VANCOUVER, Wash., Dec. 21, 2005 (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 January 16, 2006, to shareholders of record on December 31, 2005.
"A cash dividend is a tangible way for Riverview's shareholders to benefit from the company's continued growth," said Pat Sheaffer, Chairman and CEO. "This is our 33rd consecutive quarterly cash dividend and represents a 2.9% yield based on the recent price."
In October, Riverview Bancorp reported net income was $2.6 million, or $0.45 per diluted share for the second fiscal quarter of 2006, up 35% from a year earlier. Assets grew 41% to $739 million, total deposits increased 46% to $600 million and loans grew 50% to $579 million from year ago levels.
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 16 branches, including nine in fast growing Clark County, 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. On April 22, 2005, the company completed its acquisition of American Pacific Bank (Nasdaq:AMPB), based in Portland, Oregon, with assets of $125 million.
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 maintain current dividend payments or increase dividend payouts to shareholders, 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.