Business / Technology

The parent of Riverview Community Bank warned Friday that it will report a loss of $4.5 million to $5.6 million for the quarter ended Dec. 31, due to losses in its real-estate business.

Vancouver-based Riverview Bancorp said that following appraisals on five impaired real-estate loans, it expected its quarterly provision for loan losses to be $7.3 million to $8 million; the loan-loss provision for the preceding quarter was just $2.2 million.

In addition, the company said it expects to write down the value of real estate it owns by $2.5 million, based on a new appraisal of one property and the pending sale of a second.

The company's expected third-quarter loss, which equates to 20 to 25 cents per share, would wipe out the $895,000 (or 4 cents per share) profit it reported for the first half of its fiscal year.

Riverview made its announcement after the close of Friday's regular trading, in which its shares fell 2 cents to close at $2.44.

Riverview Community Bank has 14 offices in southwest Washington and three in Oregon. As of Sept. 30, the 89-year-old bank had $860.6 million in assets and $730.7 million in deposits.

Drew DeSilver: 206-464-3145 or ddesilver@seattletimes.com