Riverview Bancorp Files Q3 Fiscal 2025 10-Q

TL;DR

RVVB Q3 FY25 10-Q filed. Financials look solid.

AI Summary

Riverview Bancorp Inc. filed its 10-Q for the period ending December 31, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2025. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with a detailed look at Riverview Bancorp's financial health and operational performance during the third quarter of its fiscal year 2025.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• Q3 2025 — Fiscal Quarter (Reporting period for this 10-Q filing.)
• December 31, 2024 — Period End Date (The end date for the financial reporting period.)

Key Players & Entities

• RIVERVIEW BANCORP INC (company) — Filer
• 20241231 (date) — Period of Report
• 20250212 (date) — Filing Date
• 900 WASHINGTON STREET, SUITE 900, VANCOUVER, WA 98660 (address) — Business and Mail Address
• 360-693-6650 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• rvsb-20241231x10q.htm (10-Q) — 4783KB
• rvsb-20241231xex31d1.htm (EX-31.1) — 14KB
• rvsb-20241231xex31d2.htm (EX-31.2) — 14KB
• rvsb-20241231xex32.htm (EX-32) — 9KB
• 0000939057-25-000048.txt ( ) — 19348KB
• rvsb-20241231.xsd (EX-101.SCH) — 55KB
• rvsb-20241231_cal.xml (EX-101.CAL) — 93KB
• rvsb-20241231_def.xml (EX-101.DEF) — 262KB
• rvsb-20241231_lab.xml (EX-101.LAB) — 570KB
• rvsb-20241231_pre.xml (EX-101.PRE) — 457KB
• rvsb-20241231x10q_htm.xml (XML) — 5547KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024 4 Consolidated Statements of Income for the Three and Nine Months Ended December 31, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended December 31, 2024 and 2023 6 Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended December 31, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 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 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: 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 DECEMBER 31, 2024 AND MARCH 31, 2024 December 31, 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 $ 12,573 and $ 12,164 ) $ 25,348 $ 23,642 Investment securities: Available for sale, at estimated fair value 124,874 143,196 Held to maturity, at amortized cost (estimated fair value of $ 180,474 and $ 195,519 ) 212,295 229,510 Loans receivable (net of allowance for credit losses of $ 15,352 and $ 15,364 ) 1,029,757 1,008,649 Prepaid expenses and other assets 12,945 14,469 Accrued interest receivable 4,639 4,415 Federal Home Loan Bank ("FHLB") stock, at cost 4,742 4,927 Premises and equipment, net 22,731 21,718 Financing lease right-of-use ("ROU") assets 1,144 1,202 Deferred income taxes, net 9,471 9,778 Goodwill 27,076 27,076 Core deposit intangible ("CDI"), net 196 271 Bank owned life insurance ("BOLI") 33,391 32,676 TOTAL ASSETS $ 1,508,609 $ 1,521,529 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES: Deposits $ 1,219,002 $ 1,231,679 Accrued expenses and other liabilities 17,634 16,205 Advance payments by borrowers for taxes and insurance 317 581 FHLB advances 84,200 88,304 Junior subordinated debentures 27,069 27,004 Finance lease liability 2,117 2,168 Total liabilities 1,350,339 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 December 31, 2024 – 21,134,758 shares issued and outstanding 209 211 March 31, 2024 – 21,111,043 shares issued and outstanding Additional paid-in capital 54,227 55,005 Retain

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 nine months ended December 31, 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