Riverview Bancorp(RVSB)2024-11-08 20:58Financial Performance - For the three months ended September 30, 2024, net income was $1,557,000, a decrease of 37.0% compared to $2,472,000 for the same period in 2023[10]. - Basic earnings per share for the three months ended September 30, 2024, was $0.07, down from $0.12 in 2023[8]. - Total comprehensive income for the three months ended September 30, 2024, was $5,261,000, compared to a loss of $707,000 in 2023[10]. - For the six months ended September 30, 2024, net income was $2,523, down from $5,315 in the same period of 2023[15]. - The Company reported net income for the three months ended September 30, 2024, was $1.6 million, or $0.07 per diluted share, a decrease from $2.5 million, or $0.12 per diluted share, for the same period in the prior year[185]. Income and Expenses - Total interest and dividend income for the six months ended September 30, 2024, was $29,341,000, an increase of 8.1% from $27,992,000 in 2023[8]. - Net interest income after provision for credit losses for the three months ended September 30, 2024, was $8,842,000, down 10.3% from $9,851,000 in 2023[8]. - Non-interest income for the six months ended September 30, 2024, totaled $7,208,000, an increase of 7.7% compared to $6,692,000 in 2023[8]. - Total non-interest expense for the three months ended September 30, 2024, was $10,701,000, an increase of 6.1% from $10,089,000 in 2023[8]. - Interest expense totaled $6.0 million for the three months ended September 30, 2024, an increase of $1.8 million from $4.2 million for the same period in the prior year[192]. Credit Losses and Provisions - The provision for credit losses for the three months ended September 30, 2024, was $100,000, compared to no provision in the same period of 2023[8]. - The allowance for credit losses (ACL) for loans was $15.466 million as of September 30, 2024, slightly up from $15.364 million at March 31, 2024[49]. - The Company recorded a provision for credit losses of $100,000 for the six months ended September 30, 2024, compared to none for the same period in the prior fiscal year[171]. - Nonperforming loans increased to $450,000 at September 30, 2024, from $178,000 at March 31, 2024[203]. Loans and Deposits - As of September 30, 2024, the Company had total loans of $1,060.977 million, an increase from $1,024.013 million as of March 31, 2024, representing a growth of approximately 3.6%[49]. - The net increase in deposits for the six months ended September 30, 2024, was $5,820, contrasting with a decrease of $(25,451) in the same period of 2023[15]. - Total loans receivable increased to $1,060,977 million, up from $1,060,977 million in the previous year[66]. - Total deposits increased by $5.8 million to $1.24 billion at September 30, 2024, compared to $1.23 billion at March 31, 2024, with core branch deposits accounting for 98.4% of total deposits[148]. Investment Securities - The amortized cost of investment securities as of September 30, 2024, was $371,620, with an estimated fair value of $328,822[35]. - The fair value of investment securities held to maturity was estimated at $195,869 as of September 30, 2024, down from $229,510 on March 31, 2024[97]. - The Company’s investment securities available for sale had an estimated fair value of $2.2 million as of September 30, 2024, down from $2.4 million at March 31, 2024[47]. Shareholder Equity and Stock Repurchase - Cash dividends on common stock for the three months ended September 30, 2024, were $0.02 per share, totaling $421, compared to $0.06 per share totaling $1,267 in 2023[13]. - The Company repurchased a total of 394,334 shares at an average cost of $6.34 per share for a total cost of $2.5 million under the November 2022 repurchase program[32]. - The Company authorized a new stock repurchase program to repurchase up to $2.0 million of its outstanding shares, effective October 30, 2024[33]. - Shareholders' equity increased by $5.2 million to $160.8 million at September 30, 2024, primarily due to net income of $2.5 million and a decrease in unrealized holding losses[151]. Liquidity and Capital - The Bank was categorized as "well capitalized" under the FDIC's regulatory framework as of September 30, 2024, exceeding all regulatory capital requirements[155]. - The Bank's total available liquidity was $820.8 million, or 53.0% of total assets, as of September 30, 2024[163]. - The Company maintains a credit facility with the FRB with an available borrowing capacity of $299.5 million, subject to sufficient collateral[162]. Asset Management and Fees - Asset management fees for the three months ended September 30, 2024, were $1,433, up from $1,273 in 2023, representing a growth of 12.6%[104]. - The company reported a decrease in loan-related fees from $261 in Q3 2023 to $87 in Q3 2024, indicating a decline of approximately 66.7%[104]. Economic Outlook and Risks - The company highlighted that a further decline in economic conditions could result in a material increase in the allowance for credit losses[202]. - The Company expects cash expenditures of approximately $339,000 for capital investment in premises and equipment during the remainder of fiscal 2025[167].