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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Riverview Bancorp Reports Continued Profitability In Third Fiscal Quarter, Highlighted By Credit Quality Improvements

Stocks in this article: RVSB

VANCOUVER, Wash., Jan. 30, 2013 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported it earned $1.0 million, or $0.05 per diluted share, in its third fiscal quarter ended December 31, 2012 compared to a net loss of $16.6 million, or $0.74 per diluted share, in third quarter a year ago. In the first nine months of fiscal 2013, Riverview earned $1.0 million, or $0.05 per diluted share, compared to a net loss of $15.7 million, or $0.70 per diluted share, in the same period a year ago.

"Riverview's turnaround plan is on schedule," stated Pat Sheaffer, Chairman and CEO. "We were profitable for the second consecutive quarter and have improved the overall health of the Company. Credit quality improved for the third consecutive quarter as we continue to focus on resolving problem credits and our capital ratios improved as we continued to manage our balance sheet growth. Now that profitability looks sustainable and our capital position is strengthened, we can turn our focus on responsible organic growth that supports lending in the communities we serve."

Highlights (at or for the period ended December 31, 2012)

  • Net income was $1.0 million, or $0.05 per diluted share
  • Net interest margin was 4.03% for the quarter and 4.19% for the nine month period
  • Nonperforming loans decreased $3.4 million during the quarter to $24.7 million (12.0% decline)
  • Nonperforming assets decreased $7.1 million during the quarter to $45.4 million (13.6% decline)
  • Net charge-offs for the quarter decreased 61.9% to $507,000 compared to $1.3 million for the preceding quarter
  • Core deposits were very strong and make up 95% of total deposits
  • Capital levels continue to exceed the regulatory requirements to be categorized as "well capitalized" with a total risk-based capital ratio of 14.25% and a Tier 1 leverage ratio of 9.50%

Credit Quality

"As a result of the continued improvement in asset quality and the third consecutive quarter of declining loan charge-offs, no provision for loan losses was recorded during the third quarter," said Ron Wysaske, President and COO. Riverview recorded a $500,000 provision for loan losses in the preceding quarter and $4.5 million for the nine months ended December 31, 2012. The allowance for loan losses was $19.6 million at December 31, 2012, representing 3.51% of total loans and 79.60% of nonperforming loans.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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