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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.27 | 6.87% | 4.20 | 4.01 | 4.62 | 4.49 | 4.05 | 4.05 | 49,036 | 23:48:19 |
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 21, 2015 | /s/ Kevin J. Lycklama |
Kevin J. Lycklama
|
|
Chief Financial Officer
(Principal Financial Officer)
|
·
|
Net income increased to $1.6 million, or $0.07 per diluted share.
|
·
|
Net interest margin was 3.69% compared to 3.46% a year ago.
|
·
|
Total loans were $570.2 million compared to $547.0 million a year ago.
|
·
|
Classified assets decreased $2.1 million during the quarter to $14.7 million.
|
·
|
Non-performing assets (“NPA”) declined to 0.60% of total assets compared to 2.30% a year ago.
|
·
|
Riverview Asset Management and Trust Company’s (“RAMCO”) assets under management increased $7.4 million during the quarter to $416.7 million.
|
·
|
Total risk-based capital ratio was 16.48% and Tier 1 leverage ratio was 11.17%.
|
·
|
Quarterly cash dividend of $0.0125 per share was paid on July 20, 2015.
|
(Dollars in thousands)
|
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
|||||||||
Shareholders' equity
|
$ | 104,440 | $ | 103,801 | $ | 99,366 | ||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Other intangible assets, net
|
411 | 401 | 393 | |||||||||
Tangible shareholders' equity
|
$ | 78,457 | $ | 77,828 | $ | 73,401 | ||||||
Total assets
|
$ | 860,165 | $ | 858,750 | $ | 824,642 | ||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Other intangible assets, net
|
411 | 401 | 393 | |||||||||
Tangible assets
|
$ | 834,182 | $ | 832,777 | $ | 798,677 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $33,271, $45,490
|
$ | 48,149 | $ | 58,659 | $ | 41,556 | ||||||
and $23,815)
|
||||||||||||
Certificate of deposits
|
25,471 | 25,969 | 34,435 | |||||||||
Loans held for sale
|
215 | 778 | 795 | |||||||||
Investment securities available for sale, at fair value
|
15,678 | 15,751 | 21,549 | |||||||||
Mortgage-backed securities held to maturity, at amortized
|
83 | 86 | 98 | |||||||||
Mortgage-backed securities available for sale, at fair value
|
124,296 | 96,712 | 98,413 | |||||||||
Loans receivable (net of allowance for loan losses of $10,337,
|
||||||||||||
$10,762 and $12,281)
|
559,844 | 569,010 | 534,712 | |||||||||
Real estate and other pers. property owned
|
1,349 | 1,603 | 5,926 | |||||||||
Prepaid expenses and other assets
|
3,635 | 3,236 | 3,858 | |||||||||
Accrued interest receivable
|
2,069 | 2,139 | 1,964 | |||||||||
Federal Home Loan Bank stock, at cost
|
988 | 5,924 | 6,533 | |||||||||
Premises and equipment, net
|
15,172 | 15,434 | 16,260 | |||||||||
Deferred income taxes, net
|
12,128 | 12,568 | 14,748 | |||||||||
Mortgage servicing rights, net
|
411 | 399 | 373 | |||||||||
Goodwill
|
25,572 | 25,572 | 25,572 | |||||||||
Core deposit intangible, net
|
- | 2 | 20 | |||||||||
Bank owned life insurance
|
25,105 | 24,908 | 17,830 | |||||||||
TOTAL ASSETS
|
$ | 860,165 | $ | 858,750 | $ | 824,642 | ||||||
LIABILITIES AND EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposit accounts
|
$ | 722,461 | $ | 720,850 | $ | 686,641 | ||||||
Accrued expenses and other liabilities
|
7,363 | 8,111 | 12,759 | |||||||||
Advance payments by borrowers for taxes and insurance
|
415 | 495 | 365 | |||||||||
Junior subordinated debentures
|
22,681 | 22,681 | 22,681 | |||||||||
Capital lease obligation
|
2,254 | 2,276 | 2,340 | |||||||||
Total liabilities
|
755,174 | 754,413 | 724,786 | |||||||||
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, 2015 – 22,507,890 issued and outstanding;
|
225 | 225 | 225 | |||||||||
March 31, 2015 – 22,489,890 issued and outstanding;
|
||||||||||||
June 30, 2014 – 22,471,890 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
65,331 | 65,268 | 65,218 | |||||||||
Retained earnings
|
39,144 | 37,830 | 34,332 | |||||||||
Unearned shares issued to employee stock ownership trust
|
(258 | ) | (284 | ) | (361 | ) | ||||||
Accumulated other comprehensive loss
|
(2 | ) | 762 | (48 | ) | |||||||
Total shareholders’ equity
|
104,440 | 103,801 | 99,366 | |||||||||
Noncontrolling interest
|
551 | 536 | 490 | |||||||||
Total equity
|
104,991 | 104,337 | 99,856 | |||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 860,165 | $ | 858,750 | $ | 824,642 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Statements of Income
|
||||||||||||
Three Months Ended
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
|||||||||
INTEREST INCOME:
|
||||||||||||
Interest and fees on loans receivable
|
$ | 6,860 | $ | 6,741 | $ | 6,171 | ||||||
Interest on investment securities-taxable
|
64 | 100 | 84 | |||||||||
Interest on mortgage-backed securities
|
518 | 409 | 480 | |||||||||
Other interest and dividends
|
119 | 97 | 131 | |||||||||
Total interest income
|
7,561 | 7,347 | 6,866 | |||||||||
INTEREST EXPENSE:
|
||||||||||||
Interest on deposits
|
303 | 302 | 360 | |||||||||
Interest on borrowings
|
134 | 132 | 147 | |||||||||
Total interest expense
|
437 | 434 | 507 | |||||||||
Net interest income
|
7,124 | 6,913 | 6,359 | |||||||||
Less recapture of loan losses
|
(500 | ) | (750 | ) | (300 | ) | ||||||
Net interest income after recapture of loan losses
|
7,624 | 7,663 | 6,659 | |||||||||
NON-INTEREST INCOME:
|
||||||||||||
Fees and service charges
|
1,296 | 1,057 | 1,070 | |||||||||
Asset management fees
|
824 | 727 | 820 | |||||||||
Gain on sale of loans held for sale
|
221 | 161 | 126 | |||||||||
Bank owned life insurance income
|
197 | 188 | 138 | |||||||||
Other
|
11 | 45 | 56 | |||||||||
Total non-interest income
|
2,549 | 2,178 | 2,210 | |||||||||
NON-INTEREST EXPENSE:
|
||||||||||||
Salaries and employee benefits
|
4,414 | 4,818 | 4,174 | |||||||||
Occupancy and depreciation
|
1,169 | 1,146 | 1,087 | |||||||||
Data processing
|
490 | 408 | 470 | |||||||||
Amortization of core deposit intangible
|
2 | 6 | 6 | |||||||||
Advertising and marketing expense
|
176 | 106 | 150 | |||||||||
FDIC insurance premium
|
126 | 129 | 175 | |||||||||
State and local taxes
|
137 | 143 | 137 | |||||||||
Telecommunications
|
73 | 72 | 76 | |||||||||
Professional fees
|
233 | 241 | 289 | |||||||||
Real estate owned expenses
|
279 | 93 | 616 | |||||||||
Other
|
646 | 527 | 555 | |||||||||
Total non-interest expense
|
7,745 | 7,689 | 7,735 | |||||||||
INCOME BEFORE INCOME TAXES
|
2,428 | 2,152 | 1,134 | |||||||||
PROVISION FOR INCOME TAXES
|
833 | 634 | 394 | |||||||||
NET INCOME
|
$ | 1,595 | $ | 1,518 | $ | 740 | ||||||
Earnings per common share:
|
||||||||||||
Basic
|
$ | 0.07 | $ | 0.07 | $ | 0.03 | ||||||
Diluted
|
$ | 0.07 | $ | 0.07 | $ | 0.03 | ||||||
Weighted average number of shares outstanding:
|
||||||||||||
Basic
|
22,434,327 | 22,404,870 | 22,382,595 | |||||||||
Diluted
|
22,477,006 | 22,460,054 | 22,408,775 |
(Dollars in thousands)
|
At or for the three months ended
|
|||||||||||
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
||||||||||
AVERAGE BALANCES
|
||||||||||||
Average interest–earning assets
|
$ | 775,558 | $ | 755,848 | $ | 737,717 | ||||||
Average interest-bearing liabilities
|
588,841 | 588,664 | 578,959 | |||||||||
Net average earning assets
|
186,717 | 167,184 | 158,758 | |||||||||
Average loans
|
574,710 | 586,159 | 538,096 | |||||||||
Average deposits
|
723,095 | 711,536 | 682,113 | |||||||||
Average equity
|
105,615 | 103,837 | 99,695 | |||||||||
Average tangible equity
|
79,639 | 77,858 | 73,730 | |||||||||
ASSET QUALITY
|
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
|||||||||
Non-performing loans
|
3,773 | 5,318 | 13,052 | |||||||||
Non-performing loans to total loans
|
0.66 | % | 0.92 | % | 2.39 | % | ||||||
Real estate/repossessed assets owned
|
1,349 | 1,603 | 5,926 | |||||||||
Non-performing assets
|
5,122 | 6,921 | 18,978 | |||||||||
Non-performing assets to total assets
|
0.60 | % | 0.81 | % | 2.30 | % | ||||||
Net loan charge-offs (recoveries) in the quarter
|
(75 | ) | 189 | (30 | ) | |||||||
Net charge-offs in the quarter/average net loans
|
(0.05 | )% | 0.13 | % | (0.02 | )% | ||||||
Allowance for loan losses
|
10,337 | 10,762 | 12,281 | |||||||||
Average interest-earning assets to average
|
||||||||||||
interest-bearing liabilities
|
131.71 | % | 128.40 | % | 127.42 | % | ||||||
Allowance for loan losses to
|
||||||||||||
non-performing loans
|
273.97 | % | 202.37 | % | 94.09 | % | ||||||
Allowance for loan losses to total loans
|
1.81 | % | 1.86 | % | 2.25 | % | ||||||
Shareholders’ equity to assets
|
12.14 | % | 12.09 | % | 12.05 | % | ||||||
CAPITAL RATIOS
|
||||||||||||
Total capital (to risk weighted assets)
|
16.48 | % | 15.89 | % | 16.58 | % | ||||||
Tier 1 capital (to risk weighted assets)
|
15.22 | % | 14.63 | % | 15.31 | % | ||||||
Common equity tier 1 (to risk weighted assets)
|
15.22 | % | 14.63 | % | N/A | |||||||
Tier 1 capital (to leverage assets)
|
11.17 | % | 10.89 | % | 10.93 | % | ||||||
Tangible common equity (to tangible assets)
|
9.41 | % | 9.35 | % | 9.19 | % | ||||||
DEPOSIT MIX
|
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
|||||||||
Interest checking
|
$ | 121,648 | $ | 115,461 | $ | 101,490 | ||||||
Regular savings
|
78,844 | 77,132 | 67,344 | |||||||||
Money market deposit accounts
|
226,533 | 237,465 | 228,317 | |||||||||
Non-interest checking
|
160,830 | 151,953 | 134,546 | |||||||||
Certificates of deposit
|
134,606 | 138,839 | 154,944 | |||||||||
Total deposits
|
$ | 722,461 | $ | 720,850 | $ | 686,641 |
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||||||||||
Commercial
|
Commercial
|
|||||||||||||||
Real Estate
|
Real Estate
|
& Construction
|
||||||||||||||
Commercial
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
June 30, 2015
|
(Dollars in thousands) | |||||||||||||||
Commercial
|
$ | 79,764 | $ | - | $ | - | $ | 79,764 | ||||||||
Commercial construction
|
- | - | 16,449 | 16,449 | ||||||||||||
Office buildings
|
- | 100,896 | - | 100,896 | ||||||||||||
Warehouse/industrial
|
- | 42,510 | - | 42,510 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 57,058 | - | 57,058 | ||||||||||||
Assisted living facilities
|
- | 1,838 | - | 1,838 | ||||||||||||
Single purpose facilities
|
- | 112,089 | - | 112,089 | ||||||||||||
Land
|
- | 14,780 | - | 14,780 | ||||||||||||
Multi-family
|
- | 19,520 | - | 19,520 | ||||||||||||
One-to-four family
|
- | - | 3,948 | 3,948 | ||||||||||||
Total
|
$ | 79,764 | $ | 348,691 | $ | 20,397 | $ | 448,852 | ||||||||
March 31, 2015
|
||||||||||||||||
Commercial
|
$ | 77,186 | $ | - | $ | - | $ | 77,186 | ||||||||
Commercial construction
|
- | - | 27,967 | 27,967 | ||||||||||||
Office buildings
|
- | 86,813 | - | 86,813 | ||||||||||||
Warehouse/industrial
|
- | 42,173 | - | 42,173 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 60,736 | - | 60,736 | ||||||||||||
Assisted living facilities
|
- | 1,846 | - | 1,846 | ||||||||||||
Single purpose facilities
|
- | 108,123 | - | 108,123 | ||||||||||||
Land
|
- | 15,358 | - | 15,358 | ||||||||||||
Multi-family
|
- | 30,457 | - | 30,457 | ||||||||||||
One-to-four family
|
- | - | 2,531 | 2,531 | ||||||||||||
Total
|
$ | 77,186 | $ | 345,506 | $ | 30,498 | $ | 453,190 |
LOAN MIX
|
June 30, 2015
|
March 31, 2015
|
June 30, 2014
|
|||||||||
(Dollars in Thousands)
|
||||||||||||
Commercial and construction
|
||||||||||||
Commercial
|
$ | 79,764 | $ | 77,186 | $ | 75,702 | ||||||
Other real estate mortgage
|
348,691 | 345,506 | 327,287 | |||||||||
Real estate construction
|
20,397 | 30,498 | 18,347 | |||||||||
Total commercial and construction
|
448,852 | 453,190 | 421,336 | |||||||||
Consumer
|
||||||||||||
Real estate one-to-four family
|
87,837 | 89,801 | 93,550 | |||||||||
Other installment
|
33,492 | 36,781 | 32,107 | |||||||||
Total consumer
|
121,329 | 126,582 | 125,657 | |||||||||
Total loans
|
570,181 | 579,772 | 546,993 | |||||||||
Less:
|
||||||||||||
Allowance for loan losses
|
10,337 | 10,762 | 12,281 | |||||||||
Loans receivable, net
|
$ | 559,844 | $ | 569,010 | $ | 534,712 |
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||||||||||||||
Northwest
|
Other
|
Southwest
|
Other
|
|||||||||||||||||||||
Oregon
|
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
|||||||||||||||||||
June 30, 2015
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Non-performing assets
|
||||||||||||||||||||||||
Commercial real estate
|
$ | 281 | $ | 1,360 | $ | 926 | $ | - | $ | - | $ | 2,567 | ||||||||||||
Land
|
- | 801 | - | - | - | 801 | ||||||||||||||||||
Consumer
|
- | - | 80 | 233 | 92 | 405 | ||||||||||||||||||
Total non-performing loans
|
281 | 2,161 | 1,006 | 233 | 92 | 3,773 | ||||||||||||||||||
REO
|
687 | - | 617 | 45 | - | 1,349 | ||||||||||||||||||
Total non-performing assets
|
$ | 968 | $ | 2,161 | $ | 1,623 | $ | 278 | $ | 92 | $ | 5,122 |
DETAIL OF LAND DEVELOPMENT AND SPEC CONSTRUCTION LOANS
|
||||||||||||||||
Northwest
|
Other
|
Southwest
|
||||||||||||||
Oregon
|
Oregon
|
Washington
|
Total
|
|||||||||||||
June 30, 2015
|
(Dollars in thousands)
|
|||||||||||||||
Land development and spec construction loans
|
||||||||||||||||
Land development loans
|
$ | 105 | $ | 2,867 | $ | 11,808 | $ | 14,780 | ||||||||
Spec construction loans
|
- | 161 | 2,979 | 3,140 | ||||||||||||
Total land development and spec construction
|
$ | 105 | $ | 3,028 | $ | 14,787 | $ | 17,920 |
At or for the three months ended
|
||||||||||||
SELECTED OPERATING DATA
|
June 30,
2015
|
March 31,
2015
|
June 30,
2014
|
|||||||||
Efficiency ratio (4)
|
80.07 | % | 84.58 | % | 90.27 | % | ||||||
Coverage ratio (6)
|
91.98 | % | 89.91 | % | 82.21 | % | ||||||
Return on average assets (1)
|
0.75 | % | 0.73 | % | 0.36 | % | ||||||
Return on average equity (1)
|
6.07 | % | 5.93 | % | 2.98 | % | ||||||
NET INTEREST SPREAD
|
||||||||||||
Yield on loans
|
4.80 | % | 4.66 | % | 4.60 | % | ||||||
Yield on investment securities
|
2.04 | % | 1.80 | % | 1.94 | % | ||||||
Total yield on interest earning assets
|
3.92 | % | 3.94 | % | 3.73 | % | ||||||
Cost of interest bearing deposits
|
0.22 | % | 0.22 | % | 0.26 | % | ||||||
Cost of FHLB advances and other borrowings
|
2.16 | % | 2.14 | % | 2.36 | % | ||||||
Total cost of interest bearing liabilities
|
0.30 | % | 0.30 | % | 0.35 | % | ||||||
Spread (7)
|
3.62 | % | 3.64 | % | 3.38 | % | ||||||
Net interest margin
|
3.69 | % | 3.71 | % | 3.46 | % | ||||||
PER SHARE DATA
|
||||||||||||
Basic earnings per share (2)
|
$ | 0.07 | $ | 0.07 | $ | 0.03 | ||||||
Diluted earnings per share (3)
|
0.07 | 0.07 | 0.03 | |||||||||
Book value per share (5)
|
4.64 | 4.62 | 4.42 | |||||||||
Tangible book value per share (5)
|
3.49 | 3.46 | 3.27 | |||||||||
Market price per share:
|
||||||||||||
High for the period
|
$ | 4.52 | $ | 4.74 | $ | 4.03 | ||||||
Low for the period
|
4.08 | 4.32 | 3.38 | |||||||||
Close for period end
|
4.28 | 4.50 | 3.88 | |||||||||
Cash dividends declared per share
|
0.01250 | 0.01125 | - | |||||||||
Average number of shares outstanding:
|
||||||||||||
Basic (2)
|
22,434,327 | 22,404,870 | 22,382,595 | |||||||||
Diluted (3)
|
22,477,006 | 22,460,054 | 22,408,775 |
(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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