Riverview Bancorp, Inc. (RVSB) Bundle
An Overview of Riverview Bancorp, Inc. (RVSB)
General Summary of Riverview Bancorp, Inc. (RVSB)
Riverview Bancorp, Inc. (RVSB) is a financial institution headquartered in Vancouver, Washington, that operates primarily through its subsidiary, Riverview Community Bank. Founded in 1923, the bank has grown to serve communities in Washington and Oregon. As of 2024, Riverview Bancorp offers a range of financial products and services, including commercial and residential lending, deposit accounts, and wealth management services.
As of September 30, 2024, Riverview Bancorp reported total assets of approximately $1.55 billion, with loans receivable net totaling $1.05 billion. The bank's deposits stood at $1.24 billion, reflecting a strategic focus on core deposits, which comprised 98.4% of total deposits.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reports for the three months ended September 30, 2024, Riverview Bancorp reported net income of $1.56 million, or $0.07 per diluted share, a decrease from $2.47 million or $0.12 per diluted share in the same period the prior year. For the six months ended September 30, 2024, net income was $2.52 million, down from $5.32 million in 2023.
Net interest income for the three months ended September 30, 2024, was $8.94 million, a decrease from $9.85 million in the prior year. The net interest margin decreased to 2.46%, compared to 2.63% for the same period in 2023. Interest and dividend income for the same period increased to $14.94 million from $14.04 million, primarily driven by an increase in interest income on loans.
Non-interest income also saw an increase, totaling $3.8 million for the three months ended September 30, 2024, compared to $3.4 million for the same period in 2023. This was attributed to asset management fees and recoveries from legal expenses.
Introduction to Riverview Bancorp as a Leader in the Industry
Riverview Bancorp has established itself as a prominent player in the financial services industry, particularly in the Pacific Northwest. The bank's strategic focus on community-oriented banking, combined with a diversified product offering, has enabled it to maintain a competitive edge. As of September 30, 2024, the bank's capital ratios reflect a strong position, with total capital to risk-weighted assets at 16.13%, well above the regulatory minimum.
The bank's ongoing commitment to enhancing customer relationships and expanding its market presence positions it favorably for future growth. Interested readers are encouraged to explore further to understand the factors contributing to Riverview Bancorp's success as a leader in the financial services sector.
| Financial Metric | September 30, 2024 | September 30, 2023 |
|---|---|---|
| Total Assets | $1.55 billion | $1.52 billion |
| Loans Receivable, Net | $1.05 billion | $1.01 billion |
| Total Deposits | $1.24 billion | $1.23 billion |
| Net Income (Q3 2024) | $1.56 million | $2.47 million |
| Net Interest Income (Q3 2024) | $8.94 million | $9.85 million |
| Net Interest Margin | 2.46% | 2.63% |
| Non-Interest Income (Q3 2024) | $3.8 million | $3.4 million |
| Total Capital Ratio | 16.13% | N/A |
Mission Statement of Riverview Bancorp, Inc. (RVSB)
Mission Statement of Riverview Bancorp, Inc. (RVSB)
The mission statement of Riverview Bancorp, Inc. is a guiding principle that reflects the company's dedication to providing exceptional financial services to its community. It emphasizes the bank's commitment to delivering personalized banking experiences, fostering strong relationships, and contributing to the economic well-being of the regions it serves.
Core Component 1: Community Engagement
Riverview Bancorp prioritizes community engagement as a central aspect of its mission. The bank actively participates in local events and initiatives, demonstrating a commitment to enhancing the quality of life in its service areas. As of September 30, 2024, the bank reported total deposits of $1.24 billion, reflecting its strong local presence and investment in community growth.
Core Component 2: Personalized Service
The bank's mission highlights the importance of providing personalized service to its customers. Riverview Bancorp focuses on understanding the unique needs of its clients to offer tailored financial solutions. In the six months ending September 30, 2024, net income was reported at $2.5 million, indicating the effectiveness of its customer-centric approach in driving profitability and satisfaction.
Core Component 3: Innovative Financial Solutions
Innovation in financial products and services is a vital part of Riverview Bancorp's mission. The bank continually seeks to enhance its offerings to meet evolving customer demands. As of September 30, 2024, the total loans receivable net stood at $1.05 billion, showcasing the bank's strong lending capabilities. The bank’s successful adaptation to market trends is evident through its diversified loan portfolio, which includes commercial business and real estate loans, contributing to its robust financial health.
| Financial Metric | September 30, 2024 | March 31, 2024 |
|---|---|---|
| Total Deposits | $1.24 billion | $1.23 billion |
| Net Income | $2.5 million | $2.5 million |
| Total Loans Receivable | $1.05 billion | $1.01 billion |
| Nonperforming Loans | $450,000 | $178,000 |
| Shareholders' Equity | $160.8 million | $155.6 million |
Riverview Bancorp's mission statement serves as a cornerstone for its operations, guiding its strategic direction and reinforcing its commitment to community, service, and innovation. Through these core components, the bank seeks to fulfill its objectives while maintaining a strong financial position and delivering value to its stakeholders.
Vision Statement of Riverview Bancorp, Inc. (RVSB)
Vision Statement Overview
The vision statement of Riverview Bancorp, Inc. (RVSB) emphasizes its commitment to delivering exceptional banking services while fostering growth and community development. As of 2024, the vision reflects a dedication to innovation, customer satisfaction, and sustainable financial practices.
Commitment to Community
Riverview Bancorp aims to be a leader in community banking, focusing on personalized service and local engagement. The bank's initiatives include supporting local businesses and participating in community development projects. In 2024, Riverview Bancorp reported a total of $1.24 billion in deposits, reflecting its strong community ties and customer loyalty.
Innovation and Technology
Riverview Bancorp recognizes the importance of technology in enhancing customer experience. The bank is committed to investing in digital banking solutions to improve accessibility and efficiency. As of September 30, 2024, the bank's net interest income was $8.9 million for the quarter, showcasing its ability to leverage technology for financial growth.
Customer-Centric Approach
The vision statement underscores a customer-centric approach, focusing on understanding and meeting customer needs. Riverview Bancorp's net income for the six months ended September 30, 2024, was $2.5 million, indicating a positive response to its customer engagement strategies.
Sustainability and Growth
Riverview Bancorp is dedicated to sustainable practices within its operations and investments. The bank's total assets increased to $1.45 billion by September 30, 2024, reflecting its growth trajectory while maintaining a focus on responsible banking.
Financial Health and Stability
The bank's financial stability is a cornerstone of its vision. As of September 30, 2024, Riverview Bancorp reported shareholders' equity of $160.8 million, demonstrating a solid capital position and commitment to long-term sustainability.
| Financial Metrics | As of September 30, 2024 | As of March 31, 2024 |
|---|---|---|
| Total Assets | $1.45 billion | $1.42 billion |
| Total Deposits | $1.24 billion | $1.23 billion |
| Net Income (6 months) | $2.5 million | $5.3 million |
| Shareholders' Equity | $160.8 million | $155.6 million |
| Net Interest Income (quarter) | $8.9 million | $9.8 million |
Conclusion of Vision Statement Analysis
The vision statement of Riverview Bancorp, Inc. encapsulates its strategic focus on community engagement, innovation, customer service, sustainability, and financial health. These components are essential for the bank's growth and its commitment to serving its customers and stakeholders effectively in 2024 and beyond.
Core Values of Riverview Bancorp, Inc. (RVSB)
Core Value: Integrity
The core value of integrity is crucial for Riverview Bancorp, Inc. (RVSB) as it builds trust with clients and stakeholders. The company demonstrates integrity through transparent practices and adherence to regulatory standards.
As of September 30, 2024, Riverview Bancorp maintained a total capital of $176.5 million, representing a capital ratio of 16.13%, exceeding the minimum regulatory requirements. This commitment to maintaining strong capital levels reflects the company's integrity in managing financial resources responsibly.
Core Value: Customer Focus
Riverview Bancorp prioritizes customer focus, which is evident in its initiatives aimed at enhancing customer relationships and services.
- Deposits increased by $5.8 million to $1.24 billion at September 30, 2024, reflecting the company’s commitment to retaining and growing its customer base.
- Core branch deposits constituted 98.4% of total deposits, emphasizing the company’s strategy to build relationships rather than relying on wholesale deposits.
Core Value: Community Commitment
Riverview Bancorp demonstrates its commitment to the community through various initiatives aimed at supporting local development.
In the six months ending September 30, 2024, the company reported net income of $2.5 million, which supports its ability to reinvest in local projects and initiatives.
Core Value: Innovation
Innovation is a key driver for Riverview Bancorp, as the company adapts to changing market conditions and customer needs.
- For the six months ended September 30, 2024, non-interest income increased by $434,000 to $3.8 million, largely due to new client relationships and improvements in asset management services.
- The company continues to explore new technologies to enhance customer service and operational efficiency.
Core Value: Accountability
Accountability is central to Riverview Bancorp's operations, ensuring that the company meets its commitments to stakeholders.
The allowance for credit losses (ACL) for loans was recorded at $15.5 million, or 1.46% of total loans, indicating a strong provision for potential losses. This level of accountability reflects the company's proactive approach to managing risks associated with its lending practices.
| Core Value | Key Metrics | Examples of Commitment |
|---|---|---|
| Integrity | Total Capital: $176.5 million (16.13% capital ratio) | Adherence to regulatory standards |
| Customer Focus | Deposits: $1.24 billion | Core branch deposits: 98.4% of total deposits |
| Community Commitment | Net Income: $2.5 million | Support for local projects |
| Innovation | Non-interest income: $3.8 million | Improvements in asset management services |
| Accountability | ACL for loans: $15.5 million (1.46% of total loans) | Proactive risk management |
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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.