Riverview Bancorp Q2 net income rises
RVSB•Riverview Bancorp's fiscal second-quarter net income rose year over year to $2 million. The company completed a $4 million share repurchase and authorized another $4 million program.
1. Quarterly results
Riverview Bancorp said fiscal second-quarter net income rose year over year to $2 million. Net interest income and margin improved from the prior year, driven by higher yields on new loan originations and repriced loans, balance-sheet changes and flat non-interest expenses.
2. Repurchases and outlook
The company completed a $4 million share buyback and authorized a new $4 million repurchase program. It expects continued progress toward normalized profitability metrics in the second half of the fiscal year and expects reinvestment of proceeds to increase net interest income going forward.
