Riverview Bancorp Inc. has reported that it earned $1.7 million, or $0.07 per diluted share, in the second fiscal quarter ended September 30, 2016 compared to $1.7 million, or $0.08 per diluted share, in the preceding quarter.
Additionally, the Vancouver-based bank reported that net loans increased $21 million during the second quarter and total deposits increased $49.3 million.
“Both loan and deposit growth was robust during the quarter, fueled by our strong local economy, our dedicated lending teams and our expanding branch outreach,” said Ron Wysaske, Riverview’s president and chief operating officer. “We continue to see strong loan demand in our local markets, with loan originations totaling $78.6 million during the quarter compared to $70.7 million in the prior quarter.”
The bank said its net income for the quarter was impacted by several non‐core charges, including $192,000 of expenses associated with the pending purchase & assumption of Gresham-based MBank.
“We are excited about the opportunity this transaction (with MBank) will offer to our company, clients, staff and shareholders,” commented Pat Sheaffer, Riverview CEO. “This transaction fits well into our strategy of further expanding our presence in the Portland market, where we currently have two branches and 48 percent of our commercial lending, and provides substantial EPS accretion in the first full year. With strong capital, improving asset quality and continued profitability, we believe this transaction will further enhance shareholder value and allow us to capitalize on opportunities in our market.”
The purchase of MBank is expected to close during the first quarter of 2017.
