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Riverview Financial Corporation (NASDAQ: RIVE) announced a net income of $3.1 million, or $0.33 per share, for Q3 2021, marking a significant improvement from $695,000, or $0.08 per share, in Q3 2020. For the nine months ending September 30, 2021, net income totaled $11 million, reversing a loss of $22.8 million in the same period last year. Key drivers included increased interest income from PPP loans, a $1.6 million deposit premium from branch sales, and a recovery in loan loss provisions. The company anticipates a merger with Mid Penn Bancorp by year-end, pending approvals.
Riverview Financial Corporation (RIVE) reported record net income of $4.8 million ($0.51 per share) for Q2 2021, a significant rebound from a net loss of $24.1 million in Q2 2020. For the first half of 2021, net income reached $7.8 million compared to a loss of $23.5 million last year. Key factors include accelerated recognition of PPP loan income, a $1.6 million deposit premium from branch sales, and a recovery of provision for loan losses of $735,000. The company also announced a merger agreement with Mid Penn Bancorp, expected to close in Q4 2021.
AmeriServ Financial (NASDAQ: ASRV) has successfully completed its acquisition of Citizens Neighborhood Bank's branch and deposit customers in Meyersdale and Somerset, Pennsylvania, with a deposit premium of 3.71%. The acquisition involves approximately $43.7 million in deposits, enhancing AmeriServ's market position to become the fourth largest in Somerset County, boasting $150 million in total deposits across four branches. This strategic move is aimed at strengthening AmeriServ's community presence and service offerings.
Riverview Financial Corporation (NASDAQ: RIVE) reported significant growth in Q1 2021, with net income rising to $3.1 million ($0.33 per share), up from $633,000 ($0.07 per share) in Q1 2020.
This growth stemmed from enhanced efficiency initiatives, loan income from Paycheck Protection Program (PPP) loans, and reduced deposit costs. Key metrics include a return on average stockholders' equity of 12.55% and a tangible book value increase to $10.36 per share. The company successfully reduced noninterest expenses and improved its operating efficiency ratio to 68.94%.
Riverview Financial Corporation (NASDAQ: RIVE) has successfully consolidated two branch offices as part of its efficiency initiatives commenced in 2019. The Tower City and Camp Hill Offices were closed effective January 31, 2020, with customer accounts transferred to nearby locations. This strategic move is expected to generate annual pre-tax savings of $1.0 million. The consolidation reflects Riverview's commitment to enhance operational efficiency and streamline its service delivery.
Riverview Financial Corporation (NASDAQ: RIVE) reported a net income of $1.6 million, or $0.17 per share for Q4 2020, an increase from $1.3 million or $0.14 per share in Q4 2019. For the entire year, however, the company faced a net loss of $21.2 million, down from a profit of $4.3 million in 2019. Key factors included increased loan income from PPP loans, lower deposit costs, and efficiency initiatives, but were offset by heightened loan loss provisions and an impairment charge of $24.8 million. The company's cost-cutting measures are projected to reduce operating expenses by $5.3 million annually.
AmeriServ Financial (ASRV) and Riverview Financial Corporation (RIVE) announced a definitive agreement for AmeriServ to acquire Citizen's Neighborhood Bank (CNB) branch and deposit customers in Meyersdale and Somerset, PA. The deal involves approximately $48 million in deposits at a 3.71% premium. Post-transaction, ASRV will hold the fourth largest deposit market share in Somerset County with $150 million in deposits. The transaction is expected to close in Q2 2021 and is projected to be immediately accretive to earnings despite a 2% dilution of tangible book value.
Riverview Financial Corporation (NASDAQ: RIVE) announced the consolidation of two branch offices as part of ongoing efficiency initiatives. The closures, expected in Q1 2021, are the Tower City and Camp Hill offices, with customer accounts transferred to nearby branches. This move is anticipated to yield annual pre-tax savings of $1 million, although it will also incur $1 million in nonrecurring charges in Q4 2020. CEO Brett D. Fulk noted that the COVID-19 pandemic has accelerated the shift toward digital banking, reinforcing the need for operational adjustments.
Riverview Financial Corporation (NASDAQ: RIVE) has announced a brand consolidation, changing all banking operations to the name 'Riverview Bank' by the end of 2020. This initiative will primarily affect offices that currently operate as CBT Bank and Citizens Neighborhood Bank in western Pennsylvania. The transition aims to unify the brand and enhance operating efficiencies while maintaining the same community banking services. President & CEO Brett Fulk emphasized that the change reflects the Bank's existing culture and commitment to local service.
Riverview Financial Corporation (NASDAQ: RIVE) reported Q3 2020 net income of $695,000 ($0.08/share), down from $2.3 million ($0.25/share) in Q3 2019. For the nine months ended September 30, the company posted a net loss of $22.8 million ($-2.46/share), heavily influenced by a $24.8 million goodwill impairment. The loan loss provision increased to $5.7 million, up from $2.3 million year-over-year due to COVID-19 impacts. Riverview implemented strategies to reduce operating costs, expecting annual savings of $3.4 million. The company suspended dividends to strengthen its capital position amidst ongoing economic uncertainties.
