Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported that it earned $740,000, or $0.03 per
diluted share, in the first fiscal quarter ended June 30, 2014
compared to $1.6 million, or $0.07 per diluted share, in the first
fiscal quarter a year ago.
"We started off the fiscal year with our eighth consecutive
profitable quarter and continued to make meaningful progress in
reducing nonperforming and classified assets while growing the loan
portfolio," stated Pat Sheaffer, Chairman and CEO. "The steady
economic recovery in Southwest Washington and Portland Oregon have
contributed to strong improvements in credit quality. We look
forward to the future with confidence, as we continue to create
value for our shareholders by developing strong relationships with
our customers, communities and employees."
First Quarter Highlights (at or for the period ended
June 30, 2014)
- First quarter net income was $740,000, or $0.03 per diluted
share.
- Net loans increased 2.6% during the quarter with loan
originations totaling $39.4 million during the first quarter.
- Classified assets decreased $9.8 million during the quarter to
$33.6 million (22.5% decline).
- Nonperforming assets decreased $2.8 million during the quarter
to $19.0 million (12.8% decline).
- RAMCo's assets under management increased to $374.9 million
with $820,000 in fees during the first quarter.
- Total risk-based capital ratio was 16.58% and Tier 1 leverage
ratio was 10.93%.
Balance Sheet Review
"The loan pipeline has grown in recent quarters and was
particularly robust during the current quarter," said Ron Wysaske,
President and COO. "As a result, net loans increased $13.8 million,
or 2.6%, during the first quarter. Loan growth included a net
increase of $7.7 million in purchased auto loans during the
quarter, as well as $6.1 million in net organic loan growth."
Net loans were $534.7 million at June 30, 2014 compared to
$520.9 million three months earlier and $511.7 million a year
earlier. Loan originations totaled $39.4 million during the quarter
and there were $68.9 million of loans in the pipeline at June 30,
2014.
Core deposit growth remained strong with checking account
balances growing 12.1% during the past year. Total deposits
increased to $686.6 million at June 30, 2014 compared to $659.5
million a year ago, but were down slightly compared to $690.1
million in the preceding quarter. Much of the decrease during the
first fiscal quarter was a result of seasonal declines due to
customer tax payments. As of June 30, 2014, interest checking
accounts represent 14.8% and non-interest checking accounts
represent 19.6% of the total deposit portfolio.
Shareholders' equity improved to $99.4 million at June 30, 2014
compared to $98.0 million at March 31, 2014. Tangible book value
per share improved to $3.27 per share at June 30, 2014 compared to
$3.20 per share at March 31, 2014.
Credit Quality
"We are pleased with the continued progress we have made at
improving our credit quality," said Dan Cox, Executive Vice
President and Chief Credit Officer. "These improvements reflect
strongly on the hard work and dedication by our employees during
the last several years. As we return to more normalized credit
quality levels, we have been able to allocate more resources into
expanding lending relationships and growing our loan
portfolio."
Classified assets decreased $9.8 million during the quarter to
$33.6 million at June 30, 2014 compared to $43.4 million at March
31, 2014. The classified asset to total capital ratio decreased to
34.4% at June 30, 2014 compared to 45.1% three months earlier.
During the past 12 months, Riverview has reduced classified assets
a total of $26.1 million.
Nonperforming loan balances totaled $13.1 million at June 30,
2014 compared to $14.1 million three months earlier and $21.4
million a year earlier.
Real estate owned ("REO") activity remained strong during the
first fiscal quarter. Sales of REO properties totaled $1.3 million
during the quarter. Riverview has an additional $3.4 million in
properties currently under purchase contracts, which are expected
to close during the second fiscal quarter of 2015 with minimal to
no projected losses on these sales. REO balances were $5.9 million
at June 30, 2014 compared to $7.7 million in the preceding quarter
and $13.2 million a year earlier.
Riverview recorded a $300,000 recapture of loan losses during
the first quarter of fiscal 2015 compared to a $1.2 million
recapture of loan losses during the preceding quarter and a $2.5
million recapture of loan losses in the first quarter a year ago.
The recapture of loan loss provision reflects the improvement in
credit quality and the increase in loan recoveries during the past
twelve months.
Riverview had net loan recoveries of $30,000 during the quarter
compared to net charge-offs of $297,000 in the preceding quarter.
During the past twelve months, Riverview had net recoveries
totaling $83,000.
The allowance for loan losses at June 30, 2014 totaled $12.3
million, representing 2.25% of total loans and 94.09% of
nonperforming loans.
Income Statement
Riverview's fiscal first quarter net interest income increased
to $6.4 million, compared to $6.0 million in the preceding quarter
and $6.2 million in the fiscal first quarter a year ago.
"Our net interest margin improved 13 basis points compared to
the preceding quarter," said Kevin Lycklama, Executive Vice
President and Chief Financial Officer. "The increase in net
interest margin was primarily due to a decrease in cash balances
and an increase in a combination of higher yielding investment
securities and the growth in our loan portfolio. We expect that our
net interest margin will further improve as the loan portfolio
continues to grow, however, compression in loan yields is expected
to continue in the short-term due to the continued low interest
rate environment." Riverview's net interest margin was 3.46% in the
fiscal first quarter compared to 3.33% for the preceding quarter
and 3.51% in the fiscal first quarter a year ago.
Non-interest income increased to $2.2 million in the first
quarter compared to $1.9 million in the preceding quarter and was
unchanged from the first quarter a year ago. Riverview Asset
Management Corporation's ("RAMCo") asset management fees increased
to $820,000 during the quarter compared to $694,000 in the
preceding quarter and $736,000 in the same quarter a year ago.
Assets under management reached a record high of $374.9 million at
June 30, 2014.
Non-interest expense was $7.7 million in the first quarter
compared to $7.5 million in the preceding quarter and $9.2 million
in the same quarter a year ago. The primary driver for the decrease
from prior year was a reduction in REO expenses, which decreased to
$616,000 compared to $1.6 million in the same quarter a year ago.
REO expenses included $513,000 in write-downs on existing
properties. During the quarter-ended June 30, 2014, Riverview
received updated appraisals, or currently has under contract, 82%
of its existing REO properties. We expect our REO expenses will
decrease in future quarters as a result of the lower projected
balance of REO properties.
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 16.58%, Tier 1 leverage
ratio of 10.93% and tangible common equity to tangible assets of
9.19% at June 30, 2014.
The Bank had available total and contingent liquidity of more
than $500 million, representing 62% of total assets as of June 30,
2014. Included in the Bank's total liquidity was more than $175
million of cash and short-term investments.
Recent Events
On April 8, 2014, the Company announced that the Office of the
Comptroller of the Currency 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.
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 fiscal quarter ended March 31, 2014.
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.
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) |
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
|
|
|
|
Shareholders' equity |
$ 99,366 |
$ 97,978 |
$ 80,144 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
393 |
395 |
455 |
|
|
|
|
Tangible shareholders' equity |
$ 73,401 |
$ 72,011 |
$ 54,117 |
|
|
|
|
Total assets |
$ 824,642 |
$ 824,521 |
$ 774,578 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
393 |
395 |
455 |
|
|
|
|
Tangible assets |
$ 798,677 |
$ 798,554 |
$ 748,551 |
|
|
|
|
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) |
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
ASSETS |
|
|
|
|
|
|
|
Cash (including
interest-earning accounts of $23,815, $51,715 and $96,110) |
$ 41,556 |
$ 68,577 |
$ 111,878 |
Certificate of deposits |
34,435 |
36,925 |
42,652 |
Loans held for sale |
795 |
1,024 |
1,258 |
Investment securities available
for sale, at fair value |
21,549 |
23,394 |
14,590 |
Mortgage-backed securities held
to maturity, at amortized |
98 |
101 |
122 |
Mortgage-backed securities
available for sale, at fair value |
98,413 |
78,575 |
6,068 |
Loans receivable (net of
allowance for loan losses of $12,281, $12,551 and $13,697) |
534,712 |
520,937 |
511,692 |
Real estate and other pers.
property owned |
5,926 |
7,703 |
13,165 |
Prepaid expenses and other
assets |
3,858 |
3,197 |
2,800 |
Accrued interest
receivable |
1,964 |
1,836 |
1,751 |
Federal Home Loan Bank stock,
at cost |
6,533 |
6,744 |
7,089 |
Premises and equipment,
net |
16,260 |
16,417 |
17,708 |
Deferred income taxes, net |
14,748 |
15,433 |
498 |
Mortgage servicing rights,
net |
373 |
369 |
406 |
Goodwill |
25,572 |
25,572 |
25,572 |
Core deposit intangible,
net |
20 |
26 |
49 |
Bank owned life insurance |
17,830 |
17,691 |
17,280 |
|
|
|
|
TOTAL ASSETS |
$ 824,642 |
$ 824,521 |
$ 774,578 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
Deposit accounts |
$ 686,641 |
$ 690,066 |
$ 659,495 |
Accrued expenses and other
liabilities |
12,759 |
10,497 |
8,966 |
Advance payments by borrowers
for taxes and insurance |
365 |
467 |
237 |
Junior subordinated
debentures |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,340 |
2,361 |
2,420 |
Total liabilities |
724,786 |
726,072 |
693,799 |
|
|
|
|
EQUITY: |
|
|
|
Shareholders' equity |
|
|
|
Serial preferred stock, $.01
par value; 250,000 authorized, issued and outstanding, none |
-- |
-- |
-- |
Common stock, $.01 par value;
50,000,000 authorized, |
|
|
|
June 30, 2014 – 22,471,890
issued and outstanding; |
225 |
225 |
225 |
March 31, 2014 – 22,471,890
issued and outstanding; |
|
|
|
June 30, 2013 – 22,471,890
issued and outstanding; |
|
|
|
Additional paid-in capital |
65,218 |
65,195 |
65,541 |
Retained earnings |
34,332 |
33,592 |
15,809 |
Unearned shares issued to
employee stock ownership trust |
(361) |
(387) |
(464) |
Accumulated other comprehensive
loss |
(48) |
(647) |
(967) |
Total shareholders' equity |
99,366 |
97,978 |
80,144 |
|
|
|
|
Noncontrolling interest |
490 |
471 |
635 |
Total equity |
99,856 |
98,449 |
80,779 |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 824,642 |
$ 824,521 |
$ 774,578 |
|
|
|
|
RIVERVIEW BANCORP, INC.
AND SUBSIDIARY |
Consolidated Statements
of Income |
|
Three Months
Ended |
(In thousands, except share
data) (Unaudited) |
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
INTEREST INCOME: |
|
|
|
Interest and fees on loans
receivable |
$ 6,171 |
$ 6,034 |
$ 6,605 |
Interest on investment
securities-taxable |
84 |
80 |
39 |
Interest on mortgage-backed
securities |
480 |
268 |
16 |
Other interest and
dividends |
131 |
154 |
171 |
Total interest income |
6,866 |
6,536 |
6,831 |
|
|
|
|
INTEREST EXPENSE: |
|
|
|
Interest on deposits |
360 |
436 |
527 |
Interest on borrowings |
147 |
146 |
150 |
Total interest expense |
507 |
582 |
677 |
Net interest income |
6,359 |
5,954 |
6,154 |
Less recapture of loan losses |
(300) |
(1,200) |
(2,500) |
|
|
|
|
Net interest income after recapture of loan
losses |
6,659 |
7,154 |
8,654 |
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
Fees and service charges |
1,070 |
957 |
1,030 |
Asset management fees |
820 |
694 |
736 |
Gain on sale of loans held for
sale |
126 |
58 |
317 |
Bank owned life insurance
income |
138 |
134 |
142 |
Other |
56 |
7 |
21 |
Total non-interest income |
2,210 |
1,850 |
2,246 |
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
Salaries and employee benefits |
4,174 |
4,059 |
3,870 |
Occupancy and depreciation |
1,087 |
1,190 |
1,244 |
Data processing |
470 |
417 |
688 |
Amortization of core deposit intangible |
6 |
7 |
17 |
Advertising and marketing expense |
150 |
148 |
204 |
FDIC insurance premium |
175 |
259 |
411 |
State and local taxes |
137 |
122 |
126 |
Telecommunications |
76 |
77 |
68 |
Professional fees |
289 |
295 |
338 |
Real estate owned expenses |
616 |
363 |
1,612 |
Other |
555 |
523 |
665 |
Total non-interest expense |
7,735 |
7,460 |
9,243 |
|
|
|
|
INCOME BEFORE INCOME TAXES |
1,134 |
1,544 |
1,657 |
PROVISION (BENEFIT) FOR INCOME TAXES |
394 |
(15,097) |
17 |
NET INCOME |
$ 740 |
$ 16,641 |
$ 1,640 |
|
|
|
|
Earnings per common share: |
|
|
|
Basic |
$ 0.03 |
$ 0.74 |
$ 0.07 |
Diluted |
$ 0.03 |
$ 0.74 |
$ 0.07 |
Weighted average number of shares
outstanding: |
|
|
|
Basic |
22,382,595 |
22,376,437 |
22,357,962 |
Diluted |
22,408,775 |
22,385,244 |
22,358,633 |
|
|
|
|
|
|
|
|
(Dollars in thousands) |
At or for the three
months ended |
|
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
AVERAGE BALANCES |
|
|
|
Average interest–earning assets |
$ 737,717 |
$ 726,218 |
$ 702,926 |
Average interest-bearing liabilities |
578,959 |
585,686 |
568,246 |
Net average earning assets |
158,758 |
140,532 |
134,680 |
Average loans |
538,096 |
517,419 |
531,427 |
Average deposits |
682,113 |
682,888 |
657,136 |
Average equity |
99,695 |
82,866 |
79,997 |
Average tangible equity |
73,730 |
56,883 |
53,974 |
|
|
|
|
|
|
|
|
ASSET QUALITY |
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
Non-performing loans |
13,052 |
14,062 |
21,390 |
Non-performing loans to total loans |
2.39% |
2.64% |
4.07% |
Real estate/repossessed assets owned |
5,926 |
7,703 |
13,165 |
Non-performing assets |
18,978 |
21,765 |
34,555 |
Non-performing assets to total assets |
2.30% |
2.64% |
4.46% |
Net loan charge-offs (recoveries) in the
quarter |
(30) |
297 |
(554) |
Net charge-offs in the quarter/average net
loans |
(0.02)% |
0.23% |
(0.42)% |
|
|
|
|
Allowance for loan losses |
12,281 |
12,551 |
13,697 |
Average interest-earning assets to average
interest-bearing liabilities |
127.42% |
123.99% |
123.70% |
Allowance for loan losses to non-performing
loans |
94.09% |
89.25% |
64.03% |
Allowance for loan losses to total loans |
2.25% |
2.35% |
2.61% |
Shareholders' equity to assets |
12.05% |
11.88% |
10.35% |
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
Total capital (to risk weighted assets) |
16.58% |
16.66% |
15.81% |
Tier 1 capital (to risk weighted assets) |
15.31% |
15.40% |
14.54% |
Tier 1 capital (to leverage assets) |
10.93% |
10.71% |
10.27% |
Tangible common equity (to tangible
assets) |
9.19% |
9.02% |
7.23% |
|
|
|
|
|
|
|
|
DEPOSIT MIX |
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
Interest checking |
$ 101,490 |
$ 104,543 |
$ 93,058 |
Regular savings |
67,344 |
66,702 |
55,716 |
Money market deposit accounts |
228,317 |
227,933 |
213,239 |
Non-interest checking |
134,546 |
128,635 |
117,498 |
Certificates of deposit |
154,944 |
162,253 |
179,984 |
Total deposits |
$ 686,641 |
$ 690,066 |
$ 659,495 |
|
|
|
|
COMPOSITION OF COMMERCIAL
AND CONSTRUCTION LOANS |
|
|
|
|
|
|
|
Commercial |
|
Commercial |
|
|
Real Estate |
Real Estate |
& Construction |
|
Commercial |
Mortgage |
Construction |
Total |
June 30, 2014 |
(Dollars in thousands) |
Commercial |
$ 75,702 |
$ -- |
$ -- |
$ 75,702 |
Commercial construction |
-- |
-- |
14,272 |
14,272 |
Office buildings |
-- |
80,944 |
-- |
80,944 |
Warehouse/industrial |
-- |
45,578 |
-- |
45,578 |
Retail/shopping centers/strip malls |
-- |
61,170 |
-- |
61,170 |
Assisted living facilities |
-- |
7,556 |
-- |
7,556 |
Single purpose facilities |
-- |
94,287 |
-- |
94,287 |
Land |
-- |
15,251 |
-- |
15,251 |
Multi-family |
-- |
22,501 |
-- |
22,501 |
One-to-four family |
-- |
-- |
4,075 |
4,075 |
Total |
$ 75,702 |
$ 327,287 |
$ 18,347 |
$ 421,336 |
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN MIX |
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
|
Commercial and construction |
|
|
|
|
Commercial |
$ 75,702 |
$ 71,632 |
$ 69,175 |
|
Other real estate mortgage |
327,287 |
324,881 |
350,122 |
|
Real estate construction |
18,347 |
19,482 |
10,792 |
|
Total commercial and
construction |
421,336 |
415,995 |
430,089 |
|
Consumer |
|
|
|
|
Real estate one-to-four
family |
93,550 |
93,007 |
93,341 |
|
Other installment |
32,107 |
24,486 |
1,959 |
|
Total consumer |
125,657 |
117,493 |
95,300 |
|
|
|
|
|
|
Total loans |
546,993 |
533,488 |
525,389 |
|
|
|
|
|
|
Less: |
|
|
|
|
Allowance for loan losses |
12,281 |
12,551 |
13,697 |
|
Loans receivable, net |
$ 534,712 |
$ 520,937 |
$ 511,692 |
|
|
|
|
|
|
DETAIL OF NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
June 30, 2014 |
(Dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ -- |
$ -- |
$ 187 |
$ -- |
$ -- |
$ 187 |
Commercial real estate |
1,780 |
-- |
5,258 |
-- |
-- |
7,038 |
Land |
-- |
800 |
-- |
-- |
-- |
800 |
Multi-family |
1,988 |
-- |
357 |
-- |
-- |
2,345 |
Real estate one-to-four
family |
335 |
-- |
2,050 |
270 |
-- |
2,655 |
Other Installment |
-- |
-- |
-- |
-- |
27 |
27 |
Total non-performing loans |
4,103 |
800 |
7,852 |
270 |
27 |
13,052 |
|
|
|
|
|
|
|
REO |
426 |
45 |
4,781 |
674 |
-- |
5,926 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 4,529 |
$ 845 |
$ 12,633 |
$ 944 |
$ 27 |
$ 18,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
June 30, 2014 |
(Dollars in thousands) |
Land and Spec Construction Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Development Loans |
$ 1,963 |
$ 1,176 |
$ 12,112 |
$ -- |
$ -- |
$ 15,251 |
Spec Construction Loans |
-- |
-- |
3,877 |
-- |
145 |
4,022 |
|
|
|
|
|
|
|
Total Land and Spec Construction |
$ 1,963 |
$ 1,176 |
$ 15,989 |
$ -- |
$ 145 |
$ 19,273 |
|
|
|
|
|
|
|
|
|
|
|
|
At or for the three
months ended |
SELECTED OPERATING DATA |
June 30, 2014 |
March 31, 2014 |
June 30, 2013 |
|
|
|
|
Efficiency ratio (4) |
90.27% |
95.59% |
110.04% |
Coverage ratio (6) |
82.21% |
79.81% |
66.58% |
Return on average assets (1) |
0.36% |
8.44% |
0.85% |
Return on average equity (1) |
2.98% |
81.44% |
8.22% |
|
|
|
|
NET INTEREST SPREAD |
|
|
|
Yield on loans |
4.60% |
4.73% |
4.99% |
Yield on investment securities |
1.94% |
1.84% |
1.44% |
Total yield on interest earning
assets |
3.73% |
3.65% |
3.90% |
|
|
|
|
Cost of interest bearing deposits |
0.26% |
0.32% |
0.39% |
Cost of FHLB advances and other
borrowings |
2.36% |
2.36% |
2.40% |
Total cost of interest bearing
liabilities |
0.35% |
0.40% |
0.48% |
|
|
|
|
Spread (7) |
3.38% |
3.25% |
3.42% |
Net interest margin |
3.46% |
3.33% |
3.51% |
|
|
|
|
PER SHARE DATA |
|
|
|
Basic earnings per share (2) |
$ 0.03 |
$ 0.74 |
$ 0.07 |
Diluted earnings per share (3) |
0.03 |
0.74 |
0.07 |
Book value per share (5) |
4.42 |
4.36 |
3.57 |
Tangible book value per share (5) |
3.27 |
3.20 |
2.41 |
Market price per share: |
|
|
|
High for the period |
$ 4.03 |
$ 3.49 |
$ 2.67 |
Low for the period |
3.38 |
2.82 |
2.27 |
Close for period end |
3.88 |
3.43 |
2.51 |
|
|
|
|
Average number of shares outstanding: |
|
|
|
Basic (2) |
22,382,595 |
22,376,437 |
22,357,962 |
Diluted (3) |
22,408,775 |
22,385,244 |
22,358,633 |
|
|
|
|
(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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