Riverview Bancorp reports profit for second quarter



Riverview Bancorp Inc., parent of Vancouver-based Riverview Community Bank, reported Tuesday that it had a net income of $341,000, or 2 cents per diluted share, in its second fiscal quarter ended Sept. 30.

It was the bank’s fifth consecutive profitable quarter, though smaller than the net income of $1.8 million, or 8 cents per diluted share, reported during the same period last year. In the quarter ending June 30, the company reported net income of $1.6 million, or 7 cents per diluted share.

Pat Sheaffer, Riverview chairman and CEO, said the second quarter report reflects the bank’s “improved credit quality metrics and sound capital ratios.”

The bank has continued to reduce its level of problem assets, including nonperforming loans and bank-owned real estate. The so-called classified assets totaled $58.6 million on Sept. 30, compared with $59.8 million on June 30. Capital assets totaled $103.3 million on Sept. 30, 2012. Sheaffer said the bank will continue to work on improving asset quality and growing its loan portfolio, among other goals.