Last year was a strong one for Riverview Community Bank, thanks in part to the strong economy and its purchase of an Oregon bank.
The Vancouver bank’s parent company, Riverview Bancorp, said Thursday that profits rose nearly $3 million compared with the last fiscal year, which ended March 31.
Net income was $10.2 million for the year, 38 percent more than the $7.4 million reported for the previous year. That equals a 12 cent increase per diluted share, the company said.
Scott Miller, senior vice president and marketing director, credited Riverview’s success to confident business owners taking on loans and the general strength of the economy.
“We’re seeing significant growth, and expansion for our existing clients,” he said. “People are investing back in their businesses; they’re creating job opportunities.”
Loan origination increased 4 percent, from $779 million to $811 million. Deposits increased about $15 million to $995 million, a 1.5 percent increase.
Miller added that Riverview is conducting more business because it has a bigger presence. Riverview Bancorp completed its purchase of MBank in February, giving it two new branches in Oregon. The bank also opened a new trust office in Lake Oswego, Ore.
Ironically, Clark County residents helped spur Riverview’s expansion into Oregon. “Obviously there is a great population there, but the fact is we had 60,000 people cross the bridge every day for work and so we want to be in both locations for our clients,” Miller said.
Traded on the Nasdaq Exchange as RVSB, Riverview share prices closed Thursday at $9.11 per share, down 23 cents, but up $1.64 over the year. Earnings were announced after the market closed.
