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.
- 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%