VANCOUVER, Wash., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported net income of $341,000, or $0.02 per diluted share, in its second fiscal quarter ended September 30, 2013. This compares to net income of $1.6 million, or $0.07 per diluted share, in the preceding quarter and $1.8 million, or $0.08 per diluted share, in the second quarter a year ago.
- Net income was $341,000, or $0.02 per diluted share
- Net interest margin was 3.37% for the quarter
- Nonperforming assets decreased $4.9 million during the quarter to $29.7 million (14.2% decline)
- Classified assets decreased $1.2 million during the quarter to $58.6 million (2.0% decline)
- Net charge-offs for the second quarter totaled just $1,000 compared to net recoveries of $554,000 in the preceding quarter and net charge-offs of $1.3 million in the second quarter a year ago
- Core deposits were strong and accounted for 96% 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 16.03% and a Tier 1 leverage ratio of 10.20%