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Riverview Bancorp Earns $341,000 In Second Fiscal Quarter Of 2014 Highlighted By Continued Credit Quality Improvements And Operating Efficiencies

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.

"Our second quarter profits are a result of our improved credit quality metrics and sound capital ratios, making Riverview profitable for the fifth consecutive quarter," said Pat Sheaffer, Chairman and CEO. "Going forward we will continue to work on improving our asset quality and growing our loan portfolio, while looking for opportunities to grow our core customer deposits and build new client relationships in our existing footprint."

Second Quarter Highlights (at or for the period ended September 30, 2013)

  • 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%

Credit Quality

Classified assets decreased $1.2 million during the quarter to $58.6 million at September 30, 2013 compared to $59.8 million at June 30, 2013 and $103.3 million at September 30, 2012. The classified assets to total capital ratio decreased to 64.4% at September 30, 2013.

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