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Riverview Bancorp Inc (NASDAQ: RVSB) is a prominent American savings and loan holding company headquartered in Vancouver, Washington. It is the parent company of Riverview Community Bank, a community-oriented financial institution that emphasizes personal and local service. Riverview Bancorp operates 17 branches, primarily located in Southwest Washington and the Portland metropolitan area.
The company offers a wide array of personal and commercial financial solutions through its network. Their services include various deposit accounts such as checking and savings accounts, money market accounts, and certificates of deposit. Additionally, Riverview Bancorp provides robust online banking services, 24-hour customer information lines, ATMs, and courier services to meet the diverse needs of its clientele.
Riverview Bancorp also excels in lending services, offering commercial real estate loans, construction and land development loans, commercial and industrial loans, as well as consumer home equity loans and lines of credit. The company is committed to supporting local businesses and community development through its comprehensive suite of lending products.
In addition to traditional banking services, Riverview Bancorp operates Riverview Asset Management Corp, providing trust and investment services. This division offers professional mortgage brokerage and financial advisory services, catering to both individual and business clients.
The bank's strategic focus on community-oriented service and local market expertise has enabled it to build strong relationships with its customers. Riverview Bancorp's commitment to innovation is reflected in its adoption of advanced banking technologies, ensuring convenient and secure banking experiences for its customers.
In terms of recent achievements, Riverview Bancorp has consistently demonstrated solid financial performance, driven by its prudent management and strategic growth initiatives. The company's robust capital position, along with its diversified income streams, positions it well to navigate various economic cycles.
Riverview Bancorp’s dedication to customer service, coupled with its strong financial foundation, makes it a key player in the regional banking sector. As of the latest update, the company continues to expand its services and adapt to the evolving financial landscape, ensuring sustained growth and success.
Riverview Bancorp reported net income of $1.6 million, or $0.07 per diluted share, in Q2 fiscal 2025, down from $2.5 million, or $0.12 per share, in Q2 fiscal 2024. Net interest income was $8.9 million, with a net interest margin of 2.46%. Total loans increased by $15.9 million to $1.06 billion, while deposits grew to $1.24 billion. Asset quality remained strong with non-performing assets at $450,000, representing 0.03% of total assets. The company maintained strong capital levels with a total risk-based capital ratio of 16.14% and announced a new $2.0 million stock repurchase program.
Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) has announced a stock repurchase program approved by its Board of Directors on September 25, 2024. The program allows the company to repurchase up to $2.0 million of its outstanding common shares in the open market or through private negotiations. The repurchase program will run for 12 months or until completion, whichever comes first.
To facilitate the repurchases, Riverview has authorized management to enter into a Rule 10b5-1 trading plan with Keefe, Bruyette & Woods, Inc. This plan allows for trades during periods when the company might otherwise be restricted due to possession of material non-public information or trading blackout periods.
Riverview Bancorp, headquartered in Vancouver, Washington, is the parent company of Riverview Bank and Riverview Trust Company, with assets of $1.54 billion as of June 30, 2024. The bank operates 17 branches and 3 lending centers, primarily in the Portland-Vancouver area.
Riverview Bancorp (Nasdaq GSM: RVSB) has declared a quarterly cash dividend of $0.02 per share, unchanged from the previous quarter. The dividend will be paid on October 18, 2024, to shareholders of record as of October 7, 2024. Riverview Bancorp is the parent company of Riverview Bank and Riverview Trust Company, headquartered in Vancouver, Washington. With assets of $1.54 billion as of June 30, 2024, the company operates 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. Riverview Bank has been recognized as the Best Bank by readers of The Vancouver Business Journal and The Columbian for the past 10 years.
Riverview Bancorp (Nasdaq: RVSB) announced its Q1 fiscal 2025 results, reporting earnings of $966,000 or $0.05 per diluted share. This is a significant decline compared to $2.8 million or $0.13 per share last year. Net interest income was $8.8 million, down from $10.4 million a year ago, while net interest margin (NIM) improved to 2.47% from the preceding quarter's 2.32%. Total loans increased by $21.1 million to $1.05 billion, but total deposits fell by $12.0 million to $1.22 billion.
Newly appointed CEO Nicole Sherman aims to focus on enhancing performance metrics and profitability. Asset quality remains robust with non-performing assets at $461,000 or 0.03% of total assets. The company recorded no provision for credit losses. Non-interest income rose to $3.4 million from $494,000 in the preceding quarter. However, non-interest expenses slightly increased due to higher salaries and occupancy costs.
Riverview Bancorp (Nasdaq: RVSB) announced a quarterly cash dividend of $0.02 per share, a $0.04 decrease from the previous quarter. The dividend will be paid on July 22, 2024, to shareholders on record as of July 10, 2024. Chairman Gerald L. Nies stated the decision, though difficult, aligns with the company's short-term and long-term objectives. Riverview Bancorp, headquartered in Vancouver, Washington, has assets totaling $1.52 billion as of March 31, 2024. The company offers community banking services through its 17 branches in the Portland-Vancouver area.
Riverview Bancorp announced Nicole Sherman as the new President and CEO, effective July 1, 2024. With over 25 years of experience, Sherman has a proven track record in community banking across the Pacific Northwest. Known for her financial innovation and leadership, she has held senior roles at Columbia Bank, Utah First, and others. Sherman's appointment follows an extensive national search led by Chartwell Partners. Dan Cox, the acting CEO, will return to his role as EVP and COO. Riverview Bancorp, headquartered in Vancouver, WA, has assets of $1.52 billion and operates 17 branches.
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