Riverview Bancorp reports strong year

It appears to have been a successful year for Vancouver’s own Riverview Bank.

The bank’s parent company, Riverview Bancorp Inc., announced Thursday it had posted $2 million in the fourth quarter of its fiscal year and $7.4 million in earnings for the fiscal year, which ended March 31. Both figures were raises from the past year.

The earnings represented a 42 percent increase for the quarter and a 15 percent increase over the year.

Bank executives said the success was driven largely by strong investments.

“We finished our fiscal year with solid revenue generation, an expanding net interest margin and steady loan growth,” said Pat Sheaffer, chairman and CEO of the bank, in a statement.

Riverview also touted its deal to buy MBank, a Gresham, Ore.-based bank. The deal reportedly helped Riverview’s assets cross the $1 billion threshold. Executives said the deal was the “highlight” of the quarter.

“The 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,” Sheaffer said.

The company also highlighted its net interest margin, which grew to 3.97 percent; and its total loans rose to $779.4 million.

Riverview Bank has 19 branches, including 14 in the Vancouver-Portland metro area. The bank’s shares closed at $7.47, up 3 cents, in Nasdaq trading Thursday.