| RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) |
18. RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) BALANCE SHEETS AS OF MARCH 31, 2025 AND 2024 | | | | | | | (In thousands) | | 2025 | | 2024 | ASSETS | | | | | | | Cash and cash equivalents | | $ | 5,726 | | $ | 9,483 | Investment in the Bank | | | 178,808 | | | 171,390 | Other assets | | | 3,109 | | | 3,104 | TOTAL ASSETS | | $ | 187,643 | | $ | 183,977 | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | Accrued expenses and other liabilities | | $ | 118 | | $ | 118 | Dividend payable | | | 420 | | | 1,267 | Borrowings | | | 27,091 | | | 27,004 | Shareholders' equity | | | 160,014 | | | 155,588 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 187,643 | | $ | 183,977 |
STATEMENTS OF INCOME FOR THE YEARS ENDED MARCH 31, 2025, 2024 AND 2023 | | | | | | | | | | (In thousands) | | 2025 | | 2024 | | 2023 | | | | | | | | | | | INCOME: | | | | | | | | | | Interest on investment securities and other short-term investments | | $ | 129 | | $ | 262 | | $ | 129 | Total income | | | 129 | | | 262 | | | 129 | | | | | | | | | | | EXPENSE: | | | | | | | | | | Management service fees paid to the Bank | | | 143 | | | 143 | | | 143 | Other expenses | | | 2,095 | | | 2,180 | | | 1,424 | Total expense | | | 2,238 | | | 2,323 | | | 1,567 | LOSS BEFORE INCOME TAXES AND EQUITY | | | | | | | | | | IN UNDISTRIBUTED INCOME OF THE BANK | | | (2,109) | | | (2,062) | | | (1,438) | BENEFIT FOR INCOME TAXES | | | (443) | | | (433) | | | (303) | LOSS OF PARENT COMPANY | | | (1,666) | | | (1,629) | | | (1,135) | EQUITY IN UNDISTRIBUTED INCOME OF THE BANK | | | 6,569 | | | 5,428 | | | 19,204 | NET INCOME | | $ | 4,903 | | $ | 3,799 | | $ | 18,069 |
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, 2025, 2024 AND 2023 | | | | | | | | | | (In thousands) | | 2025 | | 2024 | | 2023 | | | | | | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | Net income | | $ | 4,903 | | $ | 3,799 | | $ | 18,069 | Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | Equity in undistributed income of the Bank | | | (6,569) | | | (5,428) | | | (19,204) | Amortization expense | | | 87 | | | 86 | | | 85 | Provision (benefit) for deferred income taxes | | | — | | | 2 | | | (1) | Stock-based compensation expense | | | 384 | | | 34 | | | 390 | Changes in assets and liabilities: | | | | | | | | | | Other assets | | | (4) | | | (764) | | | (1,019) | Accrued expenses and other liabilities | | | — | | | (105) | | | 112 | Net cash used in operating activities | | | (1,199) | | | (2,376) | | | (1,568) | | | | | | | | | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | Dividend from the Bank | | | 1,975 | | | 12,000 | | | 8,000 | Net cash provided by investing activities | | | 1,975 | | | 12,000 | | | 8,000 | | | | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | Dividends paid | | | (2,533) | | | (5,080) | | | (5,117) | Proceeds from exercise of stock options | | | — | | | 36 | | | 4 | Repurchase of common stock | | | (2,000) | | | (577) | | | (6,706) | Net cash used in financing activities | | | (4,533) | | | (5,621) | | | (11,819) | NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | (3,757) | | | 4,003 | | | (5,387) | | | | | | | | | | | CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | | | 9,483 | | | 5,480 | | | 10,867 | | | | | | | | | | | CASH AND CASH EQUIVALENTS, END OF YEAR | | $ | 5,726 | | $ | 9,483 | | $ | 5,480 |
RIVERVIEW BANCORP, INC. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED): | | | | | | | | | | | | | (Dollars in thousands, except per share data) | | Three Months Ended | Fiscal 2025: | | March 31 | | December 31 | | September 30 | | June 30 | | | | | | | | | | | | | | Interest and dividend income | | $ | 14,494 | | $ | 15,127 | | $ | 14,942 | | $ | 14,399 | Interest expense | | | 5,301 | | | 5,739 | | | 6,000 | | | 5,578 | Net interest income | | | 9,193 | | | 9,388 | | | 8,942 | | | 8,821 | Provision for credit losses | | | — | | | — | | | 100 | | | — | Non-interest income, net | | | 3,707 | | | 3,341 | | | 3,841 | | | 3,367 | Non-interest expense | | | 11,438 | | | 11,154 | | | 10,701 | | | 10,969 | Income before income taxes | | | 1,462 | | | 1,575 | | | 1,982 | | | 1,219 | Provision for income taxes | | | 314 | | | 343 | | | 425 | | | 253 | | | | | | | | | | | | | | Net income | | $ | 1,148 | | $ | 1,232 | | $ | 1,557 | | $ | 966 | | | | | | | | | | | | | | Basic earnings per common share (1) | | $ | 0.05 | | $ | 0.06 | | $ | 0.07 | | $ | 0.05 | | | | | | | | | | | | | | Diluted earnings per common share (1) | | $ | 0.05 | | $ | 0.06 | | $ | 0.07 | | $ | 0.05 | | | | | | | | | | | | | | Fiscal 2024: | | | | | | | | | | | | | 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 (loss) income | | $ | (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 |
| (1) | Quarterly earnings per common share may vary from annual earnings per common share due to rounding. |
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