Riverview Bancorp, Inc. reported its financial results for the three and six months ended September 30, 2024, showing a decline in net income compared to the same periods in the previous year. For the three months ended September 30, 2024, net income was $1.6 million, or $0.07 per diluted share, down from $2.5 million, or $0.12 per diluted share, in 2023. For the six months, net income decreased to $2.5 million from $5.3 million in the prior year. The decrease in net income is attributed to increased interest expenses and higher non-interest expenses, which rose by $612,000 and $1.6 million for the three and six months, respectively.

Total interest income for the three months ended September 30, 2024, increased to $14.9 million from $14.0 million in 2023, driven by a higher average yield on loans, which rose to 4.80% from 4.51%. However, net interest income fell to $8.9 million from $9.9 million, reflecting a decrease in net interest margin to 2.46% from 2.63%. Interest expense also increased significantly, totaling $6.0 million for the three months, compared to $4.2 million in the prior year, primarily due to higher rates on deposits.

Non-interest income showed improvement, rising to $3.8 million for the three months ended September 30, 2024, compared to $3.4 million in 2023. This increase was largely due to a $500,000 recovery from settled litigation and higher asset management fees. Total non-interest expenses increased to $10.7 million, influenced by higher salaries and benefits, as well as occupancy and depreciation costs related to modernization efforts.

The company’s loan portfolio continued to grow, with net loans receivable reaching $1.05 billion at September 30, 2024, up from $1.01 billion at March 31, 2024. The increase was driven by growth in real estate construction loans and other installment loans, although commercial real estate loans saw a decline. Deposits also increased by $5.8 million to $1.24 billion, with core branch deposits accounting for 98.4% of total deposits.

Riverview Bancorp announced a new stock repurchase program, authorizing the purchase of up to $2.0 million of its outstanding shares, effective October 30, 2024. The company continues to focus on enhancing its earnings and managing interest rate risk while maintaining strong asset quality. As of September 30, 2024, the company reported total assets of $1.53 billion, a decrease from $1.58 billion a year earlier.