# EDGAR Filing Document

**Accession Number:** 0001041368
**File Stem:** 0000939057-23-000023
**Filing Date:** 2023-1
**Character Count:** 56844
**Document Hash:** 4c4b18d2ae91bc3779adb871d0011b73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000939057-23-000023.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0000939057-23-000023

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIVERVIEW BANCORP INC
- **CENTRAL INDEX KEY:** 0001041368
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **IRS NUMBER:** 911838969
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22957
- **FILM NUMBER:** 23572925

**BUSINESS ADDRESS:**
- **STREET 1:** 900 WASHINGTON STREET
- **STREET 2:** SUITE 900
- **CITY:** VANCOUVER
- **STATE:** WA
- **ZIP:** 98660
- **BUSINESS PHONE:** 360-693-6650

**MAIL ADDRESS:**
- **STREET 1:** 900 WASHINGTON STREET
- **STREET 2:** SUITE 900
- **CITY:** VANCOUVER
- **STATE:** WA
- **ZIP:** 98660

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): **January 26, 2023**

### RIVERVIEW BANCORP, INC.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Washington**<br>| **000-22957**<br>| **91-1838969**<br>|
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **900 Washington Street, Suite 900, Vancouver, Washington** | **98660**<br>|
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(360) 693-6650**

---

| |
|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions. |
|  ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|  ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|  ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act<br> &nbsp;&nbsp;&nbsp;&nbsp; (17 CFR 240.14d-2(b)) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, Par Value $0.01 per share<br>| RVSB | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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#### Item 2.02 Results of Operations and Financial Condition.
On January 26, 2023, Riverview Bancorp, Inc. issued its earnings release for the quarter ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

#### Item 9.01 Financial Statements and Exhibits.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.1 News Release of Riverview Bancorp, Inc. dated January 26, 2023](riv8k12623exh991.htm).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | RIVERVIEW BANCORP, INC. |
| Date: January 26, 2023 | <u>/S/ David Lam&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
|  | David Lam <br>Chief Financial Officer <br> (Principal Financial Officer)  |

---

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## Exhibit 99.1

**Exhibit 99.1**<br>

---

| | |
|:---|:---|
| ![](image1.jpg) | ![](image0.jpg) |

---

Contact: <br> Kevin Lycklama or David Lam Riverview Bancorp, Inc. 360-693-6650 <br>   

#### Riverview Bancorp Earns $5.2 Million in Third Fiscal Quarter 2023;
**Results Highlighted by Net Interest Margin Expansion**

<br> Vancouver, WA – January 26, 2023 - Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) ("Riverview" or the "Company") today reported earnings of $5.2 million, or $0.24 per diluted share, in the third fiscal quarter ended December 31, 2022, which was unchanged compared to the second fiscal quarter ended September 30, 2022. Earnings were $5.5 million, or $0.25 per diluted share, in the third fiscal quarter a year ago, which included a $1.3 million recapture of a provision for loan losses.

In the first nine months of fiscal 2023, net income was $15.1 million, or $0.69 per diluted share, compared to $17.7 million, or $0.80 per diluted share, in the first nine months of fiscal 2022. Year-to-date fiscal 2023 results included no provision for loan losses, compared to a $4.0 million recapture of a provision for loan losses in the same period a year earlier.

"Our operating results for the third fiscal quarter of 2023 were strong, despite the challenging rate environment, and uncertainties in the economy," stated Kevin Lycklama, president and chief executive officer. "Steady loan production and net interest margin expansion of 18 basis points, compared to the preceding quarter, contributed to higher third fiscal quarter net interest income. Additionally, operating expenses remained controlled, as we continue to focus on managing expenses."

#### Third Quarter Highlights (at or for the period ended December 31, 2022)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $5.2 million, or $0.24 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax, pre-provision for loan losses income (non-GAAP) was $6.8 million for the quarter, which was unchanged compared to the preceding quarter, and an increase compared to $5.9 million for the year ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income increased to $13.7 million for the quarter compared to $13.4 million in the preceding quarter and $12.1 million in the third fiscal quarter a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin ("NIM") expanded to 3.48% for the quarter, compared to 3.30% in the preceding quarter and 2.96% for the year ago quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on average assets was 1.27% and return on average equity was 13.85%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riverview recorded no provision for loan losses during the current quarter or the prior quarter, and recorded a $1.3 million recapture of a provision for loan losses in the third fiscal quarter a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allowance for loan losses was $14.6 million, or 1.43% of total loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total loans were $1.02 billion at December 31, 2022, compared to $1.01 billion three months earlier and $962.2 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset quality remained strong, with non-performing loans excluding SBA and USDA government guaranteed loans (non-GAAP) at $236,000, or 0.01% of total assets at December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total deposits decreased to $1.37 billion compared to $1.49 billion three months earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total risk-based capital ratio was 16.71% and Tier 1 leverage ratio was 10.10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paid a quarterly cash dividend during the quarter of $0.06 per share.

------

<u> </u>RVSB Reports Third Quarter Fiscal 2023 Results

January 26, 2023

Page 2<br>

#### <br>

#### Income Statement Review
Riverview's net interest income increased to $13.7 million in the current quarter, compared to $13.4 million in the preceding quarter, and $12.1 million in the third fiscal quarter a year ago. The increase in net interest income compared to the prior quarter was driven primarily by an increase in loan interest income and higher investment income. Prior year net interest income included interest and fee income earned on PPP loans and net fees on loan prepayments. The adjusted net interest income (non-GAAP) increased to $13.3 million in the current quarter compared to $12.6 million in the preceding quarter and $10.9 million in the third fiscal quarter a year ago. In the first nine months of fiscal 2023, net interest income increased to $39.8 million compared to $35.7 million in the first nine months of fiscal 2022.

During the third quarter of fiscal 2023, there was an insignificant amount of interest and net fee income earned through PPP loan forgiveness and normal amortization. This compared to $781,000 of interest and net fee income on PPP loans during the third quarter of the prior year.

Riverview's NIM was 3.48% for the third quarter of fiscal 2023, an 18 basis-point increase compared to 3.30% in the preceding quarter and a 52 basis-point increase compared to 2.96% in the third quarter of fiscal 2022. "Higher loan yields on new loan originations, as well as investment yields due to the recent Fed rate increases contributed to NIM expansion during the quarter," said David Lam, executive vice president and chief financial officer. In the first nine months of fiscal 2023, the net interest margin was 3.30% compared to 3.05% in the same period a year earlier.

During the third quarter of fiscal 2023, net fees on loan prepayments, which included purchased SBA loan premiums, increased net interest income by $111,000 and increased the NIM by three basis points. This compared to $137,000 in net fees on loan prepayments adding three basis points to NIM in the preceding quarter. The interest accretion on purchased loans totaled $30,000 and resulted in a one-basis point increase in the NIM during the third quarter, compared to $49,000 and a one-basis point increase in the NIM during the preceding quarter. The average overnight cash balances were $50.9 million during the quarter ended December 31, 2022, compared to $137.6 million in the preceding quarter and $307.4 million for the third fiscal quarter a year ago. Without the elevated level in overnight cash balances, NIM would have been 3 basis points higher in the current quarter, 11 basis points higher in the prior quarter and 62 basis points higher in the third fiscal quarter a year ago. These items resulted in a core-NIM (non-GAAP) of 3.47% in the current quarter, 3.37% in the preceding quarter and 3.35% in the third fiscal quarter a year ago.

Investment securities totaled $458.9 million at December 31, 2022, compared to $464.7 million at September 30, 2022. The average securities balances for the quarters ended December 31, 2022, September 30, 2022, and December 31, 2021, were $491.2 million, $473.4 million and $368.6 million, respectively. The weighted average yields on securities balances for those same periods were 2.01%, 1.89% and 1.50%, respectively.

Riverview's loan yields increased to 4.50% compared to 4.38% in the preceding quarter and 4.67% in the third fiscal quarter a year ago. Deposit costs have remained relatively stable, with the cost of deposits at 0.08% during the third fiscal quarter compared to 0.09% in the preceding quarter, and 0.08% in the third fiscal quarter a year ago.

Non-interest income was $3.0 million during the third fiscal quarter, compared to $3.1 million in both the preceding quarter and the third fiscal quarter of 2022. Brokered loan fees have slowed due to the decrease in mortgage activity and rising interest rates. In the first nine months of fiscal 2023, non-interest income was $9.2 million compared to $9.8 million in the same period a year ago which included a one-time BOLI death benefit of $500,000.

Asset management fees were $1.1 million during the third fiscal quarter compared to $1.2 million in the preceding quarter and were unchanged compared to the third fiscal quarter a year ago. Riverview Trust Company's assets under management were $855.9 million at December 31, 2022, compared to $752.4 million at September 30, 2022 and $1.4 billion at December 31, 2021. The decrease compared the December 31, 2021 quarter was a result of a single large client's planned conclusion of trust services.

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RVSB Reports Third Quarter Fiscal 2023 Results

January 26, 2023

Page 3<br>

Non-interest expense was $9.8 million during the current quarter and in the preceding quarter and totaled $9.3 million in the third fiscal quarter a year ago. In the first nine months of fiscal 2023, non-interest expense was $29.4 million compared to $26.6 million in the first nine months of fiscal 2022. The prior year nine-month period included a $1.0 million gain on sale of a building. Salary and employee benefits increased during the quarter and for the first nine months due to wage pressures and the competitive landscape for attracting and retaining employees. Occupancy and depreciation expense increased due to the Company's rebranding effort in addition to updates and modernization initiatives completed at our facilities. The efficiency ratio was 59.1% for the third fiscal quarter compared to 59.2% in the preceding quarter and 61.2% in the third fiscal quarter a year ago.

Return on average assets was 1.27% in the third quarter of fiscal 2023 compared to 1.21% in the preceding quarter. Return on average equity and return on average tangible equity (non-GAAP) were 13.85% and 16.96%, respectively, compared to 13.28% and 16.15%, respectively, for the prior quarter.

Riverview's effective tax rate for the third quarter of fiscal 2023 was 23.1%, compared to 23.2% for both the preceding quarter and for the year ago quarter.

#### Balance Sheet Review
Total loans were $1.02 billion at December 31, 2022, compared to $1.01 billion three months earlier and $962.2 million a year ago. Riverview's loan pipeline totaled $27.3 million at December 31, 2022, compared to $73.3 million at the end of the prior quarter. New loan originations during the quarter totaled $28.9 million compared to $48.7 million in the preceding quarter and $109.0 million in the third quarter a year ago.

Undisbursed construction loans totaled $44.0 million at December 31, 2022, compared to $53.9 million at September 30, 2022, with the majority of the undisbursed construction loans expected to fund over the next several quarters. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $25.0 million at December 31, 2022, compared to $26.4 million at September 30, 2022. Revolving commercial business loan commitments totaled $63.5 million at December 31, 2022, compared to $59.3 million three months earlier. Utilization on these loans totaled 19.3% at December 31, 2022, compared to 20.3% at September 30, 2022. The weighted average rate on loan originations during the quarter was 5.75% compared to 5.77% in the preceding quarter.

Total deposits were $1.37 billion at December 31, 2022, compared to $1.49 billion at September 30, 2022, representing a decrease of $123.4 million, or 8.3%. Total deposits decreased $107.5 million, or 7.3%, compared to a year earlier. The decrease can be attributed to deposit pricing pressures and customers seeking out higher yielding investment alternatives, including Riverview Trust Company's money market accounts. Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 54.8% at December 31, 2022.

FHLB advances were $32.3 million at December 31, 2022 and were comprised of overnight advances. There were no outstanding FHLB advances at September 30, 2022 or a year earlier. These FHLB advances were utilized to partially offset the decrease in deposit balances.

Shareholders' equity was $152.0 million at December 31, 2022, compared to $147.2 million three months earlier and $163.1 million a year earlier. Tangible book value per share (non-GAAP) was $5.79 at December 31, 2022, compared to $5.56 at September 30, 2022, and $6.11 at December 31, 2021. The decrease in shareholders' equity and tangible book value per share at December 31, 2022, compared to a year ago was primarily due to a $20.2 million increase in accumulated other comprehensive loss related to an increase in the unrealized loss on available for sale securities, reflecting the increase in interest rates over the last few quarters. Riverview paid a quarterly cash dividend to $0.06 per share on January 16, 2023, to shareholders of record on January 4, 2023.

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RVSB Reports Third Quarter Fiscal 2023 Results

January 26, 2023

Page 4<br>

#### Credit Quality
Asset quality remained strong, with non-performing loans, excluding SBA and USDA government guaranteed loans ("government guaranteed loans") (non-GAAP), at $236,000, or 0.01% of total assets as of December 31, 2022, compared to $248,000, or 0.01% of total assets at September 30, 2022. Including government guaranteed loans, non-performing assets were $12.6 million, or 0.79% of total assets, at December 31, 2022, compared to $21.0 million, or 1.25% of total assets, three months earlier and $1.8 million, or 0.11% of total assets, at December 31, 2021. The $12.6 million includes non-performing government guaranteed loans where payments have been delayed due to the servicing transfer of these loans between two third-party servicers. Once the servicing transfer is complete, Riverview expects to receive the delayed payments and expects non-performing assets to decrease significantly. During the quarter, these balances were reduced by $7.2 million as the Company continues to work through the reconciliation of these loans with the third-party servicer.

<u>Additional details on government guaranteed loans.</u>

The Bank holds approximately $12.0 million of the government guaranteed loans originated by other banks that, when purchased, were placed into a Direct Registration Certificate ("DRC") program by the SBA's former fiscal transfer agent, Colson Inc. ("Colson") that remain to be reconciled with Colson. Under the DRC program, Colson was required to remit monthly payments to the investor holding the guaranteed balance, whether or not a payment had actually been received from the borrower. In 2020, Colson did not successfully retain its existing contract as the SBA's fiscal transfer agent and began transitioning servicing over to a new company, Guidehouse. In late 2021, Guidehouse, under their contract with the SBA, declined to continue the DRC program. After declining to continue the DRC program, all payments under the DRC program began to be held by Guidehouse or Colson until the DRC program could be unwound and the DRC holdings converted into normal pass through certificates. As part of unwinding the DRC program, Colson has requested investors who had received payments in advance of the borrower actually remitting payment return advanced funds before they will process the conversion of certificates. The Bank continues to work with Colson on the reconciliation and transfer of these loans. The Bank expects the reconciliation and unwinding process to continue and until the reconciliation and unwinding process is completed, these loans will be reflected as past due. The Bank is fully guaranteed to be paid all principal and interest on these loans.

Riverview recorded net loan recoveries of $6,000 during the third fiscal quarter. This compared to net loan charge-offs of $7,000 for the preceding quarter and net loan charge-offs of $52,000 in the third fiscal quarter a year ago. Riverview recorded no provision for loan losses during the third fiscal quarter, or the second fiscal quarter. This compared to a recapture of a provision for loan losses of $1.3 million in the third fiscal quarter a year ago.

Classified assets were $6.2 million at December 31, 2022, compared to $6.6 million at September 30, 2022, and $6.5 million at December 31, 2021. The classified asset to total capital ratio was 3.5% at December 31, 2022, compared to 3.8% three months earlier and 3.9% a year earlier. Criticized assets were $3.5 million at December 31, 2022, compared to $980,000 at September 30, 2022 and $14.0 million at December 31, 2021.

The allowance for loan losses was $14.6 million at December 31, 2022, which was unchanged from September 30, 2022. This compared to $15.2 million one year earlier. The allowance for loan losses represented 1.43% of total loans at December 31, 2022, compared to 1.44% at September 30, 2022, and 1.58% a year earlier. The allowance for loan losses to loans, net of SBA guaranteed loans (including SBA purchased and PPP loans) (non-GAAP), was 1.52% at December 31, 2022, compared to 1.53% at September 30, 2022, and 1.68% a year earlier. Included in the carrying value of loans are net discounts on the MBank purchased loans, which may reduce the need for an allowance for loan losses on these loans because they are carried at an amount below the outstanding principal balance. The remaining net discount on these purchased loans was $255,000 at December 31, 2022, compared to $285,000 three months earlier.

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RVSB Reports Third Quarter Fiscal 2023 Results

January 26, 2023

Page 5<br>

#### PPP Loans
During Round 1, Riverview originated 790 PPP loans totaling approximately $112.9 million, net of deferred fees, and in PPP Round 2, Riverview originated 414 PPP loans totaling approximately $54.1 million, net of deferred fees. At December 31, 2022, there was $10,000 in total outstanding PPP loans from Round 1 and Round 2.

#### Capital
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 16.71% and a Tier 1 leverage ratio of 10.10% at December 31, 2022. Tangible common equity to average tangible assets ratio (non-GAAP) was 7.93% at December 31, 2022.

#### Stock Repurchase Program
On November 17, 2022, Riverview announced that its Board of Directors authorized the repurchase of up to $2.5 million of the Company's outstanding shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on November 28, 2022, and continuing until the earlier of the completion of the repurchase or May 28, 2023, depending upon market conditions. During the third fiscal quarter of 2023, the Company repurchased 10,797 shares at an average price of $7.51 per share.

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RVSB Reports Third Quarter Fiscal 2023 Results

January 26, 2023

Page 6<br>

#### 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.

**<u>Tangible shareholders' equity to tangible assets and tangible book value per share:</u>**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **March 31, 2022** |
| Shareholders' equity (GAAP) | $152025 | $147162 | $163141 | $157249 |
| &nbsp;&nbsp;&nbsp; Exclude: Goodwill | (27076) | (27076) | (27076) | (27076) |
| &nbsp;&nbsp;&nbsp; Exclude: Core deposit intangible, net | (408) | (437) | (526) | (495) |
| Tangible shareholders' equity (non-GAAP) | $124541 | $119649 | $135539 | $129678 |
| Total assets (GAAP) | $1598734 | $1684898 | $1683076 | $1740096 |
| &nbsp;&nbsp;&nbsp; Exclude: Goodwill | (27076) | (27076) | (27076) | (27076) |
| &nbsp;&nbsp;&nbsp; Exclude: Core deposit intangible, net | (408) | (437) | (526) | (495) |
| Tangible assets (non-GAAP) | $1571250 | $1657385 | $1655474 | $1712525 |
| Shareholders' equity to total assets (GAAP) | 9.51% | 8.73% | 9.69% | 9.04% |
| Tangible common equity to tangible assets (non-GAAP) | 7.93% | 7.22% | 8.19% | 7.57% |
| Shares outstanding | 21496335 | 21507132 | 22176612 | 22127396 |
| Book value per share (GAAP) | 7.07 | 6.84 | 7.36 | 7.11 |
| Tangible book value per share (non-GAAP) | 5.79 | 5.56 | 6.11 | 5.86 |

---

**<u>Pre-tax, pre-provision income</u>**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| (Dollars in thousands) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Net income (GAAP) | $5240 | $5194 | $5510 | $15086 | $17695 |
| &nbsp;&nbsp;&nbsp; Include: Provision for income taxes | 1575 | 1567 | 1661 | 4508 | 5174 |
| &nbsp;&nbsp;&nbsp; Include: Provision for (recapture of) loan losses | - | - | (1275) | - | (3975) |
| Pre-tax, pre-provision income (non-<br> GAAP) | $6815 | $6761 | $5896 | $19594 | $18894 |

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RVSB Reports Third Quarter Fiscal 2023 Results

January 26, 2023

Page 7<br>

**<u>Net interest margin reconciliation to core net interest margin</u>**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| (Dollars in thousands) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Net interest income (GAAP) | $13700 | $13431 | $12059 | $39792 | $35719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax equivalent adjustment | 21 | 21 | 21 | 62 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net fees on loan prepayments | (111) | (137) | (250) | (415) | (778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion on purchased MBank loans | (30) | (49) | (64) | (116) | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA PPP loans interest income and net fees | - | - | (781) | (101) | (2602) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on excess FRB liquidity | (330) | (716) | (114) | (1411) | (320) |
| Adjusted net interest income (non-GAAP) | $13250 | $12550 | $10871 | $37811 | $31849 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| (Dollars in thousands) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Average balance of interest-earning assets (GAAP) | $1564143 | $1616711 | $1619775 | $1605166 | $1559165 |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA PPP loans (average) | (10) | (11) | (23769) | (519) | (49972) |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess FRB liquidity (average) | (50881) | (137644) | (307437) | (127368) | (308656) |
| Average balance of interest-earning assets excluding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SBA PPP loans and excess FRB liquidity (non-GAAP) | $1513252 | $1479056 | $1288569 | $1477279 | $1200537 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Net interest margin (GAAP) | 3.48% | 3.30% | 2.96% | 3.30% | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net fees on loan prepayments | (0.03) | (0.03) | (0.06) | (0.04) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion on purchased MBank loans | (0.01) | (0.01) | (0.02) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA PPP loans | 0.00 | 0.00 | (0.15) | (0.01) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess FRB liquidity | 0.03 | 0.11 | 0.62 | 0.16 | 0.69 |
| Core net interest margin (non-GAAP) | 3.47% | 3.37% | 3.35% | 3.40% | 3.52% |

---

**<u>Allowance for loan losses reconciliation, excluding SBA purchased and PPP loans</u>**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **March 31, 2022** |
| Allowance for loan losses | $14558 | $14552 | $15173 | $14523 |
| Loans receivable (GAAP) | $1016513 | $1011008 | $962223 | $990408 |
| &nbsp;&nbsp;&nbsp; Exclude: Government Guaranteed loans | (57102) | (59009) | (46152) | (59420) |
| &nbsp;&nbsp;&nbsp; Exclude: SBA PPP loans | (10) | (11) | (14322) | (3085) |
| Loans receivable excluding Government Guaranteed and <br> SBA PPP loans (non-GAAP) | $959401 | $951988 | $901749 | $927903 |
| Allowance for loan losses to loans receivable (GAAP) | 1.43% | 1.44% | 1.58% | 1.47% |
| Allowance for loan losses to loans receivable excluding <br> Government Guaranteed and SBA PPP loans (non-GAAP) | 1.52% | 1.53% | 1.68% | 1.57% |

---

**<u>Non-performing loans reconciliation, excluding Government Guaranteed Loans</u>**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| (Dollars in thousands) | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
| Non-performing loans (GAAP) | $12613 | $20979 | $1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Non-performing Government Guaranteed loans | (12377) | (20731) | (1552) |
| Adjusted non-performing loans excluding Government <br> Guaranteed loans (non-GAAP) | $236 | $248 | $288 |
| Non-performing loans to total loans (GAAP) | 1.24% | 2.08% | 0.19% |
| Non-performing loans, excluding Government Guaranteed <br> loans to total loans (non-GAAP) | 0.02% | 0.02% | 0.03% |
| Non-performing loans to total assets (GAAP) | 0.79% | 1.25% | 0.11% |
| Non-performing loans, excluding Government Guaranteed <br> loans to total assets (non-GAAP) | 0.01% | 0.01% | 0.02% |

---

------

RVSB Reports Third Quarter Fiscal 2023 Results

January 26, 2023

Page 8<br>

#### 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 $1.60 billion at December 31, 2022, it is the parent company of the 99-year-old 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 and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 9 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 that are subject to risks and uncertainties, including, but not limited to: the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as the impact on general economic and financial conditions and other uncertainties resulting from the COVID-19 pandemic, such as the extent and duration of the impact on public health, the U.S. and global economies, and consumer and corporate customers, including economic activity, employment levels and market liquidity; the Company's ability to raise common capital; 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 loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in the Company's market areas; 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; 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 sell loans in the secondary market; results of examinations of us by the Federal Reserve and our bank subsidiary by the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase the Company's reserve for loan losses, write-down assets, change Riverview 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 regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company's ability to attract and retain deposits; further increases in premiums for deposit insurance; 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 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; computer systems on which the Company depends could fail or experience a security breach; 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 successfully integrate any assets, liabilities, customers, systems, and management personnel it may in the future acquire into its operations and the Company's ability to realize related revenue synergies and cost savings within expected time frames and any future goodwill impairment due to changes in the Company's business, changes in market conditions, including as a result of the COVID-19 pandemic and other factors related thereto; 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; and interest or principal payments on its junior subordinated debentures; adverse changes in the securities markets; 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 methods; 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 filings with the SEC.*

*Such forward-looking statements may include projections. Any such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities Exchange Commission regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct.*

*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 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 2023 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 operating and stock price performance.*

------

RVSB Reports Third Quarter Fiscal 2023 Results

January 26, 2023

Page 9<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RIVERVIEW BANCORP, INC. AND SUBSIDIARY** | | | | |
| **Consolidated Balance Sheets<br>** <br>| | | | |
| **(In thousands, except share data) (Unaudited)** | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** | **March 31, 2022** |
| **ASSETS** | | | | |
| &nbsp;&nbsp;&nbsp; Cash (including interest-earning accounts of $8,897, $89,957, | $24337 | $114183 | $239857 | $241424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $227,635 and $224,589) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Certificate of deposits held for investment | 249 | 249 | 249 | 249 |
| &nbsp;&nbsp;&nbsp; Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available for sale, at estimated fair value | 211706 | 213708 | 182303 | 165782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Held to maturity, at amortized cost | 247147 | 251016 | 212722 | 253100 |
| &nbsp;&nbsp;&nbsp; Loans receivable (net of allowance for loan losses of $14,558, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14,552, $15,173, and $14,523) | 1001955 | 996456 | 947050 | 975885 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 12533 | 12868 | 11597 | 12396 |
| &nbsp;&nbsp;&nbsp; Accrued interest receivable | 5727 | 5207 | 4580 | 4650 |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank stock, at cost | 3309 | 2019 | 1722 | 2019 |
| &nbsp;&nbsp;&nbsp; Premises and equipment, net | 20220 | 17494 | 17410 | 17166 |
| &nbsp;&nbsp;&nbsp; Financing lease right-of-use assets | 1298 | 1317 | 1374 | 1355 |
| &nbsp;&nbsp;&nbsp; Deferred income taxes, net | 11166 | 11448 | 5791 | 7501 |
| &nbsp;&nbsp;&nbsp; Mortgage servicing rights, net | 13 | 24 | 41 | 34 |
| &nbsp;&nbsp;&nbsp; Goodwill | 27076 | 27076 | 27076 | 27076 |
| &nbsp;&nbsp;&nbsp; Core deposit intangible, net | 408 | 437 | 526 | 495 |
| &nbsp;&nbsp;&nbsp; Bank owned life insurance | 31590 | 31396 | 30778 | 30964 |
| TOTAL ASSETS | $1598734 | $1684898 | $1683076 | $1740096 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |
| LIABILITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deposits | $1365997 | $1489352 | $1473454 | $1533878 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 18966 | 18327 | 17163 | 19298 |
| &nbsp;&nbsp;&nbsp; Advance payments by borrowers for taxes and insurance | 343 | 925 | 211 | 555 |
| &nbsp;&nbsp;&nbsp; Junior subordinated debentures | 26896 | 26875 | 26812 | 26833 |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank advances | 32264 | - | - | - |
| &nbsp;&nbsp;&nbsp; Finance lease liability | 2243 | 2257 | 2295 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1446709 | 1537736 | 1519935 | 1582847 |
| SHAREHOLDERS' EQUITY: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serial preferred stock, $.01 par value; 250,000 authorized, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issued and outstanding, none | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $.01 par value; 50,000,000 authorized, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022 – 21,496,335 issued and outstanding; |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2022 – 21,507,132 issued and outstanding; | 214 | 214 | 221 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 – 22,426,520 issued and 22,176,612 outstanding; |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2022 – 22,155,636 issued and 22,127,396 outstanding; |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 57252 | 57233 | 62234 | 62048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 116117 | 112167 | 102023 | 104931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (21558) | (22452) | (1337) | (9951) |
| &nbsp;&nbsp;&nbsp; Total shareholders' equity | 152025 | 147162 | 163141 | 157249 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1598734 | $1684898 | $1683076 | $1740096 |

---

------

RVSB Reports Third Quarter Fiscial 2023 Results<br>

January 26, 2023<br>

Page 10<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RIVERVIEW BANCORP, INC. AND SUBSIDIARY** | | | | | |
| **Consolidated Statements of Income** | | | | | |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **(In thousands, except share data) (Unaudited)** | **Dec. 31, 2022** | **Sept. 30, 2022** | **Dec. 31, 2021** | **Dec. 31, 2022** | **Dec. 31, 2021** |
| INTEREST INCOME: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest and fees on loans receivable | $11531 | $11068 | $11046 | $33496 | $33448 |
| &nbsp;&nbsp;&nbsp; Interest on investment securities - taxable | 2397 | 2172 | 1303 | 6403 | 3438 |
| &nbsp;&nbsp;&nbsp; Interest on investment securities - nontaxable | 66 | 65 | 66 | 197 | 171 |
| &nbsp;&nbsp;&nbsp; Other interest and dividends | 449 | 783 | 136 | 1629 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest and dividend income | 14443 | 14088 | 12551 | 41725 | 37436 |
| INTEREST EXPENSE: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest on deposits | 289 | 327 | 300 | 897 | 1141 |
| &nbsp;&nbsp;&nbsp; Interest on borrowings | 454 | 330 | 192 | 1036 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense | 743 | 657 | 492 | 1933 | 1717 |
| Net interest income | 13700 | 13431 | 12059 | 39792 | 35719 |
| Provision for (recapture of) loan losses | - | - | (1275) | - | (3975) |
| Net interest income after provision for (recapture of) loan losses | 13700 | 13431 | 13334 | 39792 | 39694 |
| NON-INTEREST INCOME: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fees and service charges | 1502 | 1680 | 1759 | 4903 | 5428 |
| &nbsp;&nbsp;&nbsp; Asset management fees | 1137 | 1162 | 1137 | 3459 | 3041 |
| &nbsp;&nbsp;&nbsp; Bank owned life insurance ("BOLI") | 194 | 242 | 189 | 626 | 613 |
| &nbsp;&nbsp;&nbsp; BOLI death benefit in excess of cash surrender value | - | - | - | - | 500 |
| &nbsp;&nbsp;&nbsp; Other, net | 130 | 50 | 31 | 235 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest income, net | 2963 | 3134 | 3116 | 9223 | 9778 |
| NON-INTEREST EXPENSE: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Salaries and employee benefits | 5982 | 5885 | 5880 | 17819 | 17269 |
| &nbsp;&nbsp;&nbsp; Occupancy and depreciation | 1536 | 1550 | 1367 | 4600 | 4085 |
| &nbsp;&nbsp;&nbsp; Data processing | 705 | 701 | 698 | 2184 | 2187 |
| &nbsp;&nbsp;&nbsp; Amortization of core deposit intangible | 29 | 29 | 32 | 87 | 94 |
| &nbsp;&nbsp;&nbsp; Advertising and marketing | 202 | 295 | 155 | 694 | 487 |
| &nbsp;&nbsp;&nbsp; FDIC insurance premium | 116 | 119 | 113 | 351 | 321 |
| &nbsp;&nbsp;&nbsp; State and local taxes | 225 | 218 | 195 | 634 | 614 |
| &nbsp;&nbsp;&nbsp; Telecommunications | 48 | 55 | 51 | 153 | 152 |
| &nbsp;&nbsp;&nbsp; Professional fees | 343 | 280 | 285 | 924 | 945 |
| &nbsp;&nbsp;&nbsp; Gain on sale of premises and equipment, net | - | - | - | - | (993) |
| &nbsp;&nbsp;&nbsp; Other | 662 | 672 | 503 | 1975 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expense | 9848 | 9804 | 9279 | 29421 | 26603 |
| INCOME BEFORE INCOME TAXES | 6815 | 6761 | 7171 | 19594 | 22869 |
| PROVISION FOR INCOME TAXES | 1575 | 1567 | 1661 | 4508 | 5174 |
| NET INCOME | $5240 | $5194 | $5510 | $15086 | $17695 |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $0.24 | $0.24 | $0.25 | $0.69 | $0.80 |
| &nbsp;&nbsp;&nbsp; Diluted | $0.24 | $0.24 | $0.25 | $0.69 | $0.80 |
| Weighted average number of common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | 21504903 | 21624469 | 22166130 | 21717959 | 22229832 |
| &nbsp;&nbsp;&nbsp; Diluted | 21513617 | 21632987 | 22177120 | 21726552 | 22242035 |

---

------

RVSB Reports Third Quarter Fiscial 2023 Results<br>

January 26, 2023<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Dollars in thousands)* | **At or for the three months ended** | **At or for the three months ended** | **At or for the three months ended** | **At or for the nine months ended** | **At or for the nine months ended** |
|  | **Dec. 31, 2022** | **Sept. 30, 2022** | **Dec. 31, 2021** | **Dec. 31, 2022** | **Dec. 31, 2021** |
| **<u>AVERAGE BALANCES</u>** |  |  |  |  |  |
| Average interest–earning assets | $1564143 | $1616711 | $1619775 | $1605166 | $1559165 |
| Average interest-bearing liabilities | 986198 | 1029183 | 1032089 | 1023944 | 1005003 |
| Net average earning assets | 577945 | 587528 | 587686 | 581222 | 554162 |
| Average loans | 1017214 | 1002925 | 938113 | 1005104 | 922071 |
| Average deposits | 1445049 | 1501534 | 1503736 | 1488404 | 1448986 |
| Average equity | 150106 | 155123 | 162282 | 153945 | 159034 |
| Average tangible equity (non-GAAP) | 122606 | 127597 | 134661 | 126417 | 131383 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ASSET QUALITY** | **Dec. 31, 2022** | **Sept. 30, 2022** | **Dec. 31, 2021** |
| Non-performing loans | $12613 | $20979 | $1840 |
| Non-performing loans excluding SBA Government Guarantee (non-GAAP) | 236 | 248 | 288 |
| Non-performing loans to total loans | 1.24% | 2.08% | 0.19% |
| Non-performing loans to total loans excluding SBA Government Guarantee (non-<br> GAAP) | 0.02% | 0.02% | 0.03% |
| Real estate/repossessed assets owned | $- | $- | $- |
| Non-performing assets | $12613 | $20979 | $1840 |
| Non-performing assets excluding SBA Government Guarantee (non-GAAP) | 236 | 248 | 288 |
| Non-performing assets to total assets | 0.79% | 1.25% | 0.11% |
| Non-performing assets to total assets excluding SBA Government Guarantee (non-<br> GAAP) | 0.01% | 0.01% | 0.02% |
| Net loan charge-offs (recoveries) in the quarter | $(6) | $7 | $52 |
| Net charge-offs (recoveries) in the quarter/average net loans | 0.00% | 0.00% | 0.02% |
| Allowance for loan losses | $14558 | $14552 | $15173 |
| Average interest-earning assets to average<br> &nbsp;&nbsp;&nbsp;&nbsp;interest-bearing liabilities | 158.60% | 157.09% | 156.94% |
| Allowance for loan losses to<br> &nbsp;&nbsp;&nbsp;&nbsp;non-performing loans | 115.42% | 69.36% | 824.62% |
| Allowance for loan losses to total loans | 1.43% | 1.44% | 1.58% |
| Shareholders' equity to assets | 9.51% | 8.73% | 9.69% |
| **<u>CAPITAL RATIOS</u>** |  |  |  |
| Total capital (to risk weighted assets) | 16.71% | 16.48% | 16.72% |
| Tier 1 capital (to risk weighted assets) | 15.46% | 15.23% | 15.47% |
| Common equity tier 1 (to risk weighted assets) | 15.46% | 15.23% | 15.47% |
| Tier 1 capital (to average tangible assets) | 10.10% | 9.57% | 9.10% |
| Tangible common equity (to average tangible assets) (non-GAAP) | 7.93% | 7.22% | 8.19% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>DEPOSIT MIX</u>** | **Dec. 31, 2022** | **Sept. 30, 2022** | **Dec. 31, 2021** | **March 31, 2022** |
| Interest checking | $277101 | $291758 | $285807 | $287861 |
| Regular savings | 290137 | 318573 | 327887 | 340076 |
| Money market deposit accounts | 240849 | 279403 | 277355 | 299738 |
| Non-interest checking | 471776 | 502767 | 469100 | 494831 |
| Certificates of deposit | 86134 | 96851 | 113305 | 111372 |
| &nbsp;&nbsp;&nbsp; Total deposits | $1365997 | $1489352 | $1473454 | $1533878 |

---

------

RVSB Reports Third Quarter Fiscial 2023 Results<br>

January 26, 2023<br>

**<u>COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS</u>**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Other | | Commercial  |
|  | Commercial | Real Estate | Real Estate | & Construction |
|  | Business | Mortgage | Construction | Total |
| **<u>December 31, 2022</u>** | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Commercial business | $238730 | $- | $- | $238730 |
| SBA PPP | 10 | - | - | 10 |
| Commercial construction | - | - | 31810 | 31810 |
| Office buildings | - | 116980 | - | 116980 |
| Warehouse/industrial | - | 99075 | - | 99075 |
| Retail/shopping centers/strip malls | - | 83265 | - | 83265 |
| Assisted living facilities | - | 511 | - | 511 |
| Single purpose facilities | - | 262349 | - | 262349 |
| Land | - | 6481 | - | 6481 |
| Multi-family | - | 55157 | - | 55157 |
| One-to-four family construction | - | - | 19343 | 19343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $238740 | $623818 | $51153 | $913711 |
| **<u>March 31, 2022</u>** |  |  |  |  |
| Commercial business | $225006 | $- | $- | $225006 |
| SBA PPP | 3085 | - | - | 3085 |
| Commercial construction | - | - | 12741 | 12741 |
| Office buildings | - | 124690 | - | 124690 |
| Warehouse/industrial | - | 100184 | - | 100184 |
| Retail/shopping centers/strip malls | - | 97192 | - | 97192 |
| Assisted living facilities | - | 663 | - | 663 |
| Single purpose facilities | - | 260108 | - | 260108 |
| Land | - | 11556 | - | 11556 |
| Multi-family | - | 60211 | - | 60211 |
| One-to-four family construction | - | - | 11419 | 11419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $228091 | $654604 | $24160 | $906855 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>LOAN MIX</u>** | **Dec. 31, 2022** | **Sept. 30, 2022** | **Dec. 31, 2021** | **March 31, 2022** |
| Commercial and construction | (Dollars in thousands)  | (Dollars in thousands)  | (Dollars in thousands)  | (Dollars in thousands)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial business | $238740 | $236317 | $222535 | $228091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate mortgage | 623818 | 631156 | 631872 | 654604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate construction | 51153 | 37758 | 18365 | 24160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial and construction | 913711 | 905231 | 872772 | 906855 |
| Consumer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate one-to-four family | 101122 | 104163 | 87821 | 82006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other installment | 1680 | 1614 | 1630 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 102802 | 105777 | 89451 | 83553 |
| Total loans | 1016513 | 1011008 | 962223 | 990408 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | 14558 | 14552 | 15173 | 14523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | $1001955 | $996456 | $947050 | $975885 |

---

<u>DETAIL OF NON-PERFORMING ASSETS</u>

---

| | | | |
|:---|:---|:---|:---|
|  | Southwest | | |
|  | Washington | Other | Total |
| **<u>December 31, 2022</u>** | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Commercial business | $84 | $- | $84 |
| Commercial real estate | 106 | - | 106 |
| Consumer | 45 | 1 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 235 | 1 | 236 |
| Government Guaranteed loans | - | 12377 | 12377 |
| Total non-performing assets | $235 | $12378 | $12613 |

---

------

RVSB Reports Third Quarter Fiscial 2023 Results<br>

January 26, 2023<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or for the three months ended** | **At or for the three months ended** | **At or for the three months ended** | **At or for the nine months ended** | **At or for the nine months ended** |
| <u>SELECTED OPERATING DATA</u> | **Dec. 31, 2022** | **Sept. 30, 2022** | **Dec. 31, 2021** | **Dec. 31, 2022** | **Dec. 31, 2021** |
| Efficiency ratio (4) | 59.10% | 59.19% | 61.15% | 60.02% | 58.47% |
| Coverage ratio (6) | 139.11% | 137.00% | 129.96% | 135.25% | 134.27% |
| Return on average assets (1) | 1.27% | 1.21% | 1.28% | 1.19% | 1.42% |
| Return on average equity (1) | 13.85% | 13.28% | 13.47% | 13.01% | 14.77% |
| Return on average tangible equity (1) (non-GAAP) | 16.96% | 16.15% | 16.23% | 15.84% | 17.88% |
| <u>NET INTEREST SPREAD</u> |  |  |  |  |  |
| Yield on loans | 4.50% | 4.38% | 4.67% | 4.42% | 4.81% |
| Yield on investment securities | 2.01% | 1.89% | 1.50% | 1.89% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total yield on interest-earning assets | 3.67% | 3.46% | 3.08% | 3.46% | 3.19% |
| Cost of interest-bearing deposits | 0.12% | 0.13% | 0.12% | 0.12% | 0.16% |
| Cost of FHLB advances and other borrowings | 5.88% | 4.49% | 2.62% | 4.64% | 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of interest-bearing liabilities | 0.30% | 0.25% | 0.19% | 0.25% | 0.23% |
| Spread (7) | 3.37% | 3.21% | 2.89% | 3.21% | 2.96% |
| Net interest margin | 3.48% | 3.30% | 2.96% | 3.30% | 3.05% |
| <u>PER SHARE DATA</u> |  |  |  |  |  |
| Basic earnings per share (2) | $0.24 | $0.24 | $0.25 | $0.69 | $0.80 |
| Diluted earnings per share (3) | 0.24 | 0.24 | 0.25 | 0.69 | 0.80 |
| Book value per share (5) | 7.07 | 6.84 | 7.36 | 7.07 | 7.36 |
| Tangible book value per share (5) (non-GAAP) | 5.79 | 5.56 | 6.11 | 5.79 | 6.11 |
| Market price per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High for the period | $7.96 | $7.67 | $8.07 | $7.96 | $8.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Low for the period | 6.25 | 6.18 | 7.19 | 6.09 | 6.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Close for period end | 7.68 | 6.35 | 7.69 | 7.68 | 7.69 |
| Cash dividends declared per share | 0.0600 | 0.0600 | 0.0550 | 0.1800 | 0.1600 |
| Average number of shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic (2) | 21504903 | 21624469 | 22166130 | 21717959 | 22229832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted (3) | 21513617 | 21632987 | 22177120 | 21726552 | 22242035 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts for the periods shown are annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts exclude ESOP shares not committed to be released.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Non-interest expense divided by net interest income and non-interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Amounts calculated based on shareholders' equity and include ESOP shares not committed to be released.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Net interest income divided by non-interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

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