Riverview Community Bank, one of our local Community Partners, recently released some impressive financial information about the performance of the company.
From the release: “Riverview Bancorp, Inc. recently reported that earnings increased to $2.0 million, or $0.09 per diluted share, in the third fiscal quarter ended December 31, 2016, compared to $1.7 million, or $0.08 per diluted share, in the third fiscal quarter one year ago. In the preceding quarter, Riverview earned $1.7 million, or $0.07 per diluted share. In the first nine months of fiscal 2017, net income increased to $5.4 million, or $0.24 per diluted share, compared to $5.0 million, or $0.22 per diluted share, in the first nine months of fiscal 2016.
“Strong loan growth, improved operating efficiencies and an expanding net interest margin fueled our earnings during the quarter,” stated Pat Sheaffer, chairman and chief executive officer. “With our improving core operating income and growing revenues, coupled with the MBank transaction and other strategic initiatives, we believe Riverview is well-positioned for continued profitability improvements.”
Some of the Third Quarter Highlights included:
Net income increased 16.8% to $2.0 million, or $0.09 per diluted share, compared to F3Q16.
Net revenues increased 9.4% to $10.8 million in F3Q17 compared to F3Q16.
Net loans increased $13.2 million.
Loan originations were $68.7 million during the third fiscal quarter.
“Our previously announced purchase and assumption agreement with MBank is still on track to close in February,” Sheaffer continued. “We are excited about the opportunity this transaction will offer to our company, and the transaction fits well into our strategy of further expanding our presence in the Portland market. We expect the acquisition will provide substantial EPS accretion in the first full year. We will continue to look for additional opportunities to expand our brand of community banking in the Portland market area.”
For more information from the release, please visit Riverview Corporate Profile