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 |
|
|
|
|
|
|
|
|
- Amounts for the quarterly periods are annualized.
- Amounts exclude ESOP shares not committed to be released.
- Amounts exclude ESOP shares not committed to be released and
include common stock equivalents.
- Non-interest expense divided by net interest income and
non-interest income.
- Amounts calculated based on shareholders’ equity and include
ESOP shares not committed to be released.
- Net interest income divided by non-interest expense.
- 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
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