Vancouver-based Riverview Bancorp, parent of Riverview Community Bank, on Tuesday reported earnings of $1.1 million, or $0.05 per diluted share, for its second fiscal quarter that ended Sept. 30. The bank beat the previous quarter’s earnings of $740,000, as well as last year’s second-quarter earnings of $341,000
Riverview reported $540.8 million in loans in the second quarter, up from $509.4 million a year ago, an increase it attributed to a strengthening regional economy. Checking balances increased to $145 million, from $118 million one year ago. Bad loans, known as non-performing assets, were $15.4 million for the quarter, down by $3.5 million.
“In the first half of fiscal 2015, we have generated solid results on virtually every metric with improving profitability, strengthening asset quality, growth in loans and deposits, and better operating efficiencies,” said Pat Sheaffer, Riverview’s chairman and CEO.
