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.
- 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%.