VANCOUVER, Wash., July 15, 2010 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. ("Riverview" or the "Company") (Nasdaq:RVSB), the parent company of Riverview Community Bank ("Bank"), today reported that net income increased to $1.8 million, or $0.16 per diluted share, for the first fiscal quarter ended June 30, 2010, compared to $343,000, or $0.03 per diluted share, for the first quarter a year ago. Riverview's results for the quarter were highlighted by improvements in net interest margin, deposit growth, increasing capital levels and improved credit metrics.
- Net income of $1.8 million, or $0.16 per diluted share.
- Capital levels remain strong - total risk-based capital ratio is 12.61%, significantly above the "well-capitalized" designation.
- Net interest margin improved 25 basis points to 4.79% compared to the preceding quarter.
- Non-performing assets decreased to 5.54% of total assets at June 30, 2010, compared to 5.89% of total assets at March 31, 2010, the second consecutive quarter of declining balances.
- Allowance for loan losses was 2.73% of total loans and 59.37% of non-performing loans.
- Total deposits increased $27.5 million during the quarter.
- Reduced concentration in land development and speculative construction loans by $9.0 million during the quarter. These two segments accounted for 13.4% of the total loan portfolio at June 30, 2010.