Annual Report 2024 Riverview Bancorp, Inc. BANCORP 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 (recapture of) credit losses Net interest income after provision for (recapture of) credit losses Non-interest income Non-interest expense Income before income taxes Provision for income taxes Net income Average # of common shares outstanding 56,555 18,469 38,086 - 38,086 10,242 43,727 4,601 802 3,799 21,137,976 55,666 4,060 51,606 750 50,856 12,194 39,371 23,679 5,610 18,069 21,637,526 49,825 2,200 47,625 (4,625) 52,250 12,744 36,718 28,276 6,456 21,820 22,213,029 2024 2023 2022 $ $ $ $ $ $ 0.18 0.240 7.37 4.72 0.83 0.240 7.32 5.34 0.98 0.215 7.11 7.55 PER COMMON SHARE Net income (per diluted share) Cash dividends Book value Closing price 2024 2023 2022 $ $ $ 1,521,529 1,008,649 1,231,679 155,588 21,111,043 226 17 1,589,712 993,547 1,265,217 155,239 21,221,960 229 17 1,740,096 975,885 1,533,878 157,249 22,127,396 225 17 FISCAL YEAR-END BALANCES Assets Loans, net Deposits Shareholders’ equity Total # of common shares outstanding Full-time equivalent employees Number of banking facilities 2024 2023 2022 $ $ $ For complete financial details and other information, please see the 2024 Riverview Bancorp, Inc. 10-K. 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% 1.31% 13.62% 3.03% 60.82% 1.27% 1.47% 9.04% FINANCIAL RATIOS Return on average assets Return on average common equity Net interest margin Efficiency ratio Non-performing assets to total assets Allowance for credit losses to total loans Equity to assets at period end 2024 2023 2022 It’s a new century Last year, Riverview celebrated its 100th anniversary. With the first century firmly behind us, 2024 is positioned to be a year of amplifying areas of opportunity for clients to utilize tools they desire and bank how, when, and from anywhere they like. We view 2024 as the beginning of a new chapter with a renewed vision and strategic priorities. In late June 2024, Riverview board of directors hired Nicole Sherman as the new President/CEO to lead the organization forward using her years of banking acumen. To say that Nicole is no stranger to banking is an understatement. Ms. Sherman brings over 25 years of experience at the Chief, Executive, and Senior VP levels with organizations such as Columbia Bank, Utah First, Numerica Credit Union, AmericanWest Bank, and Zions Bank. Her expertise ranges from Retail and Digital Banking, Commercial and Business Banking to Wealth Management including Private Banking and Financial Services, as well as Corporate Marketing and Communications, DEIBA and Community Impact and Philanthropy. Additionally, Ms. Sherman has led through 10 successful mergers and acquisitions throughout her career. Known for her paramount presentation style, she is a keynote and transformational speaker. Since 2003, Ms. Sherman has been a top-rated faculty member at Pacific Coast Banking School (PCBS) at the University of Washington, Foster School of Business and was named 2023 Instructor of the Year. Riverview continues to deliver positive financial results. However, like all in the financial services industry, we are impacted by the elevated interest rate environment and inflation levels that are higher than what we have historically experienced. We continue to focus on providing excellent service and solutions to our clients along with our goal to continually improve shareholder value. Riverview has strategically restructured its balance sheet which impacted earnings in the current year, along with being impacted by the higher interest rate environment. Net income totaled $3.8 million compared to $18.1 million in the previous year. Our capital levels remained strong with a total risk-based capital ratio of 16.32% and a leverage ratio of 10.29% at March 31, 2024. Non-performing assets (excluding SBA loans) remained exceptionally low at 0.01% of total assets, and we are proud that our core deposits represented 98% of total deposits. Credit quality remains a high priority as we continue to focus on our prudent underwriting standards and diversification of our loan portfolio. While we are focused on all areas of banking, these key areas will propel us forward: Deposit retention and growth – We have enacted several initiatives to attract and retain deposits. Revamping checking accounts for business and consumer clients was a recent initiative. We will continue to offer Certificate of Deposit and other promotions, providing an opportunity to serve existing clients and build relationships with new clients. Tools and technology – Branch banking is essential to our business model and is key in providing excellent service and connecting with clients. Because certain segments of clients want to access and manage money digitally, we will continue working to provide more tools for just this reason. At the same time, financial safety and security are critical areas for the bank and for clients. Culture/talent attraction and retention – We have made significant strides in this area and will continue to focus on attracting and retaining exceptional talent. People are at the center of all we do. Brand awareness/marketing – Riverview conducted a rebranding project two years ago. Riverview believes in an integrated marketing approach to create a greater awareness, gain new clients and to be viewed as a valued community asset and partner. Riverview is evolving and growing to meet client needs. We are proud of our legacy, and we are energized and committed as we move forward with vision and purpose. It’s always been about people. By focusing on our employees, clients, and communities, our shareholders and all stakeholders will thrive. It’s about you. The future is bright, Jerry Nies Nicole Sherman Chairman of the Board of Directors President and Chief Executive Officer Supporting community is in our DNA $326,575 donations to local organizations whose missions include: Animal Welfare Arts and Entertainment Childrens Services Civic Services Early Childhood Education Economic Development American Legion Post Adventist Medical Foundation Battle Ground Senior Citizens, Inc Cascadia Technical Academy Foundation Central East Rotary Club CDM Caregiving Services Clark County Historical Museum Coastal Conservation Association Community Bankers of Washington Council for the Homeless Craft3 East Portland Rotary Club East Vancouver Business Association Equal Opportunities for Children and Families Evergreen Public Schools Evergreen School District Foundation Dooley Rebekah Lodge Foundation Friends of Vancouver Lake Goldendale Community Housing Board Huntington’s Disease Society of America - WA Chapter Identity Clark County Klickitat County Veterans Advisory Board Klineline Kids Fishing Nonprofit Leadership Clark County Mid-Columbia Economic Development District Miss Clark County Scholarship Organization Miss Washington’s Teen Scholarship Organization National Association of Professional Mortgage Women North Salmon Creek Neighborhood Association Oregon Golf Association REAP Risk Management Association Rotary Club of Vancouver Salvation Army Skamania County Economic Development Council Skamania County Fair Board Ukrainian American Cultural Association of Oregon Union High School Orchestra Boosters Washington State University Advisory Council Washington State University Mentor Analysis Program Washougal High School Business Advisory Committee West Columbia Gorge Humane Society Education Environment Family Services Financial Literacy Food Drives/Hunger Relief Health and Fitness Houselessness Homeownership Parks and Recreation Senior Services Veteran Services 126 organizations supported 1,868 employee service hours 42 board of director/committee positions held by team members 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 Riverview Bank is a community bank that demonstrates unwavering commitment to its community. We actively support organizations within our footprint, recognizing the importance of local impact. Beyond financial contributions, Riverview team members invest time and talent, lending expertise to organizations and nonprofits through board positions and community service. Our collaborative approach fosters positive change, proving that together we can achieve great things for our community. It’s about you.