UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
July 15, 2008
RIVERVIEW
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
Washington
|
000-22957
|
91-
1838969
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
|
900
Washington Street, Suite 900, Vancouver,
Washington
|
98660
|
(Address
of principal executive
offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code:
(360) 693-6650
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions.
|
|
[
] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
|
|
[
] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
|
|
[
] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
|
|
[
] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
|
Item
2.02 Results of Operations and Financial Condition.
On July
15, 2008, Riverview Bancorp, Inc. issued its earnings release for the quarter
ended June 30, 2008. A copy of the press release is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
99.1
News Release of Riverview Bancorp, Inc. dated July 15, 2008.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
|
RIVERVIEW BANCORP,
INC.
|
|
|
Date: July
15, 2008
|
/s/ Kevin
J.
Lycklama
|
|
Kevin J.
Lycklama
|
|
Chief Financial
Officer
|
|
(Principal Financial
Officer)
|
Exhibit
99.1
News
Release Dated July 15, 2008
Contacts: Pat
Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc.
360-693-6650
Riverview
Bancorp Inc. Earns $793,000 in First Quarter
Net
Loans Increase 15% to $764 Million
Vancouver,
WA – July 15, 2008 – Riverview Bancorp, Inc. (NASDAQ GSM: RVSB) today reported
that following a $2.75 million addition to its loan loss reserve, net income for
the first quarter of fiscal 2009 was $793,000, or $0.07 per diluted share,
compared to $2.8 million, or $0.25 per diluted share in the first quarter of
fiscal 2008. The increased loan loss provision is due partly to
trends in the risk rating migration of certain loans in the loan portfolio, as
well as regional market conditions with regard to the decrease in home and land
values.
“During
the past several months, changes in the national economy affected our local
markets in southwest Washington and metropolitan Portland; however, we do expect
our local economy to continue to compare more favorably going forward,” said Pat
Sheaffer, Chairman and CEO. “While loan growth remains robust, we
have seen a substantial slowdown in residential real estate sales in all our
markets which directly impacted our land development and speculative
construction lending portfolio. We continue to monitor the credit
risk and quality of our loan portfolio as well as the current economic market
conditions and believe we are well positioned as we move through this difficult
period and limit credit losses. Riverview does not have sub-prime
residential real estate in its loan portfolio and does not believe that it has
any exposure to sub-prime lending in its Mortgage Backed Securities
portfolio.”
Credit
Quality
“Our
primary emphasis in fiscal 2009 continues to be managing the quality of our loan
portfolio,” said Ron Wysaske, President and COO. “Riverview has
resolutely applied a disciplined approach to the loan approval process as well
as continuously monitoring our entire loan portfolio for signs of credit
deterioration. Although we have seen an increase in nonperforming
loans recently, these problem loans are limited to a few lending relationships
and are not a trend in the overall loan portfolio. We are working
closely with our borrowers to help them and are doing everything possible to
ensure Riverview is repaid in a timely manner.” Non-performing assets
increased to $23.6 million, or 2.67% of total assets, at June 30, 2008, compared
to $8.2 million, or 0.92% of total assets, at March 31, 2008 and $226,000, or
0.03% of total assets, at June 30, 2007.
The
increase in non-performing assets consists of twenty loans to sixteen borrowers,
which includes six land-acquisition and development loans totaling $16.4
million, three construction loans totaling $2.3 million, two commercial loans
totaling $1.2 million and three other real estate mortgage loans totaling $2.4
million. All of the loans are to borrowers located in Oregon and
Washington, with the exception of one land acquisition and development loan
totaling $3.5 million to a Washington borrower who has property located in
Southern California. Riverview had $639,000 in other real estate
owned (OREO) at the end of June 2008.
The
allowance for loan losses, including unfunded loan commitments of $299,000, was
$13.4 million, or 1.73% of total loans at quarter end, compared with $11.0
million, or 1.44% of total loans at March 31, 2008, and $9.1 million, or 1.36%
of total loans, at June 30, 2007. Management believes the allowance
for loan losses is adequate and appropriate based on its current analysis of the
loan portfolio’s credit quality, current economic conditions, and underlying
collateral values. Net loan charge-offs were $330,000, or an
annualized rate of 0.17% of total loans, for the quarter ended June 30,
2008.
Operating
Results
Net
interest income in the first fiscal quarter of 2009 was $8.4 million, down from
$8.8 million in the first fiscal quarter a year ago, largely due to
interest-bearing assets re-pricing down faster than interest-bearing liabilities
as the Federal
Riverview
Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15,
2008
Page
2
Reserve
cut rates. For the first quarter of fiscal 2009, the net interest
margin was 4.20% compared to 4.41% in the previous linked quarter and 4.83% in
the first fiscal quarter a year ago. “Margin compression remains a
challenge for Riverview as well as the entire banking industry, and we expect
our margin to remain under pressure during the second half of the calendar
year,” said Wysaske.
Non-interest
income was $2.2 million for the quarter, compared to $2.3 million for the same
quarter a year ago. “Fee income from Riverview Asset Management Corp.
increased 14% compared to the same quarter in the prior year, but was offset by
a $263,000 decline in mortgage broker loan fees, reflecting the continued
slowdown in the real estate market,” said Wysaske.
Non-interest
expense was $6.7 million in the first quarter of fiscal 2009, compared to $6.8
million in the first quarter of fiscal 2008. Riverview’s efficiency
ratio was 63.20% for the first quarter, compared to 60.93% in the first quarter
a year ago. “Last year we increased our infrastructure to accommodate
our expanding franchise in Southwest Washington and into Oregon,” said
Wysaske. “During the first quarter, revenues have remained steady,
notwithstanding the economic slowdown and real estate problems in our
markets. Operating expenses, likewise, have held firm. The
reduction in net income and earnings per share is directly attributable to
increased credit costs,” he continued.
Return on
average assets was 0.36% for the first quarter of fiscal 2009, compared to 1.39%
for the first quarter of fiscal 2008 and return on average equity was 3.35% for
the first quarter, compared to 11.16% for the same quarter last
year.
Balance
Sheet Growth
“Our
focus remains on keeping a well-diversified, high quality loan portfolio despite
the current challenging economic environment,” said
Sheaffer. “Although we started our fiscal year at double digit
growth, we expect our loan growth for the remainder of the year to be moderate
compared to the record setting pace of the past few years as we continue to
experience competitive loan pricing in our markets.” Net loans
increased 15% to $764 million at June 30, 2008, compared to $663 million a year
ago. At June 30, 2008, commercial loans accounted for 71% and
construction loans accounted for 18% of the total loan portfolio compared to 66%
and 24% respectively at June 30, 2007.
“The
local housing markets have slowed significantly compared to the last few years
and as a result, our one-to-four family real estate construction portfolio is
now down to $87 million from $102 million a year ago,” said
Wysaske. “However, population growth in the Southwest Washington and
the metropolitan Portland, Oregon area continues to increase faster than the
national average, despite the slowing housing market. We believe this
provides an opportunity for us to grow our customer base, as well as our balance
sheet, during the remainder of this year.”
“During
the quarter we reduced our exposure to real estate construction and shrunk that
portfolio to $142 million at quarter-end from $149 million at the end of the
linked quarter and $159 million at the end of June 2007,” added
Wysaske. “We should continue to see reductions in our real estate
construction portfolio as we focus on other lending opportunities.”
The
following table breaks out the composition of commercial and construction loan
types based on loan purpose:
Riverview
Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15,
2008
Page
3
COMPOSITION
OF COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN
PURPOSE
|
|
|
|
|
Other
|
|
|
|
Commercial
|
|
|
|
|
Real
Estate
|
|
Real
Estate
|
|
& Construction
|
June
30, 2008
|
|
Commercial
|
|
Mortgage
|
|
Construction
|
|
Total
|
|
|
|
(Dollars in thousands)
|
|
|
|
Commercial
|
|
$ 110,620
|
|
$ -
|
|
$ -
|
|
$ 110,620
|
|
Commercial
construction
|
|
-
|
|
-
|
|
54,821
|
|
54,821
|
|
Office
buildings
|
|
-
|
|
85,386
|
|
-
|
|
85,386
|
|
Warehouse/industrial
|
|
-
|
|
44,270
|
|
-
|
|
44,270
|
|
Retail/shopping
centers/strip malls
|
|
-
|
|
78,042
|
|
-
|
|
78,042
|
|
Assisted
living facilities
|
|
-
|
|
30,651
|
|
-
|
|
30,651
|
|
Single
purpose facilities
|
|
-
|
|
73,478
|
|
-
|
|
73,478
|
|
Land
|
|
-
|
|
102,509
|
|
-
|
|
102,509
|
|
Multi-family
|
|
-
|
|
24,574
|
|
-
|
|
24,574
|
|
One-to-four
family
|
|
-
|
|
-
|
|
87,385
|
|
87,385
|
|
Total
|
|
$ 110,620
|
|
$ 438,910
|
|
$ 142,206
|
|
$ 691,736
|
|
“We
continue to focus on core deposit growth by expanding our commercial banking
products,” said Sheaffer. “Earlier this year we began offering remote
deposit capture of checks to selected customers and enhancing our cash
management product line.” Following the payoff of $25.2 million in
brokered CDs, Riverview’s total deposits were $629 million at June 30, 2008,
compared to $692 million a year ago. Riverview currently chooses to
have no brokered deposits. Non-interest checking balances represent
12% of total deposits and interest checking balances represent 15% of total
deposits. Core deposits, defined as all deposits excluding
certificates of deposit, were $374 million at the end of June 2008, and
represent 59% of total deposits.
Total
assets increased 6% to $885 million at June 30, 2008, compared to $832 million a
year ago.
Shareholders’
Equity
Shareholders’
equity was $92.0 million at June 30, 2008, compared to $99.7 million a year
ago. Book value per share was $8.43 at the end of June 2008, compared
to $8.62 a year earlier. Riverview’s capital position remains strong,
and the bank remains “well-capitalized” by regulatory definition. At
June 30, 2008, the total capital ratio was 11.03% compared to 10.99% at March
31, 2008 and 11.09% at June 30, 2007.
About
the Company
Riverview
Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington
– just north of Portland, Oregon on the I-5 corridor. With assets of
$885 million, it is the parent company of the 85 year-old Riverview Community
Bank, as well as Riverview Mortgage and Riverview Asset Management
Corp. There are 18 branches, including ten in fast growing Clark
County, three in the Portland metropolitan area and four lending
centers. The Bank offers true community banking services, focusing on
providing the highest quality service and financial products to commercial and
retail customers.
Statements
concerning future performance, developments or events, concerning expectations
for growth and market forecasts, and any other guidance on future periods,
constitute forward-looking statements, which are subject to a number of risks
and uncertainties that might cause actual results to differ materially from
stated objectives. These factors include but are not limited
to: RVSB’s ability to acquire shares according to internal repurchase
guidelines, regional economic conditions and the company’s ability to
efficiently manage expenses. Additional factors that could cause
actual results to differ materially are disclosed in Riverview Bancorp's recent
filings with the SEC, including but not limited to Annual Reports on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K.
Riverview
Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15,
2008
Page
4
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets
|
|
|
|
|
|
June
30, 2008, March 31, 2008 and June 30, 2007
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
(In
thousands, except share data) (Unaudited)
|
2008
|
|
2008
|
|
2007
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash
(including interest-earning accounts of $9,429, $14,238
|
|
|
|
|
and
$47,085)
|
$ 28,271
|
|
$ 36,439
|
|
$ 68,082
|
Investment
securities held to maturity, at amortized cost
|
|
|
|
|
|
(fair
value of $536, none and none)
|
536
|
|
-
|
|
-
|
Investment
securities available for sale, at fair value
|
|
|
|
|
|
(amortized
cost of $7,786, $7,825 and $13,734)
|
6,876
|
|
7,487
|
|
13,756
|
Mortgage-backed
securities held to maturity, at amortized
|
|
|
|
|
|
cost
(fair value of $767, $892 and $1,150)
|
762
|
|
885
|
|
1,135
|
Mortgage-backed
securities available for sale, at fair value
|
|
|
|
|
|
(amortized
cost of $4,963, $5,331 and $6,405)
|
4,915
|
|
5,338
|
|
6,201
|
Loans
receivable (net of allowance for loan losses of $13,107,
|
|
|
|
|
|
$10,687
and $8,728)
|
763,631
|
|
756,538
|
|
663,430
|
Real
estate and other pers. property owned
|
639
|
|
494
|
|
-
|
Prepaid
expenses and other assets
|
2,473
|
|
2,679
|
|
2,878
|
Accrued
interest receivable
|
3,080
|
|
3,436
|
|
3,686
|
Federal
Home Loan Bank stock, at cost
|
7,350
|
|
7,350
|
|
7,350
|
Premises
and equipment, net
|
20,698
|
|
21,026
|
|
21,155
|
Deferred
income taxes, net
|
4,799
|
|
4,571
|
|
4,126
|
Mortgage
servicing rights, net
|
282
|
|
302
|
|
347
|
Goodwill
|
25,572
|
|
25,572
|
|
25,572
|
Core
deposit intangible, net
|
521
|
|
556
|
|
669
|
Bank
owned life insurance
|
14,322
|
|
14,176
|
|
13,753
|
TOTAL
ASSETS
|
$ 884,727
|
|
$ 886,849
|
|
$ 832,140
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
Deposit
accounts
|
$ 629,407
|
|
$ 667,000
|
|
$ 692,168
|
Accrued
expenses and other liabilities
|
8,034
|
|
8,654
|
|
9,675
|
Advance
payments by borrowers for taxes and insurance
|
128
|
|
393
|
|
162
|
Federal
Home Loan Bank advances
|
129,760
|
|
92,850
|
|
5,000
|
Junior
subordinated debentures
|
22,681
|
|
22,681
|
|
22,681
|
Capital
lease obligation
|
2,677
|
|
2,686
|
|
2,713
|
Total
liabilities
|
792,687
|
|
794,264
|
|
732,399
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY:
|
|
|
|
|
|
Serial
preferred stock, $.01 par value; 250,000 authorized,
|
|
|
|
|
|
issued
and outstanding, none
|
-
|
|
-
|
|
-
|
Common
stock, $.01 par value; 50,000,000 authorized,
|
|
|
|
|
|
June
30, 2008 – 10,923,773 issued and outstanding;
|
109
|
|
109
|
|
115
|
March
31, 2008 – 10,913,773 issued and outstanding;
|
|
|
|
|
|
June
30, 2007 – 11,566,980 issued and outstanding
|
|
|
|
|
|
Additional
paid-in capital
|
46,826
|
|
46,799
|
|
56,450
|
Retained
earnings
|
46,703
|
|
46,871
|
|
44,379
|
Unearned
shares issued to employee stock ownership trust
|
(980)
|
|
(976)
|
|
(1,083)
|
Accumulated
other comprehensive loss
|
(618)
|
|
(218)
|
|
(120)
|
Total
shareholders’ equity
|
92,040
|
|
92,585
|
|
99,741
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ 884,727
|
|
$ 886,849
|
|
$ 832,140
|
|
|
|
|
|
|
Riverview
Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15,
2008
Page
5
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY
|
|
|
|
|
|
|
Consolidated
Statements of Income for the Three Months
|
|
Three
Months Ended
|
|
Ended
June 30, 2008 and 2007
|
|
June
30,
|
|
(In
thousands, except share data) (Unaudited)
|
|
2008
|
|
|
2007
|
|
INTEREST
INCOME:
|
|
|
|
|
|
|
Interest
and fees on loans receivable
|
|
$
|
13,324
|
|
|
$
|
14,880
|
|
Interest
on investment securities-taxable
|
|
|
56
|
|
|
|
172
|
|
Interest
on investment securities-non taxable
|
|
|
32
|
|
|
|
38
|
|
Interest
on mortgage-backed securities
|
|
|
61
|
|
|
|
91
|
|
Other
interest and dividends
|
|
|
93
|
|
|
|
243
|
|
Total
interest income
|
|
|
13,566
|
|
|
|
15,424
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
Interest
on deposits
|
|
|
4,106
|
|
|
|
6,190
|
|
Interest
on borrowings
|
|
|
1,093
|
|
|
|
406
|
|
Total
interest expense
|
|
|
5,199
|
|
|
|
6,596
|
|
Net
interest income
|
|
|
8,367
|
|
|
|
8,828
|
|
Less
provision for loan losses
|
|
|
2,750
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
Net
interest income after provision for loan losses
|
|
|
5,617
|
|
|
|
8,778
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME:
|
|
|
|
|
|
|
|
|
Fees
and service charges
|
|
|
1,210
|
|
|
|
1,427
|
|
Asset
management fees
|
|
|
624
|
|
|
|
548
|
|
Net
gain on sale of loans held for sale
|
|
|
52
|
|
|
|
91
|
|
Loan
servicing income
|
|
|
28
|
|
|
|
39
|
|
Bank
owned life insurance
|
|
|
146
|
|
|
|
139
|
|
Other
|
|
|
122
|
|
|
|
58
|
|
Total
non-interest income
|
|
|
2,182
|
|
|
|
2,302
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
|
3,884
|
|
|
|
3,968
|
|
Occupancy
and depreciation
|
|
|
1,233
|
|
|
|
1,302
|
|
Data
processing
|
|
|
199
|
|
|
|
168
|
|
Amortization
of core deposit intangible
|
|
|
35
|
|
|
|
42
|
|
Advertising
and marketing expense
|
|
|
181
|
|
|
|
282
|
|
FDIC
insurance premium
|
|
|
114
|
|
|
|
19
|
|
State
and local taxes
|
|
|
175
|
|
|
|
171
|
|
Telecommunications
|
|
|
124
|
|
|
|
104
|
|
Professional
fees
|
|
|
202
|
|
|
|
223
|
|
Other
|
|
|
520
|
|
|
|
502
|
|
Total
non-interest expense
|
|
|
6,667
|
|
|
|
6,781
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES
|
|
|
1,132
|
|
|
|
4,299
|
|
PROVISION
FOR INCOME TAXES
|
|
|
339
|
|
|
|
1,460
|
|
NET
INCOME
|
|
$
|
793
|
|
|
$
|
2,839
|
|
|
|
|
|
|
|
|
|
|
Earnings
per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.07
|
|
|
$
|
0.25
|
|
Diluted
|
|
$
|
0.07
|
|
|
$
|
0.25
|
|
Weighted
average number of shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
10,677,999
|
|
|
|
11,391,825
|
|
Diluted
|
|
|
10,698,292
|
|
|
|
11,527,586
|
|
Riverview
Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15,
2008
Page
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the year
|
|
|
|
At
or for the three months ended June
30,
|
|
|
ended March 31,
|
|
|
|
2008
|
|
|
|
|
2007
|
|
|
|
|
|
2008
|
|
|
|
|
FINANCIAL CONDITION
DATA
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
Average
interest–earning assets
|
|
$
|
800,295
|
|
|
|
|
|
$
|
734,135
|
|
|
|
|
|
$
|
751,023
|
|
|
|
|
Average
interest-bearing liabilities
|
|
|
698,571
|
|
|
|
|
|
|
620,930
|
|
|
|
|
|
|
643,265
|
|
|
|
|
Net
average earning assets
|
|
|
101,724
|
|
|
|
|
|
|
113,205
|
|
|
|
|
|
|
107,758
|
|
|
|
|
Non-performing
assets
|
|
|
23,596
|
|
|
|
|
|
|
226
|
|
|
|
|
|
|
8,171
|
|
|
|
|
Non-performing
loans
|
|
|
22,957
|
|
|
|
|
|
|
226
|
|
|
|
|
|
|
7,677
|
|
|
|
|
Allowance
for loan losses
|
|
|
13,107
|
|
|
|
|
|
|
8,728
|
|
|
|
|
|
|
10,687
|
|
|
|
|
Allowance
for loan losses and unfunded loan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
commitments
|
|
|
13,406
|
|
|
|
|
|
|
9,110
|
|
|
|
|
|
|
11,024
|
|
|
|
|
Average
interest-earning assets to average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
|
|
114.56%
|
|
|
|
|
|
|
118.23%
|
|
|
|
|
|
|
116.75%
|
|
|
|
|
Allowance
for loan losses to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans
|
|
|
57.09%
|
|
|
|
|
|
|
3861.95%
|
|
|
|
|
|
|
139.21%
|
|
|
|
|
Allowance
for loan losses to total loans
|
|
|
1.69%
|
|
|
|
|
|
|
1.30%
|
|
|
|
|
|
|
1.39%
|
|
|
|
|
Allowance
for loan losses and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unfunded
loan commitments to total loans
|
|
|
1.73%
|
|
|
|
|
|
|
1.36%
|
|
|
|
|
|
|
1.44%
|
|
|
|
|
Non-performing
loans to total loans
|
|
|
2.96%
|
|
|
|
|
|
|
0.03%
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
Non-performing
assets to total assets
|
|
|
2.67%
|
|
|
|
|
|
|
0.03%
|
|
|
|
|
|
|
0.92%
|
|
|
|
|
Shareholders’
equity to assets
|
|
|
10.40%
|
|
|
|
|
|
|
11.99%
|
|
|
|
|
|
|
10.44%
|
|
|
|
|
Number
of banking facilities
|
|
|
20
|
|
|
|
|
|
|
19
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
and construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
|
110,620
|
|
|
|
14.24
|
%
|
|
$
|
90,896
|
|
|
|
13.52
|
%
|
|
$
|
109,585
|
|
|
|
14.28
|
%
|
Other
real estate mortgage
|
|
|
438,910
|
|
|
|
56.51
|
%
|
|
|
350,219
|
|
|
|
52.10
|
%
|
|
|
429,422
|
|
|
|
55.97
|
%
|
Real
estate construction
|
|
|
142,206
|
|
|
|
18.31
|
%
|
|
|
158,598
|
|
|
|
23.60
|
%
|
|
|
148,631
|
|
|
|
19.37
|
%
|
Total
commercial and construction
|
|
|
691,736
|
|
|
|
89.06
|
%
|
|
|
599,713
|
|
|
|
89.22
|
%
|
|
|
687,638
|
|
|
|
89.62
|
%
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate one-to-four family
|
|
|
81,625
|
|
|
|
10.51
|
%
|
|
|
67,815
|
|
|
|
10.09
|
%
|
|
|
75,922
|
|
|
|
9.90
|
%
|
Other
installment
|
|
|
3,377
|
|
|
|
0.43
|
%
|
|
|
4,630
|
|
|
|
0.69
|
%
|
|
|
3,665
|
|
|
|
0.48
|
%
|
Total
consumer
|
|
|
85,002
|
|
|
|
10.94
|
%
|
|
|
72,445
|
|
|
|
10.78
|
%
|
|
|
79,587
|
|
|
|
10.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
|
|
776,738
|
|
|
|
100.00
|
%
|
|
|
672,158
|
|
|
|
100.00
|
%
|
|
|
767,225
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
13,107
|
|
|
|
|
|
|
|
8,728
|
|
|
|
|
|
|
|
10,687
|
|
|
|
|
|
Loans
receivable, net
|
|
$
|
763,631
|
|
|
|
|
|
|
$
|
663,430
|
|
|
|
|
|
|
$
|
756,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverview
Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15,
2008
Page
7
COMPOSITION OF
COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN
PURPOSE
|
|
|
|
|
|
Other
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
Real
Estate
|
|
|
Real
Estate
|
|
|
& Construction
|
|
|
|
|
|
Commercial
|
|
|
Mortgage
|
|
|
Construction
|
|
|
Total
|
|
|
|
June 30,
2008
|
|
(Dollars in thousands)
|
|
|
|
Commercial
|
|
$
|
110,620
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
110,620
|
|
|
|
Commercial
construction
|
|
|
-
|
|
|
|
-
|
|
|
|
54,821
|
|
|
|
54,821
|
|
|
|
Office
buildings
|
|
|
-
|
|
|
|
85,386
|
|
|
|
-
|
|
|
|
85,386
|
|
|
|
Warehouse/industrial
|
|
|
-
|
|
|
|
44,270
|
|
|
|
-
|
|
|
|
44,270
|
|
|
|
Retail/shopping
centers/strip malls
|
|
|
-
|
|
|
|
78,042
|
|
|
|
-
|
|
|
|
78,042
|
|
|
|
Assisted
living facilities
|
|
|
-
|
|
|
|
30,651
|
|
|
|
-
|
|
|
|
30,651
|
|
|
|
Single
purpose facilities
|
|
|
-
|
|
|
|
73,478
|
|
|
|
-
|
|
|
|
73,478
|
|
|
|
Land
|
|
|
-
|
|
|
|
102,509
|
|
|
|
-
|
|
|
|
102,509
|
|
|
|
Multi-family
|
|
|
-
|
|
|
|
24,574
|
|
|
|
-
|
|
|
|
24,574
|
|
|
|
One-to-four
family
|
|
|
-
|
|
|
|
-
|
|
|
|
87,385
|
|
|
|
87,385
|
|
|
|
Total
|
|
$
|
110,620
|
|
|
$
|
438,910
|
|
|
$
|
142,206
|
|
|
$
|
691,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
|
109,585
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
109,585
|
|
|
|
Commercial
construction
|
|
|
-
|
|
|
|
-
|
|
|
|
55,277
|
|
|
|
55,277
|
|
|
|
Office
buildings
|
|
|
-
|
|
|
|
88,106
|
|
|
|
-
|
|
|
|
88,106
|
|
|
|
Warehouse/industrial
|
|
|
-
|
|
|
|
39,903
|
|
|
|
-
|
|
|
|
39,903
|
|
|
|
Retail/shopping
centers/strip malls
|
|
|
-
|
|
|
|
70,510
|
|
|
|
-
|
|
|
|
70,510
|
|
|
|
Assisted
living facilities
|
|
|
-
|
|
|
|
28,072
|
|
|
|
-
|
|
|
|
28,072
|
|
|
|
Single
purpose facilities
|
|
|
-
|
|
|
|
65,756
|
|
|
|
-
|
|
|
|
65,756
|
|
|
|
Land
|
|
|
-
|
|
|
|
108,030
|
|
|
|
-
|
|
|
|
108,030
|
|
|
|
Multi-family
|
|
|
-
|
|
|
|
29,045
|
|
|
|
-
|
|
|
|
29,045
|
|
|
|
One-to-four
family
|
|
|
-
|
|
|
|
-
|
|
|
|
93,354
|
|
|
|
93,354
|
|
|
|
Total
|
|
$
|
109,585
|
|
|
$
|
429,422
|
|
|
$
|
148,631
|
|
|
$
|
687,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At the year
|
|
|
At
the three months ended June 30,
|
|
ended March
31,
|
|
|
2008
|
|
|
2007
|
|
2008
|
|
|
(Dollars
in thousands)
|
|
|
|
DEPOSIT
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
checking
|
|
$
|
94,536
|
|
|
|
15.02
|
%
|
|
$
|
161,299
|
|
|
|
23.30
|
%
|
$ 102,489
|
15.37%
|
Regular
savings
|
|
|
26,822
|
|
|
|
4.26
|
%
|
|
|
27,849
|
|
|
|
4.02
|
%
|
27,401
|
4.11%
|
Money
market deposit accounts
|
|
|
175,364
|
|
|
|
27.86
|
%
|
|
|
240,251
|
|
|
|
34.71
|
%
|
189,309
|
28.38%
|
Non-interest
checking
|
|
|
77,721
|
|
|
|
12.35
|
%
|
|
|
81,512
|
|
|
|
11.78
|
%
|
82,121
|
12.31%
|
Certificates
of deposit
|
|
|
254,964
|
|
|
|
40.51
|
%
|
|
|
181,257
|
|
|
|
26.19
|
%
|
265,680
|
39.83%
|
Total
deposits
|
|
$
|
629,407
|
|
|
|
100.00
|
%
|
|
$
|
692,168
|
|
|
|
100.00
|
%
|
$ 667,000
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverview
Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15,
2008
Page
8
|
At or for the three
|
At
or for the year
|
|
months
ended June 30,
|
ended
March 31,
|
SELECTED OPERATING
DATA
|
2008
|
2007
|
2008
|
|
(Dollars in thousands, except share data)
|
Efficiency
ratio (4)
|
63.20%
|
60.93%
|
63.40%
|
Efficiency
ratio net of intangible amortization
|
62.62%
|
60.34%
|
62.78%
|
Coverage
ratio (6)
|
125.50%
|
130.19%
|
125.77%
|
Coverage
ratio net of intangible amortization
|
126.16%
|
131.00%
|
126.47%
|
Return
on average assets (1)
|
0.36%
|
1.39%
|
1.04%
|
Return
on average equity (1)
|
3.35%
|
11.16%
|
8.92%
|
Average
rate earned on interest-earned assets
|
6.81%
|
8.44%
|
8.09%
|
Average
rate paid on interest-bearing liabilities
|
2.99%
|
4.26%
|
4.00%
|
Spread
(7)
|
3.82%
|
4.18%
|
4.09%
|
Net
interest margin
|
4.20%
|
4.83%
|
4.66%
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
Basic
earnings per share (2)
|
$ 0.07
|
$ 0.25
|
$ 0.79
|
Diluted
earnings per share (3)
|
0.07
|
0.25
|
0.79
|
Book
value per share (5)
|
8.43
|
8.62
|
8.48
|
Tangible
book value per share (5)
|
6.01
|
6.32
|
6.06
|
Market
price per share:
|
|
|
|
High
for the period
|
$ 9.790
|
$ 16.280
|
$ 16.280
|
Low
for the period
|
7.420
|
13.690
|
9.930
|
Close
for period end
|
7.420
|
13.690
|
9.980
|
Cash
dividends declared per share
|
0.090
|
0.110
|
0.420
|
|
|
|
|
Average
number of shares outstanding:
|
|
|
|
Basic
(2)
|
10,677,999
|
11,391,825
|
10,915,271
|
Diluted
(3)
|
10,698,292
|
11,527,586
|
11,006,673
|
(1)
|
Amounts
are annualized.
|
(2)
|
Amounts
calculated exclude ESOP shares not committed to be
released.
|
(3)
|
Amounts
calculated 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 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.
|
# #
#
Riverview Bancorp (NASDAQ:RVSB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Riverview Bancorp (NASDAQ:RVSB)
Historical Stock Chart
From Jul 2023 to Jul 2024