RVSB Riverview Bancorp Inc

Riverview Bancorp, Inc. (Nasdaq:RVSB) (“Riverview” or the “Company”) today reported net income of $1.7 million, or $0.08 per diluted share, in the third fiscal quarter ended December 31, 2015. This compares to $1.7 million, or $0.07 per diluted share, in the preceding quarter and $1.1 million, or $0.05 per diluted share, in the third fiscal quarter a year ago. In the first nine months of fiscal 2016, net income increased to $5.0 million, or $0.22 per diluted share, compared to $3.0 million, or $0.13 per diluted share, in the first nine months of fiscal 2015.

“We continue to successfully execute on our business plan and strategic initiatives,” said Pat Sheaffer, chairman and chief executive officer. “We were able to capitalize on the strength of the economy in the Portland-Vancouver marketplace with improved profitability, strong capital and continued loan growth.”

Third Quarter Highlights (at or for the period ended December 31, 2015)

• Net income increased to $1.7 million, or $0.08 per diluted share.
• Net interest margin improved to 3.69% compared to 3.64% in the preceding quarter.
• Total loans increased $14.8 million during the quarter and $31.6 million year-over-year to $610.7 million.
• Total deposits decreased $9.4 million during the quarter but have increased $58.2 million from a year ago.
• Classified assets decreased to $7.1 million, or 6.7% of total capital.
• Non-performing assets declined to 0.49% of total assets.
• Total risk-based capital ratio was 16.08% and Tier 1 leverage ratio was 11.11%.
• Increased quarterly cash dividend to $0.0175 per share.

Balance Sheet Review

“Loan activity remained strong during the quarter,” said Ron Wysaske, president and chief operating officer. “Our loan pipeline increased during the quarter as our lenders have continued expanding relationships with businesses throughout the greater Portland and Vancouver market. At December 31, 2015, our loan pipeline grew to $72.7 million from $64.8 million at the end of September.”

Loan originations totaled $75.4 million during the third quarter compared to $77.4 million in the preceding quarter. At December 31, 2015, there was an additional $34.6 million in undisbursed construction loans, the majority of which are expected to fund over the next several quarters.

Deposits were $747.6 million at December 31, 2015 compared to $757.0 million at September 30, 2015 and $689.3 million a year ago. The decrease in deposit balances during the quarter was primarily a result of timing of customer transactions. Average deposit balances, which eliminates some of the daily volatility in balances, increased $15.6 million during the quarter and were $59.7 million higher than the third quarter a year ago. The Company continues to focus on growing its core customer deposits balances. Checking account balances represented 41.2% of total deposits at December 31, 2015.

At December 31, 2015, shareholders’ equity was $106.0 million compared to $106.4 million at September 30, 2015. Tangible book value per share was $3.56 at December 31, 2015 compared to $3.57 at September 30, 2015. A quarterly cash dividend of $0.0175 per share was paid on January 19, 2016, generating a current yield of 1.6% based on the recent stock price.

Income Statement

“Our core profitability improved again this quarter reflecting the increased revenue growth with contributions from both the loan portfolio and noninterest income,” said Wysaske. “Core earnings (defined as earnings before taxes and provision for loan losses) increased $460,000 during the quarter compared to the preceding quarter.” Net interest income for the third fiscal quarter increased to $7.5 million compared to $7.2 million in the preceding quarter and $6.7 million in the third fiscal quarter a year ago.

The third quarter net interest margin expanded five basis points to 3.69% compared to 3.64% in the preceding quarter and improved 11 basis points compared to the third quarter a year ago. “Our net interest margin improved during the quarter as we increased our loan-to-deposit ratio and deployed a portion of our cash balances into more productive loans and investment securities,” said Kevin Lycklama, executive vice president and chief financial officer.

Non-interest income increased $201,000 during the quarter compared to linked quarter. The increase was primarily attributable to an increase of $172,000 in the collection of prepayment penalties on loan payoffs in the third quarter along with an increase in gain on sale of loans held for sale. In the first nine months of fiscal 2016, non-interest income increased to $7.2 million compared to $6.7 million for the same period in the prior year.

Asset management fees increased to $830,000 during the third fiscal quarter compared to $718,000 in the third quarter a year ago. Riverview Asset Management and Trust Company’s assets under management were $394.6 million at December 31, 2015 compared to $376.7 million a year ago.

Non-interest expense was $7.3 million in the third quarter, an increase of $65,000 compared to the preceding quarter and a decrease to $297,000 from a year ago. The year-over-year decrease was the result of a decrease in data processing expenses, state and local taxes and professional fees.

Credit Quality

“Maintaining high-level credit quality remains a top priority,” said Dan Cox, executive vice president and chief credit officer. “We have continued to reduce both our nonperforming and classified asset totals.” Total nonperforming assets (“NPA”) decreased to $4.3 million at December 31, 2015 compared to $4.7 million three months earlier.

Nonperforming loans (“NPL”) were $3.9 million, or 0.65% of total loans, at December 31, 2015 compared to $3.8 million, or 0.63% of total loans, at September 30, 2015 and $7.7 million, or 1.33% of total loans, a year ago. Loans past due 30-89 days were 0.11% of total loans at December 31, 2015 compared to 0.14% at September 30, 2015.

REO balances declined to $388,000 at December 31, 2015 compared to $909,000 three months earlier. Sales of REO properties totaled $460,000 during the quarter, with $61,000 in write-downs and no new additions.

Classified assets decreased to $7.1 million at December 31, 2015 compared to $7.5 million at September 30, 2015. The classified asset to total capital ratio was 6.7% at December 31, 2015 compared to 7.2% three months earlier. During the past twelve months, Riverview has reduced its classified assets by $15.8 million, or 68.9%.

Riverview recorded no provision for loan losses during the third fiscal quarter compared to a $300,000 recapture of loan losses during the preceding quarter. In the first nine months, the Company recorded an $800,000 recapture of loan losses compared to $1.1 million in the first nine months a year ago. The recapture of loan losses reflects the improvement in credit quality and the decline in loan charge-offs during the past few years.

Net loan recoveries were $60,000 during the quarter compared to net loan recoveries of $76,000 in the preceding quarter. The allowance for loan losses at December 31, 2015 totaled $10.2 million, representing 1.67% of total loans and 258.1% 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 16.08%, Tier 1 leverage ratio of 11.11% and tangible common equity to tangible assets of 9.30% at December 31, 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)		December 31, 2015				September 30, 2015				December 31, 2014				March 31, 2015
Shareholders' equity		$	105,993			$	106,362			$	101,912			$	103,801
Goodwill			25,572				25,572				25,572				25,572
Other intangible assets, net			386				392				401				401
Tangible shareholders' equity		$	80,035			$	80,398			$	75,939			$	77,828
Total assets		$	886,152			$	896,302			$	828,435			$	858,750
Goodwill			25,572				25,572				25,572				25,572
Other intangible assets, net			386				392				401				401
Tangible assets		$	860,194			$	870,338			$	802,462			$	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 $886 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 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.

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(In thousands, except share data)  (Unaudited)	December 31, 2015				September 30, 2015				December 31, 2014				March 31, 2015
ASSETS
Cash (including interest-earning accounts of $16,461, $55,094, $5,872	$	28,967			$	68,865			$	21,981			$	58,659
and $45,490)
Certificate of deposits held for investment		17,761				21,247				27,214				25,969
Loans held for sale		400				950				724				778
Investment securities:
Available for sale, at estimated fair value		154,292				134,571				118,366				112,463
Held to maturity, at amortized		77				80				88				86
Loans receivable (net of allowance for loan losses of $10,173, $10,113
$11,701, and $10,762)		600,540				585,784				567,398				569,010
Real estate owned		388				909				1,604				1,603
Prepaid expenses and other assets		3,236				3,256				3,049				3,238
Accrued interest receivable		2,429				2,181				2,024				2,139
Federal Home Loan Bank stock, at cost		988				988				6,120				5,924
Premises and equipment, net		14,814				15,059				15,683				15,434
Deferred income taxes, net		10,814				11,153				13,500				12,568
Mortgage servicing rights, net		386				392				393				399
Goodwill		25,572				25,572				25,572				25,572
Bank owned life insurance		25,488				25,295				24,719				24,908
TOTAL ASSETS	$	886,152			$	896,302			$	828,435			$	858,750
LIABILITIES AND EQUITY
LIABILITIES:
Deposits	$	747,565			$	756,996			$	689,330			$	720,850
Accrued expenses and other liabilities		7,178				6,497				9,397				8,111
Advance payments by borrowers for taxes and insurance		256				712				199				495
Federal Home Loan Bank advances		-				-				2,100				-
Junior subordinated debentures		22,681				22,681				22,681				22,681
Capital lease obligations		2,479				2,484				2,298				2,276
Total liabilities		780,159				789,370				726,005				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,
December 31, 2015 - 22,507,890 issued and outstanding;
September 30, 2015 - 22,507,890 issued and outstanding;		225				225				225				225
December 31, 2014 - 22,471,890 issued and outstanding;
March 31, 2015 – 22,489,890 issued and outstanding;
Additional paid-in capital		64,417				65,333				65,217				65,268
Retained earnings		41,773				40,460				36,565				37,830
Unearned shares issued to employee stock ownership plan		(206	)			(232	)			(310	)			(284	)
Accumulated other comprehensive income (loss)		(216	)			576				215				762
Total shareholders’ equity		105,993				106,362				101,912				103,801
Noncontrolling interest		-				570				518				536
Total equity		105,993				106,932				102,430				104,337
TOTAL LIABILITIES AND EQUITY	$	886,152			$	896,302			$	828,435			$	858,750

 

 

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
	Three Months Ended										Nine Months Ended
(In thousands, except share data)  (Unaudited)	Dec. 31, 2015			Sept. 30, 2015			Dec. 31, 2014				Dec. 31, 2015			Dec. 31, 2014
INTEREST INCOME:
Interest and fees on loans receivable	$	7,109		$	6,789		$	6,498			$	20,758		$	19,155
Interest on investment securities		702			702			595				1,986			1,765
Other interest and dividends		110			111			110				340			359
Total interest and dividend income		7,921			7,602			7,203				23,084			21,279
INTEREST EXPENSE:
Interest on deposits		290			300			322				893			1,024
Interest on borrowings		144			139			163				417			458
Total interest expense		434			439			485				1,310			1,482
Net interest income		7,487			7,163			6,718				21,774			19,797
Recapture of loan losses		-			(300	)		(400	)			(800	)		(1,050	)
Net interest income after recapture of loan losses		7,487			7,463			7,118				22,574			20,847
NON-INTEREST INCOME:
Fees and service charges		1,312			1,132			1,032				3,740			3,260
Asset management fees		830			801			718				2,455			2,248
Net gain on sale of loans held for sale		125			79			154				425			435
Bank owned life insurance		193			190			196				580			528
Other, net		(43	)		14			164				(18	)		226
Total non-interest income		2,417			2,216			2,264				7,182			6,697
NON-INTEREST EXPENSE:
Salaries and employee benefits		4,452			4,236			4,472				13,102			12,987
Occupancy and depreciation		1,200			1,154			1,223				3,523			3,632
Data processing		424			431			495				1,345			1,399
Advertising and marketing expense		149			208			169				533			522
FDIC insurance premium		127			122			143				375			498
State and local taxes		102			123			162				362			416
Telecommunications		71			74			73				218			223
Professional fees		222			218			302				673			848
Real estate owned expenses		65			167			99				511			901
Other		537			551			508				1,736			1,629
Total non-interest expense		7,349			7,284			7,646				22,378			23,055
INCOME BEFORE INCOME TAXES		2,555			2,395			1,736				7,378			4,489
PROVISION FOR INCOME TAXES		849			743			587				2,425			1,516
NET INCOME	$	1,706		$	1,652		$	1,149			$	4,953		$	2,973
Earnings per common share:
Basic	$	0.08		$	0.07		$	0.05			$	0.22		$	0.13
Diluted	$	0.08		$	0.07		$	0.05			$	0.22		$	0.13
Weighted average number of common shares outstanding:
Basic		22,455,543			22,449,386			22,394,910				22,446,463			22,388,775
Diluted		22,506,341			22,490,351			22,439,195				22,491,546			22,421,330

 

(Dollars in thousands)		At or for the three months ended												At or for the nine months ended
		Dec. 31, 2015				Sept. 30, 2015				Dec. 31, 2014				Dec. 31, 2015				Dec. 31, 2014
AVERAGE BALANCES
Average interest–earning assets		$	806,760			$	783,371			$	744,351			$	789,403			$	739,951
Average interest-bearing liabilities			597,989				594,667				573,417				593,851				576,670
Net average earning assets			208,771				188,704				170,934				195,552				163,281
Average loans			606,760				576,218				554,376				585,936				548,041
Average deposits			753,405				737,851				693,695				738,172				689,964
Average equity			108,115				106,771				102,327				106,838				101,021
Average tangible equity			82,151				80,794				76,358				80,865				75,053
ASSET QUALITY		Dec. 31, 2015				Sept. 30, 2015				Dec. 31, 2014
Non-performing loans		$	3,941			$	3,771			$	7,729
Non-performing loans to total loans			0.65	%			0.63	%			1.33	%
Real estate/repossessed assets owned		$	388			$	909			$	1,604
Non-performing assets		$	4,329			$	4,680			$	9,333
Non-performing assets to total assets			0.49	%			0.52	%			1.13	%
Net recoveries in the quarter		$	(60	)		$	(76	)		$	(100	)
Net recoveries in the quarter/average net loans			(0.04	)%			(0.05	)%			(0.07	)%
Allowance for loan losses		$	10,173			$	10,113			$	11,701
Average interest-earning assets to average
interest-bearing liabilities			134.91	%			131.73	%			129.81	%
Allowance for loan losses to
non-performing loans			258.13	%			268.18	%			151.39	%
Allowance for loan losses to total loans			1.67	%			1.70	%			2.02	%
Shareholders’ equity to assets			11.96	%			11.87	%			12.30	%
CAPITAL RATIOS
Total capital (to risk weighted assets)			16.08	%			16.45	%			15.59	%
Tier 1 capital (to risk weighted assets)			14.83	%			15.19	%			14.33	%
Common equity tier 1 (to risk weighted assets)			14.83	%			15.19	%			N/A
Tier 1 capital (to leverage assets)			11.11	%			11.22	%			10.72	%
Tangible common equity (to tangible assets)			9.30	%			9.24	%			9.46	%
DEPOSIT MIX		Dec. 31, 2015				Sept. 30, 2015				Dec. 31, 2014				March 31, 2015
Interest checking		$	130,635			$	132,727			$	107,701			$	115,461
Regular savings			88,603				83,094				74,111				77,132
Money market deposit accounts			226,746				234,194				222,300				237,465
Non-interest checking			177,624				176,131				144,189				151,953
Certificates of deposit			123,957				130,850				141,029				138,839
Total deposits		$	747,565			$	756,996			$	689,330			$	720,850

 

 

COMPOSITION OF COMMERCIAL AND CONSTRUCTION  LOANS
						Other								Commercial
						Real Estate				Real Estate				& Construction
		Commercial				Mortgage				Construction				Total
December 31, 2015		(Dollars in thousands)
Commercial		$	72,113			$	-			$	-			$	72,113
Commercial construction			-				-				15,403				15,403
Office buildings			-				104,285				-				104,285
Warehouse/industrial			-				51,384				-				51,384
Retail/shopping centers/strip malls			-				56,008				-				56,008
Assisted living facilities			-				1,819				-				1,819
Single purpose facilities			-				122,029				-				122,029
Land			-				13,061				-				13,061
Multi-family			-				34,601				-				34,601
One-to-four family construction			-				-				8,346				8,346
Total		$	72,113			$	383,187			$	23,749			$	479,049
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 construction			-				-				2,531				2,531
Total		$	77,186			$	345,506			$	30,498			$	453,190
LOAN MIX		Dec. 31, 2015				Sept. 30, 2015				Dec. 31, 2014				March 31, 2015
		(Dollars in thousands)
Commercial and construction
Commercial business		$	72,113			$	78,138			$	82,284			$	77,186
Other real estate mortgage			383,187				380,529				337,030				345,506
Real estate construction			23,749				17,304				29,199				30,498
Total commercial and construction			479,049				475,971				448,513				453,190
Consumer
Real estate one-to-four family			88,839				89,520				90,865				89,801
Other installment			42,825				30,406				39,721				36,781
Total consumer			131,664				119,926				130,586				126,582
Total loans			610,713				595,897				579,099				579,772
Less:
Allowance for loan losses			10,173				10,113				11,701				10,762
Loans receivable, net		$	600,540			$	585,784			$	567,398			$	569,010

 

 

DETAIL OF NON-PERFORMING ASSETS
			Northwest				Other				Southwest				Other
			Oregon				Oregon				Washington				Washington				Other				Total
December 31, 2015			(dollars in thousands)
Commercial real estate			$	273			$	1,289			$	913			$	-			$	-			$	2,475
Land				-				801				-				-				-				801
Consumer				114				-				141				233				177				665
Total non-performing loans				387				2,090				1,054				233				177				3,941
REO				313				-				30				45				-				388
Total non-performing assets			$	700			$	2,090			$	1,084			$	278			$	177			$	4,329
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS
											Northwest				Other				Southwest
											Oregon				Oregon				Washington				Total
December 31, 2015											(dollars in thousands)
Land development											$	100			$	2,801			$	10,160			$	13,061
Speculative construction												-				-				6,941				6,941
Total land development and speculative construction											$	100			$	2,801			$	17,101			$	20,002

 

	At or for the three months ended										At or for the nine months ended
SELECTED OPERATING DATA	Dec. 31, 2015			Sept. 30, 2015			Dec. 31, 2014				Dec. 31, 2015			Dec. 31, 2014
Efficiency ratio (4)		74.20	%		77.66	%		85.13	%			77.28	%		87.02	%
Coverage ratio (6)		101.88	%		98.34	%		87.86	%			97.30	%		85.87	%
Return on average assets (1)		0.76	%		0.75	%		0.55	%			0.75	%		0.48	%
Return on average equity (1)		6.28	%		6.16	%		4.45	%			6.17	%		3.91	%
NET INTEREST SPREAD
Yield on loans		4.66	%		4.69	%		4.65	%			4.72	%		4.64	%
Yield on investment securities		2.09	%		2.03	%		1.73	%			2.06	%		1.87	%
Total yield on interest earning assets		3.91	%		3.86	%		3.84	%			3.89	%		3.82	%
Cost of interest bearing deposits		0.20	%		0.21	%		0.23	%			0.21	%		0.25	%
Cost of FHLB advances and other borrowings		2.28	%		2.22	%		2.48	%			2.22	%		2.39	%
Total cost of interest bearing liabilities		0.29	%		0.29	%		0.34	%			0.29	%		0.34	%
Spread (7)		3.62	%		3.57	%		3.50	%			3.60	%		3.48	%
Net interest margin		3.69	%		3.64	%		3.58	%			3.67	%		3.55	%
PER SHARE DATA
Basic earnings per share (2)	$	0.08		$	0.07		$	0.05			$	0.22		$	0.13
Diluted earnings per share (3)		0.08			0.07			0.05				0.22			0.13
Book value per share (5)		4.71			4.73			4.54				4.71			4.54
Tangible book value per share (5)		3.56			3.57			3.38				3.56			3.38
Market price per share:
High for the period	$	5.11		$	4.75		$	4.49			$	5.11		$	4.49
Low for the period		4.35			4.15			3.84				4.08			3.38
Close for period end		4.69			4.75			4.48				4.69			4.48
Cash dividends declared per share		0.0175			0.0150			-				0.0450			-
Average number of shares outstanding:
Basic (2)		22,455,543			22,449,386			22,394,910				22,446,463			22,388,775
Diluted (3)		22,506,341			22,490,351			22,439,195				22,491,546			22,421,330

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.

 

Contacts:     
Pat Sheaffer, Ron Wysaske or Kevin Lycklama,                                                                           
Riverview Bancorp, Inc. 360-693-6650