Riverview Bancorp Inc - RVSB STOCK NEWS

Riverview Bancorp, Inc. has appointed Evan Sowers as the new president and CEO of Riverview Trust Company. With over 22 years of experience in finance and banking, Sowers aims to enhance services for high net worth clients while leveraging his expertise in financial planning and wealth management. The company, headquartered in Vancouver, Washington, reported $1.68 billion in assets as of September 30, 2022. Riverview Bank has consistently been recognized as a leading community bank, having won accolades for Best Bank for nine consecutive years.

Riverview Bancorp (RVSB) announced a stock repurchase program allowing the company to buy back up to $2.5 million of its shares from November 28, 2022, to May 28, 2023, depending on market conditions. This initiative aims to enhance shareholder value. The Board has authorized creating a Rule 10b5-1 plan with Keefe, Bruyette & Woods to facilitate these repurchases even during trading restrictions. As of September 30, 2022, Riverview had $1.68 billion in assets and operates 17 branches, focusing on high-quality community banking services.

Riverview Bancorp reported $5.2 million in net income, or $0.24 per diluted share, for the second fiscal quarter ending September 30, 2022. This marks an increase from $4.7 million in the prior quarter but a decrease from $6.4 million year-over-year. Year-to-date, net income stands at $9.8 million, down from $12.2 million last year. Net interest income rose to $13.4 million with an expanded net interest margin of 3.30%. Total deposits decreased by $6.3 million to $1.49 billion. Riverview maintains a robust capital position with a total risk-based capital ratio of 16.48%.

Riverview Bancorp, Inc. (NASDAQ: RVSB) has appointed Larry Hoff, a state representative from Southwest Washington, to its Board of Directors. Hoff's background in the financial services industry and community involvement is expected to enhance the board's expertise. He expressed his honor in joining a community-focused bank that has been operational for nearly a century. Riverview Bancorp, with assets of $1.70 billion as of June 30, 2022, serves clients through 17 branches and has earned recognition as the Best Bank for the past nine years.

Riverview Bancorp, Inc. (Nasdaq: RVSB) has declared a quarterly cash dividend of $0.06 per share, scheduled for payment on October 24, 2022, to shareholders on record by October 13, 2022. This dividend represents no change from the previous quarter, maintaining an annualized yield of 3.78%. The company, with assets totaling $1.70 billion as of June 30, 2022, operates with a strong community banking focus through its 17 branches in the Portland-Vancouver area.

Riverview Bancorp reported first-quarter earnings of $4.7 million, or $0.21 per diluted share, showing an increase from $4.1 million in the previous quarter but a decrease from $5.8 million year-over-year. Key drivers included a rise in net interest income to $12.7 million and an expansion of the net interest margin to 3.11%. Total loans increased by $22.1 million, while total deposits rose 5.8% year-over-year to $1.50 billion. The company's capital ratios remain strong, with a total risk-based capital ratio of 16.31%.

Riverview Bancorp has appointed Tracie Jellison as Chief Retail Banking Officer. With over 30 years of banking experience, she previously led the bank's commercial team in Oregon. CEO Kevin Lycklama praised her extensive knowledge and leadership skills, emphasizing her ability to advance Riverview's retail vision. The company, headquartered in Vancouver, Washington, manages assets worth $1.74 billion as of March 31, 2022, and operates 17 branches, focusing on high-quality service for commercial and retail clients.

Riverview Bancorp (RVSB) announced an increase in its quarterly cash dividend to $0.06 per share, effective July 21, 2022, for shareholders on record as of July 8, 2022. This change results in an annualized dividend yield of 3.70% based on current share prices. As of March 31, 2022, the company holds assets totaling $1.74 billion and operates 17 branches in the Portland-Vancouver area. Riverview has been recognized as the Best Bank for nine consecutive years by local publications.

Riverview Bancorp reported a net income of $4.1 million, or $0.19 per diluted share, for Q4 fiscal 2022, down from $5.5 million in Q3 and up from $3.4 million year-over-year. Fiscal 2022 saw net income double to a record $21.8 million or $0.98 per share. Key highlights include an 11.9% annualized increase in total loans and a $60.4 million rise in total deposits, reaching $1.53 billion. Despite a slight decrease in net interest income to $11.9 million, the net interest margin improved to 2.98%. Riverview anticipates strong loan demand with favorable market conditions going forward.