<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=192888919167017&amp;ev=PageView&amp;noscript=1">
Saturday, December 2, 2023
Dec. 2, 2023

Linkedin Pinterest

Riverview Bank reports falling quarterly profits

By , Columbian staff writer

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.

Support local journalism

Your tax-deductible donation to The Columbian’s Community Funded Journalism program will contribute to better local reporting on key issues, including homelessness, housing, transportation and the environment. Reporters will focus on narrative, investigative and data-driven storytelling.

Local journalism needs your help. It’s an essential part of a healthy community and a healthy democracy.

Community Funded Journalism logo