Riverview Bancorp, Inc. (RVSB) has reported 1.69 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $1.68 million, or $0.07 a share in the quarter, compared with $1.65 million, or $0.07 a share for the same period last year.

Revenue during the quarter grew 10.23 percent to $10.67 million from $9.68 million in the previous year period. Net interest income for the quarter rose 12.91 percent over the prior year period to $8.09 million. Non-interest income for the quarter rose 16.47 percent over the last year period to $2.58 million.

Net interest margin improved 6 basis points to 3.70 percent in the quarter from 3.64 percent in the last year period. Efficiency ratio for the quarter deteriorated to 78.70 percent from 77.66 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"The second fiscal quarter was highlighted by the announcement of our purchase and assumption agreement with MBank," commented Pat Sheaffer, chairman and chief executive officer. "We are excited about the opportunity this transaction will offer to our company, clients, staff and shareholders. This transaction fits well into our strategy of further expanding our presence in the Portland market, where we currently have two branches and 48% of our commercial lending, and provides substantial EPS accretion in the first full year. With strong capital, improving asset quality and continued profitability, we believe this transaction will further enhance shareholder value and allow us to capitalize on opportunities in our market."

Deposits stood at $838.90 million as on Sep. 30, 2016, up 10.82 percent compared with $757 million on Sep. 30, 2015.

Investments stood at $152.32 million as on Sep. 30, 2016, up 13.12 percent or $17.67 million from year-ago. Shareholders equity was at $110.99 million as on Sep. 30, 2016.

Return on average assets moved down 5 basis points to 0.70 percent in the quarter from 0.75 percent in the last year period. At the same time, return on average equity decreased 18 basis points to 5.98 percent in the quarter from 6.16 percent in the last year period.

Nonperforming assets moved down 38.06 percent or $1.78 million to $2.90 million on Sep. 30, 2016 from $4.68 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.29 percent in the quarter, down from 0.52 percent in the last year period.

Book value per share was $4.93 for the quarter, up 4.23 percent or $0.20 compared to $4.73 for the same period last year.