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Riverview Bancorp posts small earnings

The Vancouver-based parent company of Riverview Community Bank reported earnings of $480,000, or 2 cents per diluted share, for the quarter ended June 30 as the pandemic affected its business. That compares with $4.2 million, or 18 cents per diluted share, for the same quarter last year.

In a statement, Riverview Bancorp said it would make a $4.5 million provision for potential loan losses created by the pandemic. The bank said it has generated nearly 800 Paycheck Protection Program loans totaling more than $116 million. Nearly 50 of the forgivable loans went to local nonprofit groups.

“We remain well-positioned to navigate the current environment and support growth in the Portland and Southwest Washington region,” President and CEO Kevin Lycklama said in a statement.

Its shares closed at $4.88 Friday on the Nasdaq exchange.


Source: https://www.columbian.com

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