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

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.

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