Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported net income of $1.6 million, or $0.07 per
diluted share, in its fiscal first quarter ended June 30, 2013.
This compares to net income of $1.6 million, or $0.07 per diluted
share, in the preceding quarter and a net loss of $1.8 million, or
$0.08 per diluted share, in the first quarter a year ago.
"Our strategic plan remains on schedule. We have strengthened
the overall health of the company with improved credit quality
metrics and sound capital ratios, and we were profitable for the
fourth consecutive quarter," said Pat Sheaffer, Chairman and CEO.
"Going forward we will continue to work on improving our asset
quality while looking for growth opportunities in the Portland and
Vancouver market areas."
First Quarter Highlights (at or for the period ended
June 30, 2013)
- Net income was $1.6 million, or $0.07 per diluted share
- Net interest margin was 3.51% for the quarter
- Nonperforming assets decreased $2.2 million during the quarter
to $34.6 million (6.0% decline)
- Classified assets decreased $7.8 million during the quarter to
$59.8 million (11.6% decline)
- Net recoveries for the first quarter totaled $554,000 compared
to net charge-offs of $390,000 in the preceding quarter; marking
the fifth consecutive quarter of declining charge-offs
- Core deposits were strong and accounted for 95% of total
deposits
- Capital levels continue to exceed the regulatory requirements
to be categorized as "well capitalized" with a total risk-based
capital ratio of 15.81% and a Tier 1 leverage ratio of 10.27%
Credit Quality
"We continued to make meaningful progress in reducing our level
of problem assets, with nonperforming assets, REO and net
charge-offs all declining during the current quarter," said Ron
Wysaske, President and COO.
Classified assets decreased $7.8 million during the quarter to
$59.8 million at June 30, 2013 compared to $67.6 million at March
31, 2013 and $109.6 million at June 30, 2012. The classified asset
ratio decreased to 66.4% at June 30, 2013.
Nonperforming loans were $21.4 million, or 4.07% of total loans,
at June 30, 2013 compared to $21.1 million, or 3.94% of total loans
at March 31, 2013 and $36.8 million, or 5.95% of total loans a year
ago. The slight increase was due to a $4.0 million loan on an
office building in Portland that was moved to nonaccrual status
during the quarter. This loan is fully collateralized and has a
pending sale on one of the two pieces of collateral that would
payoff approximately $2.5 million of the outstanding loan
balance.
REO balances decreased $2.5 million during the quarter to $13.2
million, the lowest level in over four years. During the quarter,
REO sales totaled $3.0 million with write-downs of $1.3 million and
additions of $1.8 million. Riverview also has several additional
properties under sales contracts which are expected to close in the
September quarter.
The Bank had a provision recapture of $2.5 million during the
first quarter. The provision recapture during the current quarter
reflects the continued improvement in credit quality as well as the
decline in net loan charge-offs. Riverview recorded a $3.6 million
provision recapture in the preceding quarter and made a $4.0
million provision for loan losses in the first quarter a year
ago.
The allowance for loan losses was $13.7 million at June 30,
2013, representing 2.61% of total loans and 64.03% of nonperforming
loans. Net charge-offs declined for the fifth consecutive quarter
as the Bank's problem credits continued to decline and the
recoveries on prior loan charge-offs increased. As a result,
Riverview had net recoveries of $554,000 in the fiscal first
quarter, compared to net charge-offs of $390,000 in the preceding
quarter and net charge-off of $2.9 million in the fiscal first
quarter a year ago.
Balance Sheet Review
Net loan balances declined $8.7 million during the quarter,
primarily due to the Bank's continued focus on reducing classified
loan balances. Net loans were $511.7 million at June 30, 2013
compared to $520.4 million at March 31, 2013 and $597.1 million at
June 30, 2012. "Over the past year our focus has been on reducing
classified loan balances," said Wysaske. "As classified loan
balances continue to decrease, we are focusing more of our
attention on increasing loan production. We have two full service
lending teams that are working both the Vancouver and Portland
market areas looking for new relationships and quality loans. We
remain optimistic for our loan growth potential in fiscal year 2014
as our loan pipeline has been growing in recent quarters."
The commercial real estate ("CRE") loan portfolio totaled $292.2
million at June 30, 2013, of which 29% was owner-occupied and 71%
was investor-owned. The CRE portfolio contained eight loans
totaling $13.4 million that were nonperforming, representing 4.6%
of the total CRE portfolio and 62.7% of total nonperforming
loans.
Total deposits were $659.5 million at June 30, 2013 compared to
$663.8 million at March 31, 2013 and $705.9 million a year ago. The
Company's focus remains on growing low cost customer deposits. At
June 30, 2013, non-interest checking accounts were $117.5 million,
an increase of 4.4% from the prior quarter.
In fiscal 2012, Riverview established a valuation allowance
against its deferred tax asset. At June 30, 2013, the total
valuation allowance was $15.8 million. Management and Riverview's
outside advisors will review the deferred tax asset on a quarterly
basis to determine the appropriate valuation allowance. Any future
reversals of the deferred tax asset valuation allowance would
decrease Riverview's income tax expense, increase its after tax net
income and shareholders' equity.
Income Statement
Riverview's net interest margin was 3.51% for the first quarter
compared to 3.64% for the preceding quarter and 4.22% in the first
quarter a year ago. The decrease from prior year was primarily due
to an increase in cash balances along with a corresponding decrease
in loan balances and the re-pricing of loans in the loan portfolio.
Loan yields have continued to contract as existing loans in the
portfolio re-price and new loans are originated in the current low
interest rate environment.
Non-interest income increased to $2.2 million in the first
quarter of fiscal 2014 compared to $2.0 million in the preceding
quarter. Mortgage banking activity remained higher than normal with
a total of $20.8 million in new mortgage loans originated during
the quarter, resulting in a $317,000 gain on sale of loans held for
sale. Asset management fees increased to $736,000 during the
quarter compared to $604,000 in the same quarter a year ago due to
an increase in assets under management as well as an increase in
investment activity.
Non-interest expense decreased to $9.2 million in the first
quarter of fiscal 2014 compared to $10.2 million in the preceding
quarter. Data processing expenses in the first quarter included
$275,000 in conversion expenses related to the Company's change in
its core operating system during June 2013. REO expenses decreased
from prior quarter to $1.6 million. The decrease was primarily
attributable to a reduction in total write-downs. REO
write-downs during the quarter totaled $1.3 million compared to
$2.6 million in the prior quarter.
"We continue to be aggressive in the pricing of our existing REO
properties in an attempt to liquidate these properties more
quickly," Wysaske concluded. "Based on sales activity during the
quarter as well as pending sales activity, the updated pricing
strategy appears to be working successfully."
Capital and Liquidity
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 15.81% and a Tier 1
leverage ratio of 10.27% at June 30, 2013.
At June 30, 2013, the Bank had available total and contingent
liquidity of more than $485 million, including over $225 million of
borrowing capacity from the Federal Home Loan Bank of Seattle and
the Federal Reserve Bank of San Francisco. The Bank also has more
than $150 million of cash and short-term investments.
Non-GAAP Financial Measures
In addition to results presented in accordance with generally
accepted accounting principles in the United States of America
(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) |
June 30, 2013 |
March 31, 2013 |
June 30, 2012 |
|
|
|
|
Shareholders' equity |
$ 80,144 |
$ 78,442 |
$ 73,820 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
455 |
454 |
566 |
|
|
|
|
Tangible shareholders' equity |
$ 54,117 |
$ 52,416 |
$ 47,682 |
|
|
|
|
Total assets |
$ 774,578 |
$ 777,003 |
$ 814,730 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
455 |
454 |
566 |
|
|
|
|
Tangible assets |
$ 748,551 |
$ 750,977 |
$ 788,592 |
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 $775 million, it is the parent company
of the 90 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 18
branches, including thirteen 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 amount of capital it intends to raise and its intended use of
that 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; the Company's
compliance with regulatory enforcement actions we have entered into
with the OCC and the possibility that our noncompliance could
result in the imposition of additional enforcement actions and
additional requirements or restrictions on our
operations; 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 2014 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) |
June 30, 2013 |
March 31, 2013 |
June 30, 2012 |
ASSETS |
|
|
|
|
|
|
|
Cash (including interest-earning accounts
of $96,110, $100,093 and $58,539) |
$ 111,878 |
$ 115,415 |
$ 71,362 |
Certificate of deposits |
42,652 |
44,635 |
40,975 |
Loans held for sale |
1,258 |
831 |
100 |
Investment securities held to maturity,
at amortized cost |
-- |
-- |
487 |
Investment securities available for sale,
at fair value |
14,590 |
6,216 |
6,291 |
Mortgage-backed securities held to
maturity, at amortized |
122 |
125 |
168 |
Mortgage-backed securities available for
sale, at fair value |
6,068 |
431 |
813 |
Loans receivable (net of allowance for
loan losses of $13,697, $15,643 and $20,972) |
511,692 |
520,369 |
597,138 |
Real estate and other pers. property
owned |
13,165 |
15,638 |
22,074 |
Prepaid expenses and other assets |
2,800 |
3,063 |
4,550 |
Accrued interest receivable |
1,751 |
1,747 |
2,084 |
Federal Home Loan Bank stock, at
cost |
7,089 |
7,154 |
7,350 |
Premises and equipment, net |
17,708 |
17,693 |
17,887 |
Deferred income taxes, net |
498 |
522 |
612 |
Mortgage servicing rights, net |
406 |
388 |
448 |
Goodwill |
25,572 |
25,572 |
25,572 |
Core deposit intangible, net |
49 |
66 |
118 |
Bank owned life insurance |
17,280 |
17,138 |
16,701 |
|
|
|
|
TOTAL ASSETS |
$ 774,578 |
$ 777,003 |
$ 814,730 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
Deposit accounts |
$ 659,495 |
$ 663,806 |
$ 705,892 |
Accrued expenses and other
liabilities |
8,966 |
8,006 |
8,675 |
Advance payments by borrowers for taxes
and insurance |
237 |
1,025 |
605 |
Junior subordinated debentures |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,420 |
2,440 |
2,495 |
Total liabilities |
693,799 |
697,958 |
740,348 |
|
|
|
|
EQUITY: |
|
|
|
Shareholders' equity |
|
|
|
Serial preferred stock, $.01 par value;
250,000 authorized, issued and outstanding, none |
-- |
-- |
-- |
Common stock, $.01 par value; 50,000,000
authorized, |
|
|
|
June 30, 2013 – 22,471,890 issued and
outstanding; |
225 |
225 |
225 |
March 31, 2013 – 22,471,890 issued and
outstanding; |
|
|
|
June 30, 2012 – 22,471,890 issued and
outstanding; |
|
|
|
Additional paid-in capital |
65,541 |
65,551 |
65,593 |
Retained earnings |
15,809 |
14,169 |
9,756 |
Unearned shares issued to employee stock
ownership trust |
(464) |
(490) |
(567) |
Accumulated other comprehensive loss |
(967) |
(1,013) |
(1,187) |
Total shareholders' equity |
80,144 |
78,442 |
73,820 |
|
|
|
|
Noncontrolling interest |
635 |
603 |
562 |
Total equity |
80,779 |
79,045 |
74,382 |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 774,578 |
$ 777,003 |
$ 814,730 |
|
|
|
|
RIVERVIEW BANCORP, INC. AND
SUBSIDIARY |
|
|
|
Consolidated Statements of
Operations |
|
|
|
|
Three Months
Ended |
(In thousands, except share
data) (Unaudited) |
June 30, 2013 |
March 31, 2013 |
June 30, 2012 |
INTEREST INCOME: |
|
|
|
Interest and fees on loans
receivable |
$ 6,605 |
$ 6,690 |
$ 9,045 |
Interest on investment
securities-taxable |
39 |
54 |
53 |
Interest on investment securities-non
taxable |
-- |
-- |
8 |
Interest on mortgage-backed
securities |
16 |
4 |
8 |
Other interest and dividends |
171 |
157 |
129 |
Total interest income |
6,831 |
6,905 |
9,243 |
|
|
|
|
INTEREST EXPENSE: |
|
|
|
Interest on deposits |
527 |
550 |
823 |
Interest on borrowings |
150 |
150 |
349 |
Total interest expense |
677 |
700 |
1,172 |
Net interest income |
6,154 |
6,205 |
8,071 |
Less provision (recapture) for loan
losses |
(2,500) |
(3,600) |
4,000 |
|
|
|
|
Net interest income after provision for loan
losses |
8,654 |
9,805 |
4,071 |
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
Fees and service charges |
1,030 |
1,083 |
1,057 |
Asset management fees |
736 |
547 |
604 |
Gain on sale of loans held for sale |
317 |
245 |
727 |
Bank owned life insurance income |
142 |
142 |
149 |
Other |
21 |
15 |
(97) |
Total non-interest income |
2,246 |
2,032 |
2,440 |
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
Salaries and employee benefits |
3,870 |
4,051 |
3,793 |
Occupancy and depreciation |
1,244 |
1,259 |
1,234 |
Data processing |
688 |
379 |
314 |
Amortization of core deposit intangible |
17 |
17 |
19 |
Advertising and marketing expense |
204 |
153 |
219 |
FDIC insurance premium |
411 |
418 |
287 |
State and local taxes |
126 |
130 |
148 |
Telecommunications |
68 |
74 |
121 |
Professional fees |
338 |
307 |
421 |
Real estate owned expenses |
1,612 |
2,882 |
939 |
Other |
665 |
566 |
781 |
Total non-interest expense |
9,243 |
10,236 |
8,276 |
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
1,657 |
1,601 |
(1,765) |
PROVISION FOR INCOME TAXES |
17 |
6 |
15 |
NET INCOME (LOSS) |
$ 1,640 |
$ 1,595 |
$ (1,780) |
|
|
|
|
Earnings (loss) per common share: |
|
|
|
Basic |
$ 0.07 |
$ 0.07 |
$ (0.08) |
Diluted |
$ 0.07 |
$ 0.07 |
$ (0.08) |
Weighted average number of shares
outstanding: |
|
|
|
Basic |
22,357,962 |
22,351,804 |
22,333,329 |
Diluted |
22,358,633 |
22,352,229 |
22,333,329 |
|
|
|
|
(Dollars in thousands) |
At or for the three
months ended |
|
June 30, 2013 |
March 31, 2013 |
June 30, 2012 |
AVERAGE BALANCES |
|
|
|
Average interest–earning assets |
$ 702,926 |
$ 691,793 |
$ 768,156 |
Average interest-bearing liabilities |
568,246 |
574,763 |
636,132 |
Net average earning assets |
134,680 |
117,030 |
132,024 |
Average loans |
531,427 |
543,906 |
671,798 |
Average deposits |
657,136 |
662,978 |
732,812 |
Average equity |
79,997 |
78,370 |
76,483 |
Average tangible equity |
53,974 |
52,321 |
50,506 |
|
|
|
|
|
|
|
|
ASSET QUALITY |
June 30, 2013 |
March 31, 2013 |
June 30, 2012 |
|
|
|
|
Non-performing loans |
21,390 |
21,133 |
36,782 |
Non-performing loans to total loans |
4.07% |
3.94% |
5.95% |
Real estate/repossessed assets owned |
13,165 |
15,638 |
22,074 |
Non-performing assets |
34,555 |
36,771 |
58,856 |
Non-performing assets to total assets |
4.46% |
4.73% |
7.22% |
Net loan charge-offs in the quarter |
(554) |
390 |
2,949 |
Net charge-offs (recoveries) in the
quarter/average loans |
(0.42)% |
0.29% |
1.76% |
|
|
|
|
Allowance for loan losses |
13,697 |
15,643 |
20,972 |
Average interest-earning assets to average
interest-bearing liabilities |
123.70% |
120.36% |
120.75% |
Allowance for loan losses to non-performing
loans |
64.03% |
74.02% |
57.02% |
Allowance for loan losses to total loans |
2.61% |
2.92% |
3.39% |
Shareholders' equity to assets |
10.35% |
10.10% |
9.06% |
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
Total capital (to risk weighted assets) |
15.81% |
15.29% |
13.18% |
Tier 1 capital (to risk weighted assets) |
14.54% |
14.02% |
11.91% |
Tier 1 capital (to leverage assets) |
10.27% |
9.99% |
9.35% |
Tangible common equity (to tangible
assets) |
7.23% |
6.98% |
6.05% |
|
|
|
|
|
|
|
|
DEPOSIT MIX |
June 30, 2013 |
March 31, 2013 |
June 30, 2012 |
|
|
|
|
Interest checking |
$ 93,058 |
$ 91,754 |
$ 81,064 |
Regular savings |
55,716 |
54,316 |
47,596 |
Money market deposit accounts |
213,239 |
217,091 |
230,695 |
Non-interest checking |
117,498 |
112,527 |
132,231 |
Certificates of deposit |
179,984 |
188,118 |
214,306 |
Total deposits |
$ 659,495 |
$ 663,806 |
$ 705,892 |
|
|
|
|
|
COMPOSITION OF COMMERCIAL AND
CONSTRUCTION LOANS |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
Commercial |
|
|
Real Estate |
Real Estate |
& Construction |
|
Commercial |
Mortgage |
Construction |
Total |
June 30, 2013 |
(Dollars in thousands) |
Commercial |
$ 69,175 |
$ -- |
$ -- |
$ 69,175 |
Commercial construction |
-- |
-- |
6,885 |
6,885 |
Office buildings |
-- |
85,620 |
-- |
85,620 |
Warehouse/industrial |
-- |
40,671 |
-- |
40,671 |
Retail/shopping centers/strip malls |
-- |
65,600 |
-- |
65,600 |
Assisted living facilities |
-- |
7,691 |
-- |
7,691 |
Single purpose facilities |
-- |
92,589 |
-- |
92,589 |
Land |
-- |
19,238 |
-- |
19,238 |
Multi-family |
-- |
38,713 |
-- |
38,713 |
One-to-four family |
-- |
-- |
3,907 |
3,907 |
Total |
$ 69,175 |
$ 350,122 |
$ 10,792 |
$ 430,089 |
|
|
|
|
|
March 31, 2013 |
(Dollars in thousands) |
Commercial |
$ 71,935 |
$ -- |
$ -- |
$ 71,935 |
Commercial construction |
-- |
-- |
5,719 |
5,719 |
Office buildings |
-- |
86,751 |
-- |
86,751 |
Warehouse/industrial |
-- |
41,124 |
-- |
41,124 |
Retail/shopping centers/strip malls |
-- |
67,472 |
-- |
67,472 |
Assisted living facilities |
-- |
13,146 |
-- |
13,146 |
Single purpose facilities |
-- |
89,198 |
-- |
89,198 |
Land |
-- |
23,404 |
-- |
23,404 |
Multi-family |
-- |
34,302 |
-- |
34,302 |
One-to-four family |
-- |
-- |
3,956 |
3,956 |
Total |
$ 71,935 |
$ 355,397 |
$ 9,675 |
$ 437,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN MIX |
June 30, 2013 |
March 31, 2013 |
June 30, 2012 |
|
Commercial and construction |
|
|
|
|
Commercial |
$ 69,175 |
$ 71,935 |
$ 79,795 |
|
Other real estate mortgage |
350,122 |
355,397 |
415,320 |
|
Real estate construction |
10,792 |
9,675 |
15,447 |
|
Total commercial and construction |
430,089 |
437,007 |
510,562 |
|
Consumer |
|
|
|
|
Real estate one-to-four family |
93,341 |
97,140 |
105,298 |
|
Other installment |
1,959 |
1,865 |
2,250 |
|
Total consumer |
95,300 |
99,005 |
107,548 |
|
|
|
|
|
|
Total loans |
525,389 |
536,012 |
618,110 |
|
|
|
|
|
|
Less: |
|
|
|
|
Allowance for loan losses |
13,697 |
15,643 |
20,972 |
|
Loans receivable, net |
$ 511,692 |
$ 520,369 |
$ 597,138 |
|
|
|
|
|
|
|
|
DETAIL OF NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
June 30, 2013 |
(Dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ -- |
$ 404 |
$ 811 |
$ -- |
$ -- |
$ 1,215 |
Commercial real estate |
5,581 |
-- |
7,600 |
224 |
-- |
13,405 |
Land |
-- |
800 |
668 |
-- |
-- |
1,468 |
Multi-family |
-- |
2,465 |
-- |
-- |
-- |
2,465 |
Commercial construction |
-- |
-- |
-- |
-- |
-- |
-- |
One-to-four family construction |
-- |
168 |
-- |
-- |
-- |
168 |
Real estate one-to-four family |
349 |
394 |
1,376 |
550 |
-- |
2,669 |
Consumer |
-- |
-- |
-- |
-- |
-- |
-- |
Total non-performing loans |
5,930 |
4,231 |
10,455 |
774 |
-- |
21,390 |
|
|
|
|
|
|
|
REO |
-- |
4,327 |
7,120 |
1,718 |
-- |
13,165 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 5,930 |
$ 8,558 |
$ 17,575 |
$ 2,492 |
$ -- |
$ 34,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
June 30, 2013 |
(Dollars in thousands) |
Land and Spec Construction Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Development Loans |
$ 3,918 |
$ 1,326 |
$ 13,994 |
$ -- |
$ -- |
$ 19,238 |
Spec Construction Loans |
-- |
168 |
3,397 |
138 |
-- |
3,703 |
|
|
|
|
|
|
|
Total Land and Spec Construction |
$ 3,918 |
$ 1,494 |
$ 17,391 |
$ 138 |
$ -- |
$ 22,941 |
|
|
|
|
|
At or for the
three months ended |
SELECTED OPERATING DATA |
June 30, 2013 |
March 31, 2013 |
June 30, 2012 |
|
|
|
|
Efficiency ratio (4) |
110.04% |
124.27% |
78.74% |
Coverage ratio (6) |
66.58% |
60.62% |
97.52% |
Return on average assets (1) |
0.85% |
0.83% |
-0.85% |
Return on average equity (1) |
8.22% |
8.25% |
-9.33% |
|
|
|
|
NET INTEREST SPREAD |
|
|
|
Yield on loans |
4.99% |
4.99% |
5.40% |
Yield on investment securities |
1.44% |
2.81% |
3.04% |
Total yield on interest earning
assets |
3.90% |
4.05% |
4.83% |
|
|
|
|
Cost of interest bearing deposits |
0.39% |
0.41% |
0.54% |
Cost of FHLB advances and other
borrowings |
2.40% |
2.42% |
5.56% |
Total cost of interest bearing
liabilities |
0.48% |
0.49% |
0.74% |
|
|
|
|
Spread (7) |
3.42% |
3.56% |
4.09% |
Net interest margin |
3.51% |
3.64% |
4.22% |
|
|
|
|
PER SHARE DATA |
|
|
|
Basic earnings (loss) per share (2) |
$ 0.07 |
$ 0.07 |
$ (0.08) |
Diluted earnings (loss) per share (3) |
0.07 |
0.07 |
(0.08) |
Book value per share (5) |
3.57 |
3.49 |
3.28 |
Tangible book value per share (5) |
2.41 |
2.33 |
2.12 |
Market price per share: |
|
|
|
High for the period |
$ 2.67 |
$ 2.76 |
$ 2.29 |
Low for the period |
2.27 |
1.66 |
1.08 |
Close for period end |
2.51 |
2.64 |
1.25 |
|
|
|
|
Average number of shares outstanding: |
|
|
|
Basic (2) |
22,357,962 |
22,351,804 |
22,333,329 |
Diluted (3) |
22,358,633 |
22,352,229 |
22,333,329 |
|
|
|
|
(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 or Ron Wysaske,
Riverview Bancorp, Inc. 360-693-6650
The Cereghino Group
IR CONTACT: 206-388-5785
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