

Fiscal 2021:
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

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