VANCOUVER, Wash., Oct. 26, 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 $1.1 million, or $0.06 per diluted share, for the second fiscal quarter ended September 30, 2010, compared to $202,000, or $0.02 per diluted share, for the second fiscal quarter a year ago. For the first six months of fiscal 2011 net income increased to $2.9 million, or $0.20 per diluted share, compared to $545,000, or $0.05 per diluted share, for the first six months of fiscal 2010.
- Net income of $1.1 million, or $0.06 per diluted share.
- Completed capital offering and raised $18.9 million in net proceeds.
- Improved capital levels - total risk-based capital ratio of 14.07%, significantly above the 10.00% minimum for "well-capitalized" designation.
- Net interest margin remains strong at 4.46%.
- Average deposit balances increased $16.8 million compared to prior quarter.
- Non-performing assets were 6.42% of total assets.
- Allowance for loan losses was 2.72% of total loans and 53.84% of non-performing loans.
- Reduced concentration in land development and speculative construction loans by $9.4 million during the quarter. These two segments accounted for 12.4% of the total loan portfolio at September 30, 2010.