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.