This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Riverview Bancorp Reports Net Income Of $579,000 In The Third Fiscal Quarter, Highlighted By Net Interest Margin Expansion And Credit Quality Improvements

VANCOUVER, Wash., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. ("Riverview" or the "Company") (Nasdaq:RVSB), the parent company of Riverview Community Bank ("Bank"), today reported its net income increased to $579,000, or $0.03 per diluted share, for the third fiscal quarter ended December 31, 2010, compared to a net loss of $1.3 million, or $0.12 per diluted share, for the third fiscal quarter a year ago. For the first nine months of fiscal 2011, Riverview earned $3.5 million, or $0.20 per diluted share, compared to a net loss of $741,000, or $0.07 per diluted share, for the first nine months of fiscal 2010.

"We posted our third consecutive profitable quarter, with net interest margin expansion and credit quality improvements," said Pat Sheaffer, Chairman and CEO. "We have reduced both our non-performing loan and non-performing asset balances while significantly increasing our reserve levels to 103.5% of non-performing loans. Although credit costs remained elevated, we have seen a significant slowdown in new problem loans and we believe that the worst of this credit cycle is behind us."

Third Quarter Fiscal 2011 Highlights (at or for the period ended December 31, 2010)

  • Net income of $579,000, or $0.03 per diluted share.
  • Net interest margin improved to 4.60%.
  • Non-performing loans decreased 52.2% from the prior quarter to $16.9 million (2.49% of total loans).
  • Non-performing assets decreased 13.7% from the prior quarter to $47.6 million (5.68% of total assets).
  • Allowance for loan losses was 2.58% of total loans and 103.5% of non-performing loans.
  • Reduced concentration in land development and speculative construction loans by 13.6% during the quarter. These two segments accounted for 11.1% of the total loan portfolio at December 31, 2010.
  • Improved capital levels - total risk-based capital ratio of 14.39% and Tier 1 leverage ratio of 11.38%.
  • Tangible common equity ratio of 9.8%.

Credit Quality

"We continue to see many positive trends not only in our earnings and capital levels, but also importantly in our asset quality," said Dave Dahlstrom, EVP and Chief Credit Officer. "During the quarter, we saw continued improvements in non-performing loans, non-performing assets and new loan delinquencies. We have been in the process of working many of our problem credits for 12-18 months and are getting closer to the resolution phase of the foreclosure process."

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs