About Riverview Bancorp

Riverview Bancorp, Inc. operates as the bank holding company for Riverview Community Bank that provides a range of financial services. The bank’s subsidiary, Riverview Trust Company (the ‘Trust Company’), is a trust and financial services company located in downtown Vancouver, Washington; and provides full-service brokerage activities, trust and asset management services. As a progressive, community-oriented financial services company, the company emphasizes local, personal service to residents of its primary market area. The company considers Clark, Klickitat and Skamania counties of Washington; and Multnomah, Washington and Marion counties of Oregon as its primary market area. The company engages predominantly in the business of attracting deposits from the general public and using such funds in its primary market area to originate commercial business, commercial real estate, multi-family real estate, land, real estate construction, residential real estate and other consumer loans. The company’s strategic plan includes targeting the commercial banking customer base in its primary market area for loan originations and deposit growth, specifically small and medium size businesses, professionals and wealth building individuals. The company’s strategic plan also stresses increased emphasis on non-interest income, including increased fees for asset management through the Trust Company and deposit service charges. The strategic plan is designed to enhance earnings, reduce interest rate risk and provide a more complete range of financial services to customers and the local communities the company serves. Market Area The company conducts operations from its home office in Vancouver, Washington and seventeen branch offices located in Camas, Washougal, Stevenson, White Salmon, Battle Ground, Goldendale, Ridgefield and Vancouver, Washington (six branch offices), and Portland, Gresham, Tualatin and Aumsville, Oregon. The Trust Company has two locations, one in downtown Vancouver, Washington and one in Lake Oswego, Oregon, providing full-service brokerage activities, trust and asset management services. Riverview Mortgage, a mortgage broker division of the bank, originates mortgage loans for various mortgage companies predominantly in the Vancouver/Portland metropolitan areas, as well as for the bank. The bank’s Business and Professional Banking Division, with two lending offices located in Vancouver and one in Portland, offers commercial and business banking services. Lending Activities The principal lending activity of the company is the origination of loans collateralized by commercial properties and commercial business loans. A substantial portion of the company’s loan portfolio is secured by real estate, either as primary or secondary collateral, located in its primary market area. The customary sources of loan originations are realtors, walk-in customers, referrals and existing customers. The bank also uses commissioned loan brokers and print advertising to market its products and services. Commercial Business Lending Commercial business loans are typically secured by business equipment, accounts receivable, inventory or other property. The company’s commercial business loans may be structured as term loans or as lines of credit. Commercial term loans are generally made to finance the purchase of assets and usually have maturities of five years or less. Commercial lines of credit are typically made for the purpose of providing working capital and usually have a term of one year or less. Other Real Estate Mortgage Lending The company originates other real estate mortgage loans secured by office buildings, warehouse/industrial, retail, assisted living facilities and single-purpose facilities (collectively ‘commercial real estate loans’ or ‘CRE’), as well as land and multi-family loans primarily located in its market area. Land acquisition and development loans are included in the other real estate mortgage loan portfolio balance and represent loans made to developers for the purpose of acquiring raw land and/or for the subsequent development and sale of residential lots. Such loans typically finance land purchases and infrastructure development of properties (e.g. roads, utilities, etc.) with the aim of making improved lots ready for subsequent sales to consumers or builders for ultimate construction of residential units. Real Estate Construction The company originates three types of residential construction loans: speculative construction loans, custom/presold construction loans, and construction/permanent loans. The company also originates construction loans for the development of business properties and multi-family dwellings. All of the company’s real estate construction loans were made on properties located in Washington and Oregon. The company provides construction financing for non-residential business properties and multi-family dwellings. These loans are secured by office buildings, retail rental space, mini storage facilities, assisted living facilities and multi-family dwellings located in the company’s market area. Consumer Lending One-to-four family residences located in the company’s primary market area secure the majority of the residential loans. All of these loans were secured by properties located in Oregon and Washington. The company no longer originates one-to-four family mortgage loans. The company also originates a variety of installment loans, including loans for debt consolidation and other purposes, automobile loans, boat loans, and savings account loans. Installment consumer loans generally entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as mobile homes, automobiles, boats, and recreational vehicles. Mortgage Brokerage The company employs commissioned brokers who originate mortgage loans (including construction loans) for various mortgage companies. Beginning in 2021, the company transitioned to a model where it no longer originates and sells mortgage loans to the Federal Home Loan Mortgage Company (FHLMC) as all mortgage loan originations are instead brokered to various third-party mortgage companies. Mortgage Loan Servicing The company is a qualified servicer for the FHLMC. Investment Activities As of March 31, 2022, the company’s investment securities portfolio included municipal securities, agency securities, REMICs (real estate mortgage investment conduits), residential MBS (mortgage-backed securities), and other MBS. Deposit Accounts The company attracts deposits from within its primary market area by offering a broad selection of deposit instruments, including demand deposits, negotiable order of withdrawal (NOW) accounts, money market accounts, savings accounts, certificates of deposit, and retirement savings plans. The company has focused on building customer relationship deposits, which include both business and consumer depositors. Regulation As a Washington state-chartered commercial bank, the bank’s regulators are the Washington State Department of Financial Institutions (WDFI) and the Federal Deposit Insurance Corporation (FDIC), the insurer of its deposits. The bank’s deposits are insured up to applicable limits by the FDIC. The Board of Governors of the Federal Reserve System (Federal Reserve) remains the primary federal regulator for the company. The bank is also a member of the Federal Home Loan Bank of Des Moines (FHLB), which is one of the 11 regional banks in the Federal Home Loan Bank System (FHLB System). The bank’s deposits are insured up to $250,000 per separately insured deposit ownership right or category by the Deposit Insurance Fund (DIF) of the FDIC. The bank is subject to the provisions of the Community Reinvestment Act of 1977. The bank is subject to consumer protection regulations issued by the Consumer Financial Protection Bureau (CFPB), but as a financial institution with assets of less than $10 billion, the bank is generally subject to supervision and enforcement by the FDIC with respect to its compliance with federal consumer financial protection laws and CFPB regulations. The bank is subject to a broad array of federal and state consumer protection laws and regulations that govern almost every aspect of its business relationships with consumers. While not exhaustive, these laws and regulations include the Truth-in-Lending Act, the Truth in Savings Act, the Electronic Fund Transfer Act, the Expedited Funds Availability Act, the Equal Credit Opportunity Act, the Fair Housing Act, the Real Estate Settlement Procedures Act, the Home Mortgage Disclosure Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Right to Financial Privacy Act, the Home Ownership and Equity Protection Act, the Consumer Leasing Act, the Fair Credit Billing Act, the Homeowners Protection Act, the Check Clearing for the 21st Century Act, laws governing flood insurance, laws governing consumer protections in connection with the sale of insurance, federal and state laws prohibiting unfair and deceptive business practices, and various regulations that implement some or all of the foregoing. The company, as sole shareholder of the bank, is a bank holding company registered with the Federal Reserve. Under the Bank Holding Company Act of 1956, as amended (BHCA), the company is supervised by the Federal Reserve. The company is also required to file certain reports with, and otherwise comply with the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The company’s common stock is registered with the SEC under Section 12(b) of the Securities Exchange Act of 1934, as amended (Exchange Act). The company is subject to information, proxy solicitation, insider trading restrictions and other requirements under the Exchange Act. History Riverview Bancorp, Inc. was founded in 1923. The company was incorporated in 1997.