Riverview Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011; Announces Net Loan Charge-Offs for the Third Quarter of 2011
January 01, 2012 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, 2011. For the quarter, the company reported net loss of $16,595,000 or $0.74 per basic and diluted share compared to net profit of $579,000 or $0.03 per basic and diluted share for the same period a year ago. Total interest income was $9,829,000 compared to $10,733,000 a year ago. Net interest income was $8,387,000 compared to $8,807,000 a year ago. Loss before income taxes was $8,375,000 compared to income before income tax of $818,000 a year ago. Negative return on average assets was 7.42% compared to return on average assets of 0.27% a year ago. Negative return on average equity was 60.24% compared to return on average equity of 2.13% a year ago. The decline in net interest income was due to the reversal of interest on non-accrual loans and the continued pressure on loan yields as a result of the low interest rate environment.
For the nine months period, the company reported net loss of $15,700,000 or $0.70 per basic and diluted share compared to net income of $3,461,000 or $0.20 per basic and diluted share for the same period a year ago. Total interest income was $30,222,000 compared to $32,826,000 a year ago. Net interest income was $25,652,000 compared to $26,475,000 a year ago. Loss before income taxes was $7,126,000 compared to income before income tax of $5,120,000 a year ago. Negative return on average assets was 2.39% compared to return on average assets of 0.54% a year ago. Negative return on average equity was 19.05% compared to return on average equity of 4.68% a year ago. As on December 31, 2011, book value per share was $4.07.
For the third quarter, the company recorded net loan charge-offs were $6,846,000 against $3,166,000 a year ago.
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.
Riverview Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011; Announces Net Loan Charge-Offs for the Third Quarter of 2011