Business
Riverview Bancorp Earns $2.8 Million in First Fiscal Quarter 2024
VANCOUVER, Wash., July 27, 2023 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $2.8
About this update from Riverview Bancorp Inc
[{"type":"text","content":"VANCOUVER, Wash., July 27, 2023 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $2.8 million, or $0.13 per diluted share, in the first fiscal quarter ended June 30, 2023, compared to $3.0 million, or $0.14 per diluted share, in the fourth fiscal quarter ended March 31, 2023, and $4.7 million, or $0.21 per diluted share, in the first fiscal quarter a year ago. “We delivered solid first fiscal quarter earnings, despite the economic challenges facing the banking industry,” stated Kevin Lycklama, president and chief executive officer. “The continued rise in interest rates, combined with a slowing economic outlook and inflationary pressures, has had an impact on bank profitability nationally, including our operations. We remain committed to building a strong franchise, and our ability to hire talent, generate loans, and digitize our products and services will only further enhance the value of our company over time. Our capital levels remain strong and we are well-positioned to come out stronger and more profitable on the other side of the current economic cycle.” First Quarter Highlights (at or for the period ended June 30, 2023) Net income was $2.8 million, or $0.13 per diluted share.Pre-tax, pre-provision for credit losses income (non-GAAP) was $3.7 million for the quarter, compared to $4.8 million for the preceding quarter, and $6.0 million for the year ago quarter.Net interest income was $10.4 million for the quarter, compared to $11.8 million in the preceding quarter and $12.7 million in the first fiscal quarter a year ago.Net interest margin (“NIM”) was 2.79% for the quarter, compared to 3.16% in the preceding quarter and 3.11% for the year ago quarter.Return on average assets was 0.72% and return on average equity was 7.31%.Asset quality remained strong, with non-performing assets excluding SBA and USDA government guaranteed loans (non-GAAP) at $210,000, or 0.01% of total assets at June 30, 2023.Riverview recorded no provision for credit losses during the current quarter, compared to a $750,000 provision for credit losses during the preceding quarter, and no provision for credit losses in the first fiscal quarter a year ago.The allowance for credit losses was $15.3 million, or 1.53% of total loans.Total loans were $1.00 billion at June 30, 2023, compared ...