UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington
, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 5, 2008
RIVERVIEW BANCORP,
INC.
(Exact name of registrant as specified in its charter)
Washington
|
000-22957
|
91-
1838969
|
(State or other
jurisdiction
|
(Commission
|
(I.R.S.
Employer
|
of incorporation)
|
File Number)
|
Identification
No.)
|
|
|
|
900 Washington Street, Suite 900, Vancouver, Washington
|
98660
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(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including
area code:
(360)
693-6650
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions.
|
|
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
[ ] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR
240.14d-2(b))
|
|
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR
240.13e-4(c))
|
Item 2.02 Results of
Operations and Financial Condition.
On
May 5, 2008, Riverview Bancorp, Inc. issued its earnings release for the quarter
and year ended March 31, 2008. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated herein by
reference.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits
99.1
News Release of Riverview Bancorp, Inc. dated May 5, 2008.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
RIVERVIEW
BANCORP, INC.
|
|
|
|
|
Date:
May 5, 2008
|
/s/
Ronald A. Wysaske
|
|
Ronald A. Wysaske
|
|
President and
Chief Operating Officer
|
|
(Principal
Executive Officer)
|
Exhibit 99.1
News Release Dated May 5, 2008
Contacts: Pat
Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp Earns $8.6 Million in Fiscal
2008
Net Loans Increased 11% to $757 Million
Vancouver, WA – May 5, 2008 – Riverview
Bancorp, Inc. (NASDAQ GSM: RVSB) today reported results for fiscal year end and
fourth quarter ended March 31, 2008. “The Northwest economy has been
impacted by the real estate slowdown that is affecting the whole country, but
our local markets remain among the best in the USA”, said Pat Sheaffer, Chairman
and CEO. “Riverview, in many ways, is as strong or stronger than the previous
year, which was our best year ever. Strength in our local markets, growth in
customers, our balance sheet, and our multiple sources of revenue, create
opportunities for Riverview in our market area.”
Fourth quarter net income was $1.2 million, or
$0.11 per diluted share, compared to $2.8 million, or $0.24 per diluted share,
in the fourth quarter of fiscal 2007. A $1.8 million provision for loan
losses in the fourth quarter 2008, compares to a $100,000 provision in fourth
quarter 2007. For fiscal year 2008, net income was $8.6 million, or $0.79 per
diluted share, compared to $11.6 million, or $1.01 per diluted share, in fiscal
2007. Again, the 2008 provision of $2.9 million compared to the 2007
provision of $1.4 million explains most of the difference.
“In fiscal 2008 changes in the economy affected
the local markets that we served. While loan growth has remained strong,
we have seen a marked slowdown in residential real estate sales in all our
markets which directly impacted our land development and speculative
construction lending,” said Sheaffer. “We believe our actions to
strengthen our allowance for loan losses and address these issues immediately is
prudent for our future success. Even with these aggressive steps to meet
credit quality concerns, our fourth quarter and fiscal 2008 results show that we
remain well positioned to pursue our strategies for growth over the long
term.”
“The local housing markets have slowed to a
more moderate pace compared to the last few years and as a result, our
one-to-four family real estate construction portfolio is now down to $93 million
from $110 million a year ago,” said Ron Wysaske, President and COO.
“Despite the slowing housing market, population growth in the Southwest
Washington and metropolitan Portland, Oregon area remains strong. We will
continue to focus on our customers’ needs in order to expand our existing
relationships while looking to add new customers. We believe this presents
an excellent opportunity for us to grow in fiscal 2009.”
Fiscal 2008 Highlights
(at or
for the period ended March 31, 2008, compared to March 31, 2007)
·
Net income was $8.6 million, or $0.79 per diluted share.
·
Added $1.5 million more to the loan loss provision than a year ago.
·
Net interest margin was 4.66% for the year.
·
Net loans increased 11% to $757 million.
·
Riverview Asset Management Corp. increased assets under management 16% to $330.5
million.
·
Asset management fees increased 14% to $2.1 million.
·
Capital position remains strong – Riverview remains “well-capitalized” with the
total capital ratio at 10.99%.
Credit Quality
“We have always placed a strong emphasis on managing asset quality by
applying a disciplined approach to the approval process and monitoring the loan
portfolio for signs of deterioration,” said Wysaske. “Since we have
recently seen an increase in nonperforming loans, we proactively added to our
reserves for possible loan losses.” As expected, non-performing assets
increased to $8.2 million, or 0.92% of total assets, at March 31, 2008, compared
to $1.1 million, or 0.14% of total assets, at December 31, 2007 and $226,000, or
0.03% of total assets, at March 31, 2007. The increase is comprised
primarily of three borrowers, which include one land development loan for $3.9
million, one commercial loan
Riverview Bancorp, Inc. Fiscal 2008
Earnings
May 5, 2008
Page 2
for $1.1 million and two construction loans to
the same borrower for $1.9 million. Riverview had a total of $7.7 million
in non-performing loans and $494,000 in other real estate owned (OREO) at the
end of March 2008. The allowance for loan losses, including unfunded loan
commitments of $337,000, was $11.0 million, or 1.44% of net loans at year end,
compared with $9.9 million, or 1.37% of total loans at December 31, 2007, and
$9.0 million, or 1.31% of net loans, a year ago. Management believes the
allowance for loan losses is adequate and appropriate based on its current
analysis of the loan portfolio’s credit quality and current economic
conditions. Net loan charge-offs were $866,000, or 0.11% of total loans,
for the year ended March 31, 2008.
Operating Results
For the fourth quarter of fiscal 2008, the net interest margin was 4.41%
compared to 4.71% in the previous linked quarter and 4.95% in the fourth fiscal
quarter a year ago. For fiscal 2008, the net interest margin was 4.66%
compared to 5.01% in fiscal 2007. “Margin compression continued to be a
challenge for Riverview, as well as the entire banking industry. We expect
improved spreads in light of the Federal Reserve rate cuts in January and March,
and anticipate our margin will stabilize as our interest-bearing deposits
re-price,” said Wysaske.
Net interest income in the fourth fiscal
quarter of 2008 was $8.6 million compared to $9.1 million in the fourth fiscal
quarter a year ago, largely due to interest-bearing assets re-pricing down
faster than interest-bearing liabilities as a result of the recent Federal
Reserve rate cuts. Non-interest income was unchanged at $2.2 million for
the quarter, compared to the same quarter a year ago.
For fiscal 2008, net interest income was $35.0
million, compared to $36.5 million in fiscal 2007. Non-interest income was
$8.9 million for the year compared to $9.0 million a year ago. “Although
fee income from Riverview Asset Management Corp. increased 14% during the year,
it was offset by declining mortgage broker loan fees reflecting the continued
slowdown in the real estate market,” added Wysaske.
“During the fourth fiscal quarter we moved into
our new Hazel Dell branch, which replaced an existing branch. In the third
quarter we opened a new lending center in Clackamas, Oregon, which houses three
commercial lending officers, creating our second lending center to serve the
east Portland area,” said Sheaffer. “The hiring of these additional
quality lenders has helped contribute to our continued loan growth in the fourth
quarter and we believe will generate a good deal of new business in the
future.” Non-interest expenses were $7.2 million in the fourth quarter of
fiscal 2008, and $27.8 million for the fiscal year, compared to $6.9 million and
$26.4 million for the respective periods a year ago, reflecting the opening of
new facilities and the continued expansion of the lending team.
The efficiency ratio was 66.46% for the fourth
quarter, compared to 60.75% in the fourth quarter a year ago and 63.40% for all
of fiscal 2008, compared to 57.85% a year ago. “The increase in our
efficiency ratio reflects the decline in net interest margin and the increase in
non-interest expense due to our new facilities and expanded lending team,” said
Wysaske. “As we grow into our increased capacity we expect our efficiency
ratio will improve.”
Riverview’s return on average assets was 0.54%
for the fourth quarter and 1.04% for the year, compared to 1.36% and 1.43% for
the fourth quarter and full year fiscal 2007. Return on average equity was
4.92% for the quarter and 8.92% for fiscal 2008, compared to 11.11% and 11.88%,
respectively, for the same periods last year.
Balance Sheet Growth
Total assets increased 8% to $887 million at
March 31, 2008, compared to $820 million a year ago.
“The recent growth in our loan portfolio is a
direct result of the expansion of the lending team throughout the year,” Wysaske
said. “Our plan remains to keep a well-diversified, high quality loan
portfolio.” Net loans were up 11% to $757 million at March 31, 2008,
compared to $683 million a year ago and up $41 million, or 6%, over the linked
December 2007 quarter end. At March 31, 2008, commercial loans and
construction loans accounted for 70% and 19%, respectively, of our total loan
portfolio compared to 65% and 24% at March 31, 2007.
Riverview
Bancorp, Inc. Fiscal 2008 Earnings
May 5,
2008
Page
3
The following table breaks out the composition of commercial and
construction loan types based on loan purpose:
COMPOSITION
OF COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN
PURPOSE
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
Other
|
|
|
|
|
|
&
Construction
|
|
|
Real
Estate
|
|
Real
Estate
|
|
March
31, 2008
|
|
Total
|
|
Commercial
|
|
Mortgage
|
|
Construction
|
|
|
|
(Dollars in thousands)
|
|
|
Commercial
|
|
$ 109,585
|
|
$ 109,585
|
|
$ -
|
|
$ -
|
|
Commercial
construction
|
|
55,277
|
|
-
|
|
-
|
|
55,277
|
|
Office
buildings
|
|
88,106
|
|
-
|
|
88,106
|
|
-
|
|
Warehouse/industrial
|
|
39,903
|
|
-
|
|
39,903
|
|
-
|
|
Retail/shopping
centers/strip malls
|
|
70,510
|
|
-
|
|
70,510
|
|
-
|
|
Assisted
living facilities
|
|
28,072
|
|
-
|
|
28,072
|
|
-
|
|
Single
purpose facilities
|
|
65,756
|
|
-
|
|
65,756
|
|
-
|
|
Land
|
|
108,030
|
|
-
|
|
108,030
|
|
-
|
|
Multi-family
|
|
29,045
|
|
-
|
|
29,045
|
|
-
|
|
One-to-four
family
|
|
93,354
|
|
-
|
|
-
|
|
93,354
|
|
Total
|
|
$ 687,638
|
|
$ 109,585
|
|
$ 429,422
|
|
$ 148,631
|
|
Riverview does not have sub-prime
residential real estate in its loan portfolio and does not believe that it has
any exposure to sub-prime lending in its Mortgage Backed Securities
portfolio.
“We are continuing to expand our commercial banking products by offering
remote deposit capture of checks to selected customers and enhancing our cash
management product line, in an effort to grow our core deposit business,” added
Wysaske. Total deposits were $667 million at March 31, 2008, compared to
$665 million a year ago. On a linked quarter basis, total deposits
increased $44 million, or 7% over the past three months. Non-interest
checking balances represent
12% of total deposits and
interest checking balances represent 15% of total deposits. Core deposits,
defined as all deposits excluding certificates of deposit, were $401 million at
the end of March 2008, and represent 60% of total deposits.
The following table breaks out deposits by
category:
|
March 31,
2008
|
|
December 31,
2007
|
|
March 31,
2007
|
|
(Dollars
in thousands)
|
DEPOSIT
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Interest
checking
|
$ 102,489
|
|
15.37%
|
|
$ 112,062
|
|
18.00%
|
|
$ 144,451
|
|
21.71%
|
Regular
savings
|
27,401
|
|
4.11%
|
|
26,216
|
|
4.21%
|
|
29,472
|
|
4.43%
|
Money
market deposit accounts
|
189,309
|
|
28.38%
|
|
210,084
|
|
33.74%
|
|
205,007
|
|
30.81%
|
Non-interest
checking
|
82,121
|
|
12.31%
|
|
80,710
|
|
12.96%
|
|
86,601
|
|
13.01%
|
Certificates
of deposit
|
265,680
|
|
39.83%
|
|
193,538
|
|
31.09%
|
|
199,874
|
|
30.04%
|
Total
deposits
|
$ 667,000
|
|
100.00%
|
|
$ 622,610
|
|
100.00%
|
|
$ 665,405
|
|
100.00%
|
Shareholders’ Equity
Shareholders’ equity was $92.6 million,
compared to $100.2 million a year ago. Book value per share was $8.48 at
the end of March 2008, compared to $8.56 a year earlier. During the fiscal
year, 875,000 shares have been purchased on the open market under the announced
Repurchase Plans. Under the current Repurchase Plan announced June 21,
2007, there are 125,000 shares remaining to be purchased. Riverview’s
capital position remains strong, as the bank remains “well-capitalized.”
At March 31, 2008, the total capital ratio was 10.99% compared to 11.29% at
December 31, 2007 and 11.38% at March 31, 2007.
Riverview
Bancorp, Inc. Fiscal 2008 Earnings
May 5,
2008
Page
4
Conference Call
The management team of Riverview Bancorp will
host a conference call on Tuesday, May 6, at 8:00 a.m. PDT, to discuss fiscal
2008 results. The conference call can be accessed live by telephone at
303-262-2211. To listen to the call online go to the “About Riverview”
page of Riverview’s website at www.riverviewbank.com.
About the Company
Riverview Bancorp, Inc. (www.riverviewbank.com)
is headquartered in Vancouver, Washington – just north of Portland, Oregon on
the I-5 corridor. With assets of $887 million, it is the parent company of
the 85 year-old Riverview Community Bank, as well as Riverview Mortgage and
Riverview Asset Management Corp. There are 18 branches, including ten in
fast growing Clark County, three in the Portland metropolitan area and four
lending centers. The Bank offers true community banking services, focusing
on providing the highest quality service and financial products to commercial
and retail customers.
Statements concerning future
performance, developments or events, concerning expectations for growth and
market forecasts, and any other guidance on future periods, constitute
forward-looking statements, which are subject to a number of risks and
uncertainties that might cause actual results to differ materially from stated
objectives. These factors include but are not limited to: RVSB’s
ability to acquire shares according to internal repurchase guidelines, regional
economic conditions and the company’s ability to efficiently manage
expenses. Additional factors that could cause actual results to differ
materially are disclosed in Riverview Bancorp's recent filings with the SEC,
including but not limited to Annual Reports on Form 10-K, quarterly reports on
Form 10-Q and current reports on Form 8-K.
Riverview
Bancorp, Inc. Fiscal 2008 Earnings
May 5,
2008
Page
5
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY
|
|
|
|
Consolidated
Balance Sheets
|
|
|
|
March
31, 2008 and 2007
|
|
|
|
|
March
31,
|
|
March
31,
|
(In
thousands, except share data) (Unaudited)
|
2008
|
|
2007
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash
(including interest-earning accounts of $14,238 and
$7,818)
|
$ 36,439
|
|
$ 31,423
|
Loans
held for sale
|
-
|
|
-
|
Investment
securities available for sale, at fair value
|
|
|
|
(amortized
cost of $7,825 and $19,258)
|
7,487
|
|
19,267
|
Mortgage-backed
securities held to maturity, at amortized
|
|
|
|
cost
(fair value of $892 and $1,243)
|
885
|
|
1,232
|
Mortgage-backed
securities available for sale, at fair value
|
|
|
|
(amortized
cost of $5,331 and $6,778)
|
5,338
|
|
6,640
|
Loans
receivable (net of allowance for loan losses of $10,687
|
|
|
|
and
$8,653)
|
756,538
|
|
682,951
|
Real
estate and other personal property owned
|
494
|
|
-
|
Prepaid
expenses and other assets
|
2,679
|
|
1,905
|
Accrued
interest receivable
|
3,436
|
|
3,822
|
Federal
Home Loan Bank stock, at cost
|
7,350
|
|
7,350
|
Premises
and equipment, net
|
21,026
|
|
21,402
|
Deferred
income taxes, net
|
4,571
|
|
4,108
|
Mortgage
servicing rights, net
|
302
|
|
351
|
Goodwill
|
25,572
|
|
25,572
|
Core
deposit intangible, net
|
556
|
|
711
|
Bank
owned life insurance
|
14,176
|
|
13,614
|
TOTAL
ASSETS
|
$ 886,849
|
|
$ 820,348
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
Deposit
accounts
|
$ 667,000
|
|
$ 665,405
|
Accrued
expenses and other liabilities
|
8,654
|
|
9,349
|
Advance
payments by borrowers for taxes and insurance
|
393
|
|
397
|
Federal
Home Loan Bank advances
|
92,850
|
|
35,050
|
Junior
subordinated debentures
|
22,681
|
|
7,217
|
Capital
lease obligation
|
2,686
|
|
2,721
|
Total
liabilities
|
794,264
|
|
720,139
|
|
|
|
|
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, 2008– 10,913,773 issued and outstanding;
|
109
|
|
117
|
March
31, 2007 – 11,707,980 issued and outstanding;
|
|
|
|
Additional
paid-in capital
|
46,799
|
|
58,438
|
Retained
earnings
|
46,871
|
|
42,848
|
Unearned
shares issued to employee stock ownership trust
|
(976)
|
|
(1,108)
|
Accumulated
other comprehensive loss
|
(218)
|
|
(86)
|
Total
shareholders’ equity
|
92,585
|
|
100,209
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ 886,849
|
|
$ 820,348
|
Riverview
Bancorp, Inc. Fiscal 2008 Earnings
May 5,
2008
Page
6
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY
|
|
|
|
|
|
Consolidated
Statements of Income for the Three and Twelve
|
Three
Months Ended March 31,
|
Twelve
Months Ended
|
Months
Ended March 31, 2008 and 2007
|
March
31,
|
|
March
31,
|
(In
thousands, except share data) (Unaudited)
|
2008
|
2007
|
|
2008
|
2007
|
INTEREST
INCOME:
|
|
|
|
|
|
Interest
and fees on loans receivable
|
$ 14,286
|
$ 15,276
|
|
$ 58,747
|
$ 59,496
|
Interest
on investment securities-taxable
|
85
|
195
|
|
488
|
854
|
Interest
on investment securities-non taxable
|
31
|
38
|
|
142
|
163
|
Interest
on mortgage-backed securities
|
69
|
96
|
|
323
|
421
|
Other
interest and dividends
|
137
|
117
|
|
982
|
366
|
Total
interest income
|
14,608
|
15,722
|
|
60,682
|
61,300
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
Interest
on deposits
|
4,580
|
5,829
|
|
22,143
|
20,507
|
Interest
on borrowings
|
1,456
|
833
|
|
3,587
|
4,275
|
Total
interest expense
|
6,036
|
6,662
|
|
25,730
|
24,782
|
Net
interest income
|
8,572
|
9,060
|
|
34,952
|
36,518
|
Less
provision for loan losses
|
1,800
|
100
|
|
2,900
|
1,425
|
|
|
|
|
|
|
Net
interest income after provision for loan losses
|
6,772
|
8,960
|
|
32,052
|
35,093
|
|
|
|
|
|
|
NON-INTEREST
INCOME:
|
|
|
|
|
|
Fees
and service charges
|
1,268
|
1,432
|
|
5,346
|
5,747
|
Asset
management fees
|
539
|
479
|
|
2,145
|
1,874
|
Gain
on sale of loans held for sale
|
92
|
101
|
|
368
|
434
|
Loan
servicing income
|
16
|
30
|
|
126
|
155
|
Gain
on sale of credit card portfolio
|
-
|
-
|
|
-
|
133
|
Bank
owned life insurance income
|
143
|
132
|
|
562
|
522
|
Other
|
156
|
44
|
|
335
|
169
|
Total
non-interest income
|
2,214
|
2,218
|
|
8,882
|
9,034
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE:
|
|
|
|
|
|
Salaries
and employee benefits
|
4,128
|
3,957
|
|
16,249
|
15,012
|
Occupancy
and depreciation
|
1,296
|
1,293
|
|
5,146
|
4,687
|
Data
processing
|
186
|
211
|
|
786
|
988
|
Amortization
of core deposit intangible
|
37
|
44
|
|
155
|
184
|
Advertising
and marketing expense
|
185
|
175
|
|
1,054
|
1,102
|
FDIC
insurance premium
|
152
|
19
|
|
210
|
74
|
State
and local taxes
|
210
|
190
|
|
741
|
644
|
Telecommunications
|
114
|
109
|
|
406
|
437
|
Professional
fees
|
215
|
234
|
|
826
|
809
|
Other
|
645
|
619
|
|
2,218
|
2,416
|
Total
non-interest expense
|
7,168
|
6,851
|
|
27,791
|
26,353
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES
|
1,818
|
4,327
|
|
13,143
|
17,774
|
PROVISION
FOR INCOME TAXES
|
656
|
1,563
|
|
4,499
|
6,168
|
NET
INCOME
|
$ 1,162
|
$ 2,764
|
|
$ 8,644
|
$ 11,606
|
|
|
|
|
|
|
Earnings
per common share:
|
|
|
|
|
|
Basic
|
$ 0.11
|
$ 0.24
|
|
$ 0.79
|
$ 1.03
|
Diluted
|
0.11
|
0.24
|
|
0.79
|
1.01
|
Weighted
average number of shares outstanding:
|
|
|
|
|
|
Basic
|
10,669,554
|
11,385,327
|
|
10,915,271
|
11,312,847
|
Diluted
|
10,714,453
|
11,588,573
|
|
11,006,673
|
11,516,232
|
Riverview
Bancorp, Inc. Fiscal 2008 Earnings
May 5,
2008
Page
7
|
|
At
or for the year
|
At
or for the nine months
|
At
or for the year
|
|
|
ended
March 31,
|
ended
December 31,
|
ended
March 31,
|
|
|
2008
|
|
2007
|
|
2007
|
FINANCIAL CONDITION
DATA
|
|
(Dollars
in thousands)
|
Average
interest–earning assets
|
|
$ 751,023
|
|
$ 738,053
|
|
$ 731,089
|
|
Average
interest-bearing liabilities
|
|
643,265
|
|
628,104
|
|
614,546
|
|
Net
average earning assets
|
|
107,758
|
|
109,949
|
|
116,543
|
|
Non-performing
assets
|
|
8,171
|
|
1,142
|
|
226
|
|
Non-performing
loans
|
|
7,677
|
|
1,068
|
|
226
|
|
Allowance
for loan losses
|
|
10,687
|
|
9,505
|
|
8,653
|
|
Allowance
for loan losses and unfunded loan
|
|
|
|
|
|
commitments
|
|
11,024
|
|
9,912
|
|
9,033
|
|
Average
interest-earning assets to average
|
|
|
|
|
|
|
interest-bearing
liabilities
|
|
116.75%
|
|
117.50%
|
|
118.96%
|
|
Allowance
for loan losses to
|
|
|
|
|
|
|
|
non-performing
loans
|
|
139.21%
|
|
889.98%
|
|
3828.76%
|
|
Allowance
for loan losses to total loans
|
1.39%
|
|
1.31%
|
|
1.25%
|
|
Allowance
for loan losses and
|
|
|
|
|
|
|
|
unfunded
loan commitments to total loans
|
1.44%
|
|
1.37%
|
|
1.31%
|
|
Non-performing
loans to total loans
|
1.00%
|
|
0.15%
|
|
0.03%
|
|
Non-performing
assets to total assets
|
0.92%
|
|
0.14%
|
|
0.03%
|
|
Shareholders’
equity to assets
|
|
10.44%
|
|
10.94%
|
|
12.22%
|
|
Number
of banking facilities
|
|
20
|
|
20
|
|
19
|
|
|
|
|
|
|
|
|
|
LOAN
DATA
|
|
|
|
|
|
|
|
Commercial
and construction
|
|
|
|
|
|
|
|
Commercial
|
|
$ 109,585
|
14.28%
|
$ 99,259
|
13.68%
|
$ 91,174
|
13.18%
|
Other
real estate mortgage
|
|
429,422
|
55.97%
|
391,878
|
54.03%
|
360,930
|
52.19%
|
Real
estate construction
|
|
148,631
|
19.37%
|
150,951
|
20.81%
|
166,073
|
24.01%
|
Total
commercial and construction
|
|
687,638
|
89.62%
|
642,088
|
88.52%
|
618,177
|
89.38%
|
Consumer
|
|
|
|
|
|
|
|
Real
estate one-to-four family
|
|
75,922
|
9.90%
|
78,479
|
10.82%
|
69,808
|
10.10%
|
Other
installment
|
|
3,665
|
0.48%
|
4,774
|
0.66%
|
3,619
|
0.52%
|
Total
consumer
|
|
79,587
|
10.38%
|
83,253
|
11.48%
|
73,427
|
10.62%
|
|
|
|
|
|
|
|
|
Total
loans
|
|
767,225
|
100.00%
|
725,341
|
100.00%
|
691,604
|
100.00%
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
10,687
|
|
9,505
|
|
8,653
|
|
Loans
receivable, net
|
|
$ 756,538
|
|
$ 715,836
|
|
$ 682,951
|
|
Riverview
Bancorp, Inc. Fiscal 2008 Earnings
May 5,
2008
Page
8
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY
|
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
COMPOSITION OF
COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN
PURPOSE
|
|
Commercial
|
Other
|
|
|
|
|
&
Construction
|
Real
Estate
|
Real
Estate
|
|
|
|
Total
|
Commercial
|
Mortgage
|
Construction
|
|
March 31,
2008
|
(Dollars
in thousands)
|
|
Commercial
|
$ 109,585
|
$ 109,585
|
$ -
|
$ -
|
|
|
Commercial
construction
|
55,277
|
-
|
-
|
55,277
|
|
|
Office
buildings
|
88,106
|
-
|
88,106
|
-
|
|
|
Warehouse/industrial
|
39,903
|
-
|
39,903
|
-
|
|
|
Retail/shopping
centers/strip malls
|
70,510
|
-
|
70,510
|
-
|
|
|
Assisted
living facilities
|
28,072
|
-
|
28,072
|
-
|
|
|
Single
purpose facilities
|
65,756
|
-
|
65,756
|
-
|
|
|
Land
|
108,030
|
-
|
108,030
|
-
|
|
|
Multi-family
|
29,045
|
-
|
29,045
|
-
|
|
|
One-to-four
family
|
93,354
|
-
|
-
|
93,354
|
|
|
Total
|
$ 687,638
|
$ 109,585
|
$ 429,422
|
$ 148,631
|
|
|
|
|
|
|
|
|
|
March 31,
2007
|
(Dollars
in thousands)
|
|
Commercial
|
$ 91,174
|
$ 91,174
|
$ -
|
$ -
|
|
|
Commercial
construction
|
56,226
|
-
|
-
|
56,226
|
|
|
Office
buildings
|
62,310
|
-
|
62,310
|
-
|
|
|
Warehouse/industrial
|
40,238
|
-
|
40,238
|
-
|
|
|
Retail/shopping
centers/strip malls
|
70,219
|
-
|
70,219
|
-
|
|
|
Assisted
living facilities
|
11,381
|
-
|
11,381
|
-
|
|
|
Single
purpose facilities
|
41,501
|
-
|
41,501
|
-
|
|
|
Land
|
103,240
|
-
|
103,240
|
-
|
|
|
Multi-family
|
32,041
|
-
|
32,041
|
-
|
|
|
One-to-four
family
|
109,847
|
-
|
-
|
109,847
|
|
|
Total
|
$ 618,177
|
$ 91,174
|
$ 360,930
|
$ 166,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
the year
|
At
the nine months
|
At
the year
|
|
ended
March 31,
|
ended
December 31,
|
ended
March 31,
|
|
2008
|
|
2007
|
|
2007
|
|
(Dollars
in thousands)
|
DEPOSIT
DATA
|
|
|
|
|
|
|
Interest
checking
|
$ 102,489
|
15.37%
|
$ 112,062
|
18.00%
|
$ 144,451
|
21.71%
|
Regular
savings
|
27,401
|
4.11%
|
26,216
|
4.21%
|
29,472
|
4.43%
|
Money
market deposit accounts
|
189,309
|
28.38%
|
210,084
|
33.74%
|
205,007
|
30.81%
|
Non-interest
checking
|
82,121
|
12.31%
|
80,710
|
12.96%
|
86,601
|
13.01%
|
Certificates
of deposit
|
265,680
|
39.83%
|
193,538
|
31.09%
|
199,874
|
30.04%
|
Total
deposits
|
$ 667,000
|
100.00%
|
$ 622,610
|
100.00%
|
$ 665,405
|
100.00%
|
|
|
|
|
|
|
|
Riverview
Bancorp, Inc. Fiscal 2008 Earnings
May 5,
2008
Page
9
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
At
or for the three
|
At
or for the twelve
|
|
months
ended March 31,
|
months
ended March 31,
|
SELECTED OPERATING
DATA
|
2008
|
2007
|
2008
|
2007
|
|
(Dollars
in thousands, except share data)
|
Efficiency
ratio (4)
|
66.46%
|
60.75%
|
63.40%
|
57.85%
|
Efficiency
ratio net of intangible amortization
|
65.73%
|
60.06%
|
62.78%
|
57.22%
|
Coverage
ratio (6)
|
119.59%
|
132.24%
|
125.77%
|
138.57%
|
Coverage
ratio net of intangible amortization
|
120.21%
|
133.10%
|
126.47%
|
139.55%
|
Return
on average assets (1)
|
0.54%
|
1.36%
|
1.04%
|
1.43%
|
Return
on average equity (1)
|
4.92%
|
11.11%
|
8.92%
|
11.88%
|
Average
rate earned on interest-earned assets
|
7.51%
|
8.58%
|
8.09%
|
8.40%
|
Average
rate paid on interest-bearing liabilities
|
3.55%
|
4.28%
|
4.00%
|
4.03%
|
Spread
(7)
|
3.96%
|
4.30%
|
4.09%
|
4.37%
|
Net
interest margin
|
4.41%
|
4.95%
|
4.66%
|
5.01%
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
Basic
earnings per share (2)
|
$ 0.11
|
$ 0.24
|
$ 0.79
|
$ 1.03
|
Diluted
earnings per share (3)
|
0.11
|
0.24
|
0.79
|
1.01
|
Book
value per share (5)
|
8.48
|
8.56
|
8.48
|
8.56
|
Tangible
book value per share (5)
|
6.06
|
6.28
|
6.06
|
6.28
|
Market
price per share:
|
|
|
|
|
High
for the period
|
$ 12.840
|
$ 17.580
|
$ 16.280
|
$ 17.580
|
Low
for the period
|
$ 9.930
|
$ 15.290
|
$ 9.930
|
$ 12.135
|
Close
for period end
|
$ 9.980
|
$ 15.940
|
$ 9.980
|
$ 15.940
|
Cash
dividends declared per share
|
$ 0.090
|
$ 0.100
|
$ 0.420
|
$ 0.395
|
|
|
|
|
|
Average
number of shares outstanding:
|
|
|
|
|
Basic
(2)
|
10,669,554
|
11,385,327
|
10,915,271
|
11,312,847
|
Diluted
(3)
|
10,714,453
|
11,588,573
|
11,006,673
|
11,516,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Amounts are annualized.
(2)
Amounts calculated exclude ESOP shares not committed to be released.
(3)
Amounts calculated exclude ESOP shares not committed to be released and include
common stock equivalents.
(4)
Non-interest expense divided by net interest income and non-interest
income.
(5)
Amounts calculated include ESOP shares not committed to be released.
(6)
Net interest income divided by non-interest expense.
(7)
Yield on interest-earning assets less cost of funds on interest bearing
liabilities.
# # #
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