<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>q-1136.txt
<DESCRIPTION>RIVERVIEW BANCORP, INC. FORM 10-Q
<TEXT>


                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)
__X__ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
       THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended  June 30, 2001
                               --------------

                                       OR

_____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
       THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

                         COMMISSION FILE NUMBER: 0-22957

                             RIVERVIEW BANCORP, INC.
                (Exact name of registrant as specified in its charter)

 WASHINGTON                                91-1838969
(State or other jurisdiction of         (I.R.S. Employer
 incorporation or organization)          Identification No.)

                  900 WASHINGTON, SUITE 900 VANCOUVER, WA 98660
                    (Address of principal executive office)

Registrant's telephone number, including area code: (360)693-6650

Check whether the registrant: (1) filed all reports required to be filed by
Sections 13 or 15(d) of the Exchange Act during the past 12 months (or for
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes[X] No[ ].

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common stock, as of the latest practicable
date: Common Stock, $.01 par value---4,655,040 shares as of July 26, 2001.


<PAGE>



                             FORM 10-Q

                 RIVERVIEW BANCORP, INC. AND SUBSIDIARY
                               INDEX

PART I.  FINANCIAL INFORMATION                                        PAGE
         ---------------------                                        ----
Item 1: Financial Statements (Unaudited)

       Consolidated Balance Sheets
       as of June 30, 2001 and March 31, 2001                           1

       Consolidated Statements of Income: Three
       Months Ended June 30, 2001 and 2000                              2

       Consolidated Statements of Shareholders' Equity
       for the Year Ended March 31, 2001 and for the
       Three Months Ended June 30, 2001                                 3

       Consolidated Statements of Cash Flows for the
       Three Months Ended June 30, 2001 and 2000                        4

       Notes to Consolidated Financial Statements                      5-11

 Item 2: Management's Discussion and Analysis of
         Financial Condition and Results of
         Operations                                                   11-17

 Item 3: Quantitative and Qualitative Disclosures
         About Market Risk                                             17



PART II. OTHER INFORMATION                                             18


SIGNATURES                                                             19




<PAGE>




RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS
JUNE 30, 2001 AND MARCH 31, 2001

                                                          JUNE 30,    MARCH 31,
(IN THOUSANDS, EXCEPT SHARE DATA)  (UNAUDITED)              2001        2001
-------------------------------------------------------------------------------

ASSETS

Cash (including interest-earning accounts of $25,370
  and $26,460)                                           $ 39,505     $ 38,935
Loans held for sale                                           413          569
Investment securities held to maturity, at amortized
  cost (fair value of $847 and $867)                          861          861
Investment securities available for sale, at fair value
  (amortized cost of $25,638 and $26,060)                  25,216       25,561
Mortgage-backed securities held to maturity, at amortized
  cost (fair value of $6,003 and $6,486)                    5,871        6,405
Mortgage-backed securities available for sale, at fair
  value (amortized cost of $38,583 and $43,224)            38,382       43,139
Loans receivable (net of allowance for loan losses of
  $2,364 and $1,916)                                      304,986      296,292
Real estate owned                                             858          473
Prepaid expenses and other assets                             736        1,002
Accrued interest receivable                                 2,348        2,394
Federal Home Loan Bank stock, at cost                       5,060        4,432
Premises and equipment, net                                10,045       10,055
Deferred income taxes, net                                    869          856
Core deposit intangible, net                                  941        1,022
                                                        ---------    ---------
TOTAL ASSETS                                            $ 436,091    $ 431,996
                                                        =========    =========
LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:
   Deposit accounts                                     $ 279,141    $ 295,523
   Accrued expenses and other liabilities                   4,139        4,034
   Advance payments by borrowers for taxes and insurance       54          218
   Federal Home Loan Bank advances                         99,500       79,500
                                                        ---------    ---------
Total liabilities                                         382,834      379,275

COMMITMENTS AND CONTINGENCIES (NOTE 11)

SHAREHOLDERS' EQUITY:
   Serial preferred stock, $.01 par value; 250,000
    authorized, issued and outstanding, none                    -            -
   Common stock, $.01 par value; 50,000,000 authorized,
    June 30, 2001-4,981,421 issued, 4,655,040 outstanding;
    March 31, 2001-4,981,421 issued, 4,655,040 outstanding     50           50
   Additional paid-in capital                              38,697       38,687
   Retained earnings                                       17,589       17,349
   Unearned shares issued to employee stock ownership
    trust                                                  (2,165)      (2,217)
   Unearned shares held by the management recognition
     and development plan                                    (503)        (762)
   Accumulated other comprehensive loss                      (411)        (386)
                                                        ---------    ---------
         Total shareholders' equity                        53,257       52,721
                                                        ---------    ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY              $ 436,091    $ 431,996
                                                        =========    =========

See notes to consolidated financial statements.

                                       1
<PAGE>

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME
                                                            THREE MONTHS ENDED
                                                                 JUNE 30,
(IN THOUSANDS, EXCEPT SHARE DATA)   (UNAUDITED)             2001          2000
-------------------------------------------------------------------------------

INTEREST INCOME:
  Interest and fees on loans receivable                   $ 6,862       $ 6,133
  Interest on investment securities                           151           208
  Interest on mortgage-backed securities                      684           806
  Other interest and dividends                                633            98
                                                        ---------     ---------
       Total interest income                                8,330         7,245
                                                        ---------     ---------
INTEREST EXPENSE:
  Interest on deposits                                      3,046         2,428
  Interest on borrowings                                    1,504         1,075
                                                       ----------     ---------
       Total interest expense                               4,550         3,503
                                                       ----------     ---------
       Net interest income                                  3,780         3,742

  Less provision for loan losses                              510           594
                                                       ----------     ---------
  Net interest income after provision for loan losses       3,270         3,148
                                                       ----------     ---------
NON-INTEREST INCOME:
  Fees and service charges                                    907           600
  Asset management fees                                       231           108
  Gain on sale of loans held for sale                         129             5
  Loan servicing income                                        21            32
  Other                                                        15            21
                                                       ----------     ---------
       Total non-interest income                            1,303           766
                                                       ----------     ---------
NON-INTEREST EXPENSE:
  Salaries and employee benefits                            1,892         1,630
  Occupancy and depreciation                                  535           383
  Data processing                                             258           208
  Amortization of core deposit intangible                      82            82
  Marketing expense                                           176           168
  FDIC insurance premium                                       13            11
  State and local taxes                                       100            68
  Telecommunications                                           57            63
  Professional fees                                            88            72
  Other                                                       319           238
                                                       ----------     ---------
       Total non-interest expense                           3,520         2,923
                                                       ----------     ---------
INCOME BEFORE FEDERAL INCOME TAXES                          1,053           991
PROVISION FOR FEDERAL INCOME  TAXES                           296           313
                                                       ----------     ---------
NET INCOME                                             $      757     $     678
                                                       ==========     =========
Earnings per common share:
     Basic                                                  $0.16         $0.15
     Diluted                                                 0.16          0.15

Weighted average number of shares outstanding:
     Basic                                              4,664,277     4,533,026
     Diluted                                            4,697,741     4,607,378

See notes to consolidated financial statements.


                                       2
<PAGE>

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED MARCH 31, 2001
AND THE THREE MONTHS ENDED JUNE 30, 2001
(UNAUDITED)
<TABLE>
                                                               UNEARNED
                                                               SHARES
                                                               ISSUED TO
                                                               EMPLOYEE   UNEARNED    ACCUMULATED
                           COMMON STOCK   ADDITIONAL           STOCK      SHARES        OTHER
(IN THOUSANDS,                             PAID-IN   RETAINED  OWNERSHIP  ISSUED TO  COMPREHENSIVE
 EXCEPT SHARE DATA)       SHARES   AMOUNT  CAPITAL   EARNINGS  TRUST       MRDP         (LOSS)       TOTAL
-----------------------------------------------------------------------------------------------------------
<s>                      <c>        <c>    <c>       <c>       <c>        <c>          <c>          <c>
Balance April 1, 2000   4,521,209   $49    $38,457   $15,652   $(2,422)   $(1,178)     $(2,069)     $48,489
Cash Dividends                  -     -          -    (1,860)        -          -            -       (1,860)
Exercise of stock options  78,918     1        221         -         -          -            -          222
Earned ESOP shares         24,633     -          9         -       205          -            -          214
Earned MRDP shares         30,280     -          -         -         -        416            -          416
                        ---------  ----    -------   -------   -------    -------      -------      -------
                        4,655,040    50     38,687    13,792    (2,217)      (762)      (2,069)      47,481
Comprehensive income:
  Net income                    -     -          -     3,557         -          -            -        3,557
  Other comprehensive income:
   Unrealized holding gain  on
   securities of $1,683 (net of
   $867 tax effect)             -     -          -         -         -          -        1,683        1,683
                                                                                                      -----
Total comprehensive income      -     -          -         -         -          -            -        5,240
                        ---------  ----    -------   -------     -----     ------    ---------      -------
Balance, March 31, 2001 4,655,040    50     38,687    17,349    (2,217)      (762)        (386)      52,721
  Cash dividends                -     -          -      (517)        -          -                      (517)
  Earned ESOP shares            -     -         10         -        52          -            -           62
  Earned MRDP shares            -     -          -         -         -        259            -          259
                        ---------  ----    -------    ------     -----      -----         ----      -------
                        4,655,040    50     38,697    16,832    (2,165)      (503)        (386)      52,525
  Comprehensive income:
  Net income                    -     -          -       757         -          -            -          757
    Other comprehensive loss:
      Unrealized holding loss on
      securities of $25 (net of
      $13 tax effect).          -     -          -         -         -          -          (25)         (25)
                                                                                                      -----
Total comprehensive income      -     -          -         -         -          -            -          732
                                                                                                        ---
                        ---------  ----   --------  --------  --------     ------       ------      -------
Balance, June 30, 2001  4,655,040  $ 50   $ 38,697  $ 17,589  $ (2,165)    $ (503)      $ (411)     $53,257
                        =========  ====   ========  ========  ========     ======       ======      =======

</TABLE>
See notes to consolidated financial statements.

                                        3
<PAGE>

RIVERVIEW BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30,

(IN THOUSANDS)      (UNAUDITED)                                 2001      2000
-------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                                 $  757     $ 678
Adjustments to reconcile net income to cash
 provided by operating activities:
   Depreciation and amortization                                 418       330
   Provision for losses on loans                                 510       594
   Noncash expense related to ESOP benefit                        61        51
   Noncash expense related to MRDP benefit                        86        98
   Increase in deferred loan origination fees,
    net of amortization                                          170        29
   Federal Home Loan Bank stock dividend                         (85)      (56)
   Net gain on sale of real estate owned, mortgage-backed
    and investment securities and premises and equipment          (4)        -
   Changes in assets and liabilities:
    (Increase) Decrease in loans held for sale                   157      (300)
    Decrease in prepaid expenses and other assets                120       129
    (Decrease) Increase in accrued interest receivable            46      (257)
    Increase in accrued expenses and other liabilities           277       338
                                                            --------  --------
    Net cash provided by operating activities                  2,513     1,634
                                                            --------  --------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Loan originations                                          (65,930)  (43,980)
  Principal repayments on loans                               48,956    25,690
  Loans sold                                                   7,214       624
  Principal repayments on mortgage-backed
   securities held to maturity                                   534       682
  Principal repayments on mortgage-backed
   securities available for sale                               4,589     2,320
  Principal repayments on investment securities AFS              423         -
  Purchase of premises and equipment                            (132)   (1,218)
  Purchase of Federal Home Loan Bank stock                      (543)     (653)
  Proceeds from sale of real estate                                8         -
                                                            --------  --------
  Net cash used in investing activities                       (4,881)  (16,535)
                                                            --------  --------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Net (decrease) increase in deposit accounts                (16,381)    1,377
  Dividends paid                                                (517)     (461)
  Proceeds from Federal Home Loan Bank advances               20,000   108,416
  Repayment of Federal Home Loan Bank advances                         (98,041)
  Net decrease in advance payments by borrowers                 (164)     (111)
  Proceeds from exercise of stock options                          -        28
                                                            --------   -------
  Net cash provided by financing activities                    2,938    11,208
                                                            --------   -------
NET INCREASE (DECREASE) IN CASH                                  570    (3,693)
CASH, BEGINNING OF PERIOD                                     38,935    15,786
                                                            --------   -------
CASH, END OF PERIOD                                          $39,505   $12,093
                                                            ========   =======
SUPPLEMENTAL DISCLOSURES:
  Cash paid during the period for:
   Interest                                                   $4,655    $3,456
   Income taxes                                                    -       160

NONCASH INVESTING AND FINANCING ACTIVITIES:
  Transfer of loans to real estate owned                       $ 385     $ 557
  Dividends declared and accrued in other liabilities            518       462
  Fair value adjustment to securities available for sale         (38)     (230)
  Income tax effect related to fair value adjustment              13        79

See notes to consolidated financial statements.

                                     4
<PAGE>


                     RIVERVIEW BANCORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

(1)  ORGANIZATION AND BASIS OF PRESENTATION
     --------------------------------------
The accompanying unaudited consolidated financial statements were prepared in
accordance with instructions for Form 10-Q and, therefore, do not include all
disclosures necessary for a complete presentation of financial condition,
results of operations, and cash flows in conformity with accounting principles
generally accepted in the United States of America. However, all adjustments
which are, in the opinion of management, necessary for a fair presentation of
the interim unaudited financial statements have been included. All such
adjustments are of a normal recurring nature.

The unaudited consolidated financial statements should be read in conjunction
with the audited financial statements included in the Riverview Bancorp, Inc.
2001 Annual Report on Form 10-K. The results of operations for the three months
ended June 30, 2001 are not necessarily indicative of the results which may be
expected for the entire fiscal year.

(2) PRINCIPLES OF CONSOLIDATION
    ---------------------------
The accompanying unaudited consolidated financial statements of Riverview
Bancorp, Inc. and Subsidiary (the "Company") include all the accounts of
Riverview Bancorp, Inc. and the consolidated accounts of its wholly-owned
subsidiary, Riverview Community Bank (the "Community Bank"), and the Community
Bank's majority-owned subsidiary, Riverview Asset Management Corporation
("RAMCORP.") and wholly-owned subsidiary, Riverview Services, Inc. All
references to the Company herein include the Community Bank where applicable.
Significant inter-company balances and transactions have been eliminated upon
consolidation.

(3) COMPREHENSIVE INCOME
    --------------------
Comprehensive income is defined as the change in equity during a period from
transactions and other events from nonowner sources. Comprehensive income is the
total of net income and other comprehensive income, which for the Company is
comprised entirely of unrealized gains and losses on securities available for
sale.

For the three months ended June 30, 2001, the Company's total comprehensive
income was $732,000, compared to $526,000 for the three months ended June 30,
2000, respectively.

Total comprehensive income for the three months ended June 30, 2001 is comprised
of net income of $757,000 and other comprehensive loss of $25,000, net of tax.
Other comprehensive loss for the three months ended June 30, 2001, consists of
unrealized securities losses of $25,000 net of tax benefit.

Total comprehensive income for the three months ended June 30, 2000 is $526,000
comprised of net income of $678,000 and other comprehensive loss of $152,000 net
of tax. Other comprehensive loss for the three months ended June 30, 2000,
consists of unrealized securities losses of $152,000, net of tax benefit.

(4) EARNINGS PER SHARE
    ------------------
Basic Earnings per Share ("EPS") is computed by dividing net income applicable
to common stock by the weighted average number of common shares outstanding
during the period, without considering any dilutive items. Diluted EPS is
computed by dividing net income applicable to common stock by the weighted
average number of common shares and common stock equivalents for items that are
dilutive, net of shares assumed to



                                     5
<PAGE>

be repurchased using the treasury stock method at the average share price for
the Company's common stock during the period. Common stock equivalents arise
from assumed conversion of outstanding stock options and awarded but not
released Management Recognition and Development Plan ("MRDP") shares. Employee
Stock Ownership Plan ("ESOP") shares are not considered outstanding for EPS
purposes until they are committed to be released.

                                             THREE MONTHS ENDED
                                                  JUNE 30,
                                             ------------------
                                            2001             2000
                                            ----             ----
Basic EPS computation:
  Numerator-Net Income                $  757,000       $  678,000
  Denominator-Weighted average
    common shares outstanding          4,664,277        4,533,026

Basic EPS                             $     0.16       $     0.15
                                      ==========       ==========

Diluted EPS computation:
  Numerator-Net Income                $  757,000       $  678,000
  Denominator-Weighted average
    common shares outstanding          4,664,277        4,533,026
  Effect of dilutive stock options        27,600           74,352
  Effect of dilutive MRDP                  5,864                -
                                       ---------        ---------

  Weighted average common shares
  and common stock equivalents         4,697,741        4,607,378

Diluted EPS                            $    0.16        $    0.15
                                       =========        =========





















                                     6

<PAGE>




(5)  INVESTMENT SECURITIES
     ---------------------
The amortized cost and approximate fair value of investment securities held to
maturity consisted of the following (in thousands):

                                            GROSS         GROSS       ESTIMATED
                             AMORTIZED    UNREALIZED    UNREALIZED      FAIR
      JUNE 30, 2001            COST         GAINS         LOSSES        VALUE
                             ---------     --------     ----------     -------
      Municipal securities    $  861        $    -       $   (14)      $  847
                             =========     ========     ==========     =======

      MARCH 31, 2001

      Municipal securities    $  861        $    6       $     -       $  867
                             =========     ========     ==========     =======


The contractual maturities of securities held to maturity are as follows (in
thousands):

                                               AMORTIZED          ESTIMATED
      JUNE 30, 2001                                 COST         FAIR VALUE
                                          --------------       ------------
      Due after ten years                 $          861       $        847
                                          ==============       ============


There were no sales of investment securities classified as held to maturity
during the period ended June 30, 2001 and 2000.

The amortized cost and approximate fair value of investment securities available
for sale consisted of the following (in thousands):

                                            GROSS          GROSS      ESTIMATED
                          AMORTIZED    UNREALIZED     UNREALIZED           FAIR
      JUNE 30, 2001            COST         GAINS         LOSSES          VALUE
                          ---------    ----------     ----------     ----------
      Agency securities   $   6,710    $        9     $    (139)     $    6,580
      Equity securities      16,356             5          (330)         16,031
      School district bonds   2,572            33             -           2,605
                          ---------    ----------     ----------     ----------
                          $  25,638    $       47     $   (469)      $   25,216
                          =========    ==========     ==========     ==========
      MARCH 31, 2001

      Agency securities   $   7,132    $        4     $    (199)      $   6,937
      Equity securities      16,356            21          (378)         15,999
      School district bonds   2,572            53             -           2,625
                          ---------    ----------     ---------       ---------
                          $  26,060    $       78     $    (577)      $  25,561
                          =========    ==========     =========       =========

The contractual maturities of securities available for sale are as follows (in
thousands):

                                                  AMORTIZED          ESTIMATED
      JUNE 30, 2001                                    COST         FAIR VALUE
                                                  ---------         ----------
      Due after five years through ten years      $   4,455         $    4,496
      Due after ten years                            21,183             20,720
                                                  ---------         ----------
                                                  $  25,638         $   25,216
                                                  =========         ==========

                                       7
<PAGE>

(6)   MORTGAGE-BACKED SECURITIES
      --------------------------
Mortgage-backed securities held to maturity consisted of the following (in
thousands):
                                            GROSS         GROSS       ESTIMATED
                          AMORTIZED    UNREALIZED    UNREALIZED            FAIR
 JUNE 30, 2001                 COST         GAINS        LOSSES           VALUE
                         ----------    ----------    ----------      ----------
 REMICs                  $    1,805    $       56    $        -      $    1,861
 FHLMC mortgage-backed
   securities                 1,534            14             -           1,548
 FNMA mortgage-backed
   securities                 2,532            62             -           2,594
                         ----------    ----------    ----------      ----------
                         $    5,871    $      132    $        -      $    6,003
                         ==========    ==========    ==========      ==========
 MARCH 31, 2001

 REMICs                  $    1,805    $       15      $     -        $   1,820
 FHLMC mortgage-backed
   securities                 1,680            13           (1)           1,692
 FNMA mortgage-backed
   securities                 2,920            54            -            2,974
                         ----------    ----------      -------        ---------
                         $    6,405    $       82      $    (1)       $   6,486
                         ==========    ==========      =======        =========

Mortgage-backed securities held to maturity with an amortized cost of $3.5
million and $3.7 million and a fair value of $3.5 million and $3.9 million at
June 30, 2001 and March 31, 2001, respectively, were pledged as collateral for
governmental public funds held by the Company. The real estate mortgage
investment conduits ("REMICs") consist of Federal Home Mortgage Corporation
("FHLMC"), Federal National Mortgage Association ("FNMA") and privately issued
securities.

The contractual maturities of mortgage-backed securities classified as held to
maturity are as follows (in thousands):

                                                AMORTIZED            ESTIMATED
 JUNE 30, 2001                                       COST           FAIR VALUE
                                               ----------           ----------
 Due in one year or less                       $        3           $        3
 Due after one year through five years              2,173                2,204
 Due after five years through ten years               277                  283
 Due after ten years                                3,418                3,513
                                               ----------           ----------
                                               $    5,871           $    6,003
                                               ==========            =========

There were no sales of mortgage-backed securities held to maturity during the
period ended June 30, 2001 and 2000.

Mortgage-backed securities available for sale consisted of the following (in
thousands):
                                            GROSS         GROSS       ESTIMATED
                           AMORTIZED   UNREALIZED    UNREALIZED            FAIR
 JUNE 30, 2001                  COST        GAINS        LOSSES           VALUE
                          ----------   ----------    ----------      ----------
 REMICs                   $   36,634   $      134    $    (378)      $   36,390
 FHLMC mortgage-backed
   securities                    425           12            -              437
 FNMA mortgage-backed
   securities                  1,524           31            -            1,555
                          ----------   ----------    ---------       ----------
                          $   38,583   $      177    $    (378)      $   38,382
                          ==========   ==========    =========       ==========
 MARCH 31, 2001

 REMICs                   $   41,067   $      144    $    (268)      $   40,943
 FHLMC mortgage-backed
   securities                    441           10            -              451
 FNMA mortgage-backed
  securities                   1,716           29            -            1,745
                          ----------   ----------    ---------       ----------
                          $   43,224   $      183    $    (268)      $   43,139
                          ==========   ==========    =========       ==========


The contractual maturities of mortgage-backed securities available for sale are
as follows (in thousands):

                                                     AMORTIZED        ESTIMATED
 JUNE 30, 2001                                            COST       FAIR VALUE
                                                     ---------       ----------
 Due after one year through five years               $   1,911       $    1,945
 Due after five years through ten years                  1,428            1,447
 Due after ten years                                    35,244           34,990
                                                   -----------       ----------
                                                   $    38,583       $   38,382
                                                   ===========       ==========

                                       8
<PAGE>

Expected maturities of mortgage-backed securities held to maturity will differ
from contractual maturities because borrowers may have the right to prepay
obligations with or without prepayment penalties.

Mortgage-backed securities available for sale with an amortized cost of $13.5
million and $16.2 million and a fair value of $13.2 million and $16.0 million at
June 30, 2001 and March 31, 2001, respectively, were pledged as collateral for
the discount window at the Federal Reserve Bank. Mortgage-backed securities with
an amortized cost of $4.9 million and $5.1 million and a fair value of $4.9
million and $5.0 million at June 30, 2001 and March 31, 2001, respectively, were
pledged as collateral for treasury tax and loan funds held by the Company.

(7)   LOANS RECEIVABLE
      ----------------
Loans receivable consisted of the following (in thousands):

                                                    JUNE 30,         MARCH 31,
                                                      2001              2001
                                                   --------           --------
 Residential:
   One- to- four family                           $ 117,809        $   116,583
   Multi-family                                      11,012             11,073
 Construction:
   One- to- four family                              57,141             60,041
   Multi-family                                       4,168              4,514
   Commercial real estate                             7,606              6,806
 Commercial                                          24,349             23,099
 Consumer:
   Secured                                           25,838             23,148
   Unsecured                                          2,151              1,872
 Land                                                23,716             24,230
 Commercial real estate                              62,975             56,540
                                                  ---------         ----------
                                                    336,765            327,906
 Less:
   Undisbursed portion of loans                      25,889             26,223
   Deferred loan fees                                 3,526              3,475
   Allowance for loan losses                          2,364              1,916
                                                -----------        -----------
         Loans receivable, net                  $   304,986        $   296,292
                                                ===========        ===========

(8)      ALLOWANCE FOR LOAN LOSSES
         -------------------------
  A reconciliation of the allowances for loan losses is as follows (in
thousands):
                                    THREE MONTHS ENDED          YEAR ENDED
                                       JUNE 30, 2001          MARCH 31, 2001
                                    ------------------        --------------
      Beginning balance                 $ 1,916                   $  1,362
      Provision for losses                  510                        949
      Charge-offs                           (63)                      (413)
      Recoveries                              1                         18
                                        -------                  ---------
      Ending balance                    $ 2,364                   $  1,916
                                        =======                   ========

At June 30, 2001 and March 31, 2001, the Company's recorded investment in loans
for which an impairment has been recognized under the guidance of SFAS No. 114
and SFAS No. 118 was $1.1 million, $319,000, respectively. The allowance for
loan losses in excess of specific reserves is available to absorb losses from
all loans, although allocations have been made for certain loans and loan
categories as part of management's analysis of the allowance. The average
investment in impaired loans was approximately $704,000 and $836,000 during the
three months ended June 30, 2001 and the year ended March 31, 2001,
respectively.

(9) LOANS HELD FOR SALE
    -------------------

The Company identifies loans held for sale at the time of origination and they
are carried at the lower of cost or estimated market value on an aggregate
portfolio basis. Market values are derived from available market quotations for
comparable pools of mortgage loans. Adjustments for unrealized losses, if any,
are charged to income.


                                     9

<PAGE>

(10) BORROWINGS
     ----------
Borrowings are summarized as follows (in thousands):

                                                   JUNE 30,       MARCH 31,
                                                     2001           2001
                                                   -------        --------
Federal Home Loan Bank Advances                    $99,500         $79,500
                                                   =======         =======
 Weighted average interest rate:                     6.22%           6.62%
                                                     =====           =====

Borrowings have the following maturities at June 30, 2001 (in thousands):

      Fiscal Year
      -----------
         2002     $ 25,000
         2003       39,500
         2004            -
         2005            -
         2006       15,000
         2007       20,000
                    ------
                  $ 99,500
                    ======

(11)  RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
      -----------------------------------------
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - In June 1998, the Financial
Accounting Standards Board ("FASB") issued Statement of Financial Accounting
Standards (`SFAS") No. 133, Accounting for Derivative Instruments and Hedging
Activities. SFAS No. 133 establishes accounting and reporting standards for
derivative instruments, including certain derivative instruments embedded in
other contracts and for hedging activities. The effective date of this Statement
was deferred by the issuance of SFAS No. 137, Accounting for Derivative
Instruments and Hedging Activities-Deferral of the Effective Date of FASB
Statement No. 133. SFAS No.133 was amended by SFAS No. 138, Accounting for
Certain Derivative Instruments and Certain Hedging Activities. This Statement
became effective for fiscal year ending March 31, 2002, and will not be applied
retroactively to financial statements of prior periods. Upon adoption of
provisions of SFAS No. 133 at April 1, 2001, the Company did not have derivative
instruments and there was no impact on the financial statements of the Company.

In September 2000, the FASB issued SFAS No. 140, Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities, and replaced
SFAS No. 125 of the same title. This Statement revises the standards for
accounting for securitizations and other transfers of financial assets and
collateral and requires certain disclosures, but carries over most of SFAS No.
125's provisions without reconsideration. This Statement is effective for
transfers and servicing of financial assets and extinguishments of liabilities
occurring after March 31, 2001 and is effective for recognition and
reclassification of collateral and for disclosures relating to securitization
transactions and collateral for fiscal years ending after December 15, 2000.
Upon adoption of provisions of SFAS No. 140 at April 1, 2001, there was no
material impact on the financial statements of the Company.

In July 2001, the FASB issued SFAS No. 141, "Business Combinations". The
Statement discontinues the use of the pooling of interest method of accounting
for business combinations. The Statement is effective for all business
combinations initiated after June 30, 2001. Management has completed an
evaluation of the effects of this Statement and does not believe that it will
have an effect on the Company's consolidated financial statements.

In July 2001, the FASB issued SFAS No. 142, "Goodwill and Other Intangible
Assets". The Statement will require discontinuing the amortization of goodwill
and other intangible assets with indefinite useful lives. Instead, these assets
will be tested periodically for impairment and written down to their fair market
value as necessary. This Statement is effective for fiscal years beginning after
December 15, 2001, however, early adoption is allowed for companies that have
not


                                   10
<PAGE>



issued first quarter financial statements as of July 1, 2001. The Company plans
to adopt the provisions of this Statement April 1, 2002, and is currently
evaluating the effect on the Company's consolidated financial statements.

(12) COMMITMENTS AND CONTINGENCIES
     -----------------------------
The Company is a party to financial instruments with off-balance sheet risk in
the normal course of business to meet the financing needs of its customers.
These financial instruments generally include commitments to originate mortgage,
consumer and commercial loans. Those instruments involve, to varying degrees,
elements of credit and interest rate risk in excess of the amount recognized in
the balance sheet. The Company's maximum exposure to credit loss in the event of
nonperformance by the borrower is represented by the contractual amount of those
instruments. The Company uses the same credit policies in making commitments as
it does for on-balance sheet instruments. Commitments to extend credit are
conditional 14-day agreements to lend to a customer subject to the Company's
usual terms and conditions. Collateral is not required to support commitments.

At June 30, 2001, the Company had commitments to originate fixed rate mortgages
of $4.7 million at interest rates ranging from 6.13% to 8.5%. At June 30, 2001
adjustable rate mortgage loan commitments were $2.1 million at an average
interest rate of 8.36%. Undisbursed balance of mortgage loans closed was $25.9
million at June 30, 2001. Consumer loan commitments totaled $791,000 and unused
lines of consumer credit totaled $13.3 million at June 30, 2001. Commercial and
commercial real estate loan commitments totaled $1.7 million and unused lines of
commercial and commercial real estate credit totaled $16.8 million at June 30,
2001.

The Company is a party to litigation arising in the ordinary course of business.
In the opinion of management, these actions will not have a material effect, if
any, on the Company's financial position, results of operation, or liquidity.



ITEM 2.     RIVERVIEW BANCORP, INC. AND SUBSIDIARY MANAGEMENT'S DISCUSSION AND
            ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Safe Harbor Clause. This report contains certain "forward-looking statements."
The Company desires to take advantage of the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 and is including this statement
for the express purpose of availing itself of the protection of such safe harbor
with forward-looking statements. These forward-looking statements, which are
included in Management's Discussion and Analysis, describe future plans or
strategies and include the Company's expectations of future financial results.
The words "believe," "expect," "anticipate," "estimate," "project," and similar
expressions identify forward-looking statements. The Company's ability to
predict results or the effect of future plans or strategies is inherently
uncertain. Factors which could affect actual results include interest rate
trends, the economic climate in the Company's market area and the country as a
whole, loan delinquency rates, and changes in federal and state regulation.
These factors should be considered in evaluating the forward-looking statements,
and undue reliance should not be placed on such statements.

GENERAL

The Company, a Washington corporation, was organized on June 23, 1997 for the
purpose of becoming the holding company for Riverview Community Bank (formerly
Riverview Savings Bank, FSB) upon Riverview Savings Bank's

                                    11

<PAGE>

reorganization as a wholly owned subsidiary of the Company resulting from the
conversion of Riverview, M.H.C. from a federal mutual holding company to a stock
holding company ("Conversion and Reorganization"). The Conversion and
Reorganization was completed on September 30, 1997. Riverview Savings Bank, FSB
changed its name to Riverview Community Bank effective June 29, 1998.

The Community Bank is regulated by the Office of Thrift Supervision ("OTS"), its
primary regulator, and by the Federal Deposit Insurance Corporation ("FDIC"),
the insurer of its deposits. The Community Bank's deposits are insured by the
FDIC up to applicable legal limits under the Savings Association Insurance Fund
("SAIF"). The Community Bank has been a member of the Federal Home Loan Bank
("FHLB") System since 1937.

The Community Bank is a community-oriented, financial institution, offering
traditional financial services to residents of its primary market area. The
Community Bank considers Clark, Cowlitz, Klickitat and Skamania counties of
Washington as its primary market area. The primary business of the Community
Bank is attracting deposits from the general public and using such funds to
originate fixed-rate mortgage loans and adjustable rate mortgage loans secured
by one to four family residential real estate located in its primary market
area. The Community Bank is also an active originator of construction loans,
commercial loans, commercial real estate loans and consumer loans. The Company
conducts operations from its home office in Vancouver and twelve branch offices
in Camas, Washoughal, Stevenson, White Salmon, Battle Ground, Goldendale,
Vancouver (five branch offices) and Longview, Washington. Riverview Mortgage, a
mortgage broker division of the Community Bank, originates mortgage loans
(including construction loans) for various mortgage companies predominantly in
the Portland and Seattle metropolitan areas, as well as for the Community Bank.
The Business and Professional Banking Division located at the downtown Vancouver
Main branch offers commercial lending and business banking services. RAMCORP., a
subsidiary of the Community Bank, offers trust and investment services to its
customers and is located in the Community Bank's Vancouver Main branch. Assets
totaling approximately $102.4 million at June 30, 2001 were managed by RAMCORP.
in fiduciary or agency capacity. The Company's main office for administration
was relocated from Camas to the Vancouver address of 900 Washington, a 16,000
square foot leased facility, in the second quarter of fiscal year 2001.

FINANCIAL CONDITION

At June 30, 2001, the Company had total assets of $436.1 million compared with
$432.0 million at March 31, 2001. The $4.1 million increase in assets reflects
the growth in loans. Cash, including interest-earning accounts, totaled $39.5
million at June 30, 2001, compared to $38.9 million at March 31, 2001. At June
30, 2001, the Company had $336.8 million in gross loans, an increase of $8.9
million compared to $327.9 million at March 31, 2001. Commercial loans increased
$1.2 million to $24.3 million at June 30, 2001 from $23.1 million at March 31,
2001. Commercial real estate loans increased $6.4 million to $63.0 million at
June 30, 2001 from $56.5 million at March 31, 2001. Loans receivable (Note 7)
provides a detailed analysis of the $336.8 million gross loan portfolio at June
30, 2001 as compared to the $327.9 million gross loan portfolio at March 31,
2001. Consumer, commercial, and land loans carry higher interest rates and
generally a higher degree of credit risk compared to one- to- four family
mortgage loans. Deposits totaled $279.1 million at June 30, 2001 compared to
$295.5 million at March 31, 2001. FHLB advances totaled $99.5 million at June
30, 2001 and $79.5 million at March 31, 2001. During the quarter ended June 30,
2001, the Company borrowed $20.0 million long term from the Federal Home Loan
Bank of Seattle.

                                     12
<PAGE>


CAPITAL RESOURCES

Total shareholders' equity was stable at $53.3 million at June 30, 2001 compared
to $52.7 million at March 31, 2001. The activity in shareholders' equity for the
first quarter of fiscal 2002 was $757,000 in earnings, dividends of $517,000,
earned ESOP shares $62,000, earned MRDP shares of $259,000 and $25,000 change in
net unrealized loss on securities available for sale, net of tax benefit.

The Company is not subject to any regulatory capital requirement. The Community
Bank is subject to various regulatory capital requirements administered by the
federal banking agencies. Failure to meet minimum capital requirements can
initiate certain mandatory and possibly additional discretionary actions by
regulators, that if undertaken could have a direct material effect on the
Company and the Community Bank's financial statements. Under capital adequacy
guidelines and the regulatory framework for prompt corrective action, the
Community Bank must meet specific capital guidelines that involve quantitative
measures of the Community Bank's assets, liabilities, and certain off-balance
sheet items as calculated under regulatory accounting practices. The Community
Bank's capital amounts and classification are also subject to qualitative
judgments by the regulators about components, risk weightings, and other
factors.

Quantitative measures established by regulation to ensure capital adequacy
required the Community Bank to maintain amounts and ratios of tangible and core
capital to adjusted total assets and of total risk-based capital to
risk-weighted assets of 1.5%, 3.0%, and 8.0%, respectively. As of June 30, 2001,
the Community Bank met all capital adequacy requirements to which it was
subject.

As of June 30, 2001, the most recent notification from the OTS categorized the
Community Bank as "well capitalized" under the regulatory framework for prompt
corrective action. To be categorized as "well capitalized," the Community Bank
must maintain minimum core and total risk-based capital ratios of 5.0% and
10.0%, respectively. At June 30, 2001, the Community Bank's tangible, core and
risk-based total capital ratios amounted to 10.21%, 10.21%, and 15.29%,
respectively. There are no conditions or events since that notification that
management believes have changed the Community Bank's category.

The Community Bank's actual and required minimum capital amounts and ratios are
presented in the following table (dollars in thousands):

                                                           Categorized as "Well
                                                             Capitalized" Under
                                              For Capital     Prompt Corrective
                                 Actual       Adequacy Purpose Action Provision
                             --------------   ---------------- ----------------
                             Amount   Ratio    Amount   Ratio    Amount   Ratio
                             ------   -----    ------   -----    ------   -----
AS OF JUNE 30, 2001
Total Capital:
(To Risk Weighted Assets)   $46,503  15.29%   $23,339    8.0%   $30,423   10.0%
Tier I Capital:
(To Risk Weighted Assets)    44,139  14.51      N/A      N/A     18,254    6.0
Core Capital:
(To Total Assets)            44,139  10.21     12,964    3.0     21,607    5.0
Tangible Capital:
(To Tangible Assets)         44,139  10.21      6,482    1.5       N/A     N/A


                                      13

<PAGE>


AS OF MARCH 31, 2001
Total Capital:
(To Risk Weighted Assets)   $48,407  17.13%   $22,613    8.0%   $28,266   10.0%
Tier I Capital:
(To Risk Weighted Assets)    46,491  16.45      N/A      N/A     16,960    6.0
Core Capital:
(To Total Assets)            46,491  10.88     12,820    3.0     21,366    5.0
Tangible Capital:
(To Tangible Assets)         46,491  10.88      6,410    1.5       N/A     N/A


The following table is a reconciliation of the Community Bank's capital,
calculated according to generally accepted accounting principles, to regulatory
tangible and risk-based capital at June 30, 2001 (in thousands):

Equity                                 $44,906
Net unrealized loss on securities
        available for sale                 223
Core deposit intangible asset             (941)
Deferred tax and servicing asset           (49)
                                       -------
           Tangible capital             44,139
General valuation allowance              2,364
                                       -------
           Total capital               $46,503
                                       =======

BANK LIQUIDITY

OTS regulations require the Community Bank to maintain an average daily balance
of liquid assets as a percentage of average daily net withdrawable deposit
accounts plus short-term borrowings of at least 4%. The Community Bank's
regulatory liquidity ratio was 31.96% at June 30, 2001 compared to 28.22% at
March 31, 2001. The Community Bank anticipates that it will have sufficient
funds available to meet current loan commitments and other cash needs.

Cash, including interest-earning overnight investments, was $39.5 million at
June 30, 2001 compared to $38.9 million at March 31, 2001. Investment securities
and mortgage-backed securities available for sale at June 30, 2001 were $25.2
million and $38.4 million, respectively, compared to $25.6 million and $43.1
million, respectively, at March 31, 2001. See "Financial Condition."

ASSET QUALITY

Allowance for loan losses was $2.4 million at June 30, 2001, compared to $1.9
million at March 31, 2001. Management believes the allowance for loan losses at
June 30, 2001 is adequate to cover potential credit losses at that date. No
assurances, however, can be given that future additions to the allowance for
loan losses will not be necessary. The allowance for loan losses is maintained
at a level sufficient to provide for estimated loan losses based on evaluating
known and inherent risks in the loan portfolio. Pertinent factors considered
include size and composition of the portfolio, actual loss experience, industry
trends, industry data, current and anticipated economic conditions, and detailed
analysis of individual loans. The appropriate allowance level is estimated based
upon factors and trends identified by management at the time the consolidated
financial statements are prepared. During the first quarter of 2001 the
provision for loan losses increased to $510,000. The provision for loan losses
was $215,000 for the fourth quarter of fiscal year 2001 and $594,000 for the
quarter ended June 30, 2000. The increase in the provision for loan losses
reflects the growth in the loan portfolio as compared to the prior year end and
the change in mix and risks of the loan portfolio. Commercial loans are
considered to involve a higher

                                      14

<PAGE>

degree of credit risk than one- to- four residential loans, and to be more
vulnerable to adverse conditions in the real estate market and deteriorating
economic conditions.

Non-performing assets were $1.9 million, or 0.45% of total assets at June 30,
2001 compared with $1.0 million, or 0.24% of total assets at March 31, 2001. The
$1.1 million balance of non-accrual loans is made up of six residential
properties totaling $894,000, two commercial loans totaling $132,000 and five
consumer loans totaling $61,000. The $858,000 balance of other real estate owned
consists of three residential properties and three land loans. The following
table sets forth information with respect to the Company's non-performing assets
at the dates indicated:

                               June 30, 2001         March 31, 2001
                               -------------         --------------
                                    (Dollars in thousands)
Loans accounted for on
 a non-accrual basis:

Real Estate
 Residential                       $  894                $   153
Commercial                            132                     50
Consumer                               61                    116
                                   ------                 ------
      Total                         1,087                    319
                                   ------                 ------

Accruing loans which are
contractually past due 90
days or more                            2                    226
                                   ------                 ------
Total of non-accrual and
90 days past due loans              1,090                    545
                                   ------                 ------
Real estate owned (net)               858                    473
                                   ------                 ------
  Total non-performing assets      $1,947                 $1,018
                                   ======                 ======

Total loans delinquent 90
days or more to net loans            0.36%                  0.18%

Total loans delinquent 90
days or more to total assets         0.25                   0.13

Total non-performing assets
to total assets                      0.45                   0.24





      COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED
                           JUNE 30, 2001 AND 2000

The Company's net income depends primarily on its net interest income, which is
the difference between interest earned on its loans and investments and the
interest paid on interest-bearing liabilities. Net interest income is determined
by (a) the difference between the yield earned on interest-earning assets and
rates paid on interest-bearing liabilities (interest rate spread) and (b) the
relative amounts of interest-earning assets and interest-bearing liabilities.
The Company's interest rate spread is affected by regulatory, economic and
competitive factors that influence rates, loan demand and deposit flows. Net
interest margin is calculated by dividing net interest income by the average
interest-earning assets. Net interest income and net interest margin are
affected by changes in interest rates, volume and the mix of

                                     15
<PAGE>

interest-earning assets and interest-bearing liabilities, and the level of
non-performing assets.  The Company's net income is also affected by the
generation of non-interest income, which primarily consists of fees and service
charges, loan servicing income, gains on sale of securities, gains from sale of
loans and other income.  In addition, net income is affected by the level of
operating expenses and establishment of a provision for loan losses.

Net income for the three months ended June 30, 2001 was $757,000, or $0.16 per
basic share ($0.16 per diluted share). This compares to net income of $678,000,
or $0.15 per basic share ($0.15 per diluted share) for the same period in fiscal
2001. Net interest income increased $38,000, or 1.0% to $3.8 million for the
three months ended June 30, 2001 from $3.7 million for the three months ended
June 30, 2000. The contribution to net interest income due to the 25.7% increase
in average interest earning assets during the first quarter of fiscal year 2002
was almost completely offset by the combination of the increase in average
interest earning liabilities, the impact of the decrease in interest rates and
the decrease in the mixed variance. Non-interest income increased $537,000, or
70.1% as compared to the $766,000 non-interest income for the three months ended
June 30, 2000. Non-interest expense increased $597,000, or 20.4% as compared to
the same period for the prior year. The increase in non-interest expense is due
primarily to increased salaries and employee benefit expense and occupancy
expense.

Average interest-earning assets increased to $414.8 million for the three months
ended June 30, 2001 from $330.1 million for the three months ended June 30,
2000. The $84.7 million increase is due primarily to growth in the loan
portfolio, interest bearing deposits, and investment securities, which was
partially offset by principal pay downs in the mortgage-backed and investment
securities portfolio.

Interest income for the three months ended June 30, 2001 was $8.3 million, an
increase of $1.1 million, or 15.3% over the $7.2 million interest income for the
same period in fiscal 2001. Yield on interest-earning assets for the first
quarter of fiscal year 2002 was 8.14% compared to 8.83% for the same three month
period in fiscal year 2001. The lower first quarter fiscal 2002 yield reflects
the lower interest rate environment as compared to the same period for the prior
year. The higher interest income in the first quarter of fiscal year 2002 as
compared to the fiscal year 2001 first quarter resulted from growth in the loan
portfolio, interest-earning deposits, and investment securities.

Interest expense was $4.6 million and $3.5 million for the quarters ended June
30, 2001 and 2000, respectively. The cost of average interest-bearing
liabilities for the first quarter of year 2002 was 5.20% compared to 5.17% for
the same three month fiscal year 2001. The increased cost of interest-bearing
liabilities reflects the increase in volumes of NOW accounts, money market
accounts, certificates of deposits and FHLB advances and the higher interest
rates paid on certificates of deposit. Money market accounts continued to have
growth reaching $48.5 million in average balance at June 30, 2001 compared to an
average balance of $44.2 million at June 30, 2000.

Net interest income increased $38,000, or 1.0%, to $3.8 million for the three
months ended June 30, 2001, compared to $3.7 million for the three months ended
June 30, 2000. Net interest income increased $575,000 due to the change in
volume of average interest-earning assets and liabilities for the three months
in fiscal 2002 compared to the same fiscal 2001 period. The change in interest
rates for these three month periods reduced net interest income $318,000. The
change in rate volume mix for the same three month periods reduced net interest
income $219,000. The interest rate spread decreased from 3.66% for the three
month 2000 period to 2.94% for the three month 2001 period. The net



                                    16

<PAGE>

interest margin decreased to 3.75% during the first quarter ended June 30, 2001
from 4.57% for the first quarter ended June 30, 2000. The decreased fiscal year
2002 net interest margin reflects the fact that decreases in the interest rates
on interest-earning assets have out paced decreases in the interest rates of
interest-bearing liabilities. This decrease in margin has been tempered some by
the increased loan fee income in fiscal year 2002 compared to fiscal year 2001.
The $84.7 million increase in average interest-earning assets was partially
offset by the $78.6 million increase in average interest-bearing liabilities.
Average interest-bearing liabilities increased to $350.6 million during the
quarter ended June 30, 2001 from $272.0 million for the quarter ended June 30,
2000.

The provision for loan losses was $510,000 and there were $62,000 in net
charge-offs during the three months ended June 30, 2001 compared to a $215,000
provision for loan losses and $245,000 in net charge-offs for the three months
ended March 31, 2001. The increase in the provision for loan losses is the
result of growth in the loan portfolio and the change in mix and risks. Loan
receivable (Note 7) provides a detailed analysis of the $8.9 million increase in
gross loans. The loan loss provision was deemed necessary based upon
management's analysis of historical and anticipated loss rates, current loan
growth, and other factors considered.

The 70.1% increase in non-interest income to $1.3 million for the quarter ended
June 30, 2001 compared to $766,000 for the quarter ended June 30, 2000 reflects
increased fee income from deposit service charges, mortgage broker fees, asset
management fees, and gains on sale of loans held for sale.

Non-interest expense increased $597,000, or 20.4%, from $2.9 million for the
quarter ended June 30, 2000 to $3.5 million for the quarter ended June 30, 2001.
Salaries and employee benefits increased $262,000 to $1.9 million for the
quarter ended June 30, 2001 as compared to the same quarter in 2000. There were
7 more full-time equivalent employees during the fiscal year 2002 quarter over
the fiscal year 2001 quarter and the fiscal year 2002 quarter reflects the
increased mortgage broker commissions when compared to the same period in prior
year. The increase in full-time equivalent employees was due to the expansion
occurring in branches, commercial lending, trust company and support functions.

Provision for federal income taxes for the first quarter of fiscal year 2002 was
$296,000, resulting in an effective tax rate of 28.1%, compared to $313,000 and
31.6% for the same quarter of fiscal 2001. The decrease in the effective tax
rate for the three months ended June 30, 2001 is primarily attributable to the
impact of the dividend received deduction in fiscal year 2002 as compared to
fiscal year 2001.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
        RISK

There has not been any material change in the market risk disclosures contained
in the Company's Annual Report on Form 10-K for the fiscal year ended March 31,
2001.



                                    17

<PAGE>

                  RIVERVIEW BANCORP, INC. AND SUBSIDIARY

                         PART II. OTHER INFORMATION

Item 1. Legal Proceedings
        -----------------
               Not applicable

Item 2. Changes in Securities and Use of Proceeds
        -----------------------------------------
               Not applicable

Item 3. Defaults Upon Senior Securities
        -------------------------------
               Not applicable

Item 4. Submission of Matters to a Vote of Security Holders
        ---------------------------------------------------
               Not applicable

Item 5. Other Information
        -----------------
               Not applicable

Item 6. Exhibits and Reports on Form 8-K
        --------------------------------
        (a)      Exhibits:

                  3.1      Articles of Incorporation of the Registrant*
                  3.2      Bylaws of Registrant*
                  10.1     Employment Agreement with Patrick Sheaffer**
                  10.2     Employment Agreement with Ron Wysaske**
                  10.3     Employment Agreement with Michael C. Yount**
                  10.4     Employment Agreement with Karen Nelson**
                  10.5     Severance Compensation Agreement**
                  10.6     Employee Stock Ownership Plan***
                  10.7     1998 Stock Option Plan****
                  10.8     The Riverview Bancorp, Inc. Management Recognition
                            and Development Plan****
                  21       Subsidiaries of Registrant***

        (b)      Reports on Form 8-K:  No Forms 8-K were filed during the
                  quarter ended June 30, 2001.

-------------
*        Filed as an exhibit to the registrant's Registration Statement on Form
         S-1, as amended (333-30203), and incorporated herein by reference.

**       Filed as an exhibit to the Registrant's Form 10-Q for the quarter ended
         September 30, 1997, and incorporated herein by reference.

***      Filed as an exhibit to the Registrant's Form 10-K for the year ended
         March 31, 1998, and incorporated herein by reference.

****     Filed as an exhibit to the Registrant's definitive proxy statement
         dated June 5, 1998, and incorporated herein by reference.




                                      18
<PAGE>


In accordance with the requirements of the Securities Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                         RIVERVIEW BANCORP, INC.


DATE: July 27, 2001      BY:/S/ Patrick Sheaffer
                            --------------------
                                Patrick Sheaffer
                                President

DATE: July 27, 2001      BY:/S/ Ron Wysaske
                            ---------------
                                Ron Wysaske
                                Executive Vice President/Treasurer











                                     19

<PAGE>


</TEXT>
</DOCUMENT>
