Riverview Bancorp(RVSB) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for the third fiscal quarter of 2025 was $1.2 million, or $0.06 per diluted share, down from $1.6 million, or $0.07 per diluted share in the previous quarter[1] - For the three months ended December 31, 2024, net income (GAAP) was $1,232,000, down from $1,557,000 in the previous quarter[29] - Net income for the three months ended December 31, 2024, was $1,232 thousand, a decrease of 20.8% from $1,557 thousand in the prior quarter[37] - Basic earnings per share for Q3 2025 was $0.06, compared to $0.07 in Q2 2024 and $0.32 in Q3 2023[41] Income and Revenue - Net interest income increased to $9.4 million for the quarter, compared to $8.9 million in the preceding quarter and $9.3 million in the same quarter a year ago[4] - Non-interest income was $3.3 million during the third fiscal quarter, compared to $3.8 million in the preceding quarter[9] - Total non-interest income for the nine months ended December 31, 2024, increased to $10,549 thousand, compared to $9,748 thousand for the same period in 2023, reflecting a growth of 8.2%[37] Loans and Credit Quality - Total loans decreased to $1.05 billion at December 31, 2024, down from $1.06 billion at September 30, 2024, but up from $1.02 billion a year earlier[13] - Non-performing loans (GAAP) increased to $469,000 as of December 31, 2024, from $450,000 in the previous quarter[31] - Non-performing loans increased to $469,000 as of December 31, 2024, compared to $186,000 a year earlier, representing a rise of 152.7%[38] - The allowance for credit losses was $15.4 million, representing 1.47% of total loans at December 31, 2024[22] - The allowance for credit losses to loans receivable (GAAP) was 1.47% as of December 31, 2024, slightly up from 1.46% in the previous quarter[32] Assets and Liabilities - Riverview's total assets were $1.51 billion as of December 31, 2024, down from $1.55 billion in the previous quarter[33] - Total assets decreased to $1,508,609 thousand as of December 31, 2024, down from $1,548,397 thousand at September 30, 2024, representing a decline of 2.57%[36] - Total liabilities decreased to $1,350,339 thousand as of December 31, 2024, down from $1,387,623 thousand at September 30, 2024, a reduction of 2.67%[36] Deposits - Total deposits were $1.22 billion at December 31, 2024, a decrease of $18.5 million from the previous quarter, but unchanged from a year ago[16] - Total deposits decreased to $1,219,002 as of December 31, 2024, down from $1,237,499 at September 30, 2024, a decline of 1.8%[39] Efficiency and Ratios - The efficiency ratio was 87.6% for the third fiscal quarter, compared to 83.7% for the previous quarter[12] - Efficiency ratio for Q3 2025 was 87.63%, up from 83.71% in Q2 2024 and 77.94% in Q3 2023[41] - Return on average assets decreased to 0.32% in Q3 2025 from 0.40% in Q2 2024 and 0.57% in Q3 2023[41] - The Tier 1 capital ratio to risk-weighted assets was 15.21% as of December 31, 2024, up from 14.88% at September 30, 2024[38] Dividends and Shareholder Equity - Riverview paid a quarterly cash dividend of $0.02 per share on January 14, 2025[18] - Total shareholders' equity decreased to $158,270 thousand as of December 31, 2024, from $160,774 thousand at September 30, 2024, a decline of 1.56%[36] - Book value per share remained stable at $7.49 in Q3 2025, consistent with Q2 2024 and Q3 2023[41] - Cash dividends declared per share were $0.0200 in Q3 2025, unchanged from Q2 2024 and Q3 2023[41] Stock and Market Performance - The company adopted a stock repurchase program allowing for the repurchase of up to $2.0 million in common stock, with 200,073 shares repurchased at an average price of $5.43 during Q3[26] - Market price per share closed at $5.74 at the end of Q3 2025, up from $4.71 in Q2 2024 and $6.40 in Q3 2023[41] - Average number of shares outstanding for basic shares was 21,037,246 in Q3 2025, slightly down from 21,097,580 in Q2 2024[41]