Riverview Bancorp, Inc. reports developments for a Vancouver, Washington savings and loan holding company that owns Riverview Bank and Riverview Trust Company. Its news centers on community banking results in the Portland-Vancouver and Southwest Washington markets, including commercial and business lending, deposits, credit quality, net interest income and net interest margin.
Announcements also cover treasury management and digital banking capabilities, securities portfolio repositioning, cash dividends, common-stock repurchase authorization and board composition changes. The company serves commercial, business and retail clients through bank branches and lending centers, while Riverview Trust Company anchors its trust and investment services activity.
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.
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.