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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Riverview Bancorp Inc | NASDAQ:RVSB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.08 | 1.65 | 6.01 | 0 | 09:09:57 |
Washington
|
000-22957
|
91-1838969
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
900 Washington Street, Suite 900, Vancouver, Washington
|
98660
|
(Address of principal executive offices)
|
(Zip Code)
|
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))
|
RIVERVIEW BANCORP, INC.
|
|
Date: July 22, 2014 | /s/Kevin J. Lycklama |
Kevin J. Lycklama
|
|
Chief Financial Officer
(Principal Financial Officer)
|
Contacts: Pat Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc. 360-693-6650
|
·
|
First quarter net income was $740,000, or $0.03 per diluted share.
|
·
|
Net loans increased 2.6% during the quarter with loan originations totaling $39.4 million during the first quarter.
|
·
|
Classified assets decreased $9.8 million during the quarter to $33.6 million (22.5% decline).
|
·
|
Nonperforming assets decreased $2.8 million during the quarter to $19.0 million (12.8% decline).
|
·
|
RAMCo’s assets under management increased to $374.9 million with $820,000 in fees during the first quarter.
|
·
|
Total risk-based capital ratio was 16.58% and Tier 1 leverage ratio was 10.93%.
|
(Dollars in thousands)
|
June 30, 2014
|
March 31, 2014
|
June 30, 2013
|
|||||||||
Shareholders' equity
|
$ | 99,366 | $ | 97,978 | $ | 80,144 | ||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Other intangible assets, net
|
393 | 395 | 455 | |||||||||
Tangible shareholders' equity
|
$ | 73,401 | $ | 72,011 | $ | 54,117 | ||||||
Total assets
|
$ | 824,642 | $ | 824,521 | $ | 774,578 | ||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Other intangible assets, net
|
393 | 395 | 455 | |||||||||
Tangible assets
|
$ | 798,677 | $ | 798,554 | $ | 748,551 | ||||||
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
June 30, 2014
|
March 31, 2014
|
June 30, 2013
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $23,815, $51,715
|
$ | 41,556 | $ | 68,577 | $ | 111,878 | ||||||
and $96,110)
|
||||||||||||
Certificate of deposits
|
34,435 | 36,925 | 42,652 | |||||||||
Loans held for sale
|
795 | 1,024 | 1,258 | |||||||||
Investment securities available for sale, at fair value
|
21,549 | 23,394 | 14,590 | |||||||||
Mortgage-backed securities held to maturity, at amortized
|
98 | 101 | 122 | |||||||||
Mortgage-backed securities available for sale, at fair value
|
98,413 | 78,575 | 6,068 | |||||||||
Loans receivable (net of allowance for loan losses of $12,281,
|
||||||||||||
$12,551 and $13,697)
|
534,712 | 520,937 | 511,692 | |||||||||
Real estate and other pers. property owned
|
5,926 | 7,703 | 13,165 | |||||||||
Prepaid expenses and other assets
|
3,858 | 3,197 | 2,800 | |||||||||
Accrued interest receivable
|
1,964 | 1,836 | 1,751 | |||||||||
Federal Home Loan Bank stock, at cost
|
6,533 | 6,744 | 7,089 | |||||||||
Premises and equipment, net
|
16,260 | 16,417 | 17,708 | |||||||||
Deferred income taxes, net
|
14,748 | 15,433 | 498 | |||||||||
Mortgage servicing rights, net
|
373 | 369 | 406 | |||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Core deposit intangible, net
|
20 | 26 | 49 | |||||||||
Bank owned life insurance
|
17,830 | 17,691 | 17,280 | |||||||||
TOTAL ASSETS
|
$ | 824,642 | $ | 824,521 | $ | 774,578 | ||||||
LIABILITIES AND EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposit accounts
|
$ | 686,641 | $ | 690,066 | $ | 659,495 | ||||||
Accrued expenses and other liabilities
|
12,759 | 10,497 | 8,966 | |||||||||
Advance payments by borrowers for taxes and insurance
|
365 | 467 | 237 | |||||||||
Junior subordinated debentures
|
22,681 | 22,681 | 22,681 | |||||||||
Capital lease obligation
|
2,340 | 2,361 | 2,420 | |||||||||
Total liabilities
|
724,786 | 726,072 | 693,799 | |||||||||
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,
|
||||||||||||
June 30, 2014 – 22,471,890 issued and outstanding;
|
225 | 225 | 225 | |||||||||
March 31, 2014 – 22,471,890 issued and outstanding;
|
||||||||||||
June 30, 2013 – 22,471,890 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
65,218 | 65,195 | 65,541 | |||||||||
Retained earnings
|
34,332 | 33,592 | 15,809 | |||||||||
Unearned shares issued to employee stock ownership trust
|
(361 | ) | (387 | ) | (464 | ) | ||||||
Accumulated other comprehensive loss
|
(48 | ) | (647 | ) | (967 | ) | ||||||
Total shareholders’ equity
|
99,366 | 97,978 | 80,144 | |||||||||
Noncontrolling interest
|
490 | 471 | 635 | |||||||||
Total equity
|
99,856 | 98,449 | 80,779 | |||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 824,642 | $ | 824,521 | $ | 774,578 | ||||||
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Statements of Income
|
||||||||||||
Three Months Ended
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
June 30, 2014
|
March 31, 2014
|
June 30, 2013
|
|||||||||
INTEREST INCOME:
|
||||||||||||
Interest and fees on loans receivable
|
$ | 6,171 | $ | 6,034 | $ | 6,605 | ||||||
Interest on investment securities-taxable
|
84 | 80 | 39 | |||||||||
Interest on mortgage-backed securities
|
480 | 268 | 16 | |||||||||
Other interest and dividends
|
131 | 154 | 171 | |||||||||
Total interest income
|
6,866 | 6,536 | 6,831 | |||||||||
INTEREST EXPENSE:
|
||||||||||||
Interest on deposits
|
360 | 436 | 527 | |||||||||
Interest on borrowings
|
147 | 146 | 150 | |||||||||
Total interest expense
|
507 | 582 | 677 | |||||||||
Net interest income
|
6,359 | 5,954 | 6,154 | |||||||||
Less recapture of loan losses
|
(300 | ) | (1,200 | ) | (2,500 | ) | ||||||
Net interest income after recapture of loan losses
|
6,659 | 7,154 | 8,654 | |||||||||
NON-INTEREST INCOME:
|
||||||||||||
Fees and service charges
|
1,070 | 957 | 1,030 | |||||||||
Asset management fees
|
820 | 694 | 736 | |||||||||
Gain on sale of loans held for sale
|
126 | 58 | 317 | |||||||||
Bank owned life insurance income
|
138 | 134 | 142 | |||||||||
Other
|
56 | 7 | 21 | |||||||||
Total non-interest income
|
2,210 | 1,850 | 2,246 | |||||||||
NON-INTEREST EXPENSE:
|
||||||||||||
Salaries and employee benefits
|
4,174 | 4,059 | 3,870 | |||||||||
Occupancy and depreciation
|
1,087 | 1,190 | 1,244 | |||||||||
Data processing
|
470 | 417 | 688 | |||||||||
Amortization of core deposit intangible
|
6 | 7 | 17 | |||||||||
Advertising and marketing expense
|
150 | 148 | 204 | |||||||||
FDIC insurance premium
|
175 | 259 | 411 | |||||||||
State and local taxes
|
137 | 122 | 126 | |||||||||
Telecommunications
|
76 | 77 | 68 | |||||||||
Professional fees
|
289 | 295 | 338 | |||||||||
Real estate owned expenses
|
616 | 363 | 1,612 | |||||||||
Other
|
555 | 523 | 665 | |||||||||
Total non-interest expense
|
7,735 | 7,460 | 9,243 | |||||||||
INCOME BEFORE INCOME TAXES
|
1,134 | 1,544 | 1,657 | |||||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
394 | (15,097 | ) | 17 | ||||||||
NET INCOME
|
$ | 740 | $ | 16,641 | $ | 1,640 | ||||||
Earnings per common share:
|
||||||||||||
Basic
|
$ | 0.03 | $ | 0.74 | $ | 0.07 | ||||||
Diluted
|
$ | 0.03 | $ | 0.74 | $ | 0.07 | ||||||
Weighted average number of shares outstanding:
|
||||||||||||
Basic
|
22,382,595 | 22,376,437 | 22,357,962 | |||||||||
Diluted
|
22,408,775 | 22,385,244 | 22,358,633 | |||||||||
(Dollars in thousands)
|
At or for the three months ended
|
|||||
June 30, 2014
|
March 31, 2014
|
June 30, 2013
|
||||
AVERAGE BALANCES
|
||||||
Average interest–earning assets
|
$ 737,717
|
$ 726,218
|
$ 702,926
|
|||
Average interest-bearing liabilities
|
578,959
|
585,686
|
568,246
|
|||
Net average earning assets
|
158,758
|
140,532
|
134,680
|
|||
Average loans
|
538,096
|
517,419
|
531,427
|
|||
Average deposits
|
682,113
|
682,888
|
657,136
|
|||
Average equity
|
99,695
|
82,866
|
79,997
|
|||
Average tangible equity
|
73,730
|
56,883
|
53,974
|
|||
ASSET QUALITY
|
June 30, 2014
|
March 31, 2014
|
June 30, 2013
|
|||
Non-performing loans
|
13,052
|
14,062
|
21,390
|
|||
Non-performing loans to total loans
|
2.39%
|
2.64%
|
4.07%
|
|||
Real estate/repossessed assets owned
|
5,926
|
7,703
|
13,165
|
|||
Non-performing assets
|
18,978
|
21,765
|
34,555
|
|||
Non-performing assets to total assets
|
2.30%
|
2.64%
|
4.46%
|
|||
Net loan charge-offs (recoveries) in the quarter
|
(30)
|
297
|
(554)
|
|||
Net charge-offs in the quarter/average net loans
|
(0.02)%
|
0.23%
|
(0.42)%
|
|||
Allowance for loan losses
|
12,281
|
12,551
|
13,697
|
|||
Average interest-earning assets to average
|
||||||
interest-bearing liabilities
|
127.42%
|
123.99%
|
123.70%
|
|||
Allowance for loan losses to
|
||||||
non-performing loans
|
94.09%
|
89.25%
|
64.03%
|
|||
Allowance for loan losses to total loans
|
2.25%
|
2.35%
|
2.61%
|
|||
Shareholders’ equity to assets
|
12.05%
|
11.88%
|
10.35%
|
|||
CAPITAL RATIOS
|
||||||
Total capital (to risk weighted assets)
|
16.58%
|
16.66%
|
15.81%
|
|||
Tier 1 capital (to risk weighted assets)
|
15.31%
|
15.40%
|
14.54%
|
|||
Tier 1 capital (to leverage assets)
|
10.93%
|
10.71%
|
10.27%
|
|||
Tangible common equity (to tangible assets)
|
9.19%
|
9.02%
|
7.23%
|
|||
DEPOSIT MIX
|
June 30, 2014
|
March 31, 2014
|
June 30, 2013
|
|||
Interest checking
|
$ 101,490
|
$ 104,543
|
$ 93,058
|
|||
Regular savings
|
67,344
|
66,702
|
55,716
|
|||
Money market deposit accounts
|
228,317
|
227,933
|
213,239
|
|||
Non-interest checking
|
134,546
|
128,635
|
117,498
|
|||
Certificates of deposit
|
154,944
|
162,253
|
179,984
|
|||
Total deposits
|
$ 686,641
|
$ 690,066
|
$ 659,495
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||
Commercial
|
Commercial
|
|||||||
Real Estate
|
Real Estate
|
& Construction
|
||||||
Commercial
|
Mortgage
|
Construction
|
Total
|
|||||
June 30, 2014
|
(Dollars in thousands) | |||||||
Commercial
|
$ 75,702
|
$ -
|
$ -
|
$ 75,702
|
||||
Commercial construction
|
-
|
-
|
14,272
|
14,272
|
||||
Office buildings
|
-
|
80,944
|
-
|
80,944
|
||||
Warehouse/industrial
|
-
|
45,578
|
-
|
45,578
|
||||
Retail/shopping centers/strip malls
|
-
|
61,170
|
-
|
61,170
|
||||
Assisted living facilities
|
-
|
7,556
|
-
|
7,556
|
||||
Single purpose facilities
|
-
|
94,287
|
-
|
94,287
|
||||
Land
|
-
|
15,251
|
-
|
15,251
|
||||
Multi-family
|
-
|
22,501
|
-
|
22,501
|
||||
One-to-four family
|
-
|
-
|
4,075
|
4,075
|
||||
Total
|
$ 75,702
|
$ 327,287
|
$ 18,347
|
$ 421,336
|
||||
March 31, 2014
|
(Dollars in thousands) | |||||||
Commercial
|
$ 71,632
|
$ -
|
$ -
|
$ 71,632
|
||||
Commercial construction
|
-
|
-
|
15,618
|
15,618
|
||||
Office buildings
|
-
|
77,476
|
-
|
77,476
|
||||
Warehouse/industrial
|
-
|
45,632
|
-
|
45,632
|
||||
Retail/shopping centers/strip malls
|
-
|
63,049
|
-
|
63,049
|
||||
Assisted living facilities
|
-
|
7,585
|
-
|
7,585
|
||||
Single purpose facilities
|
-
|
93,766
|
-
|
93,766
|
||||
Land
|
-
|
16,245
|
-
|
16,245
|
||||
Multi-family
|
-
|
21,128
|
-
|
21,128
|
||||
One-to-four family
|
-
|
-
|
3,864
|
3,864
|
||||
Total
|
$ 71,632
|
$ 324,881
|
$ 19,482
|
$ 415,995
|
||||
LOAN MIX
|
June 30, 2014
|
March 31, 2014
|
June 30, 2013
|
|||||
Commercial and construction
|
||||||||
Commercial
|
$ 75,702
|
$ 71,632
|
$ 69,175
|
|||||
Other real estate mortgage
|
327,287
|
324,881
|
350,122
|
|||||
Real estate construction
|
18,347
|
19,482
|
10,792
|
|||||
Total commercial and construction
|
421,336
|
415,995
|
430,089
|
|||||
Consumer
|
||||||||
Real estate one-to-four family
|
93,550
|
93,007
|
93,341
|
|||||
Other installment
|
32,107
|
24,486
|
1,959
|
|||||
Total consumer
|
125,657
|
117,493
|
95,300
|
|||||
Total loans
|
546,993
|
533,488
|
525,389
|
|||||
Less:
|
||||||||
Allowance for loan losses
|
12,281
|
12,551
|
13,697
|
|||||
Loans receivable, net
|
$ 534,712
|
$ 520,937
|
$ 511,692
|
|||||
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||
June 30, 2014
|
(Dollars in thousands)
|
|||||||||||||
Non-performing assets
|
||||||||||||||
Commercial
|
$ -
|
$ -
|
$ 187
|
$ -
|
$ -
|
$ 187
|
||||||||
Commercial real estate
|
1,780
|
-
|
5,258
|
-
|
-
|
7,038
|
||||||||
Land
|
-
|
800
|
-
|
-
|
-
|
800
|
||||||||
Multi-family
|
1,988
|
-
|
357
|
-
|
-
|
2,345
|
||||||||
Real estate one-to-four family
|
335
|
-
|
2,050
|
270
|
-
|
2,655
|
||||||||
Other Installment
|
-
|
-
|
-
|
-
|
27
|
27
|
||||||||
Total non-performing loans
|
4,103
|
800
|
7,852
|
270
|
27
|
13,052
|
||||||||
REO
|
426
|
45
|
4,781
|
674
|
-
|
5,926
|
||||||||
Total non-performing assets
|
$ 4,529
|
$ 845
|
$ 12,633
|
$ 944
|
$ 27
|
$ 18,978
|
||||||||
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
|
||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||
June 30, 2014
|
(Dollars in thousands)
|
|||||||||||||
Land and Spec Construction Loans
|
||||||||||||||
Land Development Loans
|
$ 1,963
|
$ 1,176
|
$ 12,112
|
$ -
|
$ -
|
$ 15,251
|
||||||||
Spec Construction Loans
|
-
|
-
|
3,877
|
-
|
145
|
4,022
|
||||||||
Total Land and Spec Construction
|
$ 1,963
|
$ 1,176
|
$ 15,989
|
$ -
|
$ 145
|
$ 19,273
|
At or for the three months ended
|
|||
SELECTED OPERATING DATA
|
June 30, 2014
|
March 31, 2014
|
June 30, 2013
|
Efficiency ratio (4)
|
90.27%
|
95.59%
|
110.04%
|
Coverage ratio (6)
|
82.21%
|
79.81%
|
66.58%
|
Return on average assets (1)
|
0.36%
|
8.44%
|
0.85%
|
Return on average equity (1)
|
2.98%
|
81.44%
|
8.22%
|
NET INTEREST SPREAD
|
|||
Yield on loans
|
4.60%
|
4.73%
|
4.99%
|
Yield on investment securities
|
1.94%
|
1.84%
|
1.44%
|
Total yield on interest earning assets
|
3.73%
|
3.65%
|
3.90%
|
Cost of interest bearing deposits
|
0.26%
|
0.32%
|
0.39%
|
Cost of FHLB advances and other borrowings
|
2.36%
|
2.36%
|
2.40%
|
Total cost of interest bearing liabilities
|
0.35%
|
0.40%
|
0.48%
|
Spread (7)
|
3.38%
|
3.25%
|
3.42%
|
Net interest margin
|
3.46%
|
3.33%
|
3.51%
|
PER SHARE DATA
|
|||
Basic earnings per share (2)
|
$ 0.03
|
$ 0.74
|
$ 0.07
|
Diluted earnings per share (3)
|
0.03
|
0.74
|
0.07
|
Book value per share (5)
|
4.42
|
4.36
|
3.57
|
Tangible book value per share (5)
|
3.27
|
3.20
|
2.41
|
Market price per share:
|
|||
High for the period
|
$ 4.03
|
$ 3.49
|
$ 2.67
|
Low for the period
|
3.38
|
2.82
|
2.27
|
Close for period end
|
3.88
|
3.43
|
2.51
|
Average number of shares outstanding:
|
|||
Basic (2)
|
22,382,595
|
22,376,437
|
22,357,962
|
Diluted (3)
|
22,408,775
|
22,385,244
|
22,358,633
|
(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.
|
1 Year Riverview Bancorp Chart |
1 Month Riverview Bancorp Chart |
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