Business
Riverview Bancorp Reports Earnings of $4.1 Million in Third Quarter of Fiscal Year 2020, Highlighted by Strong Deposit Growth and Excellent Asset Quality
VANCOUVER, Wash., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $4.1
About this update from Riverview Bancorp Inc
[{"type":"text","content":"VANCOUVER, Wash., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $4.1 million, or $0.18 per diluted share for the third fiscal quarter ended December 31, 2019, compared to $4.5 million, or $0.20 per diluted share, in the preceding quarter, and $4.4 million, or $0.19 per diluted share, in the third fiscal quarter a year ago. For the first nine months of fiscal 2020, earnings were $12.9 million, or $0.57 per diluted share, compared to $13.1 million, or $0.58 per diluted share, in the first nine months of fiscal 2019.\n “We continue to build our momentum, delivering strong financial results for the quarter,” said Kevin Lycklama, president and chief executive officer. “Our reputation for excellent customer service, established by our team of dedicated bankers, continues to drive growth and our ability to attract new clients. We recently announced plans for three new locations in Clark County, Washington, which will be a terrific complement to our existing branch network. In addition to the fall opening of our new location in Ridgefield, we have two new branches opening this summer in downtown Camas and in the Cascade Park neighborhood of Vancouver.” Third Quarter Highlights (at or for the period ended December 31, 2019) Net income was $4.1 million, or $0.18 per diluted share.Net interest margin (NIM) remained healthy at 4.23% for the quarter.Return on average assets was 1.40% and return on average equity was 11.24% for the third quarter.Total deposits increased $8.2 million during the quarter to $990.5 million.Total loans increased $5.2 million during the quarter to $886.5 million.Asset quality remains strong, with non-performing assets at 0.13% of total assets.Total risk-based capital ratio was 17.66% and Tier 1 leverage ratio was 12.05%.Increased its quarterly cash dividend to $0.05 per share, generating a current dividend yield of 2.66% based on the share price at close of market on January 14, 2020. Income Statement “We continue to strengthen our franchise, while remaining focused on containing operating expenses and maintaining high credit quality standards,” said Lycklama. Riverview’s return on average assets remained strong at 1.40% in the third quarter of fiscal year 2020 compared to 1.53% in the third quarter of fiscal 2019. Return on av...