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PRINCIPLES OF CONSOLIDATION | 6 Months Ended
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Sep. 30, 2022
PRINCIPLES OF CONSOLIDATION |
PRINCIPLES OF CONSOLIDATION | 2. PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc., and its wholly-owned subsidiary, which changed its name on August 9, 2022 from Riverview Community Bank to Riverview Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Riverview Services, Inc., and Riverview Trust Company (the “Trust Company”) (collectively referred to as the “Company”). All intercompany transactions and balances have been eliminated in consolidation. ​ For the period from April 1, 2017 through December 2019, the Trust Company was a wholly-owned subsidiary of the Bank. In December 2019, the Trust Company issued 1,500 shares of Trust Company stock in conjunction with the exercise of 1,500 Trust Company stock options by the Trust Company’s President and Chief Executive Officer. In both October 2020 and May 2021, the Trust Company issued an additional 500 shares of Trust Company stock upon the exercise of options for 500 shares of Trust Company common stock by the Trust Company's President and Chief Executive Officer. As a result of these transactions, the Bank's ownership in the Trust Company decreased from 100% to 97.3%, resulting in a 2.7% noncontrolling interest held by the Trust Company’s President and Chief Executive Officer. Net income attributable to the noncontrolling interest was $2,000 and $5,000 for the three months ended September 30, 2022 and 2021, respectively. Net income attributable to the noncontrolling interest was $4,000 and $7,000 for the six months ended September 30, 2022 and 2021, respectively. During the quarter ended September 30, 2022, the Trust Company repurchased all the outstanding shares held by its noncontrolling interest owner. Upon repurchase, these shares were retired. This transaction resulted in the Bank’s ownership increasing from 97.3% to 100%. The book value of the noncontrolling interest was $234,000 prior to the share repurchase. These amounts are not presented separately in the accompanying consolidated financial statements due to their insignificance.

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- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI https://asc.fasb.org/topic&trid=2122149 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
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