Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the
“Company”) today reported earnings of $2.9 million, or $0.13 per
diluted share for the fourth fiscal quarter ended March 31, 2020,
compared to $4.1 million, or $0.18 per diluted share, in the
preceding quarter, and $4.2 million, or $0.19 per diluted share, in
the fourth fiscal quarter a year ago. For fiscal 2020, earnings
were $15.7 million, or $0.69 per diluted share, compared to $17.3
million, or $0.76 per diluted share, in fiscal 2019.
“The COVID-19 pandemic has proven to be an
unprecedented time globally, nationally and in the market areas we
serve,” stated Kevin Lycklama, president and chief executive
officer. “Our team achieved solid operating results in fiscal 2020,
driven by organic loan growth, excellent asset quality and improved
operating efficiencies. Our fourth quarter earnings reflect the
early impact of the pandemic and its effect on our
communities.”
“Above all else, the safety of our customers and
employees is our top priority and we began implementing our
pandemic response plan in early March to reduce the risk of
exposure and spread of COVID-19,” noted Lycklama. “In mid-March,
our lobby access was restricted at all branches and we actively
encouraged the use of drive-up services, ATMs, online banking and
call center operations. Approximately 40% of our staff is working
remotely, and we will continue with this structure until the
mandated Stay-At-Home orders have been lifted by the States of
Washington and Oregon.”
Below are some of the impacts of the pandemic
related to Riverview’s operations:
- Industry Exposure: The governors of both
Washington and Oregon have ordered all non-essential businesses to
close, mandated Stay-at-Home orders, and closed schools and
universities. While the economic impact of these steps is
widespread, some industries will be more acutely affected by the
current business decline. Riverview’s loan portfolio exposure to
industries most affected by these mandates include: Hotel/Motel
($108.3 million, 11.9% of total loans), Retail Strip Centers ($80.8
million, 8.9% of total loans), Gas Station/Auto Repair ($41.3
million, 4.5% of total loans) and Restaurants/Fast Food ($14.9
million, 1.6%). Loans to these customers are generally secured by
real estate and had strong performance heading into the current
pandemic. The weighted average loan-to-value and debt service
coverage ratio for these portfolios were as follows: Hotel/Motel
(54% and 1.93), Retail Strip Centers (52% and 1.63), Gas
Station/Auto Repair (52% and 2.55), and Restaurants/Fast Food (57%
and 1.46). Riverview also performed a refresh of the stress test on
its commercial loan portfolio.
- Loan Accommodations: As of May 5, 2020,
Riverview had approved payment deferrals for 53 commercial loans
that were impacted by the COVID-19 pandemic totaling $125.4
million. In general, the payment deferral period for these loans
was 90 days. Depending on economic conditions, extensions to the
initial payment deferral periods may be necessary. Riverview has
received an additional 46 commercial loan modification requests
totaling $72.8 million that it is in the process of completing. In
addition, 60 consumer and mortgage loans totaling $16.0 million
were approved for payment deferrals. Since all of these loans were
performing loans that were current on their payments prior to
COVID-19, these loan modifications are not considered to be
troubled debt restructurings pursuant to provisions contained
within the Coronavirus Aid, Relief, and Economic Security Act
(“CARES Act”).
- Loan Loss Reserve: Riverview’s asset quality
remained stable during the quarter; however, management determined
a $1.3 million provision for loan losses for the quarter ended
March 31, 2020 was warranted. The current quarter’s provision for
loan losses was due primarily to economic uncertainties associated
with the COVID-19 pandemic. The allowance for loan losses was $12.6
million, or 1.38% of total loans, at March 31, 2020.
- Paycheck Protection Program (“PPP”). On March
27, 2020, Congress passed the CARES Act providing financial relief
and support to the economy, including funding for the Small
Business Association’s (“SBA”) PPP. Riverview began processing PPP
loan applications immediately after the program was available and
as of May 5th, Riverview had obtained approval for 751 loans
totaling approximately $115.1 million with an average loan size of
$153,000. Of the 751 approved loans, 72% were for loans under
$100,000 and over 91% for loans under $350,000. This also
included funding for nearly 50 local non-profit organizations.“The
response to the rollout of this program by our staff has been
tremendous,” said Lycklama. “I would like to thank our
employees who worked days, nights and weekends the last several
weeks to provide this critical lifeline to our local business and
communities. Their efforts secured funding to support nearly 12,000
jobs. As a 96-year-old community bank, we are deeply rooted in our
communities and we take considerable pride in serving small
businesses, which are at the heart of our mission as a community
bank.”“Community banks across the nation stepped up when our
communities and neighbors needed help,” said Lycklama. “Banks under
$10 billion in assets approved approximately 60% of the loans in
the first round of the PPP. I am proud of Riverview’s performance
and our ability to handle as many applications as we did. This
program has really highlighted the core values and spirit of a
community bank. We were able to be flexible, respond quickly and
provide the personal attention that our local business partners
deserve and have come to expect from Riverview.”
- Liquidity Resources: Riverview is well
positioned with adequate levels of cash and liquid assets as of
March 31, 2020. In addition to the on-balance sheet liquidity,
Riverview has over $300 million of available liquidity through the
Federal Home Loan Bank and the Federal Reserve Bank.
Fourth Quarter Highlights (at or for the
period ended March 31, 2020)
- Net income was $2.9 million, or
$0.13 per diluted share.
- Net interest margin (NIM) remained
healthy at 4.10% for the quarter.
- Return on average assets was 0.99%
and return on average equity was 7.77% for the fourth quarter.
- Provision for loan losses was $1.3
million for the fourth quarter.
- Total loans increased $25.0 million
during the quarter to $911.5 million. Loan balances increased 4.0%
over the last fiscal year.
- Total deposits were $990.4 million
at quarter end. Deposit balances increased 7.1% over the last
fiscal year.
- Asset quality remains strong, with
non-performing assets at 0.12% of total assets.
- Total risk-based capital ratio was
17.01% and Tier 1 leverage ratio was 11.78%.
- Paid a quarterly cash dividend of
$0.05 per share, generating a current dividend yield of 4.19% based
on the share price at close of market on the payment date of April
22, 2020.
- Riverview completed its share
repurchase program on April 17, 2020, repurchasing 500,000 shares
totaling $2.5 million.
Income
Statement
Total net revenues were $13.9 million during the
quarter compared to $14.7 million in the prior quarter and $14.5
million in the year ago quarter. For fiscal year 2020, net revenues
totaled $58.1 million compared to $58.2 million for fiscal year
2019.
Return on average assets was 0.99% in the fourth
quarter of fiscal year 2020 compared to 1.49% in the fourth quarter
of fiscal 2019. Return on average equity and return on average
tangible equity (non-GAAP) was 7.77% and 9.55%, respectively,
compared to 12.98% and 16.50% for the fourth fiscal quarter a year
ago.
Net interest income for the quarter was $11.1
million compared to $11.5 million in the preceding quarter and
$11.9 million in the fourth fiscal quarter a year ago. For the
fiscal year 2020, net interest income was $45.7 million compared to
$47.1 million in fiscal year 2019. The decrease in net interest
income for the quarter and the year reflects the volatile interest
rate environment, with growth in our loan and deposit portfolios
offset by rising deposit costs and declining loan yields.
Riverview’s fourth fiscal quarter NIM (GAAP) was
4.10% compared to 4.23% in the prior quarter and 4.52% in the
fourth fiscal quarter a year ago. The accretion on purchased loans
totaled $65,000 during the current quarter compared to $219,000
during the preceding quarter and $198,000 in the same period a year
ago, resulting in a two basis point increase in the NIM for the
current period compared to an eight basis point increase for the
preceding quarter and a seven basis point increase for the same
period a year ago. Net fees on loan prepayments were $22,000 for
the fourth fiscal quarter of 2020 and did not significantly
contribute to the current quarter’s NIM. This compares to $211,000
in net fees on loan prepayments adding eight basis point to NIM in
the preceding quarter and $306,000 adding 12 basis points to the
NIM in the fourth fiscal quarter a year ago. This resulted in a
core-NIM (non-GAAP) of 4.08% in the current quarter compared to
4.07% in the preceding quarter and 4.33% in the same quarter a year
ago. In fiscal year 2020, Riverview’s NIM (GAAP) was 4.26% compared
to 4.45% in fiscal year 2019. Net fees on loan prepayments were
$377,000 for the year ended March 31, 2020, which added four basis
points to the NIM compared to $603,000 adding six basis points to
the NIM for the year ended March 31, 2019.
“Our net interest margin contracted during the
quarter due primarily to the lower yield on interest-earning
assets,” said David Lam, executive vice president and chief
financial officer. “With the current volatile financial markets
attributable to the COVID-19 pandemic and the resulting rapid
reduction in short term interest rates affecting all banks, we
anticipate continued pressure on our net interest margin going
forward.”
Non-interest income was $2.9 million in the
fourth fiscal quarter compared to $3.2 million in the third fiscal
quarter and $2.7 million in the fourth fiscal quarter a year ago.
For fiscal 2020, non-interest income increased 11.3% to $12.4
million compared to $11.1 million a year ago. The improvement in
non-interest income was primarily driven by an increase in service
charges and higher asset management fees.
Asset management fees were $1.0 million during
the fourth fiscal quarter compared to $1.1 million in the preceding
quarter and $987,000 in the fourth fiscal quarter a year ago. For
fiscal year 2020, asset management fees increased to $4.4 million
compared to $3.8 million in fiscal year 2019. Riverview Trust
Company’s assets under management remained stable at $1.2 billion
at March 31, 2020 compared to three months earlier and increased
$591.0 million when compared to March 31, 2019 due primarily to a
single large client added during the third quarter of fiscal
2020.
In the fourth quarter of fiscal 2020,
non-interest expense decreased to $8.8 million compared to $9.2
million in the preceding quarter. For the full year, non-interest
expense was $36.3 million compared to $35.7 million in fiscal 2019.
“We have been able to manage and control our operating expenses
throughout fiscal 2020, even with our investments in technology and
several key hires during the current fiscal year,” added Lam. The
efficiency ratio was 63.3% for the fourth fiscal quarter compared
to 63.1% in the preceding quarter and 61.6% in the fourth fiscal
quarter a year ago.
Riverview’s effective tax rate for fiscal year
2020 was 23.5% compared to 23.0% for fiscal year 2019. The increase
in the effective tax rate is attributable to the apportionment and
taxation of conducting business in both Washington and Oregon. Our
business continues to grow in the Oregon market, and as a result,
we have seen our overall effective tax rate increase.
Balance Sheet Review
Riverview’s total loans increased $25.0 million
during the quarter to $911.5 million compared to $886.5 million
three months earlier and increased $35.4 million compared to $876.1
million a year ago. Total loans continue to be impacted by an
elevated level of paydowns on existing loans; however, the loan
pipeline remained healthy at $71.3 million at March 31, 2020
compared to $64.5 million at the end of the prior quarter.
Undisbursed construction loans totaled $25.7 million at March 31,
2020 compared to $36.0 million three months earlier, with the
majority of the undisbursed construction loans expected to fund
over the next several quarters.
Revolving commercial business loan commitments
totaled $76.4 million at March 31, 2020. Utilization on these
loans totaled 23.7% at March 31, 2020 compared to 23.5% at December
31, 2019.
The weighted average rate on loan originations
during the quarter was 4.16% at March 31, 2020 compared to 4.58% at
December 31, 2019 and 5.81% at March 31, 2019, reflecting the
overall decreasing rate environment.
Deposits totaled $990.4 million at March 31,
2020, unchanged compared to three months earlier, and increased
$65.4 million compared to a year earlier. The increase in deposits
year over year was primarily in savings and CD products. “Deposits
increased 7.1% compared to a year ago which help to fund our loan
growth and allowed us to pay off our outstanding FHLB borrowings,”
said Lam. A year ago, outstanding FHLB advances were $56.6 million.
Deposit costs were 0.38% during the fourth quarter and in the
preceding quarter compared to 0.10% during the fourth quarter of
fiscal 2019. The year over year increase in deposit costs was due
to pricing pressures and Riverview’s efforts to remain competitive
in its Northwest markets.
Shareholders’ equity increased to $148.8 million
at March 31, 2020 compared to $145.8 million three months earlier
and $133.1 million a year earlier. Tangible book value per share
(non-GAAP) increased to $5.37 at March 31, 2020 compared to $5.18
at December 31, 2019 and $4.65 at March 31, 2019. Riverview paid a
quarterly cash dividend of $0.05 per share on April 22, 2020 to
shareholders of record on April 9, 2020.
Credit Quality
“Riverview’s asset quality metrics improved
compared to a year ago; however we are continuously monitoring our
loan portfolio given the current economic conditions,” said
Lycklama. Non-performing loans totaled $1.4 million, or 0.15% of
total loans, at March 31, 2020 compared to $1.5 million, or 0.17%
of total loans, at both December 31, 2019 and March 31, 2019. Net
loan charge offs were $60,000 during the fourth fiscal quarter of
2020 compared to $3,000 in the preceding quarter and $45,000 in the
fourth fiscal quarter a year ago.
Classified assets decreased to $1.6 million at
March 31, 2020 compared to $3.1 million at December 31, 2019 and
$6.3 million at March 31, 2019. The classified asset to total
capital ratio was 1.1% at March 31, 2020 compared to 2.1% three
months earlier and 4.5% a year earlier.
At March 31, 2020, the allowance for loan losses
increased to $12.6 million compared to $11.4 million three months
earlier and $11.5 million one year earlier. As previously stated,
the increase in the allowance was due to an increase in loan loss
provisions associated with economic uncertainties related to the
COVID-19 pandemic and to a lesser extent, the loan growth during
the quarter. The allowance for loan losses represented 1.38% of
total loans at March 31, 2020 compared to 1.29% three months
earlier and 1.31% a year earlier. Included in the carrying value of
loans are net discounts on the MBank purchased loans, which may
reduce the need for an allowance for loan losses on these loans
because they are carried at an amount below the outstanding
principal balance. The remaining net discount on these purchased
loans was $1.1 million at March 31, 2020, unchanged compared to
three months earlier.
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 17.01%
and a Tier 1 leverage ratio of 11.78% at March 31, 2020. Tangible
common equity to average tangible assets ratio (non-GAAP) increased
to 10.50% at March 31, 2020.
Branch
Expansion
Riverview previously announced plans for three
new locations in Clark County, Washington, which will provide a
terrific complement to its existing branch network. Our new
branch in downtown Camas is scheduled to open this summer while our
new location in the Cascade Park neighborhood of Vancouver is
scheduled to open later this fall. A construction moratorium due to
COVID-19 has pushed the opening of the new branch location in
Ridgefield to early 2021.
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. We believe
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 shareholders’ 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. We calculate tangible book value per share by
dividing tangible shareholders’ equity by the number of common
shares outstanding. Riverview also provides a non-GAAP measure of
net interest margin, along with the GAAP measure. Core net interest
margin is calculated as net interest margin less accretion on
purchased loans and net fees on loan prepayments. These non-GAAP
financial measures have inherent limitations, are not required to
be uniformly applied and are not audited. Further, the non-GAAP
financial measures should not be considered in isolation or as a
substitute for book value per share, total shareholders' equity or
net interest margin as determined in accordance with GAAP and may
not be comparable to similarly titled measures reported by other
companies. Reconciliations of the GAAP and non-GAAP financial
measures are presented below.
(Dollars in
thousands) |
|
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
$ |
148,843 |
|
$ |
145,806 |
|
$ |
133,122 |
|
Goodwill |
|
|
27,076 |
|
|
27,076 |
|
|
27,076 |
|
Core deposit
intangible, net |
|
|
759 |
|
|
799 |
|
|
920 |
|
Tangible
shareholders' equity |
|
$ |
121,008 |
|
$ |
117,931 |
|
$ |
105,126 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,180,808 |
|
$ |
1,184,100 |
|
$ |
1,156,921 |
|
Goodwill |
|
|
27,076 |
|
|
27,076 |
|
|
27,076 |
|
Core deposit
intangible, net |
|
|
759 |
|
|
799 |
|
|
920 |
|
Tangible
assets |
|
$ |
1,152,973 |
|
$ |
1,156,225 |
|
$ |
1,128,925 |
|
|
|
|
|
|
|
|
|
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 $1.18 billion at March
31, 2020, it is the parent company of the 96-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
clients through 18 branches, including 14 in the Portland-Vancouver
area, and 3 lending centers. For the past 6 years, Riverview has
been named Best Bank by the readers of The Vancouver Business
Journal, and The Columbian.
“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 effect of the
COVID-19 pandemic, including on our credit quality and business
operations, as well as the impact on general economic and financial
conditions and other uncertainties resulting from the COVID-19
pandemic, such as the extent and duration of the impact on public
health, the U.S. and global economies, and consumer and corporate
customers, including economic activity, employment levels and
market liquidity; 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 future goodwill impairment due to changes in the
Company’s business, changes in market conditions, including as a
result of the COVID-19 pandemic and other factors 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 2021 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) |
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash (including interest-earning accounts of $27,866, $48,781 |
$ |
41,968 |
|
$ |
62,123 |
|
|
$ |
22,950 |
|
and $5,844) |
|
|
|
|
|
Certificate of deposits held for investment |
|
249 |
|
|
249 |
|
|
|
747 |
|
Loans held for sale |
|
275 |
|
|
- |
|
|
|
909 |
|
Investment securities: |
|
|
|
|
|
Available for sale, at estimated fair value |
|
148,291 |
|
|
155,757 |
|
|
|
178,226 |
|
Held to maturity, at amortized cost |
|
28 |
|
|
29 |
|
|
|
35 |
|
Loans receivable (net of allowance for loan losses of $12,624,
$11,433 |
|
|
|
|
|
and $11,457) |
|
898,885 |
|
|
875,100 |
|
|
|
864,659 |
|
Prepaid expenses and other assets |
|
7,452 |
|
|
8,330 |
|
|
|
4,596 |
|
Accrued interest receivable |
|
3,704 |
|
|
3,729 |
|
|
|
3,919 |
|
Federal Home Loan Bank stock, at cost |
|
1,420 |
|
|
1,380 |
|
|
|
3,644 |
|
Premises and equipment, net |
|
17,078 |
|
|
16,021 |
|
|
|
15,458 |
|
Deferred income taxes, net |
|
3,277 |
|
|
3,416 |
|
|
|
4,195 |
|
Mortgage servicing rights, net |
|
191 |
|
|
215 |
|
|
|
296 |
|
Goodwill |
|
27,076 |
|
|
27,076 |
|
|
|
27,076 |
|
Core deposit intangible, net |
|
759 |
|
|
799 |
|
|
|
920 |
|
Bank owned life insurance |
|
30,155 |
|
|
29,876 |
|
|
|
29,291 |
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
1,180,808 |
|
$ |
1,184,100 |
|
|
$ |
1,156,921 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
Deposits |
$ |
990,448 |
|
$ |
990,464 |
|
|
$ |
925,068 |
|
Accrued expenses and other liabilities |
|
11,783 |
|
|
18,483 |
|
|
|
12,536 |
|
Advance payments by borrowers for taxes and insurance |
|
703 |
|
|
329 |
|
|
|
631 |
|
Federal Home Loan Bank advances |
|
- |
|
|
- |
|
|
|
56,586 |
|
Junior subordinated debentures |
|
26,662 |
|
|
26,640 |
|
|
|
26,575 |
|
Capital lease obligations |
|
2,369 |
|
|
2,378 |
|
|
|
2,403 |
|
Total liabilities |
|
1,031,965 |
|
|
1,038,294 |
|
|
|
1,023,799 |
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
Serial preferred stock, $.01 par value; 250,000 authorized, |
|
|
|
|
|
issued and outstanding, none |
|
- |
|
|
- |
|
|
|
- |
|
Common stock, $.01 par value; 50,000,000 authorized, |
|
|
|
|
|
March 31, 2020 – 22,748,385 issued and 22,544,285
outstanding; |
|
|
|
|
|
December 31, 2019 - 22,748,385 issued and
outstanding; |
|
225 |
|
|
227 |
|
|
|
226 |
|
March 31, 2019 – 22,607,712 issued and
outstanding; |
|
|
|
|
|
Additional paid-in capital |
|
64,649 |
|
|
65,637 |
|
|
|
65,094 |
|
Retained earnings |
|
81,870 |
|
|
80,103 |
|
|
|
70,428 |
|
Accumulated other comprehensive income (loss) |
|
2,099 |
|
|
(161 |
) |
|
|
(2,626 |
) |
Total shareholders’ equity |
|
148,843 |
|
|
145,806 |
|
|
|
133,122 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
1,180,808 |
|
$ |
1,184,100 |
|
|
$ |
1,156,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RIVERVIEW BANCORP,
INC. AND SUBSIDIARY |
|
|
|
|
|
|
Consolidated
Statements of Income |
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
(In thousands, except share data)
(Unaudited) |
March 31, 2020 |
Dec. 31, 2019 |
March 31, 2019 |
|
March 31, 2020 |
March 31, 2019 |
INTEREST INCOME: |
|
|
|
|
|
|
Interest and fees on loans receivable |
$ |
11,259 |
$ |
11,699 |
$ |
11,677 |
|
$ |
46,405 |
$ |
44,938 |
Interest on investment securities - taxable |
|
851 |
|
851 |
|
1,032 |
|
|
3,440 |
|
4,456 |
Interest on investment securities - nontaxable |
|
17 |
|
27 |
|
36 |
|
|
117 |
|
146 |
Other interest and dividends |
|
164 |
|
189 |
|
58 |
|
|
533 |
|
329 |
Total interest and dividend income |
|
12,291 |
|
12,766 |
|
12,803 |
|
|
50,495 |
|
49,869 |
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
Interest on deposits |
|
937 |
|
942 |
|
237 |
|
|
2,890 |
|
996 |
Interest on borrowings |
|
304 |
|
332 |
|
693 |
|
|
1,874 |
|
1,819 |
Total interest expense |
|
1,241 |
|
1,274 |
|
930 |
|
|
4,764 |
|
2,815 |
Net interest income |
|
11,050 |
|
11,492 |
|
11,873 |
|
|
45,731 |
|
47,054 |
Provision for loan losses |
|
1,250 |
|
- |
|
- |
|
|
1,250 |
|
50 |
|
|
|
|
|
|
|
Net interest income after
provision for loan losses |
|
9,800 |
|
11,492 |
|
11,873 |
|
|
44,481 |
|
47,004 |
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
Fees and service charges |
|
1,491 |
|
1,661 |
|
1,404 |
|
|
6,541 |
|
5,948 |
Asset management fees |
|
1,039 |
|
1,136 |
|
987 |
|
|
4,408 |
|
3,791 |
Net gain on sale of loans held for sale |
|
42 |
|
68 |
|
39 |
|
|
252 |
|
317 |
Bank owned life insurance |
|
279 |
|
188 |
|
189 |
|
|
864 |
|
734 |
Other, net |
|
41 |
|
110 |
|
50 |
|
|
295 |
|
317 |
Total non-interest income, net |
|
2,892 |
|
3,163 |
|
2,669 |
|
|
12,360 |
|
11,107 |
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
Salaries and employee benefits |
|
5,452 |
|
5,941 |
|
5,665 |
|
|
22,805 |
|
22,320 |
Occupancy and depreciation |
|
1,518 |
|
1,461 |
|
1,318 |
|
|
5,576 |
|
5,334 |
Data processing |
|
643 |
|
637 |
|
593 |
|
|
2,629 |
|
2,467 |
Amortization of core deposit intangible |
|
40 |
|
40 |
|
46 |
|
|
161 |
|
183 |
Advertising and marketing |
|
167 |
|
181 |
|
160 |
|
|
856 |
|
769 |
FDIC insurance premium |
|
- |
|
- |
|
80 |
|
|
80 |
|
326 |
State and local taxes |
|
180 |
|
126 |
|
176 |
|
|
675 |
|
651 |
Telecommunications |
|
81 |
|
84 |
|
87 |
|
|
327 |
|
353 |
Professional fees |
|
264 |
|
267 |
|
306 |
|
|
1,119 |
|
1,426 |
Other |
|
473 |
|
511 |
|
531 |
|
|
2,035 |
|
1,870 |
Total non-interest expense |
|
8,818 |
|
9,248 |
|
8,962 |
|
|
36,263 |
|
35,699 |
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES |
|
3,874 |
|
5,407 |
|
5,580 |
|
|
20,578 |
|
22,412 |
PROVISION FOR INCOME
TAXES |
|
980 |
|
1,279 |
|
1,373 |
|
|
4,830 |
|
5,146 |
NET INCOME |
$ |
2,894 |
$ |
4,128 |
$ |
4,207 |
|
$ |
15,748 |
$ |
17,266 |
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
Basic |
$ |
0.13 |
$ |
0.18 |
$ |
0.19 |
|
$ |
0.70 |
$ |
0.76 |
Diluted |
$ |
0.13 |
$ |
0.18 |
$ |
0.19 |
|
$ |
0.69 |
$ |
0.76 |
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
Basic |
|
22,642,531 |
|
22,665,712 |
|
22,605,012 |
|
|
22,642,795 |
|
22,588,395 |
Diluted |
|
22,689,354 |
|
22,718,255 |
|
22,663,997 |
|
|
22,698,415 |
|
22,659,594 |
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
At or for the three months ended |
|
At or for the twelve months ended |
|
|
March 31, 2020 |
|
Dec. 31, 2019 |
|
March 31, 2019 |
|
March 31, 2020 |
|
March 31, 2019 |
AVERAGE
BALANCES |
|
|
|
|
|
|
|
|
|
|
Average interest–earning assets |
|
$ |
1,083,493 |
|
|
$ |
1,082,229 |
|
|
$ |
1,066,133 |
|
|
$ |
1,075,297 |
|
$ |
1,059,063 |
Average interest-bearing
liabilities |
|
|
740,437 |
|
|
|
726,294 |
|
|
|
723,805 |
|
|
|
726,092 |
|
|
718,595 |
Net average earning assets |
|
|
343,056 |
|
|
|
355,935 |
|
|
|
342,328 |
|
|
|
349,205 |
|
|
340,468 |
Average loans |
|
|
892,715 |
|
|
|
878,656 |
|
|
|
869,950 |
|
|
|
884,498 |
|
|
844,142 |
Average deposits |
|
|
984,983 |
|
|
|
987,056 |
|
|
|
929,219 |
|
|
|
961,267 |
|
|
963,934 |
Average equity |
|
|
149,721 |
|
|
|
146,090 |
|
|
|
131,400 |
|
|
|
143,652 |
|
|
124,542 |
Average tangible equity
(non-GAAP) |
|
|
121,862 |
|
|
|
118,192 |
|
|
|
103,378 |
|
|
|
115,733 |
|
|
96,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
March 31, 2020 |
|
Dec. 31, 2019 |
|
March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
1,395 |
|
|
$ |
1,517 |
|
|
$ |
1,519 |
|
|
|
|
|
Non-performing loans to total
loans |
|
|
0.15 |
% |
|
|
0.17 |
% |
|
|
0.17 |
% |
|
|
|
|
Real estate/repossessed assets
owned |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
Non-performing assets |
|
$ |
1,395 |
|
|
$ |
1,517 |
|
|
$ |
1,519 |
|
|
|
|
|
Non-performing assets to total
assets |
|
|
0.12 |
% |
|
|
0.13 |
% |
|
|
0.13 |
% |
|
|
|
|
Net loan charge-offs in the
quarter |
|
$ |
60 |
|
|
$ |
3 |
|
|
$ |
45 |
|
|
|
|
|
Net charge-offs in the
quarter/average net loans |
|
|
0.03 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
12,624 |
|
|
$ |
11,433 |
|
|
$ |
11,457 |
|
|
|
|
|
Average interest-earning assets
to average |
|
|
|
|
|
|
|
|
|
|
interest-bearing
liabilities |
|
|
146.33 |
% |
|
|
149.01 |
% |
|
|
147.30 |
% |
|
|
|
|
Allowance for loan losses to |
|
|
|
|
|
|
|
|
|
|
non-performing loans |
|
|
904.95 |
% |
|
|
753.66 |
% |
|
|
754.25 |
% |
|
|
|
|
Allowance for loan losses to
total loans |
|
|
1.38 |
% |
|
|
1.29 |
% |
|
|
1.31 |
% |
|
|
|
|
Shareholders’ equity to
assets |
|
|
12.61 |
% |
|
|
12.31 |
% |
|
|
11.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS |
|
|
|
|
|
|
|
|
|
|
Total capital (to risk weighted
assets) |
|
|
17.01 |
% |
|
|
17.66 |
% |
|
|
16.88 |
% |
|
|
|
|
Tier 1 capital (to risk weighted
assets) |
|
|
15.73 |
% |
|
|
16.41 |
% |
|
|
15.63 |
% |
|
|
|
|
Common equity tier 1 (to risk
weighted assets) |
|
|
15.73 |
% |
|
|
16.41 |
% |
|
|
15.63 |
% |
|
|
|
|
Tier 1 capital (to average
tangible assets) |
|
|
11.78 |
% |
|
|
12.05 |
% |
|
|
11.56 |
% |
|
|
|
|
Tangible common equity (to
average tangible assets) (non-GAAP) |
|
|
10.50 |
% |
|
|
10.20 |
% |
|
|
9.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT
MIX |
|
March 31, 2020 |
|
Dec. 31, 2019 |
|
March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
$ |
187,798 |
|
|
$ |
179,447 |
|
|
$ |
183,388 |
|
|
|
|
|
Regular savings |
|
|
226,880 |
|
|
|
217,004 |
|
|
|
137,503 |
|
|
|
|
|
Money market deposit
accounts |
|
|
169,798 |
|
|
|
183,076 |
|
|
|
233,317 |
|
|
|
|
|
Non-interest checking |
|
|
271,031 |
|
|
|
279,564 |
|
|
|
284,854 |
|
|
|
|
|
Certificates of deposit |
|
|
134,941 |
|
|
|
131,373 |
|
|
|
86,006 |
|
|
|
|
|
Total deposits |
|
$ |
990,448 |
|
|
$ |
990,464 |
|
|
$ |
925,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
Commercial |
|
|
Commercial |
|
Real Estate |
|
Real Estate |
|
& Construction |
|
|
Business |
|
Mortgage |
|
Construction |
|
Total |
March 31, 2020 |
|
(Dollars in thousands) |
Commercial business |
|
$ |
179,029 |
|
$ |
- |
|
$ |
- |
|
$ |
179,029 |
Commercial construction |
|
|
- |
|
|
- |
|
|
52,608 |
|
|
52,608 |
Office buildings |
|
|
- |
|
|
113,433 |
|
|
- |
|
|
113,433 |
Warehouse/industrial |
|
|
- |
|
|
91,764 |
|
|
- |
|
|
91,764 |
Retail/shopping centers/strip
malls |
|
|
- |
|
|
76,802 |
|
|
- |
|
|
76,802 |
Assisted living facilities |
|
|
- |
|
|
1,033 |
|
|
- |
|
|
1,033 |
Single purpose facilities |
|
|
- |
|
|
224,839 |
|
|
- |
|
|
224,839 |
Land |
|
|
- |
|
|
14,026 |
|
|
- |
|
|
14,026 |
Multi-family |
|
|
- |
|
|
58,374 |
|
|
- |
|
|
58,374 |
One-to-four family
construction |
|
|
- |
|
|
- |
|
|
12,235 |
|
|
12,235 |
Total |
|
$ |
179,029 |
|
$ |
580,271 |
|
$ |
64,843 |
|
$ |
824,143 |
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
|
|
|
|
|
|
|
Commercial business |
|
$ |
162,796 |
|
$ |
- |
|
$ |
- |
|
$ |
162,796 |
Commercial construction |
|
|
- |
|
|
- |
|
|
70,533 |
|
|
70,533 |
Office buildings |
|
|
- |
|
|
118,722 |
|
|
- |
|
|
118,722 |
Warehouse/industrial |
|
|
- |
|
|
91,787 |
|
|
- |
|
|
91,787 |
Retail/shopping centers/strip
malls |
|
|
- |
|
|
64,934 |
|
|
- |
|
|
64,934 |
Assisted living facilities |
|
|
- |
|
|
2,740 |
|
|
- |
|
|
2,740 |
Single purpose facilities |
|
|
- |
|
|
183,249 |
|
|
- |
|
|
183,249 |
Land |
|
|
- |
|
|
17,027 |
|
|
- |
|
|
17,027 |
Multi-family |
|
|
- |
|
|
51,570 |
|
|
- |
|
|
51,570 |
One-to-four family
construction |
|
|
- |
|
|
- |
|
|
20,349 |
|
|
20,349 |
Total |
|
$ |
162,796 |
|
$ |
530,029 |
|
$ |
90,882 |
|
$ |
783,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN MIX |
|
March 31, 2020 |
|
Dec. 31, 2019 |
|
March 31, 2019 |
|
|
|
|
(Dollars in thousands) |
|
|
Commercial and construction |
|
|
|
|
|
|
|
|
Commercial business |
|
$ |
179,029 |
|
$ |
165,526 |
|
$ |
162,796 |
|
|
Other real estate mortgage |
|
|
580,271 |
|
|
543,118 |
|
|
530,029 |
|
|
Real estate construction |
|
|
64,843 |
|
|
88,872 |
|
|
90,882 |
|
|
Total commercial and construction |
|
|
824,143 |
|
|
797,516 |
|
|
783,707 |
|
|
Consumer |
|
|
|
|
|
|
|
|
Real estate one-to-four family |
|
|
83,150 |
|
|
83,978 |
|
|
84,053 |
|
|
Other installment |
|
|
4,216 |
|
|
5,039 |
|
|
8,356 |
|
|
Total consumer |
|
|
87,366 |
|
|
89,017 |
|
|
92,409 |
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
911,509 |
|
|
886,533 |
|
|
876,116 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
12,624 |
|
|
11,433 |
|
|
11,457 |
|
|
Loans receivable, net |
|
$ |
898,885 |
|
$ |
875,100 |
|
$ |
864,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF
NON-PERFORMING ASSETS |
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|
|
|
|
|
|
|
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|
|
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|
|
|
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|
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Other |
|
Southwest |
|
|
|
|
|
|
|
|
Oregon |
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Washington |
|
Other |
|
Total |
March 31, 2020 |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Commercial
business |
|
$ |
- |
|
$ |
201 |
|
$ |
- |
|
$ |
201 |
Commercial real
estate |
|
|
851 |
|
|
163 |
|
|
- |
|
|
1,014 |
Consumer |
|
|
- |
|
|
152 |
|
|
28 |
|
|
180 |
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans |
|
$ |
851 |
|
$ |
516 |
|
$ |
28 |
|
$ |
1,395 |
|
|
|
|
|
|
|
|
|
|
|
|
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DETAIL OF
LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS |
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Northwest |
|
Other |
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Southwest |
|
|
|
|
|
|
Oregon |
|
Oregon |
|
Washington |
|
Total |
March 31, 2020 |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Land
development |
|
$ |
2,124 |
|
$ |
1,834 |
|
$ |
10,068 |
|
$ |
14,026 |
Speculative
construction |
|
|
282 |
|
|
- |
|
|
11,745 |
|
|
12,027 |
|
|
|
|
|
|
|
|
|
|
|
|
Total land
development and speculative construction |
|
$ |
2,406 |
|
$ |
1,834 |
|
$ |
21,813 |
|
$ |
26,053 |
|
|
|
|
|
|
|
|
|
At or for the three months ended |
|
At or for the twelve months ended |
SELECTED OPERATING DATA |
March 31, 2020 |
Dec. 31, 2019 |
March 31, 2019 |
|
March 31, 2020 |
March 31, 2019 |
|
|
|
|
|
|
|
Efficiency ratio (4) |
|
63.25 |
% |
|
63.10 |
% |
|
61.63 |
% |
|
|
62.42 |
% |
|
61.38 |
% |
Coverage ratio (6) |
|
125.31 |
% |
|
124.26 |
% |
|
132.48 |
% |
|
|
126.11 |
% |
|
131.81 |
% |
Return on average assets
(1) |
|
0.99 |
% |
|
1.40 |
% |
|
1.49 |
% |
|
|
1.35 |
% |
|
1.51 |
% |
Return on average equity
(1) |
|
7.77 |
% |
|
11.24 |
% |
|
12.98 |
% |
|
|
10.96 |
% |
|
13.86 |
% |
Return on average tangible
equity (1) (non-GAAP) |
|
9.55 |
% |
|
13.89 |
% |
|
16.50 |
% |
|
|
13.61 |
% |
|
17.90 |
% |
|
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
|
Yield on loans |
|
5.07 |
% |
|
5.30 |
% |
|
5.44 |
% |
|
|
5.25 |
% |
|
5.32 |
% |
Yield on investment
securities |
|
2.32 |
% |
|
2.21 |
% |
|
2.37 |
% |
|
|
2.19 |
% |
|
2.33 |
% |
Total yield on interest-earning assets |
|
4.56 |
% |
|
4.70 |
% |
|
4.87 |
% |
|
|
4.70 |
% |
|
4.71 |
% |
|
|
|
|
|
|
|
Cost of interest-bearing
deposits |
|
0.53 |
% |
|
0.54 |
% |
|
0.15 |
% |
|
|
0.43 |
% |
|
0.15 |
% |
Cost of FHLB advances and
other borrowings |
|
4.21 |
% |
|
4.55 |
% |
|
3.60 |
% |
|
|
3.78 |
% |
|
4.10 |
% |
Total cost of interest-bearing liabilities |
|
0.67 |
% |
|
0.70 |
% |
|
0.52 |
% |
|
|
0.66 |
% |
|
0.39 |
% |
|
|
|
|
|
|
|
Spread (7) |
|
3.89 |
% |
|
4.00 |
% |
|
4.35 |
% |
|
|
4.04 |
% |
|
4.32 |
% |
Net interest margin |
|
4.10 |
% |
|
4.23 |
% |
|
4.52 |
% |
|
|
4.26 |
% |
|
4.45 |
% |
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
Basic earnings per share
(2) |
$ |
0.13 |
|
$ |
0.18 |
|
$ |
0.19 |
|
|
$ |
0.70 |
|
$ |
0.76 |
|
Diluted earnings per share
(3) |
|
0.13 |
|
|
0.18 |
|
|
0.19 |
|
|
|
0.69 |
|
|
0.76 |
|
Book value per share (5) |
|
6.60 |
|
|
6.41 |
|
|
5.89 |
|
|
|
6.60 |
|
|
5.89 |
|
Tangible book value per share
(5) (non-GAAP) |
|
5.37 |
|
|
5.18 |
|
|
4.65 |
|
|
|
5.37 |
|
|
4.65 |
|
Market price per share: |
|
|
|
|
|
|
High for the period |
$ |
8.20 |
|
$ |
8.45 |
|
$ |
8.04 |
|
|
$ |
8.55 |
|
$ |
9.91 |
|
Low for the period |
|
4.47 |
|
|
6.94 |
|
|
7.14 |
|
|
|
4.47 |
|
|
7.03 |
|
Close for period end |
|
5.01 |
|
|
8.21 |
|
|
7.31 |
|
|
|
5.01 |
|
|
7.31 |
|
Cash dividends declared per
share |
|
0.0500 |
|
|
0.0500 |
|
|
0.0400 |
|
|
|
0.1900 |
|
|
0.1500 |
|
|
|
|
|
|
|
|
Average number of shares
outstanding: |
|
|
|
|
|
|
Basic (2) |
|
22,642,531 |
|
|
22,665,712 |
|
|
22,605,012 |
|
|
|
22,642,795 |
|
|
22,588,395 |
|
Diluted (3) |
|
22,689,354 |
|
|
22,718,255 |
|
|
22,663,997 |
|
|
|
22,698,415 |
|
|
22,659,594 |
|
(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: Kevin Lycklama or David
Lam
Riverview Bancorp, Inc. 360-693-6650
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