Riverview Bancorp(US:RVSB)2025-11-07 19:12Financial Performance - For the three months ended September 30, 2025, net income was $1,099,000, a decrease of 29.4% compared to $1,557,000 for the same period in 2024[13] - Net income for the six months ended September 30, 2025, was $2,324,000, compared to $2,523,000 for the same period in 2024, representing a decrease of 7.9%[17] - The company reported a basic earnings per share of $0.05 for the three months ended September 30, 2025, down from $0.07 in 2024[13] - For the six months ended September 30, 2025, the basic EPS was $0.11, compared to $0.12 for the same period in 2024, reflecting a decrease of 8.33%[32] - Comprehensive income for the three months ended September 30, 2025, was $2,556,000, compared to $5,261,000 in 2024, indicating a significant decline[14] Income and Expenses - Total interest and dividend income for the six months ended September 30, 2025, was $30,747,000, an increase of 4.8% from $29,341,000 in 2024[13] - Non-interest income for the three months ended September 30, 2025, was $3,840,000, slightly down from $3,841,000 in 2024[13] - Total non-interest expense increased to $12,226,000 for the three months ended September 30, 2025, up from $10,701,000 in 2024, reflecting a rise of 14.2%[13] - Cash dividends paid on common stock for the six months ended September 30, 2025, totaled $838,000, down from $1,688,000 in 2024, a reduction of 50.3%[17] - Stock-based compensation expense for the six months ended September 30, 2025, was $318,000, compared to $52,000 in 2024, indicating a significant increase of 513.5%[17] Shareholders' Equity - Total shareholders' equity as of September 30, 2025, was $163,537,000, an increase from $160,014,000 as of March 31, 2025[12] - Total shareholders' equity as of September 30, 2025, was $163,537,000, up from $160,774,000 as of September 30, 2024, reflecting an increase of 1.1%[16] Cash Flow - Net cash provided by operating activities increased significantly to $16,058,000 for the six months ended September 30, 2025, compared to $6,200,000 in 2024, an increase of 158.1%[17] - Cash and cash equivalents at the end of the period increased to $32,809,000 from $30,960,000, marking an increase of 6.0%[17] Loans and Credit Losses - As of September 30, 2025, total loans receivable amounted to $1,070,191,000, an increase from $1,062,460,000 as of March 31, 2025[46] - The allowance for credit losses (ACL) for loans was $15,427,000 at September 30, 2025, compared to $15,374,000 at March 31, 2025[46] - The provision for credit losses was $0 for the six months ended September 30, 2025, compared to $100,000 in 2024[13] - Non-accrual loans totaled $4,288,000 as of September 30, 2025, with $776,000 classified as non-accrual and $3,512,000 past due[71] - The company had no loans modified related to borrowers experiencing financial difficulty during the six months ended September 30, 2025[50] Investment Securities - As of September 30, 2025, the total available for sale investment securities had a fair value of $118,447, down from an amortized cost of $132,621[33] - The total held to maturity investment securities had a fair value of $169,312, with an amortized cost of $192,759 as of September 30, 2025[36] - The total available for sale securities had an estimated fair value of $116,593,000 with unrealized losses of $(14,193,000) as of September 30, 2025[38] - The total held to maturity securities had an estimated fair value of $175,392,000 with unrealized losses of $(27,687,000) as of September 30, 2025[45] Borrowings and Debentures - FHLB advances decreased to $52,300,000 as of September 30, 2025, from $76,400,000 as of March 31, 2025, with a weighted average interest rate of 4.58%[77] - The total amount outstanding for junior subordinated debentures is $27,135,000, with a fair value of $19,758,000[95] - The company recorded interest expense on debentures, with Statutory Trust I having an initial rate of 5.88% and a current rate of 5.94%[82] Risk Management - The company considers its loan portfolio to have very little exposure to sub-prime mortgage loans[47] - The company monitors credit risk using a risk rating system for all commercial loans, with ratings ranging from 1 to 9[51] - The company’s ACL for loans is based on ongoing quarterly assessments of known and inherent risks in the loan portfolio, with regulatory agencies periodically reviewing the ACL[68]