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Riverview Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an increase in loans receivable, net, to $1.05 billion from $1.01 billion at March 31, 2024, driven by increases in real estate construction, other installment, multi-family, and commercial business loans.
Deposits increased by $5.8 million to $1.24 billion, with certificates of deposit and money market accounts showing the most significant growth.
Investment securities decreased to $354.9 million from $372.7 million, reflecting normal pay downs, calls, and maturities.
Net income for the quarter was $1.6 million, down from $2.5 million in the same quarter of the previous year. Earnings per diluted share were $0.07, compared to $0.12 in the prior year.
Net interest income decreased to $8.9 million from $9.8 million, primarily due to increased interest expense on deposits.
The company recorded a provision for credit losses of $100,000, compared to none in the previous year, driven by an increase in the loan portfolio.
Non-interest income increased to $3.8 million, with asset management fees and other non-interest income contributing to the rise.
Non-interest expense rose to $10.7 million, reflecting higher salaries, employee benefits, and occupancy costs.
The allowance for credit losses was $15.5 million, representing 1.46% of total loans, with a coverage ratio of 3436.89% to nonperforming loans.
Riverview Bancorp's capital ratios remained strong, with the bank categorized as 'well capitalized' under regulatory guidelines.
Liquidity sources include core deposits, FHLB advances, and FRB borrowing capacity, with total available liquidity at $820.8 million, or 53.0% of total assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Riverview Bancorp Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.