VANCOUVER, Wash., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported net income of $801,000, or $0.04 per diluted share, in the third fiscal quarter ended December 31, 2013, compared to $341,000, or $0.02 per diluted share, in the preceding quarter and $1.0 million, or $0.05 per diluted share, in the third fiscal quarter a year ago. In the first nine months of fiscal year 2014, net income increased 168% to $2.8 million, or $0.12 per diluted share, compared to $1.0 million, or $0.05 per diluted share, in the first nine months of fiscal year 2013.
"Our third quarter profits continue to demonstrate the strength of our franchise and the success of our turnaround plan," stated Pat Sheaffer, Chairman and CEO. "The steady economic recovery in Southwest Washington contributed to strong improvements in credit quality, with net recoveries totaling $352,000 in the third quarter of fiscal 2014. We have continued to make meaningful progress in reducing our nonperforming and classified assets and we are excited to be celebrating our sixth consecutive profitable quarter. As the last remaining community bank headquartered in Southwest Washington, we look forward to the future with confidence as we continue to create value for our shareholders by developing strong relationships with our customers, communities and employees."
Third Quarter Highlights (at or for the period ended December 31, 2013)
- Net income was $801,000, or $0.04 per diluted share.
- Classified assets decreased $3.9 million during the quarter to $54.7 million (6.6% decline).
- Net loan recoveries for the third quarter totaled $352,000 compared to net charge-offs of $507,000 in the third quarter a year ago.
- Nonperforming asset balances decreased during the quarter $4.3 million, or 14.6%. During the last 12 months, NPAs have declined by $20.0 million, or 44.2%.
- Total deposits increased $16.5 million to $689.3 million at December 31, 2013 compared to prior quarter.
- Capital levels increased with a total risk-based capital ratio of 16.76% and Tier 1 leverage ratio of 10.42%.