Business
Riverview Bancorp Earns $5.2 Million in Third Fiscal Quarter 2023; Results Highlighted by Net Interest Margin Expansion
VANCOUVER, Wash., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $5.2
About this update from Riverview Bancorp Inc
[{"type":"text","content":"VANCOUVER, Wash., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $5.2 million, or $0.24 per diluted share, in the third fiscal quarter ended December 31, 2022, which was unchanged compared to the second fiscal quarter ended September 30, 2022. Earnings were $5.5 million, or $0.25 per diluted share, in the third fiscal quarter a year ago, which included a $1.3 million recapture of a provision for loan losses. In the first nine months of fiscal 2023, net income was $15.1 million, or $0.69 per diluted share, compared to $17.7 million, or $0.80 per diluted share, in the first nine months of fiscal 2022. Year-to-date fiscal 2023 results included no provision for loan losses, compared to a $4.0 million recapture of a provision for loan losses in the same period a year earlier. “Our operating results for the third fiscal quarter of 2023 were strong, despite the challenging rate environment, and uncertainties in the economy,” stated Kevin Lycklama, president and chief executive officer. “Steady loan production and net interest margin expansion of 18 basis points, compared to the preceding quarter, contributed to higher third fiscal quarter net interest income. Additionally, operating expenses remained controlled, as we continue to focus on managing expenses.” Third Quarter Highlights (at or for the period ended December 31, 2022) Net income was $5.2 million, or $0.24 per diluted share.Pre-tax, pre-provision for loan losses income (non-GAAP) was $6.8 million for the quarter, which was unchanged compared to the preceding quarter, and an increase compared to $5.9 million for the year ago quarter.Net interest income increased to $13.7 million for the quarter compared to $13.4 million in the preceding quarter and $12.1 million in the third fiscal quarter a year ago.Net interest margin (“NIM”) expanded to 3.48% for the quarter, compared to 3.30% in the preceding quarter and 2.96% for the year ago quarter.Return on average assets was 1.27% and return on average equity was 13.85%.Riverview recorded no provision for loan losses during the current quarter or the prior quarter, and recorded a $1.3 million recapture of a provision for loan losses in the third fiscal quarter a year ago.The allowance for loan losses was $14.6 million, or 1.43% of total loans.Total...