Riverview Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Fourth Fiscal Quarter of 2018
January 25, 2018 at 04:00 pm
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Riverview Bancorp, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $11,378,000 against $8,952,000 a year ago. Net interest income was $10,796,000 against $8,502,000 a year ago. Net interest income after provision for loan losses was $10,796,000 against $8,502,000 a year ago. Income before income taxes was $5,128,000 against $2,984,000 a year ago. Net income was $1,520,000 or $0.07 basic and diluted per share against $1,993,000 or $0.09 basic and diluted per share a year ago. Return on average assets was 0.53% against 0.80% a year ago. Return on average equity was 5.07% against 7.03% a year ago.
For the nine months, the company reported total interest and dividend income of $33,716,000 against $25,744,000 a year ago. Net interest income was $31,954,000 against $24,413,000 a year ago. Net interest income after provision for loan losses was $31,954,000 against $24,413,000 a year ago. Income before income taxes was $13,804,000 against $7,778,000 a year ago. Net income was $7,233,000 or $0.32 basic and diluted per share against $5,370,000 or $0.24 basic and diluted per share a year ago. Return on average assets was 0.85% against 0.75% a year ago. Return on average equity was 8.25% against 6.41% a year ago. Book value per share as on December 31, 2017 was $5.18 against $4.86 as at December 31, 2016. Tangible book value per share (non-GAAP) as on December 31, 2017 was $3.93 against $3.72 as at December 31, 2016.
The company provided effective tax rate guidance for the fourth fiscal quarter of 2018. The effective tax rate for their fourth fiscal quarter of 2018 is expected to be approximately 31.5% due to their use of a blended tax rate for the remainder of this fiscal year. They expect their effective tax rate will decline to approximately 22.5% beginning on April 1, 2018 at the start of their new fiscal year.
Riverview Bancorp, Inc. is the bank holding company of Riverview Bank (the Bank). The Company's business is conducted through the Bank. The Bank has two subsidiaries: Riverview Trust Company (the Trust Company) and Riverview Services, Inc. (Riverview Services). The Trust Company is a trust and financial services company that provides full-service brokerage activities, trust services, and asset management services. Riverview Services acts as a trustee for deeds of trust on mortgage loans granted by the Bank. The Company operates through two segments, which consist of banking operations performed by the Bank and trust and investment services performed by the Trust Company. The Company is engaged predominantly in the business of attracting deposits from the general public and using such funds in its primary market area to originate commercial business, commercial real estate, multi-family real estate, land, real estate construction, residential real estate, and other consumer loans.
Riverview Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Fourth Fiscal Quarter of 2018