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%.
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