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Riverview Bancorp reports $4.7 million quarterly loss

The Columbian
Published: April 30, 2010, 12:00am

Riverview Bancorp., holding company of Riverview Community Bank, on Thursday announced a loss of $4.7 million for the quarter ending March 31. That’s compared with a loss of $1.3 million for the previous quarter and an identical loss of $4.7 million for the same quarter a year ago.

The Vancouver-based bank held $49.3 million in non-performing assets at the end of the quarter. New appraisals on those loans conducted during the most recent quarter, the bank’s fiscal fourth quarter, revealed many had lost more value than expected. That prompted the bank to add $5.9 million to its loan-loss reserve, pushing it further into negative income territory, said Ron Wysaske, president of Riverview.

“We didn’t have enough revenue in the quarter to offset the provision,” he said, “hence the net loss for the quarter. That does reduce our capital.”

The bank, however, remains well-capitalized by federal standards, with a risk-based capital ratio of 12.11 percent, down from 12.45 percent Dec. 31. To raise its capital levels and position the company for growth, Riverview is considering a stock offering of up to $29 million within the next two quarters, Wysaske said.

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