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RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) (Tables) | 12 Months Ended
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Mar. 31, 2023
RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) |
Schedule of condensed balance sheet | BALANCE SHEETS AS OF MARCH 31, 2023 AND 2022 ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | 2023 |  | 2022
ASSETS |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 5,480 | ​ | $ | 10,867
Investment in the Bank | ​ |  | 175,833 | ​ |  | 173,223
Other assets | ​ |  | 2,342 | ​ |  | 1,321
TOTAL ASSETS | ​ | $ | 183,655 | ​ | $ | 185,411
LIABILITIES AND SHAREHOLDERS’ EQUITY | ​ |  |  | ​ |  |
Accrued expenses and other liabilities | ​ | $ | 224 | ​ | $ | 112
Dividend payable | ​ |  | 1,274 | ​ |  | 1,217
Borrowings | ​ |  | 26,918 | ​ |  | 26,833
Shareholders' equity | ​ |  | 155,239 | ​ |  | 157,249
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | ​ | $ | 183,655 | ​ | $ | 185,411
Schedule of condensed income statement | STATEMENTS OF INCOME FOR THE YEARS ENDED MARCH 31, 2023, 2022 AND 2021 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
INCOME: |  | ​ |  |  | ​ |  |  | ​ |
Interest on investment securities and other short-term investments | ​ | $ | 129 | ​ | $ | 16 | ​ | $ | 17
Total income | ​ |  | 129 | ​ |  | 16 | ​ |  | 17
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EXPENSE: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Management service fees paid to the Bank | ​ |  | 143 | ​ |  | 143 | ​ |  | 143
Other expenses | ​ |  | 1,424 | ​ |  | 670 | ​ |  | 731
Total expense | ​ |  | 1,567 | ​ |  | 813 | ​ |  | 874
LOSS BEFORE INCOME TAXES AND EQUITY | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
IN UNDISTRIBUTED INCOME OF THE BANK | ​ |  | (1,438) | ​ |  | (797) | ​ |  | (857)
BENEFIT FOR INCOME TAXES | ​ |  | (303) | ​ |  | (167) | ​ |  | (180)
LOSS OF PARENT COMPANY | ​ |  | (1,135) | ​ |  | (630) | ​ |  | (677)
EQUITY IN UNDISTRIBUTED INCOME OF THE BANK | ​ |  | 19,204 | ​ |  | 22,450 | ​ |  | 11,149
NET INCOME | ​ | $ | 18,069 | ​ | $ | 21,820 | ​ | $ | 10,472
Schedule of condensed cash flow statement | STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2023, 2022 AND 2021 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM OPERATING ACTIVITIES: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 18,069 | ​ | $ | 21,820 | ​ | $ | 10,472
Adjustments to reconcile net income to net cash used in operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed income of the Bank | ​ |  | (19,204) | ​ |  | (22,450) | ​ |  | (11,149)
Amortization expense | ​ |  | 85 | ​ |  | 85 | ​ |  | 86
Provision (benefit) for deferred income taxes | ​ |  | (1) | ​ |  | 2 | ​ |  | —
Stock-based compensation expense | ​ | ​ | 390 | ​ | ​ | 319 | ​ | ​ | 396
Changes in assets and liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Other assets | ​ |  | (1,019) | ​ |  | 131 | ​ |  | 224
Accrued expenses and other liabilities | ​ |  | 112 | ​ |  | 48 | ​ |  | (417)
Net cash used in operating activities | ​ |  | (1,568) | ​ |  | (45) | ​ |  | (388)
​ | ​ |  |  | ​ |  |  | ​ |  |
CASH FLOWS FROM INVESTING ACTIVITIES: | ​ |  |  | ​ |  |  | ​ |  |
Dividend from the Bank | ​ |  | 8,000 | ​ |  | 7,500 | ​ |  | 6,000
Net cash provided by investing activities | ​ |  | 8,000 | ​ |  | 7,500 | ​ |  | 6,000
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Dividends paid | ​ |  | (5,117) | ​ |  | (4,670) | ​ |  | (4,478)
Proceeds from exercise of stock options | ​ |  | 4 | ​ |  | 16 | ​ |  | 50
Repurchase of common stock | ​ | ​ | (6,706) | ​ | ​ | (1,940) | ​ | ​ | (1,447)
Net cash used in financing activities | ​ |  | (11,819) | ​ |  | (6,594) | ​ |  | (5,875)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ​ |  | (5,387) | ​ |  | 861 | ​ |  | (263)
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ​ |  | 10,867 | ​ |  | 10,006 | ​ |  | 10,269
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
CASH AND CASH EQUIVALENTS, END OF YEAR | ​ | $ | 5,480 | ​ | $ | 10,867 | ​ | $ | 10,006
Schedule of quarterly financial information | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands, except per share data) | ​ | Three Months Ended
Fiscal 2023: |  | March 31 |  | December 31 |  | September 30 |  | June 30
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and dividend income | ​ | $ | 13,941 | ​ | $ | 14,443 | ​ | $ | 14,088 | ​ | $ | 13,194
Interest expense | ​ |  | 2,127 | ​ |  | 743 | ​ |  | 657 | ​ |  | 533
Net interest income | ​ |  | 11,814 | ​ |  | 13,700 | ​ |  | 13,431 | ​ |  | 12,661
Provision for loan losses | ​ |  | 750 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Non-interest income, net | ​ |  | 2,971 | ​ |  | 2,963 | ​ |  | 3,134 | ​ |  | 3,126
Non-interest expense | ​ |  | 9,950 | ​ |  | 9,848 | ​ |  | 9,804 | ​ |  | 9,769
Income before income taxes | ​ |  | 4,085 | ​ |  | 6,815 | ​ |  | 6,761 | ​ |  | 6,018
Provision for income taxes | ​ |  | 1,102 | ​ |  | 1,575 | ​ |  | 1,567 | ​ |  | 1,366
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net income | ​ | $ | 2,983 | ​ | $ | 5,240 | ​ | $ | 5,194 | ​ | $ | 4,652
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic earnings per common share (1) | ​ | $ | 0.14 | ​ | $ | 0.24 | ​ | $ | 0.24 | ​ | $ | 0.21
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Diluted earnings per common share (1) | ​ | $ | 0.14 | ​ | $ | 0.24 | ​ | $ | 0.24 | ​ | $ | 0.21
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fiscal 2022: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
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
​
(1) | Quarterly earnings per common share may vary from annual earnings per common share due to rounding.

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