Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported it earned $1.6 million, or $0.07 per
diluted share, in its fourth fiscal quarter ended March 31, 2013.
This compares to net income of $1.0 million, or $0.05 per diluted
share, in the preceding quarter and a net loss of $16.0 million, or
$0.71 per diluted share, in the fourth quarter a year ago. For all
of fiscal 2013, Riverview earned $2.6 million, or $0.12 per diluted
share, compared to a net loss of $31.7 million, or $1.42 per
diluted share, for all of fiscal 2012.
"We are very proud of the fundamental improvements our entire
organization has made over the last twelve months," stated Pat
Sheaffer, Chairman and CEO. "We were profitable for the third
consecutive quarter and ended our fiscal year on a high note.
Credit quality improved for the fourth consecutive quarter as we
continue to make significant improvements resolving problem assets
and growing our capital ratios. As we begin our new fiscal year, we
will be looking for growth opportunities in our market while
continuing to work on improving asset quality."
Fourth Quarter Highlights (at or for the period ended
March 31, 2013)
- Net income was $1.6 million, or $0.07 per diluted share
- Net interest margin was 3.64% for the quarter and 4.06% for the
year
- Nonperforming loans decreased $3.5 million during the quarter
to $21.1 million (14.3% decline)
- Real estate owned ("REO") decreased $5.1 million during the
quarter to $15.6 million (24.4% decline)
- Nonperforming assets decreased $8.6 million during the quarter
to $36.8 million (18.9% decline)
- Classified assets decreased $18.1 million during the quarter to
$67.6 million (21.1% decline)
- Net charge-offs for the quarter decreased 23.1% to $390,000
compared to $507,000 for the preceding quarter
- Core deposits were strong and accounted for 94% of total
deposits
- Capital levels continue to exceed the regulatory requirements
to be categorized as "well capitalized" with a total risk-based
capital ratio of 15.29% and a Tier 1 leverage ratio of 9.99%
Credit Quality
"We continued to make solid progress during the fourth quarter
at reducing our level of problem assets," said Ron Wysaske,
President and COO. Classified assets were $67.6 million at March
31, 2013 compared to $85.7 million at December 31, 2012 and $107.9
million at March 31, 2012. Classified assets declined 21.1% since
last quarter and have declined 37.4% since the same period of the
prior year.
Nonperforming loan balances decreased $3.5 million during the
quarter, primarily in the multi-family loan category. Nonperforming
loans were $21.1 million, or 3.94% of total loans, at March 31,
2013 compared to $44.2 million, or 6.45% of total loans a year ago.
During the fourth quarter, $1.2 million of new loans were placed on
non-accrual status marking the fourth consecutive quarter that
inflows of new nonperforming loans have declined.
REO balances decreased $5.1 million during the quarter to $15.6
million, the lowest level in three years. During the quarter, REO
sales totaled $2.9 million with write-downs of $2.6 million and
additions of $481,000. Subsequent to March 31, 2013, the Bank has
sold $1.1 million of additional properties with no loss on sale.
The Bank also has an additional $5.0 million in properties under
contract with no additional losses projected on these sales.
The Bank's continued reduction in classified and nonperforming
loans along with the decline in loan balances and charge-offs,
resulted in a $3.6 million negative provision for loan losses
during the fourth quarter. Riverview recorded no provision for loan
losses in the preceding quarter and recorded a $17.5 million
provision in the fourth quarter a year ago. For fiscal year 2013,
the provision for loan losses was $900,000 compared to $29.4
million for fiscal year 2012.
The allowance for loan losses was $15.6 million at March 31,
2013, representing 2.92% of total loans and 74.02% of nonperforming
loans. Net charge-offs declined for the fourth consecutive quarter
as problem credits declined and recoveries on prior loan
charge-offs increased. The annualized net charge-offs for the
fourth quarter of fiscal 2013 was 0.29%. Net charge-offs in the
fourth quarter of fiscal 2013 were $390,000, compared to $507,000
in the preceding quarter and $13.5 million in the fourth fiscal
quarter a year ago. Recoveries of prior charge-offs totaled $1.3
million during the quarter.
Balance Sheet Review
Net loan balances declined $19.2 million during the quarter,
primarily due to the Bank's continued focus on reducing classified
loan balances. "While loan balances declined during the quarter,
the Company has two full lending teams that are working both the
Vancouver and Portland market areas looking for quality loans and
new relationships," said Wysaske. "Competition for loans has
remained intense; however, we are optimistic for our loan growth
prospects in fiscal year 2014 as our loan pipeline has been
steadily growing during the past quarter."
The commercial real estate ("CRE") loan portfolio totaled $297.7
million at March 31, 2013, of which 28% was owner-occupied and 72%
was investor-owned. The CRE portfolio contained six loans totaling
$10.3 million that were nonperforming, representing 3.5% of the
total CRE portfolio and 48.8% of total nonperforming loans. Of the
CRE loans that are classified as nonperforming, 34.8% are current
on their payments.
Deposit balances decreased due to the expiration of the TAG
program coupled with other planned reductions in deposit
concentrations. "Despite the decline in deposit balances we were
able to move a large percentage of these deposits to our Trust
company thus keeping these deposits within the Company," noted
Wysaske. Total deposits were $663.8 million at March 31, 2013
compared to $682.8 million at December 31, 2012 and $744.5 million
a year ago.
In fiscal 2012, Riverview established a valuation allowance
against its deferred tax asset. At March 31, 2013, the total
valuation allowance was $16.2 million. Management will review the
deferred tax asset on a quarterly basis to determine the
appropriate valuation allowance, if needed. Any future reversals of
the deferred tax asset valuation allowance would decrease
Riverview's income tax expense, increase its after tax net income
and shareholders' equity.
Income Statement
Riverview's net interest income in the fourth quarter of fiscal
year 2013 was $6.2 million compared to $7.4 million in the
preceding quarter and $8.0 million in the fourth quarter of fiscal
2012. For fiscal year 2013, the net interest income was $29.4
million compared to $33.7 million for fiscal year 2012.
Riverview's net interest margin was 3.64% for the fourth quarter
compared to 4.03% for the preceding quarter. For the fiscal year
2013, the net interest margin was 4.06% compared to 4.33% in fiscal
year 2012. The decrease in net interest margin was primarily due to
a decline in loan yields, a decrease in average loan balances and
the continued high balance in low-yielding cash and investments.
Loan yields continued to contract as existing loans re-priced and
new loans were originated in the current low interest rate
environment.
Non-interest income was $2.0 million in the fourth quarter of
fiscal 2013 compared to $2.1 million in the preceding quarter and
$1.6 million in the fourth quarter of fiscal 2012. Mortgage banking
activity remained higher than normal with a total of $14.5 million
in new mortgage loans originated during the quarter, resulting in a
$245,000 gain on sale of loans held for sale.
Non-interest expense increased to $10.2 million in the fourth
quarter of fiscal 2013 compared to $8.4 million in the preceding
quarter and $8.2 million in the fourth quarter of fiscal 2012. The
increase in non-interest expense was primarily a result of an
increase in REO expenses to $2.9 million, which included $2.6
million in write-downs.
"During the fourth quarter the Bank made a concerted effort to
be more aggressive in the pricing of our existing REO properties in
an attempt to liquidate these properties more quickly," said
Wysaske. Based on pending sales activity, the updated pricing
strategy appears to be facilitating the sale of these
properties.
Capital and Liquidity
The Bank continues to maintain capital levels in excess of the
regulatory requirements to be categorized as "well capitalized"
with a total risk-based capital ratio of 15.29% and a Tier 1
leverage ratio of 9.99% at March 31, 2013. The FDIC states to be
considered well capitalized, a bank must maintain ratios of 10% and
6% respectively.
At March 31, 2013, the Bank had available total and contingent
liquidity of more than $470 million, including over $220 million of
borrowing capacity from the Federal Home Loan Bank of Seattle and
the Federal Reserve Bank of San Francisco. The Bank also has more
than $145 million of cash and short-term investments.
Non-GAAP Financial Measures
In addition to results presented in accordance with generally
accepted accounting principles in the United States of America
(GAAP), this press release contains certain non-GAAP financial
measures. Riverview believes that certain non-GAAP financial
measures provide investors with information useful in understanding
the company's financial performance; however, readers of this
report are urged to review these non-GAAP financial measures in
conjunction with GAAP results as reported.
Financial measures that exclude intangible assets are non-GAAP
measures. To provide investors with a broader understanding of
capital adequacy, Riverview provides non-GAAP financial measures
for tangible common equity, along with the GAAP measure. Tangible
common equity is calculated as shareholders' equity less goodwill
and other intangible assets. In addition, tangible assets are total
assets less goodwill and other intangible assets.
The following table provides a reconciliation of ending
shareholders' equity (GAAP) to ending tangible shareholders' equity
(non-GAAP), and ending assets (GAAP) to ending tangible assets
(non-GAAP).
(Dollars in thousands) |
March 31, 2013 |
Dec. 31, 2012 |
March 31, 2012 |
|
|
|
|
Shareholders' equity |
$ 78,442 |
$ 76,823 |
$ 75,607 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
454 |
489 |
415 |
|
|
|
|
Tangible shareholders' equity |
$ 52,416 |
$ 50,762 |
$ 49,620 |
|
|
|
|
Total assets |
$ 777,003 |
$ 794,564 |
$ 855,998 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
454 |
489 |
415 |
|
|
|
|
Tangible assets |
$ 750,977 |
$ 768,503 |
$ 830,011 |
About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered
in Vancouver, Washington – just north of Portland, Oregon on the
I-5 corridor. With assets of $777 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 amount of capital it intends to raise and its intended use of
that capital; the credit risks of lending activities, including
changes in the level and trend of loan delinquencies and write-offs
and changes in the Company's allowance for loan losses and
provision for loan losses that may be impacted by deterioration in
the housing and commercial real estate markets; changes in general
economic conditions, either nationally or in the Company's market
areas; changes in the levels of general interest rates, and the
relative differences between short and long term interest rates,
deposit interest rates, the Company's net interest margin and
funding sources; fluctuations in the demand for loans, the number
of unsold homes, land and other properties and fluctuations in real
estate values in the Company's market areas; secondary market
conditions for loans and the Company's ability to sell loans in the
secondary market; results of examinations of us by the Office of
Comptroller of the Currency or other regulatory authorities,
including the possibility that any such regulatory authority may,
among other things, require us to increase the Company's reserve
for loan losses, write-down assets, change Riverview Community
Bank's regulatory capital position or affect the Company's ability
to borrow funds or maintain or increase deposits, which could
adversely affect its liquidity and earnings; the Company's
compliance with regulatory enforcement actions we have entered into
with the OCC and the possibility that our noncompliance could
result in the imposition of additional enforcement actions and
additional requirements or restrictions on our
operations; legislative or regulatory changes that adversely
affect the Company's business including changes in regulatory
policies and principles, or the interpretation of regulatory
capital or other rules; the Company's ability to attract and retain
deposits; further increases in premiums for deposit insurance; the
Company's ability to control operating costs and expenses; the use
of estimates in determining fair value of certain of the Company's
assets, which estimates may prove to be incorrect and result in
significant declines in valuation; difficulties in reducing risks
associated with the loans on the Company's balance sheet; staffing
fluctuations in response to product demand or the implementation of
corporate strategies that affect the Company's workforce and
potential associated charges; computer systems on which the Company
depends could fail or experience a security breach; the Company's
ability to retain key members of its senior management team; costs
and effects of litigation, including settlements and judgments; the
Company's ability to successfully integrate any assets,
liabilities, customers, systems, and management personnel it may in
the future acquire into its operations and the Company's ability to
realize related revenue synergies and cost savings within expected
time frames and any goodwill charges related thereto; increased
competitive pressures among financial services companies; changes
in consumer spending, borrowing and savings habits; the
availability of resources to address changes in laws, rules, or
regulations or to respond to regulatory actions; the Company's
ability to pay dividends on its common stock; and interest or
principal payments on its junior subordinated debentures; adverse
changes in the securities markets; inability of key third-party
providers to perform their obligations to us; changes in accounting
policies and practices, as may be adopted by the financial
institution regulatory agencies or the Financial Accounting
Standards Board, including additional guidance and interpretation
on accounting issues and details of the implementation of new
accounting methods; other economic, competitive, governmental,
regulatory, and technological factors affecting the Company's
operations, pricing, products and services and the other risks
described from time to time in our filings with the SEC.
Such forward-looking statements may include projections. Any
such projections were not prepared in accordance with published
guidelines of the American Institute of Certified Public
Accountants or the Securities Exchange Commission regarding
projections and forecasts nor have such projections been audited,
examined or otherwise reviewed by independent auditors of the
Company. In addition, such projections are based upon many
estimates and inherently subject to significant economic and
competitive uncertainties and contingencies, many of which are
beyond the control of management of the Company. Accordingly,
actual results may be materially higher or lower than those
projected. The inclusion of such projections herein should not be
regarded as a representation by the Company that the projections
will prove to be correct.
The Company cautions readers not to place undue reliance on any
forward-looking statements. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to the Company. The Company
does not undertake and specifically disclaims any obligation to
revise any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements. These risks could cause our actual results for
fiscal 2013 and beyond to differ materially from those expressed in
any forward-looking statements by, or on behalf of, us, and could
negatively affect the Company's operating and stock price
performance.
|
RIVERVIEW BANCORP, INC.
AND SUBSIDIARY |
Consolidated Balance
Sheets |
(In thousands, except share
data) (Unaudited) |
March 31, 2013 |
December 31,
2012 |
March 31, 2012 |
ASSETS |
|
|
|
|
|
|
|
Cash (including interest-earning accounts
of $100,093, $88,308 and $33,437) |
$ 115,415 |
$ 107,080 |
$ 46,393 |
Certificate of deposits |
44,635 |
44,137 |
41,473 |
Loans held for sale |
831 |
2,551 |
480 |
Investment securities held to maturity,
at amortized cost |
-- |
-- |
493 |
Investment securities available for sale,
at fair value |
6,216 |
6,204 |
6,314 |
Mortgage-backed securities held to
maturity, at amortized |
125 |
129 |
171 |
Mortgage-backed securities available for
sale, at fair value |
431 |
549 |
974 |
Loans receivable (net of allowance for
loan losses of $15,643, $19,633 and $19,921) |
520,369 |
539,549 |
664,888 |
Real estate and other pers. property
owned |
15,638 |
20,698 |
18,731 |
Prepaid expenses and other assets |
3,063 |
3,399 |
6,362 |
Accrued interest receivable |
1,747 |
1,818 |
2,158 |
Federal Home Loan Bank stock, at
cost |
7,154 |
7,219 |
7,350 |
Premises and equipment, net |
17,693 |
17,647 |
17,068 |
Deferred income taxes, net |
522 |
527 |
603 |
Mortgage servicing rights, net |
388 |
406 |
278 |
Goodwill |
25,572 |
25,572 |
25,572 |
Core deposit intangible, net |
66 |
83 |
137 |
Bank owned life insurance |
17,138 |
16,996 |
16,553 |
|
|
|
|
TOTAL ASSETS |
$ 777,003 |
$ 794,564 |
$ 855,998 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
Deposit accounts |
$ 663,806 |
$ 682,794 |
$ 744,455 |
Accrued expenses and other
liabilities |
8,006 |
8,700 |
9,398 |
Advance payments by borrowers for taxes
and insurance |
1,025 |
520 |
800 |
Junior subordinated debentures |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,440 |
2,458 |
2,513 |
Total liabilities |
697,958 |
717,153 |
779,847 |
|
|
|
|
EQUITY: |
|
|
|
Shareholders' equity |
|
|
|
Serial preferred stock, $.01 par value;
250,000 authorized, issued and outstanding, none |
-- |
-- |
-- |
Common stock, $.01 par value; 50,000,000
authorized, |
|
|
|
March 31, 2013 – 22,471,890 issued and
outstanding; |
225 |
225 |
225 |
December 31, 2012 - 22,471,890 issued and
outstanding; |
|
|
|
March 31, 2012 – 22,471,890 issued and
outstanding; |
|
|
|
Additional paid-in capital |
65,551 |
65,563 |
65,610 |
Retained earnings |
14,169 |
12,574 |
11,536 |
Unearned shares issued to employee stock
ownership trust |
(490) |
(516) |
(593) |
Accumulated other comprehensive loss |
(1,013) |
(1,023) |
(1,171) |
Total shareholders' equity |
78,442 |
76,823 |
75,607 |
|
|
|
|
Noncontrolling interest |
603 |
588 |
544 |
Total equity |
79,045 |
77,411 |
76,151 |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 777,003 |
$ 794,564 |
$ 855,998 |
|
|
|
|
|
RIVERVIEW BANCORP, INC.
AND SUBSIDIARY |
Consolidated Statements
of Operations |
|
Three Months
Ended |
Twelve Months
Ended |
(In thousands, except share
data) (Unaudited) |
March 31, 2013 |
Dec. 31, 2012 |
March 31, 2012 |
March 31, 2013 |
March 31, 2012 |
INTEREST INCOME: |
|
|
|
|
|
Interest and fees on loans
receivable |
$ 6,690 |
$ 7,838 |
$ 9,130 |
$ 32,041 |
$ 38,894 |
Interest on investment
securities-taxable |
54 |
131 |
36 |
276 |
145 |
Interest on investment securities-non
taxable |
-- |
1 |
7 |
16 |
42 |
Interest on mortgage-backed
securities |
4 |
6 |
10 |
25 |
51 |
Other interest and dividends |
157 |
160 |
127 |
574 |
400 |
Total interest income |
6,905 |
8,136 |
9,310 |
32,932 |
39,532 |
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
Interest on deposits |
550 |
595 |
908 |
2,667 |
4,357 |
Interest on borrowings |
150 |
157 |
387 |
818 |
1,508 |
Total interest expense |
700 |
752 |
1,295 |
3,485 |
5,865 |
Net interest income |
6,205 |
7,384 |
8,015 |
29,447 |
33,667 |
Less provision for loan losses |
(3,600) |
-- |
17,500 |
900 |
29,350 |
|
|
|
|
|
|
Net interest income (loss) after provision
for loan losses |
9,805 |
7,384 |
(9,485) |
28,547 |
4,317 |
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
Fees and service charges |
1,083 |
1,224 |
914 |
4,695 |
3,996 |
Asset management fees |
547 |
517 |
604 |
2,172 |
2,367 |
Gain on sale of loans held for sale |
245 |
262 |
87 |
1,386 |
160 |
Bank owned life insurance income |
142 |
146 |
146 |
585 |
601 |
Other |
15 |
(62) |
(190) |
35 |
(297) |
Total non-interest income |
2,032 |
2,087 |
1,561 |
8,873 |
6,827 |
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
Salaries and employee benefits |
4,051 |
3,872 |
3,850 |
15,325 |
15,889 |
Occupancy and depreciation |
1,259 |
1,241 |
1,253 |
4,970 |
4,793 |
Data processing |
379 |
435 |
285 |
1,420 |
1,421 |
Amortization of core deposit intangible |
17 |
17 |
20 |
71 |
82 |
Advertising and marketing expense |
153 |
193 |
184 |
834 |
998 |
FDIC insurance premium |
418 |
433 |
288 |
1,532 |
1,136 |
State and local taxes |
130 |
132 |
139 |
547 |
549 |
Telecommunications |
74 |
73 |
110 |
384 |
434 |
Professional fees |
307 |
447 |
283 |
1,456 |
1,254 |
Real estate owned expenses |
2,882 |
1,069 |
1,130 |
5,781 |
5,097 |
Other |
566 |
522 |
687 |
2,438 |
2,770 |
Total non-interest expense |
10,236 |
8,434 |
8,229 |
34,758 |
34,423 |
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
1,601 |
1,037 |
(16,153) |
2,662 |
(23,279) |
PROVISION (BENEFIT) FOR INCOME TAXES |
6 |
6 |
(196) |
29 |
8,378 |
NET INCOME (LOSS) |
$ 1,595 |
$ 1,031 |
$ (15,957) |
$ 2,633 |
$ (31,657) |
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
Basic |
$ 0.07 |
$ 0.05 |
$ (0.71) |
$ 0.12 |
$ (1.42) |
Diluted |
$ 0.07 |
$ 0.05 |
$ (0.71) |
$ 0.12 |
$ (1.42) |
Weighted average number of shares
outstanding: |
|
|
|
|
|
Basic |
22,351,804 |
22,345,644 |
22,327,171 |
22,342,541 |
22,317,933 |
Diluted |
22,352,229 |
22,345,644 |
22,327,171 |
22,342,541 |
22,317,933 |
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
At or for the three
months ended |
At or for the twelve
months ended |
|
March 31, 2013 |
Dec. 31, 2012 |
March 31, 2012 |
March 31, 2013 |
March 31, 2012 |
AVERAGE BALANCES |
|
|
|
|
|
Average interest–earning assets |
$ 691,793 |
$ 727,322 |
$ 788,488 |
$ 726,123 |
$ 777,864 |
Average interest-bearing liabilities |
574,763 |
579,653 |
652,607 |
595,504 |
645,369 |
Net average earning assets |
117,030 |
147,669 |
135,881 |
130,619 |
132,495 |
Average loans |
543,906 |
574,617 |
695,973 |
599,028 |
694,382 |
Average deposits |
662,978 |
694,073 |
741,320 |
697,367 |
731,089 |
Average equity |
78,370 |
77,838 |
91,171 |
77,170 |
104,869 |
Average tangible equity |
52,321 |
51,759 |
65,156 |
51,113 |
78,779 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
March 31, 2013 |
Dec. 31, 2012 |
March 31, 2012 |
|
|
|
|
|
|
|
|
Non-performing loans |
21,133 |
24,665 |
44,163 |
|
|
Non-performing loans to total loans |
3.94% |
4.41% |
6.45% |
|
|
Real estate/repossessed assets owned |
15,638 |
20,698 |
18,731 |
|
|
Non-performing assets |
36,771 |
45,363 |
62,894 |
|
|
Non-performing assets to total assets |
4.73% |
5.71% |
7.35% |
|
|
Net loan charge-offs in the quarter |
390 |
507 |
13,505 |
|
|
Net charge-offs in the quarter/average net
loans |
0.29% |
0.35% |
7.80% |
|
|
|
|
|
|
|
|
Allowance for loan losses |
15,643 |
19,633 |
19,921 |
|
|
Average interest-earning assets to average
interest-bearing liabilities |
120.36% |
125.48% |
120.82% |
|
|
Allowance for loan losses to non-performing
loans |
74.02% |
79.60% |
45.11% |
|
|
Allowance for loan losses to total loans |
2.92% |
3.51% |
2.91% |
|
|
Shareholders' equity to assets |
10.10% |
9.67% |
8.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
Total capital (to risk weighted assets) |
15.29% |
14.25% |
12.11% |
|
|
Tier 1 capital (to risk weighted assets) |
14.02% |
12.97% |
10.84% |
|
|
Tier 1 capital (to leverage assets) |
9.99% |
9.50% |
8.76% |
|
|
Tangible common equity (to tangible
assets) |
6.98% |
6.61% |
5.98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT MIX |
March 31, 2013 |
Dec. 31, 2012 |
March 31, 2012 |
|
|
|
|
|
|
|
|
Interest checking |
$ 91,754 |
$ 87,402 |
$ 106,904 |
|
|
Regular savings |
54,316 |
51,000 |
45,741 |
|
|
Money market deposit accounts |
217,091 |
220,862 |
244,919 |
|
|
Non-interest checking |
112,527 |
128,706 |
116,882 |
|
|
Certificates of deposit |
188,118 |
194,824 |
230,009 |
|
|
Total deposits |
$ 663,806 |
$ 682,794 |
$ 744,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL
AND CONSTRUCTION LOANS |
|
|
|
Commercial |
|
Commercial |
|
|
Real Estate |
Real Estate |
& Construction |
|
Commercial |
Mortgage |
Construction |
Total |
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 |
|
|
|
|
|
March 31, 2012 |
(Dollars in thousands) |
Commercial |
$ 87,238 |
$ -- |
$ -- |
$ 87,238 |
Commercial construction |
-- |
-- |
13,496 |
13,496 |
Office buildings |
-- |
94,541 |
-- |
94,541 |
Warehouse/industrial |
-- |
48,605 |
-- |
48,605 |
Retail/shopping centers/strip malls |
-- |
80,595 |
-- |
80,595 |
Assisted living facilities |
-- |
35,866 |
-- |
35,866 |
Single purpose facilities |
-- |
93,473 |
-- |
93,473 |
Land |
-- |
38,888 |
-- |
38,888 |
Multi-family |
-- |
42,795 |
-- |
42,795 |
One-to-four family |
-- |
-- |
12,295 |
12,295 |
Total |
$ 87,238 |
$ 434,763 |
$ 25,791 |
$ 547,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN MIX |
March 31, 2013 |
Dec. 31, 2012 |
March 31, 2012 |
|
Commercial and construction |
|
|
|
|
Commercial |
$ 71,935 |
$ 75,090 |
$ 87,238 |
|
Other real estate mortgage |
355,397 |
367,158 |
434,763 |
|
Real estate construction |
9,675 |
17,615 |
25,791 |
|
Total commercial and construction |
437,007 |
459,863 |
547,792 |
|
Consumer |
|
|
|
|
Real estate one-to-four family |
97,140 |
97,334 |
134,975 |
|
Other installment |
1,865 |
1,985 |
2,042 |
|
Total consumer |
99,005 |
99,319 |
137,017 |
|
|
|
|
|
|
Total loans |
536,012 |
559,182 |
684,809 |
|
|
|
|
|
|
Less: |
|
|
|
|
Allowance for loan losses |
15,643 |
19,633 |
19,921 |
|
Loans receivable, net |
$ 520,369 |
$ 539,549 |
$ 664,888 |
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF NON-PERFORMING
ASSETS |
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
March 31, 2013 |
(Dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ 94 |
$ 169 |
$ 1,086 |
$ -- |
$ -- |
$ 1,349 |
Commercial real estate |
2,638 |
-- |
7,379 |
298 |
-- |
10,315 |
Land |
-- |
800 |
2,467 |
-- |
-- |
3,267 |
Multi-family |
-- |
2,968 |
-- |
-- |
-- |
2,968 |
Commercial construction |
-- |
-- |
-- |
-- |
-- |
-- |
One-to-four family construction |
-- |
175 |
-- |
-- |
-- |
175 |
Real estate one-to-four family |
349 |
401 |
1,703 |
606 |
-- |
3,059 |
Consumer |
-- |
-- |
-- |
-- |
-- |
-- |
Total non-performing loans |
3,081 |
4,513 |
12,635 |
904 |
-- |
21,133 |
|
|
|
|
|
|
|
REO |
1,637 |
5,272 |
6,548 |
2,181 |
-- |
15,638 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 4,718 |
$ 9,785 |
$ 19,183 |
$ 3,085 |
$ -- |
$ 36,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
March 31, 2013 |
(Dollars in thousands) |
Land and spec construction loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development loans |
$ 4,674 |
$ 1,339 |
$ 17,391 |
$ -- |
$ -- |
$ 23,404 |
Spec construction loans |
-- |
175 |
3,011 |
291 |
-- |
3,477 |
|
|
|
|
|
|
|
Total land and spec construction |
$ 4,674 |
$ 1,514 |
$ 20,402 |
$ 291 |
$ -- |
$ 26,881 |
|
|
|
|
|
|
|
|
|
|
|
At or for the three
months ended |
At or for the twelve
months ended |
SELECTED OPERATING DATA |
March 31, 2013 |
Dec. 31, 2012 |
March 31, 2012 |
March 31, 2013 |
March 31, 2012 |
|
|
|
|
|
|
Efficiency ratio (4) |
124.27% |
89.05% |
85.93% |
90.70% |
85.01% |
Coverage ratio (6) |
60.62% |
87.55% |
97.40% |
84.72% |
97.80% |
Return on average assets (1) |
0.83% |
0.51% |
-7.40% |
0.33% |
-3.64% |
Return on average equity (1) |
8.25% |
5.25% |
-70.39% |
3.41% |
-30.19% |
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
Yield on loans |
4.99% |
5.41% |
5.32% |
5.35% |
5.60% |
Yield on investment securities |
2.81% |
6.33% |
2.36% |
3.62% |
2.63% |
Total yield on interest earning
assets |
4.05% |
4.44% |
4.79% |
4.54% |
5.08% |
|
|
|
|
|
|
Cost of interest bearing deposits |
0.41% |
0.43% |
0.59% |
0.47% |
0.70% |
Cost of FHLB advances and other
borrowings |
2.42% |
2.47% |
6.23% |
3.25% |
5.97% |
Total cost of interest bearing
liabilities |
0.49% |
0.51% |
0.80% |
0.59% |
0.91% |
|
|
|
|
|
|
Spread (7) |
3.56% |
3.93% |
3.99% |
3.95% |
4.17% |
Net interest margin |
3.64% |
4.03% |
4.12% |
4.06% |
4.33% |
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
Basic earnings per share (2) |
$ 0.07 |
$ 0.05 |
$ (0.71) |
$ 0.12 |
$ (1.42) |
Diluted earnings per share (3) |
0.07 |
0.05 |
(0.71) |
0.12 |
(1.42) |
Book value per share (5) |
3.49 |
3.42 |
3.36 |
3.49 |
3.36 |
Tangible book value per share (5) |
2.33 |
2.26 |
2.21 |
2.33 |
2.21 |
Market price per share: |
|
|
|
|
|
High for the period |
$ 2.76 |
$ 1.99 |
$ 2.46 |
$ 2.76 |
$ 3.18 |
Low for the period |
1.66 |
1.41 |
2.03 |
1.08 |
2.03 |
Close for period end |
2.64 |
1.69 |
2.26 |
2.64 |
2.26 |
Cash dividends declared per share |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
Average number of shares outstanding: |
|
|
|
|
|
Basic (2) |
22,351,804 |
22,345,644 |
22,327,171 |
22,342,541 |
22,317,933 |
Diluted (3) |
22,352,229 |
22,345,644 |
22,327,171 |
22,342,541 |
22,317,933 |
|
|
|
|
|
|
(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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