Riverview Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016
January 27, 2017 at 02:30 am IST
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Riverview Bancorp Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported total interest and dividend income of $8,952,000 compared with $7,921,000 for the same period last year. Net interest income was $8,502,000 compared with $7,487,000 for the same period last year. Income before income taxes was $2,984,000 compared with $2,555,000 for the same period last year. Net income was $1,993,000 or $0.09 per basic and diluted share compared with $1,706,000 or $0.08 per basic and diluted share for the same period last year. Return on average assets was 0.80% compared with 0.76% for the same period last year. Return on average equity was 7.03% compared with 6.28% for the same period last year.
For the nine months, the company reported total interest and dividend income of $25,744,000 compared with $23,084,000 for the same period last year. Net interest income was $24,413,000 compared with $21,774,000 for the same period last year. Income before income taxes was $7,778,000 compared with $7,378,000 for the same period last year. Net income was $5,370,000 or $0.24 per basic and diluted share compared with $4,953,000 or $0.22 per basic and diluted share for the same period last year. Return on average assets was 0.75% compared with 0.75% for the same period last year. Return on average equity was 6.41% compared with 6.17% for the same period last year. Book value per share was $4.86 compared with $4.71 for the same period last year. Tangible book value per share was $3.72 compared with $3.56 for the same period last year.
Riverview Bancorp, Inc. is the bank holding company of Riverview Bank (the Bank). The Bank has two subsidiaries: Riverview Trust Company (the Trust Company) and Riverview Services, Inc. (Riverview Services). The Trust Company is a trust and financial services company located in downtown Vancouver, Washington, and provides full-service brokerage activities, trust and asset management services. Riverview Services acts as a trustee for deeds of trust on mortgage loans granted by the Bank. The Company operates through two segments, which consist of banking operations performed by the Bank and trust and investment services performed by the Trust Company. The Company is engaged predominantly in the business of attracting deposits from the public and using such funds in its primary market area to originate commercial business, commercial real estate, multifamily real estate, land, real estate construction, residential real estate and other consumer loans.