Fri, Jun 14, 7:15 PM (129 days ago)
Riverview Bancorp, Inc., a Washington-based financial institution, reported total assets of $1.52 billion and total deposits of $1.23 billion for the fiscal year ended March 31, 2024. The company achieved net loans receivable of $1.01 billion, representing 66.3% of total assets, with a focus on commercial real estate and business loans. The allowance for credit losses (ACL) stood at $15.4 million, or 1.50% of total loans. The company saw a decrease in nonperforming assets to $178,000, down from $1.9 million the previous year. Riverview's net income was bolstered by controlled operating expenses and a focus on non-interest income, particularly from its Trust Company subsidiary, which managed assets worth $961.8 million. Riverview faces risks from economic downturns, interest rate fluctuations, and regulatory changes. The company is also exposed to cybersecurity threats and the challenges of maintaining effective risk management systems. Future growth may require additional capital, and the company’s ability to pay dividends depends on the performance of its banking subsidiary.