Riverview Bancorp(US:RVSB)2026-02-13 18:10Financial Performance - For the three months ended December 31, 2025, net interest income increased to $10,545,000, up 12.3% from $9,388,000 in the same period of 2024[12]. - Total interest and dividend income for the nine months ended December 31, 2025, was $46,715,000, representing a 5.0% increase from $44,468,000 in 2024[12]. - Non-interest income for the three months ended December 31, 2025, rose to $3,504,000, a 4.9% increase compared to $3,341,000 in 2024[12]. - Net income for the three months ended December 31, 2025, was $1,377,000, an increase of 11.8% from $1,232,000 in 2024[12]. - Total comprehensive income for the three months ended December 31, 2025, was $2,145,000, compared to a loss of $1,249,000 in 2024[13]. - Net income for the nine months ended December 31, 2025, was $3,701,000, a slight decrease from $3,755,000 in the same period of 2024[16]. - Basic earnings per share for the three months ended December 31, 2025, was $0.07, compared to $0.06 in the same period of 2024[12]. - Basic earnings per share (EPS) for the nine months ended December 31, 2025, remained stable at $0.18, unchanged from the previous year[32]. Expenses and Losses - Total non-interest expense increased to $12,209,000 for the three months ended December 31, 2025, up from $11,154,000 in 2024, reflecting a 9.4% rise[12]. - The provision for credit losses remained stable at $100,000 for both the three and nine months ended December 31, 2025[12]. - Stock-based compensation expense for the nine months ended December 31, 2025, was $473,000, up from $316,000 in the same period of 2024[27]. - The total current year-to-date gross write-offs for loans was $249 million in 2025, compared to $123 million in 2024, indicating an increase of 102.4%[64]. Assets and Investments - Cash and cash equivalents at the end of the period were $28,641,000, compared to $25,348,000 at the end of December 2024[16]. - The balance of common stock as of December 31, 2025, was $205,000, with total shareholders' equity at $164,217,000[15]. - As of December 31, 2025, the total available for sale investment securities had a fair value of $118.506 million, with an amortized cost of $131.670 million, resulting in unrealized losses of $13.189 million[33]. - The total held to maturity investment securities had a fair value of $161.112 million, with an amortized cost of $183.079 million, leading to unrealized losses of $21.967 million[33]. - The fair value of investment securities available for sale as of December 31, 2025, was $118.5 million, slightly down from $119.4 million as of March 31, 2025[88]. Loans and Credit Quality - As of December 31, 2025, the total loans receivable amounted to $1,085,166,000, an increase from $1,062,460,000 as of March 31, 2025, reflecting a growth of approximately 2.15%[46]. - The allowance for credit losses (ACL) for loans was $15,281,000 at December 31, 2025, slightly down from $15,374,000 at March 31, 2025[46]. - The company considers its loan portfolio to have very little exposure to sub-prime mortgage loans, with no loans exceeding regulatory limits to any one borrower[48][49]. - The company had no loans modified related to borrowers experiencing financial difficulty during the nine months ended December 31, 2025[51]. - Non-accrual loans totaled $4,669,000 as of December 31, 2025, with $3,565,000 classified as past due[71]. Cash Flow and Financing Activities - Total cash provided by operating activities increased to $15,552,000 for the nine months ended December 31, 2025, from $8,409,000 in 2024[16]. - The company experienced a net cash used in financing activities of $18,344,000, a decrease from $20,303,000 in the previous year[16]. - Proceeds from borrowings increased to $583,400,000, compared to $472,700,000 in the previous year, indicating a growth of 23.4%[16]. - The company had additional borrowing capacity of $227.2 million from the FHLB as of December 31, 2025, based on collateral values[78]. Lease Obligations - As of December 31, 2025, the finance lease ROU asset was $1,067,000, and the finance lease liability was $2,041,000, with a remaining lease term of 13.92 years[121]. - The operating lease ROU asset was $3,900,000, and the operating lease liability was $4,101,000, with a weighted-average remaining lease term of 4.06 years[121]. - Total lease costs for the three months ended December 31, 2025, amounted to $346,000, compared to $340,000 for the same period in 2024, reflecting a slight increase[121]. - For the nine months ended December 31, 2025, total lease costs were $1,035,000, down from $1,127,000 in the prior year, indicating a decrease of approximately 8.2%[121]. Regulatory and Compliance - The company performed a goodwill impairment assessment as of October 31, 2025, and determined that no impairment exists, indicating that the fair value of the Bank exceeds its carrying value[75][76]. - The company had no material unsatisfied performance obligations as of December 31, 2025, indicating strong operational efficiency[111]. - The company expects the adoption of ASU 2024-03 to only impact its disclosure requirements without a material effect on business operations[96].