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 (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.
Riverview Bancorp, Inc. (RVSB) announced the adoption of a stock repurchase program allowing the company to buy back up to $5 million of its shares over the next six months. This program can be executed in open market transactions or privately negotiated deals. Additionally, the company will implement a trading plan with Keefe, Bruyette & Woods, Inc. under Rule 10b5-1 to facilitate these repurchases during blackout periods. The initiative is expected to enhance shareholder value by reducing the number of outstanding shares.
Riverview Bancorp, Inc. (NASDAQ GSM: RVSB) has appointed Denise Barr as Vice President, Marketing Strategist. With over 30 years in marketing, Barr's experience includes directing marketing at the Humane Society for SW Washington and consulting for clients like the City of Vancouver. The company, headquartered in Vancouver, Washington, boasts assets of $1.55 billion as of March 31, 2021, and operates 17 branches. Riverview has been recognized as Best Bank for seven consecutive years by local publications.
Riverview Bancorp (RVSB) reported Q4 earnings of $3.4 million ($0.15 per diluted share), down from $4.0 million ($0.18 per share) in the previous quarter, yet higher than $2.9 million ($0.13) year-over-year. For fiscal 2021, net income totaled $10.5 million ($0.47 per share), compared to $15.7 million ($0.69) in fiscal 2020. Total loans rose by $11.8 million to $943.2 million, supported by PPP loans of $93.4 million. Deposits increased by 8.8% to $1.35 billion. Asset quality remains strong, with non-performing assets at 0.04% of total assets. Riverview paid a $0.05 quarterly dividend on April 21, 2021.
Riverview Bancorp (RVSB) announced a quarterly cash dividend of $0.05 per share, unchanged from the previous quarter. This dividend will be paid on April 21, 2021, to shareholders of record on April 8, 2021, resulting in an annualized dividend yield of 2.86%. As of December 31, 2020, the company reported assets of $1.44 billion and continues to focus on community banking with 17 branches in the Portland-Vancouver area.