Riverview Bancorp Files Q2 2024 10-Q

TL;DR

RVVB 10-Q filed for 9/30/24. Financials look steady.

AI Summary

Riverview Bancorp Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the quarter. Key financial figures and strategic initiatives are presented, reflecting the company's ongoing business activities and market position.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance indicators for Riverview Bancorp, crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments indicated.

Key Numbers

• 20240930 — Period End Date (The report covers financial data up to this date.)
• 20241108 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• RIVERVIEW BANCORP INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241108 (date) — Filing Date
• 900 WASHINGTON STREET (location) — Business Address
• VANCOUVER, WA (location) — Business Address City and State

FAQ

Key Financial Figures

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

Filing Documents

• rvsb-20240930x10q.htm (10-Q) — 4764KB
• rvsb-20240930xex31d1.htm (EX-31.1) — 14KB
• rvsb-20240930xex31d2.htm (EX-31.2) — 14KB
• rvsb-20240930xex32.htm (EX-32) — 9KB
• 0000939057-24-000317.txt ( ) — 19289KB
• rvsb-20240930.xsd (EX-101.SCH) — 54KB
• rvsb-20240930_cal.xml (EX-101.CAL) — 90KB
• rvsb-20240930_def.xml (EX-101.DEF) — 262KB
• rvsb-20240930_lab.xml (EX-101.LAB) — 568KB
• rvsb-20240930_pre.xml (EX-101.PRE) — 457KB
• rvsb-20240930x10q_htm.xml (XML) — 5537KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 4 Consolidated Statements of Income for the Three and Six Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2024 and 2023 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 49 Item 4:

Controls and Procedures

Controls and Procedures 49 Part II. Other Information 50 Item 1:

Legal Proceedings

Legal Proceedings 50 Item 1A:

Risk Factors

Risk Factors 50 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3: Defaults Upon Senior Securities 50 Item 4: Mine Safety Disclosures 50 Item 5: Other Information 50 Item 6: Exhibits 51

SIGNATURES

SIGNATURES 52 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: Adverse impacts on economic conditions in our local markets or, other markets where we have lending relationships. Effects of employment levels, labor shortages. inflation, potential recession, or slowed economic growth. Changes in the interest rate environment, including increases or decreases in the Board of Governors of the Federal Reserve System ("Federal Reserve") benchmark rate and the duration of such levels are maintained. The impact of inflation and the Federal Reserve's monetary policies. Effect of any federal government shutdown. Bank failures or adverse developments at other banks, and any governmental or societal responses. Credit risks of lending activities, including loan delinquencies, write-offs, changes in our allowance fo

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) RIVERVIEW BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 AND MARCH 31, 2024 September 30, March 31, (In thousands, except share and per share data) (Unaudited) 2024 2024 ASSETS Cash and cash equivalents (including interest earning deposits in other banks of $ 12,453 and $ 12,164 ) $ 30,960 $ 23,642 Investment securities: Available for sale, at estimated fair value 132,953 143,196 Held to maturity, at amortized cost (estimated fair value of $ 195,869 and $ 195,519 ) 221,991 229,510 Loans receivable (net of allowance for credit losses of $ 15,466 and $ 15,364 ) 1,045,511 1,008,649 Prepaid expenses and other assets 13,585 14,469 Accrued interest receivable 4,570 4,415 Federal Home Loan Bank ("FHLB") stock, at cost 5,557 4,927 Premises and equipment, net 22,956 21,718 Financing lease right-of-use ("ROU") assets 1,163 1,202 Deferred income taxes, net 8,688 9,778 Goodwill 27,076 27,076 Core deposit intangible ("CDI"), net 221 271 Bank owned life insurance ("BOLI") 33,166 32,676 TOTAL ASSETS $ 1,548,397 $ 1,521,529 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits $ 1,237,499 $ 1,231,679 Accrued expenses and other liabilities 17,789 16,205 Advance payments by borrowers for taxes and insurance 848 581 FHLB advances 102,304 88,304 Junior subordinated debentures 27,048 27,004 Finance lease liability 2,135 2,168 Total liabilities 1,387,623 1,365,941 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 September 30, 2024 – 21,096,968 shares issued and outstanding 211 211 March 31, 2024 – 21,111,043 shares issued and outstanding Additional paid-in capital 55,057 55,005

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, 2024 ("2024 Form 10-K"). The unaudited consolidated results of operations for the six months ended September 30, 2024 are not necessarily indicative of the results which may be expected for the entire fiscal year ending March 31, 2025. 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

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View this 10-Q filing on SEC EDGAR