Financial Performance - Riverview Bancorp reported net income of $1.6 million, or $0.07 per diluted share, for Q2 FY2025, down from $2.5 million, or $0.12 per diluted share, in the same quarter last year[1]. - Net income (GAAP) for the quarter was $1,557 thousand, compared to $966 thousand in the previous quarter and $2,523 thousand in the same quarter last year[10]. - Net income for the quarter was not specified, but the overall financial health appears stable with a focus on maintaining asset quality[14]. - Basic earnings per share for the three months ended September 30, 2024, was $0.07, compared to $0.05 for the previous quarter, reflecting a 40% increase[15]. - Basic earnings per share increased to $0.07 from $0.05 in the previous quarter and $0.12 a year ago[24]. Income and Revenue - Net interest income for the quarter was $8.9 million, slightly up from $8.8 million in the previous quarter but down from $9.9 million a year ago[2]. - Non-interest income rose to $3.8 million, an increase of $474,000 from the previous quarter and the same quarter last year[2]. - Total interest and dividend income for the three months ended September 30, 2024, was $14,942,000, an increase of 6.5% compared to $14,035,000 for the same period in 2023[15]. - Net interest income after provision for credit losses was $8,842,000 for the three months ended September 30, 2024, compared to $9,851,000 for the same period in 2023, reflecting a decrease of 10.2%[15]. - Non-interest income for the three months ended September 30, 2024, totaled $3,841,000, a decrease of 2.0% from $3,407,000 in the same period last year[15]. Loans and Deposits - Total loans increased by $15.9 million to $1.06 billion compared to the previous quarter and rose by $45.4 million year-over-year[4]. - Total deposits increased by $17.8 million to $1.24 billion compared to the previous quarter, remaining stable year-over-year[4]. - Loans receivable (GAAP) increased to $1,060,977 thousand from $1,045,065 thousand in June 2024 and $1,015,625 thousand in September 2023[10]. - Total deposits reached $1,237,499 million, up from $1,219,679 million in June 2024 and slightly down from $1,239,766 million in September 2023[18]. - Average loans for the three months ended September 30, 2024, were $1,048,536,000, compared to $1,027,777,000 for the previous quarter, indicating a growth of 2.5%[16]. Asset Quality and Credit Losses - The allowance for credit losses was $15.5 million, representing 1.46% of total loans, compared to 1.51% a year earlier[5]. - Non-performing loans (GAAP) were $450 thousand, slightly down from $461 thousand in the previous quarter and significantly up from $198 thousand in September 2023[11]. - The allowance for credit losses to loans receivable (GAAP) was 1.46%, a slight decrease from 1.47% in June 2024 and down from 1.51% in September 2023[10]. - The allowance for credit losses increased to $15,466 million from $15,364 million in June 2024 and $15,346 million in September 2023[20]. - The allowance for credit losses to non-performing loans ratio was 3436.89% as of September 30, 2024, compared to 3332.75% in June 2024 and 7750.51% in September 2023[17]. Capital and Equity - Riverview's total risk-based capital ratio was 16.14% and Tier 1 leverage ratio was 10.72% as of September 30, 2024[6]. - Shareholders' equity (GAAP) increased to $160,774 thousand as of September 30, 2024, up from $155,908 thousand in June 2024, and $152,039 thousand in September 2023[9]. - Tangible shareholders' equity (non-GAAP) rose to $133,477 thousand, compared to $128,586 thousand in June 2024 and $124,638 thousand in September 2023[9]. - Total liabilities stood at $1,387,623,000, up from $1,382,352,000 in the prior quarter, indicating a marginal increase of 0.2%[14]. - The Tier 1 capital ratio was 14.88% as of September 30, 2024, compared to 14.93% in June 2024 and 15.66% in September 2023[17]. Operational Efficiency - The efficiency ratio improved to 83.7% from 90.0% in the previous quarter but was higher than 76.1% a year ago[3]. - Return on average assets increased to 0.40% compared to 0.25% in the previous quarter and 0.62% a year ago[24]. - Return on average equity rose to 3.90% from 2.49% in the previous quarter and 6.33% a year ago[24]. - Total non-interest expense for the three months ended September 30, 2024, was $10,701,000, an increase of 6.1% compared to $10,089,000 for the same period in 2023[15]. - Total yield on interest-earning assets improved to 4.11% from 4.02% in the previous quarter and 3.75% a year ago[24]. Market and Future Outlook - Riverview has expressed concerns regarding potential adverse impacts from economic conditions, including inflation and geopolitical instability, which could affect future performance[13]. - The company continues to explore market expansion opportunities, although specific new strategies were not detailed in the report[14]. - Future guidance was not explicitly provided, but the company remains optimistic about maintaining growth in loans and deposits[14]. - The company initiated a stock repurchase program allowing for the repurchase of up to $2.0 million of its common stock[6]. - Market price per share closed at $4.71, up from $3.99 in the previous quarter but down from $5.56 a year ago[24].

Core Viewpoint - Riverview Bancorp reported quarterly earnings of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.04 per share, but down from $0.12 per share a year ago, indicating a 75% earnings surprise [1] Group 1: Earnings Performance - The company posted revenues of $12.78 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 4.78%, but down from $13.26 million year-over-year [1] - Riverview Bancorp has surpassed consensus EPS estimates two times over the last four quarters [1] - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $12.5 million, and for the current fiscal year, it is $0.16 on revenues of $49.4 million [4] Group 2: Stock Performance and Outlook - Riverview Bancorp shares have declined approximately 27.7% since the beginning of the year, contrasting with the S&P 500's gain of 21.5% [2] - The estimate revisions trend for Riverview Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [4] - The company's earnings outlook will be influenced by management's commentary during the earnings call, which is crucial for understanding future stock movements [2][3] Group 3: Industry Context - The Financial - Savings and Loan industry, to which Riverview Bancorp belongs, is currently in the top 23% of over 250 Zacks industries, suggesting a favorable industry outlook [5] - Another company in the same industry, Provident Financial, is expected to report quarterly earnings of $0.25 per share, with a 7.7% upward revision in the consensus EPS estimate over the last 30 days [5]

Financial Performance - Riverview reported earnings of $966,000, or $0.05 per diluted share, for Q1 FY2025, down from $2.8 million, or $0.13 per diluted share, in the same quarter last year[2]. - Net income for the quarter ended June 30, 2024, was $966,000, compared to a net loss of $2,968,000 for the previous quarter and a net income of $2,843,000 for the same quarter last year[18]. - Basic earnings per share (GAAP) for the quarter was $0.05, compared to a loss of $0.14 in the previous quarter and earnings of $0.13 in the same quarter last year[18]. - Basic earnings per share rose to $0.05 from a loss of $(0.14) in March 2024 and $0.13 in June 2023[28]. Income and Revenue - Net interest income was $8.8 million for the quarter, compared to $8.6 million in the previous quarter and $10.4 million a year ago, with a net interest margin of 2.47%[3][4]. - Non-interest income rose to $3.4 million, significantly up from $494,000 in the previous quarter, driven by higher fees and service charges[4]. - Total interest and dividend income rose to $14,399, up 0.8% from $14,291 in the previous quarter[23]. - Non-interest income increased significantly to $3,367, compared to only $494 in the previous quarter[23]. Loans and Deposits - Total loans increased by $21.1 million to $1.05 billion, with new loan originations rising to $23.2 million from $12.7 million in the previous quarter[6]. - Total deposits decreased to $1.22 billion, down from $1.23 billion in the previous quarter and $1.24 billion a year ago[6]. - Total loans increased to $1,045,065 thousand from $1,024,013 thousand in the previous quarter, an increase of 2.1%[26]. - Total commercial and construction loans increased to $942,166 thousand from $925,907 thousand in the previous quarter, an increase of 1.5%[26]. Asset Quality - Asset quality remained strong, with non-performing assets at $461,000, or 0.03% of total assets, and no provision for credit losses recorded[3][7]. - Non-performing loans to total loans (GAAP) ratio was 0.04% as of June 30, 2024, compared to 0.02% in the previous quarter and 0.10% a year ago[14]. - Non-performing loans increased to $461 thousand from $178 thousand in the previous quarter, representing a rise of 158.4%[24]. - Non-performing assets to total assets ratio increased to 0.03% from 0.01% in the previous quarter[24]. Capital and Ratios - Riverview maintained a total risk-based capital ratio of 16.18% and a Tier 1 leverage ratio of 10.67%[9]. - The allowance for credit losses was $15.4 million, representing 1.47% of total loans, unchanged from the previous quarter[8]. - Allowance for credit losses to loans receivable (GAAP) was 1.47% as of June 30, 2024, compared to 1.50% in the previous quarter and 1.53% a year ago[18]. - Tier 1 capital to risk-weighted assets ratio decreased to 14.93% from 15.06% in the previous quarter[24]. Efficiency and Performance Metrics - The efficiency ratio for the first fiscal quarter was 90.0%, compared to 144.9% in the previous quarter[4]. - Return on average assets increased to 0.25% from (0.76)% in March 2024 and 0.72% in June 2023[28]. - Efficiency ratio improved to 90.00% from 144.91% in March 2024 and 73.13% in June 2023[28]. - Total yield on interest-earning assets increased to 4.02% from 3.88% in March 2024 and 3.76% in June 2023[28]. Shareholder Information - The company has 21,111,043 shares outstanding as of June 30, 2024, unchanged from the previous quarter[17]. - Average number of diluted shares outstanding remained stable at 21,111,043 compared to 21,141,184 in June 2023[28]. - Cash dividends declared per share decreased to $0.0200 from $0.0600 in both March 2024 and June 2023[28]. - Market price per share closed at $3.99, down from $4.72 in March 2024 and $5.04 in June 2023[28]. Strategic Focus - The company aims to continue expanding its community banking services through its 17 branches and 3 lending centers[20]. - Riverview Bancorp is focused on maintaining high-quality service and financial products to its commercial and retail clients[20].

This quarterly report represents an earnings surprise of -16.67%. A quarter ago, it was expected that this holding company for Riverview Community Bank would post earnings of $0.03 per share when it actually produced earnings of $0.04, delivering a surprise of 33.33%. Riverview Bancorp, which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $12.19 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.10%. This compares to year-ago revenues of $13.64 ...

"We recognize the importance and impact of the dividend reduction to all of our shareholders, and it was a difficult decision. We believe this is the prudent decision as it allows us to continue to execute on both our short-term and long-term objectives," said Gerald L. Nies, Chairman of the Board. Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $1.52 billion at March 31, 2024, it is the parent com ...

Additionally, Ms. Sherman has led through 10 successful mergers and acquisitions throughout her career. Known for her paramount presentation style, she is a Keynote and Transformational Speaker. Since 2003, Ms. Sherman has been a top-rated faculty member at Pacific Coast Banking School (PCBS) at the University of Washington, Foster School of Business and was named 2023 Instructor of the Year. "With over 25 years of proven experience growing community banking organizations, including the past 20 years in the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 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 Securities registered pursuant to Section 12(b) of the Act: (State or other jurisdiction of incorporation or organization) (I.R.S ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tr ...

Core Viewpoint - Riverview Bancorp (RVSB) is identified as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and a Value grade of A, indicating its potential for investment [3]. Valuation Metrics - RVSB has a Price-to-Book (P/B) ratio of 0.54, which is attractive compared to the industry average P/B of 0.95. The stock's P/B has fluctuated between 0.50 and 0.90 over the past year, with a median of 0.76 [4]. - The Price-to-Sales (P/S) ratio for RVSB is 1.3, which is lower than the industry's average P/S of 1.57, suggesting that RVSB may be undervalued [5]. Investment Outlook - The combination of RVSB's favorable valuation metrics and a strong earnings outlook positions it as a compelling value stock in the current market [6].

Executive Summary & Highlights Riverview Bancorp reported a Q4 FY2024 net loss from balance sheet restructuring and litigation, maintaining strong asset quality and capital [Company Announcement & Strategic Actions](index=1&type=section&id=Company%20Announcement%20%26%20Strategic%20Actions) Riverview Bancorp strategically restructured its balance sheet, selling lower-yielding securities to repay FHLB advances, incurring a $2.7 million pre-tax loss and a $2.3 million litigation charge - Riverview strategically restructured its balance sheet by selling approximately **$46.2 million** of lower-yielding investment securities and using the **$43.5 million** proceeds to repay higher-cost Federal Home Loan Bank (FHLB) advances[1](index=1&type=chunk) - The balance sheet restructuring resulted in a total pre-tax loss of **$2.7 million**, with an after-tax impact of **$2.1 million**, or **$0.10 per diluted share**[1](index=1&type=chunk) - The Company recorded a **$2.3 million** expense in other non-interest expense for the fourth fiscal quarter of 2024, reflecting an estimate of litigation costs exceeding insurance coverage for a proposed global settlement involving a former business client[2](index=2&type=chunk) [Fourth Quarter & Fiscal Year 2024 Highlights](index=1&type=section&id=Fourth%20Quarter%20%26%20Fiscal%20Year%202024%20Highlights) Riverview reported a net loss of $3.0 million, or $0.14 per diluted share, for Q4 FY2024, primarily due to balance sheet restructuring and litigation, with fiscal year 2024 net income at $3.8 million Net Income (Loss) and Diluted EPS | Period | Net Income (Loss) | Diluted EPS | | :-------------------- | :---------------- | :---------- | | Q4 FY2024 | $(3.0) million | $(0.14) | | Q3 FY2024 | $1.5 million | $0.07 | | Q4 FY2023 | $3.0 million | $0.14 | | FY2024 | $3.8 million | $0.18 | | FY2023 | $18.1 million | $0.83 | - Completed balance sheet restructuring transactions[5](index=5&type=chunk) Net Interest Income and Margin (NIM) | Metric | Q4 FY2024 | Q3 FY2024 | Q4 FY2023 | | :---------------- | :-------- | :-------- | :-------- | | Net Interest Income | $8.6 million | $9.3 million | $11.8 million | | NIM | 2.32% | 2.49% | 3.16% | - Asset quality remained pristine, with non-performing assets at **$178,000**, or **0.01% of total assets** at March 31, 2024[12](index=12&type=chunk) - Riverview recorded no provision for credit losses during the current quarter or the preceding quarter[12](index=12&type=chunk) - Total loans were **$1.02 billion** and total deposits were **$1.23 billion** at March 31, 2024[12](index=12&type=chunk) - Available liquidity was approximately **$495.7 million** at March 31, 2024[12](index=12&type=chunk) - Total risk-based capital ratio was **16.32%** and Tier 1 leverage ratio was **10.29%**[12](index=12&type=chunk) - The Company has initiated a nationwide search for a permanent President/CEO, anticipated to be identified within three to six months[12](index=12&type=chunk) Income Statement Review The income statement reflects a decrease in net interest income and a significant increase in non-interest expense, leading to a net loss for the quarter [Net Interest Income and Margin (NIM)](index=2&type=section&id=Net%20Interest%20Income%20and%20Margin%20(NIM)) Net interest income decreased to $8.6 million in Q4 FY2024, driven by higher interest expense on deposits and borrowings, with NIM declining to 2.32% Net Interest Income Trends | Period | Net Interest Income | | :-------------------- | :------------------ | | Q4 FY2024 | $8.6 million | | Q3 FY2024 | $9.3 million | | Q4 FY2023 | $11.8 million | | FY2024 | $38.1 million | | FY2023 | $51.6 million | Net Interest Margin (NIM) Trends | Period | NIM | | :-------------------- | :------ | | Q4 FY2024 | 2.32% | | Q3 FY2024 | 2.49% | | Q4 FY2023 | 3.16% | | FY2024 | 2.56% | | FY2023 | 3.26% | - Investment securities decreased **$56.4 million** during the quarter to **$372.7 million** at March 31, 2024, with a weighted average yield of **2.02%** for Q4 FY2024[9](index=9&type=chunk) - Yield on loans improved to **4.63%** during Q4 FY2024, compared to **4.56%** in the preceding quarter and **4.50%** a year ago, though fixed-rate loan concentration continues to exert pressure[10](index=10&type=chunk) - Deposit costs increased to **1.00%** during Q4 FY2024, up from **0.68%** in the preceding quarter and **0.19%** a year ago[10](index=10&type=chunk) [Non-Interest Income](index=2&type=section&id=Non-Interest%20Income) Non-interest income significantly decreased to $494,000 in Q4 FY2024, primarily due to a $2.7 million loss on investment securities, despite positive growth in asset management fees Non-Interest Income Trends | Period | Non-Interest Income | | :-------------------- | :------------------ | | Q4 FY2024 | $494,000 | | Q3 FY2024 | $3.1 million | | Q4 FY2023 | $3.0 million | | FY2024 | $10.2 million | | FY2023 | $12.2 million | - The decrease in Q4 FY2024 non-interest income was primarily due to a **$2.7 million** loss on sale of investment securities; excluding this loss, non-interest income would have been **$3.2 million**[11](index=11&type=chunk) Asset Management Fees and Assets Under Management (AUM) | Metric | Q4 FY2024 | Q3 FY2024 | Q4 FY2023 | FY2024 | FY2023 | | :-------------------- | :-------- | :-------- | :-------- | :------- | :------- | | Asset Management Fees | $1.4 million | $1.3 million | $1.3 million | $5.3 million | $4.7 million | | AUM (period end) | $961.8 million | $942.4 million | $890.6 million | - | - | - Asset management fees increased **12.5%** to **$5.3 million** in fiscal 2024 compared to **$4.7 million** in fiscal 2023[14](index=14&type=chunk) [Non-Interest Expense](index=3&type=section&id=Non-Interest%20Expense) Non-interest expense increased significantly to $13.1 million in Q4 FY2024, driven by a $2.3 million litigation expense, higher salary and benefits, and increased occupancy costs, resulting in a 144.9% efficiency ratio Non-Interest Expense Trends | Period | Non-Interest Expense | | :-------------------- | :------------------- | | Q4 FY2024 | $13.1 million | | Q3 FY2024 | $10.6 million | | Q4 FY2023 | $10.0 million | | FY2024 | $43.7 million | | FY22023 | $39.4 million | - Non-interest expense included a **$2.3 million** litigation expense incurred during Q4 FY2024[15](index=15&type=chunk) - Salary and employee benefits increased due to the full quarterly impact of salary increases, higher health insurance costs, and higher payroll taxes[15](index=15&type=chunk) - The efficiency ratio was **144.9%** for Q4 FY2024, compared to **85.2%** in the preceding quarter and **67.3%** a year ago; excluding the securities loss and litigation, the efficiency ratio was **91.8%**[15](index=15&type=chunk) [Net Income (Loss) and EPS](index=3&type=section&id=Net%20Income%20(Loss)%20and%20EPS) The effective tax rate for Q4 FY2024 was (27.0)%, reflecting the pre-tax loss reported for the quarter Effective Tax Rate | Period | Effective Tax Rate | | :-------------------- | :----------------- | | Q4 FY2024 | (27.0)% | | Q3 FY2024 | 20.6% | | Q4 FY2023 | 27.0% | Balance Sheet Review The balance sheet reflects slight loan growth, an increase in deposits primarily from trust company movements, and a significant reduction in FHLB advances [Loans](index=3&type=section&id=Loans) Total loans increased slightly to $1.02 billion at March 31, 2024, reflecting moderated growth due to selective lending and an emphasis on credit quality, with reductions in new originations and pipeline - Total loans increased **$5.8 million** during the quarter to **$1.02 billion** at March 31, 2024, and increased **$15.2 million** compared to a year earlier[17](index=17&type=chunk) - The loan pipeline was **$18.4 million** at March 31, 2024, down from **$29.3 million** at the end of the prior quarter[17](index=1