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

Financial Position - As of December 31, 2023, total assets amounted to $1,590,623,000, a slight increase from $1,589,712,000 as of March 31, 2023[10]. - Total liabilities decreased to $1,432,151,000 from $1,434,473,000, indicating a reduction of about 0.2%[11]. - Shareholders' equity increased to $158,472,000 from $155,239,000, showing a growth of about 1.5%[11]. - The total intrinsic value of stock options exercised was $28,000 for the nine months ended December 31, 2023, compared to $7,000 in the same period of 2022[30]. - The total available for sale investment securities as of December 31, 2023, had an amortized cost of $219,429,000 and a fair value of $196,461,000, reflecting unrealized losses of $23,024,000[42]. - The total held to maturity investment securities as of December 31, 2023, had an amortized cost of $232,659,000 and a fair value of $200,475,000, reflecting unrealized losses of $32,184,000[42]. - The Company’s investment securities totaled $429.1 million at December 31, 2023, a decrease from $455.3 million at March 31, 2023, attributed to normal pay downs, calls, and maturities[154]. Loans and Credit Quality - Loans receivable net of allowance for credit losses increased to $1,002,838,000 from $993,547,000, reflecting a growth of approximately 1.3%[10]. - The allowance for credit losses stood at $15,361,000 as of December 31, 2023, compared to $15,309,000 as of March 31, 2023[10]. - The total loans receivable as of December 31, 2023, amount to $1,018.199 million, with an allowance for credit losses (ACL) of $15.361 million[51]. - The Company has not engaged in sub-prime mortgage lending, indicating a conservative lending strategy[52]. - The Company monitors credit risk using a risk rating system for commercial loans, with ratings ranging from 1 to 9[54]. - The allowance for loan losses at December 31, 2023, was $15,361,000, an increase from $15,346,000 at the end of the previous quarter[69]. - Non-accrual loans totaled $148,000 with no allowance for credit losses (ACL) and $38,000 with an ACL of $1,000 as of December 31, 2023[74]. - The total charge-offs for the nine months ended December 31, 2023, were $13,000, with recoveries of $23,000 during the same period[69]. - The Company evaluates the ACL for loans based on ongoing quarterly assessments of known and inherent risks in the loan portfolio[67]. Income and Expenses - Total interest and dividend income for Q3 2023 was $14,272,000, a decrease of 1.18% from $14,443,000 in Q3 2022[12]. - Net interest income for Q3 2023 was $9,324,000, down 31.5% from $13,700,000 in Q3 2022[12]. - Non-interest income for Q3 2023 increased to $3,056,000, up 3.14% from $2,963,000 in Q3 2022[12]. - Total non-interest expense for Q3 2023 was $10,551,000, an increase of 7.14% compared to $9,848,000 in Q3 2022[12]. - Net income for Q3 2023 was $1,452,000, a decline of 72.3% from $5,240,000 in Q3 2022[12]. - Basic earnings per share for Q3 2023 was $0.07, down from $0.24 in Q3 2022[12]. - The total non-interest income for the nine months ended December 31, 2023, was $9,748,000, an increase from $9,223,000 in the same period of 2022[110]. Dividends and Shareholder Returns - Cash dividends on common stock for Q3 2023 were $1,274,000, with a dividend of $0.06 per share[15]. - For the nine months ended December 31, 2023, net income was $6.8 million, or $0.32 per diluted share, compared to $15.1 million, or $0.69 per diluted share for the same period in 2022[200]. - The current quarterly common stock dividend rate is $0.06 per share, with an expected average total dividend paid each quarter of approximately $1.3 million[182]. - The Company repurchased a total of 394,334 shares at an average cost of $6.34 per share, totaling $2.5 million, completing the repurchase program on May 5, 2023[36]. Capital and Liquidity - The Company’s capital ratios as of December 31, 2023, indicate it is categorized as "well capitalized" under regulatory standards, with total capital to risk-weighted assets at 16.67%[166]. - The Bank's total available liquidity was $682.1 million, or 42.9% of total assets at December 31, 2023[176]. - As of December 31, 2023, the Company had cash and cash equivalents totaling $234.0 million, representing 14.7% of total assets[174]. - The Company had advances totaling $157.1 million from the FHLB and an additional borrowing capacity of $137.8 million with the FHLB as of December 31, 2023[174]. Asset Management and Strategy - The Company aims to enhance non-interest income through increased fees for asset management services and deposit service charges[139]. - The Company is focused on increasing its loan portfolio, particularly in higher-yielding commercial and real estate construction loans, to deliver returns to shareholders[144]. - The Company plans to selectively add new products and services to diversify revenue sources and enhance customer relationships[147]. - The Company aims to enhance its core deposit base by reducing reliance on higher-cost deposits and increasing demand deposits through expanded business banking relationships[149].

Table of Contents 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 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 ...

Table of Contents 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 June 30, 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 | 9 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents For the Fiscal Year Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 organi ...

Table of Contents 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, 2022 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 ...

Table of Contents 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 September 30, 2022 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) | | | --- | --- | | Washingto ...