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.
- 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%.