Riverview Bancorp Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Riverview Bancorp Inc. filed its quarterly 10-Q report for the period ending December 31, 2023, on February 8, 2024.</b>

AI Summary

RIVERVIEW BANCORP INC (RVSB) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Riverview Bancorp Inc. filed a 10-Q report for the period ending December 31, 2023. The filing was made on February 8, 2024. The company's fiscal year ends on March 31. The filing covers the third quarter of the fiscal year. The company's principal business is savings institution, federally chartered.

Why It Matters

For investors and stakeholders tracking RIVERVIEW BANCORP INC, this filing contains several important signals. This 10-Q filing provides an update on Riverview Bancorp's financial performance and position for the third quarter of its fiscal year. Investors and analysts can use this report to assess the company's operational results, balance sheet changes, and any material events that occurred during the reporting period.

Risk Assessment

Risk Level: low — RIVERVIEW BANCORP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events based on the provided header information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Riverview Bancorp's performance trends and outlook.

Key Numbers

• 20231231 — Period End Date (Conformed Period of Report)
• 20240208 — Filing Date (Filed As Of Date)
• 0331 — Fiscal Year End (Fiscal Year End)
• 93 — Public Document Count (Public Document Count)

Key Players & Entities

• RIVERVIEW BANCORP INC (company) — Filer name
• 0000939057-24-000051 (filing_id) — Accession number
• 20240208 (date) — Filing date
• 20231231 (date) — Period of report
• 0001041368 (company_id) — Central Index Key
• 6035 (industry_code) — Standard Industrial Classification
• WA (state) — State of incorporation
• 360-693-6650 (phone) — Business phone

FAQ

Industry Context

Riverview Bancorp Inc. operates as a savings institution, federally chartered, within the financial services sector.

Regulatory Implications

As a federally chartered savings institution, Riverview Bancorp is subject to regulations from federal banking authorities.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet changes.
2. Review management's discussion and analysis for insights into operational performance and future outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial data extracted from the header of the 10-Q filing for the period ending December 31, 2023. Detailed comparative data from the previous filing is not available in this header.

Key Financial Figures

• $0.01 — ch registered Common Stock , Par Value $0.01 per share RVSB The NASDAQ Stock Mar

Filing Documents

• rvsb-20231231x10q.htm (10-Q) — 4530KB
• rvsb-20231231xex31d1.htm (EX-31.1) — 14KB
• rvsb-20231231xex31d2.htm (EX-31.2) — 14KB
• rvsb-20231231xex32.htm (EX-32) — 9KB
• 0000939057-24-000051.txt (&nbsp;) — 18996KB
• rvsb-20231231.xsd (EX-101.SCH) — 62KB
• rvsb-20231231_cal.xml (EX-101.CAL) — 97KB
• rvsb-20231231_def.xml (EX-101.DEF) — 314KB
• rvsb-20231231_lab.xml (EX-101.LAB) — 621KB
• rvsb-20231231_pre.xml (EX-101.PRE) — 532KB
• rvsb-20231231x10q_htm.xml (XML) — 5192KB

Financial Statements (Unaudited)

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

Notes to Consolidated Financial Statements 9 Item 2:

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4:

Controls and Procedures

Controls and Procedures 50 Part II. Other Information 51 Item 1:

Legal Proceedings

Legal Proceedings 51 Item 1A:

Risk Factors

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

SIGNATURES 53 Certifications Exhibit 31.1 Exhibit 31.2 Exhibit 32 Table of Contents

Forward-Looking Statements

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 co

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

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 outstand

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). However, all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Riverview Bancorp, Inc. Annual Report on Form 10-K for the year ended March 31, 2023 ("2023 Form 10-K"). The unaudited consolidated results of operations for the nine months ended December 31, 2023 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2024. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation; such reclassifications had no effect on previously reported net income or total shareholders' equity. 2. PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Riverview Bancorp, Inc.; its wholly-owne

View Full Filing

View this 10-Q filing on SEC EDGAR