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.