Riverview Bancorp announces $4.4 million 3rd-quarter profit

Riverview Bancorp, Inc., reported Thursday a third-quarter profit of $4.4 million, or 19 cents per diluted share.

The Vancouver-based holding company for Riverview Community Bank posted revenue of $15.1 million in the period. Its adjusted revenue was $14.5 million.

Riverview Bancorp shares on Nasdaq have decreased nearly 3 percent since the beginning of the year. In the final minutes of trading Thursday, shares hit $7.09, a fall of 23 percent in the last 12 months.

“We reported strong third-quarter operating results, delivering steady loan growth and solid revenue while expanding our net interest margin,” Kevin Lycklama, president and chief executive officer, said of the quarter ended Dec. 31.

By comparison, Riverview reported in the preceding quarter a $4.2 million profit, or 19 cents per share, and, in the third fiscal quarter a year ago, $1.5 million profit, or 7 cents per share.

The bank also reported that total loans increased $18.8 million during the third quarter to $868.6 million and that interest income for the quarter was $11.7 million, compared to $11.6 million in the preceding quarter, and $10.8 million in the third quarter a year ago.