Riverview Bancorp Q2 net income rises
Overview
U.S. community bank's fiscal Q2 net income rose yr/yr
Net interest income and margin improved from prior year
Company completed $4.0 mln buyback and authorized new $4.0 mln repurchase program
Outlook
Company expects continued progress toward normalized profitability metrics in second half of fiscal year
Company expects reinvestment of proceeds to increase net interest income going forward
Company says it is monitoring investment security purchase opportunities amid current rate environment
Result Drivers
HIGHER LOAN YIELDS - Co said net interest income growth was driven by higher yields from new loan originations and loan repricing
BALANCE SHEET OPTIMIZATION - Co attributed earnings improvement to strategic balance sheet changes
EXPENSE DISCIPLINE - Co said flat non-interest expenses reflected ongoing cost management
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income | $2 mln |
Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the banks peer group is "hold."
Wall Street's median 12-month price target for Riverview Bancorp Inc is $7.00, about 15.3% above its October 26 closing price of $6.07
The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 16 three months ago
Reuters Recommended Reads
Oct 26 - Northwest Bancshares Q3 adjusted EPS beats estimates on C&I loan growth
Oct 26 - Business First Bancshares Q3 net income rises on loan and deposit growth
Oct 26 - German American Bancorp Q3 net income rises on higher yields and margin expansion
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)