Riverview Bancorp Inc - RVSB STOCK NEWS

Riverview Bancorp, Inc. (RVSB) announced a stock repurchase program of up to $5 million to buy back outstanding shares from March 21, 2022, until September 9, 2022, depending on market conditions. The Board authorized management to execute a trading plan under Rule 10b5-1, allowing shares to be repurchased during restricted periods. Riverview has total assets of $1.68 billion as of December 31, 2021, and operates 17 branches in the Portland-Vancouver area, emphasizing community banking.

Riverview Bancorp reported net income of $5.5 million or $0.25 per diluted share for Q3 FY2022, a decline from $6.4 million or $0.29 per share in the previous quarter but an increase from $4.0 million or $0.18 per share year-over-year. Year-to-date net income surged to $17.7 million ($0.80 per share) from $7.1 million in FY2021. Despite a strong organic loan growth of 20.9% annualized, total deposits fell by $33.2 million. The net interest margin decreased to 2.96%, reflecting a competitive lending environment.

Riverview Bancorp (NASDAQ: RVSB) announced the departure of Kim Capeloto, executive vice president and chief banking officer, after 11 years. Capeloto, who contributed to significant growth during his tenure, including expanding the bank's assets to $1.7 billion and establishing 17 branches, will leave in early February. While the company expresses disappointment, they support his decision to explore new opportunities. Riverview plans to maintain a relationship with Capeloto, who will continue to represent the bank in community engagements.

Riverview Bancorp (RVSB) announced a quarterly cash dividend of $0.055 per share, unchanged from the previous quarter. The dividend is payable on January 17, 2022, to shareholders of record by January 5, 2022. The current annualized dividend yield stands at 2.91%.

As of September 30, 2021, Riverview had assets totaling $1.72 billion and operates 16 branches, focusing on community banking services. The bank has been recognized as the Best Bank for nine consecutive years by local publications.

Riverview Bancorp (NASDAQ: RVSB) has appointed Valerie Moreno, former Chief Information Officer at Clark College, to its Board of Directors. With over 32 years of experience in IT and security, Moreno will enhance the board's expertise as the bank evolves its digital banking and IT platforms. She is well-regarded in the community and has served on several nonprofit boards. The appointment comes at a critical time for Riverview as it navigates ambitious IT initiatives to meet the complex technological needs of the banking industry.

Riverview Bancorp (RVSB) reported a significant increase in earnings for Q2 of fiscal 2022, achieving a net income of $6.4 million ($0.29 per diluted share), up from $5.8 million ($0.26 per share) in the prior quarter and $2.5 million ($0.11 per share) year-over-year. The company experienced robust net loan growth of $25.1 million, and total deposits rose by $93.7 million to $1.51 billion. The net interest margin improved to 3.12%, despite an annual decline. Riverview also increased its quarterly dividend to $0.055 per share, reflecting a dividend yield of 3.05%. Overall, a strong operating performance reflects optimism for future growth.

Riverview Bancorp (RVSB) announced a quarterly cash dividend increase to $0.055 per share, effective October 19, 2021. This decision was approved by the Board of Directors on September 22, 2021. Shareholders on record by October 7, 2021 will be eligible for this dividend, resulting in an annualized yield of 3.05%. Riverview Bancorp, headquartered in Vancouver, Washington, has assets of $1.62 billion and operates 16 branches, focusing on community banking and high-quality financial products.

Riverview Bancorp reported strong earnings for the first fiscal quarter, achieving net income of $5.8 million or $0.26 per diluted share, up from $3.4 million in the previous quarter. The increase was driven by higher net interest income of $11.3 million and a significant rise in core deposits, which grew 22% year-over-year. The loan pipeline surged 235%, signaling robust loan demand post-COVID restrictions in Oregon and Washington. Non-interest income also improved to $3.6 million, reflecting increased economic activity.

Riverview Bancorp (Nasdaq: RVSB) announced a quarterly cash dividend of $0.05 per share, maintaining the rate from the previous quarter. The dividend is payable on July 22, 2021, to shareholders registered by July 9, 2021. This results in an annualized dividend yield of 2.98%. As of March 31, 2021, Riverview holds assets totaling $1.55 billion and operates 16 branches, primarily in the Portland-Vancouver area.