Riverview Bancorp Inc. (NASDAQ:RVSB), a federally chartered savings institution, announced the results of its recent annual meeting held on August 28, 2024. Shareholders voted in favor of reelecting two directors and approving the executive compensation.
At the meeting, a quorum was present with over 15.66 million shares represented. Stacey A. Graham and B. Nicole Sherman were elected to the board of directors with 93.39% and 97.30% of the votes cast, respectively. Both Graham and Sherman will serve a three-year term expiring at the annual meeting in 2027.
Additionally, the non-binding advisory vote on executive compensation passed with 87.1% approval, indicating shareholder support for the company's executive pay practices.
The board's current members, including Gerald L. Nies, Patricia W. Eby, Bradley J. Carlson, Bess R. Wills, Larry A. Hoff, and Valerie Moreno, continue their terms without change.
In other recent news, Riverview Bancorp has made significant changes in its leadership and governance structure. The company announced the appointment of Nicole Sherman as its new President and Chief Executive Officer, effective July 1, 2024.
Sherman, who has over 25 years of experience in the community banking sector, has played a significant role in 10 successful mergers and acquisitions throughout her career. She will succeed Dan Cox, who will now resume his full-time role as EVP, Chief Operating Officer.
In addition to these leadership changes, Riverview Bancorp has also expanded its board from seven to eight members. This decision, which was made on June 26, 2024, is seen as a step towards bringing in additional expertise and oversight as the company continues to grow.
InvestingPro Insights
In light of Riverview Bancorp Inc.'s recent annual meeting and its commitment to corporate governance, a look at the company's financial metrics and market performance provides additional context for shareholders and potential investors. According to InvestingPro data, Riverview Bancorp has a market capitalization of approximately $96 million and is trading at a high earnings multiple with a P/E ratio around 50, indicating that investors are expecting higher future earnings. Despite a decrease in revenue growth over the last twelve months, with a -23.04% change, the company has managed to maintain its profitability during this period.
From an investment standpoint, Riverview Bancorp has demonstrated a commitment to returning value to shareholders, having raised its dividend for 9 consecutive years and maintained dividend payments for 10 consecutive years. While this aligns with the shareholder-friendly practices highlighted in the recent annual meeting, it's also important to note that the company suffers from weak gross profit margins, which could be a point of concern for investors evaluating the company's financial health.
For those considering Riverview Bancorp as an investment, there are additional InvestingPro Tips available, which could provide further insights into the company's performance and potential. Currently, there are more tips listed on InvestingPro, which can be found at: https://www.investing.com/pro/RVSB. These tips could help investors make more informed decisions by taking into account the company's comprehensive financial analysis and market valuation.
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