Riverview Bancorp Shareholders Back Directors, Pay Plan and 2026 Stock Purchase Plan
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Shareholders approved all three proposals at Riverview Bancorp's annual meeting, including the election of four directors, the executive compensation plan and the 2026 Stock Purchase Plan.
Riverview's balance-sheet repositioning produced a $4.3 million fiscal-year net loss after a $11.4 million pretax securities-sale loss, but the company returned to $1.7 million in quarterly net income by June 30, 2026. Net interest income rose 11% year over year as higher-yielding investments improved margins.
The bank reported loans above $1 billion, $1.26 billion in deposits and nearly $800 million in available liquidity, while launching a new $4 million stock repurchase program and focusing on profitable growth, digital banking, technology and commercial lending.
Riverview Bancorp (NASDAQ:RVSB) shareholders approved all three proposals presented at the company's 29th annual meeting, including the election of four directors, an advisory vote on executive compensation and the adoption of the company's 2026 Stock Purchase Plan.
Chairman Jerry Nies said shareholders elected Bess Wills and Larry Hoff to three-year terms, while Jon Girod and Kourosh Zamanizadeh were elected to one-year terms. Shareholders also approved, on a non-binding advisory basis, compensation for the company's named executive officers and approved the stock purchase plan. The meeting had a quorum, with more than a majority of the company's 20.16 million outstanding shares represented in person or by proxy.
Chief Financial Officer David Lam said Riverview undertook a strategic balance sheet optimization during the March 2026 quarter, selling $149.3 million of lower-yielding investment securities with an average yield of 1.62%. The transaction resulted in an estimated pretax loss of $11.4 million.
The company redeployed about $50 million into higher-yielding bonds carrying an average rate of approximately 5%, Lam said. While the securities transaction contributed to a reported net loss of $4.3 million for fiscal 2026, Riverview said non-GAAP net income, excluding the impact of the balance sheet optimization, would have been $4.4 million.
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Lam said the repositioning has supported higher net interest income and expansion in net interest margin. Riverview returned to positive net income in the quarter ended June 30, 2026, reporting $1.7 million in net income for that quarter. He added that quarterly earnings had continued to improve since March 2025.
Net interest income increased 11% year over year and nearly 24% from March 2025 through June 2026, according to Lam. He said the company remains focused on improving normalized returns on average assets and average equity.
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Riverview's loan portfolio remained above $1 billion as of June 30, 2026. The portfolio increased by nearly $104 million from March 31, 2022, through June 30, 2026, representing approximately 10% growth across major lending categories, Lam said.
The company's loan pipeline rose to $94 million in June 2026 from $53 million in March 2025. Deposits reached $1.26 billion as of June 2026 and had grown since March 2025.
Lam said Riverview had nearly $800 million in available liquidity at June 30, equal to roughly 62% of total deposits. The company reported a total capital ratio of 15.64% and said it did not require additional capital to complete its balance sheet optimization strategy.
Nonperforming assets increased from historically low levels because of certain monitored relationships, but remained below 1% of total loans, Lam said. Riverview's allowance for credit losses stood at 1.4% of total loans.
Lam said the board had approved dividends for 46 consecutive quarters and that the company had completed two stock repurchase plans. He also said the board approved a new $4 million stock repurchase program the day before the annual meeting.
President and CEO Nicole Sherman outlined Riverview's strategic priorities as becoming an employer of choice, pursuing profitable growth, improving client experience, expanding data capabilities and enhancing digital services. The company introduced its People First HR platform, defined career tracks, launched Riverview University and proposed the employee stock purchase plan approved by shareholders.
Sherman said Riverview redesigned its digital banking interface, launched a digital account-opening initiative and improved budgeting tools. The company also hired Chief Information Officer Rob Mills and formed an artificial intelligence work group focused on efficiency, fraud and risk prevention, employee support and client experience.
In commercial and business banking, Riverview expanded commercial and industrial lending, created a dedicated business banking team, enhanced treasury management digital capabilities and launched a new Riverview Trust Company website. Sherman said Riverview will continue pursuing market opportunities, primary banking relationships, wealth-management tools, treasury-management adoption, automation, cybersecurity and data-driven insights.
Riverview Bancorp, Inc (NASDAQ: RVSB) is the bank holding company for Riverview Bank, a community-oriented financial institution headquartered in Pittsburgh, Pennsylvania. Through its subsidiary, the company provides a comprehensive suite of personal and commercial banking services designed to meet the needs of individuals, small businesses and local organizations.
The company's deposit offerings include checking and savings accounts, certificates of deposit and money market accounts, all supported by online and mobile banking platforms.
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