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Riverview Bancorp of Vancouver, Wash., expects to record its second consecutive quarterly loss after significantly increasing its loan-loss provision.
April 23 -
Riverview Bancorp in Vancouver, Wash., is projecting a loss of up to $5.6 million in the quarter that ended Dec. 30 after determining that five previously performing real estate loans are now considered to be impaired.
January 17
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
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
