Riverview Bancorp, Inc. (Nasdaq GSM: RVSB). (“Riverview” or the
“Company”) today reported a net loss of $16.6 million, or $0.74 per
share, in its third fiscal quarter ended December 31, 2011,
compared to net income of $579,000, or $0.03 per share, in its
third fiscal quarter a year ago. The Company’s financial results
were impacted by the previously announced increase in the provision
for loan losses of $8.1 million as well as the establishment of an
$8.7 million deferred tax asset valuation allowance.
Highlights (at or for the period ended December 31,
2011)
- Credit Quality: Nonperforming
loans (NPLs) increased to $32.0 million, or 4.61% of total loans.
Real estate owned (REO) decreased to $20.7 million from $25.6
million at September 30, 2011.
- Capital and Liquidity: The
Company remains very well capitalized with total risk-based capital
ratio of 13.14% and a tangible common equity ratio of 7.84%.
Liquidity remains strong with no outstanding borrowings and
increased on-balance sheet liquidity.
- Balance Sheet Review: Branch
deposit growth remained strong during the quarter. Branch deposits
increased $9.6 million and total deposits increased $5.8 million
during the quarter. Average deposits increased $18.4 million during
the quarter and $31.6 million from the same quarter as the prior
year. Loan balances decreased $2.2 million as loan growth has
continued to be challenging. Average loan balances decreased $1.7
million during the quarter.
- Net Interest Margin: The net
interest margin during the third fiscal quarter was 4.21%.
- Income Statement: Net loss was
$16.6 million, or $0.74 per diluted share, as a result of the
increase in the provision for loan losses and the deferred tax
asset valuation.
- Deferred Tax Asset Valuation:
The Company established a deferred tax asset valuation allowance of
$8.7 million. This allowance represents a non-cash accounting entry
that may be reversed in future periods if, among other
considerations, the Company returns to sustained profitability.
Reversals of this allowance would increase the Company’s net income
in these future periods.
“The decision to significantly adjust our loan loss provision
will help position Riverview not only for recovery and financial
growth, but continued long-term success in an economy that remains
frustratingly sluggish,” said Pat Sheaffer, Chairman and CEO. “The
good news is that we will be strengthened by this move and our
liquidity and capital levels remain strong. We are fortunate to
have a solid net interest margin, a growing customer base and
successful core operations. It was because of these strong capital
levels that we were able to establish this valuation allowance and
remain well-capitalized with no impact on our customers or our core
business operations.”
Credit Quality
“The real estate market remains challenging,” said Ron Wysaske,
President and COO. “Our focus will remain on preserving capital
while aggressively identifying problem credits and reducing our
exposure on these properties. We have already made significant
progress in reducing our exposure to these types of loans,
primarily land development and building lot loans, and selling
acquired properties as quickly as possible.”
NPLs totaled $32.0 million, or 4.61% of total loans at December
31, 2011, compared to $29.7 million, or 4.27% of total loans at
September 30, 2011.
REO balances decreased $4.9 million during the quarter to $20.7
million at December 31, 2011 compared to $25.6 million in the
preceding quarter. REO sales during the quarter totaled $4.0
million, with write-downs of $2.5 million and additions of $1.6
million. Riverview currently has several additional properties
under contract, including $1.0 million in REO that sold in January
2012.
The allowance for loan losses was $15.9 million at December 31,
2011, representing 2.29% of total loans and 49.71% of NPLs. The
provision for loan losses was $8.1 million in the third quarter
compared to $2.2 million in the preceding quarter and $1.6 million
in the third quarter a year ago.
Balance Sheet Review
Deposit growth was highlighted by continued strong branch
deposit growth. Total deposits increased $5.8 million during the
quarter to $735.0 million at December 31, 2011 compared to $729.3
million at September 30, 2011 and $696.7 million a year ago.
Average deposit balances, which eliminate fluctuations in daily
balances, increased $18.4 million during the quarter and $31.6
million a year ago. Core deposits increased $37.8 million to $681.1
million at December 31, 2011 compared to $643.4 million a year ago.
Core deposits comprise 92.7% of total deposits at December 31,
2011.
Net loans were $678.6 million at December 31, 2011 compared to
$680.8 million at September 30, 2011 and $660.1 million a year ago.
The decrease in net loans during the quarter is due to the
continued difficult lending environment. Average loan balances
decreased $1.7 million during the quarter. New loan production
during the past year was concentrated in single-family residential
mortgages and small-business commercial loans.
As with the previous quarter, Riverview continues to reduce its
exposure to land development and speculative construction loans.
The balance of these portfolios was $58.5 million at December 31,
2011 compared to $66.6 million at September 30, 2011 and $75.1
million a year ago. Speculative construction loans were $13.0
million, and land development loans were $45.5 million,
representing a combined total of less than 9% of the total loan
portfolio at December 31, 2011.
The commercial real estate (“CRE”) loan portfolio continues to
perform well with only isolated credit issues. The CRE loan
portfolio totaled $358.5 million as of December 31, 2011, of which
29% was owner-occupied and 71% was investor-owned. At December 31,
2011, the CRE portfolio contained nine loans totaling $8.9 million
that were nonperforming, representing 2.49% of the total CRE
portfolio.
Net Interest Margin
Riverview’s net interest margin was 4.21% for the third quarter
compared to 4.35% for the preceding quarter. The decrease was due
to a higher balance of cash and liquid assets being held by the
Bank, as well as the reversal of interest from non-accrual loans.
The increase in cash and liquids assets resulted in a 13 basis
point decrease in the net interest margin while the reversal of
interest on non-accrual loans decreased the net interest margin by
nine basis points. The cost of interest bearing deposits was 0.67%
during the current quarter, a decrease of eight basis points from
the preceding quarter and a decrease of 33 basis points from the
third quarter a year ago.
Income Statement
Net interest income was $8.4 million in the third quarter, which
was the same as the preceding quarter. Net interest income was $8.8
million in the third quarter a year ago. The decline in net
interest income was due to the reversal of interest on non-accrual
loans and the continued pressure on loan yields as a result of the
low interest rate environment. Operating revenue, which consists of
net interest income plus non-interest income, was $9.9 million
during the third quarter compared to $10.3 million in the preceding
quarter and $10.7 million in the third quarter a year ago.
Non-interest income was $1.5 million in the third quarter
compared to $1.8 million in the preceding quarter and $1.9 million
in the third quarter a year ago. In the first nine months of fiscal
year 2012, non-interest income was $5.3 million compared to $6.2
million in the first nine months of fiscal year 2011. The decline
from the prior year was primarily due to a decline in both gains on
the sale of REO properties and gains on sale of loans held for
sale.
Fee income for Riverview Asset Management Corp. (“RAMCorp”), a
trust company subsidiary of the Bank, totaled $568,000 during the
third quarter compared to $570,000 in the preceding quarter and
$520,000 in the third quarter a year ago. Fiscal year-to-date,
RAMCorp’s fee income totaled $1.8 million compared to $1.5 million
in the same period a year ago. Assets under management increased
9.8% to $337.7 million at December 31, 2011 compared to $307.5
million at December 31, 2010.
Non-interest expense was $10.2 million in the third quarter
compared to $7.8 million in the preceding quarter and $8.3 million
in the third quarter a year ago. Non-Interest expense increased due
to an increase in REO expenses of $2.0 million from the prior
linked quarter and $1.9 million from the same quarter a year ago.
The increase in REO expenses was a result of write-downs on several
properties due to updated valuations.
The Company established an $8.7 million valuation allowance
against the deferred tax asset balance as of December 31, 2011,
which reduced its deferred tax asset to $594,000. Looking forward,
management will review the deferred tax asset valuation allowance
on a quarterly basis. Any future reversals of the deferred tax
asset valuation allowance would decrease the Company’s income tax
expense and increase its after tax net income in the period of
reversal.
The Company initiated its annual goodwill impairment test during
the quarter. Any potential goodwill impairment could be material
but would be a non‐cash charge and have no effect on the Company’s
cash balances, liquidity or tangible equity. In addition, because
goodwill is not included in the calculation of regulatory capital,
the Company’s well‐capitalized regulatory ratios would not be
affected by this potential non‐cash expense. We expect to finalize
our goodwill impairment analysis during the fourth quarter of
fiscal year 2012 and the results thereof will be disclosed in the
fourth quarter financial statements.
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 13.14% and a Tier 1
leverage ratio of 9.74% at December 31, 2011. The Company also has
an additional $11.0 million in assets that could be used in the
future to boost the Bank’s capital levels or support future
growth.
At December 31, 2011, the Bank had available total and
contingent liquidity of over $490 million, including over $300
million of borrowing capacity from the Federal Home Loan Bank of
Seattle and the Federal Reserve Bank of San Francisco, and more
than $70 million from cash and short-term investments. At December
31, 2011, the Bank had no outstanding borrowings.
Company Growth
Riverview recently began construction on its new branch in
Gresham, Oregon, with the branch expected to open in the Summer
2012. The 5,000 square-foot full-service branch will fill a
long-standing need for community banking in a rapidly growing
metropolitan area and will be one of four Riverview branches in
Oregon.
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 reconciliations 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 31,2011
September 30,2011 December
31,2010 March 31,2011
Shareholders’ equity $ 91,567 $ 108,149 $ 106,030 $ 106,944
Goodwill 25,572 25,572 25,572 25,572 Other intangible assets, net
456 511 665 615 Tangible shareholders’ equity $ 65,539 $
82,066 $ 79,793 $ 80,757 Total assets $ 862,330 $ 873,396 $
838,417 $ 859,263 Goodwill 25,572 25,572 25,572 25,572 Other
intangible assets, net 456 511 665 615 Tangible assets $
836,302 $ 847,313 $ 812,180 $ 833,076
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 $862 million, it is the parent company
of the 88 year-old Riverview Community Bank, as well as Riverview
Asset Management Corp. There are 17 branches, including twelve in
the Portland-Vancouver area and three lending centers. The Bank
offers true community banking services, focusing on providing the
highest quality service and financial products to commercial and
retail customers.
“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
Thrift Supervision 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 as successor to the OTS 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 Securities and
Exchange Commission.
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 2012 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, 2011
September 30, 2011 December 31, 2010
March 31, 2011 ASSETS
Cash (including interest-earning accounts
of $23,146, $32,955, $27,548 and $37,349)
$ 36,313 $ 50,148 $ 35,900 $ 51,752 Certificate of deposits 42,718
23,847 17,141 14,900 Loans held for sale 659 264 581 173 Investment
securities held to maturity, at amortized cost 493 499 505 506
Investment securities available for sale, at fair value 6,337 6,707
6,255 6,320 Mortgage-backed securities held to maturity, at
amortized 177 181 194 190 Mortgage-backed securities available for
sale, at fair value 1,146 1,341 2,007 1,777
Loans receivable (net of allowance for
loan losses of $15,926, $14,672, $17,463, and $14,968)
678,626 680,838 660,075 672,609 Real estate and other pers.
property owned 20,667 25,585 30,704 27,590 Prepaid expenses and
other assets 6,087 6,020 6,206 5,887 Accrued interest receivable
2,378 2,402 2,498 2,523 Federal Home Loan Bank stock, at cost 7,350
7,350 7,350 7,350 Premises and equipment, net 16,351 16,568 15,655
16,100 Deferred income taxes, net 594 9,307 11,307 9,447 Mortgage
servicing rights, net 299 334 423 396 Goodwill 25,572 25,572 25,572
25,572 Core deposit intangible, net 157 177 242 219 Bank owned life
insurance 16,406 16,256 15,802
15,952 TOTAL ASSETS $ 862,330 $
873,396 $ 838,417 $ 859,263
LIABILITIES AND EQUITY LIABILITIES: Deposit accounts
$ 735,046 $ 729,259 $ 696,749 $ 716,530 Accrued expenses and other
liabilities 9,574 9,459 9,697 9,396 Advance payments by borrowers
for taxes and insurance 409 797 227 680 Junior subordinated
debentures 22,681 22,681 22,681 22,681 Capital lease obligation
2,531 2,544 2,578
2,567 Total liabilities 770,241 764,740 731,932 751,854
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, 2011 - 22,471,890 issued and outstanding; September
30, 2011 - 22,471,890 issued and outstanding; 225 225 225 225
December 31, 2010 – 22,471,890 issued and outstanding; March 31,
2011 – 22,471,890 issued and outstanding; Additional paid-in
capital 65,621 65,626 65,642 65,639 Retained earnings 27,493 44,088
42,339 43,193 Unearned shares issued to employee stock ownership
trust (619 ) (644 ) (722 ) (696 ) Accumulated other comprehensive
loss (1,153 ) (1,146 ) (1,454 ) (1,417
) Total shareholders’ equity 91,567 108,149 106,030 106,944
Noncontrolling interest 522 507
455 465 Total equity 92,089
108,656 106,485 107,409
TOTAL LIABILITIES AND EQUITY $ 862,330 $ 873,396
$ 838,417 $ 859,263
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY Consolidated Statements of
Income Three Months Ended Nine Months
Ended (In thousands, except share data) (Unaudited)
Dec. 31, 2011 Sept. 30, 2011
Dec. 31, 2010 Dec. 31, 2011 Dec. 31,
2010 INTEREST INCOME: Interest and fees on
loans receivable $ 9,669 $ 9,815 $ 10,593 $ 29,764 $ 32,458
Interest on investment securities-taxable 28 36 28 109 115 Interest
on investment securities-non taxable 11 12 14 35 43 Interest on
mortgage-backed securities 12 13 21 41 70 Other interest and
dividends 109 89 77
273 140 Total interest income 9,829
9,965 10,733 30,222 32,826 INTEREST EXPENSE: Interest on
deposits 1,061 1,158 1,567 3,449 5,232 Interest on borrowings
381 372 359 1,121
1,119 Total interest expense 1,442
1,530 1,926 4,570
6,351 Net interest income 8,387 8,435 8,807 25,652
26,475 Less provision for loan losses 8,100
2,200 1,600 11,850
4,575 Net interest income after provision for loan losses
287 6,235 7,207 13,802 21,900 NON-INTEREST INCOME: Fees and
service charges 962 1,078 955 3,082 3,131 Asset management fees 568
570 520 1,763 1,533 Gain on sale of loans held for sale 29 21 96 73
339 Bank owned life insurance income 151 153 151 455 451 Other
(180 ) 10 142 (107 )
696 Total non-interest income 1,530 1,832 1,864 5,266
6,150 NON-INTEREST EXPENSE: Salaries and employee benefits
4,014 3,514 4,090 12,039 12,115 Occupancy and depreciation 1,211
1,166 1,208 3,540 3,497 Data processing 306 542 274 1,136 774
Amortization of core deposit intangible 20 20 23 62 72 Advertising
and marketing expense 286 283 187 814 577 FDIC insurance premium
289 286 402 848 1,240 State and local taxes 150 81 184 410 502
Telecommunications 109 108 105 324 317 Professional fees 334 298
311 971 958 Real estate owned expenses 2,781 756 897 3,967 1,183
Other 692 791 572
2,083 1,695 Total non-interest expense
10,192 7,845 8,253 26,194
22,930 INCOME (LOSS) BEFORE INCOME
TAXES (8,375 ) 222 818 (7,126 ) 5,120 PROVISION FOR INCOME TAXES
8,220 41 239 8,574
1,659 NET INCOME (LOSS) $ (16,595 ) $
181 $ 579 $ (15,700 ) $ 3,461 Earnings (loss)
per common share: Basic $ (0.74 ) $ 0.01 $ 0.03 $ (0.70 ) $ 0.20
Diluted $ (0.74 ) $ 0.01 $ 0.03 $ (0.70 ) $ 0.20 Weighted average
number of shares outstanding: Basic 22,321,011 22,314,854
22,296,378 22,314,876 17,044,751 Diluted 22,321,011 22,314,854
22,297,043 22,314,876 17,044,751 (Dollars in
thousands)
At or for the three months ended
At or for the nine months ended Dec. 31, 2011
Sept. 30, 2011 Dec. 31, 2010 Dec. 31,
2011 Dec. 31, 2010
AVERAGE
BALANCES
Average interest–earning assets $ 790,922 $ 770,719 $ 760,826 $
774,326 $ 761,816 Average interest-bearing liabilities 651,368
640,605 645,014 642,974 653,352 Net average earning assets 139,554
130,114 115,812 131,352 108,464 Average loans 694,205 695,941
692,025 693,856 709,868 Average deposits 742,899 724,473 711,305
727,704 709,057 Average equity 109,301 109,729 107,728 109,402
98,198 Average tangible equity 83,238 83,614 81,443 83,287 71,864
ASSET
QUALITY
Dec. 31, 2011 Sept. 30, 2011 Dec. 31, 2010
Non-performing loans 32,037 29,680 16,879 Non-performing
loans to total loans 4.61 % 4.27 % 2.49 % Real estate/repossessed
assets owned 20,667 25,585 30,704 Non-performing assets 52,704
55,265 47,583 Non-performing assets to total assets 6.11 % 6.33 %
5.68 % Net loan charge-offs in the quarter 6,846 3,587 3,166 Net
charge-offs in the quarter/average net loans 3.91 % 2.04 % 1.82 %
Allowance for loan losses 15,926 14,672 17,463
Average interest-earning assets to average
interest-bearing liabilities
121.42 % 120.31 % 117.95 %
Allowance for loan losses to
non-performing loans
49.71 % 49.43 % 103.46 % Allowance for loan losses to total loans
2.29 % 2.11 % 2.58 % Shareholders’ equity to assets 10.62 % 12.38 %
12.65 %
CAPITAL
RATIOS
Total capital (to risk weighted assets) 13.14 % 14.29 % 14.72 %
Tier 1 capital (to risk weighted assets) 11.89 % 13.03 % 13.46 %
Tier 1 capital (to leverage assets) 9.74 % 10.79 % 11.02 % Tangible
common equity (to tangible assets) 7.84 % 9.69 % 9.82 %
DEPOSIT
MIX
Dec. 31, 2011 Sept. 30, 2011 Dec. 31, 2010
March 31, 2011 Interest checking $ 96,757 $ 92,006 $
78,327 $ 77,399 Regular savings 42,453 40,871 34,913 37,231 Money
market deposit accounts 235,902 227,095 216,155 236,321
Non-interest checking 116,854 116,645 94,269 102,429 Certificates
of deposit 243,080 252,642
273,085 263,150 Total deposits $ 735,046 $
729,259 $ 696,749 $ 716,530
COMPOSITION OF
COMMERCIAL AND CONSTRUCTION LOANS
Commercial CommercialReal EstateMortgage
Real EstateConstruction Commercial&
ConstructionTotal
December 31,
2011
(Dollars in thousands) Commercial $ 86,759 $ - $ - $ 86,759
Commercial construction - - 10,772 10,772 Office buildings - 99,880
- 99,880 Warehouse/industrial - 43,868 - 43,868 Retail/shopping
centers/strip malls - 83,207 - 83,207 Assisted living facilities -
37,160 - 37,160 Single purpose facilities - 94,385 - 94,385 Land -
45,502 - 45,502 Multi-family - 44,286 - 44,286 One-to-four family
- - 16,772 16,772
Total $ 86,759 $ 448,288 $ 27,544 $ 562,591
March 31,
2011
(Dollars in thousands) Commercial $ 85,511 $ - $ - $ 85,511
Commercial construction - - 8,608 8,608 Office buildings - 95,529 -
95,529 Warehouse/industrial - 49,627 - 49,627 Retail/shopping
centers/strip malls - 85,719 - 85,719 Assisted living facilities -
35,162 - 35,162 Single purpose facilities - 98,651 - 98,651 Land -
55,258 - 55,258 Multi-family - 42,009 - 42,009 One-to-four family
- - 18,777 18,777 Total $ 85,511 $
461,955 $ 27,385 $ 574,851
LOAN
MIX
Dec. 31, 2011 Sept. 30, 2011 Dec. 31, 2010
March 31, 2011 Commercial and construction Commercial $
86,759 $ 88,017 $ 85,768 $ 85,511 Other real estate mortgage
448,288 455,153 454,058 461,955 Real estate construction
27,544 30,221 32,870 27,385 Total commercial
and construction 562,591 573,391 572,696 574,851 Consumer Real
estate one-to-four family 129,780 119,805 102,488 110,437 Other
installment 2,181 2,314 2,354 2,289
Total consumer 131,961 122,119 104,842 112,726
Total loans 694,552 695,510 677,538 687,577 Less:
Allowance for loan losses 15,926 14,672 17,463
14,968 Loans receivable, net $ 678,626 $ 680,838 $ 660,075 $
672,609
DETAIL OF
NON-PERFORMING ASSETS
NorthwestOregon
OtherOregon SouthwestWashington OtherWashington Other Total
December 31,
2011
(dollars in thousands) Non-performing assets Commercial $
957 $ 601 $ 1,440 $ - $ - $ 2,998 Commercial real estate 2,756 4
3,760 - 2,411 8,931 Land - 533 8,970 - 5,000 14,503 Multi-family -
598 - - - 598 Commercial construction - - - - - - One-to-four
family construction 1,579 1,707 143 - - 3,429 Real estate
one-to-four family 903 433 242 - - 1,578 Consumer - -
- - - - Total non-performing loans
6,195 3,876 14,555 - 7,411 32,037 REO 3,815
6,676 6,764 3,412 - 20,667 Total
non-performing assets $ 10,010 $ 10,552 $ 21,319 $ 3,412 $ 7,411 $
52,704
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS
NorthwestOregon OtherOregon SouthwestWashington
OtherWashington Other Total
December 31,
2011
(dollars in thousands) Land and Spec Construction Loans Land
Development Loans $ 6,054 $ 4,216 $ 30,232 $ - $ 5,000 $ 45,502
Spec Construction Loans 1,579 8,191 3,184
71 - 13,025 Total Land and Spec
Construction $ 7,633 $ 12,407 $ 33,416 $ 71 $ 5,000 $ 58,527
At or for the three months ended At
or for the nine months ended
SELECTED OPERATING
DATA
Dec. 31,
2011
Sept. 30,
2011
Dec. 31,
2010
Dec. 31,
2011
Dec. 31,
2010
Efficiency ratio (4) 102.77 % 76.41 % 77.34 % 84.72 % 70.28
% Coverage ratio (6) 82.29 % 107.52 % 106.71 % 97.93 % 115.46 %
Return on average assets (1) -7.42 % 0.08 % 0.27 % -2.39 % 0.54 %
Return on average equity (1) -60.24 % 0.65 % 2.13 % -19.05 % 4.68 %
NET INTEREST
SPREAD
Yield on loans 5.53 % 5.59 % 6.07 % 5.69 % 6.07 % Yield on
investment securities 2.66 % 2.59 % 2.74 % 2.72 % 2.91 % Total
yield on interest earning assets 4.93 % 5.13 % 5.60 % 5.18 % 5.72 %
Cost of interest bearing deposits 0.67 % 0.75 % 1.00 % 0.74
% 1.12 % Cost of FHLB advances and other borrowings 5.99 % 5.86 %
5.64 % 5.89 % 4.29 % Total cost of interest bearing liabilities
0.88 % 0.95 % 1.18 % 0.94 % 1.29 % Spread (7) 4.05 % 4.18 %
4.42 % 4.24 % 4.43 % Net interest margin 4.21 % 4.35 % 4.60 % 4.40
% 4.62 %
PER SHARE
DATA
Basic earnings per share (2) $ (0.74 ) $ 0.01 $ 0.03 $ (0.70 ) $
0.20 Diluted earnings per share (3) (0.74 ) 0.01 0.03 (0.70 ) 0.20
Book value per share (5) 4.07 4.81 4.72 4.07 4.72 Tangible book
value per share (5) 2.92 3.65 3.55 2.92 3.55 Market price per
share: High for the period $ 2.50 $ 3.12 $ 2.80 $ 3.18 $ 3.81 Low
for the period 2.11 2.20 2.00 2.11 1.73 Close for period end 2.37
2.40 2.72 2.37 2.72 Cash dividends declared per share - - - - -
Average number of shares outstanding: Basic (2) 22,321,011
22,314,854 22,296,378 22,314,876 17,044,751 Diluted (3) 22,321,011
22,314,854 22,297,043 22,314,876 17,044,751 (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.
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