10-Q 1 rvsb-20231231x10q.htm 10-Q
0001041368--03-312024Q3falsehttp://fasb.org/us-gaap/2023#PrepaidExpenseAndOtherAssetshttp://fasb.org/us-gaap/2023#AccruedLiabilitiesAndOtherLiabilities00002111104321221960P0Y2005-12-012007-06-012003-06-01http://fasb.org/us-gaap/2023#ValuationTechniqueDiscountedCashFlowMemberhttp://fasb.org/us-gaap/2023#MeasurementInputDiscountRateMemberhttp://fasb.org/us-gaap/2023#PrepaidExpenseAndOtherAssetshttp://fasb.org/us-gaap/2023#AccruedLiabilitiesAndOtherLiabilities0001041368rvsb:StockRepurchaseProgramMember2022-11-300001041368us-gaap:CommonStockMember2022-10-012022-12-310001041368rvsb:StockRepurchaseProgramMember2023-05-052023-05-050001041368us-gaap:RetainedEarningsMember2023-12-310001041368us-gaap:AdditionalPaidInCapitalMember2023-12-310001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001041368us-gaap:RetainedEarningsMember2023-09-300001041368us-gaap:AdditionalPaidInCapitalMember2023-09-300001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2023-03-310001041368us-gaap:RetainedEarningsMember2023-03-310001041368us-gaap:AdditionalPaidInCapitalMember2023-03-310001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-03-310001041368us-gaap:RetainedEarningsMember2022-12-310001041368us-gaap:AdditionalPaidInCapitalMember2022-12-310001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001041368us-gaap:RetainedEarningsMember2022-09-300001041368us-gaap:AdditionalPaidInCapitalMember2022-09-300001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001041368us-gaap:RetainedEarningsMember2022-03-310001041368us-gaap:AdditionalPaidInCapitalMember2022-03-310001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001041368us-gaap:CommonStockMember2023-12-310001041368us-gaap:CommonStockMember2023-09-300001041368us-gaap:CommonStockMember2023-03-310001041368us-gaap:CommonStockMember2022-12-310001041368us-gaap:CommonStockMember2022-09-300001041368us-gaap:CommonStockMember2022-03-310001041368rvsb:StockOption2003PlansMember2023-12-310001041368us-gaap:EmployeeStockOptionMember2023-04-012023-12-310001041368us-gaap:EmployeeStockOptionMember2022-04-012022-12-310001041368rvsb:EquityIncentive2017PlanMember2023-12-310001041368rvsb:StockOption2003PlansMember2023-04-012023-12-310001041368us-gaap:PerformanceSharesMember2023-12-310001041368rvsb:TimeBasedRestrictedStockMember2023-12-310001041368us-gaap:RestrictedStockMember2023-03-310001041368us-gaap:PerformanceSharesMember2023-03-310001041368rvsb:TimeBasedRestrictedStockMember2023-03-310001041368us-gaap:PerformanceSharesMember2022-12-310001041368rvsb:TimeBasedRestrictedStockMember2022-12-310001041368us-gaap:RestrictedStockMember2022-03-310001041368us-gaap:PerformanceSharesMember2022-03-310001041368rvsb:TimeBasedRestrictedStockMember2022-03-310001041368rvsb:TimeBasedRestrictedStockMember2022-04-012022-12-310001041368us-gaap:PerformanceSharesMember2023-04-012023-12-310001041368rvsb:TimeBasedRestrictedStockMember2023-04-012023-12-310001041368us-gaap:PerformanceSharesMember2022-04-012022-12-310001041368srt:WeightedAverageMemberus-gaap:RestrictedStockMember2023-04-012023-12-310001041368srt:MinimumMemberrvsb:StockOption2003PlansMember2023-04-012023-12-310001041368srt:MaximumMemberrvsb:StockOption2003PlansMember2023-04-012023-12-310001041368srt:WeightedAverageMemberus-gaap:RestrictedStockMember2022-04-012022-12-310001041368us-gaap:ProductAndServiceOtherMember2023-10-012023-12-310001041368us-gaap:DepositAccountMember2023-10-012023-12-310001041368us-gaap:DebitCardMember2023-10-012023-12-310001041368us-gaap:BankServicingMember2023-10-012023-12-310001041368rvsb:TrustCompanyAssetManagementMember2023-10-012023-12-310001041368rvsb:LoanRelatedFeesMember2023-10-012023-12-310001041368us-gaap:ProductAndServiceOtherMember2023-04-012023-12-310001041368us-gaap:DepositAccountMember2023-04-012023-12-310001041368us-gaap:DebitCardMember2023-04-012023-12-310001041368us-gaap:BankServicingMember2023-04-012023-12-310001041368rvsb:TrustCompanyAssetManagementMember2023-04-012023-12-310001041368rvsb:LoanRelatedFeesMember2023-04-012023-12-310001041368us-gaap:ProductAndServiceOtherMember2022-10-012022-12-310001041368us-gaap:DepositAccountMember2022-10-012022-12-310001041368us-gaap:DebitCardMember2022-10-012022-12-310001041368us-gaap:BankServicingMember2022-10-012022-12-310001041368rvsb:TrustCompanyAssetManagementMember2022-10-012022-12-310001041368rvsb:LoanRelatedFeesMember2022-10-012022-12-310001041368us-gaap:ProductAndServiceOtherMember2022-04-012022-12-310001041368us-gaap:DepositAccountMember2022-04-012022-12-310001041368us-gaap:DebitCardMember2022-04-012022-12-310001041368us-gaap:BankServicingMember2022-04-012022-12-310001041368rvsb:TrustCompanyAssetManagementMember2022-04-012022-12-310001041368rvsb:LoanRelatedFeesMember2022-04-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2022-10-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-10-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2022-10-012022-12-310001041368us-gaap:UnallocatedFinancingReceivablesMember2022-10-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2022-04-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-04-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2022-04-012022-12-310001041368us-gaap:UnallocatedFinancingReceivablesMember2022-04-012022-12-310001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-10-012023-12-310001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-12-310001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-012022-12-310001041368us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-12-310001041368rvsb:RiverviewTrustCompanyMemberrvsb:RiverviewBankMember2023-12-310001041368rvsb:RiverviewTrustCompanyMemberrvsb:RiverviewBankMember2022-07-310001041368rvsb:RiverviewBankMember2022-07-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMemberus-gaap:PassMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SpecialMentionMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:PassMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberrvsb:FinancingReceivables30To89DaysPastDueMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SpecialMentionMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310001041368us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2023-03-310001041368us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-03-310001041368us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:RealEstateOneToFourFamilyMember2023-03-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:OtherInstallmentMember2023-03-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:FinancingReceivables30To89DaysPastDueMember2023-03-310001041368us-gaap:SubstandardMember2023-03-310001041368us-gaap:SpecialMentionMember2023-03-310001041368us-gaap:PassMember2023-03-310001041368us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310001041368us-gaap:FinancialAssetNotPastDueMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001041368rvsb:FinancingReceivables30To89DaysPastDueMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2022-12-310001041368us-gaap:UnallocatedFinancingReceivablesMember2022-12-310001041368us-gaap:ConsumerPortfolioSegmentMember2022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2022-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2022-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2022-09-300001041368us-gaap:UnallocatedFinancingReceivablesMember2022-09-300001041368us-gaap:ConsumerPortfolioSegmentMember2022-09-3000010413682022-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2022-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2022-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2022-03-310001041368us-gaap:UnallocatedFinancingReceivablesMember2022-03-310001041368us-gaap:ConsumerPortfolioSegmentMember2022-03-310001041368us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtObligationsMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberrvsb:CertificatesOfDeposit1Member2023-12-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SubordinatedDebtObligationsMember2023-12-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberrvsb:CertificatesOfDeposit1Member2023-12-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SubordinatedDebtObligationsMember2023-12-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberrvsb:CertificatesOfDeposit1Member2023-12-310001041368us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtObligationsMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberrvsb:CertificatesOfDeposit1Member2023-03-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SubordinatedDebtObligationsMember2023-03-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-03-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberrvsb:CertificatesOfDeposit1Member2023-03-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SubordinatedDebtObligationsMember2023-03-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-03-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberrvsb:CertificatesOfDeposit1Member2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrvsb:RealEstateMortgageInvestmentConduitsMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrvsb:OtherMortgageBackedSecuritiesMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrvsb:MunicipalSecuritiesMember2023-12-310001041368us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001041368us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001041368us-gaap:FairValueMeasurementsRecurringMemberrvsb:RealEstateMortgageInvestmentConduitsMember2023-12-310001041368us-gaap:FairValueMeasurementsRecurringMemberrvsb:OtherMortgageBackedSecuritiesMember2023-12-310001041368us-gaap:FairValueMeasurementsRecurringMemberrvsb:MunicipalSecuritiesMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001041368us-gaap:FairValueMeasurementsRecurringMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrvsb:RealEstateMortgageInvestmentConduitsMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrvsb:OtherMortgageBackedSecuritiesMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrvsb:MunicipalSecuritiesMember2023-03-310001041368us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-03-310001041368us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-03-310001041368us-gaap:FairValueMeasurementsRecurringMemberrvsb:RealEstateMortgageInvestmentConduitsMember2023-03-310001041368us-gaap:FairValueMeasurementsRecurringMemberrvsb:OtherMortgageBackedSecuritiesMember2023-03-310001041368us-gaap:FairValueMeasurementsRecurringMemberrvsb:MunicipalSecuritiesMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001041368us-gaap:FairValueMeasurementsRecurringMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-10-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2022-10-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-04-012022-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2022-04-012022-12-3100010413682023-10-312023-10-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2023-10-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-10-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-10-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2023-10-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-10-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2023-04-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-04-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-04-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2023-04-012023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-04-012023-12-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:RealEstateOneToFourFamilyMemberus-gaap:SubstandardMember2023-12-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:RealEstateOneToFourFamilyMemberus-gaap:PassMember2023-12-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:OtherInstallmentMemberus-gaap:PassMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMemberus-gaap:SpecialMentionMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMemberus-gaap:PassMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMemberrvsb:FinancingReceivables30To89DaysPastDueMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SpecialMentionMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:PassMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMemberrvsb:FinancingReceivables30To89DaysPastDueMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SubstandardMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SpecialMentionMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001041368us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:RealEstateOneToFourFamilyMember2023-12-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:OtherInstallmentMember2023-12-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:FinancingReceivables30To89DaysPastDueMember2023-12-310001041368rvsb:FullyGuaranteedSbaOrUsdaLoansMemberrvsb:FinancingReceivables30To89DaysPastDueMember2023-12-310001041368us-gaap:SubstandardMember2023-12-310001041368us-gaap:SpecialMentionMember2023-12-310001041368us-gaap:PassMember2023-12-310001041368us-gaap:FinancialAssetNotPastDueMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001041368rvsb:FinancingReceivables30To89DaysPastDueMember2023-12-310001041368us-gaap:ConsumerPortfolioSegmentMemberrvsb:OtherInstallmentMember2023-04-012023-12-310001041368us-gaap:ConsumerPortfolioSegmentMember2023-10-012023-12-310001041368us-gaap:AccountingStandardsUpdate201613Memberus-gaap:ConsumerPortfolioSegmentMemberrvsb:OtherInstallmentMember2023-04-012023-12-310001041368us-gaap:ConsumerPortfolioSegmentMember2023-04-012023-12-310001041368us-gaap:CommercialRealEstateMemberus-gaap:AssetPledgedAsCollateralMemberus-gaap:FinanceReceivablesMember2023-12-310001041368us-gaap:CommercialLoanMemberus-gaap:AssetPledgedAsCollateralMemberus-gaap:FinanceReceivablesMember2023-12-310001041368us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001041368us-gaap:AssetPledgedAsCollateralMemberrvsb:FederalHomeLoanBankAndFederalReserveBankBorrowingArrangementsMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2023-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2023-09-300001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-09-300001041368us-gaap:ConsumerPortfolioSegmentMember2023-09-3000010413682023-09-300001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2023-03-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-03-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-03-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2023-03-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-03-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnallocatedFinancingReceivablesMember2023-03-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ConsumerPortfolioSegmentMember2023-03-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2023-03-310001041368us-gaap:LoanOriginationCommitmentsMemberus-gaap:AdjustableRateLoansMember2023-12-310001041368us-gaap:LoanOriginationCommitmentsMemberrvsb:FixedRateLoansMember2023-12-310001041368us-gaap:UnusedLinesOfCreditMember2023-12-310001041368us-gaap:StandbyLettersOfCreditMember2023-12-310001041368us-gaap:RestrictedStockMember2023-12-310001041368rvsb:StockOptionPlansMember2023-12-310001041368us-gaap:RestrictedStockMember2022-12-310001041368us-gaap:RetainedEarningsMember2023-10-012023-12-310001041368us-gaap:RetainedEarningsMember2023-04-012023-12-310001041368us-gaap:RetainedEarningsMember2022-10-012022-12-310001041368us-gaap:RetainedEarningsMember2022-04-012022-12-310001041368us-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310001041368us-gaap:AssetPledgedAsCollateralWithRightMember2023-03-310001041368rvsb:RiverviewBancorpStatutoryTrustIMember2023-12-310001041368rvsb:RiverviewBancorpStatutoryTrustIIMember2023-12-310001041368rvsb:MerchantsBancorpStatutoryTrustIMember2023-12-310001041368rvsb:RiverviewBancorpStatutoryTrustIMember2023-04-012023-12-310001041368rvsb:RiverviewBancorpStatutoryTrustIIMember2023-04-012023-12-310001041368rvsb:MerchantsBancorpStatutoryTrustIMember2023-04-012023-12-310001041368rvsb:EquityIncentive2017PlanMember2017-07-3100010413682022-12-3100010413682022-03-310001041368us-gaap:FairValueInputsLevel2Member2023-12-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001041368us-gaap:FairValueInputsLevel2Member2023-03-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310001041368us-gaap:ResidentialMortgageBackedSecuritiesMember2023-03-310001041368rvsb:RealEstateMortgageInvestmentConduitsMember2023-03-310001041368us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-03-310001041368rvsb:OtherMortgageBackedSecuritiesMember2023-03-310001041368rvsb:MunicipalSecuritiesMember2023-03-310001041368us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMember2023-12-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001041368us-gaap:FairValueInputsLevel1Memberus-gaap:CashMember2023-12-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LoansReceivableMember2023-12-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashMember2023-12-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LoansReceivableMember2023-12-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CashMember2023-12-310001041368us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrvsb:ImpairedLoansMember2023-03-310001041368us-gaap:FairValueMeasurementsNonrecurringMemberrvsb:ImpairedLoansMember2023-03-310001041368us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-03-310001041368us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2023-03-310001041368us-gaap:FairValueInputsLevel1Memberus-gaap:CashMember2023-03-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LoansReceivableMember2023-03-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-03-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2023-03-310001041368us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashMember2023-03-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LoansReceivableMember2023-03-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-03-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2023-03-310001041368us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CashMember2023-03-310001041368us-gaap:ConsumerPortfolioSegmentMember2022-10-012022-12-310001041368us-gaap:ConsumerPortfolioSegmentMember2022-04-012022-12-310001041368us-gaap:RestrictedStockMember2023-10-012023-12-310001041368us-gaap:RestrictedStockMember2023-04-012023-12-310001041368rvsb:StockOptionPlansMember2023-04-012023-12-310001041368us-gaap:RestrictedStockMember2022-10-012022-12-310001041368us-gaap:RestrictedStockMember2022-04-012022-12-310001041368rvsb:StockOptionPlansMember2022-04-012022-12-310001041368us-gaap:AdditionalPaidInCapitalMember2023-10-012023-12-310001041368us-gaap:AdditionalPaidInCapitalMember2023-04-012023-12-310001041368us-gaap:AdditionalPaidInCapitalMember2022-10-012022-12-310001041368us-gaap:AdditionalPaidInCapitalMember2022-04-012022-12-310001041368us-gaap:CommonStockMember2023-10-012023-12-310001041368us-gaap:CommonStockMember2023-04-012023-12-310001041368us-gaap:CommonStockMember2022-04-012022-12-310001041368us-gaap:AccountingStandardsUpdate201613Member2023-04-0100010413682022-10-012022-12-310001041368us-gaap:MeasurementInputDiscountRateMember2022-04-012023-03-3100010413682022-04-012023-03-310001041368us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001041368us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001041368rvsb:RealEstateMortgageInvestmentConduitsMember2023-12-310001041368rvsb:OtherMortgageBackedSecuritiesMember2023-12-310001041368rvsb:MunicipalSecuritiesMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2023-12-310001041368us-gaap:ConsumerPortfolioSegmentMember2023-12-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LandMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialLoanMember2023-03-310001041368us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-03-310001041368us-gaap:UnallocatedFinancingReceivablesMember2023-03-310001041368us-gaap:ConsumerPortfolioSegmentMember2023-03-310001041368us-gaap:AssetPledgedAsCollateralMember2023-04-012023-12-310001041368us-gaap:AssetPledgedAsCollateralMember2023-12-3100010413682022-04-012022-12-310001041368srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2023-04-010001041368rvsb:RiverviewTrustCompanyMember2019-12-012019-12-3100010413682021-05-012021-05-3100010413682020-10-012020-10-3100010413682023-03-3100010413682023-12-3100010413682023-10-012023-12-3100010413682024-02-0800010413682023-04-012023-12-31xbrli:sharesiso4217:USDxbrli:purervsb:loanrvsb:itemiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to              

Commission File Number: 000-22957

RIVERVIEW BANCORP, INC.

(Exact name of registrant as specified in its charter)

Washington

91-1838969

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer I.D. Number)

900 Washington St., Ste. 900, Vancouver, Washington

98660

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(360) 693-6650

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $0.01 per share

RVSB

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes       No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes      No 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  Common Stock, $.01 par value per share, 21,111,043 shares outstanding, as of February 8, 2024.

Form 10-Q

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

INDEX

Page

Part I.

Financial Information

4

 

 

Item 1: 

Financial Statements (Unaudited)

4

 

Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023

4

 

Consolidated Statements of Income for the Three and Nine Months Ended December 31, 2023 and 2022

5

 

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended December 31, 2023 and 2022

6

 

Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended December 31, 2023 and 2022

7

 

Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2023 and 2022

8

 

Notes to Consolidated Financial Statements 

9

 

 

Item 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations 

33

 

 

Item 3:

Quantitative and Qualitative Disclosures About Market Risk 

50

 

 

Item 4: 

Controls and Procedures 

50

 

 

Part II.

Other Information

51

 

 

Item 1:

Legal Proceedings

51

 

 

Item 1A:

Risk Factors

51

 

 

Item 2: 

Unregistered Sales of Equity Securities and Use of Proceeds

51

 

 

Item 3: 

Defaults Upon Senior Securities

51

 

 

Item 4: 

Mine Safety Disclosures

51

 

 

Item 5:

Other Information

51

 

 

Item 6: 

Exhibits

52

 

 

SIGNATURES

53

 

 

Certifications 

 

     Exhibit 31.1

     Exhibit 31.2

     Exhibit 32

Forward-Looking Statements

As used in this Form 10-Q, the terms “we,” “our,” “us,” “Riverview” and “Company” refer to Riverview Bancorp, Inc. and its consolidated subsidiaries, including its wholly-owned subsidiary, Riverview Bank (the “Bank”), unless the context indicates otherwise.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995 (“PSLRA”): When used in this Form 10-Q, the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook,” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the PSLRA. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, or slowed economic growth; changes in the interest rate environment, including the recent past increases in the Board of Governors of the Federal Reserve System (“Federal Reserve”) benchmark rate and duration at which such increased interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations and cost of capital and liquidity; the impact of continuing high inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks, and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation (“FDIC”) and the Washington State Department of Financial Institutions, Division of Banks (“WDFI”), and of the Company by the Federal Reserve, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company's ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company's ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission (“SEC”).

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2024 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.

3

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2023 AND MARCH 31, 2023

December 31, 

March 31, 

(In thousands, except share and per share data) (Unaudited)

    

2023

    

2023

    

ASSETS

 

  

 

  

 

Cash and cash equivalents (including interest earning deposits in other banks of $23,717 and $10,397)

$

37,553

$

22,044

Certificates of deposit held for investment

 

249

Investment securities:

 

Available for sale, at estimated fair value

196,461

 

211,499

Held to maturity, at amortized cost (estimated fair value of $200,475 and $210,214)

232,659

 

243,843

Loans receivable (net of allowance for credit losses of $15,361 and $15,309)

1,002,838

 

993,547

Prepaid expenses and other assets

14,486

 

15,950

Accrued interest receivable

5,248

 

4,790

Federal Home Loan Bank (“FHLB”) stock, at cost

8,026

 

6,867

Premises and equipment, net

22,270

 

20,119

Financing lease right-of-use ("ROU") assets

1,221

1,278

Deferred income taxes, net

10,033

 

10,286

Goodwill

27,076

 

27,076

Core deposit intangible ("CDI"), net

298

 

379

Bank owned life insurance ("BOLI")

32,454

 

31,785

TOTAL ASSETS

$

1,590,623

$

1,589,712

LIABILITIES AND SHAREHOLDERS' EQUITY

 

LIABILITIES:

 

Deposits

$

1,218,892

$

1,265,217

Accrued expenses and other liabilities

26,740

 

15,730

Advance payments by borrowers for taxes and insurance

299

 

625

FHLB advances

157,054

123,754

Junior subordinated debentures

26,982

 

26,918

Finance lease liability

2,184

 

2,229

Total liabilities

1,432,151

 

1,434,473

COMMITMENTS AND CONTINGENCIES (See Note 13)

 

  

 

  

SHAREHOLDERS' EQUITY:

 

  

 

  

Serial preferred stock, $.01 par value; 250,000 shares authorized; issued and outstanding: none

 

Common stock, $.01 par value; 50,000,000 shares authorized

 

December 31, 2023 – 21,111,043 shares issued and outstanding

211

212

March 31, 2023 – 21,221,960 shares issued and outstanding

Additional paid-in capital

54,982

 

55,511

Retained earnings

120,734

 

117,826

Accumulated other comprehensive loss

(17,455)

 

(18,310)

Total shareholders' equity

158,472

 

155,239

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,590,623

$

1,589,712

See accompanying notes to consolidated financial statements.

4

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2023 AND 2022

Three Months Ended

Nine Months Ended

December 31, 

December 31, 

(In thousands, except share and per share data) (Unaudited)

    

2023

    

2022

    

2023

    

2022

    

INTEREST AND DIVIDEND INCOME:

 

  

 

  

 

 

  

 

Interest and fees on loans receivable

$

11,645

$

11,531

$

34,288

$

33,496

Interest on investment securities – taxable

 

2,231

2,397

 

6,826

6,403

Interest on investment securities – nontaxable

 

65

66

 

196

197

Other interest and dividends

 

331

449

 

954

1,629

Total interest and dividend income

 

14,272

14,443

 

42,264

41,725

INTEREST EXPENSE:

 

 

Interest on deposits

 

2,059

289

 

5,264

897

Interest on borrowings

 

2,889

454

 

7,466

1,036

Total interest expense

 

4,948

743

 

12,730

1,933

Net interest income

 

9,324

13,700

 

29,534

39,792

Provision for credit losses

 

 

Net interest income after provision for credit losses

 

9,324

13,700

 

29,534

39,792

NON-INTEREST INCOME:

 

 

Fees and service charges

 

1,533

1,502

4,871

4,903

Asset management fees

 

1,266

1,137

3,920

3,459

BOLI

 

211

194

669

626

Other, net

 

46

130

288

235

Total non-interest income, net

 

3,056

2,963

 

9,748

9,223

NON-INTEREST EXPENSE:

 

 

Salaries and employee benefits

 

6,091

5,982

17,979

17,819

Occupancy and depreciation

 

1,698

1,536

4,930

4,600

Data processing

 

712

705

2,096

2,184

Amortization of CDI

 

27

29

81

87

Advertising and marketing

 

282

202

950

694

FDIC insurance premium

 

178

116

530

351

State and local taxes

 

355

225

814

634

Telecommunications

 

56

48

161

153

Professional fees

 

353

343

961

924

Other

 

799

662

2,116

1,975

Total non-interest expense

 

10,551

9,848

 

30,618

29,421

INCOME BEFORE INCOME TAXES

 

1,829

6,815

 

8,664

19,594

PROVISION FOR INCOME TAXES

 

377

1,575

 

1,897

4,508

NET INCOME

$

1,452

$

5,240

$

6,767

$

15,086

Earnings per common share:

 

 

Basic

$

0.07

$

0.24

$

0.32

$

0.69

Diluted

 

0.07

0.24

 

0.32

0.69

Weighted average number of common shares outstanding:

 

 

Basic

 

21,113,464

21,504,903

 

21,146,888

21,717,959

Diluted

 

21,113,464

21,513,617

 

21,148,679

21,726,552

See accompanying notes to consolidated financial statements.

5

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2023 AND 2022

Three Months Ended

Nine Months Ended

December 31, 

December 31, 

(In thousands) (Unaudited)

    

2023

    

2022

    

2023

    

2022

    

Net income

$

1,452

$

5,240

$

6,767

$

15,086

Other comprehensive income (loss):

 

 

Net unrealized holding gains (losses) from available for sale investment securities arising during the period, net of tax (expense) benefit of ($1,968), ($283), ($270) and $3,666, respectively

6,236

894

855

(11,607)

Total comprehensive income, net

$

7,688

$

6,134

$

7,622

$

3,479

See accompanying notes to consolidated financial statements.

6

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2023 AND 2022

    

    

    

    

    

    

Accumulated

    

Additional

Other

Paid-In

Retained

Comprehensive

(In thousands, except share and per share data) (Unaudited)

Common Stock

Capital

Earnings

Loss

Total

Shares

Amount

For the three months ended December 31, 2022

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance October 1, 2022

 

21,507,132

$

214

$

57,233

$

112,167

$

(22,452)

$

147,162

 

  

 

  

 

  

 

  

 

  

 

  

Net income

 

5,240

 

5,240

Cash dividends on common stock ($0.06 per share)

 

(1,290)

 

(1,290)

Stock repurchased

(10,797)

(81)

(81)

Stock-based compensation expense

 

100

 

100

Other comprehensive income, net

894

894

Balance December 31, 2022

 

21,496,335

$

214

$

57,252

$

116,117

$

(21,558)

$

152,025

 

  

 

  

 

  

 

  

 

  

 

  

For the nine months ended December 31, 2022

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance April 1, 2022

 

22,127,396

$

221

$

62,048

$

104,931

$

(9,951)

$

157,249

 

  

 

  

 

  

 

  

 

  

 

  

Net income

 

15,086

 

15,086

Cash dividends on common stock ($0.18 per share)

 

(3,900)

 

(3,900)

Exercise of stock options

 

1,511

4

 

4

Stock repurchased

(701,291)

(7)

(4,858)

(4,865)

Restricted stock grants and forfeited, net

 

68,719

 

Stock-based compensation expense

292

292

Purchase of subsidiary shares from noncontrolling interest

 

(234)

 

(234)

Other comprehensive loss, net

 

(11,607)

 

(11,607)

Balance December 31, 2022

 

21,496,335

$

214

$

57,252

$

116,117

$

(21,558)

$

152,025

For the three months ended December 31, 2023

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance October 1, 2023

 

21,125,889

$

211

$

54,963

$

120,556

$

(23,691)

$

152,039

 

  

 

  

 

  

 

  

 

  

 

  

Net income

 

1,452

 

1,452

Cash dividends on common stock ($0.06 per share)

 

(1,274)

 

(1,274)

Restricted stock grants and forfeited, net

(14,846)

Stock-based compensation, net

 

19

 

19

Other comprehensive income, net

 

6,236

 

6,236

Balance December 31, 2023

 

21,111,043

$

211

$

54,982

$

120,734

$

(17,455)

$

158,472

 

  

 

  

 

  

 

  

 

  

 

  

For the nine months ended December 31, 2023

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance April 1, 2023

 

21,221,960

$

212

$

55,511

$

117,826

$

(18,310)

$

155,239

 

  

 

  

 

  

 

  

 

  

 

  

Adjustment to retained earnings, net of tax; adoption of ASU 2016-13

(53)

(53)

Net income

 

6,767

 

6,767

Cash dividends on common stock ($0.18 per share)

 

(3,806)

 

(3,806)

Exercise of stock options

 

12,799

36

 

36

Stock repurchased

 

(109,162)

(1)

(576)

 

(577)

Restricted stock grants and forfeited, net

 

(14,554)

 

Stock-based compensation, net

 

11

 

11

Other comprehensive income, net

 

855

 

855

Balance December 31, 2023

 

21,111,043

$

211

$

54,982

$

120,734

$

(17,455)

$

158,472

See accompanying notes to consolidated financial statements.

7

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED DECEMBER 31, 2023 AND 2022

(In thousands) (Unaudited)

    

2023

    

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

 

  

 

  

Net income

$

6,767

$

15,086

Adjustments to reconcile net income to net cash provided by operating activities: