VANCOUVER, Wash., June 20, 2007 (PRIME NEWSWIRE) -- Riverview Bancorp (Nasdaq:RVSB) today announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share. Including the 2-for-1 stock split issued in August 2006, the cash payout to shareholders is up 16% from a year ago. The dividend will be paid on July 16, 2007, to shareholders of record June 29, 2007.
"Paying a cash dividend reflects the Board's confidence in the strength and future direction of the company and is within our policy of paying out 30-50% of earnings per share," said Pat Sheaffer, Chairman and CEO. "This is our 39th consecutive quarterly cash dividend and represents a 3.2% yield based on the recent price."
Last month, Riverview reported net income in fiscal 2007 increased 19% to $11.6 million, or $1.01 per diluted share, compared to $9.7 million, or $0.86 per diluted share in fiscal 2006. Assets grew 7% to $820 million, deposits increased 10% to $665 million and loans grew 10% to $683 million during the twelve months ending March 31, 2007.
The company plans to report first fiscal quarter 2008 results after the market closes on July 17, 2007.
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $820 million, it is the parent company of the 84 year-old Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset Management Corp. There are 18 branches, including ten in fast growing Clark County, three in the Portland metropolitan area and three lending centers. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers.