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RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY)

12 Months Ended

Mar. 31, 2024

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, 2024 AND 2023


(In thousands)		2024			2023
ASSETS
Cash and cash equivalents		$	9,483		$	5,480
Investment in the Bank			171,390			175,833
Other assets			3,104			2,342
TOTAL ASSETS		$	183,977		$	183,655
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accrued expenses and other liabilities		$	118		$	224
Dividend payable			1,267			1,274
Borrowings			27,004			26,918
Shareholders' equity			155,588			155,239
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	183,977		$	183,655

STATEMENTS OF INCOME

FOR THE YEARS ENDED MARCH 31, 2024, 2023 AND 2022


(In thousands)		2024			2023			2022

INCOME:
Interest on investment securities and other short-term investments		$	262		$	129		$	16
Total income			262			129			16

EXPENSE:
Management service fees paid to the Bank			143			143			143
Other expenses			2,180			1,424			670
Total expense			2,323			1,567			813
LOSS BEFORE INCOME TAXES AND EQUITY
IN UNDISTRIBUTED INCOME OF THE BANK			(2,062)			(1,438)			(797)
BENEFIT FOR INCOME TAXES			(433)			(303)			(167)
LOSS OF PARENT COMPANY			(1,629)			(1,135)			(630)
EQUITY IN UNDISTRIBUTED INCOME OF THE BANK			5,428			19,204			22,450
NET INCOME		$	3,799		$	18,069		$	21,820

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, 2024, 2023 AND 2022


(In thousands)		2024			2023			2022

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	3,799		$	18,069		$	21,820
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed income of the Bank			(5,428)			(19,204)			(22,450)
Amortization expense			86			85			85
Provision (benefit) for deferred income taxes			2			(1)			2
Stock-based compensation expense			34			390			319
Changes in assets and liabilities:
Other assets			(764)			(1,019)			131
Accrued expenses and other liabilities			(105)			112			48
Net cash used in operating activities			(2,376)			(1,568)			(45)

CASH FLOWS FROM INVESTING ACTIVITIES:
Dividend from the Bank			12,000			8,000			7,500
Net cash provided by investing activities			12,000			8,000			7,500

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid			(5,080)			(5,117)			(4,670)
Proceeds from exercise of stock options			36			4			16
Repurchase of common stock			(577)			(6,706)			(1,940)
Net cash used in financing activities			(5,621)			(11,819)			(6,594)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			4,003			(5,387)			861

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR			5,480			10,867			10,006

CASH AND CASH EQUIVALENTS, END OF YEAR		$	9,483		$	5,480		$	10,867

RIVERVIEW BANCORP, INC.

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):


(Dollars in thousands, except per share data)		Three Months Ended
Fiscal 2024:		March 31			December 31			September 30			June 30

Interest and dividend income		$	14,291		$	14,272		$	14,035		$	13,957
Interest expense			5,739			4,948			4,184			3,598
Net interest income			8,552			9,324			9,851			10,359
Provision for credit losses			—			—			—			—
Non-interest income, net			494			3,056			3,407			3,285
Non-interest expense			13,109			10,551			10,089			9,978
Income (loss) before income taxes			(4,063)			1,829			3,169			3,666
Provision (benefit) for income taxes			(1,095)			377			697			823

Net income (loss)		$	(2,968)		$	1,452		$	2,472		$	2,843

Basic earnings (loss) per common share ⁽¹⁾		$	(0.14)		$	0.07		$	0.12		$	0.13

Diluted earnings (loss) per common share ⁽¹⁾		$	(0.14)		$	0.07		$	0.12		$	0.13

Fiscal 2023:
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

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