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

12 Months Ended

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.