Riverview’s first quarter net down
First-quarter net income for Vancouver-based Riverview Bancorp Inc. was down following an addition of $2.7 million to its loan loss reserve, from $2.8 million in 2007 to $793,000.
The company’s total assets as of June 30 were $885 million, down from $887 million March 31. Non-performing assets increased 188 percent to $23.6 million, up from $8.2 million in the first quarter of 2007. That increase came from 20 loans to 16 faulty borrowers in Washington and Oregon. More than 69 percent of the non-performing assets were from land acquisition and development loans, according to the bank.
As of July 15, Riverview reported diluted shares of 7 cents each. Shares were worth 25 cents at the end of the first quarter of 2007. A quarterly cash dividend of 9 cents per share – the company’s 43rd in a row – was declared for shareholders of record as of June 27.
The company is the parent of Riverview Community Bank, Riverview Mortgage and Riverview Asset Management Corp.
BOCC quarterly report mixed
While reporting record assets for its second quarter ending June 30, net income for Vancouver-based Bank of Clark County fell to $725,000 – off by nearly 40 percent during the period. Earnings were at 96 cents per share.
The bank’s assets for the quarter were reported at just less than $446.2 million compared to $365.6 million a year ago.
Deposit growth for the quarter is at a faster pace than all of 2007, attributed in large part to the opening of the bank’s new East Clark County Branch in March.
Loan volume also has seen a 12.3 percent increase in loans so far this year, most of which has been outside the construction and development sectors. Past due loans were reduced by more than 21 percent in the quarter and non-performing loans were reduced by $3.7 million from their total in 2007, making up 2.6 percent of the bank’s total assets of $431 million.
Columbia Bancorp sees 2Q loss
The Dalles-based Columbia Bancorp experienced sharp losses in its second quarter.
Columbia’s quarterly cash dividend dropped to a penny per share, payable to shareholders of record as of July 17. In response, the company’s board of directors will suspend director fees for the rest of 2008.
The company’s loan loss provision was between $5.5 million and $5.7 million in the second quarter. Columbia attributed the declines to falling values on property and construction development and low credit ratings on real estate development loans.
The parent company of Columbia River Bank will have released its earnings July 23 at www.columbiabancorp.com.
