Riverview Bancorp, Inc. (RVSB) Bundle
A Brief History of Riverview Bancorp, Inc.
Company Overview
Riverview Bancorp, Inc. is a financial institution headquartered in Vancouver, Washington. As of 2024, the company operates through its wholly-owned subsidiary, Riverview Community Bank, providing a range of banking services to individuals and businesses.
Financial Performance
As of September 30, 2024, Riverview Bancorp reported the following key financial metrics:
| Metric | Value |
|---|---|
| Total Assets | $1.53 billion |
| Total Loans | $1.05 billion |
| Total Deposits | $1.22 billion |
| Net Income (Q3 2024) | $1.56 million |
| Earnings Per Share (EPS) | $0.07 |
| Net Interest Margin | 2.46% |
| Return on Assets (ROA) | 0.10% |
| Return on Equity (ROE) | 1.98% |
Historical Growth
Riverview Bancorp has shown steady growth over the years. The bank's net interest income for the six months ended September 30, 2024, was $17.8 million, representing a decrease from $20.2 million in the same period of the previous year. This decline was primarily due to increased interest expenses.
Loan Portfolio Composition
The loan portfolio as of September 30, 2024, was diversified across various segments:
| Loan Type | Amount (in millions) |
|---|---|
| Commercial Business | $236.9 |
| Commercial Real Estate | $573.5 |
| Multi-family | $78.7 |
| Consumer Loans | $113.1 |
Asset Quality
As of September 30, 2024, the company's asset quality metrics included:
| Metric | Value |
|---|---|
| Nonperforming Loans | $450,000 |
| Allowance for Credit Losses (ACL) | $15.5 million |
| ACL to Nonperforming Loans Ratio | 3436.89% |
Recent Developments
On September 26, 2024, Riverview Bancorp's Board of Directors announced a stock repurchase program authorizing the repurchase of up to $2.0 million of the company's outstanding shares. This program is expected to enhance shareholder value and reflects the company's commitment to returning capital to its investors.
Market Position
Riverview Bancorp continues to strengthen its market position in the Pacific Northwest, leveraging its community bank model to attract a diverse customer base. The company remains focused on expanding its loan portfolio while managing risk effectively in a competitive banking landscape.
A Who Owns Riverview Bancorp, Inc. (RVSB)
Shareholder Structure
As of September 30, 2024, Riverview Bancorp, Inc. has a total of 21,096,968 shares of common stock issued and outstanding. The common stock has a par value of $0.01 per share.
Major Shareholders
| Shareholder Name | Number of Shares | Percentage of Ownership |
|---|---|---|
| BlackRock, Inc. | 2,035,000 | 9.65% |
| Vanguard Group, Inc. | 1,900,000 | 8.99% |
| Dimensional Fund Advisors LP | 1,500,000 | 7.10% |
| State Street Corporation | 1,200,000 | 5.68% |
| Other Institutional Investors | 5,000,000 | 23.65% |
| Individual Investors | 9,461,968 | 44.85% |
Insider Ownership
Insiders hold a significant portion of Riverview Bancorp's shares, with key executives and board members owning approximately 12.5% of the total shares.
Institutional Ownership
Institutional ownership has seen a steady increase, currently standing at approximately 45% of total shares. This includes investments from hedge funds and mutual funds.
Recent Changes in Ownership
In the most recent quarter, Riverview Bancorp reported an increase in share buybacks, which reduced the total number of shares outstanding from 21,111,043 to 21,096,968.
Shareholder Equity
| Date | Total Shareholders' Equity ($ in thousands) |
|---|---|
| September 30, 2024 | 160,774 |
| March 31, 2024 | 155,588 |
Dividend Information
Riverview Bancorp declared cash dividends totaling $843,000 in the six months ended September 30, 2024, with a dividend of $0.04 per share paid during this period.
Market Performance
The stock price of Riverview Bancorp has fluctuated, with a current price of approximately $7.60 per share as of the latest trading session in October 2024.
Conclusion
Riverview Bancorp continues to maintain a diversified ownership structure with significant institutional investment and active participation from individual investors. The company's focus on enhancing shareholder value is evident through its dividend payments and share repurchase initiatives.
Riverview Bancorp, Inc. (RVSB) Mission Statement
Company Overview
Riverview Bancorp, Inc. is a financial institution that primarily provides banking services to individuals and businesses in the Pacific Northwest. The mission statement of Riverview Bancorp focuses on delivering exceptional financial services while fostering community relationships and ensuring customer satisfaction.
Mission Statement
The mission of Riverview Bancorp, Inc. is to enhance the financial well-being of its customers by providing quality financial services with a commitment to integrity, responsiveness, and community involvement. The bank strives to create lasting relationships with customers and communities through personalized service and innovative solutions.
Core Values
- Customer Focus: Prioritizing the needs and satisfaction of customers.
- Integrity: Conducting business with transparency and honesty.
- Community Engagement: Actively participating in community development and support.
- Innovation: Embracing new technologies and ideas to improve services.
- Teamwork: Fostering a collaborative environment among employees.
Financial Performance
As of September 30, 2024, Riverview Bancorp, Inc. reported the following financial highlights:
| Financial Metric | Amount |
|---|---|
| Total Assets | $1.53 billion |
| Total Loans | $1.06 billion |
| Net Interest Income | $17.76 million |
| Net Income | $2.52 million |
| Deposits | $1.24 billion |
| Shareholders' Equity | $160.77 million |
| Net Interest Margin | 2.46% |
| Return on Assets (ROA) | 0.16% |
| Return on Equity (ROE) | 3.14% |
Community Commitment
Riverview Bancorp emphasizes its role in the community through various initiatives, including financial education programs, local sponsorships, and support for community development projects. The bank's approach aligns with its mission to create positive impacts in the areas it serves.
Conclusion
Riverview Bancorp, Inc. continues to uphold its mission of providing excellent financial services while remaining committed to its customers and communities. The bank's recent financial performance demonstrates its effectiveness in achieving its goals and sustaining growth.
How Riverview Bancorp, Inc. (RVSB) Works
Company Overview
Riverview Bancorp, Inc. (RVSB) operates as a bank holding company for Riverview Community Bank, providing various banking services primarily in the Pacific Northwest. The company focuses on offering loans, deposits, and other financial services to both retail and commercial clients.
Financial Performance
As of September 30, 2024, Riverview Bancorp reported a net income of $2.5 million for the six months ended, a decrease from $5.3 million for the same period in 2023. The net income for the three months ended September 30, 2024, was $1.6 million, compared to $2.5 million in 2023.
| Financial Metrics | Six Months Ended September 30, 2024 | Six Months Ended September 30, 2023 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|---|---|
| Net Income (in thousands) | $2,523 | $5,315 | $1,557 | $2,472 |
| Earnings Per Share (Basic) | $0.12 | $0.25 | $0.07 | $0.12 |
| Total Comprehensive Income (in thousands) | $5,977 | $(66) | $5,261 | $(707) |
Balance Sheet Highlights
As of September 30, 2024, Riverview Bancorp had total assets amounting to $1.55 billion, an increase from $1.52 billion as of March 31, 2024. The company's total liabilities were $1.39 billion, and total shareholders' equity stood at $160.8 million.
| Balance Sheet Items | September 30, 2024 | March 31, 2024 |
|---|---|---|
| Total Assets (in thousands) | $1,548,397 | $1,521,529 |
| Total Liabilities (in thousands) | $1,387,623 | $1,365,941 |
| Total Shareholders' Equity (in thousands) | $160,774 | $155,588 |
Loan Portfolio
The total loans receivable, net of allowance for credit losses, amounted to $1.05 billion as of September 30, 2024, compared to $1.01 billion as of March 31, 2024. The increase was primarily due to growth in real estate construction loans and commercial business loans.
| Loan Categories | September 30, 2024 (in thousands) | March 31, 2024 (in thousands) |
|---|---|---|
| Commercial and Construction Loans | $947,832 | $925,907 |
| Consumer Loans | $113,145 | $98,106 |
| Total Loans (Net of ACL) | $1,045,511 | $1,008,649 |
Deposits and Funding
At September 30, 2024, total deposits were reported at $1.24 billion, a slight increase from $1.23 billion at March 31, 2024. The bank's strategy focuses on retaining core deposits amidst competitive pressures in the market.
| Deposit Categories | September 30, 2024 (in thousands) | March 31, 2024 (in thousands) |
|---|---|---|
| Total Deposits | $1,237,499 | $1,231,679 |
| Core Branch Deposits (% of Total Deposits) | 98.4% | 98.0% |
Interest Income and Expenses
Riverview Bancorp reported total interest and dividend income of $29.3 million for the six months ended September 30, 2024, an increase from $28.0 million in the prior year. The company faced a total interest expense of $11.6 million during the same period.
| Income and Expense Metrics | Six Months Ended September 30, 2024 (in thousands) | Six Months Ended September 30, 2023 (in thousands) |
|---|---|---|
| Total Interest and Dividend Income | $29,341 | $27,992 |
| Total Interest Expense | $11,578 | $7,782 |
| Net Interest Income | $17,763 | $20,210 |
Credit Quality and Provisions
The company recorded a provision for credit losses of $100,000 for the six months ended September 30, 2024, reflecting an increase in the loan portfolio. Nonperforming loans were $450,000 at the end of September 2024, compared to $178,000 at March 31, 2024.
| Credit Metrics | September 30, 2024 | March 31, 2024 |
|---|---|---|
| Provision for Credit Losses (in thousands) | $100 | $0 |
| Nonperforming Loans (in thousands) | $450 | $178 |
| Ratio of ACL for Loans to Nonperforming Loans (%) | 3436.89% | 8631.46% |
Stock Performance
As of November 8, 2024, the company had 21,068,603 shares of common stock outstanding. The Board of Directors announced a new stock repurchase program authorizing the repurchase of up to $2.0 million of the company's outstanding shares, effective October 30, 2024.
| Stock Metrics | As of November 8, 2024 |
|---|---|
| Shares Outstanding | 21,068,603 | Repurchase Program Amount (in millions) | $2.0 |
How Riverview Bancorp, Inc. (RVSB) Makes Money
Overview of Revenue Streams
Riverview Bancorp, Inc. (RVSB) generates its revenue primarily through two main sources: net interest income and non-interest income.
Net Interest Income
Net interest income is the difference between the interest earned on loans and investment securities and the interest paid on deposits and borrowings. For the six months ended September 30, 2024, net interest income amounted to $17.8 million, representing a decrease of $2.4 million from the prior year.
Interest and dividend income for the six months ended September 30, 2024, totaled $29.3 million, up from $28.0 million in the same period of 2023. This increase was driven by an uptick in interest income on loans receivable, which rose by $2.1 million year-over-year.
| Category | 2024 (6 months) | 2023 (6 months) |
|---|---|---|
| Interest and Dividend Income | $29.3 million | $28.0 million |
| Net Interest Income | $17.8 million | $20.2 million |
| Average Yield on Loans | 4.75% | 4.51% |
| Average Balance of Net Loans | $1.04 billion | $1.00 billion |
Loan Portfolio Composition
As of September 30, 2024, Riverview Bancorp's loans receivable, net, totaled $1.05 billion, an increase from $1.01 billion at March 31, 2024. The composition of loans includes:
| Loan Type | Amount (in thousands) |
|---|---|
| Commercial Business Loans | $236,895 |
| Commercial Real Estate Loans | $573,455 |
| Real Estate Construction Loans | $51,498 |
| Consumer Loans | $113,145 |
Non-Interest Income
Non-interest income for the six months ended September 30, 2024, was $7.2 million, up from $6.7 million in the previous year. The increase is attributed to:
- Legal expense recovery related to prior litigation: $500,000
- Asset management fees: $2.99 million
- Other income sources, including BOLI income: $490,000
| Non-Interest Income Sources | 2024 (6 months) | 2023 (6 months) |
|---|---|---|
| Fees and Service Charges | $3.064 million | $3.338 million |
| Asset Management Fees | $2.991 million | $2.654 million |
| Other Income | $663,000 | $242,000 |
Interest Expense
Interest expense for the six months ended September 30, 2024, totaled $11.6 million, compared to $7.8 million in the same period last year. The rise in interest expense is primarily due to increased interest on deposits, which reached $7.3 million, up from $3.2 million.
Operational Efficiency
Non-interest expenses for the six months ended September 30, 2024, totaled $21.7 million, an increase of $1.6 million from the previous year. Key components of this increase include:
- Salaries and employee benefits increased by $977,000.
- Occupancy and depreciation expenses rose by $584,000.
- Professional fees increased by $186,000.
Financial Position
As of September 30, 2024, Riverview Bancorp reported total assets of $1.55 billion, with total liabilities of $1.39 billion. Shareholders' equity stood at $160.8 million, an increase from $155.6 million at March 31, 2024.
| Financial Metrics | Amount |
|---|---|
| Total Assets | $1.55 billion |
| Total Liabilities | $1.39 billion |
| Shareholders' Equity | $160.8 million |
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Resources:
- Riverview Bancorp, Inc. (RVSB) Financial Statements – Access the full quarterly financial statements for Q2 2025 to get an in-depth view of Riverview Bancorp, Inc. (RVSB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Riverview Bancorp, Inc. (RVSB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.