Business
Riverview Bancorp Earns $3.0 Million in Fourth Fiscal Quarter 2023 and $18.1 Million for Fiscal Year 2023
VANCOUVER, Wash., April 27, 2023 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $3.0
About this update from Riverview Bancorp Inc
[{"type":"text","content":"VANCOUVER, Wash., April 27, 2023 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $3.0 million, or $0.14 per diluted share, in the fourth fiscal quarter ended March 31, 2023, compared to $5.2 million, or $0.24 per diluted share, in the third fiscal quarter ended December 31, 2022, and $4.1 million, or $0.19 per diluted share, in the fourth fiscal quarter a year ago. The fourth fiscal quarter of 2023 included a $750,000 provision for loan losses. This compared to no provision for loan losses in the preceding quarter, and a $650,000 recapture of a provision for loan losses in the fourth fiscal quarter a year ago. For fiscal 2023, net income was $18.1 million, or $0.83 per diluted share, compared to $21.8 million, or $0.98 per diluted share, in fiscal 2022. Fiscal 2023 results included a $750,000 provision for loan losses, compared to a $4.6 million recapture of a provision for loan losses in fiscal 2022. “We closed out our fiscal fourth quarter and fiscal year end with strong results despite the challenges across the entire banking industry,” stated Kevin Lycklama, president and chief executive officer. “We have served our communities for the past 100 years through a conservative operating methodology while managing our risk profile to ensure a safe and sound approach to banking. The continued rise in interest rates, coupled with a slowing economic outlook, has had an impact on our banking operations. Our capital levels and excess liquidity positions remain strong, and together with revenue generation and stable credit quality, we have a solid foundation upon which to continue to grow in fiscal 2024.” Fourth Quarter Highlights (at or for the period ended March 31, 2023) Net income was $3.0 million, or $0.14 per diluted share.Pre-tax, pre-provision for loan losses income (non-GAAP) was $4.8 million for the quarter, compared to $6.8 million for the preceding quarter, and unchanged compared to the year ago quarter.Net interest income was $11.8 million for the quarter, compared to $13.7 million in the preceding quarter and $11.9 million in the fourth fiscal quarter a year ago.Net interest margin (“NIM”) was 3.16% for the quarter, compared to 3.48% in the preceding quarter and 2.98% for the year ago quarter.Return on average assets was 0.76% and return on average e...