Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported that it earned $16.6 million, or $0.74
per diluted share, in the fourth fiscal quarter ended March 31,
2014. This compared to net income of $801,000, or $0.04 per diluted
share, in the preceding quarter and $1.6 million, or $0.07 per
diluted share, in the fourth fiscal quarter a year ago. The fourth
quarter results include a $15.1 million recapture of its deferred
tax asset valuation allowance.
For all of fiscal year 2014, net income increased to $19.4
million, or $0.87 per diluted share, compared to $2.6 million, or
$0.12 per diluted share, in fiscal year 2013.
"Fiscal year 2014 was a banner year for Riverview," stated Pat
Sheaffer, Chairman and CEO. "We celebrated our seventh consecutive
profitable quarter and continued to make meaningful progress in
reducing nonperforming and classified assets. The combination of
these two achievements led to the OCC terminating our formal
agreement and the reversal of our deferred tax asset valuation
allowance. As we look forward to the coming year, our future looks
prosperous. Our core earnings have improved and we see
opportunities for both loan and deposit growth in the coming
year."
Fourth Quarter Highlights (at or for the period ended
March 31, 2014)
- Fourth quarter net income was $16.6 million, or $0.74 per
diluted share.
- Excluding the recapture of the $15.1 million deferred tax
allowance, fourth quarter net income was $1.5 million, compared to
$801,000 in the preceding quarter and $1.6 million in the fourth
quarter a year ago.
- Net loans increased $15.3 million with loan originations
totaling $41.5 million during the fourth quarter.
- Classified assets decreased $11.3 million during the quarter to
$43.4 million (20.6% decline).
- Nonperforming assets decreased $3.6 million during the quarter
to $21.8 million (14.1% decline).
- Deposits increased $26.3 million to $690.1 million at March 31,
2014 compared to $663.8 million a year ago.
- RAMCo's assets under management increased to $359.7 million
with $2.6 million in fees during fiscal year 2014.
- Capital levels increased with a total risk-based capital ratio
of 16.66% and Tier 1 leverage ratio of 10.71%.
Balance Sheet Review
"Riverview's business outlook continues to improve as the
economic recovery gains strength," said Ron Wysaske, President and
COO. "Loan demand has been strengthening the past few quarters and
the momentum we have built in our loan pipeline suggests a strong
prospect for continued loan growth in fiscal year 2015. The asset
quality improvements made by our team will also allow us to
allocate more of our resources into business development and
expanding lending relationships."
Net loans increased $15.3 million during the fourth quarter to
$520.9 million at March 31, 2014 compared to $505.6 million at
December 31, 2013. Loan originations totaled $41.5 million during
the quarter and Riverview purchased an additional $14.4 million in
a pool of automobile loans during the fourth quarter.
Core deposit growth has remained strong with checking account
balances growing $28.9 million during the past year. Total deposits
increased to $690.1 million at March 31, 2014 compared to $689.3
million three months earlier and $663.8 million a year earlier. As
of March 31, 2014, interest checking accounts represent 15.1% and
non-interest checking accounts represent 18.6% of the total deposit
portfolio.
Shareholders' equity improved to $98.0 million at fiscal
year-end compared to $78.4 million a year earlier. Tangible book
value per share improved to $3.20 per share at March 31, 2014
compared to $2.33 per share a year ago.
Credit Quality
"Asset quality continues to remain a top priority for
Riverview," said Dan Cox, Executive Vice President and Chief Credit
Officer. "We have made substantial progress during fiscal year 2014
and we expect that our credit quality metrics will continue to
improve during the next fiscal year. The improvements that we made
reflect strongly on the hard work, dedication and teamwork
demonstrated by our employees during the last several years."
Classified assets decreased $11.3 million during the quarter to
$43.4 million at March 31, 2014 compared to $54.7 million at
December 31, 2013. The classified asset to total capital ratio
decreased to 45.1% at March 31, 2014 compared to 57.6% three months
earlier.
Nonperforming assets totaled $21.8 million at March 31, 2014,
compared to $25.3 million three months earlier and $36.8 million a
year ago.
REO sales totaled $4.6 million during the quarter with $220,000
in write-downs and $553,000 in additions. Riverview also sold an
additional $551,000 in properties since March 31st and has an
additional $1.2 million in properties currently under contract,
which are expected to close during the first fiscal quarter of 2015
with minimal to no projected losses on these sales.
Riverview recorded a $1.2 million recapture of loan losses
during the fourth quarter of fiscal 2014, compared to no provision
in the preceding quarter and a $3.6 million recapture of loan
losses in the fourth quarter a year ago. In fiscal year 2014,
Riverview recorded a $3.7 million recapture of loan losses compared
to a $900,000 provision for loan losses in fiscal year 2013. The
decrease in required loan loss provision reflects the improvement
in credit quality and the increase in loan recoveries during the
past fiscal year.
Net loan charge-offs totaled $297,000 in the fourth quarter
compared to a net recovery of $352,000 in the preceding quarter and
net charge-offs of $390,000 in the fourth quarter a year ago. In
fiscal year 2014, Riverview had net recoveries totaling $608,000
compared to net charge-offs of $5.2 million in fiscal year
2013.
The allowance for loan losses at March 31, 2014 totaled $12.6
million, representing 2.35% of total loans and 89.25% of
nonperforming loans.
Income Statement
Riverview's fourth quarter net interest income was $6.0 million,
which was the same as in the preceding quarter and decreased
slightly from $6.2 million in the fourth quarter a year ago. For
fiscal year 2014, net interest income was $24.2 million compared to
$29.4 million in fiscal year 2013.
"Riverview's net interest margin improved four basis points
compared to the preceding quarter, primarily due to the deployment
of cash into higher yielding investment securities during the
quarter as well as the increase in our loan portfolio," said Kevin
Lycklama, Executive Vice President and Chief Financial Officer.
"During the last fiscal year, we deployed over $95 million of cash
into our investment portfolio in order to offset some of the
pressure from the continued low interest rate environment."
Riverview's net interest margin was 3.33% in the fiscal fourth
quarter compared to 3.29% for the preceding quarter and 3.64% in
the fiscal fourth quarter a year ago. For the fiscal year,
Riverview's net interest margin was 3.37% compared to 4.06% in
fiscal year 2013. The decrease in the net interest margin compared
to prior year was largely due to the decline in loan yields and the
higher level of lower yielding interest-bearing cash balances held
by the Company. Loan yields have contracted as a result of the
lower yields on new loan originations and the repricing of existing
loans.
Non-interest income was $1.9 million in the fourth quarter
compared to $2.4 million in the preceding quarter and $2.0 million
in the fourth quarter a year ago. Asset management fees increased
to $694,000 during the quarter compared to $547,000 in the same
quarter a year ago as a result of an increase in assets under
management. Non-interest income was also impacted by the slowdown
in mortgage related volumes. This slowdown was primarily driven by
lower refinance and purchase activity due to an increase in
interest rates and the seasonal cyclicality of the housing
market.
Non-interest expense was $7.5 million in the fourth quarter,
compared to $7.6 million in the preceding quarter and $10.2 million
in the fourth quarter a year ago. The primary driver for the
decrease from prior year was a reduction in REO expenses. REO
expenses decreased to $363,000 in the fourth quarter compared to
$2.9 million in the same quarter a year ago. For the full year,
non-interest expense totaled $32.0 million compared to $34.8
million in fiscal 2013.
Income Taxes
As a result of the improvement in Riverview's financial
condition, specifically an improvement in asset quality and core
earnings, and its forecast for future earnings, the Company
reversed the $15.1 million valuation allowance on its deferred tax
asset during the fourth quarter. The fourth fiscal quarter ended
March 31, 2014 marked Riverview's seventh consecutive profitable
quarter. Classified assets have improved during the past eight
consecutive quarters and Riverview has been in a net loan recovery
position during the past fiscal year.
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 16.66%, Tier 1 leverage
ratio of 10.71% and tangible common equity to tangible assets of
9.02% at March 31, 2014.
The Bank had available total and contingent liquidity of more
than $500 million, representing 62% of total assets as of March 31,
2014. Included in the Bank's total liquidity was more than $200
million of cash and short-term investments.
Regulatory
The Company recently announced that the Office of the
Comptroller of the Currency has lifted the formal agreement
("Agreement") with Riverview Community Bank. This action
immediately ended the regulatory restrictions that were contained
in the Agreement and no further reporting under the Agreement is
necessary.
Non-GAAP Financial Measures
In addition to results presented in accordance with generally
accepted accounting principles (GAAP), this press release contains
certain non-GAAP financial measures. Riverview believes that
certain non-GAAP financial measures provide investors with
information useful in understanding the company's financial
performance; however, readers of this report are urged to review
these non-GAAP financial measures in conjunction with GAAP results
as reported.
Financial measures that exclude intangible assets are non-GAAP
measures. To provide investors with a broader understanding of
capital adequacy, Riverview provides non-GAAP financial measures
for tangible common equity, along with the GAAP measure. Tangible
common equity is calculated as shareholders' equity less goodwill
and other intangible assets. In addition, tangible assets are total
assets less goodwill and other intangible assets.
The following table provides a reconciliation of ending
shareholders' equity (GAAP) to ending tangible shareholders' equity
(non-GAAP), and ending assets (GAAP) to ending tangible assets
(non-GAAP).
(Dollars in thousands) |
March 31, 2014 |
December 31, 2013 |
March 31, 2013 |
|
|
|
|
Shareholders' equity |
$ 97,978 |
$ 81,264 |
$ 78,442 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
395 |
419 |
454 |
Tangible shareholders' equity |
$ 72,011 |
$ 55,273 |
$ 52,416 |
|
|
|
|
Total assets |
$ 824,521 |
$ 804,949 |
$ 777,003 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
395 |
419 |
454 |
Tangible assets |
$ 798,554 |
$ 778,958 |
$ 750,977 |
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 $825 million, it is the parent company
of the 91 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 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 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) |
March 31, 2014 |
December 31,
2013 |
March 31, 2013 |
ASSETS |
|
|
|
|
|
|
|
Cash (including interest-earning accounts
of $51,715, $110,104 and $100,093) |
$ 68,577 |
$ 123,140 |
$ 115,415 |
Certificate of deposits |
36,925 |
37,174 |
44,635 |
Loans held for sale |
1,024 |
148 |
831 |
Investment securities available for sale,
at fair value |
23,394 |
19,794 |
6,216 |
Mortgage-backed securities held to
maturity, at amortized |
101 |
104 |
125 |
Mortgage-backed securities available for
sale, at fair value |
78,575 |
34,529 |
431 |
Loans receivable (net of allowance for
loan losses of $12,551, $14,048 and $15,643) |
520,937 |
505,632 |
520,369 |
Real estate and other pers. property
owned |
7,703 |
11,951 |
15,638 |
Prepaid expenses and other assets |
3,197 |
3,268 |
3,063 |
Accrued interest receivable |
1,836 |
1,670 |
1,747 |
Federal Home Loan Bank stock, at
cost |
6,744 |
6,958 |
7,154 |
Premises and equipment, net |
16,417 |
16,685 |
17,693 |
Deferred income taxes, net |
15,433 |
348 |
522 |
Mortgage servicing rights, net |
369 |
386 |
388 |
Goodwill |
25,572 |
25,572 |
25,572 |
Core deposit intangible, net |
26 |
33 |
66 |
Bank owned life insurance |
17,691 |
17,557 |
17,138 |
|
|
|
|
TOTAL ASSETS |
$ 824,521 |
$ 804,949 |
$ 777,003 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
Deposit accounts |
$ 690,066 |
$ 689,271 |
$ 663,806 |
Accrued expenses and other
liabilities |
10,497 |
8,707 |
8,006 |
Advance payments by borrowers for taxes
and insurance |
467 |
193 |
1,025 |
Junior subordinated debentures |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,361 |
2,381 |
2,440 |
Total liabilities |
726,072 |
723,233 |
697,958 |
|
|
|
|
EQUITY: |
|
|
|
Shareholders' equity |
|
|
|
Serial preferred stock, $.01 par value;
250,000 authorized, issued and outstanding, none |
-- |
-- |
-- |
Common stock, $.01 par value; 50,000,000
authorized, |
|
|
|
March 31, 2014 – 22,471,890 issued and
outstanding; |
225 |
225 |
225 |
December 31, 2013 - 22,471,890 issued and
outstanding; |
|
|
|
March 31, 2013 – 22,471,890 issued and
outstanding; |
|
|
|
Additional paid-in capital |
65,195 |
65,176 |
65,551 |
Retained earnings |
33,592 |
16,951 |
14,169 |
Unearned shares issued to employee stock
ownership trust |
(387) |
(413) |
(490) |
Accumulated other comprehensive loss |
(647) |
(675) |
(1,013) |
Total shareholders' equity |
97,978 |
81,264 |
78,442 |
|
|
|
|
Noncontrolling interest |
471 |
452 |
603 |
Total equity |
98,449 |
81,716 |
79,045 |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 824,521 |
$ 804,949 |
$ 777,003 |
|
|
|
|
|
|
RIVERVIEW BANCORP, INC. AND
SUBSIDIARY |
|
|
|
|
|
Consolidated Statements of
Operations |
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
(In thousands, except share
data) (Unaudited) |
March 31, 2014 |
Dec. 31, 2013 |
March 31, 2013 |
March 31, 2014 |
March 31, 2013 |
INTEREST INCOME: |
|
|
|
|
|
Interest and fees on loans
receivable |
$ 6,034 |
$ 6,319 |
$ 6,690 |
$ 25,423 |
$ 32,041 |
Interest on investment
securities-taxable |
80 |
75 |
54 |
271 |
276 |
Interest on investment securities-non
taxable |
-- |
-- |
-- |
-- |
16 |
Interest on mortgage-backed
securities |
268 |
88 |
4 |
424 |
25 |
Other interest and dividends |
154 |
191 |
157 |
686 |
574 |
Total interest income |
6,536 |
6,673 |
6,905 |
26,804 |
32,932 |
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
Interest on deposits |
436 |
496 |
550 |
1,973 |
2,667 |
Interest on borrowings |
146 |
149 |
150 |
595 |
818 |
Total interest expense |
582 |
645 |
700 |
2,568 |
3,485 |
Net interest income |
5,954 |
6,028 |
6,205 |
24,236 |
29,447 |
Less provision for (recapture of) loan
losses |
(1,200) |
-- |
(3,600) |
(3,700) |
900 |
|
|
|
|
|
|
Net interest income after provision for
(recapture of) loan losses |
7,154 |
6,028 |
9,805 |
27,936 |
28,547 |
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
Fees and service charges |
957 |
1,177 |
1,083 |
4,258 |
4,695 |
Asset management fees |
694 |
605 |
547 |
2,630 |
2,172 |
Gain on sale of loans held for sale |
58 |
176 |
245 |
667 |
1,386 |
Bank owned life insurance income |
134 |
136 |
142 |
553 |
585 |
Other |
7 |
290 |
15 |
259 |
35 |
Total non-interest income |
1,850 |
2,384 |
2,032 |
8,367 |
8,873 |
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
Salaries and employee benefits |
4,059 |
3,959 |
4,051 |
15,755 |
15,325 |
Occupancy and depreciation |
1,190 |
1,187 |
1,259 |
4,811 |
4,970 |
Data processing |
417 |
523 |
379 |
2,058 |
1,420 |
Amortization of core deposit intangible |
7 |
7 |
17 |
40 |
71 |
Advertising and marketing expense |
148 |
170 |
153 |
726 |
834 |
FDIC insurance premium |
259 |
400 |
418 |
1,487 |
1,532 |
State and local taxes |
122 |
106 |
130 |
462 |
547 |
Telecommunications |
77 |
78 |
74 |
304 |
384 |
Professional fees |
295 |
342 |
307 |
1,290 |
1,456 |
Real estate owned expenses |
363 |
298 |
2,882 |
2,765 |
5,781 |
Other |
523 |
541 |
566 |
2,263 |
2,438 |
Total non-interest expense |
7,460 |
7,611 |
10,236 |
31,961 |
34,758 |
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
1,544 |
801 |
1,601 |
4,342 |
2,662 |
PROVISION (BENEFIT) FOR INCOME TAXES |
(15,097) |
-- |
6 |
(15,081) |
29 |
NET INCOME |
$ 16,641 |
$ 801 |
$ 1,595 |
$ 19,423 |
$ 2,633 |
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
Basic |
$ 0.74 |
$ 0.04 |
$ 0.07 |
$ 0.87 |
$ 0.12 |
Diluted |
$ 0.74 |
$ 0.04 |
$ 0.07 |
$ 0.87 |
$ 0.12 |
Weighted average number of shares
outstanding: |
|
|
|
|
|
Basic |
22,376,437 |
22,370,277 |
22,351,804 |
22,367,174 |
22,342,541 |
Diluted |
22,385,244 |
22,371,914 |
22,352,229 |
22,369,046 |
22,342,541 |
|
|
|
(Dollars in thousands) |
At or for the three
months ended |
At or for the twelve
months ended |
|
March 31, 2014 |
Dec. 31, 2013 |
March 31, 2013 |
March 31, 2014 |
March 31, 2013 |
AVERAGE BALANCES |
|
|
|
|
|
Average interest–earning assets |
$ 726,218 |
$ 727,943 |
$ 691,793 |
$ 718,802 |
$ 726,123 |
Average interest-bearing liabilities |
585,686 |
581,327 |
574,763 |
577,543 |
595,504 |
Net average earning assets |
140,532 |
146,616 |
117,030 |
141,259 |
130,619 |
Average loans |
517,419 |
516,864 |
543,906 |
522,806 |
599,028 |
Average deposits |
682,888 |
680,167 |
662,978 |
672,740 |
697,367 |
Average equity |
82,866 |
82,665 |
78,370 |
81,858 |
77,170 |
Average tangible equity |
56,883 |
56,667 |
52,321 |
55,851 |
51,113 |
|
|
|
|
|
|
ASSET QUALITY |
March 31, 2014 |
Dec. 31, 2013 |
March 31, 2013 |
|
|
|
|
|
|
|
|
Non-performing loans |
14,062 |
13,377 |
21,133 |
|
|
Non-performing loans to total loans |
2.64% |
2.57% |
3.94% |
|
|
Real estate/repossessed assets owned |
7,703 |
11,951 |
15,638 |
|
|
Non-performing assets |
21,765 |
25,328 |
36,771 |
|
|
Non-performing assets to total assets |
2.64% |
3.15% |
4.73% |
|
|
Net loan charge-offs (recoveries) in the
quarter |
297 |
(352) |
390 |
|
|
Net charge-offs in the quarter/average net
loans |
0.23% |
-0.27% |
0.29% |
|
|
|
|
|
|
|
|
Allowance for loan losses |
12,551 |
14,048 |
15,643 |
|
|
Average interest-earning assets to
average interest-bearing liabilities |
123.99% |
125.22% |
120.36% |
|
|
Allowance for loan losses
to non-performing loans |
89.25% |
105.02% |
74.02% |
|
|
Allowance for loan losses to total loans |
2.35% |
2.70% |
2.92% |
|
|
Shareholders' equity to assets |
11.88% |
10.10% |
10.10% |
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
Total capital (to risk weighted assets) |
16.66% |
16.76% |
15.29% |
|
|
Tier 1 capital (to risk weighted assets) |
15.40% |
15.49% |
14.02% |
|
|
Tier 1 capital (to leverage assets) |
10.71% |
10.42% |
9.99% |
|
|
Tangible common equity (to tangible
assets) |
9.02% |
7.10% |
6.98% |
|
|
|
|
|
|
|
|
DEPOSIT MIX |
March 31, 2014 |
Dec. 31, 2013 |
March 31, 2013 |
|
|
|
|
|
|
|
|
Interest checking |
$ 104,543 |
$ 99,374 |
$ 91,754 |
|
|
Regular savings |
66,702 |
63,230 |
54,316 |
|
|
Money market deposit accounts |
227,933 |
233,581 |
217,091 |
|
|
Non-interest checking |
128,635 |
123,630 |
112,527 |
|
|
Certificates of deposit |
162,253 |
169,456 |
188,118 |
|
|
Total deposits |
$ 690,066 |
$ 689,271 |
$ 663,806 |
|
|
|
COMPOSITION OF COMMERCIAL
AND CONSTRUCTION LOANS |
|
|
|
|
|
|
|
Commercial |
|
Commercial |
|
|
Real Estate |
Real Estate |
& Construction |
|
Commercial |
Mortgage |
Construction |
Total |
March 31, 2014 |
(Dollars in thousands) |
Commercial |
$ 71,632 |
$ -- |
$ -- |
$ 71,632 |
Commercial construction |
-- |
-- |
15,618 |
15,618 |
Office buildings |
-- |
77,476 |
-- |
77,476 |
Warehouse/industrial |
-- |
45,632 |
-- |
45,632 |
Retail/shopping centers/strip malls |
-- |
63,049 |
-- |
63,049 |
Assisted living facilities |
-- |
7,585 |
-- |
7,585 |
Single purpose facilities |
-- |
93,766 |
-- |
93,766 |
Land |
-- |
16,245 |
-- |
16,245 |
Multi-family |
-- |
21,128 |
-- |
21,128 |
One-to-four family |
-- |
-- |
3,864 |
3,864 |
Total |
$ 71,632 |
$ 324,881 |
$ 19,482 |
$ 415,995 |
|
|
|
|
|
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 |
March 31, 2014 |
Dec. 31, 2013 |
March 31, 2013 |
|
Commercial and construction |
|
|
|
|
Commercial |
$ 71,632 |
$ 69,659 |
$ 71,935 |
|
Other real estate mortgage |
324,881 |
332,373 |
355,397 |
|
Real estate construction |
19,482 |
15,041 |
9,675 |
|
Total commercial and construction |
415,995 |
417,073 |
437,007 |
|
Consumer |
|
|
|
|
Real estate one-to-four family |
93,007 |
93,026 |
97,140 |
|
Other installment |
24,486 |
9,581 |
1,865 |
|
Total consumer |
117,493 |
102,607 |
99,005 |
|
|
|
|
|
|
Total loans |
533,488 |
519,680 |
536,012 |
|
|
|
|
|
|
Less: |
|
|
|
|
Allowance for loan losses |
12,551 |
14,048 |
15,643 |
|
Loans receivable, net |
$ 520,937 |
$ 505,632 |
$ 520,369 |
|
|
DETAIL OF NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
March 31, 2014 |
(Dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ -- |
$ -- |
$ 452 |
$ -- |
$ -- |
$ 452 |
Commercial real estate |
2,194 |
-- |
5,873 |
-- |
-- |
8,067 |
Land |
-- |
800 |
-- |
-- |
-- |
800 |
Multi-family |
2,014 |
-- |
-- |
-- |
-- |
2,014 |
Commercial construction |
-- |
-- |
-- |
-- |
-- |
-- |
One-to-four family construction |
-- |
-- |
-- |
-- |
-- |
-- |
Real estate one-to-four family |
395 |
-- |
2,065 |
269 |
-- |
2,729 |
Consumer |
-- |
-- |
-- |
-- |
-- |
-- |
Total non-performing loans |
4,603 |
800 |
8,390 |
269 |
-- |
14,062 |
|
|
|
|
|
|
|
REO |
374 |
542 |
5,966 |
821 |
-- |
7,703 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 4,977 |
$ 1,342 |
$ 14,356 |
$ 1,090 |
$ -- |
$ 21,765 |
|
|
|
|
|
|
|
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
March 31, 2014 |
(Dollars in thousands) |
|
|
|
|
|
Land and spec construction loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development loans |
$ 2,676 |
$ 1,184 |
$ 12,385 |
$ -- |
$ -- |
$ 16,245 |
Spec construction loans |
-- |
-- |
3,617 |
-- |
30 |
3,647 |
|
|
|
|
|
|
|
Total land and spec construction |
$ 2,676 |
$ 1,184 |
$ 16,002 |
$ -- |
$ 30 |
$ 19,892 |
|
|
|
|
At or for the three
months ended |
At or for the twelve
months ended |
SELECTED OPERATING DATA |
March 31, 2014 |
Dec. 31, 2013 |
March 31, 2013 |
March 31, 2014 |
March 31, 2013 |
|
|
|
|
|
|
Efficiency ratio (4) |
95.59% |
90.48% |
124.27% |
98.03% |
90.70% |
Coverage ratio (6) |
79.81% |
79.20% |
60.62% |
75.83% |
84.72% |
Return on average assets (1) |
8.44% |
0.40% |
0.83% |
2.46% |
0.33% |
Return on average equity (1) |
81.44% |
3.84% |
8.25% |
23.73% |
3.41% |
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
Yield on loans |
4.73% |
4.85% |
4.99% |
4.86% |
5.35% |
Yield on investment securities |
1.84% |
1.46% |
2.81% |
1.65% |
3.62% |
Total yield on interest earning
assets |
3.65% |
3.64% |
4.05% |
3.73% |
4.54% |
|
|
|
|
|
|
Cost of interest bearing deposits |
0.32% |
0.35% |
0.41% |
0.36% |
0.47% |
Cost of FHLB advances and other
borrowings |
2.36% |
2.36% |
2.42% |
2.37% |
3.25% |
Total cost of interest bearing
liabilities |
0.40% |
0.44% |
0.49% |
0.44% |
0.59% |
|
|
|
|
|
|
Spread (7) |
3.25% |
3.20% |
3.56% |
3.29% |
3.95% |
Net interest margin |
3.33% |
3.29% |
3.64% |
3.37% |
4.06% |
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
Basic earnings per share (2) |
$ 0.74 |
$ 0.04 |
$ 0.07 |
$ 0.87 |
$ 0.12 |
Diluted earnings per share (3) |
$ 0.74 |
$ 0.04 |
$ 0.07 |
$ 0.87 |
$ 0.12 |
Book value per share (5) |
4.36 |
3.62 |
3.49 |
4.36 |
3.49 |
Tangible book value per share (5) |
3.20 |
2.46 |
2.33 |
3.20 |
2.33 |
Market price per share: |
|
|
|
|
|
High for the period |
$ 3.49 |
$ 2.98 |
$ 2.76 |
$ 3.49 |
$ 2.76 |
Low for the period |
2.82 |
2.51 |
1.66 |
2.27 |
1.08 |
Close for period end |
3.43 |
2.90 |
2.64 |
3.43 |
2.64 |
Cash dividends declared per share |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
Average number of shares outstanding: |
|
|
|
|
|
Basic (2) |
22,376,437 |
22,370,277 |
22,351,804 |
22,367,174 |
22,342,541 |
Diluted (3) |
22,385,244 |
22,371,914 |
22,352,229 |
22,369,046 |
22,342,541 |
|
|
|
|
|
|
(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
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