Riverview Bancorp Q1 FY2023 net income $4.7M; NIM expands to 3.11%

RIVERVIEW BANCORP INC

2023-Q1 EPS reported $0.21

Net income of $4.7M ($0.21 diluted EPS) vs $4.1M ($0.19) prior quarter and $5.8M ($0.26) year ago.
Net interest margin expanded to 3.11% from 2.98% prior quarter; cost of deposits fell to 0.07%.
Total loans increased $22.1M to $1.01B, driven by $26.8M purchase of 1-4 family loans; loan pipeline $66.8M.
No provision for loan losses; non-performing loans (ex-govt guarantee) $262k, or 0.02% of assets.
Deposits $1.50B, up 5.8% YoY; checking accounts 52% of deposits; quarterly cash dividend $0.06/share.

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