Riverview Bancorp shareholders approved all three proposals at the company's 29th annual meeting, including the election of four directors, an advisory vote on executive compensation, and the adoption of the 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. The meeting had a quorum, with more than a majority of the company's 20.16 million outstanding shares represented. Chief Financial Officer David Lam detailed a strategic balance sheet optimization during the March 2026 quarter, which involved selling $149.3 million of lower-yielding investment securities with an average yield of 1.62%, resulting in an estimated pretax loss of $11.4 million. The company redeployed about $50 million into higher-yielding bonds averaging approximately 5%, contributing to a reported net loss of $4.3 million for fiscal 2026, though non-GAAP net income would have been $4.4 million excluding the optimization impact. Riverview returned to positive net income in the quarter ended June 30, 2026, reporting $1.7 million, with net interest income up 11% year over year. Loans remained above $1 billion, deposits reached $1.26 billion, and available liquidity was nearly $800 million, equal to roughly 62% of total deposits. The board approved a new $4 million stock repurchase program the day before the meeting, and President and CEO Nicole Sherman outlined strategic priorities including digital enhancements and an AI work group.
Riverview Bancorp IncShareholders approved stock plan and buyback, and balance sheet optimization improved net interest income.
