VANCOUVER, Wash., March 15, 2006 (PRIMEZONE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) today announced its Board of Directors declared its quarterly cash dividend of $0.17 per share, to be paid April 17, 2006, to shareholders of record on March 31, 2006.
"We continue to build the Riverview franchise through excellent service, product offerings, de novo branches and strategic acquisitions. Our bank has experienced significant growth and prosperity. Our shareholders, customers and employees have made this occur, and the result is increased franchise value for Riverview. The dividend is one way to share this increased franchise value," said Pat Sheaffer, Chairman and CEO. "This is our 34th consecutive quarterly cash dividend and represents a 2.6% yield based on the recent price."
In January, Riverview Bancorp reported record net income of $2.7 million, or $0.48 per diluted share, for the third fiscal quarter of 2006. Assets grew 36% to $739 million, total deposits increased 38% to $592 million and loans grew 50% to $600 million from year ago levels.
The company plans to report fiscal year-end results and host a conference call in early May. Complete conference call details will be made available in early April.
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington - just north of Portland, Oregon on the I-5 corridor. With assets of $739 million, it is the parent company of the 82 year-old Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset Management Corp. There are 17 branches, including ten in fast growing Clark County, three in the Portland metropolitan area and one lending center. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers.
Statements concerning future performance, developments or events, concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements, which are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated objectives. These factors include but are not limited to: RVSB's ability to acquire shares according to internal repurchase guidelines, regional economic conditions and the company's ability to efficiently manage expenses. Additional factors that could cause actual results to differ materially are disclosed in Riverview Bancorp's recent filings with the SEC, including but not limited to Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.