Riverview Bancorp releases first quarter earnings

Riverview Bancorp recently announced earnings for the first fiscal quarter ended June 30, 2019. For the first quarter, net income was $4.2 million, or $0.18 per diluted share, which was in line with the operating results reported for the preceding quarter. Net income was $4.4 million, or $0.20 per diluted share, in the first fiscal quarter a year ago.

First quarter highlights include:

  • Net income of $4.2 million, or $0.18 per diluted share.
  • Net interest margin (NIM) was 4.32% for the quarter.
  • Return on average assets of 1.46% for the first quarter.
  • Return on average equity of 12.34% for the first quarter.
  • Total loans were $888.0 million at June 30, 2019, a 7.4% increase over $826.6 million a year ago.
  • Cost of deposits remained low at 0.15% for the quarter compared to 0.10% for the preceding quarter.
  • Non-performing assets were 0.13% of total assets.
  • Total risk-based capital ratio was 17.18% and Tier 1 leverage ratio was 11.94%.
  • Increased quarterly cash dividend by 12.5% to $0.045 per share, generating a current dividend yield of 2.16% based on the share price at close of market on July 12, 2019.

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Joanna Yorke is the managing editor of the Vancouver Business Journal. She has worked in the journalism field since 2010 after graduating from the Edward R. Murrow College of Communication at Washington State University in Pullman. Yorke worked at The Reflector Newspaper in Battle Ground for six years and then worked at and helped start ClarkCountyToday.com.