Riverview Bancorp Earns $1.7 Million in Second Quarter; Highlighted by Announced Deal with MBank
Thu October 27, 2016 4:00 PM|GlobeNewswire | About: RVSB
VANCOUVER, Wash., Oct. 27, 2016 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) (“Riverview” or the “Company”) today reported net income of $1.7 million, or $0.07 per diluted share, in the second fiscal quarter ended September 30, 2016, the same as in the second quarter one year ago. In the preceding quarter, Riverview earned $1.7 million, or $0.08 per diluted share. In the first six months of fiscal 2017, net income increased to $3.4 million, or $0.15 per diluted share, compared to $3.2 million, or $0.14 per diluted share, in the first six months of fiscal 2016.
“The second fiscal quarter was highlighted by the announcement of our purchase and assumption agreement with MBank,” commented Pat Sheaffer, chairman and chief executive officer. “We are excited about the opportunity this transaction will offer to our company, clients, staff and shareholders. This transaction fits well into our strategy of further expanding our presence in the Portland market, where we currently have two branches and 48% of our commercial lending, and provides substantial EPS accretion in the first full year. With strong capital, improving asset quality and continued profitability, we believe this transaction will further enhance shareholder value and allow us to capitalize on opportunities in our market.”
The announced transaction is expected to close in the quarter ending March 31, 2017.
Second Quarter Highlights (at or for the period ended September 30, 2016)
Net income of $1.7 million, or $0.07 per diluted share.
Net interest margin remained strong at 3.70%.
Net revenues increased 13.8% to $10.7 million in F2Q17 compared to F2Q16.
Net loans increased $21.0 million, or 3.4% (13.5% on an annualized basis).
Loan originations were $78.6 million during the second fiscal quarter.
Total deposits increased $49.3 million, or 6.2% (24.8% on an annualized basis).
Non-performing assets declined to 0.29% of total assets.
Total risk-based capital ratio was 16.05% and Tier 1 leverage ratio was 10.95%.
Declared quarterly cash dividend of $0.02 per share, generating a current dividend yield of 1.4%.
