Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported that it earned $1.1 million, or $0.05 per
diluted share, in the third fiscal quarter ended December 31, 2014,
compared to $1.1 million, or $0.05 per diluted share, in the
preceding quarter and $801,000, or $0.04 per diluted share, in its
third fiscal quarter a year ago.
"Riverview is a dynamic and sustainable franchise, which is
capitalizing on the expanding opportunities in the greater
Vancouver and Portland market," stated Pat Sheaffer, chairman and
chief executive officer. "We have experienced significant forward
momentum in our continued profitability as a result of the growth
in our loan and deposit portfolios, the improvement in asset
quality and enhanced operating efficiencies."
Third Quarter Highlights (at or for the period ended
December 31, 2014)
- Third quarter net income was $1.1 million, or $0.05 per diluted
share.
- Net loans increased to $567.4 million compared to $505.6
million a year ago (12.2% increase).
- Classified assets decreased $2.3 million during the quarter to
$22.9 million (9.3% decline).
- Nonperforming assets decreased $6.1 million during the quarter
to $9.3 million (39.6% decline).
- Real estate owned balances decreased to $1.6 million.
- Riverview Asset Management Corporation's assets under
management increased $12.9 million during the quarter to $376.7
million.
- Total risk-based capital ratio was 15.59% and Tier 1 leverage
ratio was 10.72%.
Balance Sheet Review
Net loans increased $26.6 million during the quarter to $567.4
million at December 31, 2014, compared to $540.8 million the
previous quarter and $505.6 million a year ago. This represented
the fourth consecutive quarter of net loan growth and the largest
quarterly growth during the last several years.
"Strong, smart growth in our loan portfolio is a key driver to
our profitability," said Ron Wysaske, president and chief operating
officer. "Our market contains one of the fastest recovering
economies in the country and our lending teams are taking advantage
of those opportunities. As a result we saw growth in nearly every
loan category while strengthening our overall asset quality."
Loan originations totaled $36.3 million during the quarter and
there was $51.8 million in the loan pipeline at December 31, 2014.
At quarter end, there were $17.0 million in undisbursed
construction loans and we anticipate the bulk will fund over the
next several quarters.
Riverview's total deposits were $689.3 million at December 31,
2014, compared to $702.6 million at September 30, 2014 and $689.3
million a year ago. The decrease in deposit totals is due to a
combination of seasonal factors as well as a decline in certificate
of deposit balances. Average deposit balances were $693.7 million
for the quarter-ended December 31, 2014 which was comparable to the
prior quarter and a $13.5 million increase compared to a year ago.
The Company continues to focus on attracting core deposits and
building long-term customer relationships. Checking accounts
represented 36.5% of total deposits (interest checking accounts
represent 15.6% and non-interest checking accounts represent 20.9%)
at December 31, 2014.
Shareholders' equity improved to $101.9 million at December 31,
2014 compared to $100.3 million three months earlier and $81.3
million a year earlier. Tangible book value per share improved to
$3.38 per share at December 31, 2014, compared to $3.31 per share
at September 30, 2014 and $2.46 per share a year ago.
Credit Quality
Classified assets were reduced by $2.3 million during the
quarter to $22.9 million at December 31, 2014, compared to $25.2
million at September 30, 2014. The classified asset ratio decreased
to 23.8% at December 31, 2014, compared to 25.2% three months
earlier. During the past twelve months, Riverview has reduced its
classified assets by $31.8 million.
"The continuing improvement in credit quality is a result of the
hard work of our loan officers and credit department along with the
overall strengthening in our local economy," said Dan Cox,
executive vice president and chief credit officer. "In addition,
the improvement in asset quality has helped to increase the
Company's overall profitability as nonperforming assets are
returned to earning status.
With no new additions to the real estate owned ("REO") portfolio
during the December quarter, REO balances totaled $1.6 million
which was the lowest level in over six years. Sales of REO
properties remained strong with total sales of $2.0 million during
the quarter and write-down totaling $75,000.
Riverview recorded a $400,000 recapture of loan losses during
the third quarter of fiscal 2015 compared to a $350,000 recapture
of loan losses during the preceding quarter. The recapture of loan
loss provision reflects the continued improvement in credit quality
as well as the positive impact from continued loan recoveries.
Net loan recoveries totaled $100,000 during the quarter compared
to net loan recoveries of $70,000 in the preceding quarter. The
allowance for loan losses at December 31, 2014 totaled $11.7
million, representing 2.02% of total loans and 151.39% of
nonperforming loans.
Income Statement
Riverview's fiscal third quarter net interest income was $6.7
million, which was an increase compared to $6.0 million in the
fiscal third quarter a year ago and was unchanged compared to the
preceding quarter. In the first nine months of the fiscal year, net
interest income increased to $19.8 million compared to $18.3
million in the same period a year ago. The increase in net interest
income was driven primarily by higher average balances in both our
loan and investment portfolios.
"Our net interest margin contracted three basis points during
the quarter primarily due to the collection of $121,000 of interest
on a prior nonaccrual loan during the preceding quarter, which
contributed approximately six basis points to our second quarter
margin," said Kevin Lycklama, executive vice president and chief
financial officer. "Compared to a year ago, the quarterly net
interest margin has improved 29 basis points as a result of the
growth in the loan portfolio as well as actions taken by management
to allocate the Company's cash balances into higher yielding loan
and investment products."
Net interest margin was 3.58% in the fiscal third quarter
compared to 3.61% for the preceding quarter and 3.29% in the fiscal
third quarter a year ago. In the first nine months of the fiscal
year, Riverview's net interest margin improved 16 basis points to
3.55% compared to 3.39% in the first nine months of fiscal
2014.
Non-interest income was $2.3 million in the third quarter
compared to $2.2 million in the preceding quarter and $2.4 million
in the third quarter a year ago. Riverview Asset Management
Corporation's ("RAMCO") asset management fees were $718,000 during
the quarter compared to $710,000 in the preceding quarter and
$605,000 in the third quarter a year ago. RAMCO's assets under
management totaled $376.7 million at December 31, 2014. The Company
also recognized a $158,000 gain on the sale of investment
securities during the quarter.
Riverview's non-interest expense was $7.6 million in the third
quarter, which was unchanged compared to the third quarter a year
ago and a modest decrease compared to $7.7 million in the preceding
quarter. The decrease was partially driven by a reduction in REO
expenses, which decreased $87,000 compared to the preceding quarter
and $199,000 compared to a year ago. Fewer REO write-downs and a
reduction in the overall number of REO properties contributed to
the decline in REO expenses.
Capital
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 15.59%, Tier 1 leverage
ratio of 10.72% and tangible common equity to tangible assets of
9.46% at December 31, 2014.
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,
2014 |
September 30,
2014 |
December 31,
2013 |
March 31, 2014 |
|
|
|
|
|
Shareholders' equity |
$ 101,912 |
$ 100,311 |
$ 81,264 |
$ 97,978 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
401 |
400 |
419 |
395 |
|
|
|
|
|
Tangible shareholders' equity |
$ 75,939 |
$ 74,339 |
$ 55,273 |
$ 72,011 |
|
|
|
|
|
Total assets |
$ 828,435 |
$ 841,540 |
$ 804,949 |
$ 824,521 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
401 |
400 |
419 |
395 |
|
|
|
|
|
Tangible assets |
$ 802,462 |
$ 815,568 |
$ 778,958 |
$ 798,554 |
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 $828 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 17
branches, including twelve 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 2015 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,
2014 |
September 30,
2014 |
December 31,
2013 |
March 31, 2014 |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash (including interest-earning accounts
of $5,872, $17,417, $110,104 and $51,715) |
$ 21,981 |
$ 30,988 |
$ 123,140 |
$ 68,577 |
Certificate of deposits |
27,214 |
32,941 |
37,174 |
36,925 |
Loans held for sale |
724 |
353 |
148 |
1,024 |
Investment securities available for sale,
at fair value |
17,150 |
19,571 |
19,794 |
23,394 |
Mortgage-backed securities held to
maturity, at amortized |
88 |
90 |
104 |
101 |
Mortgage-backed securities available for
sale, at fair value |
101,216 |
120,740 |
34,529 |
78,575 |
Loans receivable (net of allowance for
loan losses of $11,701, $12,001 $14,048, and $12,551) |
567,398 |
540,786 |
505,632 |
520,937 |
Real estate and other pers. property
owned |
1,604 |
3,705 |
11,951 |
7,703 |
Prepaid expenses and other assets |
3,041 |
3,243 |
3,268 |
3,197 |
Accrued interest receivable |
2,024 |
2,047 |
1,670 |
1,836 |
Federal Home Loan Bank stock, at
cost |
6,120 |
6,324 |
6,958 |
6,744 |
Premises and equipment, net |
15,683 |
15,955 |
16,685 |
16,417 |
Deferred income taxes, net |
13,500 |
14,301 |
348 |
15,433 |
Mortgage servicing rights, net |
393 |
386 |
386 |
369 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Core deposit intangible, net |
8 |
14 |
33 |
26 |
Bank owned life insurance |
24,719 |
24,524 |
17,557 |
17,691 |
|
|
|
|
|
TOTAL ASSETS |
$ 828,435 |
$ 841,540 |
$ 804,949 |
$ 824,521 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
Deposit accounts |
$ 689,330 |
$ 702,635 |
$ 689,271 |
$ 690,066 |
Accrued expenses and other
liabilities |
9,397 |
12,445 |
8,707 |
10,497 |
Advance payments by borrowers for taxes
and insurance |
199 |
644 |
193 |
467 |
Federal Home Loan Bank advances |
2,100 |
-- |
-- |
-- |
Junior subordinated debentures |
22,681 |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,298 |
2,319 |
2,381 |
2,361 |
Total liabilities |
726,005 |
740,724 |
723,233 |
726,072 |
|
|
|
|
|
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, 2014 - 22,471,890 issued and
outstanding; |
|
|
|
|
September 30, 2014 - 22,471,890 issued
and outstanding; |
225 |
225 |
225 |
225 |
December 31, 2013 - 22,471,890 issued and
outstanding; |
|
|
|
|
March 31, 2014 – 22,471,890 issued and
outstanding; |
|
|
|
|
Additional paid-in capital |
65,217 |
65,217 |
65,176 |
65,195 |
Retained earnings |
36,565 |
35,416 |
16,951 |
33,592 |
Unearned shares issued to employee stock
ownership trust |
(310) |
(335) |
(413) |
(387) |
Accumulated other comprehensive loss |
215 |
(212) |
(675) |
(647) |
Total shareholders' equity |
101,912 |
100,311 |
81,264 |
97,978 |
|
|
|
|
|
Noncontrolling interest |
518 |
505 |
452 |
471 |
Total equity |
102,430 |
100,816 |
81,716 |
98,449 |
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 828,435 |
$ 841,540 |
$ 804,949 |
$ 824,521 |
|
|
|
|
|
|
RIVERVIEW BANCORP, INC.
AND SUBSIDIARY |
Consolidated Statements
of Income |
|
Three Months
Ended |
Nine Months
Ended |
(In thousands, except share
data) (Unaudited) |
Dec. 31, 2014 |
Sept. 30, 2014 |
Dec. 31, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
INTEREST INCOME: |
|
|
|
|
|
Interest and fees on loans
receivable |
$ 6,498 |
$ 6,486 |
$ 6,319 |
$ 19,155 |
$ 19,389 |
Interest on investment
securities-taxable |
75 |
98 |
75 |
257 |
191 |
Interest on mortgage-backed
securities |
520 |
508 |
88 |
1,508 |
156 |
Other interest and dividends |
110 |
118 |
191 |
359 |
532 |
Total interest income |
7,203 |
7,210 |
6,673 |
21,279 |
20,268 |
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
Interest on deposits |
322 |
342 |
496 |
1,024 |
1,537 |
Interest on borrowings |
163 |
148 |
149 |
458 |
449 |
Total interest expense |
485 |
490 |
645 |
1,482 |
1,986 |
Net interest income |
6,718 |
6,720 |
6,028 |
19,797 |
18,282 |
Recapture of loan losses |
(400) |
(350) |
-- |
(1,050) |
(2,500) |
|
|
|
|
|
|
Net interest income after recapture of loan
losses |
7,118 |
7,070 |
6,028 |
20,847 |
20,782 |
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
Fees and service charges |
1,032 |
1,158 |
1,177 |
3,260 |
3,301 |
Asset management fees |
718 |
710 |
605 |
2,248 |
1,936 |
Gain on sale of loans held for sale |
154 |
155 |
176 |
435 |
609 |
Bank owned life insurance income |
196 |
194 |
136 |
528 |
419 |
Other |
164 |
6 |
290 |
226 |
252 |
Total non-interest income |
2,264 |
2,223 |
2,384 |
6,697 |
6,517 |
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
Salaries and employee benefits |
4,472 |
4,341 |
3,959 |
12,987 |
11,696 |
Occupancy and depreciation |
1,223 |
1,322 |
1,187 |
3,632 |
3,621 |
Data processing |
495 |
434 |
523 |
1,399 |
1,641 |
Amortization of core deposit
intangible |
6 |
6 |
7 |
18 |
33 |
Advertising and marketing expense |
169 |
203 |
170 |
522 |
578 |
FDIC insurance premium |
143 |
180 |
400 |
498 |
1,228 |
State and local taxes |
162 |
117 |
106 |
416 |
340 |
Telecommunications |
73 |
74 |
78 |
223 |
227 |
Professional fees |
302 |
257 |
342 |
848 |
995 |
Real estate owned expenses |
99 |
186 |
298 |
901 |
2,402 |
Other |
502 |
554 |
541 |
1,611 |
1,740 |
Total non-interest expense |
7,646 |
7,674 |
7,611 |
23,055 |
24,501 |
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
1,736 |
1,619 |
801 |
4,489 |
2,798 |
PROVISION FOR INCOME TAXES |
587 |
535 |
-- |
1,516 |
16 |
NET INCOME |
$ 1,149 |
$ 1,084 |
$ 801 |
$ 2,973 |
$ 2,782 |
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
Basic |
$ 0.05 |
$ 0.05 |
$ 0.04 |
$ 0.13 |
$ 0.12 |
Diluted |
$ 0.05 |
$ 0.05 |
$ 0.04 |
$ 0.13 |
$ 0.12 |
Weighted average number of shares
outstanding: |
|
|
|
|
|
Basic |
22,394,910 |
22,388,753 |
22,370,277 |
22,388,775 |
22,364,142 |
Diluted |
22,439,195 |
22,419,469 |
22,371,914 |
22,421,330 |
22,365,224 |
|
|
|
|
|
|
(Dollars in thousands) |
At or for the three
months ended |
At or for the nine
months ended |
|
Dec. 31, 2014 |
Sept. 30, 2014 |
Dec. 31, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
AVERAGE BALANCES |
|
|
|
|
|
Average interest–earning assets |
$ 744,351 |
$ 737,759 |
$ 727,943 |
$ 739,951 |
$ 716,374 |
Average interest-bearing liabilities |
573,417 |
577,658 |
581,327 |
576,670 |
574,879 |
Net average earning assets |
170,934 |
160,101 |
146,616 |
163,281 |
141,495 |
Average loans |
554,376 |
551,543 |
516,864 |
548,041 |
524,569 |
Average deposits |
693,695 |
693,998 |
680,167 |
689,964 |
669,419 |
Average equity |
102,327 |
101,026 |
82,665 |
101,021 |
81,528 |
Average tangible equity |
76,358 |
75,055 |
56,667 |
75,053 |
55,514 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
Dec. 31, 2014 |
Sept. 30, 2014 |
Dec. 31, 2013 |
|
|
|
|
|
|
|
|
Non-performing loans |
7,729 |
11,742 |
13,377 |
|
|
Non-performing loans to total loans |
1.33% |
2.12% |
2.57% |
|
|
Real estate/repossessed assets owned |
1,604 |
3,705 |
11,951 |
|
|
Non-performing assets |
9,333 |
15,447 |
25,328 |
|
|
Non-performing assets to total assets |
1.13% |
1.84% |
3.15% |
|
|
Net loan charge-offs (recoveries) in the
quarter |
(100) |
(70) |
(352) |
|
|
Net charge-offs (recoveries) in the
quarter/average net loans |
(0.07)% |
(0.05)% |
(0.27)% |
|
|
|
|
|
|
|
|
Allowance for loan losses |
$ 11,701.00 |
$ 12,001.00 |
$ 14,048.00 |
|
|
Average interest-earning assets to average
interest-bearing liabilities |
129.81% |
127.72% |
125.22% |
|
|
Allowance for loan losses to non-performing
loans |
151.39% |
102.21% |
105.02% |
|
|
Allowance for loan losses to total loans |
2.02% |
2.17% |
2.70% |
|
|
Shareholders' equity to assets |
12.30% |
11.92% |
10.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
Total capital (to risk weighted assets) |
15.59% |
16.78% |
16.76% |
|
|
Tier 1 capital (to risk weighted assets) |
14.33% |
15.52% |
15.49% |
|
|
Tier 1 capital (to leverage assets) |
10.72% |
10.97% |
10.42% |
|
|
Tangible common equity (to tangible
assets) |
9.46% |
9.11% |
7.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT MIX |
Dec. 31, 2014 |
Sept. 30, 2014 |
Dec. 31, 2013 |
March 31, 2014 |
|
|
|
|
|
|
|
Interest checking |
$ 107,701 |
$ 107,288 |
$ 99,374 |
$ 104,543 |
|
Regular savings |
74,111 |
71,667 |
63,230 |
66,702 |
|
Money market deposit accounts |
222,300 |
229,520 |
233,581 |
227,933 |
|
Non-interest checking |
144,189 |
145,114 |
123,630 |
128,635 |
|
Certificates of deposit |
141,029 |
149,046 |
169,456 |
162,253 |
|
Total deposits |
$ 689,330 |
$ 702,635 |
$ 689,271 |
$ 690,066 |
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL
AND CONSTRUCTION LOANS |
|
|
|
|
|
|
|
Commercial |
|
Commercial |
|
|
Real Estate |
Real Estate |
& Construction |
|
Commercial |
Mortgage |
Construction |
Total |
December 31, 2014 |
(Dollars in thousands) |
Commercial |
$ 82,284 |
$ -- |
$ -- |
$ 82,284 |
Commercial construction |
-- |
-- |
26,051 |
26,051 |
Office buildings |
-- |
81,882 |
-- |
81,882 |
Warehouse/industrial |
-- |
45,089 |
-- |
45,089 |
Retail/shopping centers/strip malls |
-- |
60,472 |
-- |
60,472 |
Assisted living facilities |
-- |
1,855 |
-- |
1,855 |
Single purpose facilities |
-- |
101,117 |
-- |
101,117 |
Land |
-- |
15,062 |
-- |
15,062 |
Multi-family |
-- |
31,553 |
-- |
31,553 |
One-to-four family |
-- |
-- |
3,148 |
3,148 |
Total |
$ 82,284 |
$ 337,030 |
$ 29,199 |
$ 448,513 |
|
|
|
|
|
March 31, 2014 |
|
|
|
|
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 |
Dec. 31, 2014 |
Sept. 30, 2014 |
Dec. 31, 2013 |
March 31, 2014 |
|
(Dollars in thousands) |
Commercial and construction |
|
|
|
|
Commercial |
$ 82,284 |
$ 80,930 |
$ 69,659 |
$ 71,632 |
Other real estate mortgage |
337,030 |
329,056 |
332,373 |
324,881 |
Real estate construction |
29,199 |
18,843 |
15,041 |
19,482 |
Total commercial and
construction |
448,513 |
428,829 |
417,073 |
415,995 |
Consumer |
|
|
|
|
Real estate one-to-four family |
90,865 |
94,536 |
93,026 |
93,007 |
Other installment |
39,721 |
29,422 |
9,581 |
24,486 |
Total consumer |
130,586 |
123,958 |
102,607 |
117,493 |
|
|
|
|
|
Total loans |
579,099 |
552,787 |
519,680 |
533,488 |
|
|
|
|
|
Less: |
|
|
|
|
Allowance for loan losses |
11,701 |
12,001 |
14,048 |
12,551 |
Loans receivable, net |
$ 567,398 |
$ 540,786 |
$ 505,632 |
$ 520,937 |
|
|
|
|
|
|
|
DETAIL OF NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
December 31, 2014 |
(dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ -- |
$ -- |
$ -- |
$ -- |
$ 96 |
$ 96 |
Commercial real estate |
2,077 |
-- |
926 |
-- |
-- |
3,003 |
Land |
-- |
800 |
-- |
-- |
-- |
800 |
Multi-family |
-- |
1,933 |
357 |
-- |
-- |
2,290 |
Consumer |
443 |
-- |
783 |
270 |
44 |
1,540 |
Total non-performing loans |
2,520 |
2,733 |
2,066 |
270 |
140 |
7,729 |
|
|
|
|
|
|
|
REO |
374 |
-- |
1,185 |
45 |
-- |
1,604 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 2,894 |
$ 2,733 |
$ 3,251 |
$ 315 |
$ 140 |
$ 9,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Total |
|
December 31, 2014 |
(dollars in thousands) |
|
Land and Spec Construction Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Development Loans |
$ 111 |
$ 2,924 |
$ 12,027 |
$ -- |
$ 15,062 |
|
Spec Construction Loans |
-- |
-- |
2,190 |
204 |
2,394 |
|
|
|
|
|
|
|
|
Total Land and Spec Construction |
$ 111 |
$ 2,924 |
$ 14,217 |
$ 204 |
$ 17,456 |
|
|
|
|
|
|
|
|
At or for the
three months ended |
At or for the nine
months ended |
SELECTED OPERATING DATA |
Dec. 31, 2014 |
Sept. 30, 2014 |
Dec. 31, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
|
|
|
|
|
Efficiency ratio (4) |
85.13% |
85.81% |
90.48% |
87.02% |
98.80% |
Coverage ratio (6) |
87.86% |
87.57% |
79.20% |
85.87% |
74.62% |
Return on average assets (1) |
0.55% |
0.52% |
0.40% |
0.48% |
0.47% |
Return on average equity (1) |
4.45% |
4.26% |
3.84% |
3.91% |
4.53% |
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
Yield on loans |
4.65% |
4.67% |
4.85% |
4.64% |
4.91% |
Yield on investment securities |
1.73% |
1.97% |
1.46% |
1.87% |
1.50% |
Total yield on interest earning
assets |
3.84% |
3.88% |
3.64% |
3.82% |
3.76% |
|
|
|
|
|
|
Cost of interest bearing deposits |
0.23% |
0.25% |
0.35% |
0.25% |
0.37% |
Cost of FHLB advances and other
borrowings |
2.48% |
2.34% |
2.36% |
2.39% |
2.37% |
Total cost of interest bearing
liabilities |
0.34% |
0.34% |
0.44% |
0.34% |
0.46% |
|
|
|
|
|
|
Spread (7) |
3.50% |
3.54% |
3.20% |
3.48% |
3.30% |
Net interest margin |
3.58% |
3.61% |
3.29% |
3.55% |
3.39% |
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
Basic earnings per share (2) |
$ 0.05 |
$ 0.05 |
$ 0.04 |
$ 0.13 |
$ 0.12 |
Diluted earnings per share (3) |
$ 0.05 |
$ 0.05 |
$ 0.04 |
$ 0.13 |
$ 0.12 |
Book value per share (5) |
4.54 |
4.46 |
3.62 |
4.54 |
3.62 |
Tangible book value per share (5) |
3.38 |
3.31 |
2.46 |
3.38 |
2.46 |
Market price per share: |
|
|
|
|
|
High for the period |
$ 4.49 |
$ 3.99 |
$ 2.98 |
$ 4.49 |
$ 2.98 |
Low for the period |
3.84 |
3.67 |
2.51 |
3.38 |
2.27 |
Close for period end |
4.48 |
3.99 |
2.90 |
4.48 |
2.90 |
Cash dividends declared per share |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
Average number of shares outstanding: |
|
|
|
|
|
Basic (2) |
22,394,910 |
22,388,753 |
22,370,277 |
22,388,775 |
22,364,142 |
Diluted (3) |
22,439,195 |
22,419,469 |
22,371,914 |
22,421,330 |
22,365,224 |
(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, Ron Wysaske or Kevin Lycklama,
Riverview Bancorp, Inc. 360-693-6650
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