Riverview Bancorp Reports Fourth Fiscal Quarter 2024 and Fiscal Year 2024 Financial Results; Announces Balance Sheet Restructuring

April 25, 2024

https://www.globenewswire.com/news-release/2024/04/25/2870099/6141/en/Riverview-Bancorp-Reports-Fourth-Fiscal-Quarter-2024-and-Fiscal-Year-2024-Financial-Results-Announces-Balance-Sheet-Restructuring.html

VANCOUVER, Wash., April 25, 2024 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today announced that late in the fourth fiscal quarter of 2024 it strategically restructured a portion of its balance sheet by selling approximately $46.2 million of its investment securities portfolio and utilizing the proceeds totaling $43.5 million from the sale of these lower-yielding investment securities to repay higher-cost Federal Home Loan Bank of Des Moines (“FHLB”) advances. The total pre-tax loss of this transaction was $2.7 million, with a tax benefit of $655,000, resulting in an after-tax impact of $2.1 million, or $0.10 per diluted share impact to diluted earnings per share.

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