Business
Riverview Bancorp Earns $4.7 Million for First Fiscal Quarter of 2023; Results Highlighted by Net Interest Margin Expansion
VANCOUVER, Wash., July 28, 2022 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $4.7
About this update from Riverview Bancorp Inc
[{"type":"text","content":"VANCOUVER, Wash., July 28, 2022 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $4.7 million, or $0.21 per diluted share, in the first fiscal quarter ended June 30, 2022, compared to $4.1 million, or $0.19 per diluted share, in the preceding quarter and $5.8 million, or $0.26 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 and lower operating expenses compared to last quarter,” stated Kevin Lycklama, president and chief executive officer. “Our approach of managing our funding costs, combined with the increase in loan yields during the quarter, helped to increase our net interest margin by 13 basis points in the first fiscal quarter, compared to the preceding quarter. We are well-positioned for rising interest rates with a strong low-cost core deposit base and ample on-balance sheet liquidity to support increased business activity and loan demand in our markets.” First Quarter Highlights (at or for the period ended June 30, 2022) Net income was $4.7 million, or $0.21 per diluted share.Pre-tax, pre-provision for loan losses income (non-GAAP) was $6.0 million for the quarter compared to $4.8 million in the preceding quarter and $5.7 million for the year ago quarter.Net interest income increased to $12.7 million for the quarter compared to $11.9 million in the preceding quarter and $11.3 million in the first fiscal quarter a year ago.Net interest margin (“NIM”) expanded to 3.11% for the quarter, compared to 2.98% in the preceding quarter and 3.07% for the year ago quarter.Return on average assets was 1.08% and return on average equity was 11.91%.Riverview recorded no provision for loan losses during the quarter, compared to a $650,000 recapture of loan losses in the preceding quarter and a $1.6 million recapture in the first fiscal quarter a year ago.The allowance for loan losses was $14.6 million, or 1.44% of total loans. The allowance for loan losses excluding SBA purchased and SBA PPP loans (non-GAAP) was 1.53% of total loans.Total loans increased $22.1 million during the quarter. Included in total loans: Riverview purchased $26.8 million of 1-4 family loans during the quarter, offset primarily by a $1.4 million decrease to its organic loan portfolio a...