Riverview Bancorp, Inc. ("Riverview" or the "Company")
(Nasdaq:RVSB), the parent company of Riverview Community Bank
("Bank"), today reported that net income increased to $1.8 million,
or $0.16 per diluted share, for the first fiscal quarter ended June
30, 2010, compared to $343,000, or $0.03 per diluted share, for the
first quarter a year ago. Riverview's results for the quarter were
highlighted by improvements in net interest margin, deposit growth,
increasing capital levels and improved credit metrics.
"We are extremely pleased by the positive results of our first
fiscal quarter," said Pat Sheaffer, Chairman and CEO. "We have seen
improvements across all areas of the bank during the first quarter
and we continue to benefit from our strong core earnings and
improving asset quality. Our net interest income and non-interest
income both increased while our provision for loan losses and
non-interest expenses decreased compared to the preceding quarter.
Our non-performing assets declined for the second consecutive
quarter and remain at a manageable level."
First Quarter Fiscal 2011 Highlights (at or for
the period ended June 30, 2010)
- Net income of $1.8 million, or $0.16 per diluted share.
- Capital levels remain strong - total risk-based capital ratio
is 12.61%, significantly above the "well-capitalized"
designation.
- Net interest margin improved 25 basis points to 4.79% compared
to the preceding quarter.
- Non-performing assets decreased to 5.54% of total assets at
June 30, 2010, compared to 5.89% of total assets at March 31, 2010,
the second consecutive quarter of declining balances.
- Allowance for loan losses was 2.73% of total loans and 59.37%
of non-performing loans.
- Total deposits increased $27.5 million during the quarter.
- Reduced concentration in land development and speculative
construction loans by $9.0 million during the quarter. These two
segments accounted for 13.4% of the total loan portfolio at June
30, 2010.
Credit Quality
"Real estate valuations appear to have stabilized based on new
appraisals received during the first quarter," said Dave Dahlstrom,
EVP and Chief Credit Officer. "We have aggressively recognized our
problem credits and we remain focused on mitigating future losses
in our portfolio. Charge-offs during the quarter exceeded the
quarterly increase in the provision expense, as we charged-off
loans that the Company reserved for during prior quarters." For the
first quarter ended June 30, 2010, the provision for loan losses
was $1.3 million compared to $3.4 million in net charge-offs.
The provision for loan losses remained elevated, but was
significantly lower than the preceding quarter. The Company's first
quarter provision for loan losses was $1.3 million compared to $5.9
million in the preceding quarter and $2.4 million a year ago. "The
decrease in the provision for loan losses was a direct result of
the improving asset quality trends as well as real estate
valuations stabilizing," stated Dahlstrom. "The preceding quarter's
provision for loan losses was primarily the result of updated
valuations for existing problem loans and was not the result of
additional new problem assets."
Non-performing assets (NPAs) decreased during the quarter to
$47.9 million, or 5.54% of total assets, at June 30, 2010 compared
to $49.3 million, or 5.89% of total assets, at March 31, 2010. "We
continue to be very proactive in managing our asset quality," said
Dahlstrom. "We are encouraged by the continued progress we have
made during the first quarter. We have experienced a considerable
slowdown in new problem loans. The trend of declining NPA balances
and improved credit metrics during the last two consecutive
quarters indicates that we may have turned the corner on asset
quality. We believe if this improving asset quality continues that
it will lead to a more consistent level of profitability in future
quarters."
Non-performing loans (NPLs) continued to trend downward,
improving to $33.0 million during the quarter compared to $41.1
million at their peak level at June 30, 2009. Non-performing loans
represented 4.59% of total loans at June 30, 2010, down from the
peak level of 5.28% of total loans at June 30, 2009. Land
acquisition and development loans and speculative construction
loans represented $19.8 million, or 60.1%, of the total NPL balance
at June 30, 2010.
Real estate owned (REO) increased to $14.9 million at June 30,
2010 compared to $13.3 million at March 31, 2010. "The increase in
REO during the quarter was primarily a result of the normal
progression of loans through the credit and foreclosure cycle,"
said Dahlstrom. "During the first fiscal quarter, we sold a total
of $1.5 million of REO and we have several additional properties
which we expect to be resolved during the second and third fiscal
quarters. As a result of the write-downs taken on these properties
in prior quarters, we had gains on all but one sale during the
quarter." Total gains on the sale of REO properties totaled
$147,000 for the quarter ended June 30, 2010. The REO balance
consisted primarily of completed residential properties and
residential building land and lots.
The Company has remained proactive in reducing its exposure to
land development and speculative construction loans and has reduced
these portfolios to $96.4 million at June 30, 2010 compared to
$237.5 million at their peak at October 31, 2006. Speculative
construction loans declined $18.9 million, or 40.2%, compared to
June 30, 2009, and represented only 3.9% of the total loan
portfolio at June 30, 2010. Land development loans total $68.3
million and represented 9.5% of the total loan portfolio at June
30, 2010.
"Our commercial real estate (CRE) portfolio continues to perform
well despite the negative national press these types of loans have
received," said Dahlstrom. "Our underwriting standards for this
portfolio, which generally require a minimum debt service coverage
ratio of 1.20 or greater, a maximum loan-to-value of 75% and
personal guarantees, have significantly contributed to the strong
performance of this portion of the loan portfolio. At June 30,
2010, we had only five CRE loans on non-accrual totaling $4.5
million, or 1.3% of total CRE loans. Based on recent appraisals and
evaluations of these loans we believe that the Bank will recover
substantially all of the principal balances owed on these specific
loans." The total CRE loan portfolio was $352.4 million as of June
30, 2010, of which 29% was owner-occupied and 71% was
investor-owned.
"We continue performing a variety of stress tests on the land
development and speculative construction loan portfolios and in
addition we have continued to receive updated third party
appraisals on the underlying collateral of these loans during the
past two quarters," stated Dahlstrom. "As we have progressed
through the current credit cycle, our stress tests do not indicate
any systemic problems in our CRE loan portfolio. We believe that
any potential credit problems within this portfolio will be
isolated to specific borrowers and not indicative of the overall
portfolio."
Riverview's allowance for loan losses was $19.6 million at June
30, 2010 representing 2.73% of total loans. This compares to an
allowance for loan losses of $21.6 million, or 2.95% of total
loans, at March 31, 2010. The Company's allowance to non-performing
loans was 59.37% at June 30, 2010 compared to 60.10% at March 31,
2010.
Capital and Liquidity
Increasing capital and liquidity levels remains a high priority
for management. During the first fiscal quarter, Riverview
Community Bank's capital levels continued to improve. At June 30,
2010, the Bank's capital levels remain well in excess of the
regulatory minimums for well-capitalized banks with a total
risk-based capital ratio of 12.61% and a Tier 1 capital ratio of
11.36%. At June 30, 2010, Riverview's total shareholders' equity
was $85.7 million. Book value was $7.85 per share at June 30, 2010
compared to $7.68 at March 31, 2010 and tangible book value was
$5.43 at June 30, 2010 compared to $5.27 at March 31, 2010.
Riverview's tangible shareholder equity was 7.1% of tangible assets
at June 30, 2010 and March 31, 2010.
Riverview Community Bank's actual and required minimum
capital amounts and ratios are presented as follows:
June 30,
2010 |
Actual |
Adequately Capitalized |
Well
Capitalized |
|
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
Total Capital |
(dollars in
thousands) |
(To Risk-Weighted Assets) |
$ 90,967 |
12.61% |
$ 57,693 |
8.00% |
$ 72,117 |
10.00% |
Tier 1 Capital |
|
|
|
|
|
|
(To Risk-Weighted Assets) |
81,889 |
11.36% |
28,847 |
4.00% |
43,270 |
6.00% |
Tier 1 Capital |
|
|
|
|
|
|
(To Adjusted Tangible Assets) |
81,889 |
9.78% |
33,490 |
4.00% |
41,863 |
5.00% |
At June 30, 2010, the Bank had available contingent liquidity of
over $300 million through existing funding sources including the
Federal Home Loan Bank of Seattle and the Federal Reserve Bank of
San Francisco. The Company has improved its liquidity position by
the significant reduction in its usage of wholesale borrowings from
its peak at June 2009. Riverview Community Bank remains
well-capitalized with sufficient liquidity to meet its needs as
well as its customers' needs.
Net Interest Margin
Riverview's net interest margin increased to 4.79%, a 25 basis
point improvement compared to the preceding quarter and a 54 basis
point improvement compared to the first quarter a year ago. "Our
margin expansion is a direct result of the continued reduction in
our deposit costs and a stabilized asset yield," said Kevin
Lycklama, EVP and CFO. "The average rate paid on interest-bearing
deposits decreased by 18 basis points compared to the preceding
quarter. We anticipate our deposit costs will continue to decline
as we benefit from the repricing of maturing higher yielding
deposits over the next couple of quarters. The reversal of interest
on loans placed on non-accrual status during the quarter resulted
in a four basis point reduction in quarterly net interest
margin."
Income Statement
Operating revenue, which consists of net interest income plus
non-interest income, increased to $11.3 million compared to $10.4
million in the preceding quarter and $10.8 million a year ago. Net
interest income increased to $9.0 million in the first quarter
compared to $8.7 million in the first quarter a year ago.
Non-interest income was $2.2 million in the first quarter
compared to $1.8 million in the preceding quarter and $2.1 million
in the first quarter a year ago. An increase in asset management
fees and gains on the sale of REO properties coupled with a
decrease in impairment charges on investment securities led to the
increase in non-interest income compared to the prior linked
quarter.
Non-interest expense decreased to $7.3 million for the first
quarter compared to $11.9 million in the preceding quarter and $8.0
million for the first quarter a year ago. The decrease in
non-interest expense from the prior linked quarter was primarily
related to a reduction in REO related expenses. "While costs
related to the current credit cycle continue to impact our
non-interest expense, we have remained focused on controlling our
operating expenses," said Ron Wysaske, President and COO.
Balance Sheet Review
Net loans declined $15.0 million during the quarter to $697.8
million at June 30, 2010, compared to $712.8 million at March 31,
2010, and $760.3 million a year ago.
"One of our top priorities is to increase core deposits within
our 17 branch network, and the hard work of our dedicated staff
within our branches is paying off," said Wysaske. "In the past 12
months, customer branch deposits have grown by $39.0 million."
Total deposits increased by $27.5 million to $715.6 million at June
30, 2010 compared to $688.0 million three months earlier and $649.1
million a year ago. The loan to deposit ratio was 1.00 at June 30,
2010 compared to 1.20 at June 30, 2009.
Borrowings were $28.0 million at June 30, 2010 compared to
$150.0 million a year ago. The Company further paid down its
borrowings by an additional $5.0 million during the most recent
quarter. In addition to the reduction in borrowings the Company's
improved liquidity was demonstrated by strategically increasing
cash and investments by $39.2 million from March 31, 2010 as part
of the Company's overall liquidity strategy.
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 provided 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).
|
June
30, |
March
31, |
June
30, |
(Dollars in thousands) |
2010 |
2010 |
2009 |
|
|
|
|
Shareholders' equity |
$85,718 |
$83,934 |
$89,114 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
781 |
823 |
940 |
|
|
|
|
Tangible shareholders' equity |
$59,365 |
$57,539 |
$62,602 |
|
|
|
|
Total assets |
$863,424 |
$837,953 |
$920,390 |
Goodwill |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
781 |
823 |
940 |
|
|
|
|
Tangible assets |
$837,071 |
$811,558 |
$893,878 |
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 $863 million, it is the parent company
of the 87 year-old Riverview Community Bank, as well as Riverview
Asset Management Corp. There are 17 branches, including ten in
Clark County, two in Multnomah County 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 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.
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 2010 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) |
June 30, 2010 |
March 31, 2010 |
June 30, 2009 |
ASSETS |
|
|
|
|
|
|
|
Cash (including
interest-earning accounts of $41,435, $3,384, and $25,275) |
$ 53,244 |
$ 13,587 |
$ 43,868 |
Loans held for sale |
667 |
255 |
180 |
Investment securities held to
maturity, at amortized cost |
511 |
517 |
523 |
Investment securities available
for sale, at fair value |
6,727 |
6,802 |
13,349 |
Mortgage-backed securities held
to maturity, at amortized |
203 |
259 |
479 |
Mortgage-backed securities
available for sale, at fair value |
2,554 |
2,828 |
3,701 |
Loans receivable (net of
allowance for loan losses of $19,565, $21,642, and $17,776) |
697,795 |
712,837 |
760,283 |
Real estate and other pers.
property owned |
14,908 |
13,325 |
16,012 |
Prepaid expenses and other
assets |
7,560 |
7,934 |
2,964 |
Accrued interest
receivable |
2,653 |
2,849 |
2,966 |
Federal Home Loan Bank stock,
at cost |
7,350 |
7,350 |
7,350 |
Premises and equipment,
net |
16,201 |
16,487 |
19,187 |
Deferred income taxes, net |
11,197 |
11,177 |
8,116 |
Mortgage servicing rights,
net |
493 |
509 |
545 |
Goodwill |
25,572 |
25,572 |
25,572 |
Core deposit intangible,
net |
288 |
314 |
395 |
Bank owned life insurance |
15,501 |
15,351 |
14,900 |
|
|
|
|
TOTAL ASSETS |
$ 863,424 |
$ 837,953 |
$ 920,390 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
Deposit accounts |
$ 715,573 |
$ 688,048 |
$ 649,068 |
Accrued expenses and other
liabilities |
8,224 |
6,833 |
6,315 |
Advance payments by borrowers
for taxes and insurance |
194 |
427 |
190 |
Federal Home Loan Bank
advances |
28,000 |
23,000 |
5,000 |
Federal Reserve Bank
advances |
-- |
10,000 |
145,000 |
Junior subordinated
debentures |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,599 |
2,610 |
2,640 |
Total liabilities |
777,271 |
753,599 |
830,894 |
|
|
|
|
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, |
|
|
|
June 30, 2010 – 10,923,773 issued and
outstanding; |
109 |
109 |
109 |
March 31, 2010 – 10,923,773 issued and
outstanding; June 30, 2009 – 10,923,773 issued and
outstanding; |
Additional paid-in capital |
46,980 |
46,948 |
46,872 |
Retained earnings |
40,643 |
38,878 |
44,665 |
Unearned shares issued to
employee stock ownership trust |
(773) |
(799) |
(876) |
Accumulated other comprehensive
loss |
(1,241) |
(1,202) |
(1,656) |
Total shareholders' equity |
85,718 |
83,934 |
89,114 |
|
|
|
|
Noncontrolling interest |
435 |
420 |
382 |
Total equity |
86,153 |
84,354 |
89,496 |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 863,424 |
$ 837,953 |
$ 920,390 |
|
|
|
|
RIVERVIEW BANCORP, INC. AND
SUBSIDIARY |
|
|
|
Consolidated Statements of
Operations |
|
|
|
|
Three Months
Ended |
(In thousands, except share
data) (Unaudited) |
June 30, 2010 |
March 31, 2010 |
June 30, 2009 |
INTEREST INCOME: |
|
|
|
Interest and fees on loans
receivable |
$ 11,193 |
$ 10,950 |
$ 11,710 |
Interest on investment
securities-taxable |
55 |
47 |
98 |
Interest on investment
securities-non taxable |
15 |
15 |
32 |
Interest on mortgage-backed
securities |
26 |
29 |
40 |
Other interest and
dividends |
15 |
17 |
14 |
Total interest income |
11,304 |
11,058 |
11,894 |
|
|
|
|
INTEREST EXPENSE: |
|
|
|
Interest on deposits |
1,901 |
2,102 |
2,694 |
Interest on borrowings |
385 |
389 |
520 |
Total interest expense |
2,286 |
2,491 |
3,214 |
Net interest income |
9,018 |
8,567 |
8,680 |
Less provision for loan losses |
1,300 |
5,850 |
2,350 |
|
|
|
|
Net interest income after provision for loan
losses |
7,718 |
2,717 |
6,330 |
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
Fees and service charges |
1,099 |
997 |
1,244 |
Asset management fees |
521 |
451 |
509 |
Gain on sale of loans held for
sale |
119 |
175 |
401 |
Impairment of investment
security |
-- |
(88) |
(258) |
Bank owned life insurance
income |
150 |
147 |
151 |
Other |
347 |
164 |
56 |
Total non-interest income |
2,236 |
1,846 |
2,103 |
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
Salaries and employee benefits |
3,940 |
4,021 |
3,875 |
Occupancy and depreciation |
1,141 |
1,123 |
1,233 |
Data processing |
252 |
252 |
240 |
Amortization of core deposit intangible |
26 |
27 |
30 |
Advertising and marketing expense |
135 |
105 |
159 |
FDIC insurance premium |
421 |
394 |
695 |
State and local taxes |
171 |
326 |
149 |
Telecommunications |
107 |
104 |
116 |
Professional fees |
326 |
391 |
304 |
Real estate owned expenses |
166 |
4,634 |
609 |
Other |
580 |
549 |
578 |
Total non-interest expense |
7,265 |
11,926 |
7,988 |
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
2,689 |
(7,363) |
445 |
PROVISION (BENEFIT) FOR INCOME TAXES |
924 |
(2,660) |
102 |
NET INCOME (LOSS) |
$ 1,765 |
$ (4,703) |
$ 343 |
|
|
|
|
Earnings (loss) per common share: |
|
|
|
Basic |
$ 0.16 |
$ (0.44) |
$ 0.03 |
Diluted |
$ 0.16 |
$ (0.44) |
$ 0.03 |
Weighted average number of shares
outstanding: |
|
|
|
Basic |
10,735,946 |
10,729,788 |
10,711,313 |
Diluted |
10,735,946 |
10,729,788 |
10,711,313 |
|
|
(Dollars in thousands) |
At or for the three
months ended |
|
June 30, 2010 |
March 31, 2010 |
June 30, 2009 |
AVERAGE
BALANCES |
|
|
|
Average interest–earning assets |
$ 755,123 |
$ 766,159 |
$ 821,429 |
Average interest-bearing liabilities |
656,099 |
686,175 |
726,740 |
Net average earning assets |
99,024 |
79,984 |
94,689 |
Average loans |
729,851 |
736,850 |
791,548 |
Average deposits |
699,483 |
672,852 |
645,942 |
Average equity |
86,431 |
89,849 |
90,481 |
Average tangible equity |
60,051 |
63,429 |
63,994 |
|
|
|
|
|
|
|
|
ASSET
QUALITY |
June 30, 2010 |
March 31, 2010 |
June 30, 2009 |
|
|
|
|
Non-performing loans |
32,954 |
36,011 |
41,057 |
Non-performing loans to total loans |
4.59% |
4.90% |
5.28% |
Real estate owned |
14,908 |
13,325 |
16,012 |
Non-performing assets |
47,862 |
49,336 |
57,069 |
Non-performing assets to total assets |
5.54% |
5.89% |
6.20% |
Net loan charge-offs in the quarter |
3,377 |
2,437 |
1,548 |
Net charge-offs in the quarter/average net
loans |
1.86% |
1.34% |
0.78% |
|
|
|
|
Allowance for loan losses |
19,565 |
21,642 |
17,776 |
Allowance for loan losses and unfunded
loan commitments |
19,755 |
21,827 |
18,052 |
Average interest-earning assets to
average interest-bearing liabilities |
115.09% |
111.66% |
113.03% |
Allowance for loan losses
to non-performing loans |
59.37% |
60.10% |
43.30% |
Allowance for loan losses and unfunded loan
commitments to total loans |
2.75% |
2.97% |
2.32% |
Shareholders' equity to assets |
9.93% |
10.02% |
9.68% |
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
MIX |
June 30, 2010 |
March 31, 2010 |
June 30, 2009 |
Commercial and construction |
|
|
|
Commercial |
$ 106,002 |
$ 108,368 |
$ 127,366 |
Other real estate mortgage |
455,106 |
459,178 |
437,590 |
Real estate construction |
68,717 |
75,456 |
123,505 |
Total commercial and
construction |
629,825 |
643,002 |
688,461 |
Consumer |
|
|
|
Real estate one-to-four
family |
84,956 |
88,861 |
86,686 |
Other installment |
2,579 |
2,616 |
2,912 |
Total consumer |
87,535 |
91,477 |
89,598 |
|
|
|
|
Total loans |
717,360 |
734,479 |
778,059 |
|
|
|
|
Less: |
|
|
|
Allowance for loan losses |
19,565 |
21,642 |
17,776 |
Loans receivable, net |
$ 697,795 |
$ 712,837 |
$ 760,283 |
|
|
|
DETAIL OF NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
June 30, 2010 |
(Dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ 1,121 |
$ 2,689 |
$ 3,179 |
$ -- |
$ -- |
$ 6,989 |
Commercial real estate |
3,060 |
245 |
1,150 |
-- |
-- |
4,455 |
Land |
-- |
215 |
7,813 |
258 |
1,379 |
9,665 |
Multi-family |
-- |
-- |
-- |
-- |
-- |
-- |
Commercial construction |
-- |
-- |
-- |
-- |
-- |
-- |
One-to-four family
construction |
3,300 |
3,836 |
1,734 |
1,278 |
-- |
10,148 |
Real estate one-to-four
family |
250 |
310 |
1,125 |
12 |
-- |
1,697 |
Consumer |
-- |
-- |
-- |
-- |
-- |
-- |
Total non-performing loans |
7,731 |
7,295 |
15,001 |
1,548 |
1,379 |
32,954 |
|
|
|
|
|
|
|
REO |
3,205 |
2,317 |
5,322 |
4,064 |
-- |
14,908 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 10,936 |
$ 9,612 |
$ 20,323 |
$ 5,612 |
$ 1,379 |
$ 47,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
June 30, 2010 |
(Dollars in thousands) |
Land and spec construction loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development loans |
$ 7,229 |
$ 4,399 |
$ 48,087 |
$ 317 |
$ 8,240 |
$ 68,272 |
Spec construction loans |
4,152 |
10,836 |
11,847 |
1,278 |
-- |
28,113 |
|
|
|
|
|
|
|
Total land and spec construction |
$ 11,381 |
$ 15,235 |
$ 59,934 |
$ 1,595 |
$ 8,240 |
$ 96,385 |
|
|
|
At or for the three
months ended |
SELECTED OPERATING DATA |
June 30, 2010 |
March 31, 2010 |
June 30, 2009 |
|
|
|
|
Efficiency ratio (4) |
64.55% |
114.53% |
74.08% |
Coverage ratio (6) |
124.13% |
71.83% |
108.66% |
Return on average assets (1) |
0.84% |
(2.22)% |
0.15% |
Return on average equity (1) |
8.19% |
(21.23)% |
1.52% |
Average rate earned on interest-earned
assets |
6.01% |
5.86% |
5.82% |
Average rate paid on interest-bearing
liabilities |
1.40% |
1.47% |
1.77% |
Spread (7) |
4.61% |
4.39% |
4.05% |
Net interest margin |
4.79% |
4.54% |
4.25% |
|
|
|
|
PER SHARE DATA |
|
|
|
Basic earnings per share (2) |
$ 0.16 |
$ (0.44) |
$ 0.03 |
Diluted earnings per share (3) |
0.16 |
(0.44) |
0.03 |
Book value per share (5) |
7.85 |
7.68 |
8.16 |
Tangible book value per share (5) |
5.43 |
5.27 |
5.73 |
Market price per share: |
|
|
|
High for the period |
$ 3.81 |
$ 2.94 |
$ 3.90 |
Low for the period |
2.24 |
2.21 |
2.63 |
Close for period end |
2.43 |
2.30 |
3.02 |
Cash dividends declared per share |
-- |
-- |
-- |
|
|
|
|
Average number of shares outstanding: |
|
|
|
Basic (2) |
10,735,946 |
10,729,788 |
10,711,313 |
Diluted (3) |
10,735,946 |
10,729,788 |
10,711,313 |
(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: Riverview Bancorp, Inc.
Pat Sheaffer
Ron Wysaske
360-693-6650
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