INDEX
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| Part I. | Financial Information | 4 |
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| Item 1: | Financial Statements (Unaudited) | 4 |
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| Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 | 4 |
| Consolidated Statements of Income for the Three Months Ended June 30, 2024 and 2023 | 5 |
| Consolidated Statements of Comprehensive Income for the Three Months Ended June 30, 2024 and 2023 | 6 |
| Consolidated Statements of Shareholders’ Equity for the Three Months Ended June 30, 2024 and 2023 | 7 |
| Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2024 and 2023 | 8 |
| Notes to Consolidated Financial Statements | 9 |
| Item 2: | Management's Discussion and Analysis of Financial Condition and Results of Operations | 32 |
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| Item 3: | Quantitative and Qualitative Disclosures About Market Risk | 46 |
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| Item 4: | Controls and Procedures | 46 |
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| Part II. | Other Information | 47 |
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| Item 1: | Legal Proceedings | 47 |
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| Item 1A: | Risk Factors | 47 |
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| Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | 47 |
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| Item 3: | Defaults Upon Senior Securities | 47 |
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| Item 4: | Mine Safety Disclosures | 47 |
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| Item 5: | Other Information | 47 |
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| Item 6: | Exhibits | 48 |
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| SIGNATURES | 49 | |
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| Certifications |
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| | Exhibit 31.2 | |
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| | Exhibit 32 | |
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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, 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 past increases in the Board of Governors of the Federal Reserve System (“Federal Reserve”) benchmark rate and the duration of such increased 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 for credit losses and provision for credit losses |
| ● | Changes in the general interest rates, short and long-term interest rate differentials, deposit interest rates, our net interest margin and funding sources |
| ● | Fluctuations in loan demand, unsold homes, land and property and secondary market conditions for loans |
| ● | Results examinations by regulatory authorities, and potential requirements to credit loss allowances, write-down assets, reclassify assets, change our regulatory or capital position or affect our liquidity and earnings |
| ● | Legislative or regulatory changes including changes in banking, securities, tax law, regulatory policies and principles |
| ● | Our ability to attract and retain deposits and manage operating costs and expenses |
| ● | Use of estimates in determining the fair value of assets, which may prove incorrect |
| ● | Staffing fluctuations in response to product demand or corporate strategy implementation |
| ● | Disruptions or security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or third-party vendors |
| ● | Retention of key senior management members |
| ● | Costs and effects of litigation |
| ● | Expectations regarding key growth initiatives and strategic profiles |
| ● | Future goodwill impairment |
| ● | Increased competitive pressures among financial services companies |
| ● | Changes in consumer spending, borrowing and savings habits |
| ● | Resource availability to address changes in laws, rules, or regulations or to respond to regulatory actions |
| ● | Our ability to pay dividends on common stock |
| ● | Quality and composition of our securities portfolio and adverse changes in securities markets |
| ● | Inability of key third-party providers to fulfill obligations |
| ● | Changes in accounting policies and practices; |
| ● | Effects of climate change, severe weather, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events |
| ● | 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 (“SEC”). |
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.
