Riverview Bancorp Files 2024 10-K

TL;DR

RVVB filed its 2024 10-K. All good.

AI Summary

Riverview Bancorp Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company, a federally chartered savings institution, reported financial data for the period. Key financial activities and disclosures are detailed within the filing, which covers the company's operations and financial position.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Riverview Bancorp's financial performance and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 21,221,960 — Prepaid Expense and Other Assets (Financial statement line item)
• 21,111,043 — Accrued Liabilities and Other Liabilities (Financial statement line item)

Key Players & Entities

• RIVERVIEW BANCORP INC (company) — Filer
• 0000939057-24-000163 (other) — Accession Number
• 20240331 (date) — Fiscal Year End
• 900 WASHINGTON STREET (address) — Business Address
• VANCOUVER, WA (location) — Business Location
• 360-693-6650 (phone) — Business Phone

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, Par Value $0.01 per share RVSB The NASDAQ Stock Mar
• $5.56 — was $ 117,459,943 (21,125,889 shares at $5.56 per share). As of June 14, 2024, there
• $1.52 b — , 2024, the Company had total assets of $1.52 billion, total deposits of $1.23 billion
• $1.23 billion — ets of $1.52 billion, total deposits of $1.23 billion and total shareholders' equity of $155.
• $155.6 million — llion and total shareholders' equity of $155.6 million. The Company's executive offices are lo
• $1.01 billion — ompany's loans receivable, net, totaled $1.01 billion at March 31, 2024 compared to $993.5 mi
• $993.5 million — 1 billion at March 31, 2024 compared to $993.5 million at March 31, 2023. The Company's stra
• $1.01 b — Company's net loans receivable totaled $1.01 billion, or 66.3% of total assets at that
• $500,000 — make to one borrower to the greater of $500,000 or 15% of unimpaired capital and surplu
• $35.5 m — is 20% of total risk-based capital, or $35.5 million, at March 31, 2024. At this date,
• $28.7 m — ding relationship with one borrower was $28.7 million, which consisted of a multi-famil
• $17.2 million — ich consisted of a multi-family loan of $17.2 million and a commercial real estate loan of $1
• $11.5 m — on and a commercial real estate loan of $11.5 million, both of which were performing in
• $229.4 m — mercial business loan portfolio totaled $229.4 million, or 22.4% of total loans. Commerc
• $58,000 — d one commercial business loan totaling $58,000 on non-accrual status compared to two c

Filing Documents

• rvsb-20240331x10k.htm (10-K) — 6218KB
• rvsb-20240331xex10d1.htm (EX-10.1) — 300KB
• rvsb-20240331xex10d2.htm (EX-10.2) — 224KB
• rvsb-20240331xex10d3.htm (EX-10.3) — 301KB
• rvsb-20240331xex10d4.htm (EX-10.4) — 228KB
• rvsb-20240331xex21.htm (EX-21) — 12KB
• rvsb-20240331xex23.htm (EX-23) — 5KB
• rvsb-20240331xex31d1.htm (EX-31.1) — 14KB
• rvsb-20240331xex31d2.htm (EX-31.2) — 14KB
• rvsb-20240331xex32.htm (EX-32) — 9KB
• rvsb-20240331xex97.htm (EX-97) — 67KB
• rvsb-20240331x10k001.jpg (GRAPHIC) — 10KB
• rvsb-20240331x10k002.jpg (GRAPHIC) — 4KB
• rvsb-20240331xex97001.jpg (GRAPHIC) — 7KB
• 0000939057-24-000163.txt ( ) — 26447KB
• rvsb-20240331.xsd (EX-101.SCH) — 83KB
• rvsb-20240331_cal.xml (EX-101.CAL) — 130KB
• rvsb-20240331_def.xml (EX-101.DEF) — 383KB
• rvsb-20240331_lab.xml (EX-101.LAB) — 860KB
• rvsb-20240331_pre.xml (EX-101.PRE) — 723KB
• rvsb-20240331x10k_htm.xml (XML) — 6566KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 42 Item 1C . Cybersecurity 42 Item 2.

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 44 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6. [Reserved] 45 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108 Item 9A.

Controls and Procedures

Controls and Procedures 108 Item 9B. Other Information 108 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III Item 10. Directors, Executive Officers and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109 Item 13. Certain Relationships and Related Transactions, and Director Independence 110 Item 14. Principal Accountant Fees and Services 110 PART IV Item 15. Exhibits and Financial Statement Schedules 111 Item 16. Form 10-K Summary 111

Signatures

Signatures 112 2 Table of Contents References in this document to "Riverview" refer to Riverview Bancorp, Inc. and references to the "Bank" refer to Riverview Bank. References to "we," "our," "us," or the "Company" refer to Riverview and its consolidated subsidiaries, including the Bank, unless the context indicates otherwise.

Forward-Looking Statements

Forward-Looking Statements "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995 ("PSLRA"): When used in this Form 10-K, 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 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 the availability 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 govern

Business

Item 1. Business General Riverview Bancorp, Inc., a Washington corporation, is the bank holding company of Riverview Bank. At March 31, 2024, the Company had total assets of $1.52 billion, total deposits of $1.23 billion and total shareholders' equity of $155.6 million. The Company's executive offices are located in Vancouver, Washington. The Bank has two subsidiaries Riverview Trust Company (the "Trust Company") and Riverview Services, Inc. ("Riverview Services"). The Trust Company is a trust and financial services company located in downtown Vancouver, Washington, and provides full-service brokerage activities, trust and asset management services. Riverview Services acts as a trustee for deeds of trust on mortgage loans granted by the Bank and receives a reconveyance fee for each deed of trust. Substantially all of the Company's business is conducted through the Bank, which until April 28, 2021, was a federal savings bank subject to extensive regulation by the Office of the Comptroller of the Currency ("OCC"). The Bank converted from a federally chartered savings bank to a Washington state-chartered commercial bank on April 28, 2021. As a Washington state-chartered commercial bank, the Bank's regulators are the WDFI and the FDIC, the insurer of its deposits. The Bank's deposits are insured up to applicable limits by the FDIC. The Federal Reserve remains the primary federal regulator for the Company. In connection with the Bank's charter conversion, the Company converted from a Savings and Loan Holding Company to a Bank Holding Company. The Bank is also a member of the Federal Home Loan Bank of Des Moines ("FHLB") which is one of the 11 regional banks in the Federal Home Loan Bank System ("FHLB System"). As a progressive, community-oriented financial services company, the Company emphasizes local, personal service to residents of its primary market area. The Company considers Clark, Klickitat and Skamania counties of Washington, and Multnomah, Washington an

View Full Filing

View this 10-K filing on SEC EDGAR