Fiscal year 2022 was a
good year for Riverview:
• Record profits of $21.8 million, or $0.98 per diluted share
• Our loan portfolio increased by $137.5 million (excluding PPP loans)
• Total deposits increased by $187.8 million to $1.53 billion
• Total cash dividend increased to $0.215 per share
• Tangible book value per share increased $0.32 to $5.86
• Strong total capital ratio and Tier 1 leverage ratio of 16.38% and 9.19%, respectively
• Riverview Trust Assets Under Management totaled $1.3 billion
Riverview Bancorp, Inc.
$202,332
In donations to local organizations
whose missions include:
Animal Welfare
Children Services
Civic Services
Economic Development
Education
Environmental
Family Services
Financial Literacy
Food Drives
Homeownership
Parks and Recreation
Senior Services
Veteran Services
77
Organizations
we dontated to
33
Board of Director positions held by staff members
American Legion Post #116
Boy Scout Troop 562
Camp Hope
Children's Center
Community Bankers of Washington
Community Foundation Of Southwest Washington
East Vancouver Business Association
Humane Society for Southwest Washington
Immigrant & Refugee Community Organization (IRCO)
J. Scott Campbell Foundation
Klickitat County Veterans Advisory Board
Klineline Kids Fishing Nonprofit
Leadership Clark County
Lifeline Connections
Metropolitan Performing Arts Academy
Portland Police Bureau Slavic Advisory Council
Rotary Club of Battle Ground
Rotary Club of Vancouver
Rotary Club of White Salmon-Bingen
Skamania County Fair Board
The Historic Trust
Tualatin Chamber of Commerce
Tualatin Together
Ukrainian American Cultural Association
of Oregon and SW Washington
Washington State University Foundation (WSU)
Washougal School District
West Columbia Gorge Humane Society
West Klickitat Community Housing Development
XChange Recovery
Corporate Office
900 Washington Street, Suite 900
Vancouver, Washington 98660
360-514-5000 | riverviewbank.com
Stock Listing
NASDAQ Global Select Market Symbol RVSB
Transfer Agent
Broadridge Corporate Issuer Solutions, Inc.
855-802-4983 | Shareholder@Broadridge.com
Financial Highlights
FOR THE YEAR ENDED MARCH 31
2022
2021
2020
(Dollars in thousands, except share data)
Interest income and dividend income
Interest expense
Net interest income
Provision for (recapture of) loan losses
Net interest income after provision for (recapture of) loan losses
Non-interest income
Non-interest expense
Income before income taxes
Provision for income taxes
Net income
Average # of common shares outstanding
49,825
2,200
47,625
(4,625)
52,250
12,744
36,718
28,276
6,456
21,820
22,213,029
48,344
3,427
44,917
6,300
38,617
11,090
36,254
13,453
2,981
10,472
22,296,195
50,495
4,764
45,731
1,250
44,481
12,360
36,263
20,578
4,830
15,748
22,707,624
PER COMMON SHARE
Net income (per diluted share)
Cash dividends
Book value
Closing price
FISCAL YEAR END BALANCES
Assets
Loans, net
Deposits
Shareholders’ equity
Total # of common shares outstanding
Full-time equivalent employees
Number of banking facilities
FINANCIAL RATIOS
Return on average assets
Return on average common equity
Net interest margin
Efficiency ratio
Non-performing assets to total assets
Allowance for loan losses to total loans
Equity to assets at period end
2022
2021
2020
0.98
0.215
7.11
7.55
2022
1,740,096
975,885
1,533,878
157,249
22,127,396
225
17
0.47
0.200
6.78
6.93
2021
1,549,158
924,057
1,346,060
151,594
22,351,235
232
17
0.69
0.190
6.60
5.01
2020
1,180,808
898,885
990,448
148,843
22,544,285
252
18
2022
2021
2020
1.31%
13.62
3.03
60.82
1.27
1.47
9.04
0.74%
6.91
3.41
64.73
0.04
2.03
9.79
1.35%
10.96
4.26
62.42
0.12
1.38
12.61
Greetings from the Pacific Northwest:
Riverview Community Bank turns 100 years old in 2023. This year, we are getting ready for the next 100
years. There will be celebratory moments in the century anniversary. Turning 100 reminds us that so much
has changed over the past 100 years and the next century will require even more advances in banking.
While the past two years of the pandemic have brought challenges to Riverview, our employees have
responded by being in service to their fellow staff members, clients, communities and shareholders. They
have been the glue that held the business together. Riverview has adapted and grown during this time
with record earnings, deposit growth of more than 50%, strong credit quality and solid capital levels.
Riverview is stronger than pre-pandemic and well positioned for further growth and financial success.
While the pandemic brought many challenges, one of the bright spots was Riverview’s participation in
the PPP Program. Our team supported local small businesses and nonprofits in our communities,
showing the true meaning of being a community bank and a community partner. By responding quickly
and being flexible, our staff pulled together in a time of need, and helped to stabilize local businesses and
save over 13,000 jobs. The Riverview team booked over 1,200 loans, for a total dollar value of more than
$167,000,000. The average originated loan was approximately $139,000 with 78 percent of loans under
$150,000, further demonstrating our commitment to our small business partners. Our team also has
worked hard to assist these businesses with the forgiveness process through the SBA, and we are happy to
report that 99% of these borrower’s loans have been forgiven.
While providing you financial information, it’s important to also talk about some of the operational items:
Staffing – This remains one of our largest challenges. Like most every business, recruitment and retention
are focus area for our organization. Riverview is known for friendly, helpful team members. It’s our secret
weapon. Keeping trained, competent staff will continue to be a focus for our future.
Technology – At this time, we have more than 20 information technology projects in various stages of
design, development and implementation. Some of these projects will help us to streamline our back-end
operations and others will improve the products and services we offer to our clients. We understand that
technology and banking are synonymous and signifies what clients have come to expect from their
financial institution.
Freshening up our brand – We are working on updating our look and feel. The current brand has served
us well. We have deep roots in Southwest Washington, the Columbia Gorge and Portland. We care about
the same things as our customers ... keep it simple and say what you mean. We don’t want clients to just
bank with us, we want to support dreams and aspirations. When they are ready for a new home, we will
be there. When they save for college, we will be there. And for their retirement needs. We will be there in
all of life’s stages.
In February 2022, Riverview opened a new retail branch in Ridgefield, Washington, the fastest growing
municipality in Washington state. Ridgefield was an original community known for an abundance of
water and agriculture. Today, Ridgefield is growing houses and businesses. Our Stevenson, Washington,
branch was completely remodeled to meet the growing needs of this unique Columbia Gorge
community. Along with these two new and nearly new branches, all branches are receiving smaller
updates to better serve existing clients and help attract new clients.
Thank you for being part of the Riverview family and for selecting Riverview as your investment partner.
Warm regards,
For complete financial details and other information, please see the 2022 Riverview Bancorp, Inc. 10-K.
Jerry Nies Kevin Lycklama
Chairman of the Board of Directors President and Chief Executive Officer
$$$$$$$$$$$$