Vancouver-based Riverview Bancorp on Thursday reported that its net income was $579,000, or three cents per diluted share, for the fiscal quarter ending Dec. 31. It was the bank’s third consecutive profitable quarter.
Riverview, parent to Riverview Community Bank, earned $3.5 million for the first nine months of its 2010 fiscal year, compared to a net loss of $741,000 for the same time period in the previous fiscal year. The bank’s fiscal year continues through March. The bank also reported a drop in troubled loans in its portfolio, as well as a decline in the number of loans headed into foreclosure.
“We feel like the worst of the past two to two-and-a-half years is behind us, and we’re looking for new opportunities,” said Kevin Lycklama, Riverview’s chief financial officer.
Bad debt converted
Some of Riverview’s bad debt was converted through foreclosures into bank-owned real estate. The value of that real estate rose to $30.7 million from the previous quarter’s $19.8 million. But with a declining number of loans headed toward default, Riverview’s non-performing assets dropped overall by $7.5 million.
