Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported net income of $801,000, or $0.04 per
diluted share, in the third fiscal quarter ended December 31, 2013,
compared to $341,000, or $0.02 per diluted share, in the preceding
quarter and $1.0 million, or $0.05 per diluted share, in the third
fiscal quarter a year ago. In the first nine months of fiscal year
2014, net income increased 168% to $2.8 million, or $0.12 per
diluted share, compared to $1.0 million, or $0.05 per diluted
share, in the first nine months of fiscal year 2013.
"Our third quarter profits continue to demonstrate the strength
of our franchise and the success of our turnaround plan," stated
Pat Sheaffer, Chairman and CEO. "The steady economic recovery in
Southwest Washington contributed to strong improvements in credit
quality, with net recoveries totaling $352,000 in the third quarter
of fiscal 2014. We have continued to make meaningful progress in
reducing our nonperforming and classified assets and we are excited
to be celebrating our sixth consecutive profitable quarter. As the
last remaining community bank headquartered in Southwest
Washington, 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."
Third Quarter Highlights (at or for the period ended
December 31, 2013)
- Net income was $801,000, or $0.04 per diluted share.
- Classified assets decreased $3.9 million during the quarter to
$54.7 million (6.6% decline).
- Net loan recoveries for the third quarter totaled $352,000
compared to net charge-offs of $507,000 in the third quarter a year
ago.
- Nonperforming asset balances decreased during the quarter $4.3
million, or 14.6%. During the last 12 months, NPAs have declined by
$20.0 million, or 44.2%.
- Total deposits increased $16.5 million to $689.3 million at
December 31, 2013 compared to prior quarter.
- Capital levels increased with a total risk-based capital ratio
of 16.76% and Tier 1 leverage ratio of 10.42%.
Balance Sheet Review
"The current economic outlook in Southwest Washington and
Portland is improving, and we are seeing encouraging signs in our
market," Sheaffer noted. "Our general business outlook continues to
get better as the economic recovery gains strength. Loan demand is
strengthening and our loan pipeline has continued to grow over the
last several quarters."
Riverview added several new lenders to its two existing lending
teams during the past quarter. "The addition of these new lenders
allows us to put additional resources in the communities we serve
and get in front of more potential customers," said Sheaffer. "We
have built a solid foundation to continue to grow our loan
portfolio in the coming year. Our lending teams continue to
do a good job of serving our existing clients and bringing new
relationships to the bank."
During the third quarter loan originations increased 52%
compared to the preceding quarter. However, several large loan
payoffs during the quarter, as well as reductions in classified and
nonperforming loan balances led to a modest decline in net loans
compared to the prior quarter end.
Loan originations totaled $41.0 million during the quarter
compared to $27.5 million in preceding quarter. Net loans
decreased $3.8 million during the quarter to $505.6 million at
December 31, 2013 compared to $509.4 million at September 30, 2013.
In addition, Riverview purchased $7.6 million in a pool of
automobile loans during the quarter.
Total deposits increased to $689.3 million at December 31, 2013,
compared to $672.8 million three months earlier and $682.8 million
a year earlier.
"Our increase in deposits came from customers in our retail
branch network, primarily checking accounts which increased $11.8
million in total or 5.6%," noted Sheaffer. "Competition from
the regional and national banks as well as smaller local
institutions in our market place remains strong. We continue to
work aggressively to cultivate existing bank relationships while
also marketing to new customers."
As of December 31, 2013, interest checking accounts represent
14.4% and non-interest checking represent 17.9% of the total
deposit portfolio. Riverview had no brokered CDs at December
31, 2013.
Shareholders' equity improved to $81.3 million at quarter-end,
compared to $81.0 million three months earlier and $76.8 million a
year earlier. Tangible book value per share improved to $2.46 per
share at December 31, 2013, compared to $2.45 per share at
September 30, 2013, and $2.26 per share a year ago.
Credit Quality
Classified assets decreased $3.9 million during the quarter to
$54.7 million at December 31, 2013 compared to $58.6 million at
September 30, 2013 and $85.7 million at December 31, 2012. The
classified asset to total capital ratio decreased to 57.6% at
December 31, 2013.
"Our loan portfolio continues to perform well, with asset
quality improving for the seventh consecutive quarter," said Ron
Wysaske, President and COO. "Total nonperforming loans are
down 46% from a year ago. Asset quality remains a top priority
for Riverview and we expect these totals will continue to improve
during this coming year."
Nonperforming loans decreased $2.8 million during the third
quarter to $13.4 million, or 2.57% of total loans, at December 31,
2013, compared to $16.2 million, or 3.09% of total loans three
months earlier. REO sales totaled $3.4 million with write-downs of
$167,000 and additions of $2.1 million for the third quarter of
fiscal 2014. These sales included the sale of a $3.3 million REO
property in Redmond, Oregon.
Riverview recorded no provision for loan losses during the third
quarter, the same as in the preceding quarter. In the first
nine months of fiscal year 2014, Riverview recorded a $2.5 million
recapture of loan losses compared to a $4.5 million provision for
loan losses in the first nine months of fiscal year 2013. The
decrease in required loan loss provision is a result of the
continued improvement in asset quality and the lower level of
classified loans. The allowance for loan losses totaled $14.0
million at December 31, 2013, representing 2.70% of total loans and
105.02% of nonperforming loans.
Riverview recorded a net recovery of $352,000 in the third
quarter compared to net loan charge-offs of $1,000 in the
preceding quarter. In the first nine months of fiscal 2014,
Riverview had net recoveries totaling $905,000 compared to net
charge-offs of $4.8 million in the first nine months of fiscal year
2013.
Income Statement
Riverview's third quarter net interest income was $6.0 million
compared to $6.1 million in the preceding quarter and $7.4 million
in the third quarter a year ago. In the first nine months of
fiscal 2014, the net interest income was $18.3 million compared to
$23.2 million in the same period a year earlier.
"The increase in cash balances compared to a year ago continues
to put pressure on our net interest margin, which declined modestly
compared to three months earlier," noted
Wysaske. "Additionally, our margin has continued to contract
due to the repricing of loans in the portfolio due to the continued
low interest rates. We have deployed over $45 million of cash into
our investment portfolio over the last nine months in order to help
offset some of the impact of this low interest rate environment. We
expect that our margin will remain under pressure until interest
rates increase."
Riverview's net interest margin was 3.29% in the fiscal third
quarter compared to 3.37% for the preceding quarter and 4.03% in
the fiscal third quarter a year ago. In the first nine months of
the fiscal year Riverview's net interest margin was 3.39% compared
to 4.19% in the same period a year earlier.
Non-interest income increased to $2.4 million in the third
quarter compared to $1.9 million in the preceding quarter and $2.1
million in the third quarter a year ago. Asset management fees
increased to $605,000 during the quarter compared to $517,000 in
the same quarter a year ago as a result of an increase in assets
under management at Riverview's asset management company. In
the first nine months of fiscal 2014, non-interest income was $6.5
million compared to $6.8 million in the same period a year
earlier.
Non-interest expense was $7.6 million in the third quarter of
fiscal 2014, unchanged from the preceding quarter. Non-interest
expense was $8.4 million in the third quarter of fiscal 2013. The
primary driver in decrease from prior year was a reduction in REO
expenses. REO expenses decreased to $298,000 in the third
quarter of fiscal 2014 compared to $1.1 million in the same quarter
a year ago. Year-to-date non-interest expense was $24.5
million, which was unchanged from the first nine months of fiscal
2013.
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 16.76%, Tier 1 leverage
ratio of 10.42% and tangible common equity to tangible assets of
7.10% at December 31, 2013.
As of December 31, 2013, the Bank had available total and
contingent liquidity of more than $500 million, representing 62% of
total assets. Included in the Bank's total liquidity was more than
$175 million of cash and short-term investments.
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) |
December 31,
2013 |
September 30,
2013 |
December 31,
2012 |
March 31, 2013 |
|
|
|
|
|
Shareholders' equity |
$ 81,264 |
$ 80,968 |
$ 76,823 |
$ 78,442 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
419 |
427 |
489 |
454 |
Tangible shareholders' equity |
$ 55,273 |
$ 54,969 |
$ 50,762 |
$ 52,416 |
|
|
|
|
|
Total assets |
$ 804,949 |
$ 788,878 |
$ 794,564 |
$ 777,003 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
419 |
427 |
489 |
454 |
Tangible assets |
$ 778,958 |
$ 762,879 |
$ 768,503 |
$ 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 $805 million, it is the parent company
of the 90 year-old Riverview Community Bank, as well as Riverview
Asset Management Corp. The Bank offers true community banking
services, focusing on providing the highest quality service and
financial products to commercial and retail customers. There are 18
branches, including thirteen in the Portland-Vancouver area and
three lending centers.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements that are subject to risks and uncertainties, including,
but not limited to: the Company's ability to raise common capital;
the credit risks of lending activities, including changes in the
level and trend of loan delinquencies and write-offs and changes in
the Company's allowance for loan losses and provision for loan
losses that may be impacted by deterioration in the housing and
commercial real estate markets; changes in general economic
conditions, either nationally or in the Company's market areas;
changes in the levels of general interest rates, and the relative
differences between short and long term interest rates, deposit
interest rates, the Company's net interest margin and funding
sources; fluctuations in the demand for loans, the number of unsold
homes, land and other properties and fluctuations in real estate
values in the Company's market areas; secondary market conditions
for loans and the Company's ability to sell loans in the secondary
market; results of examinations of us by the Office of Comptroller
of the Currency or other regulatory authorities, including the
possibility that any such regulatory authority may, among other
things, require us to increase the Company's reserve for loan
losses, write-down assets, change Riverview Community Bank's
regulatory capital position or affect the Company's ability to
borrow funds or maintain or increase deposits, which could
adversely affect its liquidity and earnings; the Company's
compliance with regulatory enforcement actions we have entered into
with the OCC and the possibility that our noncompliance could
result in the imposition of additional enforcement actions and
additional requirements or restrictions on our
operations; legislative or regulatory changes that adversely
affect the Company's business including changes in regulatory
policies and principles, or the interpretation of regulatory
capital or other rules; the Company's ability to attract and retain
deposits; further increases in premiums for deposit insurance; the
Company's ability to control operating costs and expenses; the use
of estimates in determining fair value of certain of the Company's
assets, which estimates may prove to be incorrect and result in
significant declines in valuation; difficulties in reducing risks
associated with the loans on the Company's balance sheet; staffing
fluctuations in response to product demand or the implementation of
corporate strategies that affect the Company's workforce and
potential associated charges; computer systems on which the Company
depends could fail or experience a security breach; the Company's
ability to retain key members of its senior management team; costs
and effects of litigation, including settlements and judgments; the
Company's ability to successfully integrate any assets,
liabilities, customers, systems, and management personnel it may in
the future acquire into its operations and the Company's ability to
realize related revenue synergies and cost savings within expected
time frames and any goodwill charges related thereto; increased
competitive pressures among financial services companies; changes
in consumer spending, borrowing and savings habits; the
availability of resources to address changes in laws, rules, or
regulations or to respond to regulatory actions; the Company's
ability to pay dividends on its common stock; and interest or
principal payments on its junior subordinated debentures; adverse
changes in the securities markets; inability of key third-party
providers to perform their obligations to us; changes in accounting
policies and practices, as may be adopted by the financial
institution regulatory agencies or the Financial Accounting
Standards Board, including additional guidance and interpretation
on accounting issues and details of the implementation of new
accounting methods; other economic, competitive, governmental,
regulatory, and technological factors affecting the Company's
operations, pricing, products and services and the other risks
described from time to time in our filings with the SEC.
Such forward-looking statements may include projections. Any
such projections were not prepared in accordance with published
guidelines of the American Institute of Certified Public
Accountants or the Securities Exchange Commission regarding
projections and forecasts nor have such projections been audited,
examined or otherwise reviewed by independent auditors of the
Company. In addition, such projections are based upon many
estimates and inherently subject to significant economic and
competitive uncertainties and contingencies, many of which are
beyond the control of management of the Company. Accordingly,
actual results may be materially higher or lower than those
projected. The inclusion of such projections herein should not be
regarded as a representation by the Company that the projections
will prove to be correct.
The Company cautions readers not to place undue reliance on any
forward-looking statements. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to the Company. The Company
does not undertake and specifically disclaims any obligation to
revise any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements. These risks could cause our actual results for
fiscal 2014 and beyond to differ materially from those expressed in
any forward-looking statements by, or on behalf of, us, and could
negatively affect the Company's operating and stock price
performance.
RIVERVIEW BANCORP, INC. AND
SUBSIDIARY |
|
|
|
|
Consolidated Balance
Sheets |
|
|
|
|
(In thousands, except share
data) (Unaudited) |
December 31, 2013 |
September 30, 2013 |
December 31, 2012 |
March 31, 2013 |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash (including interest-earning accounts
of $110,104, $99,955, $88,308 and $100,093) |
$ 123,140 |
$ 114,337 |
$ 107,080 |
$ 115,415 |
Certificate of deposits |
37,174 |
37,920 |
44,137 |
44,635 |
Loans held for sale |
148 |
1,571 |
2,551 |
831 |
Investment securities available for sale,
at fair value |
19,794 |
21,899 |
6,204 |
6,216 |
Mortgage-backed securities held to
maturity, at amortized |
104 |
108 |
129 |
125 |
Mortgage-backed securities available for
sale, at fair value |
34,529 |
17,706 |
549 |
431 |
Loans receivable (net of allowance for
loan losses of $14,048, $13,696, $19,633, and $15,643) |
505,632 |
509,447 |
539,549 |
520,369 |
Real estate and other pers. property
owned |
11,951 |
13,481 |
20,698 |
15,638 |
Prepaid expenses and other assets |
3,268 |
3,141 |
3,399 |
3,063 |
Accrued interest receivable |
1,670 |
1,659 |
1,818 |
1,747 |
Federal Home Loan Bank stock, at
cost |
6,958 |
7,023 |
7,219 |
7,154 |
Premises and equipment, net |
16,685 |
16,895 |
17,647 |
17,693 |
Deferred income taxes, net |
348 |
271 |
527 |
522 |
Mortgage servicing rights, net |
386 |
388 |
406 |
388 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Core deposit intangible, net |
33 |
39 |
83 |
66 |
Bank owned life insurance |
17,557 |
17,421 |
16,996 |
17,138 |
|
|
|
|
|
TOTAL ASSETS |
$ 804,949 |
$ 788,878 |
$ 794,564 |
$ 777,003 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
Deposit accounts |
$ 689,271 |
$ 672,806 |
$ 682,794 |
$ 663,806 |
Accrued expenses and other
liabilities |
8,707 |
8,887 |
8,700 |
8,006 |
Advance payments by borrowers for taxes
and insurance |
193 |
486 |
520 |
1,025 |
Junior subordinated debentures |
22,681 |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,381 |
2,401 |
2,458 |
2,440 |
Total liabilities |
723,233 |
707,261 |
717,153 |
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, December 31, 2013 - 22,471,890 issued and outstanding;
September 30, 2013 - 22,471,890 issued and outstanding; December
31, 2012 - 22,471,890 issued and outstanding; March 31, 2013 –
22,471,890 issued and outstanding |
225 |
225 |
225 |
225 |
Additional paid-in capital |
65,176 |
65,557 |
65,563 |
65,551 |
Retained earnings |
16,951 |
16,150 |
12,574 |
14,169 |
Unearned shares issued to employee stock
ownership trust |
(413) |
(438) |
(516) |
(490) |
Accumulated other comprehensive loss |
(675) |
(526) |
(1,023) |
(1,013) |
Total shareholders' equity |
81,264 |
80,968 |
76,823 |
78,442 |
|
|
|
|
|
Noncontrolling interest |
452 |
649 |
588 |
603 |
Total equity |
81,716 |
81,617 |
77,411 |
79,045 |
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 804,949 |
$ 788,878 |
$ 794,564 |
$ 777,003 |
|
|
|
|
|
|
|
|
|
|
|
|
RIVERVIEW BANCORP, INC. AND
SUBSIDIARY |
|
|
|
|
|
Consolidated Statements of
Income |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
(In thousands, except share
data) (Unaudited) |
Dec. 31, 2013 |
Sept. 30, 2013 |
Dec. 31, 2012 |
Dec. 31, 2013 |
Dec. 31, 2012 |
INTEREST INCOME: |
|
|
|
|
|
Interest and fees on loans
receivable |
$ 6,319 |
$ 6,465 |
$ 7,838 |
$ 19,389 |
$ 25,351 |
Interest on investment
securities-taxable |
75 |
77 |
131 |
191 |
222 |
Interest on investment securities-non
taxable |
-- |
-- |
1 |
-- |
16 |
Interest on mortgage-backed
securities |
88 |
52 |
6 |
156 |
21 |
Other interest and dividends |
191 |
170 |
160 |
532 |
417 |
Total interest income |
6,673 |
6,764 |
8,136 |
20,268 |
26,027 |
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
Interest on deposits |
496 |
514 |
595 |
1,537 |
2,117 |
Interest on borrowings |
149 |
150 |
157 |
449 |
668 |
Total interest expense |
645 |
664 |
752 |
1,986 |
2,785 |
Net interest income |
6,028 |
6,100 |
7,384 |
18,282 |
23,242 |
Less provision for (recapture of) loan
losses |
-- |
-- |
-- |
(2,500) |
4,500 |
|
|
|
|
|
|
Net interest income after provision for loan
losses |
6,028 |
6,100 |
7,384 |
20,782 |
18,742 |
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
Fees and service charges |
1,177 |
1,094 |
1,224 |
3,301 |
3,612 |
Asset management fees |
605 |
595 |
517 |
1,936 |
1,625 |
Gain on sale of loans held for sale |
176 |
116 |
262 |
609 |
1,141 |
Bank owned life insurance income |
136 |
141 |
146 |
419 |
443 |
Other |
290 |
(59) |
(62) |
252 |
20 |
Total non-interest income |
2,384 |
1,887 |
2,087 |
6,517 |
6,841 |
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
Salaries and employee benefits |
3,959 |
3,867 |
3,872 |
11,696 |
11,274 |
Occupancy and depreciation |
1,187 |
1,190 |
1,241 |
3,621 |
3,711 |
Data processing |
523 |
430 |
435 |
1,641 |
1,041 |
Amortization of core deposit intangible |
7 |
9 |
17 |
33 |
54 |
Advertising and marketing expense |
170 |
204 |
193 |
578 |
681 |
FDIC insurance premium |
400 |
417 |
433 |
1,228 |
1,114 |
State and local taxes |
106 |
108 |
132 |
340 |
417 |
Telecommunications |
78 |
81 |
73 |
227 |
310 |
Professional fees |
342 |
315 |
447 |
995 |
1,149 |
Real estate owned expenses |
298 |
492 |
1,069 |
2,402 |
2,899 |
Other |
541 |
534 |
522 |
1,740 |
1,872 |
Total non-interest expense |
7,611 |
7,647 |
8,434 |
24,501 |
24,522 |
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
801 |
340 |
1,037 |
2,798 |
1,061 |
PROVISION (BENEFIT) FOR INCOME TAXES |
-- |
(1) |
6 |
16 |
23 |
NET INCOME |
$ 801 |
$ 341 |
$ 1,031 |
$ 2,782 |
$ 1,038 |
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
Basic |
$ 0.04 |
$ 0.02 |
$ 0.05 |
$ 0.12 |
$ 0.05 |
Diluted |
$ 0.04 |
$ 0.02 |
$ 0.05 |
$ 0.12 |
$ 0.05 |
Weighted average number of shares
outstanding: |
|
|
|
|
|
Basic |
22,370,277 |
22,364,120 |
22,345,644 |
22,364,142 |
22,339,509 |
Diluted |
22,371,914 |
22,365,460 |
22,345,644 |
22,365,224 |
22,339,509 |
|
|
|
|
|
|
(Dollars in thousands) |
At or for the three
months ended |
At or for the nine
months ended |
|
Dec. 31, 2013 |
Sept. 30, 2013 |
Dec. 31, 2012 |
Dec. 31, 2013 |
Dec. 31, 2012 |
AVERAGE BALANCES |
|
|
|
|
|
Average interest–earning assets |
$ 727,943 |
$ 718,118 |
$ 727,322 |
$ 716,374 |
$ 737,358 |
Average interest-bearing liabilities |
581,327 |
574,990 |
579,653 |
574,879 |
602,293 |
Net average earning assets |
146,616 |
143,128 |
147,669 |
141,495 |
135,065 |
Average loans |
516,864 |
525,490 |
574,617 |
524,569 |
617,067 |
Average deposits |
680,167 |
670,820 |
694,073 |
669,419 |
708,622 |
Average equity |
82,665 |
81,906 |
77,838 |
81,528 |
76,777 |
Average tangible equity |
56,667 |
55,884 |
51,759 |
55,514 |
51,778 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
Dec. 31, 2013 |
Sept. 30, 2013 |
Dec. 31, 2012 |
|
|
|
|
|
|
|
|
Non-performing loans |
13,377 |
16,175 |
24,665 |
|
|
Non-performing loans to total loans |
2.57% |
3.09% |
4.41% |
|
|
Real estate/repossessed assets owned |
11,951 |
13,481 |
20,698 |
|
|
Non-performing assets |
25,328 |
29,656 |
45,363 |
|
|
Non-performing assets to total assets |
3.15% |
3.76% |
5.71% |
|
|
Net loan charge-offs (recoveries) in the
quarter |
(352) |
1 |
507 |
|
|
Net charge-offs (recoveries) in the
quarter/average net loans |
-0.27% |
0.00% |
0.35% |
|
|
|
|
|
|
|
|
Allowance for loan losses |
14,048 |
13,696 |
19,633 |
|
|
Average interest-earning assets to
average interest-bearing liabilities |
125.22% |
124.89% |
125.48% |
|
|
Allowance for loan losses
to non-performing loans |
105.02% |
84.67% |
79.60% |
|
|
Allowance for loan losses to total loans |
2.70% |
2.62% |
3.51% |
|
|
Shareholders' equity to assets |
10.10% |
10.26% |
9.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
Total capital (to risk weighted assets) |
16.76% |
16.03% |
14.25% |
|
|
Tier 1 capital (to risk weighted assets) |
15.49% |
14.76% |
12.97% |
|
|
Tier 1 capital (to leverage assets) |
10.42% |
10.20% |
9.50% |
|
|
Tangible common equity (to tangible
assets) |
7.10% |
7.21% |
6.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT MIX |
Dec. 31, 2013 |
Sept. 30, 2013 |
Dec. 31, 2012 |
March 31, 2013 |
|
|
|
|
|
|
|
Interest checking |
$ 99,374 |
$ 93,117 |
$ 87,402 |
$ 91,754 |
|
Regular savings |
63,230 |
60,862 |
51,000 |
54,316 |
|
Money market deposit accounts |
233,581 |
225,921 |
220,862 |
217,091 |
|
Non-interest checking |
123,630 |
118,101 |
128,706 |
112,527 |
|
Certificates of deposit |
169,456 |
174,805 |
194,824 |
188,118 |
|
Total deposits |
$ 689,271 |
$ 672,806 |
$ 682,794 |
$ 663,806 |
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL
AND CONSTRUCTION LOANS |
|
|
|
|
|
|
|
|
Commercial |
Commercial Real Estate Mortgage |
Real Estate Construction |
Commercial & Construction
Total |
December 31, 2013 |
(Dollars in thousands) |
Commercial |
$ 69,659 |
$ -- |
$ -- |
$ 69,659 |
Commercial construction |
-- |
-- |
10,573 |
10,573 |
Office buildings |
-- |
83,165 |
-- |
83,165 |
Warehouse/industrial |
-- |
44,900 |
-- |
44,900 |
Retail/shopping centers/strip malls |
-- |
63,963 |
-- |
63,963 |
Assisted living facilities |
-- |
7,622 |
-- |
7,622 |
Single purpose facilities |
-- |
93,276 |
-- |
93,276 |
Land |
-- |
16,004 |
-- |
16,004 |
Multi-family |
-- |
23,443 |
-- |
23,443 |
One-to-four family |
-- |
-- |
4,468 |
4,468 |
Total |
$ 69,659 |
$ 332,373 |
$ 15,041 |
$ 417,073 |
|
|
|
|
|
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 |
Dec. 31, 2013 |
Sept. 30, 2013 |
Dec. 31, 2012 |
March 31, 2013 |
Commercial and construction |
|
|
|
|
Commercial |
$ 69,659 |
$ 70,510 |
$ 75,090 |
$ 71,935 |
Other real estate mortgage |
332,373 |
348,257 |
367,158 |
355,397 |
Real estate construction |
15,041 |
11,850 |
17,615 |
9,675 |
Total commercial and construction |
417,073 |
430,617 |
459,863 |
437,007 |
Consumer |
|
|
|
|
Real estate one-to-four family |
93,026 |
90,550 |
97,334 |
97,140 |
Other installment |
9,581 |
1,976 |
1,985 |
1,865 |
Total consumer |
102,607 |
92,526 |
99,319 |
99,005 |
|
|
|
|
|
Total loans |
519,680 |
523,143 |
559,182 |
536,012 |
|
|
|
|
|
Less: |
|
|
|
|
Allowance for loan losses |
14,048 |
13,696 |
19,633 |
15,643 |
Loans receivable, net |
$ 505,632 |
$ 509,447 |
$ 539,549 |
$ 520,369 |
|
|
DETAIL OF NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
Northwest Oregon |
Other Oregon |
Southwest Washington |
Other Washington |
Total |
December 31, 2013 |
(dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ -- |
$ -- |
$ 461 |
$ -- |
$ 461 |
Commercial real estate |
1,806 |
-- |
5,401 |
123 |
7,330 |
Land |
418 |
800 |
-- |
-- |
1,218 |
Multi-family |
2,065 |
-- |
-- |
-- |
2,065 |
Real estate one-to-four family |
402 |
-- |
1,608 |
293 |
2,303 |
Total non-performing loans |
4,691 |
800 |
7,470 |
416 |
13,377 |
|
|
|
|
|
|
REO |
-- |
542 |
9,471 |
1,938 |
11,951 |
|
|
|
|
|
|
Total non-performing assets |
$ 4,691 |
$ 1,342 |
$ 16,941 |
$ 2,354 |
$ 25,328 |
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
|
|
|
|
|
Northwest Oregon |
Other Oregon |
Southwest Washington |
Other Washington |
Total |
December 31, 2013 |
(dollars in thousands) |
Land and Spec Construction Loans |
|
|
|
|
|
|
|
|
|
|
|
Land Development Loans |
$ 3,120 |
$ 1,193 |
$ 11,691 |
$ -- |
$ 16,004 |
Spec Construction Loans |
-- |
-- |
4,286 |
-- |
4,286 |
|
|
|
|
|
|
Total Land and Spec Construction |
$ 3,120 |
$ 1,193 |
$ 15,977 |
$ -- |
$ 20,290 |
|
|
|
|
|
|
|
At or for the
three months ended |
At or for the nine
months ended |
SELECTED OPERATING DATA |
Dec. 31, 2013 |
Sept. 30, 2013 |
Dec. 31, 2012 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
|
|
|
|
|
Efficiency ratio (4) |
90.48% |
95.74% |
89.05% |
98.80% |
81.51% |
Coverage ratio (6) |
79.20% |
79.77% |
87.55% |
74.62% |
94.78% |
Return on average assets (1) |
0.40% |
0.17% |
0.51% |
0.47% |
0.17% |
Return on average equity (1) |
3.84% |
1.65% |
5.25% |
4.53% |
1.79% |
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
Yield on loans |
4.85% |
4.88% |
5.41% |
4.91% |
5.45% |
Yield on investment securities |
1.46% |
1.57% |
6.33% |
1.50% |
3.86% |
Total yield on interest earning
assets |
3.64% |
3.74% |
4.44% |
3.76% |
4.69% |
|
|
|
|
|
|
Cost of interest bearing deposits |
0.35% |
0.37% |
0.43% |
0.37% |
0.49% |
Cost of FHLB advances and other
borrowings |
2.36% |
2.37% |
2.47% |
2.37% |
3.52% |
Total cost of interest bearing
liabilities |
0.44% |
0.46% |
0.51% |
0.46% |
0.61% |
|
|
|
|
|
|
Spread (7) |
3.20% |
3.28% |
3.93% |
3.30% |
4.08% |
Net interest margin |
3.29% |
3.37% |
4.03% |
3.39% |
4.19% |
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
Basic earnings per share (2) |
$ 0.04 |
$ 0.02 |
$ 0.05 |
$ 0.12 |
$ 0.05 |
Diluted earnings per share (3) |
$ 0.04 |
$ 0.02 |
$ 0.05 |
$ 0.12 |
$ 0.05 |
Book value per share (5) |
3.62 |
3.60 |
3.42 |
3.62 |
3.42 |
Tangible book value per share (5) |
2.46 |
2.45 |
2.26 |
2.46 |
2.26 |
Market price per share: |
|
|
|
|
|
High for the period |
$ 2.98 |
$ 2.96 |
$ 1.99 |
$ 2.98 |
$ 2.29 |
Low for the period |
2.51 |
2.42 |
1.41 |
2.27 |
1.08 |
Close for period end |
2.90 |
2.63 |
1.69 |
2.90 |
1.69 |
Cash dividends declared per share |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
Average number of shares outstanding: |
|
|
|
|
|
Basic (2) |
22,370,277 |
22,364,120 |
22,345,644 |
22,364,142 |
22,339,509 |
Diluted (3) |
22,371,914 |
22,365,460 |
22,345,644 |
22,365,224 |
22,339,509 |
|
(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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