RIVERVIEW BANCORP INC 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company's common stock is traded on the Nasdaq Global Market under the symbol “RVSB.” At March 31, 2021, the number of shares of Company common stock issued and outstanding were 22,351,235, there were 596 stockholders of record and an estimated 2,762 holders in nominee or “street name”. Stock Repurchase The Company may repurchase shares of its common stock from time-to-time in open market transactions. The timing, volume and price of purchases are made at our discretion and are also contingent upon our overall financial condition, as well as general market conditions. On February 27, 2020, the Company announced that its Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company was authorized to repurchase up to 500,000 shares of the Company’s outstanding shares of common stock. The Company repurchased 204,100 shares under the stock repurchase program at an average price of $4.94 per share during the year ended March 31, 2020. As of March 31, 2021, the Company had repurchased the remaining 295,900 shares under the stock repurchase program at an average price of $4.85 per share. The following table sets forth the Company’s repurchases of its outstanding common stock during the first quarter of the fiscal year ended March 31, 2021: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Stock Repurchase Program Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Stock Repurchase Program April 1, 2020 295,900 April 1, 2020 – March 31, 2021 295,900 $ 4.85 295,900 - Total 295,900 4.85 295,900 Securities for Equity Compensation Plans Please refer to Item 12 in this Form 10-K for a listing of securities authorized for issuance under equity compensation plans. Five-Year Stock Performance Graph The following graph compares the cumulative total shareholder return on our common stock with the cumulative total return on the Standard & Poor's 500 Stock Index and The NASDAQ Bank Index. The graph assumes that total return includes the reinvestment of all dividends and that the value of the investment in Riverview’s common stock and each index was $100 on March 31, 2016, and is the base amount used in the graph. The closing price of Riverview’s common stock on March 31, 2021 was $6.93. 45 3/31/16* 3/31/17 3/31/18 3/31/19 3/31/20 3/31/21 Riverview Bancorp, Inc. 100.00 172.81 228.43 181.80 127.53 183.59 S & P 500 Index 100.00 117.17 133.57 146.25 136.05 212.71 NASDAQ Bank Index 100.00 142.41 158.32 139.25 98.96 189.84 *$100 invested on 3/31/16 in stock or index-including reinvestment of dividends. Copyright © 2021, Standard & Poor's, a division of S&P Global. All rights reserved. www.researchdatagroup.com/S&P.htm 46 Item 6. Selected Financial Data The following condensed consolidated statements of operations and financial condition and selected performance ratios as of March 31, 2021, 2020, 2019, 2018 and 2017 and for the years then ended have been derived from the Company’s audited Consolidated Financial Statements. The information below is qualified in its entirety by the detailed information included elsewhere herein and should be read along with Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8. “Financial Statements and Supplementary Data” included in this Form 10-K. At March 31, 2021 2020 2019 2018 2017 (In thousands) FINANCIAL CONDITION DATA: Total assets $ 1,549,158 $ 1,180,808 $ 1,156,921 $ 1,151,535 $ 1,133,939 Loans receivable, net 924,057 898,885 864,659 800,610 768,904 Loans held for sale - 275 909 210 478 Investment securities available for sale 216,304 148,291 178,226 213,221 200,214 Investment securities held to maturity 39,574 28 35 42 64 Cash and cash equivalents 265,408 41,968 22,950 44,767 64,613 Deposits 1,346,060 990,448 925,068 995,691 980,058 Shareholders’ equity 151,594 148,843 133,122 116,901 111,264 Years Ended March 31, 2021 2020 2019 2018 2017 (Dollars in thousands, except per share data) OPERATING DATA: Interest and dividend income $ 48,344 $ 50,495 $ 49,869 $ 45,314 $ 36,054 Interest expense 3,427 4,764 2,815 2,349 1,869 Net interest income 44,917 45,731 47,054 42,965 34,185 Provision for loan losses 6,300 1,250 50 - - Net interest income after provision for loan losses 38,617 44,481 47,004 42,965 34,185 Gains from sales of loans, securities and real estate owned 28 282 326 722 493 Other non-interest income 11,062 12,078 10,781 9,928 9,094 Non-interest expense 36,254 36,263 35,699 35,618 32,981 Income before income taxes 13,453 20,578 22,412 17,997 10,791 Provision for income taxes 2,981 4,830 5,146 7,755 3,387 Net income $ 10,472 $ 15,748 $ 17,266 $ 10,242 $ 7,404 Earnings per share: Basic $ 0.47 $ 0.69 $ 0.76 $ 0.45 $ 0.33 Diluted 0.47 0.69 0.76 0.45 0.33 Dividends per share 0.20000 0.19000 0.15000 0.10500 0.08000 47 At or For the Years Ended March 31, 2021 2020 2019 2018 2017 KEY FINANCIAL RATIOS: Performance Ratios: Return on average assets 0.74 % 1.35 % 1.51 % 0.90 % 0.76 % Return on average equity 6.91 10.96 13.86 8.78 6.66 Dividend payout ratio (1) 42.55 27.54 19.74 23.33 24.24 Interest rate spread 3.27 4.04 4.32 4.02 3.76 Net interest margin 3.41 4.26 4.45 4.12 3.83 Non-interest expense to average assets 2.56 3.11 3.13 3.15 3.38 Efficiency ratio (2) 64.73 62.42 61.38 66.43 75.35 Average equity to average assets 10.71 12.32 10.92 10.30 11.39 Asset Quality Ratios: Allowance for loan losses to total loans at end of period 2.03 1.38 1.31 1.33 1.35 Allowance for loan losses to nonperforming loans 3,358.67 904.95 754.25 445.24 382.98 Net charge-offs (recoveries) to average outstanding loans during the period (0.03 ) 0.01 (0.08 ) (0.03 ) (0.10 ) Ratio of nonperforming assets to total assets 0.04 0.12 0.13 0.24 0.27 Ratio of nonperforming loans to total loans 0.06 0.15 0.17 0.30 0.35 Capital Ratios: Total capital to risk-weighted assets 17.35 17.01 16.88 15.41 14.06 Tier 1 capital to risk-weighted assets 16.09 15.76 15.63 14.16 12.81 Common equity tier 1 capital to risk-weighted assets 16.09 15.76 15.63 14.16 12.81 Leverage ratio 9.63 11.79 11.56 10.26 10.21 (1) Dividends per share divided by diluted earnings per share. (2) Non-interest expense divided by the sum of net interest income and non-interest income. 48