UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): July 21, 2015

RIVERVIEW BANCORP, INC.
(Exact name of registrant as specified in its charter)

Washington
000-22957
91-1838969
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

900 Washington Street, Suite 900, Vancouver, Washington
98660
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code:  (360) 693-6650


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
 
[   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act       
        (17 CFR 240.14d-2(b))
 
[   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act       
        (17 CFR 240.13e-4(c))


 
 
 


Item 2.02 Results of Operations and Financial Condition.

On July 21, 2015, Riverview Bancorp, Inc. issued its earnings release for the quarter ended June 30, 2015.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01  Financial Statements and Exhibits.

(d)Exhibits

The following exhibit is being furnished herewith and this list shall constitute the exhibit index:

99.1News Release of Riverview Bancorp, Inc. dated July 21, 2015.





 
 
 



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  RIVERVIEW BANCORP, INC. 
 
 
 
  
Date:  July 21, 2015  /s/ Kevin J. Lycklama                            
 
Kevin J. Lycklama
 
Chief Financial Officer
(Principal Financial Officer)
 
 
 
 
 
 
 
 
 
 
 
 


Exhibit 99.1
 
   
 
Contacts:       Pat Sheaffer, Ron Wysaske or Kevin Lycklama,
Riverview Bancorp, Inc. 360-693-6650
 
 
 
Riverview Bancorp Earnings Increase to $1.6 Million in First Fiscal Quarter;
Led by On-Going Credit Quality Improvements

 
Vancouver, WA – July 21, 2015 - Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported net income of $1.6 million, or $0.07 per diluted share, in the first fiscal quarter ended June 30, 2015 compared to $1.5 million, or $0.07 per diluted share, in the preceding quarter and $740,000, or $0.03 per diluted share, in the first fiscal quarter a year ago.
 
“Profitability has continued to improve as we execute on our strategic initiatives and capitalize on the strength of the economy in the greater Vancouver/Portland marketplace,” said Pat Sheaffer, chairman and chief executive officer. “Loan demand has remained strong in our market area and we have continued to build on the improvement in our asset quality and enhanced operating efficiencies. As the only community bank headquartered in Clark County, we take great pride in helping to serve the needs of our communities and we are confident in our ability to continue to enhance shareholder value in the coming fiscal year.”
 
First Quarter Highlights (at or for the period ended June 30, 2015)

·  
Net income increased to $1.6 million, or $0.07 per diluted share.
·  
Net interest margin was 3.69% compared to 3.46% a year ago.
·  
Total loans were $570.2 million compared to $547.0 million a year ago.
·  
Classified assets decreased $2.1 million during the quarter to $14.7 million.
·  
Non-performing assets (“NPA”) declined to 0.60% of total assets compared to 2.30% a year ago.
·  
Riverview Asset Management and Trust Company’s (“RAMCO”) assets under management increased $7.4 million during the quarter to $416.7 million.
·  
Total risk-based capital ratio was 16.48% and Tier 1 leverage ratio was 11.17%.
·  
Quarterly cash dividend of $0.0125 per share was paid on July 20, 2015.
 
Balance Sheet Review
 
“Loan activity remained robust during the quarter as our commercial bankers continue to focus on developing new relationships,” said Ron Wysaske, president and chief operating officer. “Our loan pipeline grew to a record high of $88.7 million at June 30, 2015. However, loan growth was muted during the quarter due to an increase in loan payoffs and normal principal reductions as well as the timing of loan fundings.”
 
Loan balances increased to $570.2 million at June 30, 2015 compared to $547.0 million a year ago, but were down slightly compared to the preceding quarter. Loan originations totaled $40.9 million during the quarter compared to $47.1 million in the preceding quarter. At June 30, 2015, there was $25.3 million in undisbursed construction loans, the majority of which are expected to fund during the current fiscal year.
 
Total deposits increased to $722.5 million at June 30, 2015, compared to $686.6 million a year earlier and $720.9 million in the preceding quarter. Average deposit balances increased $11.6 million during the quarter and were $41.0 million higher than the first quarter a year ago. Checking account balances increased $15.1 million during the quarter as the Company continues to focus on core deposits and building customer relationships. Checking account balances represented 39.1% of total deposits at June 30, 2015.
 
 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 2
 
At June 30, 2015, shareholders’ equity increased $639,000 to $104.4 million compared to $103.8 million in the preceding quarter. The increase was primarily due to net income of $1.6 million, which was partially offset by dividends of $281,000 and a decrease in unrealized holding gain on securities available for sale. Tangible book value per share improved to $3.49 compared to $3.46 at March 31, 2015. The Company paid a $0.0125 cash dividend on July 20, 2015.
 
Income Statement
 
Net interest income for the first fiscal quarter was $7.1 million, an increase of $765,000 compared to the first fiscal quarter a year ago. The increase was primarily due to the growth in the loan and investment portfolios during the past fiscal year.
 
Riverview’s net interest margin was 3.69% in the first fiscal quarter compared to 3.46% in the first fiscal quarter a year ago and 3.71% in the preceding quarter. “Net interest margin was impacted during the quarter primarily due to an increase in our average excess cash balances to $52.8 million, which resulted in a decrease of approximately 18 basis points,” said Kevin Lycklama, executive vice president and chief financial officer. “This reduction was almost completely offset by an improvement in yields in both our loan and investment portfolios. In addition, the Company collected approximately $128,000 of past due interest on two prior nonaccrual loans during the quarter which contributed an additional six basis points to the net interest margin.”
 
Non-interest income increased to $2.5 million in the first quarter compared to $2.2 million in both the preceding quarter and the first quarter a year ago. Fees and service charges increased $226,000 from the prior year primarily due to the collection of prepayment penalties of $171,000 on loan payoffs. Mortgage loan originations increased during the current quarter resulting in a $95,000 increase in gain on sale of loans held for sale from the prior year.
 
RAMCO’s assets under management increased $7.4 million during the quarter. “We had a record quarter with revenue of $824,000 and total assets under management of $416.7 million at June 30, 2015,” stated John Karas, president and chief executive officer of RAMCO. “We have been able to capitalize on the relationships we have built over the past 15 years serving the Southwest Washington market. During the past year we have grown our assets under management by more than 11%. We are excited about our opportunities for further growth in the coming fiscal year.”
 
Riverview’s non-interest expense was $7.7 million in the first quarter which was comparable to both the first quarter a year ago and the preceding quarter. Real estate owned (”REO”) expenses decreased $337,000 during the quarter compared to the prior year as a result of fewer REO write-downs and a reduction in the number of REO properties. However, compared to the preceding quarter REO expenses increased primarily due write-downs of $135,000 on existing properties and a one-time expense of $117,000 on a separate property.
 
Credit Quality
 
“Riverview’s credit quality metrics improved again during the quarter, with both non-performing loans and REO balances declining,” said Dan Cox, executive vice president and chief credit officer. “This improvement reflects the hard work of our credit teams, as well as the improving local economy.”
 
Non-performing loans (“NPL”) decreased during the quarter to $3.8 million, or 0.66% of total loans, compared to $5.3 million, or 0.92% of total loans, at March 31, 2015. During the last 12 months NPL have declined by $9.3 million, or 71.1%. Loans past due 30-89 days were 0.14% of total loans at June 30, 2015 compared to 0.26% of total loans at March 31, 2015.
 
REO balances were $1.3 million at June 30, 2015 compared to $1.6 million three months earlier. Sales of REO properties totaled $119,000 during the quarter, with $135,000 in write-downs and no new additions.
 
Classified assets decreased $2.1 million during the quarter to $14.7 million at June 30, 2015 compared to $16.8 million at March 31, 2015. The classified asset ratio decreased to 14.4% at June 30, 2015 compared to 17.0% three months earlier. During the past twelve months, Riverview has reduced its classified assets by $19.0 million, or 56.3%.
 
Riverview recorded a $500,000 recapture of loan losses during the first quarter of fiscal 2016 compared to a $750,000 recapture of loan losses during the preceding quarter. The recapture of loan losses reflects the improvement in credit quality and the decline in loan charge-offs during the past year.
 
 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 3
 
Net loan recoveries were $75,000 during the quarter compared to net charge-offs of $189,000 in the preceding quarter. The allowance for loan losses at June 30, 2015 totaled $10.3 million, representing 1.81% of total loans and 274.0% of nonperforming loans.
 
Capital
 
Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.48%, Tier 1 leverage ratio of 11.17% and tangible common equity to tangible assets of 9.41% at June 30, 2015.
 
Non-GAAP Financial Measures
 
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Riverview believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.
 
Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Riverview provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and other intangible assets. In addition, tangible assets are total assets less goodwill and other intangible assets.
 
The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP), and ending total assets (GAAP) to ending tangible assets (non-GAAP).
 
(Dollars in thousands)
  
June 30,
2015
    
March 31,
2015
    
June 30,
2014
  
                   
Shareholders' equity
   $ 104,440     $ 103,801     $ 99,366  
Goodwill
     25,572       25,572       25,572  
Other intangible assets, net
     411       401       393  
                         
Tangible shareholders' equity
   $ 78,457     $ 77,828     $ 73,401  
                         
Total assets
   $ 860,165     $ 858,750     $ 824,642  
Goodwill
     25,572       25,572       25,572  
Other intangible assets, net
     411       401       393  
                         
Tangible assets
   $ 834,182     $ 832,777     $ 798,677  
 
About Riverview
 
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $860 million, it is the parent company of the 92 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 17 branches, including twelve in the Portland-Vancouver area and three lending centers.
 
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to: the Company’s ability to raise common capital; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in the Company’s market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to sell loans in the secondary market; results of examinations of us by the Office of Comptroller of
 
 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 4
 
the Currency or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase the Company’s reserve for loan losses, write-down assets, change Riverview Community Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; further increases in premiums for deposit insurance; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; computer systems on which the Company depends could fail or experience a security breach; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may in the future acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; and interest or principal payments on its junior subordinated debentures; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services and the other risks described from time to time in our filings with the SEC.
 
Such forward-looking statements may include projections. Any such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities Exchange Commission regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct.
 
The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2016 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s operating and stock price performance.
 





 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 5
 
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
                  
Consolidated Balance Sheets
                  
(In thousands, except share data)  (Unaudited)
  
June 30,
2015
    
March 31,
2015
    
June 30,
2014
  
ASSETS
                  
                   
Cash (including interest-earning accounts of $33,271, $45,490
   $ 48,149     $ 58,659     $ 41,556  
and $23,815)
                        
Certificate of deposits
     25,471       25,969       34,435  
Loans held for sale
     215       778       795  
Investment securities available for sale, at fair value
     15,678       15,751       21,549  
Mortgage-backed securities held to maturity, at amortized
     83       86       98  
Mortgage-backed securities available for sale, at fair value
     124,296       96,712       98,413  
Loans receivable (net of allowance for loan losses of $10,337,
                        
$10,762 and $12,281)
     559,844       569,010       534,712  
Real estate and other pers. property owned
     1,349       1,603       5,926  
Prepaid expenses and other assets
     3,635       3,236       3,858  
Accrued interest receivable
     2,069       2,139       1,964  
Federal Home Loan Bank stock, at cost
     988       5,924       6,533  
Premises and equipment, net
     15,172       15,434       16,260  
Deferred income taxes, net
     12,128       12,568       14,748  
Mortgage servicing rights, net
     411       399       373  
Goodwill
     25,572       25,572       25,572  
Core deposit intangible, net
     -       2       20  
Bank owned life insurance
     25,105       24,908       17,830  
                         
TOTAL ASSETS
   $ 860,165     $ 858,750     $ 824,642  
                         
LIABILITIES AND EQUITY
                        
                         
LIABILITIES:
                        
Deposit accounts
   $ 722,461     $ 720,850     $ 686,641  
Accrued expenses and other liabilities
     7,363       8,111       12,759  
Advance payments by borrowers for taxes and insurance
     415       495       365  
Junior subordinated debentures
     22,681       22,681       22,681  
Capital lease obligation
     2,254       2,276       2,340  
Total liabilities
     755,174       754,413       724,786  
                         
EQUITY:
                        
Shareholders' equity
                        
Serial preferred stock, $.01 par value; 250,000 authorized,
                        
issued and outstanding, none
     -       -       -  
Common stock, $.01 par value; 50,000,000 authorized,
                        
June 30, 2015 – 22,507,890 issued and outstanding;
     225       225       225  
March 31, 2015 – 22,489,890 issued and outstanding;
                        
June 30, 2014 – 22,471,890 issued and outstanding;
                        
Additional paid-in capital
     65,331       65,268       65,218  
Retained earnings
     39,144       37,830       34,332  
Unearned shares issued to employee stock ownership trust
     (258 )     (284 )     (361 )
Accumulated other comprehensive loss
     (2 )     762       (48 )
Total shareholders’ equity
     104,440       103,801       99,366  
                         
Noncontrolling interest
     551       536       490  
Total equity
     104,991       104,337       99,856  
                         
TOTAL LIABILITIES AND EQUITY
   $ 860,165     $ 858,750     $ 824,642  
 
 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 6
 
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
                  
Consolidated Statements of Income
                  
   
Three Months Ended
  
(In thousands, except share data)   (Unaudited)
  
June 30,
2015
    
March 31,
2015
    
June 30,
2014
  
INTEREST INCOME:
                  
Interest and fees on loans receivable
   $ 6,860     $ 6,741     $ 6,171  
Interest on investment securities-taxable
     64       100       84  
Interest on mortgage-backed securities
     518       409       480  
Other interest and dividends
     119       97       131  
Total interest income
     7,561       7,347       6,866  
                         
INTEREST EXPENSE:
                        
Interest on deposits
     303       302       360  
Interest on borrowings
     134       132       147  
Total interest expense
     437       434       507  
Net interest income
     7,124       6,913       6,359  
Less recapture of loan losses
     (500 )     (750 )     (300 )
                         
Net interest income after recapture of loan losses
     7,624       7,663       6,659  
                         
NON-INTEREST INCOME:
                        
Fees and service charges
     1,296       1,057       1,070  
Asset management fees
     824       727       820  
Gain on sale of loans held for sale
     221       161       126  
Bank owned life insurance income
     197       188       138  
Other
     11       45       56  
Total non-interest income
     2,549       2,178       2,210  
                         
NON-INTEREST EXPENSE:
                        
Salaries and employee benefits
     4,414       4,818       4,174  
Occupancy and depreciation
     1,169       1,146       1,087  
Data processing
     490       408       470  
Amortization of core deposit intangible
     2       6       6  
Advertising and marketing expense
     176       106       150  
FDIC insurance premium
     126       129       175  
State and local taxes
     137       143       137  
Telecommunications
     73       72       76  
Professional fees
     233       241       289  
Real estate owned expenses
     279       93       616  
Other
     646       527       555  
Total non-interest expense
     7,745       7,689       7,735  
                         
INCOME BEFORE INCOME TAXES
     2,428       2,152       1,134  
PROVISION FOR INCOME TAXES
     833       634       394  
NET INCOME
   $ 1,595     $ 1,518     $ 740  
                         
Earnings per common share:
                        
Basic
   $ 0.07     $ 0.07     $ 0.03  
Diluted
   $ 0.07     $ 0.07     $ 0.03  
Weighted average number of shares outstanding:
                        
Basic
     22,434,327       22,404,870       22,382,595  
Diluted
     22,477,006       22,460,054       22,408,775  

 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 7
 
(Dollars in thousands)
  
At or for the three months ended
  
   
June 30,
2015
    
March 31,
2015
    
June 30,
2014
  
AVERAGE BALANCES
                  
Average interest–earning assets
   $ 775,558     $ 755,848     $ 737,717  
Average interest-bearing liabilities
     588,841       588,664       578,959  
Net average earning assets
     186,717       167,184       158,758  
Average loans
     574,710       586,159       538,096  
Average deposits
     723,095       711,536       682,113  
Average equity
     105,615       103,837       99,695  
Average tangible equity
     79,639       77,858       73,730  
                         
                         
ASSET QUALITY
  
June 30,
2015
    
March 31,
2015
    
June 30,
2014
  
                         
Non-performing loans
     3,773       5,318       13,052  
Non-performing loans to total loans
     0.66 %     0.92 %     2.39 %
Real estate/repossessed assets owned
     1,349       1,603       5,926  
Non-performing assets
     5,122       6,921       18,978  
Non-performing assets to total assets
     0.60 %     0.81 %     2.30 %
Net loan charge-offs (recoveries) in the quarter
     (75 )     189       (30 )
Net charge-offs in the quarter/average net loans
     (0.05 )%     0.13 %     (0.02 )%
                         
Allowance for loan losses
     10,337       10,762       12,281  
Average interest-earning assets to average
                        
  interest-bearing liabilities
     131.71 %     128.40 %     127.42 %
Allowance for loan losses to
                        
  non-performing loans
     273.97 %     202.37 %     94.09 %
Allowance for loan losses to total loans
     1.81 %     1.86 %     2.25 %
Shareholders’ equity to assets
     12.14 %     12.09 %     12.05 %
                         
                         
CAPITAL RATIOS
                        
Total capital (to risk weighted assets)
     16.48 %     15.89 %     16.58 %
Tier 1 capital (to risk weighted assets)
     15.22 %     14.63 %     15.31 %
Common equity tier 1 (to risk weighted assets)
     15.22 %     14.63 %     N/A  
Tier 1 capital (to leverage assets)
     11.17 %     10.89 %     10.93 %
Tangible common equity (to tangible assets)
     9.41 %     9.35 %     9.19 %
                         
                         
DEPOSIT MIX
  
June 30,
2015
    
March 31,
2015
    
June 30,
2014
  
                         
Interest checking
   $ 121,648     $ 115,461     $ 101,490  
Regular savings
     78,844       77,132       67,344  
Money market deposit accounts
     226,533       237,465       228,317  
Non-interest checking
     160,830       151,953       134,546  
Certificates of deposit
     134,606       138,839       154,944  
Total deposits
   $ 722,461     $ 720,850     $ 686,641  

 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 8
 
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
  
                         
         
Commercial
          
Commercial
  
         
Real Estate
    
Real Estate
    
& Construction
  
   
Commercial
    
Mortgage
    
Construction
    
Total
  
June 30, 2015
         (Dollars in thousands)        
Commercial
   $ 79,764     $ -     $ -     $ 79,764  
Commercial construction
     -       -       16,449       16,449  
Office buildings
     -       100,896       -       100,896  
Warehouse/industrial
     -       42,510       -       42,510  
Retail/shopping centers/strip malls
     -       57,058       -       57,058  
Assisted living facilities
     -       1,838       -       1,838  
Single purpose facilities
     -       112,089       -       112,089  
Land
     -       14,780       -       14,780  
Multi-family
     -       19,520       -       19,520  
One-to-four family
     -       -       3,948       3,948  
  Total
   $ 79,764     $ 348,691     $ 20,397     $ 448,852  
                                 
March 31, 2015
                                
Commercial
   $ 77,186     $ -     $ -     $ 77,186  
Commercial construction
     -       -       27,967       27,967  
Office buildings
     -       86,813       -       86,813  
Warehouse/industrial
     -       42,173       -       42,173  
Retail/shopping centers/strip malls
     -       60,736       -       60,736  
Assisted living facilities
     -       1,846       -       1,846  
Single purpose facilities
     -       108,123       -       108,123  
Land
     -       15,358       -       15,358  
Multi-family
     -       30,457       -       30,457  
One-to-four family
     -       -       2,531       2,531  
  Total
   $ 77,186     $ 345,506     $ 30,498     $ 453,190  
 
LOAN MIX
  
June 30, 2015
    
March 31, 2015
    
June 30, 2014
  
         
(Dollars in Thousands)
        
Commercial and construction
                  
  Commercial
   $ 79,764     $ 77,186     $ 75,702  
  Other real estate mortgage
     348,691       345,506       327,287  
  Real estate construction
     20,397       30,498       18,347  
    Total commercial and construction
     448,852       453,190       421,336  
Consumer
                        
  Real estate one-to-four family
     87,837       89,801       93,550  
  Other installment
     33,492       36,781       32,107  
    Total consumer
     121,329       126,582       125,657  
                         
Total loans
     570,181       579,772       546,993  
                         
Less:
                        
  Allowance for loan losses
     10,337       10,762       12,281  
  Loans receivable, net
   $ 559,844     $ 569,010     $ 534,712  

 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 9
 
DETAIL OF NON-PERFORMING ASSETS
                                
                                     
   
Northwest
    
Other
    
Southwest
    
Other
              
   
Oregon
    
Oregon
    
Washington
    
Washington
    
Other
    
Total
  
June 30, 2015
  
(Dollars in thousands)
  
Non-performing assets
                                    
                                     
Commercial real estate
   $ 281     $ 1,360     $ 926     $ -     $ -     $ 2,567  
Land
     -       801       -       -       -       801  
Consumer
     -       -       80       233       92       405  
Total non-performing loans
     281       2,161       1,006       233       92       3,773  
                                                 
REO
     687       -       617       45       -       1,349  
                                                 
Total non-performing assets
   $ 968     $ 2,161     $ 1,623     $ 278     $ 92     $ 5,122  
 
 
 
 
DETAIL OF LAND DEVELOPMENT AND SPEC CONSTRUCTION LOANS
        
                         
   
Northwest
    
Other
    
Southwest
        
   
Oregon
    
Oregon
    
Washington
    
Total
  
June 30, 2015
  
(Dollars in thousands)
  
Land development and spec construction loans
                        
                         
Land development loans
   $ 105     $ 2,867     $ 11,808     $ 14,780  
Spec construction loans
     -       161       2,979       3,140  
                                 
Total land development and spec construction
   $ 105     $ 3,028     $ 14,787     $ 17,920  
 

 
 
 
 
RVSB Reports First Quarter Fiscal 2016 Profits
July 21, 2015
Page 10
 
   
At or for the three months ended
  
SELECTED OPERATING DATA
  
June 30,
2015
    
March 31,
2015
    
June 30,
2014
  
                   
Efficiency ratio (4)
     80.07 %     84.58 %     90.27 %
Coverage ratio (6)
     91.98 %     89.91 %     82.21 %
Return on average assets (1)
     0.75 %     0.73 %     0.36 %
Return on average equity (1)
     6.07 %     5.93 %     2.98 %
                         
NET INTEREST SPREAD
                        
                         
Yield on loans
     4.80 %     4.66 %     4.60 %
Yield on investment securities
     2.04 %     1.80 %     1.94 %
    Total yield on interest earning assets
     3.92 %     3.94 %     3.73 %
                         
Cost of interest bearing deposits
     0.22 %     0.22 %     0.26 %
Cost of FHLB advances and other borrowings
     2.16 %     2.14 %     2.36 %
    Total cost of interest bearing liabilities
     0.30 %     0.30 %     0.35 %
                         
Spread (7)
     3.62 %     3.64 %     3.38 %
Net interest margin
     3.69 %     3.71 %     3.46 %
                         
PER SHARE DATA
                        
                         
Basic earnings per share (2)
   $ 0.07     $ 0.07     $ 0.03  
Diluted earnings per share (3)
     0.07       0.07       0.03  
Book value per share (5)
     4.64       4.62       4.42  
Tangible book value per share (5)
     3.49       3.46       3.27  
Market price per share:
                        
  High for the period
   $ 4.52     $ 4.74     $ 4.03  
  Low for the period
     4.08       4.32       3.38  
  Close for period end
     4.28       4.50       3.88  
Cash dividends declared per share
     0.01250       0.01125       -  
                         
Average number of shares outstanding:
                        
  Basic (2)
     22,434,327       22,404,870       22,382,595  
  Diluted (3)
     22,477,006       22,460,054       22,408,775  

(1)  
Amounts for the quarterly periods are annualized.
(2)  
Amounts exclude ESOP shares not committed to be released.
(3)  
Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
(4)  
Non-interest expense divided by net interest income and non-interest income.
(5)  
Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
(6)  
Net interest income divided by non-interest expense.
(7)  
Yield on interest-earning assets less cost of funds on interest-bearing liabilities.




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