Vancouver-based Riverview Bancorp Inc. reported $2.8 million in net income in its latest earnings report. The report, which was released July 27, covered the company’s first fiscal quarter of 2024. The latest income number was down from $3 million in the previous quarter and $4.7 million in the first fiscal quarter a year ago.
In the company’s statement, Riverview President and CEO Kevin Lycklama said continued rising interest rates, a slowing economic outlook and inflationary pressures has impacted the bank’s profitability nationally.
The bank reported $10.4 million in net interest income, compared with $12.7 million in the first quarter of 2023. As of June 30, it had an uninsured deposit ratio of 15.9 percent.
Riverview trades on the Nasdaq as RVSB. Its stock closed Friday at $5.68 per share, the same price at which it closed Thursday.