Riverview Bancorp, Inc. (Nasdaq: RVSB) (“Riverview” or the
“Company”) today reported net income of $1.8 million, or $0.08 per
share, in its second fiscal quarter ended September 30, 2012
compared to a net loss of $1.8 million, or $0.08 per share, in the
preceding quarter and net income of $181,000, or $0.01 per share,
in its second fiscal quarter a year ago.
“Credit quality improved for the second consecutive quarter as
we continue to focus on identifying and resolving problem credits,”
stated Pat Sheaffer, Chairman and CEO. “Our team’s success in
executing this plan has resulted in a profitable quarter and
reduction in nonperforming asset balances. While we will continue
to pull from every resource to reduce problem assets, we can also
now focus on responsible profitable growth that supports lending in
the communities we serve.”
Highlights (at or for the period ended September 30,
2012)
- Net income was $1.8 million, or $0.08
per diluted share
- The net interest margin was 4.31%
compared to 4.22% for June 30, 2012
- Nonperforming loans decreased $8.8
million during the quarter to $28.0 million (23.8% decline)
- Nonperforming assets decreased $6.3
million during the quarter to $52.5 million (10.8% decline)
- Strong core deposits at 96% 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 13.41% and a Tier 1
leverage ratio of 9.09%
Credit Quality
“The decrease in the provision for loan losses during the
quarter was primarily driven by the improvement in credit quality
of the loan portfolio and reduction in loan charge-offs,” said Ron
Wysaske, President and COO. Riverview recorded a $500,000 provision
for loan losses in the second quarter of fiscal year 2013 compared
to $4.0 million in the preceding quarter and $2.2 million in the
second quarter of fiscal year 2012. The allowance for loan losses
was $20.1 million at September 30, 2012 and represented 3.46% of
total loans and 71.85% of nonperforming loans.
“Nonperforming loan balances decreased $8.8 million during the
quarter, primarily in the commercial real estate and multi-family
loan categories,” added Wysaske. Nonperforming loans decreased to
$28.0 million, or 4.81% of total loans, at September 30, 2012,
compared to $36.8 million, or 5.95% of total loans, at June 30,
2012. The decrease in nonperforming loans was primarily driven by a
reduction in the inflow of new nonperforming loans. New
nonperforming loans decreased to $2.9 million during the quarter
compared to $10.4 million in the preceding quarter. Loans
delinquent 30 – 89 days also decreased to $3.7 million, or 0.64% of
total loans, at September 30, 2012 compared to $8.0 million, or
1.29% of total loans, at June 30, 2012. Net charge-offs in the
second quarter of fiscal 2013 totaled $1.3 million, compared to
$2.9 million in the preceding quarter and $3.6 million in the
second fiscal quarter a year ago.
Real estate owned (“REO”) increased $2.4 million during the
quarter to $24.5 million due to the transfer of $4.2 million in
loans to REO during the quarter. REO sales during the quarter
totaled $1.2 million with write-downs of $725,000. Despite the
increase in REO during the quarter, the Company remains optimistic
that it will be able to decrease REO over the remainder of the year
due to accelerating sales during the past several quarters and the
continuing improvement in real estate activity in its market
area.
Nonperforming assets (“NPAs”) declined to $52.5 million at
September 30, 2012 compared to $58.9 million at June 30, 2012. At
September 30, 2012, Riverview’s NPAs were 6.49% of total assets
compared to 7.22% at the end of the preceding quarter.
Balance Sheet Review
“As laid out in our capital plan that we implemented in May, our
initial phase was to shrink the balance sheet while we cleaned up
the loan portfolio,” stated Wysaske. “During the first quarter of
fiscal year 2013, we took advantage of favorable interest rates by
selling $31.4 million in single-family mortgage loans to the
Freddie Mac (“FHLMC”) for a $650,000 gain. During the second
quarter we further improved our capital position as we continued to
reduce the balance sheet. Having achieved profitability, we will
begin to focus more on organic growth by building new relationships
and expanding the loan portfolio.”
Riverview continues to reduce its exposure to land development
and speculative construction loans. The balance of these portfolios
declined to $31.4 million at September 30, 2012 compared to $34.0
million three months earlier. Land development and speculative
construction loans represented a combined 5.4% of the total loan
portfolio at September 30, 2012 compared to 5.5% of the total loan
portfolio the prior quarter.
At September 30, 2012, the commercial real estate (“CRE”) loan
portfolio totaled $322.1 million, of which 29% was owner-occupied
and 71% was investor-owned. The CRE portfolio contained six loans
totaling $11.3 million that were nonperforming, representing 3.5%
of the total CRE portfolio and 40.4% of total nonperforming
loans.
Total deposits were $699.2 million at September 30, 2012
compared to $705.9 million at June 30, 2012 and $729.3 million a
year ago. At September 30, 2012, noninterest deposits were $136.7
million, an increase of 3.4% from the previous quarter and 17.2%
from a year ago. Core deposits accounted for 96% of total deposits
at September 30, 2012.
Net Interest Margin
Riverview’s net interest margin improved nine basis points
during the quarter to 4.31% compared to 4.22% for the preceding
quarter. The increase in net interest margin was a result of
interest income recorded on loans removed from nonaccrual status,
as well as the slowdown of new loans placed on nonaccrual status
during the quarter and the re-pricing of the Company’s trust
preferred debentures. The cost of interest-bearing deposits
decreased during the current quarter to 0.49%, a five basis point
decline from the preceding quarter and a decrease of 26 basis
points from the second fiscal quarter a year ago. These
improvements were partially offset by lower yields on the Company’s
loan and investment portfolios as a result of the continued low
interest rate environment.
Income Statement
Riverview’s net interest income before the provision for loan
losses was $7.8 million in the second fiscal quarter compared to
$8.1 million in the preceding quarter and $8.4 million in the
second fiscal quarter a year ago. Non-interest income was $2.3
million in the second fiscal quarter compared to $2.4 million in
the preceding quarter and $1.8 million in the second fiscal quarter
a year ago. In the first six months of fiscal year 2013,
non-interest income increased 27% to $4.8 million compared to $3.7
million in the same period a year earlier. The increase in
non-interest income was due to an increase in service charge income
and mortgage banking activity, including the sale of $31.4 million
in single-family mortgages to the FHLMC, which resulted in a
$650,000 gain on sale of loans during the first quarter of fiscal
year 2013.
Non-interest expense declined to $7.8 million in the second
fiscal quarter compared to $8.3 million in the preceding quarter
and was unchanged from $7.8 million in the second fiscal quarter a
year ago. In the first six months of fiscal year 2013, non-interest
expense totaled $16.1 million compared to $16.0 million in the same
period a year earlier.
In fiscal 2012, the Company established a valuation allowance
against its deferred tax asset. At September 30, 2012, the total
valuation allowance was $17.1 million. Management will review the
deferred tax asset on a quarterly basis to determine the
appropriate valuation allowance, if needed. Any future reversals of
the deferred tax asset valuation allowance would decrease the
Company’s income tax expense and increase its after tax net income
in the period of reversal.
Capital and Liquidity
The Bank 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 13.41% and a Tier 1
leverage ratio of 9.09% at September 30, 2012.
At September 30, 2012, the Bank had available total and
contingent liquidity of $500 million, including over $250 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 $125 million of cash and short-term investments.
Gresham Branch and Mobile
Banking
In June 2012, Riverview opened its eighteenth branch and its
fourth in Oregon. This new full service branch will fill a
long-standing need for community banking in the Gresham market
area. Gresham, just east of Portland, is the fourth largest city in
Oregon.
Riverview launched its Mobile Banking apps for the iPhone and
Android platforms in August 2012. Augmenting the existing browser
based systems for smartphones, the apps were adopted quickly by our
clients with almost 2,000 downloads in the first sixty days.
Currently over 15% of our online customers are using Mobile Banking
to check balances, review account history and transfer funds.
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).
September 30, June
30, September 30, March
31, (Dollars in thousands)
2012 2012 2011
2012 Shareholders’ equity $ 75,607 $ 73,820 $ 108,149
$ 75,607 Goodwill 25,572 25,572 25,572 25,572 Other intangible
assets, net 520 566 511 415
Tangible shareholders’ equity $ 49,515 $ 47,682 $ 82,066 $ 49,620
Total assets $ 809,553 $ 814,730 $ 873,396 $ 855,998
Goodwill 25,572 25,572 25,572 25,572 Other intangible assets, net
520 566 511 415 Tangible assets
$ 783,461 $ 788,592 $ 847,313 $ 830,011
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 $810 million, it is the parent company
of the 89 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 2013 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, 2012
June 30, 2012 September 30,
2011 March 31, 2012 ASSETS
Cash (including interest-earning accounts
of $83,642, $58,539, $32,955 and $33,437)
$ 98,367 $ 71,362 $ 50,148 $ 46,393 Certificate of deposits 41,797
40,975 23,847 41,473 Loans held for sale 1,289 100 264 480
Investment securities held to maturity, at amortized cost - 487 499
493 Investment securities available for sale, at fair value 6,278
6,291 6,707 6,314 Mortgage-backed securities held to maturity, at
amortized 164 168 181 171 Mortgage-backed securities available for
sale, at fair value 679 813 1,341 974
Loans receivable (net of allowance for
loan losses of $20,140, $20,972, $14,672, and $19,921)
562,058 597,138 680,838 664,888 Real estate and other pers.
property owned 24,481 22,074 25,585 18,731 Prepaid expenses and
other assets 3,894 4,550 6,020 6,362 Accrued interest receivable
1,958 2,084 2,402 2,158 Federal Home Loan Bank stock, at cost 7,285
7,350 7,350 7,350 Premises and equipment, net 17,745 17,887 16,568
17,068 Deferred income taxes, net 616 612 9,307 603 Mortgage
servicing rights, net 420 448 334 278 Goodwill 25,572 25,572 25,572
25,572 Core deposit intangible, net 100 118 177 137 Bank owned life
insurance 16,850 16,701 16,256 16,553 TOTAL ASSETS $ 809,553
$ 814,730 $ 873,396 $ 855,998
LIABILITIES AND EQUITY
LIABILITIES: Deposit accounts $ 699,227 $ 705,892 $ 729,259
$ 744,455 Accrued expenses and other liabilities 7,926 8,675 9,459
9,398 Advance payments by borrowers for taxes and insurance 1,060
605 797 800 Junior subordinated debentures 22,681 22,681 22,681
22,681 Capital lease obligation 2,477 2,495 2,544 2,513 Total
liabilities 733,371 740,348 764,740 779,847 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, 2012 - 22,471,890 issued and outstanding;
-
-
-
-
June 30, 2012 – 22,471,890 issued and outstanding; 225 225 225 225
September 30, 2011 - 22,471,890 issued and outstanding;
-
-
-
-
March 31, 2012 – 22,471,890 issued and outstanding;
-
-
-
-
Additional paid-in capital 65,576 65,593 65,626 65,610 Retained
earnings 11,543 9,756 44,088 11,536 Unearned shares issued to
employee stock ownership trust (541) (567) (644) (593) Accumulated
other comprehensive loss (1,196) (1,187) (1,146) (1,171) Total
shareholders’ equity 75,607 73,820 108,149 75,607
Noncontrolling interest 575 562 507 544 Total equity 76,182 74,382
108,656 76,151 TOTAL LIABILITIES AND EQUITY $ 809,553 $
814,730 $ 873,396 $ 855,998
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY Consolidated Statements of
Income Three Months Ended Six Months Ended (In
thousands, except share data) (Unaudited)
Sept. 30, 2012 June 30, 2012
Sept. 30, 2011 Sept. 30, 2012
Sept. 30, 2011 INTEREST INCOME: Interest and
fees on loans receivable $ 8,468 $ 9,045 $ 9,815 $ 17,513 $ 20,095
Interest on investment securities-taxable 38 53 36 91 81 Interest
on investment securities-non taxable 7 8 12 15 24 Interest on
mortgage-backed securities 7 8 13 15 29 Other interest and
dividends 128 129
89 257 164 Total interest income
8,648 9,243 9,965 17,891 20,393 INTEREST EXPENSE: Interest
on deposits 699 823 1,158 1,522 2,388 Interest on borrowings
162 349 372
511 740 Total interest expense 861
1,172 1,530
2,033 3,128 Net interest income 7,787 8,071
8,435 15,858 17,265 Less provision for loan losses 500
4,000 2,200
4,500 3,750 Net interest income after
provision for loan losses 7,287 4,071 6,235 11,358 13,515
NON-INTEREST INCOME: Fees and service charges 1,331 1,057 1,078
2,388 2,120 Asset management fees 504 604 570 1,108 1,195 Gain on
sale of loans held for sale 152 727 21 879 44 Bank owned life
insurance income 148 149 153 297 304 Other 179
(97 ) 10 82
73 Total non-interest income 2,314 2,440 1,832 4,754 3,736
NON-INTEREST EXPENSE: Salaries and employee benefits 3,609 3,793
3,514 7,402 8,025 Occupancy and depreciation 1,236 1,234 1,166
2,470 2,329 Data processing 292 314 542 606 830 Amortization of
core deposit intangible 18 19 20 37 42 Advertising and marketing
expense 269 219 283 488 528 FDIC insurance premium 394 287 286 681
559 State and local taxes 137 148 81 285 260 Telecommunications 116
121 108 237 215 Professional fees 281 421 298 702 637 Real estate
owned expenses 891 939 756 1,830 1,186 Other 569
781 791 1,350
1,391 Total non-interest expense 7,812
8,276 7,845
16,088 16,002 INCOME BEFORE INCOME
TAXES 1,789 (1,765 ) 222 24 1,249 PROVISION FOR INCOME TAXES
2 15 41 17
354 NET INCOME $ 1,787 $ (1,780
) $ 181 $ 7 $ 895 Earnings per
common share: Basic $ 0.08 $ (0.08 ) $ 0.01 0.00 $ 0.04 Diluted $
0.08 $ (0.08 ) $ 0.01 0.00 $ 0.04 Weighted average number of shares
outstanding: Basic 22,339,487 22,333,329 22,314,854 22,336,425
22,311,792 Diluted 22,339,487 22,333,329 22,314,854 22,336,425
22,311,792 (Dollars in
thousands)
At or for the three months ended At or for the
six months ended Sept. 30, 2012 June
30, 2012 Sept. 30, 2011 Sept. 30,
2012 Sept. 30, 2011
AVERAGE
BALANCES
Average interest-earning assets
$ 716,932 $ 768,156 $ 770,719 $ 742,403 $ 765,983 Average
interest-bearing liabilities 591,460 636,132 640,605 613,674
638,754 Net average earning assets 125,472 132,024 130,114 128,729
127,229 Average loans 605,382 671,798 695,941 638,408 693,680
Average deposits 699,243 732,812 724,473 715,936 720,066 Average
equity 76,008 76,483 109,729 76,244 109,453 Average tangible equity
49,886 50,506 83,614 50,194 83,312
ASSET
QUALITY
Sept. 30, 2012 June 30, 2012 Sept. 30, 2011
Non-performing loans 28,031 36,782 29,680 Non-performing
loans to total loans 4.81 % 5.95 % 4.27 % Real estate/repossessed
assets owned 24,481 22,074 25,585 Non-performing assets 52,512
58,856 55,265 Non-performing assets to total assets 6.49 % 7.22 %
6.33 % Net loan charge-offs in the quarter 1,332 2,949 3,587 Net
charge-offs in the quarter/average net loans 0.87 % 1.76 % 2.04 %
Allowance for loan losses 20,140 20,972 14,672
Average interest-earning assets to average
interest-bearing liabilities
121.21 % 120.75 % 120.31 %
Allowance for loan losses to
non-performing loans
71.85 % 57.02 % 49.43 % Allowance for loan losses to total loans
3.46 % 3.39 % 2.11 % Shareholders’ equity to assets 9.34 % 9.06 %
12.38 %
CAPITAL
RATIOS
Total capital (to risk weighted assets) 13.41 % 13.18 % 14.29 %
Tier 1 capital (to risk weighted assets) 12.13 % 11.91 % 13.03 %
Tier 1 capital (to leverage assets) 9.09 % 9.35 % 10.79 % Tangible
common equity (to tangible assets) 6.32 % 6.05 % 9.69 %
DEPOSIT
MIX
Sept. 30, 2012 June 30, 2012 Sept. 30, 2011
March 31, 2012 Interest checking $ 80,634 $ 81,064 $
92,006 $ 106,904 Regular savings 49,813 47,596 40,871 45,741 Money
market deposit accounts 228,236 230,695 227,095 244,919
Non-interest checking 136,661 132,231 116,645 116,882 Certificates
of deposit 203,883 214,306
252,642 230,009 Total deposits $ 699,227 $
705,892 $ 729,259 $ 744,455
COMPOSITION OF
COMMERCIAL AND CONSTRUCTION LOANS
Commercial Commercial Real Estate Real Estate & Construction
Commercial Mortgage Construction Total
September 30,
2012
(Dollars in thousands) Commercial $ 74,953 $ - $ - $ 74,953
Commercial construction - - 12,585 12,585 Office buildings - 87,692
- 87,692 Warehouse/industrial - 46,837 - 46,837 Retail/shopping
centers/strip malls - 73,771 - 73,771 Assisted living facilities -
23,213 - 23,213 Single purpose facilities - 90,568 - 90,568 Land -
27,262 - 27,262 Multi-family - 36,372 - 36,372 One-to-four family
- - 4,335 4,335 Total $ 74,953 $
385,715 $ 16,920 $ 477,588
March 31,
2012
(Dollars in thousands) Commercial $ 87,238 $ - $ - $ 87,238
Commercial construction - - 13,496 13,496 Office buildings - 94,541
- 94,541 Warehouse/industrial - 48,605 - 48,605 Retail/shopping
centers/strip malls - 80,595 - 80,595 Assisted living facilities -
35,866 - 35,866 Single purpose facilities - 93,473 - 93,473 Land -
38,888 - 38,888 Multi-family - 42,795 - 42,795 One-to-four family
- - 12,295 12,295 Total $ 87,238 $
434,763 $ 25,791 $ 547,792
LOAN
MIX
Sept. 30, 2012 June 30, 2012 Sept. 30, 2011
March 31, 2012 Commercial and construction Commercial $
74,953 $ 79,795 $ 88,017 $ 87,238 Other real estate mortgage
385,715 415,320 455,153 434,763 Real estate construction
16,920 15,447 30,221 25,791 Total commercial
and construction 477,588 510,562 573,391 547,792 Consumer Real
estate one-to-four family 102,473 105,298 119,805 134,975 Other
installment 2,137 2,250 2,314 2,042
Total consumer
104,610 107,548 122,119 137,017 Total
loans 582,198 618,110 695,510 684,809 Less: Allowance for
loan losses 20,140 20,972 14,672 19,921
Loans receivable, net $ 562,058 $ 597,138 $ 680,838 $ 664,888
DETAIL OF
NON-PERFORMING ASSETS
Northwest Other Southwest Other Oregon Oregon Washington
Washington Other Total
September 30,
2012
(dollars in thousands) Non-performing assets Commercial $ 88
$ 182 $ 1,675 $ - $ - $ 1,945 Commercial real estate 2,322 - 8,714
298 - 11,334 Land - 800 2,944 - - 3,744 Multi-family - 3,081 2,981
- - 6,062 Commercial construction - - - - - - One-to-four family
construction 904 562 17 - - 1,483 Real estate one-to-four family
349 413 2,411 290 - 3,463 Consumer - - -
- - - Total non-performing loans 3,663 5,038
18,742 588 - 28,031 REO 4,227 6,729
9,625 2,745 1,155 24,481 Total
non-performing assets $ 7,890 $ 11,767 $ 28,367 $ 3,333 $ 1,155 $
52,512
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS
Northwest Other Southwest Other Oregon Oregon Washington
Washington Other Total
September 30,
2012
(dollars in thousands) Land and Spec Construction Loans Land
Development Loans $ 4,960 $ 2,413 $ 19,889 $ - $ - $ 27,262 Spec
Construction Loans 904 563 2,474 244
- 4,185 Total Land and Spec Construction $
5,864 $ 2,976 $ 22,363 $ 244 $ - $ 31,447
At or for the three months ended At or for the six months
ended
SELECTED OPERATING
DATA
Sept. 30, 2012 June 30,
2012 Sept. 30, 2011 Sept.
30, 2012 Sept. 30, 2011
Efficiency ratio (4) 77.34 % 78.74 % 76.41 % 78.05 % 76.20 %
Coverage ratio (6) 99.68 % 97.52 % 107.52 % 98.57 % 107.89 % Return
on average assets (1) 0.88 % -0.85 % 0.08 % 0.00 % 0.21 % Return on
average equity (1) 9.33 % -9.33 % 0.65 % 0.02 % 1.63 %
NET INTEREST
SPREAD
Yield on loans 5.55 % 5.40 % 5.59 % 5.47 % 5.78 % Yield on
investment securities 2.38 % 3.04 % 2.59 % 2.74 % 2.74 % Total
yield on interest earning assets 4.79 % 4.83 % 5.13 % 4.81 % 5.31 %
Cost of interest bearing deposits 0.49 % 0.54 % 0.75 % 0.52
% 0.78 % Cost of FHLB advances and other borrowings 2.57 % 5.56 %
5.86 % 4.05 % 5.85 % Total cost of interest bearing liabilities
0.58 % 0.74 % 0.95 % 0.66 % 0.98 % Spread (7) 4.21 % 4.09 %
4.18 % 4.15 % 4.33 % Net interest margin 4.31 % 4.22 % 4.35 % 4.26
% 4.50 %
PER SHARE
DATA
Basic earnings per share (2) $ 0.08 $ (0.08 ) $ 0.01 $ - $ 0.04
Diluted earnings per share (3) $ 0.08 $ (0.08 ) $ 0.01 $ - $ 0.04
Book value per share (5) 3.36 3.28 4.81 3.36 4.81 Tangible book
value per share (5) 2.20 2.12 3.65 2.20 3.65 Market price per
share: High for the period $ 1.49 $ 2.29 $ 3.12 $ 2.29 $ 3.18 Low
for the period 1.24 1.08 2.20 1.08 2.20 Close for period end 1.37
1.25 2.40 1.37 2.40 Cash dividends declared per share - - - - -
Average number of shares outstanding: Basic (2) 22,339,487
22,333,329 22,314,854 22,336,425 22,311,792 Diluted (3) 22,339,487
22,333,329 22,314,854 22,336,425 22,311,792 (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.
Riverview Bancorp (NASDAQ:RVSB)
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From Mar 2024 to Apr 2024
Riverview Bancorp (NASDAQ:RVSB)
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From Apr 2023 to Apr 2024