Riverview Bancorp, parent of Riverview Community Bank, earned $740,000, or $0.03 per diluted share, in its first fiscal quarter ended June 30, the Vancouver-based bank reported Tuesday. The profit, the eighth consecutive profitable quarter for the bank, was down from $1.6 million in earnings during the same fiscal quarter a year ago.
The bank reported a 2.6 percent increase in loans during the quarter, with $39.4 million in loan originations. Its non-performing assets, primarily bad loans, decreased by $2.8 million to $19 million at the end of the quarter.
“The steady economic recovery in Southwest Washington and Portland have contributed to strong improvements in credit quality,” said Pat Sheaffer, the bank’s chairman and CEO, in an earnings statement.
Total deposits climbed to $686.6 million, compared to $659.5 million a year ago.
