Riverview Bancorp Inc., parent company of Riverview Community Bank, announced its sixth consecutive profitable quarter yesterday, with earnings of $181,000 for the period-ended September 30, 2011.
Riverview continued to grow and expand its operations with average loan balances increasing $4.5 million during the quarter, the company said in a press release. Average total deposits also increased $8.9 million during the quarter with quarter-end branch deposits up $19.3 million since the beginning of the fiscal year.
“We remain strong in every area, from our solid capital levels to consistently positive earnings, despite increased regulations and a stubborn economy,” said Pat Sheaffer, Chairman and CEO. “Riverview remains very well capitalized with a continued focus on growing its core business. We are looking forward to our expansion in Gresham, Oregon with a new branch scheduled to open in the summer of 2012.”
Riverview’s non-performing loans totaled $29.7 million, or 4.3% of total loans at September 30, 2011. This is compared to $35.3 million, or 5.06% of total loans, for the same period a year ago. Real estate owned balances also decreased $1.6 million during the quarter to $25.6 million at September 30, 2011 compared to $27.2 million in the preceding quarter.
From Wednesday’s Just Business:
Patrick Sheaffer selected as Kyle Corwin Lifetime Achievement Award winner
Earlier this week, Riverview Community Bank Chairman & CEO Patrick Sheaffer was selected to receive the Kyle W. Corwin Lifetime Achievement Award. The award recognizes one person annually who has spent their career leading, mentoring, building a business and giving back.
Join the Vancouver Business Journal as the business community honors Sheaffer and the 20 members of the Accomplished & Under 40 Class of 2011 at a recognition luncheon at the Vancouver Hilton on Tuesday, November 8 from 11:30 am to 1:00 pm. Register here.
