Vancouver-based Riverview Bancorp, Inc., parent of Riverview Community Bank, reported net income of $1.1 million, or 5 cents per diluted share, for its first quarter, which ended June 30. It was the fifth consecutive profitable quarter for Riverview, which intends to begin construction this year of a branch in Gresham, Ore., as part of a broader expansion.
Net loans increased by $5.3 million, primarily in single-family and multifamily residential mortgages. Nonperforming loans totaled $13.1 million, representing 1.89 percent of all loans, down 60 percent from a year ago.
Bank-owned real estate declined slightly, to $27.2 million, which was attributed to sales of existing properties and a decline in the number of new properties acquired due to borrowers’ credit problems. The bank continued to reduce its loan volume for land development and speculative construction projects, two areas that remain weak in the local economy.