Riverview Bancorp Completes Transaction with MBank, Total Assets Surpass $1 Billion
Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings increased to $2.0 million, or $0.09 per diluted share, in the fourth fiscal quarter ended March 31, 2017, compared to $1.4 million, or $0.06 per diluted share, in the fourth fiscal quarter one year ago. In fiscal 2017, net income increased to $7.4 million, or $0.33 per diluted share, compared to $6.4 million, or $0.28 per diluted share, in fiscal 2016.
“We finished our fiscal year with solid revenue generation, an expanding net interest margin and steady loan growth,” stated Pat Sheaffer, chairman and chief executive officer. “The highlight of the quarter was the closing of our purchase and assumption agreement with MBank. This transaction provides a unique opportunity to expand our market presence in Oregon and broaden our branch network to better serve our new and existing customers. The integration of the two companies is going smoothly, and we anticipate substantial EPS accretion in the first full year.”
“We expect to see continued improvements in our operating ratios, including EPS and efficiency, as we realize the expected cost savings, efficiencies and revenue growth from this transaction,” continued Sheaffer.
For the entirety of the release and specific details, please see the Riverview Community Bank website.
