<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=192888919167017&amp;ev=PageView&amp;noscript=1">
Tuesday, November 28, 2023
Nov. 28, 2023

Linkedin Pinterest

Riverview Bancorp says quarterly earnings fell

By , Columbian staff writer

Vancouver’s Riverview Bancorp reported $3 million in earnings in its latest quarterly statement. That’s a decline from $5.2 million in earnings reported the previous quarter.

The fourth quarter, however, did include $750,000 set aside for possible loan losses, which the previous quarter did not. The bank reported it has $15.3 million set aside for such losses, 1.52 percent of all loans.

Riverview reported $18.1 million in net income in its 2023 fiscal year, down from $21.8 million the year before.

The bank’s uninsured deposit rate was 18 percent on March 31. The report showed deposits decreased to $1.27 billion compared with $1.37 billion the previous quarter.

In the earnings statement, bank President and CEO Kevin Lycklama said that rising interest rates combined with a slowing economic outlook impacted operations. The bank’s capital level and excess liquidity positions remain strong, he said.

“Together with revenue generation and stable credit quality, we have a solid foundation upon which to continue to grow in fiscal 2024,” said Lycklama.

The bank’s stock price closed Thursday at $4.52 per share, down from $4.65 per share on Wednesday. The bank trades as RVSB on the Nasdaq.

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