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Riverview Bancorp Reports Record Earnings of $4.5 Million in Second Quarter of Fiscal Year 2020; Results Driven by Solid Deposit Growth, Increased Revenue Generation and Improved Operating Efficiencies

Written by Customer Service on . Posted in Public Companies.

VANCOUVER, Wash., Oct. 24, 2019 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings for the second fiscal quarter ended September 30, 2019 increased to $4.5 million, or $0.20 per diluted share, compared to $4.2 million, or $0.18 per diluted share, in the preceding quarter, and $4.2 million, or $0.19 per diluted share, in the second fiscal quarter a year ago.“Riverview’s second quarter financial results continue to demonstrate the strength of our franchise, generating record earnings for both the second quarter and for the first six months of fiscal year 2020,” said Kevin Lycklama, president and chief executive officer. “I am extremely proud of the outstanding job by our entire team. Growing our deposits by more than $60 million and producing record quarterly earnings is a truly remarkable accomplishment.”Second Quarter Highlights (at or for the period ended September 30, 2019)Record quarterly net income of $4.5 million, or $0.20 per diluted share.Net interest margin (NIM) increased to 4.36% for the quarter.Return on average assets improved to 1.55% for the second quarter.Total deposits increased $60.0 million during the quarter to $982.3 million.FHLB Advances paid down to zero during the quarter.Total loans were $881.3 million at September 30, 2019.Asset quality remains strong, with non-performing assets at 0.13% of total assets.Total risk-based capital ratio was 17.27% and Tier 1 leverage ratio was 11.79%.Paid a quarterly cash dividend of $0.045 per share, generating a current dividend yield of 2.49% based on the share price at close of market on October 15, 2019.Income Statement

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