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Friday, April 30, 2010

Riverview Bancorp Q4, fiscal 2010 losses grow

Riverview Bancorp Inc. reported a fourth-quarter net loss of $4.7 million, or a loss of 44 cents per diluted share, which compares with a loss of $720,000, or a loss of 7 cents a share a year earlier.

In the latest quarter, the Vancouver, Wash.-based banking company (NASDAQ: RVSB) recorded a $5.9 million provision for loan losses.

For fiscal 2010, Riverview reported a loss of $5.4 million, or a loss of 51 cents per share, compared with a loss of $2.7 million, or a loss of 25 cents a share a year earlier. For fiscal 2010, the company recorded a $15.9 million provision for loan losses, compared with $16.2 million recorded in 2009.

No major analysts cover the company.

“While our increased provision for loan losses put a damper on profitability, we are encouraged with the progress we have made as we move through this economic phase. Nonperforming assets declined during the quarter and remain manageable while our capital and liquidity levels remain strong,” said Pat Sheaffer, chairman and CEO, in a statement.

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