Business
Riverview Bancorp Reports Fourth Quarter and Fiscal Year 2020 Results; Highlighted by Strong Loan and Deposit Growth
VANCOUVER, Wash., May 07, 2020 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $2.9
About this update from Riverview Bancorp Inc
[{"type":"text","content":"VANCOUVER, Wash., May 07, 2020 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $2.9 million, or $0.13 per diluted share for the fourth fiscal quarter ended March 31, 2020, compared to $4.1 million, or $0.18 per diluted share, in the preceding quarter, and $4.2 million, or $0.19 per diluted share, in the fourth fiscal quarter a year ago. For fiscal 2020, earnings were $15.7 million, or $0.69 per diluted share, compared to $17.3 million, or $0.76 per diluted share, in fiscal 2019.\n “The COVID-19 pandemic has proven to be an unprecedented time globally, nationally and in the market areas we serve,” stated Kevin Lycklama, president and chief executive officer. “Our team achieved solid operating results in fiscal 2020, driven by organic loan growth, excellent asset quality and improved operating efficiencies. Our fourth quarter earnings reflect the early impact of the pandemic and its effect on our communities.” “Above all else, the safety of our customers and employees is our top priority and we began implementing our pandemic response plan in early March to reduce the risk of exposure and spread of COVID-19,” noted Lycklama. “In mid-March, our lobby access was restricted at all branches and we actively encouraged the use of drive-up services, ATMs, online banking and call center operations. Approximately 40% of our staff is working remotely, and we will continue with this structure until the mandated Stay-At-Home orders have been lifted by the States of Washington and Oregon.” Below are some of the impacts of the pandemic related to Riverview’s operations: Industry Exposure: The governors of both Washington and Oregon have ordered all non-essential businesses to close, mandated Stay-at-Home orders, and closed schools and universities. While the economic impact of these steps is widespread, some industries will be more acutely affected by the current business decline. Riverview’s loan portfolio exposure to industries most affected by these mandates include: Hotel/Motel ($108.3 million, 11.9% of total loans), Retail Strip Centers ($80.8 million, 8.9% of total loans), Gas Station/Auto Repair ($41.3 million, 4.5% of total loans) and Restaurants/Fast Food ($14.9 million, 1.6%). Loans to these customers are generally secured by real estate and had strong performanc...