(NASDAQ:RVSB),
FISCAL Q4 2025 HIGHLIGHTS
| $1.1 Million | $0.05 | $6.33 | 0.01% |
| Net Income | Diluted Earnings per Common Share |
Tangible Book Value per Share |
NPAs to Total Assets |
| Fiscal Quarter Comparison Highlights | ||||
| Net Interest Income and Net Interest Margin |
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Credit Quality |
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| Non-Interest Income and Non-Interest Expense |
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Shareholder Returns and Stock Activity |
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VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $1.1 million, or $0.05 per diluted share, in the fourth fiscal quarter ended March 31, 2025, compared to $1.2 million, or $0.06 per diluted share, in the third fiscal quarter ended December 31, 2024. During the fourth fiscal quarter of 2024, Riverview strategically restructured a portion of its balance sheet resulting in an after-tax impact of $2.1 million and recorded $2.3 million in non-interest expense related to a litigation charge. Including the effects of the investment portfolio restructuring and litigation charge, Riverview reported a net loss of $3.0 million, or $0.14 per diluted share, in the fourth fiscal quarter ended March 31, 2024.
For fiscal 2025, net income was $4.9 million, or $0.23 per diluted share, compared to $3.8 million, or $0.18 per diluted share, for fiscal 2024.
“We closed out our fiscal fourth quarter and fiscal year end on solid footing despite the economic uncertainty and market volatility impacting all banks,” stated Nicole Sherman, President and Chief Executive Officer. “Riverview's operating performance during the quarter once again reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields compared to a year ago. Loan growth was strong during the quarter, and I am proud of our team's relationship-focused approach to clients and prospects which resulted in loan production outperforming the previous four quarters. A top priority remains improving our operating performance while also being the bank of choice to our SW Washington and NW Oregon clients that we have served for over 100 years. With our strong capital levels, disciplined credit culture and stable balance sheet, we have a great foundation to build upon in fiscal 2026.
Riverview recently completed our three-year strategic plan focusing on profitable growth, digital leadership, and data empowerment, with our employees, clients, and communities being seen, heard, and valued in everything we do. We continue to expand revenue opportunities through our C&I, business banking, and treasury management initiatives. Strategic investments in people and technology will be important, while managing operating expenses. At Riverview we are unwavering in our dedication to exceed the needs of our employees, clients, shareholders and all stakeholders,” Sherman concluded.
Fourth Quarter Highlights (at or for the period ended March 31, 2025)
- Net interest income was $9.2 million for the quarter, compared to $9.4 million in the preceding quarter and $8.6 million in the fourth fiscal quarter a year ago.
- Net interest margin (“NIM”) was 2.65% for the quarter, a five basis point improvement compared to the preceding quarter and a 33 basis point improvement compared to the year ago quarter.
- Riverview Trust Company assets under management were $877.9 million at March 31, 2025. Asset management fees continue to improve and increased to $1.5 million for the quarter ended March 31, 2025.
- Asset quality remained strong, with non-performing assets at $155,000, or 0.01% of total assets at March 31, 2025.
- Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago quarter.
- Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.20 at December 31, 2024.
Fiscal 2025 Highlights (at or for the period ended March 31, 2025)
- Total loans increased to $1.06 billion at March 31, 2025 compared to $1.02 billion at March 31, 2024.
- Total deposits were $1.23 billion at both March 31, 2025 and March 31, 2024.
- Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.07 at March 31, 2024.
- Net income increased to $4.9 million for the fiscal year ended March 31, 2025 compared to $3.8 million for the fiscal year ended March 31, 2024.
- Return on average assets for the fiscal year ended March 31, 2025 increased to 0.32% compared to 0.24% for the fiscal year ended March 31, 2024.
Income Statement Review
Riverview's net interest income was $9.2 million in the current quarter, compared to $9.4 million in the preceding quarter, and $8.6 million in the fourth fiscal quarter a year ago. The decrease compared to the preceding quarter was primarily due to the recognition of a loan prepayment fee and related loan fees totaling $318,000 during the preceding quarter. The increase compared to the year ago quarter was driven by higher interest earning asset yields due to higher origination rates on new loan growth as well as loan repricing. In fiscal 2025, net interest income was $36.3 million, compared to $38.1 million in fiscal 2024. The decrease is attributed to the increase in interest expense over the respective periods. Investment income decreased compared to the year ago period due to the strategic investment restructuring that was executed in the fourth quarter of fiscal 2024.
Riverview's NIM was 2.65% for the fourth quarter of fiscal 2025, a five basis point increase compared to 2.60% in the preceding quarter and a 33 basis-point increase compared to 2.32% in the fourth quarter of fiscal 2024. “Our NIM improved during the quarter, compared to the preceding quarter, as the decrease in funding costs more than offset the modest decrease in asset yields. The preceding quarter's loan yield included the favorable impact from the recognition of the previously mentioned loan prepayment fee and related loan fees,” said David Lam, EVP and Chief Financial Officer. “With the Federal Reserve rate reductions implemented near the end of 2024, we anticipate deposit costs to further stabilize in future quarters. Additionally, the rate cuts reduced the interest expense on borrowings, which also benefitted NIM during the fourth quarter.” In fiscal 2025, the net interest margin was 2.54% compared to 2.56% in fiscal 2024.
Investment securities decreased $14.7 million during the quarter to $322.5 million at March 31, 2025, compared to $337.2 million at December 31, 2024, and decreased $50.2 million compared to $372.7 million at March 31, 2024. The average securities balances for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, were $346.0 million, $364.2 million, and $444.1 million, respectively. The weighted average yields on securities balances for those same periods were 1.84%, 1.82%, and 2.02%, respectively. The duration of the investment portfolio at March 31, 2025, was approximately 5.1 years. The anticipated investment cashflows over the next twelve months is approximately $37.4 million. There were no investment purchases during the fourth fiscal quarter of 2025.
Riverview's yield on loans was 4.91% during the fourth fiscal quarter, compared to 4.97% in the preceding quarter, and 4.63% in the fourth fiscal quarter a year ago. “Loan yields declined during the current quarter compared to the prior quarter due to the impact on the loan yield in the prior quarter from the recognition of the loan prepayment and related loan fees. Compared to a year ago, loan yields have increased as a result of the current yield curve which has resulted in higher yields on loans when compared to the existing loan portfolio. We continue to explore opportunities to enhance our loan yield by expanding our commercial business portfolio offerings to include more variable rate loan structures,” said Mike Sventek, EVP and Chief Lending Officer. Deposit costs improved to 1.30% during the fourth fiscal quarter compared to 1.32% in the preceding quarter and increased compared to 1.00% in the fourth fiscal quarter a year ago. The increase from clients seeking higher deposit yields has moderated quarter over quarter compared to the increase from the fourth fiscal quarter a year ago given the relative change in the interest rate environment during those respective periods.
Non-interest income increased to $3.7 million during the fourth fiscal quarter of 2025 compared to $3.3 million in the preceding quarter and $494,000 in the fourth fiscal quarter of 2024. Non-interest income during the quarter included a $261,000 BOLI death benefit. The fourth fiscal quarter of 2024 included a $2.7 million loss on the sale of investment securities from the balance sheet restructure. In fiscal 2025, non-interest income increased to $14.3 million compared to $10.2 million in fiscal 2024.
Asset management fees were $1.5 million during the fourth fiscal quarter, compared to $1.4 million in both the third fiscal quarter and in the fourth fiscal quarter a year ago. Asset management fees from new client relationships more than offset a volatile market performance during the fourth fiscal quarter. Riverview Trust Company's assets under management were $877.9 million at March 31, 2025, compared to $872.6 million at December 31, 2024, and $961.8 million at March 31, 2024.
Non-interest expense was $11.4 million during the fourth fiscal quarter, compared to $11.2 million in the preceding quarter and $13.1 million in the fourth fiscal quarter a year ago. Salary and employee benefits, the largest component of non-interest expense, increased during the current quarter compared to the preceding quarter due to open positions being filled. Professional fees increased during the current quarter compared to the preceding quarter due to higher consulting fees. The efficiency ratio was 88.7% for the fourth fiscal quarter, compared to 87.6% for the preceding quarter and 144.9% in the fourth fiscal quarter a year ago. In fiscal 2025, non-interest expense was $44.3 million compared to $43.7 million in fiscal 2024.
Riverview's effective tax rate for the fourth fiscal quarter of 2025 was 21.5%, compared to 21.8% for the preceding quarter and (27.0)% for the year ago quarter.
Balance Sheet Review
Total loans increased $17.4 million during the quarter to $1.06 billion at March 31, 2025, compared to $1.05 billion three months earlier and increased $38.4 million compared to $1.02 billion a year earlier. Riverview's loan pipeline was $41.1 million at March 31, 2025, compared to $49.1 million at the end of the preceding quarter and $18.4 million at March 31, 2024. New loan originations during the quarter increased to $49.4 million, compared to $31.1 million in the preceding quarter and $12.7 million in the fourth fiscal quarter a year ago.
Undisbursed construction loans totaled $18.2 million at March 31, 2025, compared to $19.5 million at December 31, 2024, with the majority of the undisbursed construction loans expected to be funded over the next several quarters. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $18.3 million at March 31, 2025, compared to $14.5 million at December 31, 2024. Revolving commercial business loan commitments totaled $48.9 million at March 31, 2025, compared to $46.9 million at December 31, 2024. Utilization on these loans totaled 28.90% at March 31, 2025, compared to 17.60% at December 31, 2024. The weighted average rate on loan originations during the quarter was 7.16% compared to 7.04% in the preceding quarter. Loan repricing and maturities with respective weighted average rate for fiscal year 2026 totaled $76.6 million with a weighted average rate of 4.65%. Looking ahead, loan repricing and maturities for fiscal year 2027 total $77.1 million with a weighted average rate of 4.03%, for fiscal year 2028 total $96.2 million with a weighted average rate of 5.42% and in aggregate for fiscal years after 2028 total $108.3 million with a weighted average rate of 6.09%.
The office building loan portfolio totaled $110.9 million at March 31, 2025, compared to $113.4 million at December 31, 2024. The average loan balance of the office building loan portfolio was $1.5 million with an average loan-to-value ratio of 53.5% and an average debt service coverage ratio of 1.80x at March 31, 2025. Office building loans within the Portland core consist of two loans totaling $20.5 million which is approximately 18.5% of the total office building loan portfolio or 1.92% of total loans.
Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 48.7% at March 31, 2025, compared to 46.8% at December 31, 2024, and 51.9% at March 31, 2024. The increase during the quarter was in part due to Riverview Bank reciprocation of $20 million of balances back from Riverview Trust. Riverview Bank had moved customer deposits to Riverview Trust as a higher yielding deposit alternative and those assets were all retained within the Company during the period of increasing interest rates. CDs decreased during the quarter as Riverview allowed higher cost CDs to run off. Total deposits increased $13.3 million during the quarter to $1.23 billion at March 31, 2025, compared to $1.22 billion at December 31, 2024, and were unchanged compared to a year ago.
FHLB advances decreased $7.8 million during the quarter to $76.4 million at March 31, 2025, compared to $84.2 million at December 31, 2024. FHLB advances decreased during the quarter as a result of the increase in deposits.
Shareholders' equity increased to $160.0 million at March 31, 2025, compared to $158.3 million three months earlier and $155.6 million one year earlier. Tangible book value per share (non-GAAP) increased to $6.33 at March 31, 2025, compared to $6.20 at December 31, 2024, and $6.07 at March 31, 2024. Riverview paid a quarterly cash dividend of $0.02 per share on April 25, 2025, to shareholders of record on April 14, 2025.
Credit Quality
“Asset quality remains a priority during uncertain economic conditions, and we continue to closely monitor our portfolio mix, loan growth, and local and national conditions to maintain an appropriate allowance,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled $155,000 or 0.01% of total loans as of March 31, 2025, compared to $168,000, or 0.02% of total loans at December 31, 2024, and $173,000, or 0.02% of total loans at March 31, 2024. There were no non-performing government guaranteed loans at March 31, 2025, and one non-performing government guaranteed loan totaling $301,000 at December 31, 2024. At March 31, 2025, non-performing assets were $155,000, or 0.01% of total assets.
Riverview recorded $22,000 in net loan recoveries for the current quarter. This compared to $114,000 in net loan charge-offs for the preceding quarter. Riverview recorded no provision for credit losses for the current quarter, or for the preceding quarter.
Classified assets were $2.9 million at March 31, 2025, compared to $226,000 at December 31, 2024, and $723,000 at March 31, 2024. The classified assets to total capital ratio was 1.6% at March 31, 2025, compared to 0.1% at December 31, 2024, and 0.4% a year earlier. The increase in classified assets during the quarter was primarily due to one $2.0 million loan for which a plan is in place to either return to performing status or payoff. Additionally, there was a borrowing relationship with two loans totaling $725,000 that credit administration is working with the borrower to bring current or seek full payoff. Criticized assets were $48.5 million at March 31 2024, compared to $50.4 million at December 31, 2024, and $36.7 million at March 31, 2024. Criticized assets decreased during the current quarter compared to the prior quarter as a result of one loan payoff. The increase compared to a year ago was primarily due to one relationship that was moved to the criticized asset category as the loans go through probate. The Company does not anticipate any loss from this relationship.
The allowance for credit losses was $15.4 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The allowance for credit losses represented 1.45% of total loans at March 31, 2025, compared to 1.47% at December 31, 2024, and 1.50% a year earlier. The allowance for credit losses to loans, net of government guaranteed loans (non-GAAP), was 1.51% at March 31, 2025, compared to 1.54% at December 31, 2024, and 1.58% a year earlier.
Capital/Liquidity
Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.27% and a Tier 1 leverage ratio of 11.10% at March 31, 2025. Tangible common equity to average tangible assets ratio (non-GAAP) was 8.93% at March 31, 2025.
Riverview has approximately $471.3 million in available liquidity at March 31, 2025, including $174.0 million of borrowing capacity from the FHLB and $297.3 million from the Federal Reserve Bank of San Francisco (“FRB”). At March 31, 2025, the Bank had $76.4 million in outstanding FHLB borrowings.
The uninsured deposit ratio was 23.4% at March 31, 2025. Available liquidity under the FRB borrowing line would cover nearly 100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover 163.7% of the estimated uninsured deposits.
On September 25, 2024, the Company's Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to $2.0 million of the Company's outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions. During the fiscal fourth quarter, the Company repurchased 158,558 shares of common stock at an average price of $5.65. As of February 2, 2025, the Company had completed the full $2.0 million stock repurchase plan, repurchasing 358,631 shares at an average price of $5.53 per share.
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.
| Tangible shareholders' equity to tangible assets and tangible book value per share: | ||||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||
| Shareholders' equity (GAAP) | $ | 160,014 | $ | 158,270 | $ | 155,588 | ||||||||||||
| Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | ||||||||||||
| Exclude: Core deposit intangible, net | (171 | ) | (196 | ) | (271 | ) | ||||||||||||
| Tangible shareholders' equity (non-GAAP) | $ | 132,767 | $ | 130,998 | $ | 128,241 | ||||||||||||
| Total assets (GAAP) | $ | 1,513,323 | $ | 1,508,609 | $ | 1,521,529 | ||||||||||||
| Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | ||||||||||||
| Exclude: Core deposit intangible, net | (171 | ) | (196 | ) | (271 | ) | ||||||||||||
| Tangible assets (non-GAAP) | $ | 1,486,076 | $ | 1,481,337 | $ | 1,494,182 | ||||||||||||
| Shareholders' equity to total assets (GAAP) | 10.57 | % | 10.49 | % | 10.23 | % | ||||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 8.93 | % | 8.84 | % | 8.58 | % | ||||||||||||
| Shares outstanding | 20,976,200 | 21,134,758 | 21,111,043 | |||||||||||||||
| Book value per share (GAAP) | 7.63 | 7.49 | 7.37 | |||||||||||||||
| Tangible book value per share (non-GAAP) | 6.33 | 6.20 | 6.07 | |||||||||||||||
| Pre-tax, pre-provision income | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||||||
| Net income (loss) (GAAP) | $ | 1,148 | $ | 1,232 | $ | (2,968 | ) | $ | 4,903 | $ | 3,799 | |||||||
| Include: Provision (credit) for income taxes | 314 | 343 | (1,095 | ) | 1,335 | 802 | ||||||||||||
| Include: Provision for credit losses | – | – | – | 100 | – | |||||||||||||
| Pre-tax, pre-provision income (loss) (non-GAAP) | $ | 1,462 | $ | 1,575 | $ | (4,063 | ) | $ | 6,338 | $ | 4,601 | |||||||
| Net income (loss) and earnings (loss) per share excluding securities restructure and litigation expense | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||||||
| Net income (loss) (GAAP) | $ | 1,148 | $ | 1,232 | $ | (2,968 | ) | $ | 4,903 | $ | 3,799 | |||||||
| Exclude impact of securities loss restructure, net of tax | – | – | 2,074 | – | 2,074 | |||||||||||||
| Exclude impact of litigation expense, net of tax | – | – | 1,748 | – | 1,748 | |||||||||||||
| Net income excluding securities restructure and litigation expense (non-GAAP) | $ | 1,148 | $ | 1,232 | $ | 854 | $ | 4,903 | $ | 7,621 | ||||||||
| Basic earnings (loss) per share (GAAP) | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||||||
| Exclude impact of securities loss restructure, net of tax | – | – | 0.10 | – | 0.10 | |||||||||||||
| Exclude impact of litigation expense, net of tax | – | – | 0.08 | – | 0.08 | |||||||||||||
| Basic earnings per share excluding securities restructure and litigation expense (GAAP) | $ | 0.05 | $ | 0.06 | $ | 0.04 | $ | 0.23 | $ | 0.36 | ||||||||
| Diluted earnings (loss) per share (GAAP) | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||||||
| Exclude impact of securities loss restructure, net of tax | – | – | 0.10 | – | 0.10 | |||||||||||||
| Exclude impact of litigation expense, net of tax | – | – | 0.08 | – | 0.08 | |||||||||||||
| Diluted earnings per share excluding securities restructure and litigation expense (GAAP) | $ | 0.05 | $ | 0.06 | $ | 0.04 | $ | 0.23 | $ | 0.36 | ||||||||
| Allowance for credit losses reconciliation, excluding Government Guaranteed loans | ||||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||
| Allowance for credit losses | $ | 15,374 | $ | 15,352 | $ | 15,364 | ||||||||||||
| Loans receivable (GAAP) | $ | 1,062,460 | $ | 1,045,109 | $ | 1,024,013 | ||||||||||||
| Exclude: Government Guaranteed loans | (47,373 | ) | (49,024 | ) | (51,013 | ) | ||||||||||||
| Loans receivable excluding Government Guaranteed loans (non-GAAP) | $ | 1,015,087 | $ | 996,085 | $ | 973,000 | ||||||||||||
| Allowance for credit losses to loans receivable (GAAP) | 1.45 | % | 1.47 | % | 1.50 | % | ||||||||||||
| Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP) | 1.51 | % | 1.54 | % | 1.58 | % | ||||||||||||
| Non-performing loans reconciliation, excluding Government Guaranteed Loans | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||
| Non-performing loans (GAAP) | $ | 155 | $ | 469 | $ | 178 | ||||||||||||
| Less: Non-performing Government Guaranteed loans | – | (301 | ) | (5 | ) | |||||||||||||
| Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP) |
$ | 155 | $ | 168 | $ | 173 | ||||||||||||
| Non-performing loans to total loans (GAAP) | 0.01 | % | 0.04 | % | 0.02 | % | ||||||||||||
| Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP) | 0.01 | % | 0.02 | % | 0.02 | % | ||||||||||||
| Non-performing loans to total assets (GAAP) | 0.01 | % | 0.03 | % | 0.01 | % | ||||||||||||
| Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP) | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at March 31, 2025, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which 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, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia's invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company's allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company's net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company's market areas; secondary market conditions for loans and the Company's ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank's regulatory capital position or affect the Company's ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company's business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company's ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company's ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company's assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company's consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company's workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company's ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company's ability to implement its business strategies; the Company's ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company's ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview's business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company's ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.
The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company's consolidated financial condition and consolidated results of operations as well as its stock price performance.
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | |||||||||||||
| Consolidated Balance Sheets | |||||||||||||
| (In thousands, except share data) (Unaudited) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| ASSETS | |||||||||||||
| Cash (including interest-earning accounts of $14,375, $12,573, | $ | 29,414 | $ | 25,348 | $ | 23,642 | |||||||
| and $12,164) | |||||||||||||
| Investment securities: | |||||||||||||
| Available for sale, at estimated fair value | 119,436 | 124,874 | 143,196 | ||||||||||
| Held to maturity, at amortized cost | 203,079 | 212,295 | 229,510 | ||||||||||
| Loans receivable (net of allowance for credit losses of $15,374, | |||||||||||||
| $15,352 and $15,364) | 1,047,086 | 1,029,757 | 1,008,649 | ||||||||||
| Prepaid expenses and other assets | 12,523 | 12,945 | 14,469 | ||||||||||
| Accrued interest receivable | 4,525 | 4,639 | 4,415 | ||||||||||
| Federal Home Loan Bank stock, at cost | 4,342 | 4,742 | 4,927 | ||||||||||
| Premises and equipment, net | 22,304 | 22,731 | 21,718 | ||||||||||
| Financing lease right-of-use assets | 1,125 | 1,144 | 1,202 | ||||||||||
| Deferred income taxes, net | 8,625 | 9,471 | 9,778 | ||||||||||
| Goodwill | 27,076 | 27,076 | 27,076 | ||||||||||
| Core deposit intangible, net | 171 | 196 | 271 | ||||||||||
| Bank owned life insurance | 33,617 | 33,391 | 32,676 | ||||||||||
| TOTAL ASSETS | $ | 1,513,323 | $ | 1,508,609 | $ | 1,521,529 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
| LIABILITIES: | |||||||||||||
| Deposits | $ | 1,232,328 | $ | 1,219,002 | $ | 1,231,679 | |||||||
| Accrued expenses and other liabilities | 14,777 | 17,634 | 16,205 | ||||||||||
| Advance payments by borrowers for taxes and insurance | 614 | 317 | 581 | ||||||||||
| Junior subordinated debentures | 27,091 | 27,069 | 27,004 | ||||||||||
| Federal Home Loan Bank advances | 76,400 | 84,200 | 88,304 | ||||||||||
| Finance lease liability | 2,099 | 2,117 | 2,168 | ||||||||||
| Total liabilities | 1,353,309 | 1,350,339 | 1,365,941 | ||||||||||
| SHAREHOLDERS' EQUITY: | |||||||||||||
| Serial preferred stock, $.01 par value; 250,000 authorized, | |||||||||||||
| issued and outstanding, none | – | – | – | ||||||||||
| Common stock, $.01 par value; 50,000,000 authorized, | |||||||||||||
| March 31, 2025 – 20,976,200 issued and outstanding; | |||||||||||||
| December 31, 2024 – 21,134,758 issued and outstanding; | 208 | 209 | 211 | ||||||||||
| March 31, 2024 – 21,111,043 issued and outstanding; | |||||||||||||
| Additional paid-in capital | 53,392 | 54,227 | 55,005 | ||||||||||
| Retained earnings | 119,717 | 118,988 | 116,499 | ||||||||||
| Accumulated other comprehensive loss | (13,303 | ) | (15,154 | ) | (16,127 | ) | |||||||
| Total shareholders' equity | 160,014 | 158,270 | 155,588 | ||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,513,323 | $ | 1,508,609 | $ | 1,521,529 | |||||||
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | ||||||||||||||
| Consolidated Statements of Income | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| (In thousands, except share data) (Unaudited) | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||
| INTEREST INCOME: | ||||||||||||||
| Interest and fees on loans receivable | $ | 12,685 | $ | 13,201 | $ | 11,743 | $ | 50,621 | $ | 46,031 | ||||
| Interest on investment securities – taxable | 1,484 | 1,589 | 2,145 | 6,918 | 8,971 | |||||||||
| Interest on investment securities – nontaxable | 64 | 65 | 65 | 260 | 261 | |||||||||
| Other interest and dividends | 261 | 272 | 338 | 1,163 | 1,292 | |||||||||
| Total interest and dividend income | 14,494 | 15,127 | 14,291 | 58,962 | 56,555 | |||||||||
| INTEREST EXPENSE: | ||||||||||||||
| Interest on deposits | 3,910 | 4,101 | 3,021 | 15,313 | 8,285 | |||||||||
| Interest on borrowings | 1,391 | 1,638 | 2,718 | 7,305 | 10,184 | |||||||||
| Total interest expense | 5,301 | 5,739 | 5,739 | 22,618 | 18,469 | |||||||||
| Net interest income | 9,193 | 9,388 | 8,552 | 36,344 | 38,086 | |||||||||
| Provision for credit losses | – | – | – | 100 | – | |||||||||
| Net interest income after provision for credit losses | 9,193 | 9,388 | 8,552 | 36,244 | 38,086 | |||||||||
| NON-INTEREST INCOME: | ||||||||||||||
| Fees and service charges | 1,446 | 1,492 | 1,398 | 6,002 | 6,269 | |||||||||
| Asset management fees | 1,472 | 1,443 | 1,408 | 5,906 | 5,328 | |||||||||
| Bank owned life insurance (“BOLI”) | 226 | 225 | 222 | 941 | 891 | |||||||||
| BOLI death benefit in excess of cash surrender value | 261 | – | – | 261 | – | |||||||||
| Loss on sale of investment securities | – | – | (2,729 | ) | – | (2,729 | ) | |||||||
| Other, net | 302 | 181 | 195 | 1,146 | 483 | |||||||||
| Total non-interest income, net | 3,707 | 3,341 | 494 | 14,256 | 10,242 | |||||||||
| NON-INTEREST EXPENSE: | ||||||||||||||
| Salaries and employee benefits | 6,763 | 6,471 | 6,225 | 26,099 | 24,204 | |||||||||
| Occupancy and depreciation | 1,873 | 1,871 | 1,942 | 7,560 | 6,872 | |||||||||
| Data processing | 746 | 743 | 686 | 2,948 | 2,782 | |||||||||
| Amortization of core deposit intangible | 25 | 25 | 27 | 100 | 108 | |||||||||
| Advertising and marketing | 284 | 317 | 326 | 1,278 | 1,276 | |||||||||
| FDIC insurance premium | 170 | 174 | 178 | 688 | 708 | |||||||||
| State and local taxes | 265 | 327 | 196 | 1,042 | 1,010 | |||||||||
| Telecommunications | 62 | 54 | 50 | 215 | 211 | |||||||||
| Professional fees | 577 | 429 | 414 | 1,800 | 1,375 | |||||||||
| Other | 673 | 743 | 3,065 | 2,532 | 5,181 | |||||||||
| Total non-interest expense | 11,438 | 11,154 | 13,109 | 44,262 | 43,727 | |||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 1,462 | 1,575 | (4,063 | ) | 6,238 | 4,601 | ||||||||
| PROVISION (CREDIT) FOR INCOME TAXES | 314 | 343 | (1,095 | ) | 1,335 | 802 | ||||||||
| NET INCOME (LOSS) | $ | 1,148 | $ | 1,232 | $ | (2,968 | ) | $ | 4,903 | $ | 3,799 | |||
| Earnings (loss) per common share: | ||||||||||||||
| Basic | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||
| Diluted | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||
| Weighted average number of common shares outstanding: | ||||||||||||||
| Basic | 21,007,294 | 21,037,246 | 21,111,043 | 21,063,467 | 21,137,976 | |||||||||
| Diluted | 21,007,294 | 21,037,246 | 21,111,043 | 21,063,467 | 21,139,322 | |||||||||
| (Dollars in thousands) | At or for the three months ended | At or for the twelve months ended | |||||||||||||||||
| March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||
| Average interest-earning assets | $ | 1,412,406 | $ | 1,436,130 | $ | 1,484,628 | $ | 1,433,071 | $ | 1,492,002 | |||||||||
| Average interest-bearing liabilities | 1,011,116 | 1,019,265 | 1,047,712 | 1,010,592 | 1,028,042 | ||||||||||||||
| Net average earning assets | 401,290 | 416,865 | 436,916 | 422,479 | 463,960 | ||||||||||||||
| Average loans | 1,047,718 | 1,053,342 | 1,020,457 | 1,044,370 | 1,011,420 | ||||||||||||||
| Average deposits | 1,219,130 | 1,232,450 | 1,210,818 | 1,220,120 | 1,229,011 | ||||||||||||||
| Average equity | 159,766 | 160,532 | 158,776 | 158,570 | 156,137 | ||||||||||||||
| Average tangible equity (non-GAAP) | 132,506 | 133,245 | 131,413 | 131,271 | 128,733 | ||||||||||||||
| ASSET QUALITY | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | ||||||||||||||||
| Non-performing loans | $ | 155 | $ | 469 | $ | 178 | |||||||||||||
| Non-performing loans excluding SBA Government Guarantee (non-GAAP) | 155 | 168 | 173 | ||||||||||||||||
| Non-performing loans to total loans | 0.01 | % | 0.04 | % | 0.02 | % | |||||||||||||
| Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP) | 0.01 | % | 0.02 | % | 0.02 | % | |||||||||||||
| Real estate/repossessed assets owned | $ | – | $ | – | $ | – | |||||||||||||
| Non-performing assets | $ | 155 | $ | 469 | $ | 178 | |||||||||||||
| Non-performing assets excluding SBA Government Guarantee (non-GAAP) | 155 | 168 | 173 | ||||||||||||||||
| Non-performing assets to total assets | 0.01 | % | 0.03 | % | 0.01 | % | |||||||||||||
| Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP) | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||
| Net loan charge-offs (recoveries) in the quarter | $ | (22 | ) | $ | 114 | $ | (3 | ) | |||||||||||
| Net charge-offs (recoveries) in the quarter/average net loans | (0.01 | )% | 0.04 | % | 0.00 | % | |||||||||||||
| Allowance for credit losses | $ | 15,374 | $ | 15,352 | $ | 15,364 | |||||||||||||
| Average interest-earning assets to average | |||||||||||||||||||
| interest-bearing liabilities | 139.69 | % | 140.90 | % | 141.70 | % | |||||||||||||
| Allowance for credit losses to | |||||||||||||||||||
| non-performing loans | 9918.71 | % | 3273.35 | % | 8631.46 | % | |||||||||||||
| Allowance for credit losses to total loans | 1.45 | % | 1.47 | % | 1.50 | % | |||||||||||||
| Shareholders' equity to assets | 10.57 | % | 10.49 | % | 10.23 | % | |||||||||||||
| CAPITAL RATIOS | |||||||||||||||||||
| Total capital (to risk weighted assets) | 16.27 | % | 16.47 | % | 16.32 | % | |||||||||||||
| Tier 1 capital (to risk weighted assets) | 15.01 | % | 15.21 | % | 15.06 | % | |||||||||||||
| Common equity tier 1 (to risk weighted assets) | 15.01 | % | 15.21 | % | 15.06 | % | |||||||||||||
| Tier 1 capital (to average tangible assets) | 11.10 | % | 10.86 | % | 10.29 | % | |||||||||||||
| Tangible common equity (to average tangible assets) (non-GAAP) | 8.93 | % | 8.84 | % | 8.58 | % | |||||||||||||
| DEPOSIT MIX | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | ||||||||||||||||
| Interest checking | $ | 285,035 | $ | 257,975 | $ | 289,824 | |||||||||||||
| Regular savings | 168,287 | 169,181 | 192,638 | ||||||||||||||||
| Money market deposit accounts | 236,044 | 236,912 | 209,164 | ||||||||||||||||
| Non-interest checking | 315,503 | 312,839 | 349,081 | ||||||||||||||||
| Certificates of deposit | 227,459 | 242,095 | 190,972 | ||||||||||||||||
| Total deposits | $ | 1,232,328 | $ | 1,219,002 | $ | 1,231,679 | |||||||||||||
| COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS | |||||||||||||
| Other | Commercial | ||||||||||||
| Commercial | Real Estate | Real Estate | & Construction | ||||||||||
| Business | Mortgage | Construction | Total | ||||||||||
| March 31, 2025 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 232,935 | $ | – | $ | – | $ | 232,935 | |||||
| Commercial construction | – | – | 18,368 | 18,368 | |||||||||
| Office buildings | – | 110,949 | – | 110,949 | |||||||||
| Warehouse/industrial | – | 114,925 | – | 114,925 | |||||||||
| Retail/shopping centers/strip malls | – | 88,815 | – | 88,815 | |||||||||
| Assisted living facilities | – | 358 | – | 358 | |||||||||
| Single purpose facilities | – | 277,137 | – | 277,137 | |||||||||
| Land | – | 4,610 | – | 4,610 | |||||||||
| Multi-family | – | 91,452 | – | 91,452 | |||||||||
| One-to-four family construction | – | – | 10,814 | 10,814 | |||||||||
| Total | $ | 232,935 | $ | 688,246 | $ | 29,182 | $ | 950,363 | |||||
| March 31, 2024 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 229,404 | $ | – | $ | – | $ | 229,404 | |||||
| Commercial construction | – | – | 20,388 | 20,388 | |||||||||
| Office buildings | – | 114,714 | – | 114,714 | |||||||||
| Warehouse/industrial | – | 106,649 | – | 106,649 | |||||||||
| Retail/shopping centers/strip malls | – | 89,448 | – | 89,448 | |||||||||
| Assisted living facilities | – | 378 | – | 378 | |||||||||
| Single purpose facilities | – | 272,313 | – | 272,313 | |||||||||
| Land | – | 5,692 | – | 5,692 | |||||||||
| Multi-family | – | 70,771 | – | 70,771 | |||||||||
| One-to-four family construction | – | – | 16,150 | 16,150 | |||||||||
| Total | $ | 229,404 | $ | 659,965 | $ | 36,538 | $ | 925,907 | |||||
| LOAN MIX | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | ||||||||||
| Commercial and construction | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 232,935 | $ | 224,506 | $ | 229,404 | |||||||
| Other real estate mortgage | 688,246 | 657,380 | 659,965 | ||||||||||
| Real estate construction | 29,182 | 49,956 | 36,538 | ||||||||||
| Total commercial and construction | 950,363 | 931,842 | 925,907 | ||||||||||
| Consumer | |||||||||||||
| Real estate one-to-four family | 97,683 | 97,760 | 96,366 | ||||||||||
| Other installment | 14,414 | 15,507 | 1,740 | ||||||||||
| Total consumer | 112,097 | 113,267 | 98,106 | ||||||||||
| Total loans | 1,062,460 | 1,045,109 | 1,024,013 | ||||||||||
| Less: | |||||||||||||
| Allowance for credit losses | 15,374 | 15,352 | 15,364 | ||||||||||
| Loans receivable, net | $ | 1,047,086 | $ | 1,029,757 | $ | 1,008,649 | |||||||
| DETAIL OF NON-PERFORMING ASSETS | |||||||||||||
| Southwest | |||||||||||||
| Washington | Total | ||||||||||||
| March 31, 2025 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 37 | $ | 37 | |||||||||
| Commercial real estate | 88 | 88 | |||||||||||
| Consumer | 30 | 30 | |||||||||||
| Total non-performing assets | $ | 155 | $ | 155 | |||||||||
| At or for the three months ended | At or for the twelve months ended | |||||||||||||||||||
| SELECTED OPERATING DATA | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||||||||
| Efficiency ratio (4) | 88.67 | % | 87.63 | % | 144.91 | % | 87.47 | % | 90.48 | % | ||||||||||
| Coverage ratio (6) | 80.37 | % | 84.17 | % | 65.24 | % | 82.11 | % | 87.10 | % | ||||||||||
| Return on average assets (1) | 0.31 | % | 0.32 | % | (0.76 | )% | 0.32 | % | 0.24 | % | ||||||||||
| Return on average equity (1) | 2.91 | % | 3.04 | % | (7.52 | )% | 3.09 | % | 2.43 | % | ||||||||||
| Return on average tangible equity (1) (non-GAAP) | 3.51 | % | 3.67 | % | (9.08 | )% | 3.74 | % | 2.95 | % | ||||||||||
| NET INTEREST SPREAD | ||||||||||||||||||||
| Yield on loans | 4.91 | % | 4.97 | % | 4.63 | % | 4.85 | % | 4.55 | % | ||||||||||
| Yield on investment securities | 1.84 | % | 1.82 | % | 2.02 | % | 1.96 | % | 2.02 | % | ||||||||||
| Total yield on interest-earning assets | 4.17 | % | 4.18 | % | 3.88 | % | 4.12 | % | 3.80 | % | ||||||||||
| Cost of interest-bearing deposits | 1.76 | % | 1.81 | % | 1.41 | % | 1.74 | % | 0.97 | % | ||||||||||
| Cost of FHLB advances and other borrowings | 5.21 | % | 5.43 | % | 5.87 | % | 5.70 | % | 5.80 | % | ||||||||||
| Total cost of interest-bearing liabilities | 2.13 | % | 2.23 | % | 2.20 | % | 2.24 | % | 1.80 | % | ||||||||||
| Spread (7) | 2.04 | % | 1.95 | % | 1.68 | % | 1.88 | % | 2.00 | % | ||||||||||
| Net interest margin | 2.65 | % | 2.60 | % | 2.32 | % | 2.54 | % | 2.56 | % | ||||||||||
| PER SHARE DATA | ||||||||||||||||||||
| Basic earnings (loss) per share (2) | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||||||||
| Diluted earnings (loss) per share (3) | 0.05 | 0.06 | (0.14 | ) | 0.23 | 0.18 | ||||||||||||||
| Book value per share (5) | 7.63 | 7.49 | 7.37 | 7.63 | 7.37 | |||||||||||||||
| Tangible book value per share (5) (non-GAAP) | 6.33 | 6.20 | 6.07 | 6.33 | 6.07 | |||||||||||||||
| Market price per share: | ||||||||||||||||||||
| High for the period | $ | 5.75 | $ | 5.88 | $ | 6.40 | $ | 5.88 | $ | 6.48 | ||||||||||
| Low for the period | 5.08 | 4.59 | 4.53 | 3.64 | 4.17 | |||||||||||||||
| Close for period end | 5.65 | 5.74 | 4.72 | 5.65 | 4.72 | |||||||||||||||
| Cash dividends declared per share | 0.0200 | 0.0200 | 0.0600 | 0.0800 | 0.2400 | |||||||||||||||
| Average number of shares outstanding: | ||||||||||||||||||||
| Basic (2) | 21,007,294 | 21,037,246 | 21,111,043 | 21,063,467 | 21,137,976 | |||||||||||||||
| Diluted (3) | 21,007,294 | 21,037,246 | 21,111,043 | 21,063,467 | 21,139,322 | |||||||||||||||
(1) Amounts for the periods shown are annualized.
(2) Amounts exclude ESOP shares not committed to be released.
(3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
(4) Non-interest expense divided by net interest income and non-interest income.
(5) Amounts calculated based on shareholders' equity and include ESOP shares not committed to be released.
(6) Net interest income divided by non-interest expense.
(7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.
| Contacts: | Nicole Sherman David Lam Riverview Bancorp, Inc. 360-693-6650 |
