VANCOUVER, Wash., June 21, 2006 (PRIMEZONE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) today announced its Board of Directors has increased the company's quarterly cash dividend 12%. The Board declared a quarterly cash dividend of $0.19 per share, to be paid July 17, 2006, to shareholders of record on June 30, 2006.
"We have succeeded in building shareholder value over the past decade, while at the same time growing profits and our franchise," said Pat Sheaffer, Chairman and CEO. "We are delighted that we can share our success with our shareholders in the form of an increased cash dividend. This is our 35th consecutive quarterly cash dividend and represents a 2.9% yield based on the recent price."
In May, Riverview Bancorp reported that net income increased 49% to $9.7 million, or $1.72 per diluted share, in fiscal 2006 compared to $6.5 million, or $1.33 per diluted share, in fiscal 2005. Assets grew 33% to $764 million, total deposits increased 33% to $607 million and loans grew 45% to $623 million from year ago levels.
The company plans to report fiscal first quarter results and host a conference call in July. Complete conference call details will be made available in early July.
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $764 million, it is the parent company of the 83 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 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.
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.