For all of fiscal year 2014, net income increased to $19.4 million, or $0.87 per diluted share.
“Fiscal year 2014 was a banner year for Riverview,” said Pat Sheaffer, chairman and CEO in a press release. “We celebrated our seventh consecutive profitable quarter and continued to make meaningful progress in reducing nonperforming and classified assets. The combination of these two achievements led to the OCC terminating our formal agreement and the reversal of our deferred tax asset valuation allowance. As we look forward to the coming year, our future looks prosperous. Our core earnings have improved and we see opportunities for both loan and deposit growth in the coming year.”