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): October 29, 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 October 29, 2015, Riverview Bancorp, Inc. issued its earnings release for the quarter ended September 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 October 29, 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: October 29, 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 $1.7 Million in Second Fiscal Quarter;
Highlighted by Strong Loan and Deposit Growth

 
Vancouver, WA – October 29, 2015 - Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported net income of $1.7 million, or $0.07 per diluted share, in the second fiscal quarter ended September 30, 2015. This compares to net income of $1.6 million, or $0.07 per diluted share, in the preceding quarter and $1.1 million, or $0.05 per diluted share, in the second fiscal quarter a year ago. In the first six months of fiscal 2016 net income increased to $3.2 million, or $0.14 per diluted share, compared to $1.8 million, or $0.08 per diluted share, in the first six months of fiscal 2015.
 
“We are very pleased with our strong balance sheet growth and improved profitability during the quarter,” said Pat Sheaffer, chairman and chief executive officer. “Loan and deposit growth was robust as we continued to capitalize on the strength of the economy in the greater Portland-Vancouver marketplace.”
 
Second Quarter Highlights (at or for the period ended September 30, 2015)
  • Net income increased to $1.7 million, or $0.07 per diluted share.
  • Net interest margin was 3.64%.
  • Total loans increased $25.7 million during the quarter to $595.9 million.
  • Total deposits grew $34.5 million during the quarter to $757.0 million.
  • Classified assets decreased to $7.5 million, or 7.2% of total capital.
  • Non-performing assets declined to 0.52% of total assets.
  • Total risk-based capital ratio was 16.45% and Tier 1 leverage ratio was 11.22%.
  • Quarterly cash dividend of $0.015 per share was paid on October 27, 2015.
Balance Sheet Review
 
“Our strong loan growth during the quarter, particularly in the commercial real estate loan portfolio, contributed to solid balance sheet growth again this quarter,” said Ron Wysaske, president and chief operating officer. “Our loan pipeline remains strong as we continue to focus our teams on developing new relationships.  At September 30, 2015, our loan pipeline totaled $64.8 million.”
 
Total loans grew at an annualized rate of 18.0% during the quarter-ended September 30, 2015. Loan originations totaled $77.4 million during the quarter compared to $40.9 million in the preceding quarter. At September 30, 2015, there was an additional $25.0 million in undisbursed construction loans, the majority of which are expected to fund during the current fiscal year.
 
Deposits increased $34.5 million during the quarter. Average deposit balances increased $14.8 million during the quarter and were $43.9 million higher than the second quarter a year ago. Checking accounts continue to account for the majority of the increase with balances growing by $26.4 million, or 9.3%, during the quarter. Checking account balances represented 40.8% of total deposits at September 30, 2015.
 
 
 
 
RVSB Reports Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 2
 
At September 30, 2015, shareholders’ equity increased $1.9 million to $106.4 million compared to $104.4 million in the preceding quarter. Tangible book value per share improved to $3.57 at September 30, 2015 compared to $3.49 in the preceding quarter. The Company paid a $0.015 cash dividend on October 27, 2015.
 
Income Statement
 
Riverview’s net interest income for the second fiscal quarter increased to $7.2 million compared to $7.1 million in the preceding quarter and $6.7 million in the second fiscal quarter a year ago. The increase was due primarily to the strong growth in the loan and investment portfolios during the past fiscal year.
 
The net interest margin was 3.64% in the second fiscal quarter compared to 3.69% in the preceding quarter and 3.61% in the second quarter a year ago. “Net interest margin continues to be impacted by our high cash balances and the low rate environment,” said Kevin Lycklama, executive vice president and chief financial officer. “Additionally, the preceding quarter included the collection of approximately $128,000 of past due interest on two prior nonaccrual loans which contributed an additional six basis points to the first quarter’s net interest margin.”
 
Non-interest income was $2.2 million in the second fiscal quarter, a decrease of $333,000 compared to preceding quarter. The decrease was primarily attributable to the collection of $171,000 in prepayment penalties on loan payoffs in the first quarter along with a decrease in gain on sale of loans held for sale during the second quarter. In the first six months of fiscal 2016, non-interest income increased to $4.8 million compared to $4.4 million for the same period in prior year.
 
Riverview Asset Management and Trust Company’s assets under management were $410.5 million at September 30, 2015 compared to $363.7 million a year ago.  Asset management fees totaled $801,000 during the second quarter of fiscal year 2016 compared to $710,000 in the second quarter a year ago.
 
Riverview’s non-interest expense was $7.3 million in the second quarter, a decrease of $461,000 compared to the preceding quarter. The decrease was due primarily to a decline in real estate owned (”REO”) expenses and salaries and employee benefits expense. Compared to the second quarter a year ago, non-interest expense decreased $390,000. The decrease from the prior year period was due to a $58,000 decrease in FDIC insurance premiums and a $168,000 decrease in occupancy expense due primarily to the closure of our Wood Village branch in October 2014 .
 
Credit Quality
 
“Our focus on improving our credit quality metrics continues to be successful, with non-performing loans (“NPL”) and REO balances declining during the quarter,” said Dan Cox, executive vice president and chief credit officer.
 
NPLs were $3.8 million, or 0.63% of total loans, at September 30, 2015 compared to $3.8 million, or 0.66% of total loans, at June 30, 2015 and $11.7 million, or 2.12% of total loans, a year ago. During the last 12 months NPLs have declined by $8.0 million, or 67.9%. Loans past due 30-89 days were 0.14% of total loans at September 30, 2015 and June 30 2015.
 
REO balances were $909,000 at September 30, 2015 compared to $1.3 million three months earlier. Sales of REO properties totaled $313,000 during the quarter, with $127,000 in write-downs and no new additions.
 
Classified assets decreased to $7.5 million at September 30, 2015 compared to $14.7 million at June 30, 2015. The classified asset ratio was 7.2% at September 30, 2015 compared to 14.4% three months earlier. During the past twelve months, Riverview has reduced its classified assets by $17.7 million, or 70.3%.
 
Riverview recorded a $300,000 recapture of loan losses during the second quarter of fiscal 2016 compared to a $500,000 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.
 
Net loan recoveries were $76,000 during the quarter compared to net loan recoveries of $75,000 in the preceding quarter. The allowance for loan losses at September 30, 2015 totaled $10.1 million, representing 1.70% of total loans and 268.2% 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 16.45%, Tier 1 leverage ratio of 11.22% and tangible common equity to tangible assets of 9.24% at September 30, 2015.
 
 
 
 
RVSB Reports Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 3
 
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)
  
September 30, 2015
    
June 30, 2015
    
September 30, 2014
    
March 31, 2015
  
                         
Shareholders' equity
   $ 106,362     $ 104,440     $ 100,311     $ 103,801  
Goodwill
     25,572       25,572       25,572       25,572  
Other intangible assets, net
     392       411       400       401  
                                 
Tangible shareholders' equity
   $ 80,398     $ 78,457     $ 74,339     $ 77,828  
                                 
Total assets
   $ 896,302     $ 860,165     $ 841,540     $ 858,750  
Goodwill
     25,572       25,572       25,572       25,572  
Other intangible assets, net
     392       411       400       401  
                                 
Tangible assets
   $ 870,338     $ 834,182     $ 815,568     $ 832,777  
 
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 $896 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 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
 
 
 
 
RVSB Reports Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 4
 
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 Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 5
 
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
                        
Consolidated Balance Sheets
                        
(In thousands, except share data)  (Unaudited)
  
September 30, 2015
    
June 30, 2015
    
September 30, 2014
    
March 31, 2015
  
ASSETS
                        
                         
Cash (including interest-earning accounts of $55,094, $33,271, $17,417
   $ 68,865     $ 48,149     $ 30,988     $ 58,659  
and $45,490)
                                
Certificate of deposits
     21,247       25,471       32,941       25,969  
Loans held for sale
     950       215       353       778  
Investment securities available for sale, at fair value
     15,750       15,678       19,571       15,751  
Mortgage-backed securities held to maturity, at amortized
     80       83       90       86  
Mortgage-backed securities available for sale, at fair value
     118,821       124,296       120,740       96,712  
Loans receivable (net of allowance for loan losses of $10,113, $10,337,
                                
$12,001, and $10,762)
     585,784       559,844       540,786       569,010  
Real estate and other pers. property owned
     909       1,349       3,705       1,603  
Prepaid expenses and other assets
     3,256       3,635       3,257       3,238  
Accrued interest receivable
     2,181       2,069       2,047       2,139  
Federal Home Loan Bank stock, at cost
     988       988       6,324       5,924  
Premises and equipment, net
     15,059       15,172       15,955       15,434  
Deferred income taxes, net
     11,153       12,128       14,301       12,568  
Mortgage servicing rights, net
     392       411       386       399  
Goodwill
     25,572       25,572       25,572       25,572  
Bank owned life insurance
     25,295       25,105       24,524       24,908  
                                 
TOTAL ASSETS
   $ 896,302     $ 860,165     $ 841,540     $ 858,750  
                                 
LIABILITIES AND EQUITY
                                
                                 
LIABILITIES:
                                
Deposit accounts
   $ 756,996     $ 722,461     $ 702,635     $ 720,850  
Accrued expenses and other liabilities
     6,497       7,363       12,445       8,111  
Advance payments by borrowers for taxes and insurance
     712       415       644       495  
Junior subordinated debentures
     22,681       22,681       22,681       22,681  
Capital lease obligation
     2,484       2,254       2,319       2,276  
Total liabilities
     789,370       755,174       740,724       754,413  
                                 
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,
                                
    September 30, 2015 - 22,507,890 issued and outstanding;
                                
June 30, 2015 – 22,507,890 issued and outstanding;
     225       225       225       225  
    September 30, 2014 - 22,471,890 issued and outstanding;
                                
March 31, 2015 – 22,489,890 issued and outstanding;
                                
Additional paid-in capital
     65,333       65,331       65,217       65,268  
Retained earnings
     40,460       39,144       35,416       37,830  
Unearned shares issued to employee stock ownership trust
     (232 )     (258 )     (335 )     (284 )
Accumulated other comprehensive loss
     576       (2 )     (212 )     762  
Total shareholders’ equity
     106,362       104,440       100,311       103,801  
                                 
Noncontrolling interest
     570       551       505       536  
Total equity
     106,932       104,991       100,816       104,337  
                                 
TOTAL LIABILITIES AND EQUITY
   $ 896,302     $ 860,165     $ 841,540     $ 858,750  
 
 
 
RVSB Reports Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 6

 
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
                              
Consolidated Statements of Income
                              
   
Three Months Ended
    
Six Months Ended
  
(In thousands, except share data)   (Unaudited)
  
Sept. 30, 2015
    
June 30, 2015
    
Sept. 30, 2014
    
Sept. 30, 2015
    
Sept. 30, 2014
  
INTEREST INCOME:
                              
Interest and fees on loans receivable
   $ 6,789     $ 6,860     $ 6,486     $ 13,649     $ 12,657  
Interest on investment securities-taxable
     62       64       98       126       182  
Interest on mortgage-backed securities
     640       518       508       1,158       988  
Other interest and dividends
     111       119       118       230       249  
Total interest income
     7,602       7,561       7,210       15,163       14,076  
                                         
INTEREST EXPENSE:
                                        
Interest on deposits
     300       303       342       603       702  
Interest on borrowings
     139       134       148       273       295  
Total interest expense
     439       437       490       876       997  
Net interest income
     7,163       7,124       6,720       14,287       13,079  
Less recapture of loan losses
     (300 )     (500 )     (350 )     (800 )     (650 )
                                         
Net interest income after recapture of loan losses
     7,463       7,624       7,070       15,087       13,729  
                                         
NON-INTEREST INCOME:
                                        
Fees and service charges
     1,132       1,296       1,158       2,428       2,228  
Asset management fees
     801       824       710       1,625       1,530  
Gain on sale of loans held for sale
     79       221       155       300       281  
Bank owned life insurance income
     190       197       194       387       332  
Other
     14       11       6       25       62  
Total non-interest income
     2,216       2,549       2,223       4,765       4,433  
                                         
NON-INTEREST EXPENSE:
                                        
Salaries and employee benefits
     4,236       4,414       4,341       8,650       8,515  
Occupancy and depreciation
     1,154       1,169       1,322       2,323       2,409  
Data processing
     431       490       434       921       904  
Advertising and marketing expense
     208       176       203       384       353  
FDIC insurance premium
     122       126       180       248       355  
State and local taxes
     123       137       117       260       254  
Telecommunications
     74       73       74       147       150  
Professional fees
     218       233       257       451       546  
Real estate owned expenses
     167       279       186       446       802  
Other
     551       648       560       1,199       1,121  
Total non-interest expense
     7,284       7,745       7,674       15,029       15,409  
                                         
INCOME BEFORE INCOME TAXES
     2,395       2,428       1,619       4,823       2,753  
PROVISION FOR INCOME TAXES
     743       833       535       1,576       929  
NET INCOME
   $ 1,652     $ 1,595     $ 1,084     $ 3,247     $ 1,824  
                                         
Earnings per common share:
                                        
Basic
   $ 0.07     $ 0.07     $ 0.05     $ 0.14     $ 0.08  
Diluted
   $ 0.07     $ 0.07     $ 0.05     $ 0.14     $ 0.08  
Weighted average number of shares outstanding:
                                        
Basic
     22,449,386       22,434,327       22,388,753       22,441,898       22,385,691  
Diluted
     22,490,351       22,477,006       22,419,469       22,483,711       22,414,212  

 
 
 
RVSB Reports Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 7
 
 
(Dollars in thousands)
  
At or for the three months ended
    
At or for the six months ended
  
   
Sept. 30, 2015
    
June 30, 2015
    
Sept. 30, 2014
    
Sept. 30, 2015
    
Sept. 30, 2014
  
AVERAGE BALANCES
                              
Average interest–earning assets
   $ 783,371     $ 775,558     $ 737,759     $ 779,486     $ 737,736  
Average interest-bearing liabilities
     594,667       588,841       577,658       591,770       578,305  
Net average earning assets
     188,704       186,717       160,101       187,716       159,431  
Average loans
     576,218       574,710       551,543       575,468       544,856  
Average deposits
     737,851       723,095       693,998       730,513       688,088  
Average equity
     106,771       105,615       101,026       106,196       100,364  
Average tangible equity
     80,794       79,639       75,055       80,220       74,396  

ASSET QUALITY
  
Sept. 30, 2015
    
June 30, 2015
    
Sept. 30, 2014
  
                   
Non-performing loans
     3,771       3,773       11,742  
Non-performing loans to total loans
     0.63 %     0.66 %     2.12 %
Real estate/repossessed assets owned
     909       1,349       3,705  
Non-performing assets
     4,680       5,122       15,447  
Non-performing assets to total assets
     0.52 %     0.60 %     1.84 %
Net loan charge-offs in the quarter
     (76 )     (75 )     (70 )
Net charge-offs in the quarter/average net loans
     (0.05 )%     (0.05 )%     (0.05 )%
                         
Allowance for loan losses
     10,113       10,337       12,001  
Average interest-earning assets to average
                        
  interest-bearing liabilities
     131.73 %     131.71 %     127.72 %
Allowance for loan losses to
                        
  non-performing loans
     268.18 %     273.97 %     102.21 %
Allowance for loan losses to total loans
     1.70 %     1.81 %     2.17 %
Shareholders’ equity to assets
     11.87 %     12.14 %     11.92 %
                         
                         
CAPITAL RATIOS
                        
Total capital (to risk weighted assets)
     16.45 %     16.48 %     16.78 %
Tier 1 capital (to risk weighted assets)
     15.19 %     15.22 %     15.52 %
Common equity tier 1 (to risk weighted assets)
     15.19 %     15.22 %     N/A  
Tier 1 capital (to leverage assets)
     11.22 %     11.17 %     10.97 %
Tangible common equity (to tangible assets)
     9.24 %     9.41 %     9.11 %
 
 
DEPOSIT MIX
  
Sept. 30, 2015
    
June 30, 2015
    
Sept. 30, 2014
    
March 31, 2015
  
                         
Interest checking
   $ 132,727     $ 121,648     $ 107,288     $ 115,461  
Regular savings
     83,094       78,844       71,667       77,132  
Money market deposit accounts
     234,194       226,533       229,520       237,465  
Non-interest checking
     176,131       160,830       145,114       151,953  
Certificates of deposit
     130,850       134,606       149,046       138,839  
Total deposits
   $ 756,996     $ 722,461     $ 702,635     $ 720,850  
 
 
 
 
RVSB Reports Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 8
 
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
              
                         
         
Commercial
          
Commercial
  
         
Real Estate
    
Real Estate
    
& Construction
  
   
Commercial
    
Mortgage
    
Construction
    
Total
  
September 30, 2015
  
(Dollars in thousands)
  
Commercial
   $ 78,138     $ -     $ -     $ 78,138  
Commercial construction
     -       -       10,167       10,167  
Office buildings
     -       114,904       -       114,904  
Warehouse/industrial
     -       44,607       -       44,607  
Retail/shopping centers/strip malls
     -       57,745       -       57,745  
Assisted living facilities
     -       1,828       -       1,828  
Single purpose facilities
     -       112,354       -       112,354  
Land
     -       14,102       -       14,102  
Multi-family
     -       34,989       -       34,989  
One-to-four family
     -       -       7,137       7,137  
  Total
   $ 78,138     $ 380,529     $ 17,304     $ 475,971  
                                 
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
  
Sept. 30, 2015
    
June 30, 2015
    
Sept. 30, 2014
    
March 31, 2015
  
Commercial and construction
                                
  Commercial
   $ 78,138     $ 79,764     $ 80,930     $ 77,186  
  Other real estate mortgage
     380,529       348,691       329,056       345,506  
  Real estate construction
     17,304       20,397       18,843       30,498  
    Total commercial and construction
     475,971       448,852       428,829       453,190  
Consumer
                                
  Real estate one-to-four family
     89,520       87,837       94,536       89,801  
  Other installment
     30,406       33,492       29,422       36,781  
    Total consumer
     119,926       121,329       123,958       126,582  
                                 
Total loans
     595,897       570,181       552,787       579,772  
                                 
Less:
                                
  Allowance for loan losses
     10,113       10,337       12,001       10,762  
  Loans receivable, net
   $ 585,784     $ 559,844     $ 540,786     $ 569,010  
 
 
 
RVSB Reports Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 9
 
 
DETAIL OF NON-PERFORMING ASSETS
                                    
                                     
   
Northwest
    
Other
    
Southwest
    
Other
              
   
Oregon
    
Oregon
    
Washington
    
Washington
    
Other
    
Total
  
September 30, 2015
  
(dollars in thousands)
  
Non-performing assets
                                    
                                     
Commercial real estate
   $ 277     $ 1,325     $ 923     $ -     $ -     $ 2,525  
Land
     -       801       -       -       -       801  
Consumer
     -       -       26       233       186       445  
Total non-performing loans
     277       2,126       949       233       186       3,771  
                                                 
REO
     374       -       490       45       -       909  
                                                 
Total non-performing assets
   $ 651     $ 2,126     $ 1,439     $ 278     $ 186     $ 4,680  
 
 
 
 
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
        
                         
   
Northwest
    
Other
    
Southwest
        
   
Oregon
    
Oregon
    
Washington
    
Total
  
September 30, 2015
  
(dollars in thousands)
  
Land development and spec construction loans
                        
                         
Land development loans
   $ 103     $ 2,835     $ 11,164     $ 14,102  
Spec construction loans
     -       126       5,908       6,034  
                                 
Total land development and spec construction
   $ 103     $ 2,961     $ 17,072     $ 20,136  
 
 
 
RVSB Reports Second Quarter Fiscal 2016 Profits
October 29, 2015
Page 10
 
   
At or for the three months ended
    
At or for the six months ended
  
SELECTED OPERATING DATA
  
Sept. 30, 2015
    
June 30, 2015
    
Sept. 30, 2014
    
Sept. 30, 2015
    
Sept. 30, 2014
  
                               
Efficiency ratio (4)
     77.66 %     80.07 %     85.81 %     78.88 %     87.99 %
Coverage ratio (6)
     98.34 %     91.98 %     87.57 %     95.06 %     84.88 %
Return on average assets (1)
     0.75 %     0.75 %     0.52 %     0.75 %     0.44 %
Return on average equity (1)
     6.16 %     6.07 %     4.26 %     6.12 %     3.62 %
                                         
NET INTEREST SPREAD
                                        
Yield on loans
     4.69 %     4.80 %     4.67 %     4.74 %     4.63 %
Yield on investment securities
     2.03 %     2.04 %     1.97 %     2.04 %     1.96 %
    Total yield on interest earning assets
     3.86 %     3.92 %     3.88 %     3.89 %     3.81 %
                                         
Cost of interest bearing deposits
     0.21 %     0.22 %     0.25 %     0.21 %     0.25 %
Cost of FHLB advances and other borrowings
     2.22 %     2.16 %     2.34 %     2.19 %     2.35 %
    Total cost of interest bearing liabilities
     0.29 %     0.30 %     0.34 %     0.30 %     0.34 %
                                         
Spread (7)
     3.57 %     3.62 %     3.54 %     3.59 %     3.47 %
Net interest margin
     3.64 %     3.69 %     3.61 %     3.67 %     3.54 %
                                         
PER SHARE DATA
                                        
Basic earnings per share (2)
   $ 0.07     $ 0.07     $ 0.05     $ 0.14     $ 0.08  
Diluted earnings per share (3)
     0.07       0.07       0.05       0.14       0.08  
Book value per share (5)
     4.73       4.64       4.46       4.73       4.46  
Tangible book value per share (5)
     3.57       3.49       3.31       3.57       3.31  
Market price per share:
                                        
  High for the period
   $ 4.75     $ 4.52     $ 3.99     $ 4.75     $ 4.03  
  Low for the period
     4.15       4.08       3.67       4.08       3.38  
  Close for period end
     4.75       4.28       3.99       4.75       3.99  
Cash dividends declared per share
     0.0150       0.0125       -       0.0275       -  
                                         
Average number of shares outstanding:
                                        
  Basic (2)
     22,449,386       22,434,327       22,388,753       22,441,898       22,385,691  
  Diluted (3)
     22,490,351       22,477,006       22,419,469       22,483,711       22,414,212  
 
 

(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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