RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) (Tables)
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12 Months Ended |
Mar. 31, 2025 |
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| RIVERVIEW BANCORP, INC. (PARENT COMPANY ONLY) |
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| Schedule of condensed balance sheet |
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 |
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| Schedule of condensed income statement |
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 |
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| Schedule of condensed cash flow statement |
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 |
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| Schedule of quarterly financial information |
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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