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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 | 4.64 | 4.49 | 4.05 | 4.05 | 49,036 | 01:00:00 |
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 25, 2017
|
/s/Kevin J. Lycklama
|
|
Kevin J. Lycklama |
|
Chief Financial Officer
(Principal Financial Officer)
|
Contacts: Pat Sheaffer or Kevin Lycklama
Riverview Bancorp, Inc. 360-693-6650
|
|
·
|
Net income grew to $2.7 million, or $0.12 per diluted share.
|
·
|
Net interest margin expanded by 35 basis points to 4.09%, compared to the first quarter a year ago.
|
·
|
Total loans increased to $797.5 million at June 30, 2017.
|
·
|
Non-performing assets were 0.27% of total assets.
|
·
|
Tangible book value per share improved to $3.80.
|
·
|
Total risk-based capital ratio was 14.41% and Tier 1 leverage ratio was 9.79%.
|
·
|
Successfully completed the MBank system conversion.
|
·
|
Riverview added to the Russell 2000® Index on June 26, 2017.
|
(Dollars in thousands)
|
June 30, 2017
|
March 31, 2017
|
June 30, 2016
|
|||||||||
Shareholders' equity
|
$
|
113,917
|
$
|
111,264
|
$
|
109,991
|
||||||
Goodwill
|
27,076
|
27,076
|
25,572
|
|||||||||
Core deposit intangible, net
|
1,277
|
1,335
|
-
|
|||||||||
Tangible shareholders' equity
|
$
|
85,564
|
$
|
82,853
|
$
|
84,419
|
||||||
Total assets
|
$
|
1,125,161
|
$
|
1,133,939
|
$
|
932,447
|
||||||
Goodwill
|
27,076
|
27,076
|
25,572
|
|||||||||
Core deposit intangible, net
|
1,277
|
1,335
|
-
|
|||||||||
Tangible assets
|
$
|
1,096,808
|
$
|
1,105,528
|
$
|
906,875
|
||||||
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
June 30, 2017
|
March 31, 2017
|
June 30, 2016
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $14,919, $46,245
|
$
|
34,108
|
$
|
64,613
|
$
|
50,377
|
||||||
and $36,120)
|
||||||||||||
Certificate of deposits held for investment
|
11,042
|
11,042
|
16,271
|
|||||||||
Loans held for sale
|
768
|
478
|
457
|
|||||||||
Investment securities:
|
||||||||||||
Available for sale, at estimated fair value
|
205,012
|
200,214
|
163,684
|
|||||||||
Held to maturity, at amortized cost
|
54
|
64
|
72
|
|||||||||
Loans receivable (net of allowance for loan losses of $10,597, $10,528
|
||||||||||||
and $9,960)
|
786,913
|
768,904
|
619,854
|
|||||||||
Real estate owned
|
298
|
298
|
569
|
|||||||||
Prepaid expenses and other assets
|
3,901
|
3,815
|
3,286
|
|||||||||
Accrued interest receivable
|
3,086
|
2,941
|
2,451
|
|||||||||
Federal Home Loan Bank stock, at cost
|
1,181
|
1,181
|
1,060
|
|||||||||
Premises and equipment, net
|
16,041
|
16,232
|
14,403
|
|||||||||
Deferred income taxes, net
|
6,051
|
7,610
|
8,141
|
|||||||||
Mortgage servicing rights, net
|
408
|
398
|
381
|
|||||||||
Goodwill
|
27,076
|
27,076
|
25,572
|
|||||||||
Core deposit intangible, net
|
1,277
|
1,335
|
-
|
|||||||||
Bank owned life insurance
|
27,945
|
27,738
|
25,869
|
|||||||||
TOTAL ASSETS
|
$
|
1,125,161
|
$
|
1,133,939
|
$
|
932,447
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposits
|
$
|
973,483
|
$
|
980,058
|
$
|
789,555
|
||||||
Accrued expenses and other liabilities
|
8,302
|
13,080
|
7,229
|
|||||||||
Advance payments by borrowers for taxes and insurance
|
596
|
693
|
521
|
|||||||||
Junior subordinated debentures
|
26,414
|
26,390
|
22,681
|
|||||||||
Capital lease obligations
|
2,449
|
2,454
|
2,470
|
|||||||||
Total liabilities
|
1,011,244
|
1,022,675
|
822,456
|
|||||||||
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, 2017 – 22,527,401 issued and outstanding;
|
225
|
225
|
225
|
|||||||||
March 31, 2017 - 22,510,890 issued and outstanding;
|
||||||||||||
June 30, 2016 – 22,507,890 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
64,556
|
64,468
|
64,421
|
|||||||||
Retained earnings
|
50,482
|
48,335
|
43,976
|
|||||||||
Unearned shares issued to employee stock ownership plan
|
(52
|
)
|
(77
|
)
|
(155
|
)
|
||||||
Accumulated other comprehensive income (loss)
|
(1,294
|
)
|
(1,687
|
)
|
1,524
|
|||||||
Total shareholders' equity
|
113,917
|
111,264
|
109,991
|
|||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,125,161
|
$
|
1,133,939
|
$
|
932,447
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
|||
Consolidated Statements of Income
|
|||
Three Months Ended
|
|||
(In thousands, except share data) (Unaudited)
|
June 30, 2017
|
March 31, 2017
|
June 30, 2016
|
INTEREST INCOME:
|
|||
Interest and fees on loans receivable
|
$ 9,789
|
$ 8,655
|
$ 7,440
|
Interest on investment securities - taxable
|
1,133
|
1,115
|
720
|
Interest on investment securities - nontaxable
|
14
|
14
|
-
|
Other interest and dividends
|
87
|
99
|
102
|
Total interest and dividend income
|
11,023
|
9,883
|
8,262
|
INTEREST EXPENSE:
|
|||
Interest on deposits
|
322
|
314
|
281
|
Interest on borrowings
|
268
|
224
|
158
|
Total interest expense
|
590
|
538
|
439
|
Net interest income
|
10,433
|
9,345
|
7,823
|
Recapture of loan losses
|
-
|
-
|
-
|
Net interest income after recapture of loan losses
|
10,433
|
9,345
|
7,823
|
NON-INTEREST INCOME:
|
|||
Fees and service charges
|
1,407
|
1,362
|
1,323
|
Asset management fees
|
853
|
730
|
822
|
Net gain on sale of loans held for sale
|
225
|
163
|
139
|
Bank owned life insurance income
|
207
|
194
|
191
|
Other, net
|
46
|
137
|
39
|
Total non-interest income
|
2,738
|
2,586
|
2,514
|
NON-INTEREST EXPENSE:
|
|||
Salaries and employee benefits
|
5,422
|
5,335
|
4,640
|
Occupancy and depreciation
|
1,346
|
1,299
|
1,137
|
Data processing
|
616
|
578
|
495
|
Amortization of core deposit intangible
|
58
|
27
|
-
|
Advertising and marketing expense
|
234
|
146
|
193
|
FDIC insurance premium
|
145
|
83
|
122
|
State and local taxes
|
154
|
154
|
139
|
Telecommunications
|
104
|
93
|
73
|
Professional fees
|
415
|
562
|
258
|
Real estate owned expenses
|
2
|
2
|
15
|
Other
|
678
|
639
|
743
|
Total non-interest expense
|
9,174
|
8,918
|
7,815
|
INCOME BEFORE INCOME TAXES
|
3,997
|
3,013
|
2,522
|
PROVISION FOR INCOME TAXES
|
1,343
|
979
|
825
|
NET INCOME
|
$ 2,654
|
$ 2,034
|
$ 1,697
|
Earnings per common share:
|
|||
Basic
|
$ 0.12
|
$ 0.09
|
$ 0.08
|
Diluted
|
$ 0.12
|
$ 0.09
|
$ 0.08
|
Weighted average number of common shares outstanding:
|
|||
Basic
|
22,504,852
|
22,489,336
|
22,467,861
|
Diluted
|
22,589,440
|
22,585,976
|
22,514,235
|
(Dollars in thousands)
|
At or for the three months ended
|
|||||||||||
June 30, 2017
|
March 31, 2017
|
June 30, 2016
|
||||||||||
AVERAGE BALANCES
|
||||||||||||
Average interest–earning assets
|
$
|
1,023,196
|
$
|
955,957
|
$
|
839,427
|
||||||
Average interest-bearing liabilities
|
745,172
|
710,266
|
625,624
|
|||||||||
Net average earning assets
|
278,024
|
245,691
|
213,803
|
|||||||||
Average loans
|
786,317
|
716,452
|
632,967
|
|||||||||
Average deposits
|
961,421
|
894,284
|
782,827
|
|||||||||
Average equity
|
113,661
|
111,054
|
109,809
|
|||||||||
Average tangible equity (non-GAAP)
|
85,278
|
85,450
|
84,237
|
|||||||||
ASSET QUALITY
|
June 30, 2017
|
March 31, 2017
|
June 30, 2016
|
|||||||||
Non-performing loans
|
$
|
2,792
|
$
|
2,749
|
$
|
2,356
|
||||||
Non-performing loans to total loans
|
0.35
|
%
|
0.35
|
%
|
0.37
|
%
|
||||||
Real estate/repossessed assets owned
|
$
|
298
|
$
|
298
|
$
|
569
|
||||||
Non-performing assets
|
$
|
3,090
|
$
|
3,047
|
$
|
2,925
|
||||||
Non-performing assets to total assets
|
0.27
|
%
|
0.27
|
%
|
0.31
|
%
|
||||||
Net loan recoveries in the quarter
|
$
|
(69
|
)
|
$
|
(239
|
)
|
$
|
(75
|
)
|
|||
Net recoveries in the quarter/average net loans
|
(0.04
|
)%
|
(0.14
|
)%
|
(0.05
|
)%
|
||||||
Allowance for loan losses
|
$
|
10,597
|
$
|
10,528
|
$
|
9,960
|
||||||
Average interest-earning assets to average
|
||||||||||||
interest-bearing liabilities
|
137.31
|
%
|
134.59
|
%
|
134.17
|
%
|
||||||
Allowance for loan losses to
|
||||||||||||
non-performing loans
|
379.55
|
%
|
382.98
|
%
|
422.75
|
%
|
||||||
Allowance for loan losses to total loans
|
1.33
|
%
|
1.35
|
%
|
1.58
|
%
|
||||||
Shareholders' equity to assets
|
10.12
|
%
|
9.81
|
%
|
11.80
|
%
|
||||||
CAPITAL RATIOS
|
||||||||||||
Total capital (to risk weighted assets)
|
14.41
|
%
|
14.06
|
%
|
16.26
|
%
|
||||||
Tier 1 capital (to risk weighted assets)
|
13.16
|
%
|
12.81
|
%
|
15.01
|
%
|
||||||
Common equity tier 1 (to risk weighted assets)
|
13.16
|
%
|
12.81
|
%
|
15.01
|
%
|
||||||
Tier 1 capital (to average tangible assets)
|
9.79
|
%
|
10.21
|
%
|
11.16
|
%
|
||||||
Tangible common equity (to average tangible assets)
|
7.80
|
%
|
7.49
|
%
|
9.31
|
%
|
||||||
DEPOSIT MIX
|
June 30, 2017
|
March 31, 2017
|
June 30, 2016
|
|||||||||
Interest checking
|
$
|
171,360
|
$
|
171,152
|
$
|
151,339
|
||||||
Regular savings
|
126,704
|
126,370
|
98,808
|
|||||||||
Money market deposit accounts
|
274,537
|
289,998
|
237,936
|
|||||||||
Non-interest checking
|
258,223
|
242,738
|
186,451
|
|||||||||
Certificates of deposit
|
142,659
|
149,800
|
115,021
|
|||||||||
Total deposits
|
$
|
973,483
|
$
|
980,058
|
$
|
789,555
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||||||||||
Other
|
Commercial
|
|||||||||||||||
Commercial
|
Real Estate
|
Real Estate
|
& Construction
|
|||||||||||||
Business
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
June 30, 2017
|
(Dollars in thousands)
|
|||||||||||||||
Commercial business
|
$
|
125,732
|
$
|
-
|
$
|
-
|
$
|
125,732
|
||||||||
Commercial construction
|
-
|
-
|
28,082
|
28,082
|
||||||||||||
Office buildings
|
-
|
130,514
|
-
|
130,514
|
||||||||||||
Warehouse/industrial
|
-
|
77,895
|
-
|
77,895
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
70,300
|
-
|
70,300
|
||||||||||||
Assisted living facilities
|
-
|
4,580
|
-
|
4,580
|
||||||||||||
Single purpose facilities
|
-
|
168,542
|
-
|
168,542
|
||||||||||||
Land
|
-
|
15,340
|
-
|
15,340
|
||||||||||||
Multi-family
|
-
|
46,189
|
-
|
46,189
|
||||||||||||
One-to-four family construction
|
-
|
-
|
15,104
|
15,104
|
||||||||||||
Total
|
$
|
125,732
|
$
|
513,360
|
$
|
43,186
|
$
|
682,278
|
||||||||
March 31, 2017
|
||||||||||||||||
Commercial
|
$
|
107,371
|
$
|
-
|
$
|
-
|
$
|
107,371
|
||||||||
Commercial construction
|
-
|
-
|
27,050
|
27,050
|
||||||||||||
Office buildings
|
-
|
121,983
|
-
|
121,983
|
||||||||||||
Warehouse/industrial
|
-
|
74,671
|
-
|
74,671
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
78,757
|
-
|
78,757
|
||||||||||||
Assisted living facilities
|
-
|
3,686
|
-
|
3,686
|
||||||||||||
Single purpose facilities
|
-
|
167,974
|
-
|
167,974
|
||||||||||||
Land
|
-
|
15,875
|
-
|
15,875
|
||||||||||||
Multi-family
|
-
|
43,715
|
-
|
43,715
|
||||||||||||
One-to-four family construction
|
-
|
-
|
19,107
|
19,107
|
||||||||||||
Total
|
$
|
107,371
|
$
|
506,661
|
$
|
46,157
|
$
|
660,189
|
||||||||
LOAN MIX
|
June 30, 2017
|
March 31, 2017
|
June 30, 2016
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Commercial and construction
|
||||||||||||||||
Commercial business
|
$
|
125,732
|
$
|
107,371
|
$
|
61,696
|
||||||||||
Other real estate mortgage
|
513,360
|
506,661
|
411,539
|
|||||||||||||
Real estate construction
|
43,186
|
46,157
|
34,558
|
|||||||||||||
Total commercial and construction
|
682,278
|
660,189
|
507,793
|
|||||||||||||
Consumer
|
||||||||||||||||
Real estate one-to-four family
|
91,898
|
92,865
|
86,515
|
|||||||||||||
Other installment
|
23,334
|
26,378
|
35,506
|
|||||||||||||
Total consumer
|
115,232
|
119,243
|
122,021
|
|||||||||||||
Total loans
|
797,510
|
779,432
|
629,814
|
|||||||||||||
Less:
|
||||||||||||||||
Allowance for loan losses
|
10,597
|
10,528
|
9,960
|
|||||||||||||
Loans receivable, net
|
$
|
786,913
|
$
|
768,904
|
$
|
619,854
|
||||||||||
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||||||||||
Other
|
Southwest
|
Other
|
||||||||||||||||||
Oregon
|
Washington
|
Washington
|
Other
|
Total
|
||||||||||||||||
June 30, 2017
|
(Dollars in thousands)
|
|||||||||||||||||||
Non-performing assets
|
||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
292
|
$
|
-
|
$
|
-
|
$
|
292
|
||||||||||
Commercial real estate
|
1,111
|
212
|
-
|
-
|
1,323
|
|||||||||||||||
Land
|
791
|
-
|
-
|
-
|
791
|
|||||||||||||||
Consumer
|
-
|
277
|
-
|
109
|
386
|
|||||||||||||||
Total non-performing loans
|
1,902
|
781
|
-
|
109
|
2,792
|
|||||||||||||||
REO
|
-
|
-
|
298
|
-
|
298
|
|||||||||||||||
Total non-performing assets
|
$
|
1,902
|
$
|
781
|
$
|
298
|
$
|
109
|
$
|
3,090
|
||||||||||
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS
|
||||||||||||||||||||
Northwest
|
Other
|
Southwest
|
||||||||||||||||||
Oregon
|
Oregon
|
Washington
|
Total
|
|||||||||||||||||
June 30, 2017
|
(Dollars in thousands)
|
|||||||||||||||||||
Land development
|
$
|
1,763
|
$
|
929
|
$
|
12,648
|
$
|
15,340
|
||||||||||||
Speculative construction
|
947
|
321
|
10,795
|
12,063
|
||||||||||||||||
Total land development and speculative construction
|
$
|
2,710
|
$
|
1,250
|
$
|
23,443
|
$
|
27,403
|
||||||||||||
At or for the three months ended
|
||||||||||||
SELECTED OPERATING DATA
|
June 30, 2017
|
March 31, 2017
|
June 30, 2016
|
|||||||||
Efficiency ratio (4)
|
69.65
|
%
|
74.75
|
%
|
75.60
|
%
|
||||||
Coverage ratio (6)
|
113.72
|
%
|
104.79
|
%
|
100.10
|
%
|
||||||
Return on average assets (1)
|
0.96
|
%
|
0.79
|
%
|
0.74
|
%
|
||||||
Return on average equity (1)
|
9.37
|
%
|
7.43
|
%
|
6.20
|
%
|
||||||
NET INTEREST SPREAD
|
||||||||||||
Yield on loans
|
4.99
|
%
|
4.90
|
%
|
4.71
|
%
|
||||||
Yield on investment securities
|
2.21
|
%
|
2.23
|
%
|
1.85
|
%
|
||||||
Total yield on interest-earning assets
|
4.32
|
%
|
4.20
|
%
|
3.95
|
%
|
||||||
Cost of interest-bearing deposits
|
0.18
|
%
|
0.19
|
%
|
0.19
|
%
|
||||||
Cost of FHLB advances and other borrowings
|
3.69
|
%
|
3.19
|
%
|
2.52
|
%
|
||||||
Total cost of interest-bearing liabilities
|
0.32
|
%
|
0.31
|
%
|
0.28
|
%
|
||||||
Spread (7)
|
4.00
|
%
|
3.89
|
%
|
3.67
|
%
|
||||||
Net interest margin
|
4.09
|
%
|
3.97
|
%
|
3.74
|
%
|
||||||
PER SHARE DATA
|
||||||||||||
Basic earnings per share (2)
|
$
|
0.12
|
$
|
0.09
|
$
|
0.08
|
||||||
Diluted earnings per share (3)
|
0.12
|
0.09
|
0.08
|
|||||||||
Book value per share (5)
|
5.06
|
4.94
|
4.89
|
|||||||||
Tangible book value per share (5) (non-GAAP)
|
3.80
|
3.68
|
3.75
|
|||||||||
Market price per share:
|
||||||||||||
High for the period
|
$
|
7.47
|
$
|
7.90
|
$
|
4.89
|
||||||
Low for the period
|
6.51
|
6.87
|
4.30
|
|||||||||
Close for period end
|
6.64
|
7.15
|
4.73
|
|||||||||
Cash dividends declared per share
|
0.0225
|
0.0200
|
0.0200
|
|||||||||
Average number of shares outstanding:
|
||||||||||||
Basic (2)
|
22,504,852
|
22,489,336
|
22,467,861
|
|||||||||
Diluted (3)
|
22,589,440
|
22,585,976
|
22,514,235
|
(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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