The parent company of Vancouver’s Riverview Bank posted a $1.7 million net profit in its first quarter that ended June 30, an increase over the $1.6 million in the first quarter of last year. The first-quarter figure represents 8 cents per diluted share.
Riverview Bancorp Inc. said Tuesday that the fiscal year started off strong partially due to strong loan and deposit growth, more efficient operations and higher-quality assets.
Net loans increased by $4.9 million during the quarter and by $60 million, or 10.7 percent, from one year ago. Commercial real estate loans had the largest increase in the first quarter.
Riverview closed Tuesday unchanged at $4.80 a share. It has traded as high as $5.48 per share and as low as $4.15 in the past year.
