Riverview Financial Corporation (RIVE) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.49 million, or $ 0.15 a share in the quarter, against a net loss of $0.41 million, or $0.15 a share in the last year period.
Revenue during the quarter surged 50.07 percent to $5.16 million from $3.44 million in the previous year period. Net interest income for the quarter rose 12.36 percent over the prior year period to $4.48 million. Non-interest income for the quarter rose 79.96 percent over the last year period to $0.84 million.
Riverview Financial Corporation has made provision of $0.17 million for loan losses during the quarter, down 83.46 percent from $1.02 million in the same period last year.
Net interest margin contracted 12 basis points to 3.76 percent in the quarter from 3.88 percent in the last year period. Efficiency ratio for the quarter improved to 81.73 percent from 91.65 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased to announce that core earnings in 2016 more than doubled those of 2015 adjusted for acquisition costs associated with the completion of the merger of Citizens National Bank of Meyersdale with and into Riverview Bank in the fourth quarter of 2015," stated Kirk D. Fox, Chief Executive Officer. "On January 20, 2017, we successfully completed the closing of a $17 million capital offering. The primary objective of this issuance is to enhance shareholder value through elevating the level of asset generation by taking advantage of organic growth opportunities in new and existing markets.
Assets, liabilities fall
Total assets stood at $543.05 million as on Dec. 31, 2016, down 1.16 percent compared with $549.45 million on Dec. 31, 2015. On the other hand, total liabilities stood at $501.13 million as on Dec. 31, 2016, down 1.19 percent from $507.15 million on Dec. 31, 2015.
Loans, deposits remain almost stable
Net loans were almost flat at $405.61 million as on Dec. 31, 2016, when compared with the last year period. Deposits stood at $452.56 million as on Dec. 31, 2016, up 0.94 percent compared with $448.34 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $73.93 million or 16.34 percent of total deposits on Dec. 31, 2016, compared with $70.11 million or 15.64 percent of total deposits on Dec. 31, 2015.
Investments stood at $73.11 million as on Dec. 31, 2016, down 3.61 percent or $2.74 million from year-ago. Shareholders equity stood at $41.92 million as on Dec. 31, 2016, down 0.91 percent or $0.38 million from year-ago.
Return on average assets was at 0.36 percent in the quarter against a negative 0.35 percent in the last year period. Return on average equity was at 4.50 percent in the quarter against a negative 4.36 percent in the last year period.
Nonperforming assets moved down 24.46 percent or $2.65 million to $8.18 million on Dec. 31, 2016 from $10.82 million on Dec. 31, 2015.
Equity to assets ratio was 7.72 percent for the quarter, up from 7.70 percent for the previous year quarter. Book value per share was $12.95 for the quarter, down 1.89 percent or $0.25 compared to $13.20 for the same period last year.
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