Riverview Bancorp, Inc. (Nasdaq:RVSB) (“Riverview” or the
“Company”) today reported net income of $1.7 million, or $0.07 per
diluted share, in the second fiscal quarter ended September 30,
2016, the same as in the second quarter one year ago. In the
preceding quarter, Riverview earned $1.7 million, or $0.08 per
diluted share. In the first six months of fiscal 2017, net
income increased to $3.4 million, or $0.15 per diluted share,
compared to $3.2 million, or $0.14 per diluted share, in the first
six months of fiscal 2016.
“The second fiscal quarter was highlighted by
the announcement of our purchase and assumption agreement with
MBank,” commented Pat Sheaffer, chairman and chief executive
officer. “We are excited about the opportunity this transaction
will offer to our company, clients, staff and shareholders. This
transaction fits well into our strategy of further expanding our
presence in the Portland market, where we currently have two
branches and 48% of our commercial lending, and provides
substantial EPS accretion in the first full year. With strong
capital, improving asset quality and continued profitability, we
believe this transaction will further enhance shareholder value and
allow us to capitalize on opportunities in our market.”
The announced transaction is expected to close in the quarter
ending March 31, 2017.
Second Quarter Highlights (at or for the
period ended September 30, 2016)
- Net income of $1.7 million, or $0.07 per diluted share.
- Net interest margin remained strong at 3.70%.
- Net revenues increased 13.8% to $10.7 million in F2Q17 compared
to F2Q16.
- Net loans increased $21.0 million, or 3.4% (13.5% on an
annualized basis).
- Loan originations were $78.6 million during the second fiscal
quarter.
- Total deposits increased $49.3 million, or 6.2% (24.8% on an
annualized basis).
- Non-performing assets declined to 0.29% of total assets.
- Total risk-based capital ratio was 16.05% and Tier 1 leverage
ratio was 10.95%.
- Declared quarterly cash dividend of $0.02 per share, generating
a current dividend yield of 1.4%.
Income Statement
Net income of $1.7 million for the second fiscal
quarter was impacted by several non-core charges, including
$192,000 of expenses associated with the pending purchase &
assumption of MBank. In addition, approximately $525,000 of
incurred expenses were related to an anticipated settlement of
on-going litigation and $30,000 for the write-down on a real estate
owned (“REO”) property. Offsetting much of these non-recurring
expenses, our non-interest income included $407,000 of income from
a Bank Owned Life Insurance (“BOLI”) claim during the quarter,
which was offset by a $132,000 impairment charge on an investment
security. Net income, excluding these non-core items, was
approximately $1.8 million, or $0.08 per diluted share. On an
annualized basis, net income, excluding these non-core charges, was
approximately $0.33 per diluted share.
As shown in the table below, core net income for
the quarter was $1.8 million, or $0.08 per diluted share.
|
|
|
|
(Dollars in thousands) |
September 30, 2016 |
|
|
|
|
Net income as reported |
$ |
1,680 |
|
|
|
|
|
|
|
Acquisition related
expenses |
|
192 |
|
|
|
Legal fees and
settlement |
|
525 |
|
|
|
Investment security
impairment |
|
132 |
|
|
|
REO write-down |
|
30 |
|
|
|
BOLI claim |
|
(407 |
) |
|
|
Tax impact |
|
(308 |
) |
|
|
|
|
|
Net income
(core) |
$ |
1,844 |
|
|
|
|
|
|
“We are pleased with the continued improvement
in our core operating income,” stated Sheaffer. “Our revenues have
consistently grown over the past several years as we expanded our
market share. With our improving core operating income, coupled
with the MBank transaction and other strategic initiatives, we
believe Riverview is well positioned for continued profitability
improvements.”
Net revenues for the second fiscal quarter (net
interest income plus non-interest income) increased 3.2% to $10.7
million compared to the preceding quarter and increased 13.8% when
compared to the second fiscal quarter a year ago. Year-to-date net
revenues increased 10.3% to $21.0 million compared to $19.1 million
in the same period a year ago.
Riverview’s net interest income increased
$265,000 compared to the preceding quarter and $925,000 compared to
the second fiscal quarter a year ago. Year-to-date, net interest
income increased $1.6 million, or 11.4%, to $15.9 million compared
to $14.3 million in the first six months of fiscal 2016. Growth in
our net interest income was driven primarily by an increase in our
loans receivable and investment security balances during the past
year.
Net interest margin decreased four basis points
to 3.70% compared to the preceding quarter. “The decrease in net
interest margin was partially due to the collection of $50,000 of
interest on the payoff of a nonaccrual loan during the first
quarter as well as $36,000 in deferred loan fees on loan payoffs,”
said Kevin Lycklama, executive vice president and chief financial
officer. “Additionally, our cash balances held at the Federal
Reserve Bank increased during the current quarter due to the strong
deposit growth, which reduced our current quarter’s net interest
margin by approximately six basis points.” In the first six months
of fiscal 2017, Riverview’s net interest margin improved five basis
points to 3.72% compared to 3.67% in the same period one year
earlier.
Non-interest income increased to $2.6 million in
the second fiscal quarter compared to $2.5 million in the preceding
quarter and $2.2 million in the second fiscal quarter one year ago.
As noted above, other income included $407,000 of income from a
BOLI claim during the quarter, which was offset by a $132,000
impairment charge on an investment security. Fees and service
charges were down compared to the prior quarter, due to a decrease
of $160,000 in the collection of prepayment charges on loan payoffs
during the quarter. In the first six months of fiscal 2017,
non-interest income increased to $5.1 million compared to $4.8
million in the first six months of fiscal 2016.
Asset management fees were $727,000 during the
second fiscal quarter compared to $822,000 in the preceding quarter
and $801,000 in the second fiscal quarter a year ago. Riverview
Trust Company’s assets under management were $401.2 million at
September 30, 2016 compared to $396.0 million at June 30, 2016.
Riverview Trust Company is in the process of adding a second office
in the Portland area, which is expected to open in the quarter
ending March 31, 2017.
Non-interest expense increased to $8.4 million
during the second fiscal quarter compared to $7.8 million in the
preceding quarter. As noted above, however, non-interest expense
was impacted by several non-core charges during the quarter
totaling approximately $747,000. Without these non-recurring
charges, non-interest expense declined on a sequential basis.
Current Initiative – Profit Improvement
Plan
We have formed a Profit Improvement Plan
committee, consisting of several members of senior management and
the board to explore all areas of both revenue and expense with an
eye toward increasing shareholder returns. While this is not a
totally new initiative, this committee and its focused approach
will bring a renewed effort to this process. Areas under review
include technology and process improvement, non-interest expense
reductions, non-interest income potential additions, facilities and
branches to name a few. We look forward to keeping our shareholders
posted on these efforts as progress is made on this front.
Balance Sheet Review
“Both loan and deposit growth was robust during
the quarter, fueled by our strong local economy, our dedicated
lending teams and our expanding branch outreach,” said Ron Wysaske,
president and chief operating officer. “We continue to see strong
loan demand in our local markets, with loan originations totaling
$78.6 million during the quarter compared to $70.7 million in the
prior quarter.”
Net loans increased $21.0 million during the
quarter and totaled $640.9 million at September 30, 2016. Net loans
have grown $55.1 million, or 9.4%, compared to one year ago.
The commercial loan pipeline totaled $57.1
million at the end of the quarter. Undisbursed construction loans
totaled $49.3 million at September 30, 2016, with the majority of
the undisbursed construction loans expected to fund during the next
few quarters.
Total deposits increased $49.3 million during
the quarter to $838.9 million at September 30, 2016. The increase
in deposits included a temporary $16 million increase in a single
depositor’s account. However, average deposits increased
approximately $26.5 million during the quarter excluding this
account. Core branch deposits increased $60.9 million during the
quarter. Total deposits have grown $81.9 million, or 10.8%,
compared to a year ago. Checking account balances increased to
44.2% of total deposits compared to 40.8% a year ago while
certificates of deposit balances decreased to 13.7% of total
deposits compared to 17.3% a year ago.
Riverview’s shareholders’ equity improved to
$111.0 million at September 30, 2016 compared to $110.0 million at
June 30, 2016. Tangible book value per share improved to $3.79 at
September 30, 2016, compared to $3.75 at June 30, 2016. A quarterly
cash dividend of $0.02 per share was paid on October 25, 2016,
generating a current yield of 1.4% based on the recent stock
price.
Credit Quality
Non-performing loans were $2.4 million, or 0.36%
of total loans, at September 30, 2016, which was unchanged compared
to three months earlier. REO balances decreased $30,000 to $539,000
at September 30, 2016 and included one write-down for $30,000 on a
$241,000 REO property that was pending sale at the end of the
quarter. This property was sold subsequent to September 30,
2016. There were no additions to REO during the quarter.
Classified assets decreased to $5.5 million at
September 30, 2016 compared to $5.7 million at June 30, 2016. The
classified asset to total capital ratio was 4.9% at September 30,
2016, compared to 5.2% three months earlier.
Net loan recoveries were $103,000 during the
second fiscal quarter of 2017 compared to $75,000 in the preceding
quarter. The allowance for loan losses at September 30, 2016
totaled $10.1 million, representing 1.55% of total loans and 426.4%
of non-performing loans.
Riverview recorded no provision for loan losses
during the second fiscal quarter of 2017. “The lack of a provision
for loan losses is a result of the improvement in credit quality as
well as our continued net recoveries over the past several years,”
said Lycklama.
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 16.05%,
Tier 1 leverage ratio of 10.95% and tangible common equity to
tangible assets ratio of 8.91% at September 30, 2016.
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 and nonrecurring items are non-GAAP measures. To provide
investors with a broader understanding of capital adequacy and net
income, Riverview provides non-GAAP financial measures for tangible
common equity and core net income, 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. Core
net income is calculated as net income adjusted for certain
nonrecurring income and expense items.
The following table provides a reconciliation of
ending shareholders’ equity (GAAP) to ending tangible shareholders’
equity (non-GAAP), and ending total assets (GAAP) to ending
tangible assets (non-GAAP).
(Dollars in
thousands) |
|
September 30, 2016 |
|
June 30, 2016 |
|
September 30, 2015 |
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
$ |
110,986 |
|
|
$ |
109,991 |
|
|
$ |
106,362 |
|
|
$ |
108,273 |
|
Goodwill |
|
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity |
|
$ |
85,414 |
|
|
$ |
84,419 |
|
|
$ |
80,790 |
|
|
$ |
82,701 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
984,045 |
|
|
$ |
932,447 |
|
|
$ |
896,302 |
|
|
$ |
921,229 |
|
Goodwill |
|
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
$ |
958,473 |
|
|
$ |
906,875 |
|
|
$ |
870,730 |
|
|
$ |
895,657 |
|
|
|
|
|
|
|
|
|
|
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 $984 million at September 30, 2016, it
is the parent company of the 93 year-old Riverview Community Bank,
as well as Riverview Trust Company. 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. For the past 3 years, Riverview has been
named Best Bank by the readers of The Vancouver Business Journal,
The Columbian and The Gresham Outlook.
“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: expected cost
savings, synergies and other financial benefits from our pending
purchase of certain assets and assumption of certain liabilities of
Mbank and Merchants Bancorp pursuant to the Purchase and Assumption
Agreement (the "Agreement") with Merchants Bancorp and its wholly
owned subsidiary MBank (the "transaction") might not be realized
within the expected time frames or at all, and costs or
difficulties relating to integration matters might be greater than
expected; the requisite approval of Merchants Bancorp’s
shareholders and regulatory approvals for the transaction might not
be obtained; 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 2017 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) |
September 30, 2016 |
|
June 30, 2016 |
|
September 30, 2015 |
|
March 31, 2016 |
ASSETS |
|
|
|
Cash
(including interest-earning accounts of $77,509, $36,120, $55,094
|
$ |
93,007 |
|
|
$ |
50,377 |
|
|
$ |
68,865 |
|
|
$ |
55,400 |
|
and $40,317) |
|
|
|
|
|
|
|
Certificate of deposits held for investment |
|
15,275 |
|
|
|
16,271 |
|
|
|
21,247 |
|
|
|
16,769 |
|
Loans
held for sale |
|
991 |
|
|
|
457 |
|
|
|
950 |
|
|
|
503 |
|
Investment securities: |
|
|
|
|
|
|
|
Available
for sale, at estimated fair value |
|
152,251 |
|
|
|
163,684 |
|
|
|
134,571 |
|
|
|
150,690 |
|
Held to
maturity, at amortized cost |
|
69 |
|
|
|
72 |
|
|
|
80 |
|
|
|
75 |
|
Loans
receivable (net of allowance for loan losses of $10,063,
$9,960, |
|
|
|
|
|
|
|
$10,113, and $9,885) |
|
640,873 |
|
|
|
619,854 |
|
|
|
585,784 |
|
|
|
614,934 |
|
Real
estate owned |
|
539 |
|
|
|
569 |
|
|
|
909 |
|
|
|
595 |
|
Prepaid
expenses and other assets |
|
4,334 |
|
|
|
3,286 |
|
|
|
3,256 |
|
|
|
3,405 |
|
Accrued
interest receivable |
|
2,421 |
|
|
|
2,451 |
|
|
|
2,181 |
|
|
|
2,384 |
|
Federal
Home Loan Bank stock, at cost |
|
1,060 |
|
|
|
1,060 |
|
|
|
988 |
|
|
|
1,060 |
|
Premises
and equipment, net |
|
14,206 |
|
|
|
14,403 |
|
|
|
15,059 |
|
|
|
14,595 |
|
Deferred
income taxes, net |
|
7,816 |
|
|
|
8,141 |
|
|
|
11,153 |
|
|
|
9,189 |
|
Mortgage
servicing rights, net |
|
385 |
|
|
|
381 |
|
|
|
392 |
|
|
|
380 |
|
Goodwill |
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
Bank
owned life insurance |
|
25,246 |
|
|
|
25,869 |
|
|
|
25,295 |
|
|
|
25,678 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
984,045 |
|
|
$ |
932,447 |
|
|
$ |
896,302 |
|
|
$ |
921,229 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
Deposits |
$ |
838,902 |
|
|
$ |
789,555 |
|
|
$ |
756,996 |
|
|
$ |
779,803 |
|
Accrued
expenses and other liabilities |
|
8,175 |
|
|
|
7,229 |
|
|
|
6,497 |
|
|
|
7,388 |
|
Advance
payments by borrowers for taxes and insurance |
|
837 |
|
|
|
521 |
|
|
|
712 |
|
|
|
609 |
|
Junior
subordinated debentures |
|
22,681 |
|
|
|
22,681 |
|
|
|
22,681 |
|
|
|
22,681 |
|
Capital
lease obligation |
|
2,464 |
|
|
|
2,470 |
|
|
|
2,484 |
|
|
|
2,475 |
|
Total
liabilities |
|
873,059 |
|
|
|
822,456 |
|
|
|
789,370 |
|
|
|
812,956 |
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
Serial
preferred stock, $.01 par value; 250,000 authorized, |
|
|
|
|
|
|
|
issued and outstanding, none |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common
stock, $.01 par value; 50,000,000 authorized, |
|
|
|
|
|
|
|
September 30, 2016 - 22,507,890 issued and outstanding; |
|
|
|
|
|
|
|
June 30, 2016 – 22,507,890 issued and outstanding; |
|
225 |
|
|
|
225 |
|
|
|
225 |
|
|
|
225 |
|
September 30, 2015 - 22,507,890 issued and outstanding; |
|
|
|
|
|
|
|
March 31, 2016 – 22,507,890 issued and outstanding; |
|
|
|
|
|
|
|
Additional paid-in capital |
|
64,425 |
|
|
|
64,421 |
|
|
|
65,333 |
|
|
|
64,418 |
|
Retained
earnings |
|
45,207 |
|
|
|
43,976 |
|
|
|
40,460 |
|
|
|
42,728 |
|
Unearned
shares issued to employee stock ownership trust |
|
(129 |
) |
|
|
(155 |
) |
|
|
(232 |
) |
|
|
(181 |
) |
Accumulated other comprehensive income |
|
1,258 |
|
|
|
1,524 |
|
|
|
576 |
|
|
|
1,083 |
|
Total
shareholders’ equity |
|
110,986 |
|
|
|
109,991 |
|
|
|
106,362 |
|
|
|
108,273 |
|
|
|
|
|
|
|
|
|
Noncontrolling interest |
|
- |
|
|
|
- |
|
|
|
570 |
|
|
|
- |
|
Total
equity |
|
110,986 |
|
|
|
109,991 |
|
|
|
106,932 |
|
|
|
108,273 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
984,045 |
|
|
$ |
932,447 |
|
|
$ |
896,302 |
|
|
$ |
921,229 |
|
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY |
|
Consolidated Statements of Income |
|
|
Three Months Ended |
|
Six Months Ended |
|
(In thousands, except share
data)
(Unaudited) |
Sept. 30, 2016 |
June 30, 2016 |
Sept. 30, 2015 |
|
Sept. 30, 2016 |
Sept. 30, 2015 |
|
INTEREST INCOME: |
|
|
|
Interest
and fees on loans receivable |
$ |
7,631 |
|
$ |
7,440 |
|
$ |
6,789 |
|
|
$ |
15,071 |
|
$ |
13,649 |
|
|
Interest
on investment securities |
|
769 |
|
|
720 |
|
|
702 |
|
|
|
1,489 |
|
|
1,284 |
|
|
Other
interest and dividends |
|
130 |
|
|
102 |
|
|
111 |
|
|
|
232 |
|
|
230 |
|
|
Total
interest income |
|
8,530 |
|
|
8,262 |
|
|
7,602 |
|
|
|
16,792 |
|
|
15,163 |
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
Interest
on deposits |
|
279 |
|
|
281 |
|
|
300 |
|
|
|
560 |
|
|
603 |
|
|
Interest
on borrowings |
|
163 |
|
|
158 |
|
|
139 |
|
|
|
321 |
|
|
273 |
|
|
Total
interest expense |
|
442 |
|
|
439 |
|
|
439 |
|
|
|
881 |
|
|
876 |
|
|
Net interest
income |
|
8,088 |
|
|
7,823 |
|
|
7,163 |
|
|
|
15,911 |
|
|
14,287 |
|
|
Recapture of loan
losses |
|
- |
|
|
- |
|
|
(300 |
) |
|
|
- |
|
|
(800 |
) |
|
|
|
|
|
|
|
|
|
Net interest income
after recapture of loan losses |
|
8,088 |
|
|
7,823 |
|
|
7,463 |
|
|
|
15,911 |
|
|
15,087 |
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME: |
|
|
|
|
|
|
|
Fees and
service charges |
|
1,188 |
|
|
1,323 |
|
|
1,132 |
|
|
|
2,511 |
|
|
2,428 |
|
|
Asset
management fees |
|
727 |
|
|
822 |
|
|
801 |
|
|
|
1,549 |
|
|
1,625 |
|
|
Net gain
on sale of loans held for sale |
|
163 |
|
|
139 |
|
|
79 |
|
|
|
302 |
|
|
300 |
|
|
Bank
owned life insurance income |
|
190 |
|
|
191 |
|
|
190 |
|
|
|
381 |
|
|
387 |
|
|
Other,
net |
|
313 |
|
|
39 |
|
|
14 |
|
|
|
352 |
|
|
25 |
|
|
Total
non-interest income |
|
2,581 |
|
|
2,514 |
|
|
2,216 |
|
|
|
5,095 |
|
|
4,765 |
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE: |
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
4,531 |
|
|
4,640 |
|
|
4,236 |
|
|
|
9,171 |
|
|
8,650 |
|
|
Occupancy
and depreciation |
|
1,225 |
|
|
1,137 |
|
|
1,154 |
|
|
|
2,362 |
|
|
2,323 |
|
|
Data
processing |
|
476 |
|
|
495 |
|
|
431 |
|
|
|
971 |
|
|
921 |
|
|
Advertising and marketing |
|
252 |
|
|
193 |
|
|
208 |
|
|
|
445 |
|
|
384 |
|
|
FDIC
insurance premium |
|
74 |
|
|
122 |
|
|
122 |
|
|
|
196 |
|
|
248 |
|
|
State
and local taxes |
|
146 |
|
|
139 |
|
|
123 |
|
|
|
285 |
|
|
260 |
|
|
Telecommunications |
|
76 |
|
|
73 |
|
|
74 |
|
|
|
149 |
|
|
147 |
|
|
Professional fees |
|
453 |
|
|
258 |
|
|
218 |
|
|
|
711 |
|
|
451 |
|
|
Real
estate owned |
|
35 |
|
|
15 |
|
|
167 |
|
|
|
50 |
|
|
446 |
|
|
Other |
|
1,129 |
|
|
743 |
|
|
551 |
|
|
|
1,872 |
|
|
1,199 |
|
|
Total
non-interest expense |
|
8,397 |
|
|
7,815 |
|
|
7,284 |
|
|
|
16,212 |
|
|
15,029 |
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES |
|
2,272 |
|
|
2,522 |
|
|
2,395 |
|
|
|
4,794 |
|
|
4,823 |
|
|
PROVISION FOR INCOME
TAXES |
|
592 |
|
|
825 |
|
|
743 |
|
|
|
1,417 |
|
|
1,576 |
|
|
NET INCOME |
$ |
1,680 |
|
$ |
1,697 |
|
$ |
1,652 |
|
|
$ |
3,377 |
|
$ |
3,247 |
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.07 |
|
$ |
0.08 |
|
$ |
0.07 |
|
|
$ |
0.15 |
|
$ |
0.14 |
|
|
Diluted |
$ |
0.07 |
|
$ |
0.08 |
|
$ |
0.07 |
|
|
$ |
0.15 |
|
$ |
0.14 |
|
|
Weighted average number
of shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
22,474,019 |
|
|
22,467,861 |
|
|
22,449,386 |
|
|
|
22,470,957 |
|
|
22,441,898 |
|
|
Diluted |
|
22,530,331 |
|
|
22,514,235 |
|
|
22,490,351 |
|
|
|
22,522,544 |
|
|
22,483,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
At or for the three months ended |
|
At or for the six months ended |
|
|
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
Sept. 30, 2015 |
|
Sept. 30, 2016 |
|
Sept. 30, 2015 |
|
AVERAGE
BALANCES |
|
|
|
|
|
|
|
|
|
|
Average interest–earning
assets |
|
$ |
867,797 |
|
|
$ |
839,427 |
|
|
$ |
783,371 |
|
|
$ |
853,691 |
|
|
$ |
779,486 |
|
|
Average interest-bearing
liabilities |
|
|
632,445 |
|
|
|
625,624 |
|
|
|
594,667 |
|
|
|
629,053 |
|
|
|
591,770 |
|
|
Net average earning
assets |
|
|
235,352 |
|
|
|
213,803 |
|
|
|
188,704 |
|
|
|
224,638 |
|
|
|
187,716 |
|
|
Average loans |
|
|
645,479 |
|
|
|
632,967 |
|
|
|
576,218 |
|
|
|
639,258 |
|
|
|
575,468 |
|
|
Average deposits |
|
|
809,384 |
|
|
|
782,827 |
|
|
|
737,851 |
|
|
|
796,178 |
|
|
|
730,513 |
|
|
Average equity |
|
|
111,516 |
|
|
|
109,809 |
|
|
|
106,771 |
|
|
|
110,667 |
|
|
|
106,196 |
|
|
Average tangible
equity |
|
|
85,944 |
|
|
|
84,237 |
|
|
|
80,794 |
|
|
|
85,095 |
|
|
|
80,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
Sept. 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
2,360 |
|
|
|
2,356 |
|
|
|
3,771 |
|
|
|
|
|
|
Non-performing loans to
total loans |
|
|
0.36 |
% |
|
|
0.37 |
% |
|
|
0.63 |
% |
|
|
|
|
|
Real estate/repossessed
assets owned |
|
|
539 |
|
|
|
569 |
|
|
|
909 |
|
|
|
|
|
|
Non-performing assets |
|
|
2,899 |
|
|
|
2,925 |
|
|
|
4,680 |
|
|
|
|
|
|
Non-performing assets to
total assets |
|
|
0.29 |
% |
|
|
0.31 |
% |
|
|
0.52 |
% |
|
|
|
|
|
Net loan charge-offs in
the quarter |
|
|
(103 |
) |
|
|
(75 |
) |
|
|
(76 |
) |
|
|
|
|
|
Net charge-offs in the
quarter/average net loans |
|
|
(0.06 |
)% |
|
|
(0.05 |
)% |
|
|
(0.05 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses |
|
|
10,063 |
|
|
|
9,960 |
|
|
|
10,113 |
|
|
|
|
|
|
Average interest-earning
assets to average |
|
|
|
|
|
|
|
|
|
|
|
interest-bearing
liabilities |
|
|
137.21 |
% |
|
|
134.17 |
% |
|
|
131.73 |
% |
|
|
|
|
|
Allowance for loan losses
to |
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans |
|
|
426.40 |
% |
|
|
422.75 |
% |
|
|
268.18 |
% |
|
|
|
|
|
Allowance for loan losses
to total loans |
|
|
1.55 |
% |
|
|
1.58 |
% |
|
|
1.70 |
% |
|
|
|
|
|
Shareholders’ equity to
assets |
|
|
11.28 |
% |
|
|
11.80 |
% |
|
|
11.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Total capital (to risk
weighted assets) |
|
|
16.05 |
% |
|
|
16.26 |
% |
|
|
16.45 |
% |
|
|
|
|
|
Tier 1 capital (to risk
weighted assets) |
|
|
14.80 |
% |
|
|
15.01 |
% |
|
|
15.19 |
% |
|
|
|
|
|
Common equity tier 1 (to
risk weighted assets) |
|
|
14.80 |
% |
|
|
15.01 |
% |
|
|
15.19 |
% |
|
|
|
|
|
Tier 1 capital (to
leverage assets) |
|
|
10.95 |
% |
|
|
11.16 |
% |
|
|
11.22 |
% |
|
|
|
|
|
Tangible common equity (to
tangible assets) |
|
|
8.91 |
% |
|
|
9.31 |
% |
|
|
9.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT
MIX |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
Sept. 30, 2015 |
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
$ |
148,201 |
|
|
$ |
151,339 |
|
|
$ |
132,727 |
|
|
$ |
144,740 |
|
|
|
|
Regular savings |
|
|
104,241 |
|
|
|
98,808 |
|
|
|
83,094 |
|
|
|
96,994 |
|
|
|
|
|
|
Money market deposit
accounts |
|
|
249,381 |
|
|
|
237,936 |
|
|
|
234,194 |
|
|
|
239,544 |
|
|
|
|
Non-interest checking |
|
|
222,218 |
|
|
|
186,451 |
|
|
|
176,131 |
|
|
|
179,143 |
|
|
|
|
Certificates of
deposit |
|
|
114,861 |
|
|
|
115,021 |
|
|
|
130,850 |
|
|
|
119,382 |
|
|
|
|
Total deposits |
|
$ |
838,902 |
|
|
$ |
789,555 |
|
|
$ |
756,996 |
|
|
$ |
779,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL AND
CONSTRUCTION
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
Commercial |
|
|
|
|
|
Real Estate |
|
Real Estate |
|
& Construction |
|
|
|
Commercial |
|
Mortgage |
|
Construction |
|
Total |
|
September 30, 2016 |
|
(Dollars in thousands) |
|
Commercial |
|
$ |
64,176 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
64,176 |
|
|
Commercial
construction |
|
|
- |
|
|
|
- |
|
|
|
29,494 |
|
|
|
29,494 |
|
|
Office buildings |
|
|
- |
|
|
|
110,136 |
|
|
|
- |
|
|
|
110,136 |
|
|
Warehouse/industrial |
|
|
- |
|
|
|
63,336 |
|
|
|
- |
|
|
|
63,336 |
|
|
Retail/shopping
centers/strip malls |
|
|
- |
|
|
|
60,706 |
|
|
|
- |
|
|
|
60,706 |
|
|
Assisted living
facilities |
|
|
- |
|
|
|
1,791 |
|
|
|
- |
|
|
|
1,791 |
|
|
Single purpose
facilities |
|
|
- |
|
|
|
150,206 |
|
|
|
- |
|
|
|
150,206 |
|
|
Land |
|
|
- |
|
|
|
10,671 |
|
|
|
- |
|
|
|
10,671 |
|
|
Multi-family |
|
|
- |
|
|
|
26,883 |
|
|
|
- |
|
|
|
26,883 |
|
|
One-to-four family |
|
|
- |
|
|
|
- |
|
|
|
15,565 |
|
|
|
15,565 |
|
|
Total |
|
$ |
64,176 |
|
|
$ |
423,729 |
|
|
$ |
45,059 |
|
|
$ |
532,964 |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
69,397 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
69,397 |
|
|
Commercial
construction |
|
|
- |
|
|
|
- |
|
|
|
16,716 |
|
|
|
16,716 |
|
|
Office buildings |
|
|
- |
|
|
|
107,986 |
|
|
|
- |
|
|
|
107,986 |
|
|
Warehouse/industrial |
|
|
- |
|
|
|
55,830 |
|
|
|
- |
|
|
|
55,830 |
|
|
Retail/shopping
centers/strip malls |
|
|
- |
|
|
|
61,600 |
|
|
|
- |
|
|
|
61,600 |
|
|
Assisted living
facilities |
|
|
- |
|
|
|
1,809 |
|
|
|
- |
|
|
|
1,809 |
|
|
Single purpose
facilities |
|
|
- |
|
|
|
126,524 |
|
|
|
- |
|
|
|
126,524 |
|
|
Land |
|
|
- |
|
|
|
12,045 |
|
|
|
- |
|
|
|
12,045 |
|
|
Multi-family |
|
|
- |
|
|
|
33,733 |
|
|
|
- |
|
|
|
33,733 |
|
|
One-to-four family
construction |
|
|
- |
|
|
|
- |
|
|
|
10,015 |
|
|
|
10,015 |
|
|
Total |
|
$ |
69,397 |
|
|
$ |
399,527 |
|
|
$ |
26,731 |
|
|
$ |
495,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
MIX |
|
Sept. 30, 2016 |
|
June 30, 2016 |
|
Sept. 30, 2015 |
|
March 31, 2016 |
|
Commercial and
construction |
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
64,176 |
|
|
$ |
61,696 |
|
|
$ |
78,138 |
|
|
$ |
69,397 |
|
|
Other real estate
mortgage |
|
|
423,729 |
|
|
|
411,539 |
|
|
|
380,529 |
|
|
|
399,527 |
|
|
Real estate
construction |
|
|
45,059 |
|
|
|
34,558 |
|
|
|
17,304 |
|
|
|
26,731 |
|
|
Total commercial and construction |
|
|
532,964 |
|
|
|
507,793 |
|
|
|
475,971 |
|
|
|
495,655 |
|
|
Consumer |
|
|
|
|
|
|
|
|
|
Real estate
one-to-four family |
|
|
86,321 |
|
|
|
86,515 |
|
|
|
89,520 |
|
|
|
88,780 |
|
|
Other
installment |
|
|
31,651 |
|
|
|
35,506 |
|
|
|
30,406 |
|
|
|
40,384 |
|
|
Total consumer |
|
|
117,972 |
|
|
|
122,021 |
|
|
|
119,926 |
|
|
|
129,164 |
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
650,936 |
|
|
|
629,814 |
|
|
|
595,897 |
|
|
|
624,819 |
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
Allowance for loan
losses |
|
|
10,063 |
|
|
|
9,960 |
|
|
|
10,113 |
|
|
|
9,885 |
|
|
Loans receivable,
net |
|
$ |
640,873 |
|
|
$ |
619,854 |
|
|
$ |
585,784 |
|
|
$ |
614,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest |
|
Other |
|
Southwest |
|
Other |
|
|
|
|
|
|
|
|
Oregon |
|
Oregon |
|
Washington |
|
Washington |
|
Other |
|
Total |
September 30, 2016 |
|
(dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate |
|
$ |
- |
|
|
$ |
1,272 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,272 |
|
|
Land |
|
|
- |
|
|
|
801 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
801 |
|
|
Consumer |
|
|
- |
|
|
|
- |
|
|
|
106 |
|
|
|
- |
|
|
|
181 |
|
|
|
287 |
|
|
Total
non-performing loans |
|
|
- |
|
|
|
2,073 |
|
|
|
106 |
|
|
|
- |
|
|
|
181 |
|
|
|
2,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REO |
|
|
241 |
|
|
|
- |
|
|
|
- |
|
|
|
298 |
|
|
|
- |
|
|
|
539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing assets |
|
$ |
241 |
|
|
$ |
2,073 |
|
|
$ |
106 |
|
|
$ |
298 |
|
|
$ |
181 |
|
|
$ |
2,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest |
|
Other |
|
Southwest |
|
|
|
|
|
|
Oregon |
|
Oregon |
|
Washington |
|
Total |
|
September 30, 2016 |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land
development |
|
$ |
91 |
|
|
$ |
2,603 |
|
|
$ |
7,977 |
|
|
$ |
10,671 |
|
|
|
Speculative
construction |
|
|
917 |
|
|
|
54 |
|
|
|
12,428 |
|
|
|
13,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total land
development and speculative construction |
|
$ |
1,008 |
|
|
$ |
2,657 |
|
|
$ |
20,405 |
|
|
$ |
24,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the three
months ended |
|
At or for the six months ended |
|
SELECTED OPERATING
DATA |
Sept. 30, 2016 |
|
June 30, 2016 |
|
Sept. 30, 2015 |
|
Sept. 30, 2016 |
|
Sept. 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(4) |
|
78.70 |
% |
|
|
75.60 |
% |
|
|
77.66 |
% |
|
|
77.18 |
% |
|
|
78.88 |
% |
|
Coverage ratio (6) |
|
96.32 |
% |
|
|
100.10 |
% |
|
|
98.34 |
% |
|
|
98.14 |
% |
|
|
95.06 |
% |
|
Return on average
assets (1) |
|
0.70 |
% |
|
|
0.74 |
% |
|
|
0.75 |
% |
|
|
0.72 |
% |
|
|
0.75 |
% |
|
Return on average
equity (1) |
|
5.98 |
% |
|
|
6.20 |
% |
|
|
6.16 |
% |
|
|
6.09 |
% |
|
|
6.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
SPREAD |
|
|
|
|
|
|
|
|
|
|
Yield on loans |
|
4.69 |
% |
|
|
4.71 |
% |
|
|
4.69 |
% |
|
|
4.70 |
% |
|
|
4.74 |
% |
|
Yield on investment
securities |
|
1.96 |
% |
|
|
1.85 |
% |
|
|
2.03 |
% |
|
|
1.91 |
% |
|
|
2.04 |
% |
|
Total
yield on interest earning assets |
|
3.90 |
% |
|
|
3.95 |
% |
|
|
3.86 |
% |
|
|
3.92 |
% |
|
|
3.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of interest
bearing deposits |
|
0.18 |
% |
|
|
0.19 |
% |
|
|
0.21 |
% |
|
|
0.18 |
% |
|
|
0.21 |
% |
|
Cost of FHLB advances
and other borrowings |
|
2.55 |
% |
|
|
2.52 |
% |
|
|
2.22 |
% |
|
|
2.54 |
% |
|
|
2.19 |
% |
|
Total
cost of interest bearing liabilities |
|
0.28 |
% |
|
|
0.28 |
% |
|
|
0.29 |
% |
|
|
0.28 |
% |
|
|
0.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Spread (7) |
|
3.62 |
% |
|
|
3.67 |
% |
|
|
3.57 |
% |
|
|
3.64 |
% |
|
|
3.59 |
% |
|
Net interest
margin |
|
3.70 |
% |
|
|
3.74 |
% |
|
|
3.64 |
% |
|
|
3.72 |
% |
|
|
3.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
Basic earnings per
share (2) |
$ |
0.07 |
|
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
0.15 |
|
|
|
0.14 |
|
|
Diluted earnings per
share (3) |
|
0.07 |
|
|
|
0.08 |
|
|
|
0.07 |
|
|
|
0.15 |
|
|
|
0.14 |
|
|
Book value per share
(5) |
|
4.93 |
|
|
|
4.89 |
|
|
|
4.73 |
|
|
|
4.93 |
|
|
|
4.73 |
|
|
Tangible book value per
share (5) |
|
3.79 |
|
|
|
3.75 |
|
|
|
3.57 |
|
|
|
3.79 |
|
|
|
3.57 |
|
|
Market price per
share: |
|
|
|
|
|
|
|
|
|
|
High for
the period |
$ |
5.41 |
|
|
$ |
4.89 |
|
|
$ |
4.75 |
|
|
$ |
5.41 |
|
|
$ |
4.75 |
|
|
Low for
the period |
|
4.69 |
|
|
|
4.30 |
|
|
|
4.15 |
|
|
|
4.30 |
|
|
|
4.08 |
|
|
Close for
period end |
|
5.38 |
|
|
|
4.73 |
|
|
|
4.75 |
|
|
|
5.38 |
|
|
|
4.75 |
|
|
Cash dividends declared
per share |
|
0.0200 |
|
|
|
0.0200 |
|
|
|
0.0015 |
|
|
|
0.0400 |
|
|
|
0.0275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic
(2) |
|
22,474,019 |
|
|
|
22,467,861 |
|
|
|
22,449,386 |
|
|
|
22,470,957 |
|
|
|
22,441,898 |
|
|
Diluted
(3) |
|
22,530,331 |
|
|
|
22,514,235 |
|
|
|
22,490,351 |
|
|
|
22,522,544 |
|
|
|
22,483,711 |
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts for the quarterly periods are annualized.(2) Amounts
exclude ESOP shares not committed to be released.(3) Amounts
exclude ESOP shares not committed to be released and include common
stock equivalents.(4) Non-interest expense divided by net interest
income and non-interest income.(5) Amounts calculated based on
shareholders’ equity and include ESOP shares not committed to be
released.(6) Net interest income divided by non-interest
expense.(7) Yield on interest-earning assets less cost of funds on
interest-bearing liabilities.
Contacts:
Pat Sheaffer, Ron Wysaske or Kevin Lycklama
Riverview Bancorp, Inc. 360-693-6650
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