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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 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.
Riverview Bancorp, Inc. (RVSB) announced on March 23, 2022, a quarterly cash dividend of $0.055 per share, unchanged from the previous quarter. This dividend, payable on April 21, 2022, will benefit shareholders recorded on April 11, 2022. The current annualized dividend yield stands at 2.91%. As of December 31, 2021, Riverview had assets totaling $1.68 billion and operates 17 branches, emphasizing community banking services.
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.
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