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 reported earnings of $4.0 million or $0.18 per diluted share for Q3 FY21, compared to $2.5 million or $0.11 in the preceding quarter. Net income for the first nine months of FY21 was $7.1 million compared to $12.9 million in the same period last year. Total deposits increased by $37.0 million to $1.24 billion, with a 12% annualized deposit growth rate. The net interest margin improved to 3.40%, and Riverview paid a quarterly dividend of $0.05 per share while maintaining strong capital position with a 17.58% total risk-based capital ratio.
Riverview Bancorp (RVSB) announced a quarterly cash dividend of $0.05 per share on December 16, 2020, remaining unchanged from the previous quarter. The dividend will be paid on January 18, 2021, to shareholders on record by January 5, 2021. The annualized dividend yield is approximately 3.97% based on the current share price. Riverview Bancorp, headquartered in Vancouver, Washington, manages assets of $1.43 billion and operates 18 branches in the Portland-Vancouver area, providing a variety of banking services.
Riverview Bancorp, Inc. (NASDAQ: RVSB) announced the appointment of Stacey Graham to its Board of Directors. As the Chief Strategist at What’s Next? Strategies, Graham brings extensive experience in business management and banking. This addition aims to enhance the company's marketing and strategic planning efforts, crucial for expanding community awareness of their services. Riverview Bancorp, based in Vancouver, Washington, has assets of $1.43 billion and operates 18 branches, emphasizing quality community banking services.
Riverview Bancorp reported a net income of $2.5 million or $0.11 per diluted share for Q2 FY2021. This marks an increase from $480,000 in the prior quarter but a decline from $4.5 million year-over-year. For the first half of FY2021, net income was $3.0 million, down from $8.7 million in the same period of FY2020. The bank's net interest margin was 3.33%, and total loans decreased to $975.2 million. Despite challenges from the pandemic, Riverview noted strong deposit growth and maintained a solid capital position with a risk-based capital ratio of 17.53%.
Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) announced on September 23, 2020, a quarterly cash dividend of $0.05 per share, unchanged from the prior quarter. The dividend is payable on October 20, 2020, to shareholders of record as of October 8, 2020. With a current share price, the annualized dividend yield stands at 4.99%. As of June 30, 2020, Riverview has assets totaling $1.38 billion and operates 18 branches in the Portland-Vancouver area, focusing on community banking.
Riverview Bancorp, Inc. (NASDAQ: RVSB) announced new leadership at its Annual Reorganizational Meeting, electing Gerald L. Nies as Chairman, succeeding Patrick Sheaffer, who has been with the company since 1963. The Board comprises newly elected members, including Bradley Carlson and Patricia Eby. Under Sheaffer's leadership, Riverview grew to a $1.3 billion asset bank and contributed over $5 million to local organizations. Nies aims to continue this legacy as the company focuses on community banking and enhancing customer service.
Riverview Bancorp (RVSB) reported net income of $480,000 or $0.02 per diluted share for Q1 FY2021, a decline from $2.9 million in the previous quarter. The bank recognized a $4.5 million provision for loan losses due to the economic impact of COVID-19. Total loans rose by $91.2 million to $1 billion, with $110.3 million in PPP loans supporting over 12,500 jobs. Deposits increased by $168.3 million, up 17%. The net interest margin fell to 3.65%, down from 4.10% in the previous quarter.
Riverview Bancorp, Inc. (RVSB) announced a quarterly cash dividend of $0.05 per share, unchanged from the previous quarter. This dividend is payable on July 22, 2020, to shareholders on record as of July 9, 2020. The annualized dividend yield currently stands at 3.81%. Riverview, headquartered in Vancouver, Washington, reported assets of $1.18 billion as of March 31, 2020, and operates 18 branches, focusing on community banking services.
Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) has announced a quarterly cash dividend of $0.05 per share, consistent with the prior quarter. This dividend will be paid on July 22, 2020, to shareholders on record by July 8, 2020. The current annualized dividend yield stands at 3.81%. As of March 31, 2020, Riverview reported assets totaling $1.18 billion. The company operates 18 branches, primarily in the Portland-Vancouver area, and has been recognized as the Best Bank for six consecutive years by local publications.
Riverview Bancorp (RVSB) reported fourth-quarter earnings of $2.9 million, or $0.13 per diluted share, down from $4.1 million a quarter earlier and $4.2 million year-over-year. For the fiscal year, earnings totaled $15.7 million ($0.69 per share), a decline from $17.3 million ($0.76 per share) in fiscal 2019. During the pandemic, Riverview granted payment deferrals totaling $125.4 million and processed $115.1 million in Paycheck Protection Program loans. The company maintains a strong capital position with a total risk-based capital ratio of 17.01%.