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):
October 20, 2008
RIVERVIEW
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
Washington
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000-22957
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91-
1838969
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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900
Washington Street, Suite 900, Vancouver, Washington
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98660
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(Address
of principal executive offices)
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(Zip
Code)
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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)
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[
] Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[
] 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
October 20, 2008, Riverview Bancorp, Inc. issued its earnings release for the
quarter ended September 30, 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 October 20, 2008.
SIGNATURES
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.
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RIVERVIEW BANCORP,
INC.
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Date: October
20, 2008
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/s/
Kevin
J.
Lycklama
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Kevin
J. Lycklama
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Chief Financial
Officer
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(Principal
Financial Officer)
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Exhibit
99.1
News
Release Dated October 20, 2008
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|
Contacts: Pat
Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc.
360-693-6650
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Riverview Bancorp Reports
Second Quarter Results
Vancouver,
WA – October 20, 2008 – Riverview Bancorp, Inc. (NASDAQ GSM: RVSB) today
reported that a $7.2 million addition to its loan loss reserve and a $3.4
million non-cash other than temporary impairment (OTTI) charge on an investment
security, generated a net loss of $4.2 million, or $0.39 per diluted share, in
the second quarter of fiscal 2009, compared to earnings of $2.4 million, or
$0.22 per diluted share, in the second quarter of fiscal 2008. For
the first six months of fiscal 2009, net losses were $3.4 million, or $0.32 per
diluted share, compared to earnings of $5.3 million, or $0.47 per diluted share,
in the first six months of fiscal 2008.
“Riverview’s
underlying business and core fundamentals remain a strength for the Bank,
despite the reduced earnings during the quarter,” said Pat Sheaffer, Chairman
and CEO. “During the recent quarter we continued to further expand
our customer relationships with solid growth in both loans and
deposits. Our stable net interest margin remains a core strength for
the Bank and management has continued to focus on reducing controllable
expenses.”
Riverview’s
liquidity position remains strong and we continue to maintain capital levels in
excess of the well-capitalized regulatory threshold. In addition to
our solid customer base, management has the ability to access many additional
sources of liquidity, including additional borrowings from the FHLB, the sale of
certain available for sale securities, borrowings at correspondent banks and
wholesale markets including brokered deposits. Currently, the Bank
has $200 million of additional liquidity available, or 22.3% of total
assets. The Bank’s actual and required minimum capital amounts and
ratios are presented in the following table.
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September
30, 2008
|
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Actual
|
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Adequately
Captalized
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|
Well
Capitalized
|
|
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Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
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|
Amount
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|
Ratio
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|
|
|
|
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Total
Capital
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$ 86,301
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10.70%
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$ 64,527
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8.00%
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$ 80,659
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10.00%
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(To
Risk-Weighted Assets)
|
|
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|
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Tier
1 Capital
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76,216
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9.45%
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33,263
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4.00%
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48,395
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6.00%
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(To
Risk-Weighted Assets)
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|
|
|
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|
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|
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Tier
1 Capital
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76,216
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8.86%
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34,423
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3.00%
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43,029
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5.00%
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(To
Adjusted Tangible Assets)
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|
|
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“The
decision to increase our loan loss provision was prompted by a number of factors
and was primarily a result of current economic conditions, the slowdown in
residential real estate sales, an extensive analysis of our loan portfolio, as
well as our methodology for determining the level of our allowance for loan
losses,” said Sheaffer. “We believe that strengthening our allowance
for loan losses is prudent at this time in light of the continuing weakness in
the residential development and housing markets as well as the overall
economy. Timely identification and resolution of problem loans
remains a high priority for Riverview and its entire management
team. Riverview’s capital levels and core business fundamentals
remain strong and bolstering our allowance for loan losses will position us for
continued growth over the long run.”
The
investment security for which a non-cash impairment charge has been recognized
is a trust preferred pooled security issued by other bank holding companies, is
classified as available for sale and has a par value of $5.0
million. In September 2008, the investment rating of the security was
lowered from “A1” to “Baa3” by one rating agency. Additionally, since
June 30, 2008, two of the twenty issuers of the security invoked their original
contractual right to defer interest payments and one issuer has
defaulted. However, the tranche of the security held by Riverview
continues to pay as agreed. Although management believes it is
possible that all principal and interest will be received, and the Company
RVSB
Second Quarter Fiscal 2009 Results
October 20, 2008
Page 2
has the
ability and intention to continue to hold the security until there is a recovery
in fair value, general market concerns over these and similar types of
securities, as well as a lowering of the investment rating for this specific
security, has caused the fair value to decline severely enough to warrant an
OTTI charge. Consequently, management chose to book a $3.4 million
OTTI charge bringing the value of the security to $1.6
million. Management does not believe that the recognition of this
impairment charge has any other implications for the Company’s business
fundamentals or its outlook.
Riverview
does not have sub-prime residential real estate in its loan portfolio and does
not believe that it has any direct exposure to sub-prime lending in its Mortgage
Backed Securities portfolio. Other than the trust preferred pooled
security discussed above, the Company does not have any other investment
securities of concern. Mortgage backed securities totaled $5.3
million, or 0.59% of total assets at September 30, 2008. Riverview
does not have any exposure to Government Sponsored Enterprise (GSE) securities
in its investment portfolio.
Credit
Quality
Non-performing
assets were $22.8 million, or 2.54% of total assets, at September 30, 2008,
compared to $23.6 million, or 2.67% of total assets, at June 30, 2008, and
$206,000, or 0.03% of total assets, at September 30, 2007. Total
non-performing assets consist of twenty six loans to twenty two borrowers, which
includes eight land-acquisition and development loans totaling $15.7 million,
three construction loans totaling $1.6 million, two commercial loans totaling
$1.2 million and five other real estate mortgage loans totaling $2.7
million. All of the loans are to borrowers located in Oregon and
Washington, with the exception of one land acquisition and development loan
totaling $1.4 million to a Washington borrower who has property located in
Southern California. Riverview had $699,000 in other real estate
owned (OREO) at the end of September 2008.
“We
significantly increased our provision for loan losses to account for higher
levels of non-performing loans compared to a year ago,” said Dave Dahlstrom,
Executive Vice-President and CCO. “These problem loans are limited to
a few lending relationships and are not a trend in the overall loan
portfolio. We remain focused on reducing the level of our
non-performing assets as we continue to work closely with our borrowers to help
mitigate losses.”
The
allowance for loan losses, including unfunded loan commitments of $286,000, was
$16.4 million, or 2.08% of total loans at the end of the second quarter,
compared to $13.4 million, or 1.73% of total loans at June 30, 2008 and $9.5
million, or 1.36% of total loans, at September 30, 2007. “We believe
that the allowance for loan losses is adequate and appropriate based on our
current analysis of the loan portfolio’s credit quality, current economic
conditions, and underlying collateral values,” noted Dahlstrom. Net
loan charge-offs were $4.2 million for the quarter ended September 30, 2008,
compared to $330,000 for the previous linked quarter and $66,000 for the second
quarter a year ago.
Shareholders’
Equity
Shareholders’
equity was $88.1 million at September 30, 2008, compared to $92.6 million a year
ago. Book value per share was $8.06 at the end of September 2008,
compared to $8.42 a year earlier. Tangible book value per share was
$5.65 at quarter-end, compared to $6.01 a year earlier.
Operating
Results
Net
interest income for the second quarter of fiscal 2009 was $8.6 million, compared
to $8.7 million in the second quarter a year ago. For the first six
months of fiscal 2009, net interest income was $17.0 million compared to $17.5
million for the same period in fiscal 2008. The decline in net
interest income is due in part to interest-bearing assets re-pricing down faster
than interest-bearing liabilities as the Federal Reserve cut rates over the last
12 months, as well as the increased level of nonperforming
assets. The reversal of interest on loans placed on non-accrual
status during the quarter accounted for a four basis point decrease in the
quarterly net interest margin. For the second quarter of fiscal 2009,
the net interest margin was 4.18% compared to 4.20% in the previous linked
quarter and 4.72% in the second quarter a year ago. For the first six
months of fiscal 2009 the net interest margin was 4.19% compared to 4.78% in the
first six months of fiscal 2008.
RVSB
Second Quarter Fiscal 2009 Results
October 20, 2008
Page 3
Excluding
the impact of the $3.4 million OTTI charge, non-interest income was $2.1 million
for the three months ended September 30, 2008, compared to $2.2 million for the
same quarter a year ago. For the first six months of fiscal 2009,
total non-interest income was $4.3 million, excluding the impact of the OTTI
charge, compared to $4.5 million for the first six months of
2008. “For the first half of fiscal 2009, fee income from Riverview
Asset Management Corp. increased 10.4% compared to the same period a year ago,
but was offset by a $518,000 decline in mortgage broker loan fees, reflecting
the continued slowdown in the real estate market,” said Ron Wysaske, President
and COO.
Non-interest
expense improved to $6.7 million in the second quarter of fiscal 2009, compared
to $6.8 million in the second quarter of fiscal 2008. Decreases in
salaries and employee benefits of $168,000 were offset by increased FDIC
insurance premiums of $138,000. Riverview’s efficiency ratio,
excluding the effects of the non-cash impairment charge, improved slightly to
62.44% for the quarter ended September 30, 2008, compared to 62.61% for the same
period in prior year. Management continues to focus on managing
controllable costs. “We have been able to keep our operating expenses
in line in fiscal 2009, even reducing them from year ago levels,” said
Wysaske. “The reduction in net income and earnings per share is
mostly attributable to the increased credit cost and the investment security
impairment charge.”
Balance
Sheet Review
“Our land
development and construction portfolios continue to decline as planned,” said
Dahlstrom. “We continue to grow the loan portfolio at a more moderate
pace than the double digit growth of the past few years, with the focus of
keeping the portfolio in high quality and well-diversified
assets.” Net loans increased 12% to $770 million at September 30,
2008, compared to $687 million a year ago. Commercial loans accounted
for 72% and construction loans accounted for 17% of the total loan portfolio at
September 30, 2008, compared to 66% and 23% respectively, a year
earlier.
“During
the quarter, we further reduced our exposure to real estate construction and
shrunk that portfolio to $135 million at quarter-end from $142 million at June
30, 2008 and $162 million at the end of September 2007,” added Dahlstrom. “We
should continue to see reductions in our construction portfolio as we focus on
other lending opportunities.”
“We have
continued to focus on deposit growth by expanding our commercial and retail
banking products,” said Wysaske. “During the second quarter we began
offering Certificate of Deposit Registry Service (CDARS™)
deposits. Through the CDARS™ program, our customers can now access
FDIC insurance up to $50 million.” Deposits grew at an annualized
rate of 5.1% during the second quarter, increasing $8 million to $637 million at
September 30, 2008, compared to $629 million at June 30,
2008. Transaction accounts represent 56% of all deposits with
non-interest checking balances and interest bearing checking balances each
representing 13% of total deposits.
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
$896 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.
Financial
measures that exclude OTTI charges are non-GAAP measures. To provide investors
with a broader understanding of earnings, the Company provided non-GAAP
financial measures for non-interest income and the efficiency ratio, along with
the GAAP measure of non-interest income and the efficiency ratio, because OTTI
charges are not likely to occur in normal operations. Management
believes that these non-GAAP financial measures are useful to investors because
they allow for greater transparency, facilitate comparisons to prior periods and
competitor’s results and assist in forecasting performance for future periods
because they exclude items we believe to be outside the normal operating
results.
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.
RVSB
Second Quarter Fiscal 2009 Results
October 20, 2008
Page 4
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY
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Consolidated
Balance Sheets
|
|
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|
|
|
September
30, 2008, March 31, 2008 and September 30, 2007
|
|
|
|
|
|
September
30,
|
|
March
31,
|
|
September
30,
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(In
thousands, except share data) (Unaudited)
|
2008
|
|
2008
|
|
2007
|
ASSETS
|
|
|
|
|
|
|
|
|
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|
|
Cash
(including interest-earning accounts of $11,786, $14,238
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|
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|
|
and
$15,271)
|
$ 26,214
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|
$ 36,439
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|
$ 36,877
|
Loans
held for sale
|
773
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|
-
|
|
604
|
Investment
securities held to maturity, at amortized cost
|
|
|
|
|
|
(fair
value of $536, none and none)
|
536
|
|
-
|
|
-
|
Investment
securities available for sale, at fair value
|
|
|
|
|
|
(amortized
cost of $9,371, $7,825 and $8,735)
|
9,473
|
|
7,487
|
|
8,761
|
Mortgage-backed
securities held to maturity, at amortized
|
|
|
|
|
|
cost
(fair value of $701, $892 and $1,039)
|
698
|
|
885
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|
1,027
|
Mortgage-backed
securities available for sale, at fair value
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|
|
|
|
|
(amortized
cost of $4,619, $5,331 and $6,043)
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4,567
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|
5,338
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|
5,943
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Loans
receivable (net of allowance for loan losses of $16,124,
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|
|
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$10,687
and $9,062)
|
770,391
|
|
756,538
|
|
687,419
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Real
estate and other pers. property owned
|
699
|
|
494
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|
74
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Prepaid
expenses and other assets
|
6,102
|
|
2,679
|
|
2,957
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Accrued
interest receivable
|
3,280
|
|
3,436
|
|
3,850
|
Federal
Home Loan Bank stock, at cost
|
7,350
|
|
7,350
|
|
7,350
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Premises
and equipment, net
|
20,281
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|
21,026
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|
21,336
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Deferred
income taxes, net
|
4,442
|
|
4,571
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|
4,089
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Mortgage
servicing rights, net
|
271
|
|
302
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|
332
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Goodwill
|
25,572
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|
25,572
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|
25,572
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Core
deposit intangible, net
|
488
|
|
556
|
|
630
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Bank
owned life insurance
|
14,470
|
|
14,176
|
|
13,893
|
|
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TOTAL
ASSETS
|
$ 895,607
|
|
$ 886,849
|
|
$ 820,714
|
|
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|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
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LIABILITIES:
|
|
|
|
|
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Deposit
accounts
|
$ 637,490
|
|
$ 667,000
|
|
$ 659,785
|
Accrued
expenses and other liabilities
|
7,675
|
|
8,654
|
|
8,982
|
Advance
payments by borrowers for taxes and insurance
|
375
|
|
393
|
|
376
|
Federal
Home Loan Bank advances
|
136,660
|
|
92,850
|
|
33,600
|
Junior
subordinated debentures
|
22,681
|
|
22,681
|
|
22,681
|
Capital
lease obligation
|
2,668
|
|
2,686
|
|
2,704
|
Total
liabilities
|
807,549
|
|
794,264
|
|
728,128
|
|
|
|
|
|
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SHAREHOLDERS’
EQUITY:
|
|
|
|
|
|
Serial
preferred stock, $.01 par value; 250,000 authorized,
|
|
|
|
|
|
issued
and outstanding, none
|
-
|
|
-
|
|
-
|
Common
stock, $.01 par value; 50,000,000 authorized,
|
|
|
|
|
|
September
30, 2008 – 10,923,773 issued and outstanding;
|
109
|
|
109
|
|
110
|
March
31, 2008 – 10,913,773 issued and outstanding;
|
|
|
|
|
|
September
30, 2007 – 10,996,650 issued and outstanding
|
|
|
|
|
|
Additional
paid-in capital
|
46,846
|
|
46,799
|
|
47,953
|
Retained
earnings
|
42,024
|
|
46,871
|
|
45,629
|
Unearned
shares issued to employee stock ownership trust
|
(954)
|
|
(976)
|
|
(1,057)
|
Accumulated
other comprehensive income (loss)
|
33
|
|
(218)
|
|
(49)
|
Total
shareholders’ equity
|
88,058
|
|
92,585
|
|
92,586
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ 895,607
|
|
$ 886,849
|
|
$ 820,714
|
|
|
|
|
|
|
RVSB
Second Quarter Fiscal 2009 Results
October 20, 2008
Page 5
RIVERVIEW
BANCORP, INC. AND SUBSIDIARY
|
|
|
|
|
|
Consolidated
Statements of Income for the Three and Six Months
|
Three
Months
Ended
|
Six
Months Ended
|
Ended
September 30, 2008 and 2007
|
September 30,
|
|
September 30,
|
(In
thousands, except share data) (Unaudited)
|
2008
|
2007
|
|
2008
|
2007
|
INTEREST
INCOME:
|
|
|
|
|
|
Interest
and fees on loans receivable
|
$ 13,425
|
$ 14,631
|
|
$ 26,749
|
$ 29,511
|
Interest
on investment securities-taxable
|
121
|
140
|
|
177
|
312
|
Interest
on investment securities-non taxable
|
37
|
38
|
|
69
|
76
|
Interest
on mortgage-backed securities
|
55
|
85
|
|
116
|
176
|
Other
interest and dividends
|
91
|
420
|
|
184
|
663
|
Total
interest income
|
13,729
|
15,314
|
|
27,295
|
30,738
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
Interest
on deposits
|
3,800
|
6,033
|
|
7,906
|
12,223
|
Interest
on borrowings
|
1,287
|
587
|
|
2,380
|
993
|
Total
interest expense
|
5,087
|
6,620
|
|
10,286
|
13,216
|
Net
interest income
|
8,642
|
8,694
|
|
17,009
|
17,522
|
Less
provision for loan losses
|
7,200
|
400
|
|
9,950
|
450
|
|
|
|
|
|
|
Net
interest income after provision for loan losses
|
1,442
|
8,294
|
|
7,059
|
17,072
|
|
|
|
|
|
|
NON-INTEREST
INCOME:
|
|
|
|
|
|
Fees
and service charges
|
1,219
|
1,382
|
|
2,429
|
2,809
|
Asset
management fees
|
547
|
513
|
|
1,171
|
1,061
|
Gain
on sale of loans held for sale
|
81
|
92
|
|
133
|
183
|
Impairment
of investment security
|
(3,414)
|
-
|
|
(3,414)
|
-
|
Loan
servicing income
|
33
|
27
|
|
61
|
66
|
Bank
owned life insurance income
|
148
|
140
|
|
294
|
279
|
Other
|
73
|
62
|
|
195
|
120
|
Total
non-interest income
|
(1,313)
|
2,216
|
|
869
|
4,518
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE:
|
|
|
|
|
|
Salaries
and employee benefits
|
3,740
|
3,908
|
|
7,624
|
7,876
|
Occupancy
and depreciation
|
1,251
|
1,244
|
|
2,484
|
2,546
|
Data
processing
|
208
|
208
|
|
407
|
376
|
Amortization
of core deposit intangible
|
33
|
38
|
|
68
|
80
|
Advertising
and marketing expense
|
255
|
370
|
|
436
|
652
|
FDIC
insurance premium
|
157
|
19
|
|
271
|
38
|
State
and local taxes
|
169
|
178
|
|
344
|
349
|
Telecommunications
|
114
|
92
|
|
238
|
196
|
Professional
fees
|
248
|
172
|
|
450
|
395
|
Other
|
533
|
602
|
|
1,053
|
1,104
|
Total
non-interest expense
|
6,708
|
6,831
|
|
13,375
|
13,612
|
|
|
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES
|
(6,579)
|
3,679
|
|
(5,447)
|
7,978
|
PROVISION
(CREDIT) FOR INCOME TAXES
|
(2,381)
|
1,249
|
|
(2,042)
|
2,709
|
NET
INCOME (LOSS)
|
$ (4,198)
|
$ 2,430
|
|
$ (3,405)
|
$ 5,269
|
|
|
|
|
|
|
Earnings
(loss) per common share:
|
|
|
|
|
|
Basic
|
$ (0.39)
|
$ 0.22
|
|
$ (0.32)
|
$ 0.47
|
Diluted
|
$ (0.39)
|
$ 0.22
|
|
$ (0.32)
|
$ 0.47
|
Weighted
average number of shares outstanding:
|
|
|
|
|
|
Basic
|
10,692,838
|
10,904,464
|
|
10,685,459
|
11,146,813
|
Diluted
|
10,695,836
|
11,026,598
|
|
10,698,419
|
11,275,562
|
|
|
|
|
|
|
RVSB
Second Quarter Fiscal 2009 Results
October 20, 2008
Page 6
|
|
|
|
|
|
At
or for the year
|
|
|
At
or for the six months ended September 30,
|
ended
March 31,
|
|
|
2008
|
2007
|
2008
|
FINANCIAL CONDITION
DATA
|
|
(Dollars
in thousands)
|
Average
interest–earning assets
|
|
|
$ 811,443
|
|
$ 732,999
|
|
$ 751,023
|
Average
interest-bearing liabilities
|
|
|
705,142
|
|
621,295
|
|
643,265
|
Net
average earning assets
|
|
|
106,301
|
|
111,704
|
|
107,758
|
Non-performing
assets
|
|
|
22,770
|
|
206
|
|
8,171
|
Non-performing
loans
|
|
|
22,071
|
|
132
|
|
7,677
|
Allowance
for loan losses
|
|
|
16,124
|
|
9,062
|
|
10,687
|
Allowance
for loan losses and unfunded loan
|
|
|
|
|
|
|
commitments
|
|
|
16,410
|
|
9,484
|
|
11,024
|
Average
interest-earning assets to average
|
|
|
|
|
|
|
interest-bearing
liabilities
|
|
|
115.08%
|
|
117.98%
|
|
116.75%
|
Allowance
for loan losses to
|
|
|
|
|
|
|
|
non-performing
loans
|
|
|
73.06%
|
|
6,865.15%
|
|
139.21%
|
Allowance
for loan losses to total loans
|
|
|
2.05%
|
|
1.30%
|
|
1.39%
|
Allowance
for loan losses and
|
|
|
|
|
|
|
|
unfunded
loan commitments to total loans
|
|
2.08%
|
|
1.36%
|
|
1.44%
|
Non-performing
loans to total loans
|
|
|
2.80%
|
|
0.02%
|
|
1.00%
|
Non-performing
assets to total assets
|
|
|
2.54%
|
|
0.03%
|
|
0.92%
|
Shareholders’
equity to assets
|
|
|
9.83%
|
|
11.28%
|
|
10.44%
|
Number
of banking facilities
|
|
|
20
|
|
19
|
|
20
|
|
|
|
|
|
|
|
|
LOAN
DATA
|
|
|
|
|
|
|
|
Commercial
and construction
|
|
Sept, 30, 2008
|
|
Sept, 30, 2007
|
|
March 31, 2008
|
|
Commercial
|
|
$ 123,569
|
15.71%
|
$ 90,515
|
13.00%
|
$ 109,585
|
14.28%
|
Other
real estate mortgage
|
|
442,482
|
56.26%
|
367,380
|
52.75%
|
429,422
|
55.97%
|
Real
estate construction
|
|
134,930
|
17.16%
|
162,429
|
23.32%
|
148,631
|
19.37%
|
Total
commercial and construction
|
|
700,981
|
89.13%
|
620,324
|
89.07%
|
687,638
|
89.62%
|
Consumer
|
|
|
|
|
|
|
|
Real
estate one-to-four family
|
|
82,062
|
10.43%
|
71,725
|
10.30%
|
75,922
|
9.90%
|
Other
installment
|
|
3,472
|
0.44%
|
4,432
|
0.63%
|
3,665
|
0.48%
|
Total
consumer
|
|
85,534
|
10.87%
|
76,157
|
10.93%
|
79,587
|
10.38%
|
|
|
|
|
|
|
|
|
Total
loans
|
|
786,515
|
100.00%
|
696,481
|
100.00%
|
767,225
|
100.00%
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
16,124
|
|
9,062
|
|
10,687
|
|
Loans
receivable, net
|
|
$ 770,391
|
|
$ 687,419
|
|
$ 756,538
|
|
|
|
|
|
|
|
|
|
RVSB
Second Quarter Fiscal 2009 Results
October 20, 2008
Page 7
COMPOSITION OF
COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN
PURPOSE
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Commercial
|
|
|
|
|
Real
Estate
|
Real
Estate
|
&
Construction
|
|
|
|
Commercial
|
Mortgage
|
Construction
|
Total
|
|
|
|
September 30,
2008
|
(Dollars in thousands)
|
|
|
|
|
Commercial
|
$ 123,569
|
$ -
|
$ -
|
$ 123,569
|
|
|
|
Commercial
construction
|
-
|
-
|
50,925
|
50,925
|
|
|
|
Office
buildings
|
-
|
83,168
|
-
|
83,168
|
|
|
|
Warehouse/industrial
|
-
|
41,501
|
-
|
41,501
|
|
|
|
Retail/shopping
centers/strip malls
|
-
|
81,007
|
-
|
81,007
|
|
|
|
Assisted
living facilities
|
-
|
30,553
|
-
|
30,553
|
|
|
|
Single
purpose facilities
|
-
|
79,307
|
-
|
79,307
|
|
|
|
Land
|
-
|
99,668
|
-
|
99,668
|
|
|
|
Multi-family
|
-
|
27,278
|
-
|
27,278
|
|
|
|
One-to-four
family
|
-
|
-
|
84,005
|
84,005
|
|
|
|
Total
|
$ 123,569
|
$ 442,482
|
$ 134,930
|
$ 700,981
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2008
|
|
|
|
|
|
|
|
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
|
$ 109,585
|
$ 429,422
|
$ 148,631
|
$ 687,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
the year
|
|
|
At
the six months ended September 30,
|
ended
March 31,
|
|
|
2008
|
2007
|
2008
|
|
|
(Dollars in thousands)
|
|
|
|
DEPOSIT
DATA
|
|
|
|
|
|
|
|
Interest
checking
|
$ 80,266
|
12.59%
|
$ 132,340
|
20.06%
|
$ 102,489
|
15.37%
|
|
Regular
savings
|
27,528
|
4.32%
|
27,408
|
4.15%
|
27,401
|
4.11%
|
|
Money
market deposit accounts
|
166,834
|
26.17%
|
235,091
|
35.63%
|
189,309
|
28.38%
|
|
Non-interest
checking
|
83,555
|
13.11%
|
85,492
|
12.96%
|
82,121
|
12.31%
|
|
Certificates
of deposit
|
279,307
|
43.81%
|
179,454
|
27.20%
|
265,680
|
39.83%
|
|
Total
deposits
|
$ 637,490
|
100.00%
|
$ 659,785
|
100.00%
|
$ 667,000
|
100.00%
|
|
|
|
|
|
|
|
|
|
RVSB
Second Quarter Fiscal 2009 Results
October 20, 2008
Page 8
|
At or for the three
|
At or for the six
|
|
months ended September 30,
|
months ended September 30,
|
SELECTED OPERATING
DATA
|
2008
|
2007
|
2008
|
2007
|
|
(Dollars in thousands, except share data)
|
|
Efficiency
ratio (4)
|
91.53%
|
62.61%
|
74.81%
|
61.76%
|
Efficiency
ratio net of intangible amortization
|
90.61%
|
61.98%
|
74.10%
|
61.15%
|
Coverage
ratio (6)
|
128.83%
|
127.27%
|
127.17%
|
128.72%
|
Coverage
ratio net of intangible amortization
|
129.46%
|
127.98%
|
127.82%
|
129.49%
|
Return
on average assets (1)
|
-1.86%
|
1.19%
|
-0.77%
|
1.29%
|
Return
on average equity (1)
|
-17.66%
|
9.98%
|
-7.17%
|
10.58%
|
Average
rate earned on interest-earned assets
|
6.63%
|
8.31%
|
6.72%
|
8.37%
|
Average
rate paid on interest-bearing liabilities
|
2.84%
|
4.22%
|
2.91%
|
4.24%
|
Spread
(7)
|
3.79%
|
4.09%
|
3.81%
|
4.13%
|
Net
interest margin
|
4.18%
|
4.72%
|
4.19%
|
4.78%
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
Basic
earnings per share (2)
|
$ (0.39)
|
$ 0.22
|
$ (0.32)
|
$ 0.47
|
Diluted
earnings per share (3)
|
(0.39)
|
0.22
|
(0.32)
|
0.47
|
Book
value per share (5)
|
8.06
|
8.42
|
8.06
|
8.42
|
Tangible
book value per share (5)
|
5.65
|
6.01
|
5.65
|
6.01
|
Market
price per share:
|
|
|
|
|
High
for the period
|
$ 7.38
|
$ 15.73
|
$ 9.79
|
$ 16.28
|
Low
for the period
|
4.52
|
13.30
|
4.52
|
13.30
|
Close
for period end
|
5.96
|
14.85
|
5.96
|
14.85
|
Cash
dividends declared per share
|
0.045
|
0.110
|
0.135
|
0.220
|
|
|
|
|
|
Average
number of shares outstanding:
|
|
|
|
|
Basic
(2)
|
10,692,838
|
10,904,464
|
10,685,459
|
11,146,813
|
Diluted
(3)
|
10,695,836
|
11,026,598
|
10,698,419
|
11,275,562
|
(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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