Riverview Bancorp(RVSB) - 2025 Q4 - Annual Results

Financial Performance - Net income for the fourth fiscal quarter 2025 was $1.1 million, or $0.05 per diluted share, compared to $1.2 million, or $0.06 per diluted share, in the previous quarter[4] - For fiscal 2025, net income increased to $4.9 million, or $0.23 per diluted share, compared to $3.8 million, or $0.18 per diluted share, for fiscal 2024[5] - Net income for the quarter was $1,148,000, with basic earnings per share of $0.05[37] - Net income for the three months ended March 31, 2025, was $1,148,000, a decrease of 6.8% from $1,232,000 in the previous quarter[45] - Basic earnings per share for the three months ended March 31, 2025, were $0.05, down from $0.06 in the previous year[49] Income and Expenses - Net interest income for the fourth quarter was $9.2 million, an increase from $8.6 million in the same quarter last year, with a net interest margin of 2.65%[10] - Total interest and dividend income for the three months ended March 31, 2025, was $14,494,000, a decrease of 4.2% from $15,127,000 for the previous quarter[45] - Net interest income after provision for credit losses for the twelve months ended March 31, 2025, was $36,244,000, down from $38,086,000 for the previous year, reflecting a decrease of 4.8%[45] - Non-interest income rose to $3.7 million in the fourth quarter, compared to $494,000 in the same quarter last year, contributing to a total of $14.3 million for fiscal 2025[16] - Non-interest income for the three months ended March 31, 2025, increased to $3,707,000, compared to $3,341,000 in the previous quarter, marking a growth of 11%[45] - Total non-interest expense for the three months ended March 31, 2025, was $11,438,000, an increase of 2.5% from $11,154,000 in the previous quarter[45] Loans and Assets - Total loans increased to $1.06 billion at March 31, 2025, up from $1.02 billion a year earlier, with new loan originations during the quarter at $49.4 million[20] - Loans receivable net of allowance for credit losses increased to $1.05 billion from $1.03 billion as of December 31, 2024, reflecting a growth of approximately 1.3%[44] - Total commercial and construction loans increased to $950,363,000 as of March 31, 2025, up from $925,907,000 a year earlier, representing a growth of 2.5%[47] - The total loans receivable, net, increased to $1,047,086,000 as of March 31, 2025, from $1,008,649,000 a year earlier, marking a growth of 3.8%[47] - As of March 31, 2025, Riverview Bancorp, Inc. has total assets of $1.51 billion, a slight increase from $1.51 billion on December 31, 2024[41] Deposits and Equity - Total deposits were $1.23 billion at March 31, 2025, unchanged from the previous year, with a $13.3 million increase during the quarter[23] - Total deposits as of March 31, 2025, increased to $1,232,328,000 from $1,219,002,000 in the previous quarter, reflecting a growth of 1.7%[46] - Shareholders' equity increased to $160.0 million at March 31, 2025, up from $158.3 million at December 31, 2024, and $155.6 million a year earlier[25] Asset Quality - Non-performing assets remained low at $155,000, or 0.01% of total assets, with no provision for credit losses recorded during the current quarter[11] - Non-performing loans totaled $155,000 or 0.01% of total loans as of March 31, 2025, down from $168,000 or 0.02% at December 31, 2024[26] - Total non-performing assets remained stable at $155,000 as of March 31, 2025, unchanged from the previous year[48] - The coverage ratio decreased to 80.37% as of March 31, 2025, from 84.17% a year earlier, reflecting a decline in the ability to cover non-performing assets[49] Capital and Liquidity - Riverview maintained a total risk-based capital ratio of 16.27% and a Tier 1 leverage ratio of 11.10% at March 31, 2025[30] - The company had approximately $471.3 million in available liquidity at March 31, 2025, including $174.0 million of borrowing capacity from the FHLB[31] - The uninsured deposit ratio was 23.4% at March 31, 2025, with available liquidity under both the FHLB and FRB borrowing lines covering 163.7% of estimated uninsured deposits[32] Operational Efficiency - The efficiency ratio for the fourth quarter was 88.7%, compared to 144.9% in the same quarter last year, indicating improved operational efficiency[18] - The efficiency ratio for the three months ended March 31, 2025, was 88.67%, compared to 90.48% for the same period in 2024, indicating improved operational efficiency[49] Recognition and Community Presence - Riverview Bancorp has maintained its position as a community bank with 17 branches, focusing on high-quality service and financial products[41] - The company has been recognized as the Best Bank by local readers for 11 consecutive years, highlighting its strong community presence[41] Risks and Forward-Looking Statements - Riverview Bancorp is subject to various risks including economic conditions, credit risks, and regulatory changes that could impact its financial performance[42] - The company does not undertake any obligation to revise forward-looking statements, emphasizing the uncertainty in future projections[43]