Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the
"Company") today reported it earned $1.0 million, or $0.05 per
diluted share, in its third fiscal quarter ended December 31, 2012
compared to a net loss of $16.6 million, or $0.74 per diluted
share, in third quarter a year ago. In the first nine months of
fiscal 2013, Riverview earned $1.0 million, or $0.05 per diluted
share, compared to a net loss of $15.7 million, or $0.70 per
diluted share, in the same period a year ago.
"Riverview's turnaround plan is on schedule," stated Pat
Sheaffer, Chairman and CEO. "We were profitable for the second
consecutive quarter and have improved the overall health of the
Company. Credit quality improved for the third consecutive quarter
as we continue to focus on resolving problem credits and our
capital ratios improved as we continued to manage our balance sheet
growth. Now that profitability looks sustainable and our capital
position is strengthened, we can turn our focus on responsible
organic growth that supports lending in the communities we
serve."
Highlights (at or for the period ended December 31,
2012)
- Net income was $1.0 million, or $0.05 per diluted share
- Net interest margin was 4.03% for the quarter and 4.19% for the
nine month period
- Nonperforming loans decreased $3.4 million during the quarter
to $24.7 million (12.0% decline)
- Nonperforming assets decreased $7.1 million during the quarter
to $45.4 million (13.6% decline)
- Net charge-offs for the quarter decreased 61.9% to $507,000
compared to $1.3 million for the preceding quarter
- Core deposits were very strong and make up 95% of total
deposits
- Capital levels continue to exceed the regulatory requirements
to be categorized as "well capitalized" with a total risk-based
capital ratio of 14.25% and a Tier 1 leverage ratio of 9.50%
Credit Quality
"As a result of the continued improvement in asset quality and
the third consecutive quarter of declining loan charge-offs, no
provision for loan losses was recorded during the third quarter,"
said Ron Wysaske, President and COO. Riverview recorded a $500,000
provision for loan losses in the preceding quarter and $4.5 million
for the nine months ended December 31, 2012. The allowance for loan
losses was $19.6 million at December 31, 2012, representing 3.51%
of total loans and 79.60% of nonperforming loans.
Nonperforming loan balances decreased $3.4 million during the
quarter, primarily in the commercial and commercial real estate
loan categories. Nonperforming loans were $24.7 million, or 4.41%
of total loans, at December 31, 2012, compared to $28.0 million, or
4.81% of total loans, at September 30, 2012, and $32.0 million, or
4.61% of total loans, a year ago. The decrease in nonperforming
loans was driven by a reduction in the inflow of new nonperforming
loans as well as several commercial and commercial real estate
loans that returned to accrual status or made principal reductions.
During the third quarter ended December 31, 2012, $1.2 million new
loans were placed on non-accrual status, marking the third
consecutive quarter that inflows have declined.
Net charge-offs declined for the third consecutive quarter as
the Company continued to see a slowdown in loan charge-offs and an
increase in recoveries on prior loan charge-offs. Net charge-offs
in the third quarter of fiscal 2013 were $507,000, compared to $1.3
million in the preceding quarter and $6.8 million in the third
fiscal quarter a year ago.
Real estate owned ("REO") decreased $3.8 million, or 15.5%,
during the quarter to $20.7 million due to continued strong sales
activity. REO sales during the quarter totaled $3.9 million with
write-downs of $865,000 and additions of $942,000. "Due to
continued strong sales during the past several quarters and the
continuing improvement in economic conditions and real estate
activity in our market areas, we are optimistic that the progress
we have made will continue," said Wysaske. A December 2012 report
by Bill Wyatt, Executive Director Port of Portland noted that the
Portland/Vancouver MSA was ranked 9th among the top 100 US metros
for job growth over the past 2 years.
Balance Sheet Review
Loan balances declined $23.0 million during the quarter, due to
planned reductions in classified loan balances and an increase in
pay-downs on existing loans. Classified loan balances continued the
year-long trend of improvement during the third quarter, with
classified loan balances declining by $14.2 million, or 17.6%
compared to September 30, 2012.
"The planned reduction in our balance sheet over the last three
quarters has helped us to clean up the loan portfolio and improve
our capital position," said Wysaske. "Riverview is now able to
focus on organic growth by building new relationships."
Land development and speculative construction loan balances
declined $2.9 million during the quarter to $28.6 million. These
portfolios represent a combined 5.1% of the total loan portfolio at
December 31, 2012.
The commercial real estate ("CRE") loan portfolio totaled $306.8
million, at December 31, 2012, of which 29.2% was owner-occupied
and 70.8% was investor-owned. The CRE portfolio contained seven
loans totaling $10.6 million that were nonperforming, representing
3.5% of the total CRE portfolio and 43.0% of total nonperforming
loans. Of the CRE loans that are classified as nonperforming, 30.1%
are current on their payments.
Deposits declined $16.4 million during the quarter as part of
the Company's continued planned reduction in deposits. These
decreases in deposits were focused on non-branch deposits, higher
cost deposits and deposit concentrations to individual companies.
Total deposits were $682.8 million at December 31, 2012 compared to
$699.2 million at September 30, 2012 and $735.0 million a year ago.
At December 31, 2012, non-interest checking deposits totaled $128.7
million, an increase of 10.1% from a year ago and represent 18.8%
of total deposits. Core deposits accounted for 95.2% of total
deposits at December 31, 2012.
Net Interest Margin
Riverview's net interest margin contracted 28 basis points
during the quarter to 4.03% compared to 4.31% for the preceding
quarter. The decrease in net interest margin was primarily due to
an increase in low-yielding cash balances as well as lower yields
on the loan portfolio. The increase in cash balances resulted in a
23 basis point reduction in our net interest margin compared to the
prior quarter. Loan yields have also continued to contract as
existing loans re-priced and new loans were originated in the
current low interest rate environment.
Income Statement
Non-interest income was $2.1 million in the third fiscal quarter
compared to $2.3 million in the preceding quarter. Third quarter
non-interest income included a $173,000 loss on sale of REO
properties, compared to a $64,000 gain on sale of REO in the second
quarter. The decreases in non-interest income were partially offset
by an $110,000 increase in gain on sale of loans to the Federal
Home Loan Mortgage Corporation (FHLMC) during the third quarter.
Mortgage banking activity remained at a high level with a total of
$19.6 million in new mortgage loans originated during the
quarter.
Non-interest expense increased to $8.4 million in the third
fiscal quarter compared to $7.8 million in the preceding quarter
and $10.2 million in the third fiscal quarter a year ago.
Non-interest expense in the third quarter included $110,000 in data
processing expenses related to the Company's ongoing conversion of
its core software processing system. REO expenses increased during
the quarter primarily due to a $600,000 write-down on a commercial
real estate property.
In fiscal 2012, the Company established a valuation allowance
against its deferred tax asset. At December 31, 2012, the total
valuation allowance was $16.8 million. Management will review the
deferred tax asset on a quarterly basis to determine the
appropriate valuation allowance, if needed. Any future reversals of
the deferred tax asset valuation allowance would decrease the
Company's income tax expense, increase its after tax net income in
the period of reversal and boost shareholder equity.
Capital and Liquidity
The Bank continues to maintain capital levels in excess of the
regulatory requirements to be categorized as "well capitalized"
with a total risk-based capital ratio of 14.25% and a Tier 1
leverage ratio of 9.50% at December 31, 2012.
At December 31, 2012, the Bank had available total and
contingent liquidity of more than $475 million, including over $225
million of borrowing capacity from the Federal Home Loan Bank of
Seattle and the Federal Reserve Bank of San Francisco. The Bank
also has more than $135 million of cash and short-term
investments.
Non-GAAP Financial Measures
In addition to results presented in accordance with generally
accepted accounting principles in the United States of America
(GAAP), this press release contains certain non-GAAP financial
measures. Riverview believes that certain non-GAAP financial
measures provide investors with information useful in understanding
the company's financial performance; however, readers of this
report are urged to review these non-GAAP financial measures in
conjunction with GAAP results as reported.
Financial measures that exclude intangible assets are non-GAAP
measures. To provide investors with a broader understanding of
capital adequacy, Riverview provides non-GAAP financial measures
for tangible common equity, along with the GAAP measure. Tangible
common equity is calculated as shareholders' equity less goodwill
and other intangible assets. In addition, tangible assets are total
assets less goodwill and other intangible assets.
The following table provides a reconciliation of ending
shareholders' equity (GAAP) to ending tangible shareholders' equity
(non-GAAP), and ending assets (GAAP) to ending tangible assets
(non-GAAP).
(Dollars in thousands) |
Dec. 31, 2012 |
Sept. 30, 2012 |
Dec. 31, 2011 |
March 31, 2012 |
|
|
|
|
|
Shareholders' equity |
$ 76,823 |
$ 75,607 |
$ 91,567 |
$ 75,607 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
489 |
520 |
456 |
415 |
|
|
|
|
|
Tangible shareholders' equity |
$ 50,762 |
$ 49,515 |
$ 65,539 |
$ 49,620 |
|
|
|
|
|
Total assets |
$ 794,564 |
$ 809,553 |
$ 862,330 |
$ 855,998 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Other intangible assets, net |
489 |
520 |
456 |
415 |
|
|
|
|
|
Tangible assets |
$ 768,503 |
$ 783,461 |
$ 836,302 |
$ 830,011 |
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 $795 million, it is the parent company
of the 89 year-old Riverview Community Bank, as well as Riverview
Asset Management Corp. The Bank offers true community banking
services, focusing on providing the highest quality service and
financial products to commercial and retail customers. There are 18
branches, including thirteen in the Portland-Vancouver area and
three lending centers.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements that are subject to risks and uncertainties, including,
but not limited to: the Company's ability to raise common capital,
the amount of capital it intends to raise and its intended use of
that 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; the Company's
compliance with regulatory enforcement actions we have entered into
with the OCC and the possibility that our noncompliance could
result in the imposition of additional enforcement actions and
additional requirements or restrictions on our
operations; legislative or regulatory changes that adversely
affect the Company's business including changes in regulatory
policies and principles, or the interpretation of regulatory
capital or other rules; the Company's ability to attract and retain
deposits; further increases in premiums for deposit insurance; the
Company's ability to control operating costs and expenses; the use
of estimates in determining fair value of certain of the Company's
assets, which estimates may prove to be incorrect and result in
significant declines in valuation; difficulties in reducing risks
associated with the loans on the Company's balance sheet; staffing
fluctuations in response to product demand or the implementation of
corporate strategies that affect the Company's workforce and
potential associated charges; computer systems on which the Company
depends could fail or experience a security breach; the Company's
ability to retain key members of its senior management team; costs
and effects of litigation, including settlements and judgments; the
Company's ability to successfully integrate any assets,
liabilities, customers, systems, and management personnel it may in
the future acquire into its operations and the Company's ability to
realize related revenue synergies and cost savings within expected
time frames and any goodwill charges related thereto; increased
competitive pressures among financial services companies; changes
in consumer spending, borrowing and savings habits; the
availability of resources to address changes in laws, rules, or
regulations or to respond to regulatory actions; the Company's
ability to pay dividends on its common stock; and interest or
principal payments on its junior subordinated debentures; adverse
changes in the securities markets; inability of key third-party
providers to perform their obligations to us; changes in accounting
policies and practices, as may be adopted by the financial
institution regulatory agencies or the Financial Accounting
Standards Board, including additional guidance and interpretation
on accounting issues and details of the implementation of new
accounting methods; other economic, competitive, governmental,
regulatory, and technological factors affecting the Company's
operations, pricing, products and services and the other risks
described from time to time in our filings with the SEC.
Such forward-looking statements may include projections. Any
such projections were not prepared in accordance with published
guidelines of the American Institute of Certified Public
Accountants or the Securities Exchange Commission regarding
projections and forecasts nor have such projections been audited,
examined or otherwise reviewed by independent auditors of the
Company. In addition, such projections are based upon many
estimates and inherently subject to significant economic and
competitive uncertainties and contingencies, many of which are
beyond the control of management of the Company. Accordingly,
actual results may be materially higher or lower than those
projected. The inclusion of such projections herein should not be
regarded as a representation by the Company that the projections
will prove to be correct.
The Company cautions readers not to place undue reliance on any
forward-looking statements. Moreover, you should treat these
statements as speaking only as of the date they are made and based
only on information then actually known to the Company. The Company
does not undertake and specifically disclaims any obligation to
revise any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements. These risks could cause our actual results for
fiscal 2013 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.
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|
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RIVERVIEW BANCORP, INC. AND
SUBSIDIARY |
|
|
|
|
Consolidated Balance
Sheets |
|
|
|
|
(In thousands, except share
data) (Unaudited) |
December 31,
2012 |
September 30,
2012 |
December 31,
2011 |
March 31, 2012 |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash (including
interest-earning accounts of $88,308, $83,642, $23,146 and
$33,437) |
$ 107,080 |
$ 98,367 |
$ 36,313 |
$ 46,393 |
Certificate of deposits |
44,137 |
41,797 |
42,718 |
41,473 |
Loans held for sale |
2,551 |
1,289 |
659 |
480 |
Investment securities held to
maturity, at amortized cost |
-- |
-- |
493 |
493 |
Investment securities available
for sale, at fair value |
6,204 |
6,278 |
6,337 |
6,314 |
Mortgage-backed securities held
to maturity, at amortized |
129 |
164 |
177 |
171 |
Mortgage-backed securities
available for sale, at fair value |
549 |
679 |
1,146 |
974 |
Loans receivable (net of
allowance for loan losses of $19,633, $20,140, $15,926, and
$19,921) |
539,549 |
562,058 |
678,626 |
664,888 |
Real estate and other pers.
property owned |
20,698 |
24,481 |
20,667 |
18,731 |
Prepaid expenses and other
assets |
3,399 |
3,894 |
6,087 |
6,362 |
Accrued interest
receivable |
1,818 |
1,958 |
2,378 |
2,158 |
Federal Home Loan Bank stock,
at cost |
7,219 |
7,285 |
7,350 |
7,350 |
Premises and equipment,
net |
17,647 |
17,745 |
16,351 |
17,068 |
Deferred income taxes, net |
527 |
616 |
594 |
603 |
Mortgage servicing rights,
net |
406 |
420 |
299 |
278 |
Goodwill |
25,572 |
25,572 |
25,572 |
25,572 |
Core deposit intangible,
net |
83 |
100 |
157 |
137 |
Bank owned life insurance |
16,996 |
16,850 |
16,406 |
16,553 |
|
|
|
|
|
TOTAL ASSETS |
$ 794,564 |
$ 809,553 |
$ 862,330 |
$ 855,998 |
|
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|
|
LIABILITIES AND EQUITY |
|
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|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
Deposit accounts |
$ 682,794 |
$ 699,227 |
$ 735,046 |
$ 744,455 |
Accrued expenses and other
liabilities |
8,700 |
7,926 |
9,574 |
9,398 |
Advance payments by borrowers
for taxes and insurance |
520 |
1,060 |
409 |
800 |
Junior subordinated
debentures |
22,681 |
22,681 |
22,681 |
22,681 |
Capital lease obligation |
2,458 |
2,477 |
2,531 |
2,513 |
Total liabilities |
717,153 |
733,371 |
770,241 |
779,847 |
|
|
|
|
|
EQUITY: |
|
|
|
|
Shareholders' equity |
|
|
|
|
Serial preferred stock, $.01
par value; 250,000 authorized, issued and outstanding, none |
-- |
-- |
-- |
-- |
Common stock, $.01 par value;
50,000,000 authorized, |
|
|
|
|
December 31, 2012 - 22,471,890
issued and outstanding; |
225 |
225 |
225 |
225 |
September 30, 2012 - 22,471,890
issued and outstanding; |
|
|
|
|
December 31, 2011 - 22,471,890
issued and outstanding; |
|
|
|
|
March 31, 2012 – 22,471,890
issued and outstanding; |
|
|
|
|
Additional paid-in capital |
65,563 |
65,576 |
65,621 |
65,610 |
Retained earnings |
12,574 |
11,543 |
27,493 |
11,536 |
Unearned shares issued to
employee stock ownership trust |
(516) |
(541) |
(619) |
(593) |
Accumulated other comprehensive
loss |
(1,023) |
(1,196) |
(1,153) |
(1,171) |
Total shareholders' equity |
76,823 |
75,607 |
91,567 |
75,607 |
|
|
|
|
|
Noncontrolling interest |
588 |
575 |
522 |
544 |
Total equity |
77,411 |
76,182 |
92,089 |
76,151 |
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
$ 794,564 |
$ 809,553 |
$ 862,330 |
$ 855,998 |
|
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|
|
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|
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|
RIVERVIEW BANCORP, INC. AND
SUBSIDIARY |
|
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|
|
Consolidated Statements of
Income |
|
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|
|
Three Months
Ended |
Nine Months
Ended |
(In thousands, except share
data) (Unaudited) |
Dec. 31, 2012 |
Sept. 30, 2012 |
Dec. 31, 2011 |
Dec. 31, 2012 |
Dec. 31, 2011 |
INTEREST INCOME: |
|
|
|
|
|
Interest and fees on loans
receivable |
$ 7,838 |
$ 8,468 |
$ 9,669 |
$ 25,351 |
$ 29,764 |
Interest on investment
securities-taxable |
131 |
38 |
28 |
222 |
109 |
Interest on investment
securities-non taxable |
1 |
7 |
11 |
16 |
35 |
Interest on mortgage-backed
securities |
6 |
7 |
12 |
21 |
41 |
Other interest and
dividends |
160 |
128 |
109 |
417 |
273 |
Total interest income |
8,136 |
8,648 |
9,829 |
26,027 |
30,222 |
|
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|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
Interest on deposits |
595 |
699 |
1,061 |
2,117 |
3,449 |
Interest on borrowings |
157 |
162 |
381 |
668 |
1,121 |
Total interest expense |
752 |
861 |
1,442 |
2,785 |
4,570 |
Net interest income |
7,384 |
7,787 |
8,387 |
23,242 |
25,652 |
Less provision for loan losses |
-- |
500 |
8,100 |
4,500 |
11,850 |
|
|
|
|
|
|
Net interest income after provision for loan
losses |
7,384 |
7,287 |
287 |
18,742 |
13,802 |
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
Fees and service charges |
1,224 |
1,331 |
962 |
3,612 |
3,082 |
Asset management fees |
517 |
504 |
568 |
1,625 |
1,763 |
Gain on sale of loans held for
sale |
262 |
152 |
29 |
1,141 |
73 |
Bank owned life insurance
income |
146 |
148 |
151 |
443 |
455 |
Other |
(62) |
179 |
(180) |
20 |
(107) |
Total non-interest income |
2,087 |
2,314 |
1,530 |
6,841 |
5,266 |
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
Salaries and employee benefits |
3,872 |
3,609 |
4,014 |
11,274 |
12,039 |
Occupancy and depreciation |
1,241 |
1,236 |
1,211 |
3,711 |
3,540 |
Data processing |
435 |
292 |
306 |
1,041 |
1,136 |
Amortization of core deposit intangible |
17 |
18 |
20 |
54 |
62 |
Advertising and marketing expense |
193 |
269 |
286 |
681 |
814 |
FDIC insurance premium |
433 |
394 |
289 |
1,114 |
848 |
State and local taxes |
132 |
137 |
150 |
417 |
410 |
Telecommunications |
73 |
116 |
109 |
310 |
324 |
Professional fees |
447 |
281 |
334 |
1,149 |
971 |
Real estate owned expenses |
1,069 |
891 |
2,781 |
2,899 |
3,967 |
Other |
522 |
569 |
692 |
1,872 |
2,083 |
Total non-interest expense |
8,434 |
7,812 |
10,192 |
24,522 |
26,194 |
|
|
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|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
1,037 |
1,789 |
(8,375) |
1,061 |
(7,126) |
PROVISION FOR INCOME TAXES |
6 |
2 |
8,220 |
23 |
8,574 |
NET INCOME (LOSS) |
$ 1,031 |
$ 1,787 |
$ (16,595) |
$ 1,038 |
$ (15,700) |
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Earnings (loss) per common share: |
|
|
|
|
|
Basic |
$ 0.05 |
$ 0.08 |
$ (0.74) |
$ 0.05 |
$ (0.70) |
Diluted |
$ 0.05 |
$ 0.08 |
$ (0.74) |
$ 0.05 |
$ (0.70) |
Weighted average number of shares
outstanding: |
|
|
|
|
|
Basic |
22,345,644 |
22,339,487 |
22,321,011 |
22,339,509 |
22,314,876 |
Diluted |
22,345,644 |
22,339,487 |
22,321,011 |
22,339,509 |
22,314,876 |
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|
(Dollars in thousands) |
At or for the three
months ended |
At or for the nine
months ended |
|
Dec. 31, 2012 |
Sept. 30, 2012 |
Dec. 31, 2011 |
Dec. 31, 2012 |
Dec. 31, 2011 |
AVERAGE BALANCES |
|
|
|
|
|
Average interest–earning assets |
$ 727,322 |
$ 716,932 |
$ 790,922 |
$ 737,358 |
$ 774,326 |
Average interest-bearing liabilities |
579,653 |
591,460 |
651,368 |
602,293 |
642,974 |
Net average earning assets |
147,669 |
125,472 |
139,554 |
135,065 |
131,352 |
Average loans |
574,617 |
605,382 |
694,205 |
617,067 |
693,856 |
Average deposits |
694,073 |
699,243 |
742,899 |
708,622 |
727,704 |
Average equity |
77,838 |
76,008 |
109,301 |
76,777 |
109,402 |
Average tangible equity |
51,759 |
49,886 |
83,238 |
51,778 |
83,287 |
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|
|
|
ASSET QUALITY |
Dec. 31, 2012 |
Sept. 30, 2012 |
Dec. 31, 2011 |
|
|
|
|
|
|
|
|
Non-performing loans |
24,665 |
28,031 |
32,037 |
|
|
Non-performing loans to total loans |
4.41% |
4.81% |
4.61% |
|
|
Real estate/repossessed assets owned |
20,698 |
24,481 |
20,667 |
|
|
Non-performing assets |
45,363 |
52,512 |
52,704 |
|
|
Non-performing assets to total assets |
5.71% |
6.49% |
6.11% |
|
|
Net loan charge-offs in the quarter |
507 |
1,332 |
6,846 |
|
|
Net charge-offs in the quarter/average net
loans |
0.35% |
0.87% |
3.91% |
|
|
|
|
|
|
|
|
Allowance for loan losses |
19,633 |
20,140 |
15,926 |
|
|
Average interest-earning assets to
average interest-bearing liabilities |
125.48% |
121.21% |
121.42% |
|
|
Allowance for loan losses to
non-performing loans |
79.60% |
71.85% |
49.71% |
|
|
Allowance for loan losses to total loans |
3.51% |
3.46% |
2.29% |
|
|
Shareholders' equity to assets |
9.67% |
9.34% |
10.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
Total capital (to risk weighted assets) |
14.25% |
13.41% |
13.14% |
|
|
Tier 1 capital (to risk weighted assets) |
12.97% |
12.13% |
11.89% |
|
|
Tier 1 capital (to leverage assets) |
9.50% |
9.09% |
9.74% |
|
|
Tangible common equity (to tangible
assets) |
6.61% |
6.32% |
7.84% |
|
|
|
|
|
|
|
|
|
|
|
|
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|
DEPOSIT MIX |
Dec. 31, 2012 |
Sept. 30, 2012 |
Dec. 31, 2011 |
March 31, 2012 |
|
|
|
|
|
|
|
Interest checking |
$ 87,402 |
$ 80,634 |
$ 96,757 |
$ 106,904 |
|
Regular savings |
51,000 |
49,813 |
42,453 |
45,741 |
|
Money market deposit accounts |
220,862 |
228,236 |
235,902 |
244,919 |
|
Non-interest checking |
128,706 |
136,661 |
116,854 |
116,882 |
|
Certificates of deposit |
194,824 |
203,883 |
243,080 |
230,009 |
|
Total deposits |
$ 682,794 |
$ 699,227 |
$ 735,046 |
$ 744,455 |
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL
AND CONSTRUCTION LOANS |
|
|
|
|
|
|
|
|
|
Commercial |
|
Commercial |
|
|
Real Estate |
Real Estate |
& Construction |
|
Commercial |
Mortgage |
Construction |
Total |
December 31, 2012 |
(Dollars in thousands) |
Commercial |
$ 75,090 |
$ -- |
$ -- |
$ 75,090 |
Commercial construction |
-- |
-- |
14,868 |
14,868 |
Office buildings |
-- |
88,810 |
-- |
88,810 |
Warehouse/industrial |
-- |
44,950 |
-- |
44,950 |
Retail/shopping centers/strip malls |
-- |
68,553 |
-- |
68,553 |
Assisted living facilities |
-- |
16,872 |
-- |
16,872 |
Single purpose facilities |
-- |
87,572 |
-- |
87,572 |
Land |
-- |
26,123 |
-- |
26,123 |
Multi-family |
-- |
34,278 |
-- |
34,278 |
One-to-four family |
-- |
-- |
2,747 |
2,747 |
Total |
$ 75,090 |
$ 367,158 |
$ 17,615 |
$ 459,863 |
|
|
|
|
|
March 31, 2012 |
(Dollars in thousands) |
Commercial |
$ 87,238 |
$ -- |
$ -- |
$ 87,238 |
Commercial construction |
-- |
-- |
13,496 |
13,496 |
Office buildings |
-- |
94,541 |
-- |
94,541 |
Warehouse/industrial |
-- |
48,605 |
-- |
48,605 |
Retail/shopping centers/strip malls |
-- |
80,595 |
-- |
80,595 |
Assisted living facilities |
-- |
35,866 |
-- |
35,866 |
Single purpose facilities |
-- |
93,473 |
-- |
93,473 |
Land |
-- |
38,888 |
-- |
38,888 |
Multi-family |
-- |
42,795 |
-- |
42,795 |
One-to-four family |
-- |
-- |
12,295 |
12,295 |
Total |
$ 87,238 |
$ 434,763 |
$ 25,791 |
$ 547,792 |
|
|
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|
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|
LOAN MIX |
Dec. 31, 2012 |
Sept. 30, 2012 |
Dec. 31, 2011 |
March 31, 2012 |
Commercial and construction |
|
|
|
|
Commercial |
$ 75,090 |
$ 74,953 |
$ 86,759 |
$ 87,238 |
Other real estate mortgage |
367,158 |
385,715 |
448,288 |
434,763 |
Real estate construction |
17,615 |
16,920 |
27,544 |
25,791 |
Total commercial and
construction |
459,863 |
477,588 |
562,591 |
547,792 |
Consumer |
|
|
|
|
Real estate one-to-four
family |
97,334 |
102,473 |
129,780 |
134,975 |
Other installment |
1,985 |
2,137 |
2,181 |
2,042 |
Total consumer |
99,319 |
104,610 |
131,961 |
137,017 |
|
|
|
|
|
Total loans |
559,182 |
582,198 |
694,552 |
684,809 |
|
|
|
|
|
Less: |
|
|
|
|
Allowance for loan losses |
19,633 |
20,140 |
15,926 |
19,921 |
Loans receivable, net |
$ 539,549 |
$ 562,058 |
$ 678,626 |
$ 664,888 |
|
|
|
|
|
|
|
|
|
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DETAIL OF NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
December 31, 2012 |
(dollars in thousands) |
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ -- |
$ -- |
$ 1,019 |
$ -- |
$ -- |
$ 1,019 |
Commercial real estate |
2,690 |
178 |
7,435 |
298 |
-- |
10,601 |
Land |
-- |
800 |
2,773 |
-- |
-- |
3,573 |
Multi-family |
-- |
3,024 |
2,933 |
-- |
-- |
5,957 |
Commercial construction |
-- |
-- |
-- |
-- |
-- |
-- |
One-to-four family
construction |
317 |
365 |
5 |
-- |
-- |
687 |
Real estate one-to-four
family |
579 |
178 |
1,763 |
308 |
-- |
2,828 |
Consumer |
-- |
-- |
-- |
-- |
-- |
-- |
Total non-performing loans |
3,586 |
4,545 |
15,928 |
606 |
-- |
24,665 |
|
|
|
|
|
|
|
REO |
2,388 |
6,066 |
8,344 |
2,745 |
1,155 |
20,698 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 5,974 |
$ 10,611 |
$ 24,272 |
$ 3,351 |
$ 1,155 |
$ 45,363 |
|
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DETAIL OF SPEC
CONSTRUCTION AND LAND DEVELOPMENT LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
Northwest |
Other |
Southwest |
Other |
|
|
|
Oregon |
Oregon |
Washington |
Washington |
Other |
Total |
December 31, 2012 |
(dollars in thousands) |
Land and spec construction loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land development loans |
$ 4,915 |
$ 2,356 |
$ 18,852 |
$ -- |
$ -- |
$ 26,123 |
Spec construction loans |
317 |
365 |
1,354 |
418 |
-- |
2,454 |
|
|
|
|
|
|
|
Total land and spec construction |
$ 5,232 |
$ 2,721 |
$ 20,206 |
$ 418 |
$ -- |
$ 28,577 |
|
|
|
|
|
|
|
|
|
|
At or for the
three months ended |
At or for the nine
months ended |
SELECTED OPERATING DATA |
Dec. 31, 2012 |
Sept. 30, 2012 |
Dec. 31, 2011 |
Dec. 31, 2012 |
Dec. 31, 2011 |
|
|
|
|
|
|
Efficiency ratio (4) |
89.05% |
77.34% |
102.77% |
81.51% |
84.72% |
Coverage ratio (6) |
87.55% |
99.68% |
82.29% |
94.78% |
97.93% |
Return on average assets (1) |
0.51% |
0.88% |
-7.42% |
0.17% |
-2.39% |
Return on average equity (1) |
5.25% |
9.33% |
-60.24% |
1.79% |
-19.05% |
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
Yield on loans |
5.41% |
5.55% |
5.53% |
5.45% |
5.69% |
Yield on investment securities |
6.33% |
2.38% |
2.66% |
3.86% |
2.72% |
Total yield on interest earning
assets |
4.44% |
4.79% |
4.93% |
4.69% |
5.18% |
|
|
|
|
|
|
Cost of interest bearing deposits |
0.43% |
0.49% |
0.67% |
0.49% |
0.74% |
Cost of FHLB advances and other
borrowings |
2.47% |
2.57% |
5.99% |
3.52% |
5.89% |
Total cost of interest bearing
liabilities |
0.51% |
0.58% |
0.88% |
0.61% |
0.94% |
|
|
|
|
|
|
Spread (7) |
3.93% |
4.21% |
4.05% |
4.08% |
4.24% |
Net interest margin |
4.03% |
4.31% |
4.21% |
4.19% |
4.40% |
|
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|
PER SHARE DATA |
|
|
|
|
|
Basic earnings per share (2) |
$ 0.05 |
$ 0.08 |
$ (0.74) |
$ 0.05 |
$ (0.70) |
Diluted earnings per share (3) |
0.05 |
0.08 |
(0.74) |
0.05 |
(0.70) |
Book value per share (5) |
3.42 |
3.36 |
4.07 |
3.42 |
4.07 |
Tangible book value per share (5) |
2.26 |
2.20 |
2.92 |
2.26 |
2.92 |
Market price per share: |
|
|
|
|
|
High for the period |
$ 1.99 |
$ 1.49 |
$ 2.50 |
$ 2.29 |
$ 3.18 |
Low for the period |
1.41 |
1.24 |
2.11 |
1.08 |
2.11 |
Close for period end |
1.69 |
1.37 |
2.37 |
1.69 |
2.37 |
Cash dividends declared per share |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
Average number of shares outstanding: |
|
|
|
|
|
Basic (2) |
22,345,644 |
22,339,487 |
22,321,011 |
22,339,509 |
22,314,876 |
Diluted (3) |
22,345,644 |
22,339,487 |
22,321,011 |
22,339,509 |
22,314,876 |
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|
(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. |
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|
CONTACT: Pat Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp (NASDAQ:RVSB)
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