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Riverview BANCORP , INC . Contact : Kevin Lycklama or David Lam Riverview Bancorp , Inc. 360-693-6650 Exhibit 99.1 The IR Group Riverview Bancorp Earns $ 4.0 Million in Third Fiscal Quarter Reflecting a Decrease in the Provision for Loan Losses and Nonperforming Loans Vancouver , WA - January 28 , 2021 - Riverview Bancorp , Inc. ( Nasdaq GSM : RVSB ) ( " Riverview " or the " Company " ) today reported earnings of $ 4.0 million , or $ 0.18 per diluted share for the third fiscal quarter ended December 31 , 2020 , compared to $ 2.5 million , or $ 0.11 per diluted share , in the preceding quarter , and $ 4.1 million , or $ 0.18 per diluted share , in the third fiscal quarter a year ago . In the first nine months of fiscal 2021 , net income was $ 7.1 million , or $ 0.32 per diluted share , compared to $ 12.9 million , or $ 0.57 per diluted share , in the first nine months of fiscal 2020 . " Although 2020 brought about serious economic and health challenges , I am optimistic as we look into 2021. I continue to be inspired by how our entire team came together , showed tremendous resilience and did an outstanding job supporting our clients and servicing their financial needs , " stated Kevin Lycklama , president and chief executive officer . “ Our earnings for the third quarter were solid , with an annualized deposit growth rate of 12 % and improved operating efficiencies . We have remained focused on credit quality and maintaining our strong capital position . We believe we are well positioned to emerge stronger as we navigate through this pandemic and into 2021. " Third Quarter Highlights ( at or for the period ended December 31 , 2020 ) • Net income was $ 4.0 million , or $ 0.18 per diluted share . • Pre - tax , pre - provision for loan losses income ( non - GAAP ) was $ 5.2 million for the quarter compared to $ 5.0 million in the previous quarter and $ 5.4 million for the quarter ended December 31 , 2019 . Loan modifications decreased by $ 2.7 million , or 5.4 % , and were mainly concentrated in our Hotel / Motel portfolio . • Net interest margin ( NIM ) was 3.40 % . . • • • Riverview recorded no provision for loan losses during the quarter . Total loans were $ 931.5 million at December 31 , 2020. SBA PPP loans totaled $ 80.8 million . 147 PPP loans totaling $ 30.0 million ( 27 % ) have been forgiven by the SBA , resulting in $ 1.3 million in fee income . Total deposits increased $ 37.0 million during the quarter to $ 1.24 billion . During the quarter , we completed our annual goodwill impairment test and determined that the Company's goodwill was not impaired at December 31 , 2020 . Non - performing assets decreased to 0.03 % of total assets . • Total risk - based capital ratio was 17.58 % and Tier 1 leverage ratio was 9.80 % . . Paid a quarterly cash dividend of $ 0.05 per share . All of our branches remain open with specific guidelines in place to help protect our employees and customers , although some offices have continued to operate under modified schedules due to COVID - 19 guidelines .