The parent company of Vancouver’s Riverview Bank posted a $6.4 million profit in its fiscal year that ended March 31, a sizeable jump from the year before.
Riverview Bancorp Inc. said Thursday that its profits came on the back of “strong capital, improving asset quality, and strong loan and deposit growth.”
Fiscal 2016 profit was 42 percent higher than that of fiscal 2015 and represented 28 cents per diluted share. Riverview made a $1.4 million profit in the fourth quarter of its fiscal year. That was down from the previous quarter’s $1.7 million earnings and a hair off the $1.5 million profit made in the fourth quarter of fiscal 2015.
Company officials have their eye on local growth.
“The strength of the economy in the Portland-Vancouver marketplace continues to sustain and build our community banking franchise,” chairman and CEO Pat Sheaffer said in a news release.
Riverview trades as RVSB on the Nasdaq market. Earnings were released Thursday following trading that ended with RVSB down 0.5 percent at $4.45. It has traded as high as $5.48 per share and as low as $4 in the past 52 weeks.
