Vancouver-based Riverview Bancorp earnings decline in third quarter

Vancouver-based Riverview Bancorp reported its earnings were down in its third quarter of 2024, which ended Dec. 31, 2023.

The bank reported bringing in $1.5 million in net income, or 7 cents per diluted share, in its third quarter, compared to $2.5 million, or 12 cents per diluted share, in the quarter prior.

The company has taken a hit over the past year, reporting its income has dropped from $15.1 million, or 69 cents per diluted share, in the first nine months of its 2023 fiscal year to $6.8 million, or 32 cents per diluted share in the first nine months of this current fiscal year.

Acting CEO Dan Cox said the bank continues to be impacted by the challenging interest rate environment.

Total loans remained unchanged from December of 2022, at $1.02 billion. And the bank reported its total deposits for the third quarter to be $1.22 billion, down from $1.24 billion the quarter before and $1.37 billion in the third quarter of 2023.

Riverview Bancorp trades on the Nasdaq as RVSB. Its stock closed Tuesday at $4.74 per share, down from its Friday closing price of $4.87 per share.