Riverview Bancorp reports 128 million quarterly loss

first_imgVancouver-based Riverview Bancorp, parent of Riverview Community Bank, on Monday reported a loss of $12.8 million for the company’s fiscal fourth quarter ending March 31. It was the bank’s second straight quarterly loss, and it raised Riverview’s net loss for the full fiscal year to $28.5 million, or $1.28 per share.The report didn’t come as a surprise. Riverview disclosed last month that it would add up to $15 million to loan-loss reserves, and it had predicted a net quarterly loss of 55 to 60 cents per share. In its Monday earnings report, the bank said the actual amount of the quarterly loan loss set-aside was $14.3 million and it pegged the bank’s loss at 57 cents per share. Riverview’s set-aside for troubled loans now stands at $18.6 million.Riverview struggles reflect the continuing weakness of the local real estate market, where most of the bank’s troubled loans reside. In a news release, Riverview said it increased its provision for loan losses after obtaining updated proposals on several properties, and in response to the bank’s ongoing loan reviews.“For the second consecutive quarter, we have significantly increased our loan-loss provision in an effort to position Riverview for recovery in an economy that remains sluggish,” said Pat Sheaffer, Riverview’s chairman and CEO, in a news release. “We continue to focus on strengthening the bank and working diligently, side by side with our clients, on problem assets. Riverview remains an important economic participant as one of the few community banks in the region and the only community bank headquartered in Clark County.”Regulatory changesThe set-aside amount represents 2.7 percent of total loans and 41.3 percent of non-performing loans, the bank said. But those loans are increasing, at least on paper, in part due to regulatory changes unleashed by new federal oversight rules. Riverview’s nonperforming loans increased to $45 million, or 6.6 percent of all loans, at the end of the quarter. By comparison, such non-performing loans represented 4.6 percent of Riverview’s portfolio on Dec. 31, and just 1.8 percent on March 31, 2011.last_img read more

Laser Technology Provides Closer Look at Winged Dinosaurs

first_img Forget everything you think you know about dinosaurs.Researchers at the University of Hong Kong and Linyi University in China have reconstructed the first highly detailed body outline of a feathered dinosaur.Paleontologists mainly rely on fossilized remains—typically bones—to form a not-always-accurate idea of the shape of prehistoric creatures. A new laser-stimulated fluorescence (LSF) technique, however, provides better insight.Developed by Tom Kaye of the Foundation for Scientific Advancement, the approach uses high-power lasers to illuminate preserved soft tissues, making skin atoms literally glow in the dark.The University of Hong Kong“For the last 20 years we have been amazed by the wondrous feathered dinosaurs of Northeastern China. However, we never thought they would preserve soft tissues so extensively,” HKU paleontologist Dr. Michael Pittman said in a statement.In partnership with Linyi professors Wang Xiaoli and Zheng Xiaoting, Pittman & Co. were able to build a model of the feathered Anchiornis dinosaur—complete with contoured wings and legs, as well as foot scales.“The detail was so well lit that we could see the texture of the skin,” Pittman said.The University of Hong KongAnchiornis lived in the late Jurassic period (about 160 million years ago), close to the time paleontologists think birds first appeared, according to the University of Hong Kong.That’s a good hypothesis, it seems: Researchers discovered the shape of the four-winged dinosaurs’ arm is similar to modern birds, but with uniquely primitive characteristics, like feathers arranged evenly rather than in distinct rows.Recently published in the Nature Communications journal, Pittman and Wang’s work highlights details like the creatures’ “patagia-bearing arms, drumstick-shaped legs, and … slender tail”—features probably common among theropod dinos of that time.Now in high demand since their paper’s release on March 1, the team of scientists is busy traveling the globe, scanning specimens using its LSF technology. Watch: Hilarious T-Rex Race on Horse Track Goes ViralLego Captures Classic Jurassic Park Moments In Huge New Set Stay on targetlast_img read more