k102209.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): October 22, 2009
RIVERVIEW
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
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Washington
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000-22957
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91-1838969
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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900
Washington Street, Suite 900, Vancouver, Washington
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98660
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (360) 693-6650
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions.
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[ ]
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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[
] Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[
] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[
] Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01 Other Events
Beginning
in the first quarter of 2009, Riverview Bancorp, Inc. (the “Company”), adopted
Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in
Consolidated Financial Statements, an amendment of ARB No. 51 (“SFAS 160”).
SFAS 160 is applicable on a prospective basis; however, the presentation
and disclosure requirements must be applied retrospectively when prior periods
are presented in future filings. The Company is filing this Form 8-K to provide
investors with information from prior periods in order to assist them in making
comparisons of financial information for current and future periods with
financial information for such prior periods, in light of the retrospective
presentation and disclosure requirements of SFAS 160.
SFAS No.
160 establishes accounting and reporting standards for noncontrollings interest
(i.e., minority interests) in a subsidiary, including changes in a parent’s
ownership interest in a subsidiary, and requires, among other things, that
noncontrolling interests in subsidiaries be classified as equity. Upon adoption
on April 1, 2009, the Company reclassified $364,000 and $292,000 from “accrued
expenses and other liabilities” into the equity section on its Consolidated
Balance Sheet for the years ended March 31, 2009 and 2008, respectively. The
resulting impact increased total equity to $89,027,000 and $92,877,000 and
reduced total liabilities to $825,306,000 and $793,972,000 for the years ended
March 31, 2009 and 2008, respectively. The Company did not update its
Consolidated Statement of Operations as the impact from net income attributable
to the noncontrolling interest was not deemed material to the Consolidated
Financial Statements. The net income attributable to the noncontrolling interest
was $72,000 for the years ended March 31, 2009 and 2008.
The
information in this Current Report on Form 8-K should be read in conjunction
with the 2009 Form 10-K. More current information is contained in the
Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2009 (the
“Form 10-Q”) and other filings with the SEC.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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RIVERVIEW BANCORP,
INC. |
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| Date: October
22, 2009 |
/s/Kevin
J.
Lycklama
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Kevin
J. Lycklama
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Chief
Financial Officer |
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(Principal Financial
Officer) |