Problem loans continue to haunt Riverview Bancorp (RVSB). The Vancouver, Wash., company on Friday restated its results from last quarter and increased its loan-loss provision for the third time in recent months.
Riverview, which has $856 million of assets, said that its provision for the fiscal fourth quarter was $17.5 million after adding $3.2 million. Updated information on three commercial properties and current regulatory guidance prompted the latest increase, Pat Sheaffer, Riverview's chairman and chief executive, said in a news release.
The company said its nonperforming assets totaled $62.9 million, or 7.35% of total assets, at March 31.
As a result, it now says it lost $16 million for the quarter, up from the previously reported $12.8 million. It earned $854,000 in the same period a year earlier.
Its loss widened for the full year, too, to $31.7 million from $28.5 million; it made a profit of $4.3 million in 2011.
Riverview warned in April, before it released its fourth-quarter results, that it would need to increase its pre-tax loan-loss provision to between $14 million and $15 million because of updated appraisals on several properties and from an ongoing internal loan review.
It released its fourth-quarter results in early May, reporting that its loan-loss provision totaled $14.3 million, up more than 76% from three months earlier.
In late January, Riverview said that it lost $16.6 million for its third quarter. The bank had earlier warned that it would need to increase its loan-loss provision after determining that five previously performing real estate loans were impaired.