Riverview Bancorp Inc. has increased its provision for loan losses an additional $3.2 million for its fourth fiscal quarter, which ended March 31. As a result, the company’s net loss was $16 million, or 71 cents per share, compared to a net loss of $16.6 million, or 74 cents per share in the preceding quarter and net income of $854,000, or 4 cents per share, in the fourth fiscal quarter a year earlier.
For the fiscal year, Riverview’s net loss was $31.7 million, or $1.42 per share, compared to net income of $4.3 million, or 24 cents per share, for fiscal year 2011.
“The increase in the provision for loan losses was necessary as a result of updated information received by the bank on three commercial properties as well as the current regulatory guidance for these individual properties,” said Pat Sheaffer, chairman and CEO. “This additional provision for loan losses increases the bank’s reserves as we remain diligent in our efforts to reduce our non-performing assets.”
Riverview Bancorp Inc. is headquartered in Vancouver. With assets of $856 million, it is the parent company of Riverview Community Bank, as well as Riverview Asset Management Corp.