Riverview Bancorp in Vancouver, Washington, said its president and CEO has been placed on administrative leave pending an internal investigation.
The $1.6 billion-asset company disclosed in a brief regulatory filing Friday that Kevin Lycklama was under investigation. The bank did not provide any further details except to note the matter did not involve its financial condition. The leave began July 31. Lycklama was
The company has designated its chief credit officer, Dan Cox, as acting president and CEO.
Riverview on July 27 reported net income of $2.8 million, or 13 cents per share, for its fiscal first quarter ended June 30. That was down from $4.7 million, or 21 cents, a year earlier.
The bank said higher interest rates and increased funding costs hampered its bottom line in the latest quarter. Its deposit rates increased to 0.44% for the June 30 quarter, up notably from 0.19% in the preceding quarter and 0.07% a year earlier.
The company quoted Lycklama in the earnings release.
"The continued rise in interest rates, combined with a slowing economic outlook and inflationary pressures, has had an impact on bank profitability nationally, including our operations," he said. "We remain committed to building a strong franchise, and our ability to hire talent, generate loans, and digitize our products and services will only further enhance the value of our company over time.
"Our capital levels remain strong, and we are well positioned to come out stronger and more profitable on the other side of the current economic cycle," Lycklama added in the earnings release.
