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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Horizon Bancorp to acquire American Trust & Savings

Horizon Bancorp. will expand its northwest Indiana footprint via the acquisition of local competitor American Trust & Savings Bank for roughly $2.6 million.

Michigan City, Ind.-based Horizon announced late Tuesday, Dec. 29, that it will acquire roughly $110 million in assets and about $112 million in deposits and federal home loan bank advances from privately held Whiting, Ind.-based American Trust. The buyer will pay a roughly 3% premium on the bank's core deposits -- which tend to include checking and savings deposits -- amounting to about $2.1 million plus $500,000 in additional consideration.

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