Riverview Bancorp(US:RVSB)2024-07-30 16:30Financial Performance - Riverview reported earnings of $966,000, or $0.05 per diluted share, for Q1 FY2025, down from $2.8 million, or $0.13 per diluted share, in the same quarter last year[2]. - Net income for the quarter ended June 30, 2024, was $966,000, compared to a net loss of $2,968,000 for the previous quarter and a net income of $2,843,000 for the same quarter last year[18]. - Basic earnings per share (GAAP) for the quarter was $0.05, compared to a loss of $0.14 in the previous quarter and earnings of $0.13 in the same quarter last year[18]. - Basic earnings per share rose to $0.05 from a loss of $(0.14) in March 2024 and $0.13 in June 2023[28]. Income and Revenue - Net interest income was $8.8 million for the quarter, compared to $8.6 million in the previous quarter and $10.4 million a year ago, with a net interest margin of 2.47%[3][4]. - Non-interest income rose to $3.4 million, significantly up from $494,000 in the previous quarter, driven by higher fees and service charges[4]. - Total interest and dividend income rose to $14,399, up 0.8% from $14,291 in the previous quarter[23]. - Non-interest income increased significantly to $3,367, compared to only $494 in the previous quarter[23]. Loans and Deposits - Total loans increased by $21.1 million to $1.05 billion, with new loan originations rising to $23.2 million from $12.7 million in the previous quarter[6]. - Total deposits decreased to $1.22 billion, down from $1.23 billion in the previous quarter and $1.24 billion a year ago[6]. - Total loans increased to $1,045,065 thousand from $1,024,013 thousand in the previous quarter, an increase of 2.1%[26]. - Total commercial and construction loans increased to $942,166 thousand from $925,907 thousand in the previous quarter, an increase of 1.5%[26]. Asset Quality - Asset quality remained strong, with non-performing assets at $461,000, or 0.03% of total assets, and no provision for credit losses recorded[3][7]. - Non-performing loans to total loans (GAAP) ratio was 0.04% as of June 30, 2024, compared to 0.02% in the previous quarter and 0.10% a year ago[14]. - Non-performing loans increased to $461 thousand from $178 thousand in the previous quarter, representing a rise of 158.4%[24]. - Non-performing assets to total assets ratio increased to 0.03% from 0.01% in the previous quarter[24]. Capital and Ratios - Riverview maintained a total risk-based capital ratio of 16.18% and a Tier 1 leverage ratio of 10.67%[9]. - The allowance for credit losses was $15.4 million, representing 1.47% of total loans, unchanged from the previous quarter[8]. - Allowance for credit losses to loans receivable (GAAP) was 1.47% as of June 30, 2024, compared to 1.50% in the previous quarter and 1.53% a year ago[18]. - Tier 1 capital to risk-weighted assets ratio decreased to 14.93% from 15.06% in the previous quarter[24]. Efficiency and Performance Metrics - The efficiency ratio for the first fiscal quarter was 90.0%, compared to 144.9% in the previous quarter[4]. - Return on average assets increased to 0.25% from (0.76)% in March 2024 and 0.72% in June 2023[28]. - Efficiency ratio improved to 90.00% from 144.91% in March 2024 and 73.13% in June 2023[28]. - Total yield on interest-earning assets increased to 4.02% from 3.88% in March 2024 and 3.76% in June 2023[28]. Shareholder Information - The company has 21,111,043 shares outstanding as of June 30, 2024, unchanged from the previous quarter[17]. - Average number of diluted shares outstanding remained stable at 21,111,043 compared to 21,141,184 in June 2023[28]. - Cash dividends declared per share decreased to $0.0200 from $0.0600 in both March 2024 and June 2023[28]. - Market price per share closed at $3.99, down from $4.72 in March 2024 and $5.04 in June 2023[28]. Strategic Focus - The company aims to continue expanding its community banking services through its 17 branches and 3 lending centers[20]. - Riverview Bancorp is focused on maintaining high-quality service and financial products to its commercial and retail clients[20].