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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 $ 5.8 Million in First Fiscal Quarter of 2022 ; Results Highlighted by Double Digit Deposit Growth and Strong Loan Pipeline Vancouver , WA - July 29 , 2021 - Riverview Bancorp , Inc. ( Nasdaq GSM : RVSB ) ( “ Riverview " or the " Company " ) today reported earnings of $ 5.8 million , or $ 0.26 per diluted share , in the first fiscal quarter ended June 30 , 2021 compared to $ 3.4 million , or $ 0.15 per diluted share , in the preceding quarter and $ 480,000 , or $ 0.02 per diluted share , in the first fiscal quarter a year ago . " Earnings for our first fiscal quarter were strong , driven by an increase in net interest income , higher non - interest income , and lower operating expenses compared to last quarter , " stated Kevin Lycklama , president and chief executive officer . “ Our continued focus on building customer relationships contributed to our core deposits increasing 22 % over the last year . Additionally , our loan pipeline grew by more than 200 % and we are encouraged by the increased business activity and loan demand in our markets . With Oregon and Washington fully reopened and most COVID restrictions lifted in Washington and Oregon , and the high vaccination rates in our states , we anticipate increased loan growth opportunities for the remainder of our fiscal year . " First Quarter Highlights ( at or for the period ended June 30 , 2021 ) • • • • Net income increased to $ 5.8 million , or $ 0.26 per diluted share . Pre - tax , pre - provision for loan losses income ( non - GAAP ) was $ 5.7 million for the quarter compared to $ 4.4 million in the previous quarter and $ 5.1 million for the quarter ended June 30 , 2020 . Total loan modifications decreased substantially to a single commercial loan totaling $ 563,000 . Net interest income increased to $ 11.3 million compared to $ 11.2 million in the preceding quarter and $ 11.1 million in the first quarter a year ago . Riverview recorded a recapture for loan losses of $ 1.6 million during the quarter . The allowance for loan losses was $ 17.6 million , or 1.98 % of total loans . The allowance for loan losses excluding SBA purchased and SBA PPP loans ( non - GAAP ) was 2.22 % of total loans . Total loans were $ 889.5 million . SBA PPP loans totaled $ 55.5 million . • Loan pipeline increased 235 % during the quarter to $ 84.2 million . Total deposits increased $ 66.9 million , or 19.9 % annualized , during the quarter to $ 1.41 billion . Non - performing assets were 0.02 % of total assets . Total risk - based capital ratio was 17.49 % and Tier 1 leverage ratio was 9.37 % . Income Statement Net income was $ 5.8 million in the first fiscal quarter ended June 30 , 2021 compared to $ 3.4 million in the preceding quarter and $ 480,000 in the first fiscal quarter a year ago . Pre - tax , pre - provision for loan losses income was $ 5.7 million for the quarter compared to $ 4.4 million in the previous quarter and $ 5.1 million for the quarter ended June 30 , 2020 . Return on average assets was 1.46 % in the first quarter of fiscal 2022 compared to 0.93 % in the preceding quarter . Return on average equity and return on average tangible equity ( non - GAAP ) was 14.89 % and 18.13 % , respectively , compared to 9.00 % and 10.97 % , respectively , for the prior quarter .