This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Riverview Bancorp Earns $801,000 In Third Fiscal Quarter, Posting Its Sixth Consecutive Quarter Of Profitability

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%.

Balance Sheet Review

"The current economic outlook in Southwest Washington and Portland is improving, and we are seeing encouraging signs in our market," Sheaffer noted. "Our general business outlook continues to get better as the economic recovery gains strength. Loan demand is strengthening and our loan pipeline has continued to grow over the last several quarters."

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs