VANCOUVER, Wash., Oct 28, 2014 (GLOBE NEWSWIRE via COMTEX) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported that it earned $1.1 million, or $0.05 per diluted share, in the second fiscal quarter ended September 30, 2014, compared to $740,000, or $0.03 per diluted share, in the previous quarter and $341,000, or $0.02 per diluted share, in the second fiscal quarter a year ago.
"In the first half of fiscal 2015, we have generated solid results on virtually every metric with improving profitability, strengthening asset quality, growth in loans and deposits, and better operating efficiencies," stated Pat Sheaffer, Chairman and CEO. "As the regional economic recovery continues to build, we are seeing increasing demand for loans and financial services from business owners and retail customers throughout the greater Vancouver and Portland markets that we serve. We believe that our franchise is starting to generate forward momentum and we are encouraged by the outlook for our business in the next few years."
Second Quarter Highlights (at or for the period ended September 30, 2014)
-- Second quarter net income was $1.1 million, or $0.05 per diluted share.
-- Net loans increased to $540.8 million, compared to $509.4 million a year ago (6.2% increase).
-- Non-interest bearing checking account balances increased to $145.1 million, compared to $118.1 million a year ago (22.9% increase).
-- Classified assets decreased $8.5 million during the quarter to $25.2 million (25.1% decline).
-- Nonperforming assets decreased $3.5 million during the quarter to $15.4 million (18.6% decline).
-- Total risk-based capital ratio was 16.78% and Tier 1 lever
