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Riverview Bancorp Fourth Fiscal Quarter Earnings Increase Over 50%, Highlighted By Credit Quality Improvements

Stocks in this article: RVSB

VANCOUVER, Wash., May 2, 2013 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported it earned $1.6 million, or $0.07 per diluted share, in its fourth fiscal quarter ended March 31, 2013. This compares to net income of $1.0 million, or $0.05 per diluted share, in the preceding quarter and a net loss of $16.0 million, or $0.71 per diluted share, in the fourth quarter a year ago. For all of fiscal 2013, Riverview earned $2.6 million, or $0.12 per diluted share, compared to a net loss of $31.7 million, or $1.42 per diluted share, for all of fiscal 2012.

"We are very proud of the fundamental improvements our entire organization has made over the last twelve months," stated Pat Sheaffer, Chairman and CEO. "We were profitable for the third consecutive quarter and ended our fiscal year on a high note. Credit quality improved for the fourth consecutive quarter as we continue to make significant improvements resolving problem assets and growing our capital ratios. As we begin our new fiscal year, we will be looking for growth opportunities in our market while continuing to work on improving asset quality."

Fourth Quarter Highlights (at or for the period ended March 31, 2013)

  • Net income was $1.6 million, or $0.07 per diluted share
  • Net interest margin was 3.64% for the quarter and 4.06% for the year
  • Nonperforming loans decreased $3.5 million during the quarter to $21.1 million (14.3% decline)
  • Real estate owned ("REO") decreased $5.1 million during the quarter to $15.6 million (24.4% decline)
  • Nonperforming assets decreased $8.6 million during the quarter to $36.8 million (18.9% decline)
  • Classified assets decreased $18.1 million during the quarter to $67.6 million (21.1% decline)
  • Net charge-offs for the quarter decreased 23.1% to $390,000 compared to $507,000 for the preceding quarter
  • Core deposits were strong and accounted for 94% 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 15.29% and a Tier 1 leverage ratio of 9.99%

Credit Quality

"We continued to make solid progress during the fourth quarter at reducing our level of problem assets," said Ron Wysaske, President and COO. Classified assets were $67.6 million at March 31, 2013 compared to $85.7 million at December 31, 2012 and $107.9 million at March 31, 2012. Classified assets declined 21.1% since last quarter and have declined 37.4% since the same period of the prior year.

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