Riverview Bancorp Reports Net Income of $1.2 Million in Third Fiscal Quarter 2025; Results Highlighted by Net Interest Margin Expansion

Core Points - Riverview Bancorp reported earnings of $1.2 million, or $0.06 per diluted share, for the third fiscal quarter ended December 31, 2024, a decrease from $1.6 million, or $0.07 per diluted share, in the previous quarter and $1.5 million, or $0.07 per diluted share, in the same quarter last year [1][2] - For the first nine months of fiscal 2025, net income was $3.8 million, or $0.18 per diluted share, compared to $6.8 million, or $0.32 per diluted share, in the same period of fiscal 2024 [2] Income Statement Review - Net interest income for the current quarter was $9.4 million, up from $8.9 million in the preceding quarter and $9.3 million in the same quarter last year [5][8] - The net interest margin (NIM) improved to 2.60% for the third quarter, a 14 basis point increase from the previous quarter and an 11 basis point increase from the same quarter last year [6][8] - Non-interest income was $3.3 million during the third fiscal quarter, down from $3.8 million in the preceding quarter but up from $3.1 million in the same quarter last year [11] Balance Sheet Review - Total loans decreased by $15.9 million to $1.05 billion at December 31, 2024, compared to $1.06 billion three months earlier, but increased by $26.9 million compared to a year earlier [15] - Total deposits decreased by $18.5 million to $1.22 billion at December 31, 2024, compared to $1.24 billion at September 30, 2024, and remained unchanged compared to a year ago [18] - Shareholders' equity was $158.3 million at December 31, 2024, down from $160.8 million three months earlier but nearly unchanged from $158.5 million a year earlier [20] Credit Quality - Non-performing loans totaled $168,000, or 0.02% of total loans, as of December 31, 2024, compared to $149,000, or 0.01% of total loans at September 30, 2024 [21] - Riverview recorded $114,000 in net loan charge-offs for the current quarter, compared to $2,000 in net loan recoveries for the preceding quarter [22] Capital/Liquidity - Riverview maintained a total risk-based capital ratio of 16.47% and a Tier 1 leverage ratio of 10.86% at December 31, 2024, well above regulatory requirements [25][26] - The company had approximately $450.1 million in available liquidity at December 31, 2024, including $164.4 million of borrowing capacity from the FHLB [26][27] Stock Repurchase Program - The Board of Directors adopted a stock repurchase program allowing the company to repurchase up to $2.0 million of its outstanding shares, with 200,073 shares repurchased at an average price of $5.43 during the third quarter [28]