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Riverview Financial Corporation (NASDAQ: RIVE) completed a private placement of $25 million in 5.75% Fixed to Floating Rate Subordinated Notes. These notes, maturing on October 15, 2030, will initially bear a fixed interest rate until 2025 before resetting to a rate linked to the secured overnight financing rate plus 563 basis points. The proceeds are intended for enhancing the Bank's capital and powering growth initiatives amid the COVID-19 pandemic. CEO Brett D. Fulk expressed optimism about strengthening the Bank's capital position and seizing growth opportunities.
Riverview Financial Corporation (NASDAQ: RIVE) reported a net loss of $24.1 million, or $(2.61) per share, for Q2 2020, compared to a net income of $1.4 million, or $0.16 per share, in Q2 2019. For the first half of 2020, the company experienced a net loss of $23.5 million, largely due to a $24.8 million non-cash goodwill impairment and increased loan loss provisions of $3.8 million. Despite these challenges, Riverview originated $274.3 million in PPP loans, generating significant liquidity via $1.1 million in earnings from the Paycheck Protection Program.
