Riverview Bancorp Reports Net Income of $1.1 Million in Fourth Fiscal Quarter 2025 and $4.9 Million for Fiscal 2025
Riverview Bancorp reported net income of $1.1 million ($0.05 per share) for Q4 fiscal 2025, compared to $1.2 million in Q3 2025. Full fiscal year 2025 net income reached $4.9 million ($0.23 per share), up from $3.8 million in fiscal 2024.
Key highlights include:
- Net interest income of $9.2 million with improved margin of 2.65%
- Strong asset quality with non-performing assets at just 0.01% of total assets
- Total loans increased to $1.06 billion
- Trust assets under management reached $877.9 million
- Tangible book value per share grew to $6.33
The bank completed its strategic plan focusing on profitable growth, digital leadership, and data empowerment. Notable improvements include expanded revenue opportunities through C&I and business banking initiatives, while maintaining strong capital levels and a disciplined credit culture.
Riverview Bancorp ha riportato un utile netto di 1,1 milioni di dollari (0,05 dollari per azione) nel quarto trimestre dell'anno fiscale 2025, rispetto a 1,2 milioni di dollari nel terzo trimestre 2025. L'utile netto dell'intero anno fiscale 2025 ha raggiunto 4,9 milioni di dollari (0,23 dollari per azione), in aumento rispetto ai 3,8 milioni di dollari del 2024.
I punti salienti includono:
- Reddito netto da interessi di 9,2 milioni di dollari con un margine migliorato del 2,65%
- Solida qualità degli attivi con attività non performanti pari allo 0,01% del totale degli attivi
- Prestiti totali aumentati a 1,06 miliardi di dollari
- Attivi in gestione fiduciaria pari a 877,9 milioni di dollari
- Valore contabile tangibile per azione salito a 6,33 dollari
La banca ha completato il suo piano strategico focalizzato sulla crescita redditizia, leadership digitale e valorizzazione dei dati. Tra i miglioramenti più rilevanti, l'espansione delle opportunità di ricavo tramite iniziative nel settore commerciale e bancario per imprese, mantenendo al contempo solidi livelli di capitale e una cultura creditizia disciplinata.
Riverview Bancorp reportó un ingreso neto de 1,1 millones de dólares (0,05 dólares por acción) para el cuarto trimestre del año fiscal 2025, en comparación con 1,2 millones en el tercer trimestre de 2025. El ingreso neto para todo el año fiscal 2025 alcanzó 4,9 millones de dólares (0,23 dólares por acción), aumentando desde 3,8 millones en 2024.
Aspectos destacados incluyen:
- Ingreso neto por intereses de 9,2 millones de dólares con un margen mejorado del 2,65%
- Alta calidad de activos con activos no productivos en solo 0,01% del total
- Préstamos totales incrementados a 1,06 mil millones de dólares
- Activos fiduciarios bajo gestión alcanzaron 877,9 millones de dólares
- Valor tangible en libros por acción creció a 6,33 dólares
El banco completó su plan estratégico enfocado en crecimiento rentable, liderazgo digital y empoderamiento de datos. Mejoras notables incluyen la expansión de oportunidades de ingresos mediante iniciativas de banca comercial e industrial, manteniendo niveles sólidos de capital y una cultura crediticia disciplinada.
Riverview Bancorp는 2025 회계연도 4분기에 110만 달러 (주당 0.05달러)의 순이익을 보고했으며, 2025년 3분기의 120만 달러와 비교됩니다. 2025 회계연도 전체 순이익은 490만 달러 (주당 0.23달러)로, 2024년의 380만 달러에서 증가했습니다.
주요 내용은 다음과 같습니다:
- 순이자수익 920만 달러, 개선된 2.65%의 이자마진
- 전체 자산 대비 0.01%에 불과한 부실자산으로 우수한 자산 품질 유지
- 총 대출금 10억 6천만 달러로 증가
- 신탁 자산 운용 규모 8억 7,790만 달러 도달
- 주당 유형 장부가치 6.33달러로 상승
은행은 수익성 있는 성장, 디지털 리더십, 데이터 역량 강화에 중점을 둔 전략 계획을 완료했습니다. 주목할 만한 개선점으로는 기업 및 상업금융 사업을 통한 수익 기회 확대, 강력한 자본 수준 유지 및 엄격한 신용 문화가 포함됩니다.
Riverview Bancorp a annoncé un bénéfice net de 1,1 million de dollars (0,05 dollar par action) pour le quatrième trimestre de l'exercice 2025, contre 1,2 million au troisième trimestre 2025. Le bénéfice net annuel complet pour l'exercice 2025 a atteint 4,9 millions de dollars (0,23 dollar par action), en hausse par rapport à 3,8 millions en 2024.
Les points clés comprennent :
- Revenu net d'intérêts de 9,2 millions de dollars avec une marge améliorée de 2,65%
- Qualité d'actifs solide avec des actifs non performants représentant seulement 0,01% du total des actifs
- Prêts totaux en hausse à 1,06 milliard de dollars
- Actifs sous gestion fiduciaire atteignant 877,9 millions de dollars
- Valeur comptable tangible par action en hausse à 6,33 dollars
La banque a achevé son plan stratégique axé sur une croissance rentable, le leadership digital et la valorisation des données. Parmi les améliorations notables, on compte l'expansion des opportunités de revenus grâce aux initiatives en banque commerciale et industrielle, tout en maintenant des niveaux de capital solides et une culture de crédit disciplinée.
Riverview Bancorp meldete für das vierte Quartal des Geschäftsjahres 2025 einen Nettogewinn von 1,1 Millionen US-Dollar (0,05 US-Dollar pro Aktie), verglichen mit 1,2 Millionen US-Dollar im dritten Quartal 2025. Der Nettogewinn für das gesamte Geschäftsjahr 2025 erreichte 4,9 Millionen US-Dollar (0,23 US-Dollar pro Aktie), ein Anstieg gegenüber 3,8 Millionen US-Dollar im Geschäftsjahr 2024.
Wichtige Highlights umfassen:
- Zinserträge von 9,2 Millionen US-Dollar mit verbessertem Margen von 2,65%
- Starke Vermögensqualität mit notleidenden Krediten von nur 0,01 % der Gesamtvermögen
- Gesamtdarlehen stiegen auf 1,06 Milliarden US-Dollar
- Verwaltete Treuhandvermögen erreichten 877,9 Millionen US-Dollar
- Greifbarer Buchwert je Aktie stieg auf 6,33 US-Dollar
Die Bank hat ihren strategischen Plan abgeschlossen, der auf profitables Wachstum, digitale Führerschaft und Datenkompetenz setzt. Bemerkenswerte Verbesserungen umfassen erweiterte Umsatzmöglichkeiten durch Industrie- und Geschäftskundeninitiativen bei gleichzeitiger Aufrechterhaltung starker Kapitalniveaus und einer disziplinierten Kreditkultur.
- Net income increased to $4.9M in FY2025 from $3.8M in FY2024
- Net interest margin improved to 2.65%, up 33 basis points YoY
- Strong asset quality with NPAs at only 0.01% of total assets
- Total loans increased to $1.06B, up $38.4M from previous year
- Trust Company assets under management reached $877.9M
- Completed $2.0M stock repurchase plan during Q4
- Loan pipeline strong at $41.1M, with new originations of $49.4M in Q4
- Quarterly net income declined to $1.1M from $1.2M in previous quarter
- Efficiency ratio remained high at 88.7%
- Net interest income decreased to $36.3M in FY2025 from $38.1M in FY2024
- Investment securities decreased by $50.2M YoY
- Trust assets under management declined from $961.8M year ago
- Non-interest expense increased to $11.4M from $11.2M in previous quarter
Insights
Riverview's Q4 shows modest improvement with NIM expansion to 2.65%, but efficiency ratio of 88.7% remains significantly elevated compared to industry benchmarks.
Riverview Bancorp's Q4 fiscal 2025 results reveal a regional bank maintaining stability while struggling with efficiency challenges. The bank posted
The standout positive metrics include net interest margin expansion to
However, the bank's efficiency ratio stands at
The full fiscal year 2025 results show net income of
Management's commentary focuses on steady improvements and their new three-year strategic plan centered on profitable growth, digital leadership, and data empowerment. Tangible book value increased to
FISCAL Q4 2025 HIGHLIGHTS
| Net Income | Diluted Earnings per Common Share | Tangible Book Value per Share | NPAs to Total Assets |
| Fiscal Quarter Comparison Highlights | ||||
| Net Interest Income and Net Interest Margin |
| Credit Quality |
| |
| Non-Interest Income and Non-Interest Expense |
| Shareholder Returns and Stock Activity |
| |
VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of
For fiscal 2025, net income was
“We closed out our fiscal fourth quarter and fiscal year end on solid footing despite the economic uncertainty and market volatility impacting all banks,” stated Nicole Sherman, President and Chief Executive Officer. “Riverview’s operating performance during the quarter once again reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields compared to a year ago. Loan growth was strong during the quarter, and I am proud of our team’s relationship-focused approach to clients and prospects which resulted in loan production outperforming the previous four quarters. A top priority remains improving our operating performance while also being the bank of choice to our SW Washington and NW Oregon clients that we have served for over 100 years. With our strong capital levels, disciplined credit culture and stable balance sheet, we have a great foundation to build upon in fiscal 2026.
Riverview recently completed our three-year strategic plan focusing on profitable growth, digital leadership, and data empowerment, with our employees, clients, and communities being seen, heard, and valued in everything we do. We continue to expand revenue opportunities through our C&I, business banking, and treasury management initiatives. Strategic investments in people and technology will be important, while managing operating expenses. At Riverview we are unwavering in our dedication to exceed the needs of our employees, clients, shareholders and all stakeholders,” Sherman concluded.
Fourth Quarter Highlights (at or for the period ended March 31, 2025)
- Net interest income was
$9.2 million for the quarter, compared to$9.4 million in the preceding quarter and$8.6 million in the fourth fiscal quarter a year ago. - Net interest margin (“NIM”) was
2.65% for the quarter, a five basis point improvement compared to the preceding quarter and a 33 basis point improvement compared to the year ago quarter. - Riverview Trust Company assets under management were
$877.9 million at March 31, 2025. Asset management fees continue to improve and increased to$1.5 million for the quarter ended March 31, 2025. - Asset quality remained strong, with non-performing assets at
$155,000 , or0.01% of total assets at March 31, 2025. - Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago quarter.
- Tangible book value per share (non-GAAP) was
$6.33 at March 31, 2025 compared to$6.20 at December 31, 2024.
Fiscal 2025 Highlights (at or for the period ended March 31, 2025)
- Total loans increased to
$1.06 billion at March 31, 2025 compared to$1.02 billion at March 31, 2024. - Total deposits were
$1.23 billion at both March 31, 2025 and March 31, 2024. - Tangible book value per share (non-GAAP) was
$6.33 at March 31, 2025 compared to$6.07 at March 31, 2024. - Net income increased to
$4.9 million for the fiscal year ended March 31, 2025 compared to$3.8 million for the fiscal year ended March 31, 2024. - Return on average assets for the fiscal year ended March 31, 2025 increased to
0.32% compared to0.24% for the fiscal year ended March 31, 2024.
Income Statement Review
Riverview’s net interest income was
Riverview’s NIM was
Investment securities decreased
Riverview’s yield on loans was
Non-interest income increased to
Asset management fees were
Non-interest expense was
Riverview’s effective tax rate for the fourth fiscal quarter of 2025 was
Balance Sheet Review
Total loans increased
Undisbursed construction loans totaled
The office building loan portfolio totaled
Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled
FHLB advances decreased
Shareholders’ equity increased to
Credit Quality
“Asset quality remains a priority during uncertain economic conditions, and we continue to closely monitor our portfolio mix, loan growth, and local and national conditions to maintain an appropriate allowance,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled
Riverview recorded
Classified assets were
The allowance for credit losses was
Capital/Liquidity
Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of
Riverview has approximately
The uninsured deposit ratio was
On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.
| Tangible shareholders' equity to tangible assets and tangible book value per share: | ||||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||
| Shareholders' equity (GAAP) | $ | 160,014 | $ | 158,270 | $ | 155,588 | ||||||||||||
| Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | ||||||||||||
| Exclude: Core deposit intangible, net | (171 | ) | (196 | ) | (271 | ) | ||||||||||||
| Tangible shareholders' equity (non-GAAP) | $ | 132,767 | $ | 130,998 | $ | 128,241 | ||||||||||||
| Total assets (GAAP) | $ | 1,513,323 | $ | 1,508,609 | $ | 1,521,529 | ||||||||||||
| Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | ||||||||||||
| Exclude: Core deposit intangible, net | (171 | ) | (196 | ) | (271 | ) | ||||||||||||
| Tangible assets (non-GAAP) | $ | 1,486,076 | $ | 1,481,337 | $ | 1,494,182 | ||||||||||||
| Shareholders' equity to total assets (GAAP) | 10.57 | % | 10.49 | % | 10.23 | % | ||||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 8.93 | % | 8.84 | % | 8.58 | % | ||||||||||||
| Shares outstanding | 20,976,200 | 21,134,758 | 21,111,043 | |||||||||||||||
| Book value per share (GAAP) | 7.63 | 7.49 | 7.37 | |||||||||||||||
| Tangible book value per share (non-GAAP) | 6.33 | 6.20 | 6.07 | |||||||||||||||
| Pre-tax, pre-provision income | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||||||
| Net income (loss) (GAAP) | $ | 1,148 | $ | 1,232 | $ | (2,968 | ) | $ | 4,903 | $ | 3,799 | |||||||
| Include: Provision (credit) for income taxes | 314 | 343 | (1,095 | ) | 1,335 | 802 | ||||||||||||
| Include: Provision for credit losses | - | - | - | 100 | - | |||||||||||||
| Pre-tax, pre-provision income (loss) (non-GAAP) | $ | 1,462 | $ | 1,575 | $ | (4,063 | ) | $ | 6,338 | $ | 4,601 | |||||||
| Net income (loss) and earnings (loss) per share excluding securities restructure and litigation expense | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||||||
| Net income (loss) (GAAP) | $ | 1,148 | $ | 1,232 | $ | (2,968 | ) | $ | 4,903 | $ | 3,799 | |||||||
| Exclude impact of securities loss restructure, net of tax | - | - | 2,074 | - | 2,074 | |||||||||||||
| Exclude impact of litigation expense, net of tax | - | - | 1,748 | - | 1,748 | |||||||||||||
| Net income excluding securities restructure and litigation expense (non-GAAP) | $ | 1,148 | $ | 1,232 | $ | 854 | $ | 4,903 | $ | 7,621 | ||||||||
| Basic earnings (loss) per share (GAAP) | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||||||
| Exclude impact of securities loss restructure, net of tax | - | - | 0.10 | - | 0.10 | |||||||||||||
| Exclude impact of litigation expense, net of tax | - | - | 0.08 | - | 0.08 | |||||||||||||
| Basic earnings per share excluding securities restructure and litigation expense (GAAP) | $ | 0.05 | $ | 0.06 | $ | 0.04 | $ | 0.23 | $ | 0.36 | ||||||||
| Diluted earnings (loss) per share (GAAP) | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||||||
| Exclude impact of securities loss restructure, net of tax | - | - | 0.10 | - | 0.10 | |||||||||||||
| Exclude impact of litigation expense, net of tax | - | - | 0.08 | - | 0.08 | |||||||||||||
| Diluted earnings per share excluding securities restructure and litigation expense (GAAP) | $ | 0.05 | $ | 0.06 | $ | 0.04 | $ | 0.23 | $ | 0.36 | ||||||||
| Allowance for credit losses reconciliation, excluding Government Guaranteed loans | ||||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||
| Allowance for credit losses | $ | 15,374 | $ | 15,352 | $ | 15,364 | ||||||||||||
| Loans receivable (GAAP) | $ | 1,062,460 | $ | 1,045,109 | $ | 1,024,013 | ||||||||||||
| Exclude: Government Guaranteed loans | (47,373 | ) | (49,024 | ) | (51,013 | ) | ||||||||||||
| Loans receivable excluding Government Guaranteed loans (non-GAAP) | $ | 1,015,087 | $ | 996,085 | $ | 973,000 | ||||||||||||
| Allowance for credit losses to loans receivable (GAAP) | 1.45 | % | 1.47 | % | 1.50 | % | ||||||||||||
| Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP) | 1.51 | % | 1.54 | % | 1.58 | % | ||||||||||||
| Non-performing loans reconciliation, excluding Government Guaranteed Loans | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||
| Non-performing loans (GAAP) | $ | 155 | $ | 469 | $ | 178 | ||||||||||||
| Less: Non-performing Government Guaranteed loans | - | (301 | ) | (5 | ) | |||||||||||||
| Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP) | $ | 155 | $ | 168 | $ | 173 | ||||||||||||
| Non-performing loans to total loans (GAAP) | 0.01 | % | 0.04 | % | 0.02 | % | ||||||||||||
| Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP) | 0.01 | % | 0.02 | % | 0.02 | % | ||||||||||||
| Non-performing loans to total assets (GAAP) | 0.01 | % | 0.03 | % | 0.01 | % | ||||||||||||
| Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP) | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||
About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company's ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company's ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.
The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | |||||||||||||
| Consolidated Balance Sheets | |||||||||||||
| (In thousands, except share data) (Unaudited) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| ASSETS | |||||||||||||
| Cash (including interest-earning accounts of | $ | 29,414 | $ | 25,348 | $ | 23,642 | |||||||
| and | |||||||||||||
| Investment securities: | |||||||||||||
| Available for sale, at estimated fair value | 119,436 | 124,874 | 143,196 | ||||||||||
| Held to maturity, at amortized cost | 203,079 | 212,295 | 229,510 | ||||||||||
| Loans receivable (net of allowance for credit losses of | |||||||||||||
| 1,047,086 | 1,029,757 | 1,008,649 | |||||||||||
| Prepaid expenses and other assets | 12,523 | 12,945 | 14,469 | ||||||||||
| Accrued interest receivable | 4,525 | 4,639 | 4,415 | ||||||||||
| Federal Home Loan Bank stock, at cost | 4,342 | 4,742 | 4,927 | ||||||||||
| Premises and equipment, net | 22,304 | 22,731 | 21,718 | ||||||||||
| Financing lease right-of-use assets | 1,125 | 1,144 | 1,202 | ||||||||||
| Deferred income taxes, net | 8,625 | 9,471 | 9,778 | ||||||||||
| Goodwill | 27,076 | 27,076 | 27,076 | ||||||||||
| Core deposit intangible, net | 171 | 196 | 271 | ||||||||||
| Bank owned life insurance | 33,617 | 33,391 | 32,676 | ||||||||||
| TOTAL ASSETS | $ | 1,513,323 | $ | 1,508,609 | $ | 1,521,529 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
| LIABILITIES: | |||||||||||||
| Deposits | $ | 1,232,328 | $ | 1,219,002 | $ | 1,231,679 | |||||||
| Accrued expenses and other liabilities | 14,777 | 17,634 | 16,205 | ||||||||||
| Advance payments by borrowers for taxes and insurance | 614 | 317 | 581 | ||||||||||
| Junior subordinated debentures | 27,091 | 27,069 | 27,004 | ||||||||||
| Federal Home Loan Bank advances | 76,400 | 84,200 | 88,304 | ||||||||||
| Finance lease liability | 2,099 | 2,117 | 2,168 | ||||||||||
| Total liabilities | 1,353,309 | 1,350,339 | 1,365,941 | ||||||||||
| SHAREHOLDERS' EQUITY: | |||||||||||||
| Serial preferred stock, $.01 par value; 250,000 authorized, | |||||||||||||
| issued and outstanding, none | - | - | - | ||||||||||
| Common stock, $.01 par value; 50,000,000 authorized, | |||||||||||||
| March 31, 2025 – 20,976,200 issued and outstanding; | |||||||||||||
| December 31, 2024 – 21,134,758 issued and outstanding; | 208 | 209 | 211 | ||||||||||
| March 31, 2024 – 21,111,043 issued and outstanding; | |||||||||||||
| Additional paid-in capital | 53,392 | 54,227 | 55,005 | ||||||||||
| Retained earnings | 119,717 | 118,988 | 116,499 | ||||||||||
| Accumulated other comprehensive loss | (13,303 | ) | (15,154 | ) | (16,127 | ) | |||||||
| Total shareholders’ equity | 160,014 | 158,270 | 155,588 | ||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,513,323 | $ | 1,508,609 | $ | 1,521,529 | |||||||
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | ||||||||||||||
| Consolidated Statements of Income | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| (In thousands, except share data) (Unaudited) | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||
| INTEREST INCOME: | ||||||||||||||
| Interest and fees on loans receivable | $ | 12,685 | $ | 13,201 | $ | 11,743 | $ | 50,621 | $ | 46,031 | ||||
| Interest on investment securities - taxable | 1,484 | 1,589 | 2,145 | 6,918 | 8,971 | |||||||||
| Interest on investment securities - nontaxable | 64 | 65 | 65 | 260 | 261 | |||||||||
| Other interest and dividends | 261 | 272 | 338 | 1,163 | 1,292 | |||||||||
| Total interest and dividend income | 14,494 | 15,127 | 14,291 | 58,962 | 56,555 | |||||||||
| INTEREST EXPENSE: | ||||||||||||||
| Interest on deposits | 3,910 | 4,101 | 3,021 | 15,313 | 8,285 | |||||||||
| Interest on borrowings | 1,391 | 1,638 | 2,718 | 7,305 | 10,184 | |||||||||
| Total interest expense | 5,301 | 5,739 | 5,739 | 22,618 | 18,469 | |||||||||
| Net interest income | 9,193 | 9,388 | 8,552 | 36,344 | 38,086 | |||||||||
| Provision for credit losses | - | - | - | 100 | - | |||||||||
| Net interest income after provision for credit losses | 9,193 | 9,388 | 8,552 | 36,244 | 38,086 | |||||||||
| NON-INTEREST INCOME: | ||||||||||||||
| Fees and service charges | 1,446 | 1,492 | 1,398 | 6,002 | 6,269 | |||||||||
| Asset management fees | 1,472 | 1,443 | 1,408 | 5,906 | 5,328 | |||||||||
| Bank owned life insurance ("BOLI") | 226 | 225 | 222 | 941 | 891 | |||||||||
| BOLI death benefit in excess of cash surrender value | 261 | - | - | 261 | - | |||||||||
| Loss on sale of investment securities | - | - | (2,729 | ) | - | (2,729 | ) | |||||||
| Other, net | 302 | 181 | 195 | 1,146 | 483 | |||||||||
| Total non-interest income, net | 3,707 | 3,341 | 494 | 14,256 | 10,242 | |||||||||
| NON-INTEREST EXPENSE: | ||||||||||||||
| Salaries and employee benefits | 6,763 | 6,471 | 6,225 | 26,099 | 24,204 | |||||||||
| Occupancy and depreciation | 1,873 | 1,871 | 1,942 | 7,560 | 6,872 | |||||||||
| Data processing | 746 | 743 | 686 | 2,948 | 2,782 | |||||||||
| Amortization of core deposit intangible | 25 | 25 | 27 | 100 | 108 | |||||||||
| Advertising and marketing | 284 | 317 | 326 | 1,278 | 1,276 | |||||||||
| FDIC insurance premium | 170 | 174 | 178 | 688 | 708 | |||||||||
| State and local taxes | 265 | 327 | 196 | 1,042 | 1,010 | |||||||||
| Telecommunications | 62 | 54 | 50 | 215 | 211 | |||||||||
| Professional fees | 577 | 429 | 414 | 1,800 | 1,375 | |||||||||
| Other | 673 | 743 | 3,065 | 2,532 | 5,181 | |||||||||
| Total non-interest expense | 11,438 | 11,154 | 13,109 | 44,262 | 43,727 | |||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 1,462 | 1,575 | (4,063 | ) | 6,238 | 4,601 | ||||||||
| PROVISION (CREDIT) FOR INCOME TAXES | 314 | 343 | (1,095 | ) | 1,335 | 802 | ||||||||
| NET INCOME (LOSS) | $ | 1,148 | $ | 1,232 | $ | (2,968 | ) | $ | 4,903 | $ | 3,799 | |||
| Earnings (loss) per common share: | ||||||||||||||
| Basic | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||
| Diluted | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||
| Weighted average number of common shares outstanding: | ||||||||||||||
| Basic | 21,007,294 | 21,037,246 | 21,111,043 | 21,063,467 | 21,137,976 | |||||||||
| Diluted | 21,007,294 | 21,037,246 | 21,111,043 | 21,063,467 | 21,139,322 | |||||||||
| (Dollars in thousands) | At or for the three months ended | At or for the twelve months ended | |||||||||||||||||
| March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||
| Average interest–earning assets | $ | 1,412,406 | $ | 1,436,130 | $ | 1,484,628 | $ | 1,433,071 | $ | 1,492,002 | |||||||||
| Average interest-bearing liabilities | 1,011,116 | 1,019,265 | 1,047,712 | 1,010,592 | 1,028,042 | ||||||||||||||
| Net average earning assets | 401,290 | 416,865 | 436,916 | 422,479 | 463,960 | ||||||||||||||
| Average loans | 1,047,718 | 1,053,342 | 1,020,457 | 1,044,370 | 1,011,420 | ||||||||||||||
| Average deposits | 1,219,130 | 1,232,450 | 1,210,818 | 1,220,120 | 1,229,011 | ||||||||||||||
| Average equity | 159,766 | 160,532 | 158,776 | 158,570 | 156,137 | ||||||||||||||
| Average tangible equity (non-GAAP) | 132,506 | 133,245 | 131,413 | 131,271 | 128,733 | ||||||||||||||
| ASSET QUALITY | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | ||||||||||||||||
| Non-performing loans | $ | 155 | $ | 469 | $ | 178 | |||||||||||||
| Non-performing loans excluding SBA Government Guarantee (non-GAAP) | 155 | 168 | 173 | ||||||||||||||||
| Non-performing loans to total loans | 0.01 | % | 0.04 | % | 0.02 | % | |||||||||||||
| Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP) | 0.01 | % | 0.02 | % | 0.02 | % | |||||||||||||
| Real estate/repossessed assets owned | $ | - | $ | - | $ | - | |||||||||||||
| Non-performing assets | $ | 155 | $ | 469 | $ | 178 | |||||||||||||
| Non-performing assets excluding SBA Government Guarantee (non-GAAP) | 155 | 168 | 173 | ||||||||||||||||
| Non-performing assets to total assets | 0.01 | % | 0.03 | % | 0.01 | % | |||||||||||||
| Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP) | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||
| Net loan charge-offs (recoveries) in the quarter | $ | (22 | ) | $ | 114 | $ | (3 | ) | |||||||||||
| Net charge-offs (recoveries) in the quarter/average net loans | (0.01 | )% | 0.04 | % | 0.00 | % | |||||||||||||
| Allowance for credit losses | $ | 15,374 | $ | 15,352 | $ | 15,364 | |||||||||||||
| Average interest-earning assets to average | |||||||||||||||||||
| interest-bearing liabilities | 139.69 | % | 140.90 | % | 141.70 | % | |||||||||||||
| Allowance for credit losses to | |||||||||||||||||||
| non-performing loans | 9918.71 | % | 3273.35 | % | 8631.46 | % | |||||||||||||
| Allowance for credit losses to total loans | 1.45 | % | 1.47 | % | 1.50 | % | |||||||||||||
| Shareholders’ equity to assets | 10.57 | % | 10.49 | % | 10.23 | % | |||||||||||||
| CAPITAL RATIOS | |||||||||||||||||||
| Total capital (to risk weighted assets) | 16.27 | % | 16.47 | % | 16.32 | % | |||||||||||||
| Tier 1 capital (to risk weighted assets) | 15.01 | % | 15.21 | % | 15.06 | % | |||||||||||||
| Common equity tier 1 (to risk weighted assets) | 15.01 | % | 15.21 | % | 15.06 | % | |||||||||||||
| Tier 1 capital (to average tangible assets) | 11.10 | % | 10.86 | % | 10.29 | % | |||||||||||||
| Tangible common equity (to average tangible assets) (non-GAAP) | 8.93 | % | 8.84 | % | 8.58 | % | |||||||||||||
| DEPOSIT MIX | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | ||||||||||||||||
| Interest checking | $ | 285,035 | $ | 257,975 | $ | 289,824 | |||||||||||||
| Regular savings | 168,287 | 169,181 | 192,638 | ||||||||||||||||
| Money market deposit accounts | 236,044 | 236,912 | 209,164 | ||||||||||||||||
| Non-interest checking | 315,503 | 312,839 | 349,081 | ||||||||||||||||
| Certificates of deposit | 227,459 | 242,095 | 190,972 | ||||||||||||||||
| Total deposits | $ | 1,232,328 | $ | 1,219,002 | $ | 1,231,679 | |||||||||||||
| COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS | |||||||||||||
| Other | Commercial | ||||||||||||
| Commercial | Real Estate | Real Estate | & Construction | ||||||||||
| Business | Mortgage | Construction | Total | ||||||||||
| March 31, 2025 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 232,935 | $ | - | $ | - | $ | 232,935 | |||||
| Commercial construction | - | - | 18,368 | 18,368 | |||||||||
| Office buildings | - | 110,949 | - | 110,949 | |||||||||
| Warehouse/industrial | - | 114,925 | - | 114,925 | |||||||||
| Retail/shopping centers/strip malls | - | 88,815 | - | 88,815 | |||||||||
| Assisted living facilities | - | 358 | - | 358 | |||||||||
| Single purpose facilities | - | 277,137 | - | 277,137 | |||||||||
| Land | - | 4,610 | - | 4,610 | |||||||||
| Multi-family | - | 91,452 | - | 91,452 | |||||||||
| One-to-four family construction | - | - | 10,814 | 10,814 | |||||||||
| Total | $ | 232,935 | $ | 688,246 | $ | 29,182 | $ | 950,363 | |||||
| March 31, 2024 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 229,404 | $ | - | $ | - | $ | 229,404 | |||||
| Commercial construction | - | - | 20,388 | 20,388 | |||||||||
| Office buildings | - | 114,714 | - | 114,714 | |||||||||
| Warehouse/industrial | - | 106,649 | - | 106,649 | |||||||||
| Retail/shopping centers/strip malls | - | 89,448 | - | 89,448 | |||||||||
| Assisted living facilities | - | 378 | - | 378 | |||||||||
| Single purpose facilities | - | 272,313 | - | 272,313 | |||||||||
| Land | - | 5,692 | - | 5,692 | |||||||||
| Multi-family | - | 70,771 | - | 70,771 | |||||||||
| One-to-four family construction | - | - | 16,150 | 16,150 | |||||||||
| Total | $ | 229,404 | $ | 659,965 | $ | 36,538 | $ | 925,907 | |||||
| LOAN MIX | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | ||||||||||
| Commercial and construction | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 232,935 | $ | 224,506 | $ | 229,404 | |||||||
| Other real estate mortgage | 688,246 | 657,380 | 659,965 | ||||||||||
| Real estate construction | 29,182 | 49,956 | 36,538 | ||||||||||
| Total commercial and construction | 950,363 | 931,842 | 925,907 | ||||||||||
| Consumer | |||||||||||||
| Real estate one-to-four family | 97,683 | 97,760 | 96,366 | ||||||||||
| Other installment | 14,414 | 15,507 | 1,740 | ||||||||||
| Total consumer | 112,097 | 113,267 | 98,106 | ||||||||||
| Total loans | 1,062,460 | 1,045,109 | 1,024,013 | ||||||||||
| Less: | |||||||||||||
| Allowance for credit losses | 15,374 | 15,352 | 15,364 | ||||||||||
| Loans receivable, net | $ | 1,047,086 | $ | 1,029,757 | $ | 1,008,649 | |||||||
| DETAIL OF NON-PERFORMING ASSETS | |||||||||||||
| Southwest | |||||||||||||
| Washington | Total | ||||||||||||
| March 31, 2025 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 37 | $ | 37 | |||||||||
| Commercial real estate | 88 | 88 | |||||||||||
| Consumer | 30 | 30 | |||||||||||
| Total non-performing assets | $ | 155 | $ | 155 | |||||||||
| At or for the three months ended | At or for the twelve months ended | |||||||||||||||||||
| SELECTED OPERATING DATA | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||||||||
| Efficiency ratio (4) | 88.67 | % | 87.63 | % | 144.91 | % | 87.47 | % | 90.48 | % | ||||||||||
| Coverage ratio (6) | 80.37 | % | 84.17 | % | 65.24 | % | 82.11 | % | 87.10 | % | ||||||||||
| Return on average assets (1) | 0.31 | % | 0.32 | % | (0.76 | )% | 0.32 | % | 0.24 | % | ||||||||||
| Return on average equity (1) | 2.91 | % | 3.04 | % | (7.52 | )% | 3.09 | % | 2.43 | % | ||||||||||
| Return on average tangible equity (1) (non-GAAP) | 3.51 | % | 3.67 | % | (9.08 | )% | 3.74 | % | 2.95 | % | ||||||||||
| NET INTEREST SPREAD | ||||||||||||||||||||
| Yield on loans | 4.91 | % | 4.97 | % | 4.63 | % | 4.85 | % | 4.55 | % | ||||||||||
| Yield on investment securities | 1.84 | % | 1.82 | % | 2.02 | % | 1.96 | % | 2.02 | % | ||||||||||
| Total yield on interest-earning assets | 4.17 | % | 4.18 | % | 3.88 | % | 4.12 | % | 3.80 | % | ||||||||||
| Cost of interest-bearing deposits | 1.76 | % | 1.81 | % | 1.41 | % | 1.74 | % | 0.97 | % | ||||||||||
| Cost of FHLB advances and other borrowings | 5.21 | % | 5.43 | % | 5.87 | % | 5.70 | % | 5.80 | % | ||||||||||
| Total cost of interest-bearing liabilities | 2.13 | % | 2.23 | % | 2.20 | % | 2.24 | % | 1.80 | % | ||||||||||
| Spread (7) | 2.04 | % | 1.95 | % | 1.68 | % | 1.88 | % | 2.00 | % | ||||||||||
| Net interest margin | 2.65 | % | 2.60 | % | 2.32 | % | 2.54 | % | 2.56 | % | ||||||||||
| PER SHARE DATA | ||||||||||||||||||||
| Basic earnings (loss) per share (2) | $ | 0.05 | $ | 0.06 | $ | (0.14 | ) | $ | 0.23 | $ | 0.18 | |||||||||
| Diluted earnings (loss) per share (3) | 0.05 | 0.06 | (0.14 | ) | 0.23 | 0.18 | ||||||||||||||
| Book value per share (5) | 7.63 | 7.49 | 7.37 | 7.63 | 7.37 | |||||||||||||||
| Tangible book value per share (5) (non-GAAP) | 6.33 | 6.20 | 6.07 | 6.33 | 6.07 | |||||||||||||||
| Market price per share: | ||||||||||||||||||||
| High for the period | $ | 5.75 | $ | 5.88 | $ | 6.40 | $ | 5.88 | $ | 6.48 | ||||||||||
| Low for the period | 5.08 | 4.59 | 4.53 | 3.64 | 4.17 | |||||||||||||||
| Close for period end | 5.65 | 5.74 | 4.72 | 5.65 | 4.72 | |||||||||||||||
| Cash dividends declared per share | 0.0200 | 0.0200 | 0.0600 | 0.0800 | 0.2400 | |||||||||||||||
| Average number of shares outstanding: | ||||||||||||||||||||
| Basic (2) | 21,007,294 | 21,037,246 | 21,111,043 | 21,063,467 | 21,137,976 | |||||||||||||||
| Diluted (3) | 21,007,294 | 21,037,246 | 21,111,043 | 21,063,467 | 21,139,322 | |||||||||||||||
(1) Amounts for the periods shown are annualized.
(2) Amounts exclude ESOP shares not committed to be released.
(3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
(4) Non-interest expense divided by net interest income and non-interest income.
(5) Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
(6) Net interest income divided by non-interest expense.
(7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.
| Contacts: | Nicole Sherman David Lam Riverview Bancorp, Inc. 360-693-6650 |
FAQ
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