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Riverview Bancorp Earns $1.6 Million In First Fiscal Quarter Highlighted By Continued Credit Quality Improvements

Stocks in this article: RVSB

VANCOUVER, Wash., July 23, 2013 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported net income of $1.6 million, or $0.07 per diluted share, in its fiscal first quarter ended June 30, 2013. This compares to net income of $1.6 million, or $0.07 per diluted share, in the preceding quarter and a net loss of $1.8 million, or $0.08 per diluted share, in the first quarter a year ago.

"Our strategic plan remains on schedule. We have strengthened the overall health of the company with improved credit quality metrics and sound capital ratios, and we were profitable for the fourth consecutive quarter," said Pat Sheaffer, Chairman and CEO. "Going forward we will continue to work on improving our asset quality while looking for growth opportunities in the Portland and Vancouver market areas."

First Quarter Highlights (at or for the period ended June 30, 2013)

  • Net income was $1.6 million, or $0.07 per diluted share
  • Net interest margin was 3.51% for the quarter
  • Nonperforming assets decreased $2.2 million during the quarter to $34.6 million (6.0% decline)
  • Classified assets decreased $7.8 million during the quarter to $59.8 million (11.6% decline)
  • Net recoveries for the first quarter totaled $554,000 compared to net charge-offs of $390,000 in the preceding quarter; marking the fifth consecutive quarter of declining charge-offs
  • Core deposits were strong and accounted for 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 15.81% and a Tier 1 leverage ratio of 10.27%

Credit Quality

"We continued to make meaningful progress in reducing our level of problem assets, with nonperforming assets, REO and net charge-offs all declining during the current quarter," said Ron Wysaske, President and COO.

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