Riverview Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
January 25, 2024 at 04:04 pm EST
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Riverview Bancorp, Inc. reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported net interest income was USD 9.32 million compared to USD 13.7 million a year ago. Net income was USD 1.45 million compared to USD 5.24 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to USD 0.24 a year ago. Diluted earnings per share from continuing operations was USD 0.07 compared to USD 0.24 a year ago.
For the nine months, net interest income was USD 29.53 million compared to USD 39.79 million a year ago. Net income was USD 6.77 million compared to USD 15.09 million a year ago. Basic earnings per share from continuing operations was USD 0.32 compared to USD 0.69 a year ago. Diluted earnings per share from continuing operations was USD 0.32 compared to USD 0.69 a year ago.
Riverview Bancorp, Inc. is the bank holding company of Riverview Bank (the Bank). The Company's business is conducted through the Bank. The Bank has two subsidiaries: Riverview Trust Company (the Trust Company) and Riverview Services, Inc. (Riverview Services). The Trust Company is a trust and financial services company that provides full-service brokerage activities, trust services, and asset management services. Riverview Services acts as a trustee for deeds of trust on mortgage loans granted by the Bank. The Company operates through two segments, which consist of banking operations performed by the Bank and trust and investment services performed by the Trust Company. The Company is engaged predominantly in the business of attracting deposits from the general public and using such funds in its primary market area to originate commercial business, commercial real estate, multi-family real estate, land, real estate construction, residential real estate, and other consumer loans.