Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported that it earned $1.5 million, or $0.07 per
diluted share, in the fourth fiscal quarter ended March 31, 2015
compared to $1.1 million, or $0.05 per diluted share, in the
preceding quarter. In the fourth quarter of fiscal 2014, earnings
totaled $16.6 million, or $0.74 per diluted share, which included a
$15.1 million recapture of its deferred tax asset valuation
allowance.
For all of fiscal year 2015, net income was $4.5 million, or
$0.20 per diluted share, compared to $19.4 million, or $0.87 per
diluted share, in fiscal year 2014
"We closed our fiscal year with a solid fourth quarter, building
on the momentum we have established over the past year," said Pat
Sheaffer, chairman and chief executive officer. "We are continuing
to generate solid year-over-year growth in our loan and deposit
portfolios, while growing our revenues, improving asset quality and
enhancing operating efficiencies. With these accomplishments in
place, we were pleased to be able to reinstate payment of a cash
dividend to our shareholders this quarter."
Riverview Asset Management and Trust Company ("RAMCO") had
strong growth in the fourth quarter with assets under management
increasing to $409.3 million at March 31, 2015. "We have continued
with our success story again this quarter," stated John Karas,
president and chief executive officer of RAMCO. "Assets under
management increased over $30 million this quarter and have grown
nearly 14% during the past year. We have been serving the Southwest
Washington market for more than 15 years and we remain committed to
staying local and continuing to provide top quality service in our
local markets."
Fourth Quarter Highlights (at or for the period ended
March 31, 2015)
- Reinstated quarterly cash dividend of $0.01125 per share.
- Fourth quarter net income was $1.5 million, or $0.07 per
diluted share.
- Fourth quarter pre-tax income increased to $2.2 million
compared to $1.7 million in the preceding quarter and $1.5 million
a year ago.
- Net interest margin expanded 13 basis points during the quarter
to 3.71%.
- Net loans increased to $569.0 million compared to $520.9
million a year ago (9.2% increase).
- Classified assets decreased $6.0 million during the current
quarter to $16.8 million (26.4% decline).
- NPAs declined to 0.81% of total assets from 2.64% a year
ago.
- Riverview Asset Management Corporation's assets under
management increased $32.7 million during the quarter to $409.3
million.
- Total risk-based capital ratio was 15.89% and Tier 1 leverage
ratio was 10.89%.
Balance Sheet Review
Net loans increased to $569.0 million at March 31, 2015. Loan
originations totaled $47.1 million during the quarter compared to
$36.3 million in the third fiscal quarter. Average loan balances
increased $31.8 million during the fourth quarter compared to the
preceding quarter. Net loan balance increased 9.2% compared to
$520.9 million a year ago. At March 31, 2015, there was $53.0
million in the loan pipeline and $21.2 million in undisbursed
construction loans that are anticipated to fund over the next
fiscal year.
"The greater Portland/Vancouver market continues to generate
strong job growth, attract population in-migration and is
recovering at a faster pace than much of the nation," said Ron
Wysaske, president and chief operating officer. "Consequently, over
the past year, we have generated solid growth in nearly every major
category of our loan portfolio, with accelerating expansion in
construction lending and commercial loans."
Total deposits increased to $720.9 million at March 31, 2015,
compared to $690.1 million a year earlier and $689.3 million at
December 31, 2014. The Company continues to focus on attracting
core deposits and building long-term customer relationships. As of
March 31, 2015, checking accounts represented 37.1% of total
deposits (interest checking accounts represent 16.0% and
non-interest checking accounts represent 21.1%).
Average deposit balances were $711.5 million for the
quarter-ended March 31, 2015 compared to $693.7 million in the
preceding quarter.
The Company continues to focus on improving value for its
shareholders. At March 31, 2015, shareholders' equity improved to
$103.8 million compared to $98.0 million a year earlier. Tangible
book value improved to $3.46 per share at March 31, 2015 compared
to $3.20 per share a year ago. The Company paid a $0.01125 cash
dividend on April 21, 2015.
Credit Quality
"Credit quality continues to improve reflecting the diligence of
our team and the improving local economy," said Dan Cox, executive
vice president and chief credit officer. "The positive momentum we
have gained while working our problem asset balances down has
allowed us to focus more attention on growing our loan
portfolio."
Classified assets decreased $6.0 million during the quarter to
$16.8 million at March 31, 2015, compared to $22.9 million at
December 31, 2014. The classified asset ratio decreased to 17.0% at
March 31, 2015, compared to 23.8% three months earlier. During the
past twelve months, Riverview has reduced its classified assets by
$26.6 million, or 61.2%.
Riverview's real estate owned ("REO") balances were $1.6 million
at March 31, 2015. Sales of REO properties remained strong with
total sales of $709,000 during the quarter, with no write-downs and
$708,000 in additions.
Riverview recorded a $750,000 recapture of loan losses during
the fourth quarter of fiscal 2015 compared to a $400,000 recapture
of loan losses during the preceding quarter. For the full year,
Riverview recorded a $1.8 million recapture of loan losses compared
to a $3.7 million recapture in fiscal year 2014. The recapture of
loan losses reflects the continued improvement in credit quality as
well as the positive impact from continued loan recoveries.
Net loan charge-offs totaled $189,000 during the quarter
compared to net recoveries of $100,000 in the preceding quarter.
For the full year, Riverview had net recoveries of $11,000. The
allowance for loan losses at March 31, 2015 totaled $10.8 million,
representing 1.86% of total loans and 202.4% of nonperforming
loans.
Income Statement
Riverview's fiscal fourth quarter net interest income was
$6.9 million, which was a 16.1% increase compared to $6.0 million
in the fiscal fourth quarter a year ago and a 2.9% increase
compared to $6.7 million in the preceding quarter. For the fiscal
year, net interest income increased to $26.7 million compared to
$24.2 million in fiscal year 2014. Higher average balances in both
the loan and investment portfolios led to the increase.
"Over the past year, we have grown the loan portfolio and
allocated additional cash balances into higher yielding loan and
investment products which helped our net interest margin expand 13
basis points during the quarter compared to three months earlier
and improve by 38 basis points compared to the year ago quarter,"
said Kevin Lycklama, executive vice president and chief financial
officer. "This margin expansion, coupled with the growth in our
loan and investment portfolios, has resulted in an increase in our
net interest income of nearly $2.5 million during this past fiscal
year. We anticipate that we will continue to see positive results
from these changes in the coming fiscal year."
Riverview's net interest margin increased to 3.71% in the fiscal
fourth quarter from 3.58% for the preceding quarter and 3.33% in
the fiscal fourth quarter a year ago. Part of this increase was due
to the collection of interest from a prior nonaccrual loan of
$102,000, which contributed approximately five basis points to the
margin in the fourth quarter. For the fiscal year, Riverview's net
interest margin improved 22 basis points to 3.59% compared to 3.37%
in fiscal 2014.
Non-interest income was $2.2 million in the fourth quarter
compared to $1.9 million in the fourth quarter a year ago and $2.3
million in the preceding quarter. Asset management fees increased
to $727,000 during the quarter compared to $694,000 in the fourth
quarter a year ago. For fiscal 2015, non-interest income increased
to $8.9 million compared to $8.4 million in fiscal 2014.
"We were pleased with the growth we have seen in non-interest
income over the past year," stated Lycklama. "Continuing to grow
non-interest income will be a top priority for the Company in the
coming fiscal year. We have several initiatives in place which we
anticipate will help us to further expand on these revenues."
Riverview's non-interest expense was $7.7 million in the fourth
quarter compared to $7.6 million in the preceding quarter and $7.5
million in the fourth quarter a year ago. For fiscal year 2015,
Riverview's non-interest expenses decreased to $30.7 million
compared to $32.0 million in the prior fiscal year.
Capital
Riverview continues to maintain capital levels in excess of the
regulatory requirements to be categorized as "well capitalized"
with a total risk-based capital ratio of 15.89%, Tier 1 leverage
ratio of 10.89% and tangible common equity to tangible assets of
9.35% at March 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 assets (GAAP) to ending tangible assets
(non-GAAP).
(Dollars in thousands) |
March 31, 2015 |
December 31,
2014 |
March 31, 2014 |
|
|
|
|
Shareholders' equity |
$ 103,801 |
$ 101,912 |
$ 97,978 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
401 |
401 |
395 |
Tangible shareholders' equity |
$ 77,828 |
$ 75,939 |
$ 72,011 |
|
|
|
|
Total assets |
$ 858,750 |
$ 828,435 |
$ 824,521 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
401 |
401 |
395 |
Tangible assets |
$ 832,777 |
$ 802,462 |
$ 798,554 |
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 $859 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 2015 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) |
March 31, 2015 |
December 31,
2014 |
March 31, 2014 |
ASSETS |
|
|
|
|
|
|
|
Cash (including
interest-earning accounts of $45,490, $5,872 and $51,715) |
$ 58,659 |
$ 21,981 |
$ 68,577 |
Certificate of deposits held
for investment |
25,969 |
27,214 |
36,925 |
Loans held for sale |
778 |
724 |
1,024 |
Investment securities available
for sale, at fair value |
15,751 |
17,150 |
23,394 |
Mortgage-backed securities held
to maturity, at amortized |
86 |
88 |
101 |
Mortgage-backed securities
available for sale, at fair value |
96,712 |
101,216 |
78,575 |
Loans receivable (net of
allowance for loan losses of $10,762, $11,701 and $12,551) |
569,010 |
567,398 |
520,937 |
Real estate and other pers.
property owned |
1,603 |
1,604 |
7,703 |
Prepaid expenses and other
assets |
3,236 |
3,041 |
3,197 |
Accrued interest
receivable |
2,139 |
2,024 |
1,836 |
Federal Home Loan Bank stock,
at cost |
5,924 |
6,120 |
6,744 |
Premises and equipment,
net |
15,434 |
15,683 |
16,417 |
Deferred income taxes, net |
12,568 |
13,500 |
15,433 |
Mortgage servicing rights,
net |
399 |
393 |
369 |
Goodwill |
25,572 |
25,572 |
25,572 |
Core deposit intangible,
net |
2 |
8 |
26 |
Bank owned life insurance |
24,908 |
24,719 |
17,691 |
|
|
|
|
TOTAL ASSETS |
$ 858,750 |
$ 828,435 |
$ 824,521 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
Deposit accounts |
$ 720,850 |
$ 689,330 |
$ 690,066 |
Accrued expenses and other
liabilities |
8,111 |
9,397 |
10,497 |
Advance payments by borrowers
for taxes and insurance |
495 |
199 |
467 |
Federal Home Loan Bank
Advances |
-- |
2,100 |
-- |
Junior subordinated
debentures |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,276 |
2,298 |
2,361 |
Total liabilities |
754,413 |
726,005 |
726,072 |
|
|
|
|
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, |
|
|
|
March 31, 2015 – 22,489,890
issued and outstanding; |
225 |
225 |
225 |
December 31, 2014 - 22,471,890
issued and outstanding; |
|
|
|
March 31, 2014 – 22,471,890
issued and outstanding; |
|
|
|
Additional paid-in capital |
65,268 |
65,217 |
65,195 |
Retained earnings |
37,830 |
36,565 |
33,592 |
Unearned shares issued to
employee stock ownership trust |
(284) |
(310) |
(387) |
Accumulated other comprehensive
loss |
762 |
215 |
(647) |
Total shareholders' equity |
103,801 |
101,912 |
97,978 |
|
|
|
|
Noncontrolling interest |
536 |
518 |
471 |
Total equity |
104,337 |
102,430 |
98,449 |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 858,750 |
$ 828,435 |
$ 824,521 |
|
|
|
|
|
|
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY |
|
|
|
|
|
Consolidated
Statements of Income |
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
(In thousands, except share
data) (Unaudited) |
March 31, 2015 |
Dec. 31, 2014 |
March 31, 2014 |
March 31, 2015 |
March 31, 2014 |
INTEREST INCOME: |
|
|
|
|
|
Interest and fees on loans
receivable |
$ 6,741 |
$ 6,498 |
$ 6,034 |
$ 25,896 |
$ 25,423 |
Interest on investment
securities-taxable |
100 |
75 |
80 |
357 |
271 |
Interest on mortgage-backed
securities |
409 |
520 |
268 |
1,917 |
424 |
Other interest and
dividends |
97 |
110 |
154 |
456 |
686 |
Total interest income |
7,347 |
7,203 |
6,536 |
28,626 |
26,804 |
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
Interest on deposits |
302 |
322 |
436 |
1,326 |
1,973 |
Interest on borrowings |
132 |
163 |
146 |
590 |
595 |
Total interest expense |
434 |
485 |
582 |
1,916 |
2,568 |
Net interest income |
6,913 |
6,718 |
5,954 |
26,710 |
24,236 |
Recapture of loan losses |
(750) |
(400) |
(1,200) |
(1,800) |
(3,700) |
|
|
|
|
|
|
Net interest income after recapture of loan
losses |
7,663 |
7,118 |
7,154 |
28,510 |
27,936 |
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
Fees and service charges |
1,057 |
1,032 |
957 |
4,317 |
4,258 |
Asset management fees |
727 |
718 |
694 |
2,975 |
2,630 |
Gain on sale of loans held for
sale |
161 |
154 |
58 |
596 |
667 |
Bank owned life insurance
income |
188 |
196 |
134 |
716 |
553 |
Other |
45 |
164 |
7 |
271 |
259 |
Total non-interest income |
2,178 |
2,264 |
1,850 |
8,875 |
8,367 |
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
Salaries and employee
benefits |
4,818 |
4,472 |
4,059 |
17,805 |
15,755 |
Occupancy and depreciation |
1,146 |
1,223 |
1,190 |
4,778 |
4,811 |
Data processing |
408 |
495 |
417 |
1,807 |
2,058 |
Amortization of core deposit
intangible |
6 |
6 |
7 |
24 |
40 |
Advertising and marketing
expense |
106 |
169 |
148 |
628 |
726 |
FDIC insurance premium |
129 |
143 |
259 |
627 |
1,487 |
State and local taxes |
143 |
162 |
122 |
559 |
462 |
Telecommunications |
72 |
73 |
77 |
295 |
304 |
Professional fees |
241 |
302 |
295 |
1,089 |
1,290 |
Real estate owned expenses |
93 |
99 |
363 |
994 |
2,765 |
Other |
527 |
502 |
523 |
2,138 |
2,263 |
Total non-interest expense |
7,689 |
7,646 |
7,460 |
30,744 |
31,961 |
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
2,152 |
1,736 |
1,544 |
6,641 |
4,342 |
PROVISION (BENEFIT) FOR INCOME TAXES |
634 |
587 |
(15,097) |
2,150 |
(15,081) |
NET INCOME |
$ 1,518 |
$ 1,149 |
$ 16,641 |
$ 4,491 |
$ 19,423 |
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
Basic |
$ 0.07 |
$ 0.05 |
$ 0.74 |
$ 0.20 |
$ 0.87 |
Diluted |
$ 0.07 |
$ 0.05 |
$ 0.74 |
$ 0.20 |
$ 0.87 |
Weighted average number of shares
outstanding: |
|
|
|
|
|
Basic |
22,404,870 |
22,394,910 |
22,376,437 |
22,392,744 |
22,367,174 |
Diluted |
22,460,054 |
22,439,195 |
22,385,244 |
22,431,839 |
22,369,046 |
|
|
|
(Dollars in thousands) |
At or for the three
months ended |
At or for the twelve
months ended |
|
March 31, 2015 |
Dec. 31, 2014 |
March 31, 2014 |
March 31, 2015 |
March 31, 2014 |
AVERAGE BALANCES |
|
|
|
|
|
Average interest–earning assets |
$ 755,848 |
$ 744,351 |
$ 726,218 |
$ 743,870 |
$ 718,802 |
Average interest-bearing liabilities |
588,664 |
573,417 |
585,686 |
579,627 |
577,543 |
Net average earning assets |
167,184 |
170,934 |
140,532 |
164,243 |
141,259 |
Average loans |
586,159 |
554,376 |
517,419 |
557,440 |
522,806 |
Average deposits |
711,536 |
693,695 |
682,888 |
695,283 |
672,740 |
Average equity |
103,837 |
102,327 |
82,866 |
101,715 |
81,858 |
Average tangible equity |
77,858 |
76,358 |
56,883 |
75,744 |
55,851 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
March 31, 2015 |
Dec. 31, 2014 |
March 31, 2014 |
|
|
|
|
|
|
|
|
Non-performing loans |
5,318 |
7,729 |
14,062 |
|
|
Non-performing loans to total loans |
0.92% |
1.33% |
2.64% |
|
|
Real estate/repossessed assets owned |
1,603 |
1,604 |
7,703 |
|
|
Non-performing assets |
6,921 |
9,333 |
21,765 |
|
|
Non-performing assets to total assets |
0.81% |
1.13% |
2.64% |
|
|
Net loan charge-offs in the quarter |
189 |
(100) |
297 |
|
|
Net charge-offs in the quarter/average net
loans |
0.13% |
(0.07)% |
0.23% |
|
|
|
|
|
|
|
|
Allowance for loan losses |
10,762 |
11,701 |
12,551 |
|
|
Average interest-earning assets to
average interest-bearing liabilities |
128.40% |
129.81% |
123.99% |
|
|
Allowance for loan losses
to non-performing loans |
202.37% |
151.39% |
89.25% |
|
|
Allowance for loan losses to total loans |
1.86% |
2.02% |
2.35% |
|
|
Shareholders' equity to assets |
12.09% |
12.30% |
11.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
Total capital (to risk weighted assets) |
15.89% |
15.59% |
16.66% |
|
|
Tier 1 capital (to risk weighted assets) |
14.63% |
14.33% |
15.40% |
|
|
Common equity tier 1 (to risk weighted
assets) |
14.54% |
N/A |
N/A |
|
|
Tier 1 capital (to leverage assets) |
10.89% |
10.72% |
10.71% |
|
|
Tangible common equity (to tangible
assets) |
9.35% |
9.46% |
9.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT MIX |
March 31, 2015 |
Dec. 31, 2014 |
March 31, 2014 |
|
|
|
|
|
|
|
|
Interest checking |
$ 115,461 |
$ 107,701 |
$ 104,543 |
|
|
Regular savings |
77,132 |
74,111 |
66,702 |
|
|
Money market deposit accounts |
237,465 |
222,300 |
227,933 |
|
|
Non-interest checking |
151,953 |
144,189 |
128,635 |
|
|
Certificates of deposit |
138,839 |
141,029 |
162,253 |
|
|
Total deposits |
$ 720,850 |
$ 689,330 |
$ 690,066 |
|
|
|
|
|
COMPOSITION
OF COMMERCIAL AND CONSTRUCTION LOANS |
|
|
|
|
|
|
|
|
Commercial |
Commercial Real Estate Mortgage |
Real Estate Construction |
Commercial & Construction
Total |
March 31, 2015 |
(Dollars in thousands) |
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 |
|
|
|
|
|
March 31, 2014 |
|
|
|
|
Commercial |
$ 71,632 |
$ -- |
$ -- |
$ 71,632 |
Commercial construction |
-- |
-- |
15,618 |
15,618 |
Office buildings |
-- |
77,476 |
-- |
77,476 |
Warehouse/industrial |
-- |
45,632 |
-- |
45,632 |
Retail/shopping centers/strip malls |
-- |
63,049 |
-- |
63,049 |
Assisted living facilities |
-- |
7,585 |
-- |
7,585 |
Single purpose facilities |
-- |
93,766 |
-- |
93,766 |
Land |
-- |
16,245 |
-- |
16,245 |
Multi-family |
-- |
21,128 |
-- |
21,128 |
One-to-four family |
-- |
-- |
3,864 |
3,864 |
Total |
$ 71,632 |
$ 324,881 |
$ 19,482 |
$ 415,995 |
|
|
|
|
|
|
|
|
|
|
LOAN MIX |
March 31, 2015 |
Dec. 31, 2014 |
March 31, 2014 |
|
|
(Dollars in Thousands) |
|
Commercial and construction |
|
|
|
|
Commercial |
$ 77,186 |
$ 82,284 |
$ 71,632 |
|
Other real estate mortgage |
345,506 |
337,030 |
324,881 |
|
Real estate construction |
30,498 |
29,199 |
19,482 |
|
Total commercial and
construction |
453,190 |
448,513 |
415,995 |
|
Consumer |
|
|
|
|
Real estate one-to-four
family |
89,801 |
90,865 |
93,007 |
|
Other installment |
36,781 |
39,721 |
24,486 |
|
Total consumer |
126,582 |
130,586 |
117,493 |
|
|
|
|
|
|
Total loans |
579,772 |
579,099 |
533,488 |
|
|
|
|
|
|
Less: |
|
|
|
|
Allowance for loan losses |
10,762 |
11,701 |
12,551 |
|
Loans receivable, net |
$ 569,010 |
$ 567,398 |
$ 520,937 |
|
|
|
|
|
|
|
|
DETAIL OF NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest Oregon |
Other Oregon |
Southwest Washington |
Other Washington |
Other |
Total |
March 31, 2015 |
(Dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ 993 |
$ 1,372 |
$ 926 |
$ -- |
$ -- |
$ 3,291 |
Land |
-- |
801 |
-- |
-- |
-- |
801 |
Consumer |
440 |
14 |
489 |
265 |
18 |
1,226 |
Total non-performing loans |
1,433 |
2,187 |
1,415 |
265 |
18 |
5,318 |
|
|
|
|
|
|
|
REO |
706 |
-- |
852 |
45 |
-- |
1,603 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 2,139 |
$ 2,187 |
$ 2,267 |
$ 310 |
$ 18 |
$ 6,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
|
|
|
|
|
|
|
|
|
Northwest Oregon |
Other Oregon |
Southwest Washington |
Total |
|
|
March 31, 2015 |
(Dollars in thousands) |
|
|
Land development and spec construction
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development loans |
$ 108 |
$ 2,895 |
$ 12,355 |
$ 15,358 |
|
|
Spec construction loans |
-- |
108 |
1,578 |
1,686 |
|
|
|
|
|
|
|
|
|
Total land development and spec
construction |
$ 108 |
$ 3,003 |
$ 13,933 |
$ 17,044 |
|
|
|
|
|
|
At or for the
three months ended |
At or for the twelve
months ended |
SELECTED OPERATING DATA |
March 31, 2015 |
Dec. 31, 2014 |
March 31, 2014 |
March 31, 2015 |
March 31, 2014 |
|
|
|
|
|
|
Efficiency ratio (4) |
84.58% |
85.13% |
95.59% |
86.40% |
98.03% |
Coverage ratio (6) |
89.91% |
87.86% |
79.81% |
86.88% |
75.83% |
Return on average assets (1) |
0.73% |
0.55% |
8.44% |
0.54% |
2.46% |
Return on average equity (1) |
5.93% |
4.45% |
81.44% |
4.42% |
23.73% |
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
Yield on loans |
4.66% |
4.65% |
4.73% |
4.65% |
4.86% |
Yield on investment securities |
1.80% |
1.73% |
1.84% |
1.85% |
1.65% |
Total yield on interest earning
assets |
3.94% |
3.84% |
3.65% |
3.85% |
3.73% |
|
|
|
|
|
|
Cost of interest bearing deposits |
0.22% |
0.23% |
0.32% |
0.24% |
0.36% |
Cost of FHLB advances and other
borrowings |
2.14% |
2.48% |
2.36% |
2.33% |
2.37% |
Total cost of interest bearing
liabilities |
0.30% |
0.34% |
0.40% |
0.33% |
0.44% |
|
|
|
|
|
|
Spread (7) |
3.64% |
3.50% |
3.25% |
3.52% |
3.29% |
Net interest margin |
3.71% |
3.58% |
3.33% |
3.59% |
3.37% |
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
Basic earnings per share (2) |
$ 0.07 |
$ 0.05 |
$ 0.74 |
$ 0.20 |
$ 0.87 |
Diluted earnings per share (3) |
$ 0.07 |
$ 0.05 |
$ 0.74 |
$ 0.20 |
$ 0.87 |
Book value per share (5) |
4.62 |
4.54 |
4.36 |
4.62 |
4.36 |
Tangible book value per share (5) |
3.46 |
3.38 |
3.20 |
3.46 |
3.20 |
Market price per share: |
|
|
|
|
|
High for the period |
$ 4.74 |
$ 4.49 |
$ 3.49 |
$ 4.74 |
$ 3.49 |
Low for the period |
4.32 |
3.84 |
2.82 |
3.38 |
2.27 |
Close for period end |
4.50 |
4.48 |
3.43 |
4.50 |
3.43 |
Cash dividends declared per share |
0.01125 |
-- |
-- |
0.01125 |
-- |
|
|
|
|
|
|
Average number of shares outstanding: |
|
|
|
|
|
Basic (2) |
22,404,870 |
22,394,910 |
22,376,437 |
22,392,744 |
22,367,174 |
Diluted (3) |
22,460,054 |
22,439,195 |
22,385,244 |
22,431,839 |
22,369,046 |
|
|
|
|
|
|
(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. |
|
|
|
|
|
CONTACT: Pat Sheaffer, Ron Wysaske or Kevin Lycklama,
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp (NASDAQ:RVSB)
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