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Riverview Bancorp Inc (RVSB-0.77%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total assets of $1.51 billion, with loans receivable, net, totaling $1.03 billion, an increase from $1.01 billion at March 31, 2024.
Deposits decreased to $1.22 billion from $1.23 billion as of March 31, 2024, with core branch deposits accounting for 98.6% of total deposits.
Net income for the quarter was $1.2 million, down from $1.5 million in the same quarter the previous year. For the nine months ended December 31, 2024, net income was $3.8 million, compared to $6.8 million for the same period in the previous year.
Net interest income for the quarter was $9.4 million, a slight increase from $9.3 million in the previous year. The net interest margin was 2.60%, up from 2.49% in the previous year.
Non-interest income increased to $3.3 million for the quarter, compared to $3.1 million in the previous year, driven by asset management fees and a legal expense recovery.
Non-interest expense rose to $11.2 million for the quarter, from $10.6 million in the previous year, primarily due to increases in salaries, employee benefits, and occupancy expenses.
The allowance for credit losses was $15.4 million, representing 1.47% of total loans, with a provision for credit losses of $100,000 recorded for the nine months ended December 31, 2024.
Nonperforming assets were $469,000, or 0.03% of total assets, as of December 31, 2024, compared to $178,000, or 0.01% of total assets, at March 31, 2024.
The company's capital ratios exceed regulatory requirements, with a total capital ratio of 16.47% and a tier 1 capital ratio of 15.21% as of December 31, 2024.
The filing details a stock repurchase program authorized to purchase up to $2.0 million of the company's outstanding shares, with $904,013 remaining as of December 31, 2024.
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 February 12, 2025. To report an error, please email earnings@qz.com.