Riverview Bancorp reports Q4 net loss of $3.0M on securities sale and litigation charge

RIVERVIEW BANCORP INC

2024-FY EPS reported $0.18

Net loss of $3.0M (-$0.14 diluted EPS) in Q4, vs net income of $1.5M in prior quarter and $3.0M year ago.
Sold $46.2M in lower-yielding securities, pre-tax loss $2.7M; proceeds used to repay $43.5M FHLB advances.
Recorded $2.3M litigation expense for proposed settlement related to former client; settlement subject to court approval.
Net interest margin contracted to 2.32% from 2.49% prior quarter and 3.16% year ago; net interest income $8.6M.
Total risk-based capital ratio 16.32%; tangible book value $6.07; paid $0.06 quarterly dividend.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

RIVERVIEW BANCORP INC reported fiscal year ended March 31, 2024 results: net income net income was $3.8 million, or $0.18 per diluted share.

Period: fiscal year ended March 31, 2024
Net income: net income was $3.8 million, or $0.18 per diluted share
Result: reported results

Exact text from the filing

For fiscal 2024, net income was $3.8 million, or $0.18 per diluted share, compared to $18.1 million, or $0.83 per diluted share in fiscal 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

RIVERVIEW BANCORP INC reported the fourth fiscal quarter ended March 31, 2024 results: net income net loss of $3.0 million, or $0.14 per diluted share.

Period: the fourth fiscal quarter ended March 31, 2024
Net income: net loss of $3.0 million, or $0.14 per diluted share
Result: reported results

Exact text from the filing

Riverview Bancorp Reports Fourth Fiscal Quarter 2024 and Fiscal Year 2024 Financial Results;

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Source: SEC EDGAR

accession 0000939057-24-000093

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