Riverview Bancorp, Inc. (Nasdaq:RVSB) (“Riverview” or the
“Company”) today reported net income of $1.7 million, or $0.08 per
diluted share, in the first fiscal quarter ended June 30, 2016.
This compares to $1.4 million, or $0.06 per diluted share, in the
preceding quarter and $1.6 million, or $0.07 per diluted share, in
the first fiscal quarter a year ago.
“We started our fiscal 2017 year with another
quarter of consistent profitability, supported by the expansion of
our net interest margin, strong loan and deposit growth, enhanced
operating efficiencies, and continuing improvement in asset
quality, ” said Pat Sheaffer, chairman and chief executive officer.
“We are well positioned to continue to grow the profitability of
our Bank as the Portland-Vancouver area continues to benefit from a
strong economy and a population that is rising faster than the
national average.”
First Quarter Highlights (at or for the
period ended June 30, 2016)
- Net income improved to $1.7 million, or $0.08 per diluted
share.
- Net interest margin improved seven basis points to 3.74%.
- Net loans increased $4.9 million during the quarter and $60.0
million year-over-year to $619.9 million.
- Loan originations were $70.6 million during the first
quarter.
- Total deposits increased $9.8 million during the quarter and
$67.1 million year-over-year to $789.6 million.
- Non-performing assets declined to 0.31% of total assets.
- Total risk-based capital ratio was 16.26% and Tier 1 leverage
ratio was 11.16%.
- Declared quarterly cash dividend of $0.02 per share,
generating a current dividend yield of 1.7%.
Balance Sheet Review
“Riverview generated solid loan growth during the
quarter which was fueled by a strong local economy, combined with
the calling efforts of our lenders and branch network,” said Ron
Wysaske, president and chief operating officer. “We continue to see
good loan demand, however, with a strong economy comes loan payoffs
and that remains a challenge. Our loan pipeline totaled $92.9
million at the end of the quarter, as our lenders continue
expanding relationships with businesses throughout the Portland
metro area.”
Net loans increased $4.9 million during the quarter
and increased $60.0 million, or 10.7%, compared to one year ago.
Loan originations were offset by several large loan payoffs
at the end of the quarter. Average loans increased by $17.0 million
during the quarter.
“Commercial real estate loans had the largest
increase during the quarter, which were focused primarily in hotel
as well as industrial warehouse and retail loan categories,” noted
Wysaske. Organic loan originations totaled $70.6 million during the
first quarter compared to $69.1 million in the preceding quarter.
Total undisbursed construction loans increased to $50.9 million at
June 30, 2016. The majority of these undisbursed construction loans
are expected to fund during the next few quarters.
Total deposits increased $9.8 million to $789.6
million at June 30, 2016 compared to $779.8 million at March 31,
2016. Average deposit balances increased $23.0 million during the
quarter. “We continue to focus our efforts on improving our core
deposit mix by bringing in low cost deposits from new and existing
customers,” said Wysaske. “As a result checking account balances
increased to 42.8% of total deposits compared to 39.1% a year
ago.”
At June 30, 2016, Riverview’s shareholders’ equity
improved to $110.0 million compared to $108.3 million at March 31,
2016. Tangible book value per share improved to $3.75 at June 30,
2016 compared to $3.67 at March 31, 2016. A quarterly cash dividend
of $0.02 per share was paid on July 25, 2016, generating a current
yield of 1.7% based on the recent stock price.
Income
Statement
Net interest income for the first fiscal quarter
increased to $7.8 million compared to $7.4 million in the preceding
quarter and $7.1 million in the first fiscal quarter a year
ago.
First quarter net interest margin improved seven
basis points to 3.74% compared to the preceding quarter. “The
increase in net interest margin was partially boosted by the
collection of $51,000 of interest on a payoff of a nonaccrual loan
and $68,000 in deferred loan fees on loan payoffs during the
quarter,” noted Kevin Lycklama, executive vice president and chief
financial officer. “These two items resulted in approximately six
basis points of the increase to the net interest margin during the
quarter.”
Non-interest income was $2.5 million in the first
quarter compared to $2.2 million in the preceding quarter and $2.5
million in the first quarter one year ago. Fees and service charges
increased to $1.3 million, which included the collection of
approximately $160,000 in prepayment penalties on loan payoffs
during the quarter.
Asset management fees were $822,000 during the
first fiscal quarter compared to $824,000 in the first quarter a
year ago. Riverview Trust Company’s assets under management were
$396.0 million at June 30, 2016 compared to $416.7 million a year
ago.
Non-interest expense was $7.8 million during the
first fiscal quarter compared to $7.6 million in the preceding
quarter and $7.7 million in the first fiscal quarter a year ago.
Credit Quality
Riverview recorded no provision for loan losses
during the first fiscal quarter of 2017 compared to a $350,000
recapture of loan losses during the preceding quarter and a
$500,000 recapture of loan losses during the first quarter one year
ago. The lack of a provision for loan losses is a result of our
continued improvement in credit quality as well as the decline in
loan charge-offs during the past several years.
Total nonperforming assets decreased to $2.9
million at June 30, 2016 compared to $3.3 million three months
earlier and $5.1 million a year ago.
Nonperforming loans decreased to $2.4 million, or
0.37% of total loans, at June 30, 2016 compared to $2.7 million, or
0.43% of total loans, at March 31, 2016.
REO balances were $569,000 at June 30, 2016
compared to $595,000 at March 31, 2016. Sales of REO properties
totaled $26,000 during the quarter, with no write-downs and no new
additions during the quarter.
Classified assets decreased to $5.7 million at June
30, 2016 compared to $6.8 million at March 31, 2016. The classified
asset to total capital ratio was 5.2% at June 30, 2016 compared to
6.4% three months earlier. During the past twelve months, Riverview
has reduced its classified assets by 61%, or $9.0 million.
Net loan recoveries were $75,000 during the first
fiscal quarter of 2017 compared to $62,000 in the preceding
quarter. The allowance for loan losses at June 30, 2016 totaled
$10.0 million, representing 1.58% of total loans and 422.8% of
nonperforming loans.
Capital
Riverview continues to maintain capital levels well
in excess of the regulatory requirements to be categorized as “well
capitalized” with a total risk-based capital ratio of 16.26%, Tier
1 leverage ratio of 11.16% and tangible common equity to tangible
assets ratio of 9.31% at June 30, 2016.
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 total assets (GAAP) to ending
tangible assets (non-GAAP).
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
June 30, 2016 |
|
March 31, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
Shareholders' equity |
|
$ |
109,991 |
|
|
$ |
108,273 |
|
|
$ |
104,440 |
|
Goodwill |
|
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
Tangible
shareholders' equity |
|
$ |
84,419 |
|
|
$ |
82,701 |
|
|
$ |
78,868 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
932,447 |
|
|
$ |
921,229 |
|
|
$ |
860,165 |
|
Goodwill |
|
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
Tangible
assets |
|
$ |
906,875 |
|
|
$ |
895,657 |
|
|
$ |
834,593 |
|
|
|
|
|
|
|
|
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 $932 million at June 30,
2016, it is the parent company of the 93 year-old Riverview
Community Bank, as well as Riverview Trust Company. 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. For the past 3
years, Riverview has been named Best Bank by the readers of The
Vancouver Business Journal, The Columbian and The Gresham
Outlook.
“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 2017 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 and per share
data)
(Unaudited) |
June 30, 2016 |
|
March 31, 2016 |
|
June 30, 2015 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
(including interest-earning accounts of |
$ |
50,377 |
|
|
$ |
55,400 |
|
|
$ |
48,149 |
|
$36,120, $40,317 and $33,271) |
|
|
|
|
|
Certificate of deposits held for
investment |
|
16,271 |
|
|
|
16,769 |
|
|
|
25,471 |
|
Loans held for sale |
|
457 |
|
|
|
503 |
|
|
|
215 |
|
Investment securities: |
|
|
|
|
|
Available for sale, at estimated
fair value |
|
163,684 |
|
|
|
150,690 |
|
|
|
139,974 |
|
Held to maturity, at amortized
cost |
|
72 |
|
|
|
75 |
|
|
|
83 |
|
Loans receivable (net of allowance
for loan losses of $9,960, $9,885 |
|
|
|
|
|
and $10,337) |
|
619,854 |
|
|
|
614,934 |
|
|
|
559,844 |
|
Real estate owned |
|
569 |
|
|
|
595 |
|
|
|
1,349 |
|
Prepaid expenses and other
assets |
|
3,286 |
|
|
|
3,405 |
|
|
|
3,635 |
|
Accrued interest receivable |
|
2,451 |
|
|
|
2,384 |
|
|
|
2,069 |
|
Federal Home Loan Bank stock, at
cost |
|
1,060 |
|
|
|
1,060 |
|
|
|
988 |
|
Premises and equipment, net |
|
14,403 |
|
|
|
14,595 |
|
|
|
15,172 |
|
Deferred income taxes, net |
|
8,141 |
|
|
|
9,189 |
|
|
|
12,128 |
|
Mortgage servicing rights, net |
|
381 |
|
|
|
380 |
|
|
|
411 |
|
Goodwill |
|
25,572 |
|
|
|
25,572 |
|
|
|
25,572 |
|
Bank owned life insurance |
|
25,869 |
|
|
|
25,678 |
|
|
|
25,105 |
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
932,447 |
|
|
$ |
921,229 |
|
|
$ |
860,165 |
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
Deposits |
$ |
789,555 |
|
|
$ |
779,803 |
|
|
$ |
722,461 |
|
Accrued expenses and other
liabilities |
|
7,229 |
|
|
|
7,388 |
|
|
|
7,363 |
|
Advanced payments by borrowers for
taxes and insurance |
|
521 |
|
|
|
609 |
|
|
|
415 |
|
Junior subordinated debentures |
|
22,681 |
|
|
|
22,681 |
|
|
|
22,681 |
|
Capital lease obligation |
|
2,470 |
|
|
|
2,475 |
|
|
|
2,254 |
|
Total liabilities |
|
822,456 |
|
|
|
812,956 |
|
|
|
755,174 |
|
|
|
|
|
|
|
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, 2016 – 22,507,890 issued
and outstanding; |
|
225 |
|
|
|
225 |
|
|
|
225 |
|
March 31, 2016 - 22,507,890 issued
and outstanding; |
|
|
|
|
|
June 30, 2015 – 22,507,890 issued
and outstanding; |
|
|
|
|
|
Additional paid-in capital |
|
64,421 |
|
|
|
64,418 |
|
|
|
65,331 |
|
Retained earnings |
|
43,976 |
|
|
|
42,728 |
|
|
|
39,144 |
|
Unearned shares issued to employee
stock ownership plan |
|
(155 |
) |
|
|
(181 |
) |
|
|
(258 |
) |
Accumulated other comprehensive
income (loss) |
|
1,524 |
|
|
|
1,083 |
|
|
|
(2 |
) |
Total shareholders’ equity |
|
109,991 |
|
|
|
108,273 |
|
|
|
104,440 |
|
|
|
|
|
|
|
Noncontrolling interest |
|
- |
|
|
|
- |
|
|
|
551 |
|
Total equity |
|
109,991 |
|
|
|
108,273 |
|
|
|
104,991 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
932,447 |
|
|
$ |
921,229 |
|
|
$ |
860,165 |
|
|
|
|
|
|
|
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY |
|
|
|
|
|
|
Consolidated
Statements of Income |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(In thousands, except share and per share
data)
(Unaudited) |
|
|
June 30, 2016 |
March 31, 2016 |
June 30, 2015 |
|
INTEREST AND DIVIDEND
INCOME: |
|
|
|
|
|
|
Interest and fees on loans
receivable |
|
|
$ |
7,440 |
|
$ |
7,037 |
|
$ |
6,860 |
|
|
Interest on investment
securities |
|
|
|
720 |
|
|
723 |
|
|
582 |
|
|
Other interest and dividends |
|
|
|
102 |
|
|
104 |
|
|
119 |
|
|
Total interest and dividend
income |
|
|
|
8,262 |
|
|
7,864 |
|
|
7,561 |
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
Interest on deposits |
|
|
|
281 |
|
|
280 |
|
|
303 |
|
|
Interest on borrowings |
|
|
|
158 |
|
|
152 |
|
|
134 |
|
|
Total interest expense |
|
|
|
439 |
|
|
432 |
|
|
437 |
|
|
Net interest
income |
|
|
|
7,823 |
|
|
7,432 |
|
|
7,124 |
|
|
Recapture of loan
losses |
|
|
|
- |
|
|
(350 |
) |
|
(500 |
) |
|
|
|
|
|
|
|
|
Net interest income
after recapture of loan losses |
|
|
|
7,823 |
|
|
7,782 |
|
|
7,624 |
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME: |
|
|
|
|
|
|
Fees and service charges |
|
|
|
1,323 |
|
|
1,106 |
|
|
1,296 |
|
|
Asset management fees |
|
|
|
822 |
|
|
757 |
|
|
824 |
|
|
Net gain on sales of loans held for
sale |
|
|
|
139 |
|
|
100 |
|
|
221 |
|
|
Bank owned life insurance |
|
|
|
191 |
|
|
190 |
|
|
197 |
|
|
Other, net |
|
|
|
39 |
|
|
40 |
|
|
11 |
|
|
Total non-interest income |
|
|
|
2,514 |
|
|
2,193 |
|
|
2,549 |
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE: |
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
4,640 |
|
|
4,592 |
|
|
4,414 |
|
|
Occupancy and depreciation |
|
|
|
1,137 |
|
|
1,204 |
|
|
1,169 |
|
|
Data processing |
|
|
|
495 |
|
|
430 |
|
|
490 |
|
|
Advertising and marketing |
|
|
|
193 |
|
|
136 |
|
|
176 |
|
|
FDIC insurance premium |
|
|
|
122 |
|
|
125 |
|
|
126 |
|
|
State and local taxes |
|
|
|
139 |
|
|
148 |
|
|
137 |
|
|
Telecommunications |
|
|
|
73 |
|
|
74 |
|
|
73 |
|
|
Professional fees |
|
|
|
258 |
|
|
231 |
|
|
233 |
|
|
Real estate owned |
|
|
|
15 |
|
|
56 |
|
|
279 |
|
|
Other |
|
|
|
743 |
|
|
573 |
|
|
648 |
|
|
Total non-interest expense |
|
|
|
7,815 |
|
|
7,569 |
|
|
7,745 |
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES |
|
|
|
2,522 |
|
|
2,406 |
|
|
2,428 |
|
|
PROVISION FOR INCOME
TAXES |
|
|
|
825 |
|
|
1,001 |
|
|
833 |
|
|
NET INCOME |
|
|
$ |
1,697 |
|
$ |
1,405 |
|
$ |
1,595 |
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
Basic |
|
|
$ |
0.08 |
|
$ |
0.06 |
|
$ |
0.07 |
|
|
Diluted |
|
|
$ |
0.08 |
|
$ |
0.06 |
|
$ |
0.07 |
|
|
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
|
22,467,861 |
|
|
22,461,703 |
|
|
22,434,327 |
|
|
Diluted |
|
|
|
22,514,235 |
|
|
22,502,111 |
|
|
22,477,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
At or for the three months ended |
|
|
June 30, 2016 |
|
March 31, 2016 |
|
June 30, 2015 |
AVERAGE
BALANCES |
|
|
|
|
|
|
Average interest–earning
assets |
|
$ |
839,427 |
|
|
$ |
815,431 |
|
|
$ |
775,558 |
|
Average interest-bearing
liabilities |
|
|
625,624 |
|
|
|
610,568 |
|
|
|
588,841 |
|
Net average earning
assets |
|
|
213,803 |
|
|
|
204,863 |
|
|
|
186,717 |
|
Average loans |
|
|
632,967 |
|
|
|
616,015 |
|
|
|
574,710 |
|
Average deposits |
|
|
782,827 |
|
|
|
759,836 |
|
|
|
723,095 |
|
Average equity |
|
|
109,809 |
|
|
|
108,023 |
|
|
|
105,615 |
|
Average tangible
equity |
|
|
84,237 |
|
|
|
82,451 |
|
|
|
80,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
June 30, 2016 |
|
March 31, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
2,356 |
|
|
$ |
2,714 |
|
|
$ |
3,773 |
|
Non-performing loans to
total loans |
|
|
0.37 |
% |
|
|
0.43 |
% |
|
|
0.66 |
% |
Real estate/repossessed
assets owned |
|
$ |
569 |
|
|
$ |
595 |
|
|
$ |
1,349 |
|
Non-performing assets |
|
$ |
2,925 |
|
|
$ |
3,309 |
|
|
$ |
5,122 |
|
Non-performing assets to
total assets |
|
|
0.31 |
% |
|
|
0.36 |
% |
|
|
0.60 |
% |
Net loan charge-offs in
the quarter |
|
$ |
(75 |
) |
|
$ |
(62 |
) |
|
$ |
(75 |
) |
Net charge-offs in the
quarter/average net loans |
|
|
(0.05 |
)% |
|
|
(0.04 |
)% |
|
|
(0.05 |
)% |
|
|
|
|
|
|
|
Allowance for loan
losses |
|
$ |
9,960 |
|
|
$ |
9,885 |
|
|
$ |
10,337 |
|
Average interest-earning
assets to average |
|
|
|
|
|
|
interest-bearing liabilities |
|
|
134.17 |
% |
|
|
133.55 |
% |
|
|
131.71 |
% |
Allowance for loan losses
to |
|
|
|
|
|
|
non-performing loans |
|
|
422.75 |
% |
|
|
364.22 |
% |
|
|
273.97 |
% |
Allowance for loan losses
to total loans |
|
|
1.58 |
% |
|
|
1.58 |
% |
|
|
1.81 |
% |
Shareholders’ equity to
assets |
|
|
11.80 |
% |
|
|
11.75 |
% |
|
|
12.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS |
|
|
|
|
|
|
Total capital (to risk
weighted assets) |
|
|
16.26 |
% |
|
|
16.07 |
% |
|
|
16.48 |
% |
Tier 1 capital (to risk
weighted assets) |
|
|
15.01 |
% |
|
|
14.81 |
% |
|
|
15.22 |
% |
Common equity tier 1 (to
risk weighted assets) |
|
|
15.01 |
% |
|
|
14.81 |
% |
|
|
15.22 |
% |
Tier 1 capital (to
leverage assets) |
|
|
11.16 |
% |
|
|
11.18 |
% |
|
|
11.17 |
% |
Tangible common equity (to
tangible assets) |
|
|
9.31 |
% |
|
|
9.23 |
% |
|
|
9.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT
MIX |
|
June 30, 2016 |
|
March 31, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
Interest checking |
|
$ |
151,339 |
|
|
$ |
144,740 |
|
|
$ |
121,648 |
|
Regular savings |
|
|
98,808 |
|
|
|
96,994 |
|
|
|
78,844 |
|
Money market deposit
accounts |
|
|
237,936 |
|
|
|
239,544 |
|
|
|
226,533 |
|
Non-interest checking |
|
|
186,451 |
|
|
|
179,143 |
|
|
|
160,830 |
|
Certificates of
deposit |
|
|
115,021 |
|
|
|
119,382 |
|
|
|
134,606 |
|
Total deposits |
|
$ |
789,555 |
|
|
$ |
779,803 |
|
|
$ |
722,461 |
|
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL AND
CONSTRUCTION
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
Commercial |
|
|
|
|
Real Estate |
|
Real Estate |
|
& Construction |
|
|
Commercial |
|
Mortgage |
|
Construction |
|
Total |
|
|
|
|
|
|
|
|
|
June 30, 2016 |
|
(Dollars in thousands) |
Commercial |
|
$ |
61,696 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
61,696 |
|
Commercial
construction |
|
|
- |
|
|
|
- |
|
|
|
20,327 |
|
|
|
20,327 |
|
Office buildings |
|
|
- |
|
|
|
107,126 |
|
|
|
- |
|
|
|
107,126 |
|
Warehouse/industrial |
|
|
- |
|
|
|
57,978 |
|
|
|
- |
|
|
|
57,978 |
|
Retail/shopping
centers/strip malls |
|
|
- |
|
|
|
62,432 |
|
|
|
- |
|
|
|
62,432 |
|
Assisted living
facilities |
|
|
- |
|
|
|
1,800 |
|
|
|
- |
|
|
|
1,800 |
|
Single purpose
facilities |
|
|
- |
|
|
|
140,625 |
|
|
|
- |
|
|
|
140,625 |
|
Land |
|
|
- |
|
|
|
11,137 |
|
|
|
- |
|
|
|
11,137 |
|
Multi-family |
|
|
- |
|
|
|
30,441 |
|
|
|
- |
|
|
|
30,441 |
|
One-to-four family
construction |
|
|
- |
|
|
|
- |
|
|
|
14,231 |
|
|
|
14,231 |
|
Total |
|
$ |
61,696 |
|
|
$ |
411,539 |
|
|
$ |
34,558 |
|
|
$ |
507,793 |
|
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
Commercial |
|
$ |
69,397 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
69,397 |
|
Commercial
construction |
|
|
- |
|
|
|
- |
|
|
|
16,716 |
|
|
|
16,716 |
|
Office buildings |
|
|
- |
|
|
|
107,986 |
|
|
|
- |
|
|
|
107,986 |
|
Warehouse/industrial |
|
|
- |
|
|
|
55,830 |
|
|
|
- |
|
|
|
55,830 |
|
Retail/shopping
centers/strip malls |
|
|
- |
|
|
|
61,600 |
|
|
|
- |
|
|
|
61,600 |
|
Assisted living
facilities |
|
|
- |
|
|
|
1,809 |
|
|
|
- |
|
|
|
1,809 |
|
Single purpose
facilities |
|
|
- |
|
|
|
126,524 |
|
|
|
- |
|
|
|
126,524 |
|
Land |
|
|
- |
|
|
|
12,045 |
|
|
|
- |
|
|
|
12,045 |
|
Multi-family |
|
|
- |
|
|
|
33,733 |
|
|
|
- |
|
|
|
33,733 |
|
One-to-four family
construction |
|
|
- |
|
|
|
- |
|
|
|
10,015 |
|
|
|
10,015 |
|
Total |
|
$ |
69,397 |
|
|
$ |
399,527 |
|
|
$ |
26,731 |
|
|
$ |
495,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
MIX |
|
June 30, 2016 |
|
March 31, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands) |
|
|
Commercial and
construction |
|
|
|
|
|
|
|
|
Commercial business |
|
$ |
61,696 |
|
|
$ |
69,397 |
|
|
$ |
79,764 |
|
|
|
Other real estate mortgage |
|
|
411,539 |
|
|
|
399,527 |
|
|
|
348,691 |
|
|
|
Real estate construction |
|
|
34,558 |
|
|
|
26,731 |
|
|
|
20,397 |
|
|
|
Total commercial and
construction |
|
|
507,793 |
|
|
|
495,655 |
|
|
|
448,852 |
|
|
|
Consumer |
|
|
|
|
|
|
|
|
Real estate one-to-four family |
|
|
86,515 |
|
|
|
88,780 |
|
|
|
87,837 |
|
|
|
Other installment |
|
|
35,506 |
|
|
|
40,384 |
|
|
|
33,492 |
|
|
|
Total consumer |
|
|
122,021 |
|
|
|
129,164 |
|
|
|
121,329 |
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
629,814 |
|
|
|
624,819 |
|
|
|
570,181 |
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
9,960 |
|
|
|
9,885 |
|
|
|
10,337 |
|
|
|
Loans receivable, net |
|
$ |
619,854 |
|
|
$ |
614,934 |
|
|
$ |
559,844 |
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest |
|
Other |
|
Southwest |
|
Other |
|
|
|
|
|
|
|
|
Oregon |
|
Oregon |
|
Washington |
|
Washington |
|
Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2016 |
|
(Dollars in thousands) |
Non-performing
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate |
|
|
$ |
- |
|
|
$ |
1,289 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,289 |
|
Land |
|
|
|
- |
|
|
|
801 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
801 |
|
Consumer |
|
|
|
112 |
|
|
|
- |
|
|
|
91 |
|
|
|
- |
|
|
|
63 |
|
|
|
266 |
|
Total non-performing
loans |
|
|
|
112 |
|
|
|
2,090 |
|
|
|
91 |
|
|
|
- |
|
|
|
63 |
|
|
|
2,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REO |
|
|
|
271 |
|
|
|
- |
|
|
|
- |
|
|
|
298 |
|
|
|
- |
|
|
|
569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
assets |
|
|
|
$ |
383 |
|
|
$ |
2,090 |
|
|
$ |
91 |
|
|
$ |
298 |
|
|
$ |
63 |
|
|
$ |
2,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest |
|
Other |
|
Southwest |
|
|
|
|
|
|
|
|
|
|
Oregon |
|
Oregon |
|
Washington |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2016 |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development |
|
|
$ |
94 |
|
|
$ |
2,642 |
|
|
$ |
8,401 |
|
|
$ |
11,137 |
|
|
|
|
|
Speculative
construction |
|
|
|
1,365 |
|
|
|
50 |
|
|
|
11,199 |
|
|
|
12,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total land development
and speculative construction |
|
|
|
$ |
1,459 |
|
|
$ |
2,692 |
|
|
$ |
19,600 |
|
|
$ |
23,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the three months ended |
SELECTED OPERATING
DATA |
|
June 30, 2016 |
|
|
March 31, 2016 |
|
|
June 30, 2015 |
|
|
|
|
|
Efficiency ratio
(4) |
|
75.60 |
% |
|
78.64 |
% |
|
80.07 |
% |
Coverage ratio (6) |
|
100.10 |
% |
|
98.19 |
% |
|
91.98 |
% |
Return on average
assets (1) |
|
0.74 |
% |
|
0.63 |
% |
|
0.75 |
% |
Return on average
equity (1) |
|
6.20 |
% |
|
5.23 |
% |
|
6.07 |
% |
|
|
|
|
NET INTEREST
SPREAD |
|
|
|
Yield on loans |
|
4.71 |
% |
|
4.59 |
% |
|
4.80 |
% |
Yield on investment
securities |
|
1.85 |
% |
|
1.91 |
% |
|
2.04 |
% |
Total yield on interest earning
assets |
|
3.95 |
% |
|
3.88 |
% |
|
3.92 |
% |
|
|
|
|
Cost of interest
bearing deposits |
|
0.19 |
% |
|
0.19 |
% |
|
0.22 |
% |
Cost of FHLB advances
and other borrowings |
|
2.52 |
% |
|
2.43 |
% |
|
2.16 |
% |
Total cost of interest bearing
liabilities |
|
0.28 |
% |
|
0.28 |
% |
|
0.30 |
% |
|
|
|
|
Spread (7) |
|
3.67 |
% |
|
3.60 |
% |
|
3.62 |
% |
Net interest
margin |
|
3.74 |
% |
|
3.67 |
% |
|
3.69 |
% |
|
|
|
|
PER SHARE DATA |
|
|
|
Basic earnings per
share (2) |
$ |
0.08 |
|
$ |
0.06 |
|
$ |
0.07 |
|
Diluted earnings per
share (3) |
|
0.08 |
|
|
0.06 |
|
|
0.07 |
|
Book value per share
(5) |
|
4.89 |
|
|
4.81 |
|
|
4.64 |
|
Tangible book value per
share (5) |
|
3.75 |
|
|
3.67 |
|
|
3.50 |
|
Market price per
share: |
|
|
|
High for the period |
$ |
4.89 |
|
$ |
4.76 |
|
$ |
4.52 |
|
Low for the period |
|
4.30 |
|
|
4.20 |
|
|
4.08 |
|
Close for period end |
|
4.73 |
|
|
4.20 |
|
|
4.28 |
|
Cash dividends declared
per share |
|
0.02000 |
|
|
0.02000 |
|
|
0.01250 |
|
|
|
|
|
Average number of
shares outstanding: |
|
|
|
Basic (2) |
|
22,467,861 |
|
|
22,461,703 |
|
|
22,434,327 |
|
Diluted (3) |
|
22,514,235 |
|
|
22,502,111 |
|
|
22,477,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
Contacts: Pat Sheaffer, Ron Wysaske or Kevin Lycklama,
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp (NASDAQ:RVSB)
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