Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the
“Company”) today reported earnings of $4.0 million, or $0.18 per
diluted share for the third fiscal quarter ended December 31, 2020,
compared to $2.5 million, or $0.11 per diluted share, in the
preceding quarter, and $4.1 million, or $0.18 per diluted share, in
the third fiscal quarter a year ago. In the first nine months of
fiscal 2021, net income was $7.1 million, or $0.32 per diluted
share, compared to $12.9 million, or $0.57 per diluted share, in
the first nine months of fiscal 2020.
“Although 2020 brought about serious economic
and health challenges, I am optimistic as we look into 2021. I
continue to be inspired by how our entire team came together,
showed tremendous resilience and did an outstanding job supporting
our clients and servicing their financial needs,” stated Kevin
Lycklama, president and chief executive officer. “Our earnings for
the third quarter were solid, with an annualized deposit growth
rate of 12% and improved operating efficiencies. We have remained
focused on credit quality and maintaining our strong capital
position. We believe we are well positioned to emerge stronger as
we navigate through this pandemic and into 2021.”
Third Quarter Highlights (at or for the
period ended December 31, 2020)
- Net income was $4.0 million, or
$0.18 per diluted share.
- Pre-tax, pre-provision for loan
losses income (non-GAAP) was $5.2 million for the quarter compared
to $5.0 million in the previous quarter and $5.4 million for the
quarter ended December 31, 2019.
- Loan modifications decreased by
$2.7 million, or 5.4%, and were mainly concentrated in our
Hotel/Motel portfolio.
- Net interest margin (NIM) was
3.40%.
- Riverview recorded no provision for
loan losses during the quarter.
- Total loans were $931.5 million at
December 31, 2020. SBA PPP loans totaled $80.8 million.
- 147 PPP loans totaling $30.0
million (27%) have been forgiven by the SBA, resulting in $1.3
million in fee income.
- Total deposits increased $37.0
million during the quarter to $1.24 billion.
- During the quarter, we completed
our annual goodwill impairment test and determined that the
Company’s goodwill was not impaired at December 31, 2020.
- Non-performing assets decreased to
0.03% of total assets.
- Total risk-based capital ratio was
17.58% and Tier 1 leverage ratio was 9.80%.
- Paid a quarterly cash dividend of
$0.05 per share.
- All of our branches remain open
with specific guidelines in place to help protect our employees and
customers, although some offices have continued to operate under
modified schedules due to COVID-19 guidelines.
COVID-19 Operational
Update:
-
Industry Exposure: Both Washington and Oregon have
modified phased reopening plans in place for businesses. While the
economic impact is widespread, some industries are more acutely
affected by the current business decline. Loans to these clients
are generally secured by real estate and had strong financial
performance heading into the current pandemic. Riverview’s loan
portfolio exposure to industries most affected by the COVID-19
pandemic include:
-
Hotel/Motel ($107.5 million, 11.5% of total loans, 53% weighted
average LTV and 1.93x DSCR)
-
Retail Strip Centers ($84.9 million, 9.1% of total loans, 52%
weighted average LTV and 1.61x DSCR)
-
Restaurants/Fast Food ($14.4 million, 1.5% of total loans, 55%
weighted average LTV and 1.82x DSCR)
The Company continues to diligently monitor the
effects of the pandemic on our customers. We have allocated
additional staffing resources to conduct enhanced monitoring of our
loan portfolio and identify at-risk borrowers. We remain in close
contact with our customers and continue to work with them to
develop longer term strategies to mitigate potential credit
losses.
Our hotel/motel portfolio remains under stress
due to the continued reduction in travel and statewide COVID-19
restrictions. Occupancy rates improved over the summer as travel
activity increased; however, occupancy levels have declined over
the last several months. At December 31, 2020, $19.8 million of
hotel/motel loans were on deferral with and additional $13.1
million expected to be modified in January 2021 for a total of
$32.9 million which represents 30.6% of the respective portfolio.
We have payment plans in place with these impacted borrowers that
we believe will allow these loans to return to full payment status
over the next several quarters. We have performed additional stress
testing on this portfolio, and we believe that we are well secured,
that any potential losses in this portfolio will be minimal and
that we are adequately reserved at December 31, 2020.
- Loan Accommodations:
- Commercial Loans.
- Riverview has 13 commercial loan
modifications that were approved or expected to be approved
totaling $47.0 million. This represents a 5% decrease from 13
commercial loans totaling $49.7 million at September 30, 2020, and
a 71% decrease compared to the peak of 98 loans totaling $161.6
million at June 30, 2020. Of these 13 loans, one was a new loan
accommodation approved during the quarter totaling $134,000.
- There were four modifications that
ended in our hotel/motel loan modifications category totaling $15.4
million and one commercial real estate loan modification that ended
totaling $527,000 that did not request additional modification
assistance.
- Included in the $47.0 million were,
four hotel/motel loans totaling $13.1 million that returned to full
payment deferrals. These four loans were for borrowers who
originally had loan modifications early in the pandemic and had
subsequently resumed payments since their original modification.
Pursuant to expected approval of the loan modification for these
four loans, the borrowers will designate a cash payment reserve
equivalent to the amount of the respective payment deferral as
collateral. These loan modifications were requested due to the
circumstances resulting from the pandemic and the impact on the
hospitality industry.
- Also included in the $47.0 million
was one commercial real estate loan modification for $7.3 million
that ended during the quarter ended December 31, 2020. A subsequent
modification was being negotiated and granted subsequent to
December 31, 2020 pursuant to obtaining additional collateral.
- In general, borrowers that request
a re-deferral on their loan are required to provide financial plans
for returning to full P&I payments and post payment reserves or
additional collateral in consideration of deferring payments.
- Loans under payment modifications
had a weighted average LTV of 58.53% and a weighted average
pre-COVID-19 DSCR of 1.46x. All of these loans are in senior
position and have personal guarantees by the borrowers.
- Consumer Loans.
- As of December 31, 2020, there were
two new consumer loan accommodations totaling $462,000. The four
consumer modifications from the preceding quarter totaling $471,000
did not request any additional modification assistance.
- Since all these loans were
performing and current on 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”) and the
Consolidated Appropriations Act, 2021 (“CAA 2021”).
-
Loan Loss Reserve: “Due to the positive economic
trends in our local markets combined with a decrease in loan
balances, including $326,000 in net loan recoveries during the
quarter, we recorded no provision for loan losses during the
current quarter. This compares to a $1.8 million provision for loan
losses for the prior quarter,” said David Lam, executive vice
president and chief financial officer. The allowance for loan
losses increased to $19.2 million, or 2.06% of total loans, at
December 31, 2020 compared to $18.9 million, or 1.93% of total
loans, at September 30, 2020.
-
Paycheck Protection Program (“PPP”) Loans:
Riverview originated 790 PPP loans totaling approximately $116.4
million since PPP began in April 2020, with an average loan size of
$147,000. As of December 31, 2020, Riverview’s PPP loan portfolio
totaled $80.8 million, net of deferred fees related to these PPP
loans totaling $1.6 million. The following table presents the
breakdown of PPP loans as of December 31, 2020 (in thousands):
Range |
Number of loans |
|
|
Total |
|
|
|
|
|
Under $50,000 |
343 |
|
$ |
7,833 |
$50,001 to $150,000 |
198 |
|
|
16,605 |
$150,001 to $350,000 |
60 |
|
|
13,317 |
$350,001 to $2,000,000 |
35 |
|
|
23,814 |
Over $2,000,000 |
7 |
|
|
19,216 |
Total |
643 |
|
$ |
80,785 |
During the third fiscal quarter we began
processing applications for loan forgiveness to the SBA. As of
December 31, 2020, we had submitted 216 forgiveness applications to
the SBA totaling $48.9 million. Of those submitted for forgiveness,
we have received $30.0 million in payments from the SBA. Loan fee
income net of loan origination costs is earned over the 24-month
life of the loan as part of the loan yield. When a PPP loan is paid
off or forgiven by the SBA, all unamortized fees and costs
associated with the loan are recognized into income. During the
third fiscal quarter, $1.3 million of fee income was earned related
to PPP loan forgiveness and normal amortization. At December 31,
2020, there is $1.6 million in net unrecognized fees that will be
recognized in income in future quarters.
The CAA 2021 is providing additional COVID-19
stimulus relief, and it includes $284 billion allocated for another
round of PPP lending, extending the program to March 31, 2021. The
program offers new PPP loans for companies that did not receive a
PPP loan in 2020, and also second draw loans targeted at hard-hit
businesses that have already spent their initial PPP proceeds. “We
began accepting and processing loan applications for this new round
of PPP relief efforts earlier this month, and anticipate helping
our customers and communities, just as we did with the first round
of PPP funding,” said Lycklama. “Through January 26, 2021, we have
submitted 86 loans and received approval from the SBA totaling
$14.5 million. We have another 166 applications for $24.9 million
currently in process.”
Income Statement
Return on average assets was 1.11% in the third
quarter of fiscal 2021 compared to 0.71% in the preceding quarter.
Return on average equity and return on average tangible equity
(non-GAAP) was 10.56% and 12.92%, respectively, compared to 6.71%
and 8.23% for the prior quarter.
Riverview’s net interest income for the quarter
was $11.5 million, an increase compared to $11.1 million in the
preceding quarter and unchanged compared to the third quarter of
the prior year. In the first nine months of fiscal 2021, net
interest income was $33.7 million compared to $34.8 million in the
first nine months of fiscal 2020. SBA fees of $1.3 million and $2.2
million were included in net interest income for the three and nine
months ended December 31, 2020, respectively.
Third fiscal quarter net interest margin (“NIM”)
was 3.40% compared to 3.33% in the prior quarter and 4.23% in the
third quarter of fiscal 2020. The increase in NIM during the
quarter compared to the prior quarter was primarily due to the
average yield on loans increasing 24 basis points during the
quarter primarily due to additional fee income recognized from PPP
loan forgiveness. The decrease compared to the year ago quarter was
primarily due to the increase in on-balance sheet liquidity and
lower interest rate environment. In the first nine months of fiscal
2021, the net interest margin was 3.46% compared to 4.31% in the
same period a year earlier.
The average balance of our overnight cash
balances was $235.2 million during the quarter ended December 31,
2020 compared to $204.4 million in the preceding quarter and $45.8
million compared to the third fiscal quarter a year ago as a result
of the growth in deposits and loan repayments. The increase in
overnight cash balances resulted in 71 basis point decrease in the
NIM in the current quarter and a 67 basis point decrease in the NIM
in the prior quarter.
During the third fiscal quarter, we continued
the deployment of excess cash into our investment portfolio.
Investment securities totaled $186.6 million at December 31, 2020
compared to $126.3 million at September 30, 2020. During the
quarter, we purchased $70.0 million in new securities with a
weighted average yield of 1.27%. Investment purchases were
comprised primarily of municipal bonds, agencies and
mortgage-backed securities.
Average securities balances for the quarters
ended December 31, 2020, September 30, 2020 and December 31, 2019
were $154.3 million, $129.1 million and $159.4 million,
respectively. Weighted average yields on securities balances for
those same periods were 1.56%, 1.62% and 2.21%, respectively.
The accretion on purchased loans totaled $58,000
compared to $123,000 during the preceding quarter and $219,000 in
the same period a year ago, resulting in a two basis point increase
in the NIM for the current period compared to a four basis point
increase for the preceding quarter and an eight basis point
increase for the same period a year ago. Net fees on loan
prepayments, which included purchased SBA loan premiums, decreased
net interest income by $11,000 in the third fiscal quarter of 2021
which did not have an effect on NIM for the quarter. This compares
to a $30,000 decrease in net interest income related to net fees on
loan prepayments decreasing NIM by one basis points during the
second fiscal quarter of 2021 and a $211,000 increase in net
interest income related to net fees on loan prepayments adding
eight basis point to the NIM for the third fiscal quarter a year
ago. For the third fiscal quarter of 2021, SBA PPP loans and
related income and fees added 21 basis points to the NIM, due to
the recognition of PPP loan fees as a part of the loan forgiveness
process. For the preceding quarter, PPP loan income and fees
negatively affected the NIM by five basis points, due to PPP loans
having a low interest rate. Additionally, no PPP loans were
forgiven during the preceding quarter. Excess liquidity resulted in
a 71 basis point decrease in the NIM for the current period
compared to a 67 basis point decrease for the preceding quarter and
13 basis point decrease for the same period a year ago. This
resulted in a core-NIM (non-GAAP) of 3.88% in the current quarter
compared to 4.02% in the preceding quarter and 4.20% in the third
fiscal quarter a year ago.
Average PPP loans were $99.9 million in the
third quarter compared to $110.6 million in the preceding quarter.
During the quarter, we recorded $252,000 in interest income on PPP
loans and $1.3 million in loan fee amortization into income. For
the quarter ended September 30, 2020, we recorded $284,000 in
interest income on PPP loans and $476,000 in loan fee amortization
into income. Loan yield increased 24 basis points during the
quarter to 4.82% compared to 4.58% in the preceding quarter. Loan
yield excluding PPP loans was 4.67% for the quarter compared to
4.81% in the preceding quarter.
The cost of deposits decreased to 0.18% during
the third quarter compared to 0.22% in the preceding quarter and
0.38% during the third quarter of fiscal 2020. The sequential
decrease in deposit costs during the December 31, 2020 quarter
reflects the continued low interest rate environment and are
expected to decrease further as certificates of deposit reprice at
maturity. There are $90.5 million in CD balances that mature within
one year of December 31, 2020, with a weighted average rate of
1.28%. Current CD offerings range from 10 bps – 40 bps.
Non-interest income was $2.8 million during the
quarter, which was unchanged compared to the preceding quarter and
was lower when compared to $3.2 million in the third fiscal quarter
of 2020. Fees and service charges remained stable compared to the
prior quarter as economic activity and consumer spending stabilized
in Riverview’s local markets. In the first nine months of fiscal
2021, non-interest income was $8.3 million compared to $9.5 million
in the same period a year ago. The decrease in non-interest income
is mainly attributed to lower fees and service charges due to the
overall impact of the COVID-19 pandemic early in fiscal 2021 and a
decrease in asset management fees.
Asset management fees were $889,000 during the
third fiscal quarter compared to $883,000 in the preceding quarter
and $1.1 million in the third fiscal quarter a year ago. The
year-over-year decrease was primarily due to the impact from the
decline in interest rates on fee generating products. Riverview
Trust Company’s assets under management was $1.3 billion at
December 31, 2020 and September 30, 2020 and $1.2 billion a year
earlier.
Riverview has emphasized controlling its
operating expenses during this economic downturn and will continue
to look for opportunities to further reduce operating expenses. For
the third fiscal quarter of 2021, non-interest expense was $9.1
million compared to $8.8 million in the preceding quarter and $9.2
million in the third fiscal quarter a year ago. Salaries and
employee benefits was $5.7 million compared to $5.4 million in the
preceding quarter and $5.9 million in the third fiscal quarter a
year ago. FDIC insurance premiums increased to $89,0000 compared to
the same quarter a year ago due to the Company utilizing its
remaining FDIC assessment credits. Riverview expects its technology
costs will remain elevated in the near term as it continues to
invest in its digital channels as customer preference and adoption
of these services has accelerated. Year-to-date, non-interest
expense decreased to $26.6 million compared to $27.4 million in the
first nine months of fiscal 2020.
The efficiency ratio was 63.5% for the third
fiscal quarter compared to 63.7% in the preceding quarter and 63.1%
in the third fiscal quarter a year ago.
Riverview’s effective tax rate for the third
quarter of fiscal year 2021 was 22.8% compared to 23.7% for the
third quarter a year ago.
Balance Sheet Review
Riverview’s total loans decreased $43.7 million
during the quarter to $931.5 million compared to $975.2 million in
the preceding quarter and increased $44.9 million compared to
$886.5 million a year ago. The decrease in loan balances during the
quarter was primarily driven by the forgiveness on SBA PPP loans,
which totaled $30.0 million during the quarter. Loan totals also
continue to be impacted by payoffs and paydowns on existing loans.
Organic loan growth continues to be slow as we emphasize
disciplined credit underwriting in the current economic environment
and there continues to be strong competition for high-quality
loans. The year-over-year increase in loan balances was primarily
driven by SBA PPP loans originated during the first fiscal quarter
of the year. SBA PPP loans balances, net of fees, totaled $80.8
million at December 31, 2020. The decrease in real estate
one-to-four family loans was due to the strategic decision to
broker all new loan originations to third-party mortgage
companies.
The Company’s loan pipeline remains healthy and
was $49.4 million at December 31, 2020 compared to $74.6 million at
the end of the prior quarter. The loan pipeline decreased compared
to last quarter as there were several loans in the prior quarters
pipeline that were approved and funded during the quarter. We
anticipate that loan growth will remain a challenge for the next
couple of quarters until pandemic restrictions are lifted, but we
remain optimistic about the second half of 2021.
Undisbursed construction loans totaled $9.9
million at December 31, 2020 compared to $12.0 million in the
preceding quarter, with the majority of the undisbursed
construction loans expected to fund over the next several quarters.
Revolving commercial business loan commitments totaled $71.5
million at December 31, 2020 compared to $73.9 million three months
earlier. Utilization on these loans totaled 12.0% at December 31,
2020 compared to 8.7% at September 30, 2020. The weighted average
rate on loan originations during the quarter was 3.68% at December
31, 2020 compared to 4.12% at September 30, 2020.
Deposits increased $37.0 million, or 12.2%
annualized, to $1.24 billion at December 31, 2020 compared to $1.20
billion in the preceding quarter and increased $246.5 million, or
24.9%, compared to $990.5 million a year earlier. The
year-over-year increase in deposits was due primarily to PPP loan
funds deposited in customer accounts and changes in customer
behavior, which is placing a greater emphasis on savings and
maintaining liquidity. Non-interest bearing checking accounts
increased $113.5 million, or 40.6% year-over-year, to $393.0
million at December 31, 2020. Checking accounts, as a percentage of
total deposits, increased to 50.9% at December 31, 2020 from 46.3%
a year earlier.
Shareholders’ equity was $151.9 million at
December 31, 2020 compared to $149.0 million three months earlier
and $145.8 million a year earlier. Tangible book value per share
(non-GAAP) increased to $5.56 at December 31, 2020 compared to
$5.43 at September 30, 2020 and $5.18 at December 31, 2019.
Riverview paid a quarterly cash dividend of $0.05 per share on
January 18, 2021, consistent with the past five quarters.
Credit Quality
Non-performing loans decreased to $393,000, or
0.04% of total loans, at December 31, 2020 compared to $1.3
million, or 0.13% of total loans, three months earlier and $1.5
million, or 0.17% of total loans, at December 31, 2019. The
improvement in total non-performing loans reflects a non-performing
loan payoff during the current quarter. Riverview recorded net loan
recoveries during the quarter of $326,000 that resulted from the
resolution of this non-performing loan. This compared to net
charge-offs of $10,000 during the preceding quarter and $3,000 in
net charge-offs in the third fiscal quarter a year ago.
Classified assets decreased to $4.0 million at
December 31, 2020 compared to $4.8 million at September 30, 2020
and $3.1 million at December 31, 2019. The classified asset to
total capital ratio was 2.5% at December 31, 2020 compared to 3.2%
three months earlier and 2.1% a year earlier.
Criticized assets increased $7.4 million to
$46.5 million at December 31, 2020 compared to $39.1 million at
September 30, 2020. This increase reflects risk rating changes
primarily associated with loans that were granted COVID-19 loan
modifications. In general, borrowers whose loans were paying as
agreed prior to COVID-19, remain well-secured and have provided
acceptable plans for returning to full payment status were
downgraded to a pass/watch rating. Modifications that extended
beyond six months and beyond December 31, 2020 were generally
downgraded to a special mention/criticized rating unless other
mitigating considerations exist that lowered the bank’s credit
risk. Borrowers who could not provide a plan or were closed with no
plan for re-opening in a reasonable timeframe, were moved to a
substandard/classified rating. In addition, the risk rating was
also downgraded for certain borrowers who were not granted COVID-19
loan modification, but who have still been impacted negatively by
the COVID-19 pandemic.
At December 31, 2020, the allowance for loan
losses increased to $19.2 million compared to $18.9 million in the
preceding quarter and $11.4 million one year earlier. The allowance
for loan losses represented 2.06% of total loans at December 31,
2020 compared to 1.93% in the preceding quarter and 1.29% a year
earlier. The allowance for loan losses to loans, net of SBA
guaranteed loans (including SBA PPP loans) (non-GAAP), was 2.41% at
December 31, 2020 compared to 2.35% at September 30, 2020. 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 an amount below
the outstanding principal balance. The remaining net discount on
these purchased loans was $813,000 at December 31, 2020 compared to
$871,000 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 17.58%
and a Tier 1 leverage ratio of 9.80% at December 31, 2020. Tangible
common equity to average tangible assets ratio (non-GAAP) was 8.81%
at December 31, 2020.
Branch Consolidation
Riverview continues to actively review its
branch network for efficiencies due to customers’ increased usage
of online and mobile banking technologies. On January 24, 2021,
Riverview consolidated one branch in the Heights neighborhood of
Vancouver, and on September 28, 2020, consolidated two of its
branches in Clark County, Washington and simultaneously opened a
new branch in the Cascade Park neighborhood of Vancouver. Riverview
plans to open a new location in Ridgefield, Washington, one of the
fastest growing cities in Clark County, during the summer of
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. Management
has presented these non-GAAP financial measures in this earnings
release because it believes that they provide useful and
comparative information to assess trends in Riverview's core
operations reflected in the current quarter's results and
facilitate the comparison of our performance with the performance
of our peers. However, these non-GAAP financial measures are
supplemental and are not a substitute for any analysis based on
GAAP. Where applicable, comparable earnings information using GAAP
financial measures is also presented. Because not all companies use
the same calculations, our presentation may not be comparable to
other similarly titled measures as calculated by other companies.
For a reconciliation of these non-GAAP financial measures, see the
tables below.
Tangible shareholders' equity to tangible assets and
tangible book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity (GAAP) |
|
$ |
151,874 |
|
|
$ |
149,046 |
|
|
$ |
145,806 |
|
|
$ |
148,843 |
|
|
|
|
Exclude: Goodwill |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
|
Exclude: Core deposit intangible, net |
|
|
(654 |
) |
|
|
(689 |
) |
|
|
(799 |
) |
|
|
(759 |
) |
|
|
|
Tangible
shareholders' equity (non-GAAP) |
|
$ |
124,144 |
|
|
$ |
121,281 |
|
|
$ |
117,931 |
|
|
$ |
121,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP) |
|
$ |
1,436,184 |
|
|
$ |
1,425,171 |
|
|
$ |
1,184,100 |
|
|
$ |
1,180,808 |
|
|
|
|
Exclude: Goodwill |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
|
Exclude: Core deposit intangible, net |
|
|
(654 |
) |
|
|
(689 |
) |
|
|
(799 |
) |
|
|
(759 |
) |
|
|
|
Tangible
assets (non-GAAP) |
|
$ |
1,408,454 |
|
|
$ |
1,397,406 |
|
|
$ |
1,156,225 |
|
|
$ |
1,152,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity to total assets (GAAP) |
|
|
10.57 |
% |
|
|
10.46 |
% |
|
|
12.31 |
% |
|
|
12.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets (non-GAAP) |
|
8.81 |
% |
|
|
8.68 |
% |
|
|
10.20 |
% |
|
|
10.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding |
|
|
22,345,235 |
|
|
|
22,336,235 |
|
|
|
22,748,385 |
|
|
|
22,544,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per share (GAAP) |
|
|
6.80 |
|
|
|
6.67 |
|
|
|
6.41 |
|
|
|
6.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share (non-GAAP) |
|
|
5.56 |
|
|
|
5.43 |
|
|
|
5.18 |
|
|
|
5.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
(Dollars in
thousands) |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
4,035 |
|
|
$ |
2,543 |
|
|
$ |
4,128 |
|
|
$ |
7,058 |
|
|
$ |
12,854 |
|
|
Include: Provision for income taxes |
|
|
1,199 |
|
|
|
704 |
|
|
|
1,279 |
|
|
|
1,989 |
|
|
|
3,850 |
|
|
Include: Provision for loan losses |
|
|
- |
|
|
|
1,800 |
|
|
|
- |
|
|
|
6,300 |
|
|
|
- |
|
|
Pre-tax,
pre-provision income (non-GAAP) |
|
$ |
5,234 |
|
|
$ |
5,047 |
|
|
$ |
5,407 |
|
|
$ |
15,347 |
|
|
$ |
16,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin reconciliation to core net interest
margin |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
(Dollars in
thousands) |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (GAAP) |
|
$ |
11,529 |
|
|
$ |
11,064 |
|
|
$ |
11,492 |
|
|
$ |
33,721 |
|
|
$ |
34,681 |
|
|
Tax equivalent adjustment |
|
|
14 |
|
|
|
5 |
|
|
|
9 |
|
|
|
25 |
|
|
|
32 |
|
|
Net fees on loan prepayments |
|
|
11 |
|
|
|
30 |
|
|
|
(211 |
) |
|
|
141 |
|
|
|
(355 |
) |
|
Accretion on purchased MBank loans |
|
|
(58 |
) |
|
|
(123 |
) |
|
|
(219 |
) |
|
|
(317 |
) |
|
|
(405 |
) |
|
SBA PPP loans interest income and fees |
|
|
(1,539 |
) |
|
|
(760 |
) |
|
|
- |
|
|
|
(2,965 |
) |
|
|
- |
|
|
Income on excess FRB liquidity |
|
|
(61 |
) |
|
|
(50 |
) |
|
|
(128 |
) |
|
|
(129 |
) |
|
|
(137 |
) |
|
Adjusted net
interest income (non-GAAP) |
|
$ |
9,896 |
|
|
$ |
10,166 |
|
|
$ |
10,943 |
|
|
$ |
30,476 |
|
|
$ |
33,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
(Dollars in
thousands) |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
balance of interest-earning assets (GAAP) |
|
$ |
1,346,324 |
|
|
$ |
1,318,803 |
|
|
$ |
1,082,229 |
|
|
$ |
1,296,203 |
|
|
$ |
1,072,584 |
|
|
SBA PPP loans (average) |
|
|
(99,851 |
) |
|
|
(110,573 |
) |
|
|
- |
|
|
|
(98,461 |
) |
|
|
- |
|
|
Excess FRB liquidity (average) |
|
|
(235,163 |
) |
|
|
(204,422 |
) |
|
|
(45,827 |
) |
|
|
(178,464 |
) |
|
|
(22,904 |
) |
|
Average
balance of interest-earning assets excluding |
|
|
|
|
|
|
|
|
|
|
|
SBA PPP loans and excess FRB liquidity (non-GAAP) |
$ |
1,011,310 |
|
|
$ |
1,003,808 |
|
|
$ |
1,036,402 |
|
|
$ |
1,019,278 |
|
|
$ |
1,049,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (GAAP) |
|
|
3.40 |
% |
|
|
3.33 |
% |
|
|
4.23 |
% |
|
|
3.46 |
% |
|
|
4.31 |
% |
|
Net fees on loan prepayments |
|
|
0.00 |
|
|
|
0.01 |
|
|
|
(0.08 |
) |
|
|
0.01 |
|
|
|
(0.05 |
) |
|
Accretion on purchased MBank loans |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
(0.08 |
) |
|
|
(0.04 |
) |
|
|
(0.05 |
) |
|
SBA PPP loans |
|
|
(0.21 |
) |
|
|
0.05 |
|
|
|
0.00 |
|
|
|
(0.04 |
) |
|
|
0.00 |
|
|
Excess FRB liquidity |
|
|
0.71 |
|
|
|
0.67 |
|
|
|
0.13 |
|
|
|
0.58 |
|
|
|
0.08 |
|
|
Core net
interest margin (non-GAAP) |
|
|
3.88 |
% |
|
|
4.02 |
% |
|
|
4.20 |
% |
% |
|
3.97 |
% |
|
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses reconciliation, excluding SBA
purchased and PPP loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
|
$ |
19,192 |
|
|
$ |
18,866 |
|
|
$ |
11,433 |
|
|
$ |
12,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable (GAAP) |
|
$ |
931,468 |
|
|
$ |
975,174 |
|
|
$ |
886,533 |
|
|
$ |
911,509 |
|
|
|
|
Exclude: SBA purchased loans |
|
|
(53,743 |
) |
|
|
(61,990 |
) |
|
|
(69,308 |
) |
|
|
(74,797 |
) |
|
|
|
Exclude: SBA PPP loans |
|
|
(80,785 |
) |
|
|
(110,794 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
Loans
receivable excluding SBA purchased and PPP loans (non-GAAP) |
|
$ |
796,940 |
|
|
$ |
802,390 |
|
|
$ |
817,225 |
|
|
$ |
836,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to loans receivable (GAAP) |
|
|
2.06 |
% |
|
|
1.93 |
% |
|
|
1.29 |
% |
|
|
1.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to loans receivable excluding SBA purchased and PPP
loans (non-GAAP) |
|
|
2.41 |
% |
|
|
2.35 |
% |
|
|
1.40 |
% |
|
|
1.51 |
% |
|
|
|
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 $1.43 billion at
December 31, 2020, it is the parent company of the 97-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 7
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) |
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
March 31, 2020 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (including interest-earning accounts of $220,597,
$226,583, |
$ |
235,834 |
|
$ |
238,016 |
|
$ |
62,123 |
|
|
$ |
41,968 |
$48,781 and $27,866) |
|
|
|
|
|
|
|
Certificate of deposits held for investment |
|
249 |
|
|
249 |
|
|
249 |
|
|
|
249 |
Loans held for sale |
|
- |
|
|
- |
|
|
- |
|
|
|
275 |
Investment securities: |
|
|
|
|
|
|
|
Available for sale, at estimated fair value |
|
153,219 |
|
|
126,273 |
|
|
155,757 |
|
|
|
148,291 |
Held to maturity, at amortized cost |
|
33,425 |
|
|
24 |
|
|
29 |
|
|
|
28 |
Loans receivable (net of allowance for loan losses of $19,192, |
|
|
|
|
|
|
|
$18,866, $11,433, and $12,624) |
|
912,276 |
|
|
956,308 |
|
|
875,100 |
|
|
|
898,885 |
Prepaid expenses and other assets |
|
13,365 |
|
|
16,018 |
|
|
8,330 |
|
|
|
7,452 |
Accrued interest receivable |
|
5,283 |
|
|
5,341 |
|
|
3,729 |
|
|
|
3,704 |
Federal Home Loan Bank stock, at cost |
|
1,420 |
|
|
2,620 |
|
|
1,380 |
|
|
|
1,420 |
Premises and equipment, net |
|
17,909 |
|
|
17,296 |
|
|
14,493 |
|
|
|
15,570 |
Financing lease right-of-use assets |
|
1,451 |
|
|
1,470 |
|
|
1,528 |
|
|
|
1,508 |
Deferred income taxes, net |
|
3,141 |
|
|
3,076 |
|
|
3,416 |
|
|
|
3,277 |
Mortgage servicing rights, net |
|
102 |
|
|
128 |
|
|
215 |
|
|
|
191 |
Goodwill |
|
27,076 |
|
|
27,076 |
|
|
27,076 |
|
|
|
27,076 |
Core deposit intangible, net |
|
654 |
|
|
689 |
|
|
799 |
|
|
|
759 |
Bank owned life insurance |
|
30,780 |
|
|
30,587 |
|
|
29,876 |
|
|
|
30,155 |
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
$ |
1,436,184 |
|
$ |
1,425,171 |
|
$ |
1,184,100 |
|
|
$ |
1,180,808 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
Deposits |
$ |
1,236,933 |
|
$ |
1,199,972 |
|
$ |
990,464 |
|
|
$ |
990,448 |
Accrued expenses and other liabilities |
|
18,155 |
|
|
16,087 |
|
|
18,483 |
|
|
|
11,783 |
Advance payments by borrowers for taxes and insurance |
|
156 |
|
|
1,011 |
|
|
329 |
|
|
|
703 |
Federal Home Loan Bank advances |
|
- |
|
|
30,000 |
|
|
- |
|
|
|
- |
Junior subordinated debentures |
|
26,726 |
|
|
26,705 |
|
|
26,640 |
|
|
|
26,662 |
Capital lease obligations |
|
2,340 |
|
|
2,350 |
|
|
2,378 |
|
|
|
2,369 |
Total liabilities |
|
1,284,310 |
|
|
1,276,125 |
|
|
1,038,294 |
|
|
|
1,031,965 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
Serial preferred stock, $.01 par value; 250,000 authorized, |
|
|
|
|
|
|
|
issued and outstanding, none |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
Common stock, $.01 par value; 50,000,000 authorized, |
|
|
|
|
|
|
|
December 31, 2020 - 22,345,235 issued and outstanding; |
|
|
|
|
|
|
|
September 30, 2020 - 22,336,235 issued and outstanding; |
|
223 |
|
|
222 |
|
|
227 |
|
|
|
225 |
December 31, 2019 - 22,748,385 issued and outstanding; |
|
|
|
|
|
|
|
March 31, 2020 – 22,748,385 issued and 22,544,285 outstanding; |
|
|
|
|
|
|
Additional paid-in capital |
|
63,539 |
|
|
63,420 |
|
|
65,637 |
|
|
|
64,649 |
Retained earnings |
|
85,584 |
|
|
82,666 |
|
|
80,103 |
|
|
|
81,870 |
Accumulated other comprehensive income |
|
2,528 |
|
|
2,738 |
|
|
(161 |
) |
|
|
2,099 |
Total shareholders’ equity |
|
151,874 |
|
|
149,046 |
|
|
145,806 |
|
|
|
148,843 |
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
1,436,184 |
|
$ |
1,425,171 |
|
$ |
1,184,100 |
|
|
$ |
1,180,808 |
|
|
|
|
|
|
|
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY |
|
|
|
|
|
|
Consolidated Statements of Income |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
(In thousands, except share data) (Unaudited) |
Dec. 31, 2020 |
Sept. 30, 2020 |
Dec. 31, 2019 |
|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
INTEREST
INCOME: |
|
|
|
|
|
|
|
Interest and fees on loans receivable |
$ |
11,601 |
$ |
11,346 |
$ |
11,699 |
|
$ |
34,475 |
$ |
35,146 |
|
Interest on investment securities - taxable |
|
549 |
|
505 |
|
851 |
|
|
1,709 |
|
2,589 |
|
Interest on investment securities - nontaxable |
|
44 |
|
17 |
|
27 |
|
|
79 |
|
100 |
|
Other interest and dividends |
|
98 |
|
81 |
|
189 |
|
|
216 |
|
369 |
|
Total interest and dividend income |
|
12,292 |
|
11,949 |
|
12,766 |
|
|
36,479 |
|
38,204 |
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE: |
|
|
|
|
|
|
|
Interest on deposits |
|
556 |
|
657 |
|
942 |
|
|
2,071 |
|
1,953 |
|
Interest on borrowings |
|
207 |
|
228 |
|
332 |
|
|
687 |
|
1,570 |
|
Total interest expense |
|
763 |
|
885 |
|
1,274 |
|
|
2,758 |
|
3,523 |
|
Net interest
income |
|
11,529 |
|
11,064 |
|
11,492 |
|
|
33,721 |
|
34,681 |
|
Provision
for loan losses |
|
- |
|
1,800 |
|
- |
|
|
6,300 |
|
- |
|
|
|
|
|
|
|
|
|
Net interest
income after provision for loan losses |
|
11,529 |
|
9,264 |
|
11,492 |
|
|
27,421 |
|
34,681 |
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME: |
|
|
|
|
|
|
|
Fees and service charges |
|
1,654 |
|
1,663 |
|
1,661 |
|
|
4,715 |
|
5,050 |
|
Asset management fees |
|
889 |
|
883 |
|
1,136 |
|
|
2,746 |
|
3,369 |
|
Net gain on sale of loans held for sale |
|
- |
|
- |
|
68 |
|
|
28 |
|
210 |
|
Bank owned life insurance |
|
193 |
|
242 |
|
188 |
|
|
625 |
|
585 |
|
Other, net |
|
76 |
|
31 |
|
110 |
|
|
140 |
|
254 |
|
Total non-interest income, net |
|
2,812 |
|
2,819 |
|
3,163 |
|
|
8,254 |
|
9,468 |
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE: |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
5,698 |
|
5,379 |
|
5,941 |
|
|
16,269 |
|
17,353 |
|
Occupancy and depreciation |
|
1,434 |
|
1,457 |
|
1,461 |
|
|
4,341 |
|
4,058 |
|
Data processing |
|
638 |
|
697 |
|
637 |
|
|
1,996 |
|
1,986 |
|
Amortization of core deposit intangible |
|
35 |
|
35 |
|
40 |
|
|
105 |
|
121 |
|
Advertising and marketing |
|
144 |
|
110 |
|
181 |
|
|
383 |
|
689 |
|
FDIC insurance premium |
|
89 |
|
84 |
|
- |
|
|
221 |
|
81 |
|
State and local taxes |
|
190 |
|
204 |
|
126 |
|
|
598 |
|
495 |
|
Telecommunications |
|
74 |
|
85 |
|
84 |
|
|
245 |
|
246 |
|
Professional fees |
|
321 |
|
321 |
|
267 |
|
|
962 |
|
855 |
|
Other |
|
484 |
|
464 |
|
511 |
|
|
1,508 |
|
1,561 |
|
Total non-interest expense |
|
9,107 |
|
8,836 |
|
9,248 |
|
|
26,628 |
|
27,445 |
|
|
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES |
|
5,234 |
|
3,247 |
|
5,407 |
|
|
9,047 |
|
16,704 |
|
PROVISION
FOR INCOME TAXES |
|
1,199 |
|
704 |
|
1,279 |
|
|
1,989 |
|
3,850 |
|
NET
INCOME |
$ |
4,035 |
$ |
2,543 |
$ |
4,128 |
|
$ |
7,058 |
$ |
12,854 |
|
|
|
|
|
|
|
|
|
Earnings per
common share: |
|
|
|
|
|
|
|
Basic |
$ |
0.18 |
$ |
0.11 |
$ |
0.18 |
|
$ |
0.32 |
$ |
0.57 |
|
Diluted |
$ |
0.18 |
$ |
0.11 |
$ |
0.18 |
|
$ |
0.32 |
$ |
0.57 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
Basic |
|
22,320,699 |
|
22,261,709 |
|
22,748,385 |
|
|
22,279,774 |
|
22,701,806 |
|
Diluted |
|
22,337,644 |
|
22,276,312 |
|
22,776,193 |
|
|
22,296,827 |
|
22,741,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
At or for
the three months ended |
|
At or for
the nine months ended |
|
|
|
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
Dec. 31, 2019 |
|
Dec. 31, 2020 |
|
Dec. 31, 2019 |
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
Average interest–earning assets |
|
$ |
1,346,324 |
|
|
$ |
1,318,803 |
|
|
$ |
1,082,229 |
|
|
$ |
1,296,203 |
|
$ |
1,072,584 |
|
Average
interest-bearing liabilities |
|
|
878,526 |
|
|
|
854,303 |
|
|
|
726,294 |
|
|
|
847,321 |
|
|
721,345 |
|
Net average
earning assets |
|
|
467,798 |
|
|
|
464,500 |
|
|
|
355,935 |
|
|
|
448,882 |
|
|
351,239 |
|
Average
loans |
|
|
955,183 |
|
|
|
983,737 |
|
|
|
878,656 |
|
|
|
975,203 |
|
|
881,779 |
|
Average
deposits |
|
|
1,236,601 |
|
|
|
1,190,551 |
|
|
|
987,056 |
|
|
|
1,177,826 |
|
|
953,418 |
|
Average
equity |
|
|
151,636 |
|
|
|
150,401 |
|
|
|
146,090 |
|
|
|
150,915 |
|
|
141,644 |
|
Average
tangible equity (non-GAAP) |
|
|
123,886 |
|
|
|
122,615 |
|
|
|
118,192 |
|
|
|
123,129 |
|
|
113,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
Dec. 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
393 |
|
|
$ |
1,275 |
|
|
$ |
1,517 |
|
|
|
|
|
|
Non-performing loans to total loans |
|
|
0.04% |
|
|
|
0.13% |
|
|
|
0.17% |
|
|
|
|
|
|
Real
estate/repossessed assets owned |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
Non-performing assets |
|
$ |
393 |
|
|
$ |
1,275 |
|
|
$ |
1,517 |
|
|
|
|
|
|
Non-performing assets to total assets |
|
|
0.03% |
|
|
|
0.09% |
|
|
|
0.13% |
|
|
|
|
|
|
Net loan
charge-offs in the quarter |
|
$ |
(326) |
|
|
$ |
10 |
|
|
$ |
3 |
|
|
|
|
|
|
Net
charge-offs in the quarter/average net loans |
|
|
(0.14)% |
|
|
|
0.00% |
|
|
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
|
$ |
19,192 |
|
|
$ |
18,866 |
|
|
$ |
11,433 |
|
|
|
|
|
|
Average
interest-earning assets to average |
|
|
|
|
|
|
|
|
|
|
|
interest-bearing liabilities |
|
|
153.25% |
|
|
|
154.37% |
|
|
|
149.01% |
|
|
|
|
|
|
Allowance
for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
non-performing loans |
|
|
4883.46% |
|
|
|
1479.69% |
|
|
|
753.66% |
|
|
|
|
|
|
Allowance
for loan losses to total loans |
|
|
2.06% |
|
|
|
1.93% |
|
|
|
1.29% |
|
|
|
|
|
|
Shareholders’ equity to assets |
|
|
10.57% |
|
|
|
10.46% |
|
|
|
12.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Total
capital (to risk weighted assets) |
|
|
17.58% |
|
|
|
17.53% |
|
|
|
17.66% |
|
|
|
|
|
|
Tier 1
capital (to risk weighted assets) |
|
|
16.32% |
|
|
|
16.26% |
|
|
|
16.41% |
|
|
|
|
|
|
Common
equity tier 1 (to risk weighted assets) |
|
|
16.32% |
|
|
|
16.26% |
|
|
|
16.41% |
|
|
|
|
|
|
Tier 1
capital (to average tangible assets) |
|
|
9.80% |
|
|
|
9.82% |
|
|
|
12.05% |
|
|
|
|
|
|
Tangible
common equity (to average tangible assets) (non-GAAP) |
|
|
8.81% |
|
|
|
8.68% |
|
|
|
10.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT MIX |
|
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
Dec. 31, 2019 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
checking |
|
$ |
237,051 |
|
|
$ |
229,879 |
|
|
$ |
179,447 |
|
|
$ |
187,798 |
|
|
|
Regular
savings |
|
|
267,901 |
|
|
|
251,547 |
|
|
|
217,004 |
|
|
|
226,880 |
|
|
|
Money market
deposit accounts |
|
|
211,129 |
|
|
|
200,829 |
|
|
|
183,076 |
|
|
|
169,798 |
|
|
|
Non-interest
checking |
|
|
393,023 |
|
|
|
386,408 |
|
|
|
279,564 |
|
|
|
271,031 |
|
|
|
Certificates
of deposit |
|
|
127,829 |
|
|
|
131,309 |
|
|
|
131,373 |
|
|
|
134,941 |
|
|
|
Total deposits |
|
$ |
1,236,933 |
|
|
$ |
1,199,972 |
|
|
$ |
990,464 |
|
|
$ |
990,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
Commercial |
|
|
|
Commercial |
|
Real Estate |
|
Real Estate |
|
&
Construction |
|
|
|
Business |
|
Mortgage |
|
Construction |
|
Total |
|
|
|
|
|
December 31, 2020 |
|
(Dollars in
thousands) |
|
Commercial business |
|
$ |
171,902 |
|
$ |
- |
|
$ |
- |
|
$ |
171,902 |
|
SBA PPP |
|
|
80,785 |
|
|
- |
|
|
- |
|
|
80,785 |
|
Commercial
construction |
|
|
- |
|
|
- |
|
|
10,440 |
|
|
10,440 |
|
Office
buildings |
|
|
- |
|
|
132,756 |
|
|
- |
|
|
132,756 |
|
Warehouse/industrial |
|
|
- |
|
|
86,833 |
|
|
- |
|
|
86,833 |
|
Retail/shopping centers/strip malls |
|
|
- |
|
|
84,901 |
|
|
- |
|
|
84,901 |
|
Assisted
living facilities |
|
|
- |
|
|
901 |
|
|
- |
|
|
901 |
|
Single
purpose facilities |
|
|
- |
|
|
236,026 |
|
|
- |
|
|
236,026 |
|
Land |
|
|
- |
|
|
12,125 |
|
|
- |
|
|
12,125 |
|
Multi-family |
|
|
- |
|
|
42,167 |
|
|
- |
|
|
42,167 |
|
One-to-four
family construction |
|
|
- |
|
|
- |
|
|
6,482 |
|
|
6,482 |
|
Total |
|
$ |
252,687 |
|
$ |
595,709 |
|
$ |
16,922 |
|
$ |
865,318 |
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN
MIX |
|
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
Dec. 31, 2019 |
|
March 31, 2020 |
|
Commercial
and construction |
|
|
|
|
|
|
|
|
|
Commercial business |
|
$ |
252,687 |
|
$ |
281,670 |
|
$ |
165,526 |
|
$ |
179,029 |
|
Other real estate mortgage |
|
|
595,709 |
|
|
590,386 |
|
|
543,118 |
|
|
580,271 |
|
Real estate construction |
|
|
16,922 |
|
|
28,308 |
|
|
88,872 |
|
|
64,843 |
|
Total commercial and construction |
|
|
865,318 |
|
|
900,364 |
|
|
797,516 |
|
|
824,143 |
|
Consumer |
|
|
|
|
|
|
|
|
|
Real estate one-to-four family |
|
|
63,621 |
|
|
71,940 |
|
|
83,978 |
|
|
83,150 |
|
Other installment |
|
|
2,529 |
|
|
2,870 |
|
|
5,039 |
|
|
4,216 |
|
Total consumer |
|
|
66,150 |
|
|
74,810 |
|
|
89,017 |
|
|
87,366 |
|
|
|
|
|
|
|
|
|
|
|
Total
loans |
|
|
931,468 |
|
|
975,174 |
|
|
886,533 |
|
|
911,509 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
19,192 |
|
|
18,866 |
|
|
11,433 |
|
|
12,624 |
|
Loans receivable, net |
|
$ |
912,276 |
|
$ |
956,308 |
|
$ |
875,100 |
|
$ |
898,885 |
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business |
|
$ |
187 |
|
$ |
187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
|
149 |
|
|
149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
57 |
|
|
57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets |
|
$ |
393 |
|
$ |
393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF LAND
DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest |
|
Other |
|
Southwest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oregon |
|
Oregon |
|
Washington |
|
Total |
|
|
|
|
|
|
|
|
|
|
December 31,
2020 |
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development |
|
$ |
2,248 |
|
$ |
1,786 |
|
|
$ |
8,092 |
|
$ |
12,126 |
|
|
|
|
|
|
|
|
|
|
Speculative construction |
|
|
225 |
|
|
- |
|
|
|
4,774 |
|
|
4,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total land development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
speculative construction |
|
$ |
2,473 |
|
$ |
1,786 |
|
|
$ |
12,866 |
|
$ |
17,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF LOAN MODIFICATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Subsequent |
|
|
|
|
Number of Loan Deferrals |
|
Loan Deferrals |
|
|
|
|
9/30/2020 |
|
Ended |
|
New |
|
12/31/2020 |
|
Change |
|
Re-deferral |
|
Total |
|
Change |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel / Motel |
|
|
8 |
|
|
(4 |
) |
|
|
1 |
|
|
5 |
|
(37.5 |
)% |
|
|
4 |
|
|
9 |
|
|
1 |
|
|
12.5 |
% |
Retail strip centers |
|
|
3 |
|
|
- |
|
|
|
- |
|
|
3 |
|
(0.0 |
)% |
|
|
- |
|
|
3 |
|
|
- |
|
|
- |
|
Other - Commercial |
|
|
2 |
|
|
(2 |
) |
|
|
- |
|
|
- |
|
(100.0 |
)% |
|
|
1 |
|
|
1 |
|
|
(1 |
) |
|
(50.0 |
)% |
|
Total Commercial |
|
|
13 |
|
|
(6 |
) |
|
|
1 |
|
|
8 |
|
(38.5 |
)% |
|
|
5 |
|
|
13 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
4 |
|
|
(4 |
) |
|
|
2 |
|
|
2 |
|
(50.0 |
)% |
|
|
- |
|
|
2 |
|
|
(2 |
) |
|
(50.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
17 |
|
|
(10 |
) |
|
|
3 |
|
|
10 |
|
(41.2 |
)% |
|
|
5 |
|
|
15 |
|
|
(2 |
) |
|
(11.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Deferrals |
|
Subsequent Loan Deferrals |
|
|
|
|
9/30/2020 |
|
Ended |
|
New |
|
12/31/2020 |
|
Change |
|
Re-deferral |
|
Total |
|
Change |
|
% Change |
|
|
|
|
(dollars in
thousands) |
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel / Motel |
|
$ |
35,059 |
|
$ |
(15,425 |
) |
|
$ |
134 |
|
$ |
19,768 |
|
(43.6 |
)% |
|
$ |
13,132 |
|
$ |
32,900 |
|
$ |
(2,159 |
) |
|
(6.2 |
)% |
Retail strip centers |
|
|
6,793 |
|
|
- |
|
|
|
- |
|
|
6,793 |
|
(0.0 |
)% |
|
|
- |
|
|
6,793 |
|
|
- |
|
|
- |
|
Other - Commercial |
|
|
7,832 |
|
|
(7,832 |
) |
|
|
- |
|
|
- |
|
(100.0 |
)% |
|
|
7,305 |
|
|
7,305 |
|
|
(527 |
) |
|
(6.7 |
)% |
|
Total Commercial |
|
|
49,684 |
|
|
(23,257 |
) |
|
|
134 |
|
|
26,561 |
|
(46.5 |
)% |
|
|
20,437 |
|
|
46,998 |
|
|
(2,686 |
) |
|
(5.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
471 |
|
|
(471 |
) |
|
|
462 |
|
|
462 |
|
(1.9 |
)% |
|
|
- |
|
|
462 |
|
|
(9 |
) |
|
(1.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
50,155 |
|
$ |
(23,728 |
) |
|
$ |
596 |
|
$ |
27,023 |
|
(46.1 |
)% |
|
$ |
20,437 |
|
$ |
47,460 |
|
$ |
(2,695 |
) |
|
(5.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
or for the three months ended |
|
At or for
the nine months ended |
|
SELECTED
OPERATING DATA |
Dec. 31, 2020 |
|
Sept. 30, 2020 |
|
Dec. 31, 2019 |
|
Dec. 31, 2020 |
|
Dec. 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio (4) |
|
63.50 |
% |
|
|
63.65 |
% |
|
|
63.10 |
% |
|
|
63.44 |
% |
|
|
62.16 |
% |
|
Coverage
ratio (6) |
|
126.59 |
% |
|
|
125.22 |
% |
|
|
124.26 |
% |
|
|
126.64 |
% |
|
|
126.37 |
% |
|
Return on
average assets (1) |
|
1.11 |
% |
|
|
0.71 |
% |
|
|
1.40 |
% |
|
|
0.67 |
% |
|
|
1.47 |
% |
|
Return on
average equity (1) |
|
10.56 |
% |
|
|
6.71 |
% |
|
|
11.24 |
% |
|
|
6.21 |
% |
|
|
12.08 |
% |
|
Return on
average tangible equity (1) (non-GAAP) |
|
12.92 |
% |
|
|
8.23 |
% |
|
|
13.89 |
% |
|
|
7.61 |
% |
|
|
15.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
SPREAD |
|
|
|
|
|
|
|
|
|
|
Yield on
loans |
|
4.82 |
% |
|
|
4.58 |
% |
|
|
5.30 |
% |
|
|
4.69 |
% |
|
|
5.30 |
% |
|
Yield on
investment securities |
|
1.56 |
% |
|
|
1.62 |
% |
|
|
2.21 |
% |
|
|
1.71 |
% |
|
|
2.15 |
% |
|
Total yield on interest-earning assets |
|
3.63 |
% |
|
|
3.60 |
% |
|
|
4.70 |
% |
|
|
3.74 |
% |
|
|
4.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
interest-bearing deposits |
|
0.26 |
% |
|
|
0.33 |
% |
|
|
0.54 |
% |
|
|
0.34 |
% |
|
|
0.39 |
% |
|
Cost of FHLB
advances and other borrowings |
|
2.17 |
% |
|
|
1.53 |
% |
|
|
4.55 |
% |
|
|
1.86 |
% |
|
|
3.71 |
% |
|
Total cost of interest-bearing
liabilities |
|
0.34 |
% |
|
|
0.41 |
% |
|
|
0.70 |
% |
|
|
0.43 |
% |
|
|
0.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Spread
(7) |
|
3.29 |
% |
|
|
3.19 |
% |
|
|
4.00 |
% |
|
|
3.31 |
% |
|
|
4.09 |
% |
|
Net interest
margin |
|
3.40 |
% |
|
|
3.33 |
% |
|
|
4.23 |
% |
|
|
3.46 |
% |
|
|
4.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA |
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share (2) |
$ |
0.18 |
|
|
$ |
0.11 |
|
|
$ |
0.18 |
|
|
$ |
0.32 |
|
|
$ |
0.57 |
|
|
Diluted
earnings per share (3) |
|
0.18 |
|
|
|
0.11 |
|
|
|
0.18 |
|
|
|
0.32 |
|
|
|
0.57 |
|
|
Book value
per share (5) |
|
6.80 |
|
|
|
6.67 |
|
|
|
6.41 |
|
|
|
6.80 |
|
|
|
6.41 |
|
|
Tangible
book value per share (5) (non-GAAP) |
|
5.56 |
|
|
|
5.43 |
|
|
|
5.18 |
|
|
|
5.56 |
|
|
|
5.18 |
|
|
Market price
per share: |
|
|
|
|
|
|
|
|
|
|
High for the period |
$ |
5.72 |
|
|
$ |
5.31 |
|
|
$ |
8.45 |
|
|
$ |
6.12 |
|
|
$ |
8.55 |
|
|
Low for the period |
|
4.21 |
|
|
|
3.82 |
|
|
|
6.94 |
|
|
|
3.82 |
|
|
|
6.87 |
|
|
Close for period end |
|
5.26 |
|
|
|
4.15 |
|
|
|
8.21 |
|
|
|
5.26 |
|
|
|
8.21 |
|
|
Cash
dividends declared per share |
|
0.0500 |
|
|
|
0.0500 |
|
|
|
0.0500 |
|
|
|
0.1500 |
|
|
|
0.1400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic (2) |
|
22,320,699 |
|
|
|
22,261,709 |
|
|
|
22,748,385 |
|
|
|
22,279,774 |
|
|
|
22,701,806 |
|
|
Diluted (3) |
|
22,337,644 |
|
|
|
22,276,312 |
|
|
|
22,776,193 |
|
|
|
22,296,827 |
|
|
|
22,741,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 LamRiverview Bancorp, Inc.
360-693-6650
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