On this page of StockholderLetter.com we present the latest annual shareholder letter from RIVERVIEW BANCORP INC — ticker symbol RVSB. Reading current and past RVSB letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT 2025 | RIVERVIEW BANCORP, INC
WELCOME TO RIVERVIEW We are proud to share the successes and milestones achieved by Riverview Bancorp. Our commitment remains steadfast: our people, our clients, and our community while delivering enhanced value to you our shareholders. The Plan Success is built from a great plan. Our board of directors and executive team worked together to create a strategic plan that is our roadmap for the next three years. Anthem - Seen, Heard, and Valued is more than a rally cry, it s our anthem. We wanted the anthem to be deep in meaning and something that all of us can declare. The focus includes our employees, clients, community, and shareholders. We are a people business, and we believe that when our team, clients, Employer of Choice G Client Experience Digital Experience Data Empowerment The plan launched in March. Major headway has already been achieved in each category. In fact, our Our Employees We believe that talented and engaged employees are the key to delivering an exceptional client experience, driving innovation, and deepening an extraordinary culture. We have expanded our learning and development offerings to train our team for consistency throughout the company so that careers people so that we reach new clients and further develop relationships with current clients.
Our Clients We consistently receive positive feedback highlighting our team s expertise and the high quality of client service provided. This is key as we continue to grow and expand services and solutions for clients. In addition to our expertise in commercial real estate, we have expanded our commercial & industrial team and added a robust business banking group. To complement these teams and assist our business clients in their success, we are building best-in-class treasury management services. Earlier this year we also introduced an updated digital banking platform making it easier for clients to manage their money. We want clients to have the convenience of banking when and how they want. Our approach combines high tech with high touch, ensuring a seamless banking experience for both individuals and businesses. Our Community We excel in serving and supporting our community. Riverview employees serve on 46 boards and opportunities for them to build wealth. As a community bank, our success is deeply intertwined with the well-being of our community and the trust of our clients and employees. We are committed to continuing this legacy by innovating thoughtfully, operating responsibly, and giving back generously. Our Shareholders repurchase program which provides additional liquidity to our stock. Our loan portfolio grew by 3.8% while maintaining deposit balances year over year. Net income increased to $4.9 million compared to $3.8 million in the previous year. Our capital levels remained strong with a total risk-based capital ratio of 16.48% and a leverage ratio of 11.10% as of March 31, 2025. Maintaining a strong credit culture is paramount while continuing to focus on safe and sound banking practices. Looking ahead, we are excited about our future. We continue to focus on prudent growth, operational excellence, and creating value for all stakeholders while remaining true to our foundational principles. Thank you for your ongoing support, trust, and partnership. Together, we embrace the future with It s about you. Gerald Nies, Chairperson of the Board of Direc tors Nicole Sherman, Chief Executive Off icer
FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED MARCH 31 (Dollars in thousands, except share data) Interest income and dividend income Interest expense Net interest income Provision for credit losses Net interest income after provision for credit losses Non-interest income Non-interest expense Income before income taxes Provision for income taxes Net income Average # of common shares outstanding 58,962 22,618 36,344 100 36,244 14,256 44,262 6,238 1,335 4,903 21,063,467 PER COMMON SHARE Net income (per diluted share) Cash dividends Book value Closing price 56,555 18,469 38,086 38,086 10,242 43,727 4,601 802 3,799 21,137,976 0.23 0.08 7.63 5.65 1,513,323 1,047,086 1,232,328 160,014 20,976,200 238 17 55,666 4,060 51,606 750 50,856 12,194 39,371 23,679 5,610 18,069 21,637,526 0.18 0.24 7.37 4.72 2023 2024 2025 2023 2024 2025 FISCAL YEAR-END BALANCES Assets Loans, net Deposits Shareholders equity Total # of common shares outstanding Full-time equivalent employees Number of banking facilities 2024 2025 1,521,529 1,008,649 1,231,679 155,588 21,111,043 226 17 0.83 0.24 7.32 5.34 2023 1,589,712 993,547 1,265,217 155,239 21,221,960 229 17 FINANCIAL RATIOS 2025 2024 2023 Return on average assets Return on average common equity Net interest margin 0 Non-performing assets to total assets Allowance for credit losses to total loans Equity to assets at period end 0.32% 3.09% 2.54% 87.47% 0.01% 1.45% 10.57% 0.24% 2.43% 2.56% 90.48% 0.01% 1.50% 10.23% 1.08% 11.71% 3.26% 61.71% 0.12% 1.52% 9.77% F U g
TOTAL ASSETS TOTAL LOANS Totals for March 31, 2021 and 2022 include $93.4 million and $3.1 million of PPP loans, respectively. DEPOSITS RIVERVIEW TRUST COMPANY Financial data is presented as of RVSB s Fiscal Year Ended March 31 for each respective year
 • shareholder letter icon 7/18/2025 Letter Continued (Full PDF)
 • stockholder letter icon 7/19/2024 RVSB Stockholder Letter
 • stockholder letter icon More "Banking & Savings" Category Stockholder Letters
 • Benford's Law Stocks icon RVSB Benford's Law Stock Score = 96


RVSB Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
2025 | RIVERVIEW BANCORP, INC

WELCOME TO RIVERVIEW
We are proud to share the successes and milestones achieved by Riverview Bancorp. Our commitment
remains steadfast: our people, our clients, and our community while delivering enhanced value to you    
our shareholders.
The Plan
Success is built from a great plan. Our board of directors and executive team worked together to create
a strategic plan that is our roadmap for the next three years.
Anthem -    Seen, Heard, and Valued    is more than a rally cry, it   s our anthem. We wanted the anthem to
be deep in meaning and something that all of us can declare. The focus includes our employees, clients,
community, and shareholders. We are a people business, and we believe that when our team, clients,

    Employer of Choice
                        G          
    Client Experience
    Digital Experience
    Data Empowerment
The plan launched in March. Major headway has already been achieved in each category. In fact, our
Our Employees
We believe that talented and engaged employees are the key to delivering an exceptional client
experience, driving innovation, and deepening an extraordinary culture. We have expanded our learning
and development offerings to train our team for consistency throughout the company so that careers
people so that we reach new clients and further develop relationships with current clients.

Our Clients
We consistently receive positive feedback highlighting our team   s expertise and the high quality of
client service provided. This is key as we continue to grow and expand services and solutions for clients.
In addition to our expertise in commercial real estate, we have expanded our commercial & industrial
team and added a robust business banking group. To complement these teams and assist our business
clients in their success, we are building best-in-class treasury management services. Earlier this year we
also introduced an updated digital banking platform making it easier for clients to manage their money.
We want clients to have the convenience of banking when and how they want. Our approach combines
high tech with high touch, ensuring a seamless banking experience for both individuals and businesses.
Our Community
We excel in serving and supporting our community. Riverview employees serve on 46 boards and

opportunities for them to build wealth. As a community bank, our success is deeply intertwined with
the well-being of our community and the trust of our clients and employees. We are committed to
continuing this legacy by innovating thoughtfully, operating responsibly, and giving back generously.
Our Shareholders
repurchase program which provides additional liquidity to our stock. Our loan portfolio grew by 3.8%
while maintaining deposit balances year over year. Net income increased to $4.9 million compared
to $3.8 million in the previous year. Our capital levels remained strong with a total risk-based capital
ratio of 16.48% and a leverage ratio of 11.10% as of March 31, 2025. Maintaining a strong credit culture is
paramount while continuing to focus on safe and sound banking practices.
Looking ahead, we are excited about our future. We continue to focus on prudent growth, operational
excellence, and creating value for all stakeholders while remaining true to our foundational principles.
Thank you for your ongoing support, trust, and partnership. Together, we embrace the future with
It   s about you.
Gerald Nies,
Chairperson of the Board of Direc tors
Nicole Sherman,
Chief Executive Off icer

FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED MARCH 31
(Dollars in thousands, except share data)
Interest income and dividend income
Interest expense
Net interest income
Provision for credit losses
Net interest income after provision for credit losses
Non-interest income
Non-interest expense
Income before income taxes
Provision for income taxes
Net income
Average # of common shares outstanding

58,962
22,618
36,344
100
36,244
14,256
44,262
6,238
1,335
4,903
21,063,467
PER COMMON SHARE
Net income (per diluted share)
Cash dividends
Book value
Closing price

56,555
18,469
38,086
38,086
10,242
43,727
4,601
802
3,799
21,137,976

0.23
0.08
7.63
5.65

1,513,323
1,047,086
1,232,328
160,014
20,976,200
238
17

55,666
4,060
51,606
750
50,856
12,194
39,371
23,679
5,610
18,069
21,637,526
0.18
0.24
7.37
4.72
2023

2024
2025

2023
2024
2025
FISCAL YEAR-END BALANCES
Assets
Loans, net
Deposits
Shareholders    equity
Total # of common shares outstanding
Full-time equivalent employees
Number of banking facilities
2024
2025

1,521,529
1,008,649
1,231,679
155,588
21,111,043
226
17
0.83
0.24
7.32
5.34
2023

1,589,712
993,547
1,265,217
155,239
21,221,960
229
17
FINANCIAL RATIOS
2025
2024
2023
Return on average assets
Return on average common equity
Net interest margin
0                           
Non-performing assets to total assets
Allowance for credit losses to total loans
Equity to assets at period end
0.32%
3.09%
2.54%
87.47%
0.01%
1.45%
10.57%
0.24%
2.43%
2.56%
90.48%
0.01%
1.50%
10.23%
1.08%
11.71%
3.26%
61.71%
0.12%
1.52%
9.77%
F                                                                                                                                                                                                                                                             U                    g        

TOTAL ASSETS
TOTAL LOANS
Totals for March 31, 2021 and 2022 include $93.4 million and $3.1 million of PPP loans, respectively.
DEPOSITS
RIVERVIEW TRUST COMPANY
Financial data is presented as of RVSB   s Fiscal Year Ended March 31 for each respective year



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