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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 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Washington | 91-1838969 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer I.D. Number) | |
900 Washington St., Ste. 900,Vancouver, Washington | 98660 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number, including area code: | (360) 693-6650 |
Part I. | Financial Information | Page |
Item 1: | Financial Statements (Unaudited) | |
Consolidated Balance Sheets
as of December 31, 2013 and March 31, 2013
|
2 | |
Consolidated Statements of Income for the
Three and Nine Months Ended December 31, 2013 and 2012
|
3 | |
Consolidated Statements of Comprehensive Income
Three and
Nine Months Ended December 31, 2013 and 2012
|
4 | |
Consolidated Statements of Equity for the
Nine
Months Ended December 31, 2013 and 2012
|
5 | |
Consolidated Statements of Cash Flows for the
Nine Months Ended December 31, 2013 and 2012
|
6 | |
Notes to Consolidated Financial Statements | 7-23 | |
Item 2: |
Management's Discussion and Analysis of
Financial Condition and Results of Operations
|
24-39 |
Item 3: | Quantitative and Qualitative Disclosures About Market Risk | 40 |
Item 4: | Controls and Procedures | 40 |
Part II. | Other Information | 41-42 |
Item 1: | Legal Proceedings | |
Item 1A: | Risk Factors | |
Item 2: | Unregistered Sale of Equity Securities and Use of Proceeds | |
Item 3: | Defaults Upon Senior Securities | |
Item 4: | Mine Safety Disclosures | |
Item 5: | Other Information | |
Item 6: | Exhibits | |
SIGNATURES | 43 | |
Certifications
|
||
Exhibit 31.1
Exhibit 31.2
Exhibit 32
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED
DECEMBER 31, 2013 AND 2012
|
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
||||||||||||||
(In thousands, except share and per share data) (Unaudited) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
INTEREST INCOME: | ||||||||||||||||
Interest and fees on loans receivable
|
$ | 6,319 | $ | 7,838 | $ | 19,389 | $ | 25,351 | ||||||||
Interest on investment securities – taxable
|
75 | 131 | 191 | 222 | ||||||||||||
Interest on investment securities – nontaxable
|
- | 1 | - | 16 | ||||||||||||
Interest on mortgage-backed securities
|
88 | 6 | 156 | 21 | ||||||||||||
Other interest and dividends
|
191 | 160 | 532 | 417 | ||||||||||||
Total interest and dividend income
|
6,673 | 8,136 | 20,268 | 26,027 | ||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Interest on deposits
|
496 | 595 | 1,537 | 2,117 | ||||||||||||
Interest on borrowings
|
149 | 157 | 449 | 668 | ||||||||||||
Total interest expense
|
645 | 752 | 1,986 | 2,785 | ||||||||||||
Net interest income
|
6,028 | 7,384 | 18,282 | 23,242 | ||||||||||||
Less provision for (recapture of) loan losses
|
- | - | (2,500 | ) | 4,500 | |||||||||||
Net interest income after provision for (recapture of) loan losses
|
6,028 | 7,384 | 20,782 | 18,742 | ||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||
Fees and service charges
|
1,177 | 1,224 | 3,301 | 3,612 | ||||||||||||
Asset management fees
|
605 | 517 | 1,936 | 1,625 | ||||||||||||
Net gain on sale of loans held for sale
|
176 | 262 | 609 | 1,141 | ||||||||||||
Bank owned life insurance
|
136 | 146 | 419 | 443 | ||||||||||||
Other
|
290 | (62 | ) | 252 | 20 | |||||||||||
Total non-interest income
|
2,384 | 2,087 | 6,517 | 6,841 | ||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
3,959 | 3,872 | 11,696 | 11,274 | ||||||||||||
Occupancy and depreciation
|
1,187 | 1,241 | 3,621 | 3,711 | ||||||||||||
Data processing
|
523 | 435 | 1,641 | 1,041 | ||||||||||||
Amortization of core deposit intangible
|
7 | 17 | 33 | 54 | ||||||||||||
Advertising and marketing expense
|
170 | 193 | 578 | 681 | ||||||||||||
FDIC insurance premium
|
400 | 433 | 1,228 | 1,114 | ||||||||||||
State and local taxes
|
106 | 132 | 340 | 417 | ||||||||||||
Telecommunications
|
78 | 73 | 227 | 310 | ||||||||||||
Professional fees
|
342 | 447 | 995 | 1,149 | ||||||||||||
Real estate owned expenses
|
298 | 1,069 | 2,402 | 2,899 | ||||||||||||
Other
|
541 | 522 | 1,740 | 1,872 | ||||||||||||
Total non-interest expense
|
7,611 | 8,434 | 24,501 | 24,522 | ||||||||||||
INCOME BEFORE INCOME TAXES
|
801 | 1,037 | 2,798 | 1,061 | ||||||||||||
PROVISION FOR INCOME TAXES
|
- | 6 | 16 | 23 | ||||||||||||
NET INCOME
|
$ | 801 | $ | 1,031 | $ | 2,782 | $ | 1,038 | ||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$ | 0.04 | $ | 0.05 | $ | 0.12 | $ | 0.05 | ||||||||
Diluted
|
0.04 | 0.05 | 0.12 | 0.05 | ||||||||||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
22,370,277 | 22,345,644 | 22,364,142 | 22,339,509 | ||||||||||||
Diluted
|
22,371,914 | 22,345,644 | 22,365,224 | 22,309,509 |
Three Months Ended
December 31,
|
Nine Months Ended
December 31,
|
|||||||||||||||
(
Dollars in thousands) (Unaudited)
|
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income
|
$ | 801 | $ | 1,031 | $ | 2,782 | $ | 1,038 | ||||||||
Other comprehensive income (loss)
(1)
|
||||||||||||||||
Unrealized holding gain (loss) on securities, net
|
(226 | ) | 262 | 512 | 224 | |||||||||||
Income tax benefit (expense) related to securities unrealized holding gain (loss)
|
77 | (89 | ) | (174 | ) | (76 | ) | |||||||||
Noncontrolling interest
|
16 | 13 | 62 | 44 | ||||||||||||
Total comprehensive income
|
$ | 668 | $ | 1,217 | $ | 3,182 | $ | 1,230 | ||||||||
(1)
There were no reclassifications out of other comprehensive income (loss) for the three and nine months
ended December 31, 2013 and 2012.
|
(In thousands, except share data) |
Common Stock
|
Additional
Paid-In
|
Retained |
Unearned
Shares
Issued to
Employee
Stock Ownership
|
Accumulated
Other
Comprehensive
|
Noncontrolling | |||||||||||||||||
(Unaudited)
|
Shares
|
Amount |
Capital
|
Earnings
|
Trust
|
Loss
|
Interest
|
Total | |||||||||||||||
Balance April 1, 2012
|
22,471,890
|
$
|
225
|
$
|
65,610
|
$
|
11,536
|
$
|
(593
|
)
|
$
|
(1,171
|
)
|
$
|
544
|
$
|
76,151
|
||||||
Net income
|
-
|
-
|
-
|
1,038
|
-
|
-
|
-
|
1,038
|
|||||||||||||||
Stock based compensation expense
|
-
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
|||||||||||||||
Earned ESOP shares
|
-
|
-
|
(48
|
)
|
-
|
77
|
-
|
-
|
29
|
||||||||||||||
Unrealized holding gain on securities
available for sale
|
-
|
-
|
-
|
-
|
-
|
148
|
-
|
148
|
|||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
44
|
44
|
|||||||||||||||
Balance December 31, 2012
|
22,471,890
|
$
|
225
|
$
|
65,563
|
$
|
12,574
|
$
|
(516
|
)
|
$
|
(1,023
|
)
|
$
|
588
|
$
|
77,411
|
||||||
Balance April 1, 2013
|
22,471,890
|
$
|
225
|
$
|
65,551
|
$
|
14,169
|
$
|
(490
|
)
|
$
|
(1,013
|
)
|
$
|
603
|
$
|
79,045
|
||||||
Net income
|
-
|
-
|
-
|
2,782
|
-
|
-
|
-
|
2,782
|
|||||||||||||||
Purchase of subsidiary shares
from noncontrolling interest
|
-
|
-
|
(399
|
)
|
-
|
-
|
-
|
(213
|
)
|
(612
|
)
|
||||||||||||
Stock based compensation expense
|
-
|
-
|
53
|
-
|
-
|
-
|
-
|
53
|
|||||||||||||||
Earned ESOP shares
|
-
|
-
|
(29
|
)
|
-
|
77
|
-
|
-
|
48
|
||||||||||||||
Unrealized holding gain on securities
available for sale
|
-
|
-
|
-
|
-
|
-
|
338
|
-
|
338
|
|||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
62
|
62
|
|||||||||||||||
Balance December 31, 2013
|
22,471,890
|
$
|
225
|
$
|
65,176
|
$
|
16,951
|
$
|
(413
|
)
|
$
|
(675
|
)
|
$
|
452
|
$
|
81,716
|
||||||
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Nine Months Ended
December 31, 2013
|
Nine Months Ended
December 31, 2012
|
|||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||
Balance, beginning of period
|
407,500
|
$
|
9.05
|
440,500
|
$
|
8.87
|
||||
Grants
|
87,154
|
2.78
|
-
|
-
|
||||||
Forfeited
|
-
|
-
|
(3,000
|
)
|
1.97
|
|||||
Expired
|
(20,000
|
)
|
8.98
|
(20,000
|
)
|
6.76
|
||||
Balance, end of period
|
474,654
|
$
|
7.91
|
417,500
|
$
|
9.02
|
Risk Free
Interest Rate
|
Expected
Life (years)
|
Expected
Volatility
|
Expected
Dividends
|
||||||||
Fiscal 2014
|
1.95
|
%
|
6.25
|
51.87
|
%
|
2.04
|
%
|
4.
|
EARNINGS PER SHARE
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||
Basic EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
801,000
|
$
|
1,031,000
|
$
|
2,782,000
|
$
|
1,038,000
|
||||
Denominator-weighted average common shares outstanding
|
22,370,277
|
22,345,644
|
22,364,142
|
22,339,509
|
||||||||
Basic EPS
|
$
|
0.04
|
$
|
0.05
|
$
|
0.12
|
$
|
0.05
|
||||
Diluted EPS computation:
|
||||||||||||
Numerator-net income
|
$
|
801,000
|
$
|
1,031,000
|
$
|
2,782,000
|
$
|
1,038,000
|
||||
Denominator-weighted average common shares outstanding
|
22,370,277
|
22,345,644
|
22,364,142
|
22,339,509
|
||||||||
Effect of dilutive stock options
|
1,637
|
-
|
1,082
|
-
|
||||||||
Weighted average common shares and common stock equivalents
|
22,371,914
|
22,345,644
|
22,365,224
|
22,339,509
|
||||||||
Diluted EPS
|
$
|
0.04
|
$
|
0.05
|
$
|
0.12
|
$
|
0.05
|
5.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
||||||||
December 31, 2013
|
|||||||||||
Trust preferred
|
$
|
1,919
|
$
|
2
|
$
|
-
|
$
|
1,921
|
|||
Agency securities
|
18,447
|
-
|
(574
|
)
|
17,873
|
||||||
Total
|
$
|
20,366
|
$
|
2
|
$
|
(574
|
)
|
$
|
19,794
|
||
March 31, 2013
|
|||||||||||
Trust preferred
|
$
|
2,766
|
$
|
-
|
$
|
(1,528
|
)
|
$
|
1,238
|
||
Agency securities
|
5,000
|
-
|
(22
|
)
|
4,978
|
||||||
Total
|
$
|
7,766
|
$
|
-
|
$
|
(1,550
|
)
|
$
|
6,216
|
December 31, 2013
|
Amortized
Cost
|
Estimated
Fair Value
|
|||
Due in one year or less
|
$
|
-
|
$
|
-
|
|
Due after one year through five years
|
12,438
|
12,034
|
|||
Due after five years through ten years
|
6,009
|
5,839
|
|||
Due after ten years
|
1,919
|
1,921
|
|||
Total
|
$
|
20,366
|
$
|
19,794
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||
December 31, 2013
|
||||||||||||||||||
Agency securities
|
$
|
17,873
|
(574
|
)
|
$
|
-
|
$
|
-
|
$
|
17,873
|
$
|
(574
|
)
|
|||||
March 31, 2013
|
||||||||||||||||||
Trust preferred
|
$
|
-
|
$
|
-
|
$
|
1,238
|
$
|
(1,528
|
)
|
$
|
1,238
|
$
|
(1,528
|
)
|
||||
Agency securities
|
4,978
|
(22
|
)
|
-
|
-
|
4,978
|
(22
|
)
|
||||||||||
Total
|
$
|
4,978
|
$
|
(22
|
)
|
$
|
1,238
|
$
|
(1,528
|
)
|
$
|
6,216
|
$
|
(1,550
|
)
|
6.
|
MORTGAGE-BACKED SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||||||||
December 31, 2013
|
||||||||||||
FHLMC mortgage-backed securities
(1)
|
$
|
27
|
$
|
2
|
$
|
-
|
$
|
29
|
||||
FNMA mortgage-backed securities
(2)
|
77
|
1
|
-
|
78
|
||||||||
Total
|
$
|
104
|
$
|
3
|
$
|
-
|
$
|
107
|
||||
March 31, 2013
|
||||||||||||
FHLMC mortgage-backed securities
|
$
|
31
|
$
|
3
|
$
|
-
|
$
|
34
|
||||
FNMA mortgage-backed securities
|
94
|
1
|
-
|
95
|
||||||||
Total
|
$
|
125
|
$
|
4
|
$
|
-
|
$
|
129
|
||||
(1)
Federal Home Loan Mortgage Corporation (“FHLMC”)
|
||||||||||||
(2)
Federal National Mortgage Association (“FNMA”)
|
December 31, 2013
|
Amortized
Cost
|
Estimated
Fair Value
|
|||
Due in one year or less
|
$
|
1
|
$
|
1
|
|
Due after one year through five years
|
-
|
-
|
|||
Due after five years through ten years
|
83
|
84
|
|||
Due after ten years
|
20
|
22
|
|||
Total
|
$
|
104
|
$
|
107
|
December 31, 2013
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||||||||
Real estate mortgage investment conduits
|
$
|
174
|
$
|
4
|
$
|
-
|
$
|
178
|
||||
FHLMC mortgage-backed securities
|
10,027
|
8
|
(143
|
)
|
9,892
|
|||||||
FNMA mortgage-backed securities
|
19,581
|
19
|
(331
|
)
|
19,269
|
|||||||
SBA mortgage-backed securities
(1)
|
4,072
|
13
|
(5
|
)
|
4,080
|
|||||||
GNMA mortgage-backed securities
(2)
|
1,125
|
-
|
(15
|
)
|
1,110
|
|||||||
Total
|
$
|
34,979
|
$
|
44
|
$
|
(494
|
)
|
$
|
34,529
|
|||
March 31, 2013
|
||||||||||||
Real estate mortgage investment conduits
|
$
|
230
|
$
|
7
|
$
|
-
|
$
|
237
|
||||
FHLMC mortgage-backed securities
|
183
|
8
|
-
|
191
|
||||||||
FNMA mortgage-backed securities
|
3
|
-
|
-
|
3
|
||||||||
Total
|
$
|
416
|
$
|
15
|
$
|
-
|
$
|
431
|
||||
(1)
Small Business Administration (“SBA”)
|
||||||||||||
(2)
Ginnie Mae (“GNMA”)
|
December 31, 2013
|
Amortized
Cost
|
Estimated
Fair Value
|
|||
Due in one year or less
|
$
|
26
|
$
|
27
|
|
Due after one year through five years
|
33
|
34
|
|||
Due after five years through ten years
|
8,350
|
8,355
|
|||
Due after ten years
|
26,570
|
26,113
|
|||
Total
|
$
|
34,979
|
$
|
34,529
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||
December 31, 2013
|
||||||||||||||||||
FHLMC mortgage-backed securities
|
$
|
7,414
|
$
|
(143
|
)
|
$
|
-
|
$
|
-
|
$
|
7,414
|
$
|
(143
|
)
|
||||
FNMA mortgage-backed securities
|
14,455
|
(331
|
)
|
-
|
-
|
14,455
|
(331
|
)
|
||||||||||
SBA mortgage-backed securities
|
1,318
|
(5
|
)
|
-
|
-
|
1,318
|
(5
|
)
|
||||||||||
GNMA mortgage-backed securities
|
1,110
|
(15
|
)
|
-
|
-
|
1,110
|
(15
|
)
|
||||||||||
Total
|
$
|
24,297
|
$
|
(494
|
)
|
$
|
-
|
$
|
-
|
$
|
24,297
|
$
|
(494
|
)
|
7.
|
LOANS RECEIVABLE
|
December 31,
2013
|
March 31,
2013
|
||||
Commercial and construction
|
|||||
Commercial business
|
$
|
69,659
|
$
|
71,935
|
|
Other real estate mortgage
(1)
|
332,373
|
355,397
|
|||
Real estate construction
|
15,041
|
9,675
|
|||
Total commercial and construction
|
417,073
|
437,007
|
|||
Consumer
|
|||||
Real estate one-to-four family
|
93,026
|
97,140
|
|||
Other installment
|
9,581
|
1,865
|
|||
Total consumer
|
102,607
|
99,005
|
|||
Total loans
|
519,680
|
536,012
|
|||
Less: Allowance for loan losses
|
14,048
|
15,643
|
|||
Loans receivable, net
|
$
|
505,632
|
$
|
520,369
|
|
(1)
Other real estate mortgage consists of commercial real estate, land and multi-family loans
|
8.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
December 31, 2013
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||
Beginning balance
|
$
|
1,913
|
$
|
6,787
|
$
|
815
|
$
|
269
|
$
|
235
|
$
|
1,845
|
$
|
1,832
|
$
|
13,696
|
||||||||
Provision for (recapture of) loan losses
|
(170
|
)
|
(652
|
)
|
(782
|
)
|
(101
|
)
|
5
|
215
|
1,485
|
-
|
||||||||||||
Charge-offs
|
(36
|
)
|
(102
|
)
|
-
|
-
|
-
|
(137
|
)
|
-
|
(275
|
)
|
||||||||||||
Recoveries
|
306
|
8
|
289
|
-
|
-
|
24
|
-
|
627
|
||||||||||||||||
Ending balance
|
$
|
2,013
|
$
|
6,041
|
$
|
322
|
$
|
168
|
$
|
240
|
$
|
1,947
|
$
|
3,317
|
$
|
14,048
|
Nine months ended
December 31, 2013
|
||||||||||||||||||||||||
Beginning balance
|
$
|
2,128
|
$
|
5,979
|
$
|
2,019
|
$
|
541
|
$
|
221
|
$
|
2,949
|
$
|
1,806
|
$
|
15,643
|
||||||||
Provision for (recapture of) loan losses
|
(503
|
)
|
313
|
(2,461
|
)
|
(373
|
)
|
22
|
(1,009
|
)
|
1,511
|
(2,500
|
)
|
|||||||||||
Charge-offs
|
(135
|
)
|
(274
|
)
|
(45
|
)
|
-
|
(7
|
)
|
(293
|
)
|
-
|
(754
|
)
|
||||||||||
Recoveries
|
523
|
23
|
809
|
-
|
4
|
300
|
-
|
1,659
|
||||||||||||||||
Ending balance
|
$
|
2,013
|
$
|
6,041
|
$
|
322
|
$
|
168
|
$
|
240
|
$
|
1,947
|
$
|
3,317
|
$
|
14,048
|
Three months ended
December 31, 2012
|
||||||||||||||||||||||||
Beginning balance
|
$
|
2,283
|
$
|
7,376
|
$
|
3,675
|
$
|
950
|
$
|
506
|
$
|
3,315
|
$
|
2,035
|
$
|
20,140
|
||||||||
Provision for (recapture of) loan losses
|
416
|
(836
|
)
|
(885
|
)
|
(297
|
)
|
(46
|
)
|
(101
|
)
|
1,749
|
-
|
|||||||||||
Charge-offs
|
(204
|
)
|
(390
|
)
|
(52
|
)
|
-
|
(13
|
)
|
(149
|
)
|
-
|
(808
|
)
|
||||||||||
Recoveries
|
6
|
9
|
-
|
238
|
1
|
47
|
-
|
301
|
||||||||||||||||
Ending balance
|
$
|
2,501
|
$
|
6,159
|
$
|
2,738
|
$
|
891
|
$
|
448
|
$
|
3,112
|
$
|
3,784
|
$
|
19,633
|
Nine months ended
December 31, 2012
|
||||||||||||||||||||||||
Beginning balance
|
$
|
2,688
|
$
|
5,599
|
$
|
4,906
|
$
|
1,121
|
$
|
412
|
$
|
3,274
|
$
|
1,921
|
$
|
19,921
|
||||||||
Provision for (recapture of) loan losses
|
916
|
2,022
|
(1,093
|
)
|
(85
|
)
|
161
|
716
|
1,863
|
4,500
|
||||||||||||||
Charge-offs
|
(1,195
|
)
|
(1,471
|
)
|
(1,106
|
)
|
(384
|
)
|
(129
|
)
|
(983
|
)
|
-
|
(5,268
|
)
|
|||||||||
Recoveries
|
92
|
9
|
31
|
239
|
4
|
105
|
-
|
480
|
||||||||||||||||
Ending balance
|
$
|
2,501
|
$
|
6,159
|
$
|
2,738
|
$
|
891
|
$
|
448
|
$
|
3,112
|
$
|
3,784
|
$
|
19,633
|
Allowance for loan losses
|
Recorded investment in loans
|
|||||||||||||||||
December 31, 2013
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||
Commercial business
|
$
|
-
|
$
|
2,013
|
$
|
2,013
|
$
|
1,597
|
$
|
68,062
|
$
|
69,659
|
||||||
Commercial real estate
|
196
|
5,845
|
6,041
|
16,783
|
276,143
|
292,926
|
||||||||||||
Land
|
-
|
322
|
322
|
1,278
|
14,726
|
16,004
|
||||||||||||
Multi-family
|
-
|
168
|
168
|
2,065
|
21,378
|
23,443
|
||||||||||||
Real estate construction
|
-
|
240
|
240
|
-
|
15,041
|
15,041
|
||||||||||||
Consumer
|
118
|
1,829
|
1,947
|
2,817
|
99,790
|
102,607
|
||||||||||||
Unallocated
|
-
|
3,317
|
3,317
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
314
|
$
|
13,734
|
$
|
14,048
|
$
|
24,540
|
$
|
495,140
|
$
|
519,680
|
March 31, 2013
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
2,128
|
$
|
2,128
|
$
|
679
|
$
|
71,256
|
$
|
71,935
|
||||||
Commercial real estate
|
536
|
5,443
|
5,979
|
19,466
|
278,225
|
297,691
|
||||||||||||
Land
|
-
|
2,019
|
2,019
|
3,469
|
19,935
|
23,404
|
||||||||||||
Multi-family
|
-
|
541
|
541
|
3,846
|
30,456
|
34,302
|
||||||||||||
Real estate construction
|
-
|
221
|
221
|
175
|
9,500
|
9,675
|
||||||||||||
Consumer
|
183
|
2,766
|
2,949
|
4,933
|
94,072
|
99,005
|
||||||||||||
Unallocated
|
-
|
1,806
|
1,806
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
719
|
$
|
14,924
|
$
|
15,643
|
$
|
32,568
|
$
|
503,444
|
$
|
536,012
|
December 31, 2013
|
30-89 Days
Past Due
|
90 Days
and
Greater
(Non-
Accrual)
|
Total Past
Due
|
Current
|
Total
Loans
Receivable
|
Recorded
Investment
> 90 Days
and
Accruing
|
||||||||||||||
Commercial business
|
$
|
27
|
$
|
461
|
$
|
488
|
$
|
69,171
|
$
|
69,659
|
$
|
-
|
||||||||
Commercial real estate
|
2,369
|
7,330
|
9,699
|
283,227
|
292,926
|
-
|
||||||||||||||
Land
|
-
|
1,218
|
1,218
|
14,786
|
16,004
|
-
|
||||||||||||||
Multi-family
|
361
|
2,065
|
2,426
|
21,017
|
23,443
|
-
|
||||||||||||||
Real estate construction
|
-
|
-
|
-
|
15,041
|
15,041
|
-
|
||||||||||||||
Consumer
|
2,124
|
2,303
|
4,427
|
98,180
|
102,607
|
-
|
||||||||||||||
Total
|
$
|
4,881
|
$
|
13,377
|
$
|
18,258
|
$
|
501,422
|
$
|
519,680
|
$
|
-
|
March 31, 2013
|
||||||||||||||||||||
Commercial business
|
$
|
336
|
$
|
1,349
|
$
|
1,685
|
$
|
70,250
|
$
|
71,935
|
$
|
-
|
||||||||
Commercial real estate
|
6,345
|
10,315
|
16,660
|
281,031
|
297,691
|
-
|
||||||||||||||
Land
|
-
|
3,267
|
3,267
|
20,137
|
23,404
|
-
|
||||||||||||||
Multi-family
|
-
|
2,968
|
2,968
|
31,334
|
34,302
|
-
|
||||||||||||||
Real estate construction
|
-
|
175
|
175
|
9,500
|
9,675
|
-
|
||||||||||||||
Consumer
|
2,654
|
3,059
|
5,713
|
93,292
|
99,005
|
-
|
||||||||||||||
Total
|
$
|
9,335
|
$
|
21,133
|
$
|
30,468
|
$
|
505,544
|
$
|
536,012
|
$
|
-
|
December 31, 2013
|
Recorded
Investment with
No Specific
Valuation
Allowance
|
Recorded
Investment
with Specific
Valuation
Allowance
|
Total
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Specific
Valuation
Allowance
|
||||||||||
Commercial business
|
$
|
1,597
|
$
|
-
|
$
|
1,597
|
$
|
1,709
|
$
|
-
|
|||||
Commercial real estate
|
16,032
|
751
|
16,783
|
20,600
|
196
|
||||||||||
Land
|
1,278
|
-
|
1,278
|
1,323
|
-
|
||||||||||
Multi-family
|
2,065
|
-
|
2,065
|
2,141
|
-
|
||||||||||
Consumer
|
1,591
|
1,226
|
2,817
|
3,511
|
118
|
||||||||||
Total
|
$
|
22,563
|
$
|
1,977
|
$
|
24,540
|
$
|
29,284
|
$
|
314
|
|||||
March 31, 2013
|
|||||||||||||||
Commercial business
|
$
|
679
|
$
|
-
|
$
|
679
|
$
|
944
|
$
|
-
|
|||||
Commercial real estate
|
12,011
|
7,455
|
19,466
|
21,291
|
536
|
||||||||||
Land
|
3,469
|
-
|
3,469
|
4,359
|
-
|
||||||||||
Multi-family
|
3,846
|
-
|
3,846
|
4,802
|
-
|
||||||||||
Real estate construction
|
175
|
-
|
175
|
811
|
-
|
||||||||||
Consumer
|
3,090
|
1,843
|
4,933
|
5,799
|
183
|
||||||||||
Total
|
$
|
23,270
|
$
|
9,298
|
$
|
32,568
|
$
|
38,006
|
$
|
719
|
Three Months ended
December 31, 2013
|
Three Months ended
December 31, 2012
|
|||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
|||||||||
Commercial business
|
$
|
1,610
|
$
|
14
|
$
|
3,210
|
$
|
34
|
||||
Commercial real estate
|
17,452
|
111
|
19,038
|
129
|
||||||||
Land
|
1,640
|
1
|
5,167
|
16
|
||||||||
Multi-family
|
2,298
|
-
|
8,280
|
23
|
||||||||
Real estate construction
|
-
|
-
|
1,082
|
-
|
||||||||
Consumer
|
3,103
|
7
|
4,880
|
27
|
||||||||
Total
|
$
|
26,103
|
$
|
133
|
$
|
41,657
|
$
|
229
|
Nine Months ended
December 31, 2013
|
Nine Months ended
December 31, 2012
|
|||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired
Loans
|
|||||||||
Commercial business
|
$
|
1,201
|
$
|
37
|
$
|
4,814
|
$
|
104
|
||||
Commercial real estate
|
19,783
|
362
|
21,016
|
320
|
||||||||
Land
|
2,103
|
5
|
7,655
|
75
|
||||||||
Multi-family
|
2,944
|
15
|
8,815
|
112
|
||||||||
Real estate construction
|
86
|
-
|
2,912
|
-
|
||||||||
Consumer
|
3,597
|
30
|
4,967
|
87
|
||||||||
Total
|
$
|
29,714
|
$
|
449
|
$
|
50,179
|
$
|
698
|
9.
|
GOODWILL
|
10.
|
JUNIOR SUBORDINATED DEBENTURES
|
11.
|
FAIR VALUE MEASUREMENT
|
|
Fair value measurements using
|
||||||||||
December 31, 2013
|
Fair value
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
Other
observable
inputs
(Level 2)
|
Significant
unobservable
inputs
(Level 3)
|
|||||||
Investment securities available for sale
|
|||||||||||
Trust preferred
|
$
|
1,921
|
$
|
-
|
$
|
-
|
$
|
1,921
|
|||
Agency securities
|
17,873
|
-
|
17,873
|
-
|
|||||||
Mortgage-backed securities available for sale
|
|||||||||||
Real estate mortgage investment conduits
|
178
|
-
|
178
|
-
|
|||||||
FHLMC mortgage-backed securities
|
9,892
|
-
|
9,892
|
-
|
|||||||
FNMA mortgage-backed securities
|
19,269
|
-
|
19,269
|
-
|
|||||||
SBA mortgage-backed securities
|
4,080
|
-
|
4,080
|
-
|
|||||||
GNMA mortgage-backed securities
|
1,110
|
-
|
1,110
|
-
|
|||||||
Total recurring assets measured at fair value
|
$
|
54,323
|
$
|
-
|
$
|
52,402
|
$
|
1,921
|
March 31, 2013
|
|||||||||||
Investment securities available for sale
|
|||||||||||
Trust preferred
|
$
|
1,238
|
$
|
-
|
$
|
-
|
$
|
1,238
|
|||
Agency securities
|
4,978
|
-
|
4,978
|
-
|
|||||||
Mortgage-backed securities available for sale
|
|||||||||||
Real estate mortgage investment conduits
|
237
|
-
|
237
|
-
|
|||||||
FHLMC mortgage-backed securities
|
191
|
-
|
191
|
-
|
|||||||
FNMA mortgage-backed securities
|
3
|
-
|
3
|
-
|
|||||||
Total recurring assets measured at fair value
|
$
|
6,647
|
$
|
-
|
$
|
5,409
|
$
|
1,238
|
|
Fair value measurements using
|
||||||||||
December 31, 2013
|
Fair value
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
Other
observable
inputs
(Level 2)
|
Significant
unobservable
inputs
(Level 3)
|
|||||||
|
|
||||||||||
Impaired loans
|
$
|
15,325
|
$
|
-
|
$
|
-
|
$
|
15,325
|
|||
Real estate owned
|
12,517
|
-
|
-
|
12,517
|
|||||||
Total nonrecurring assets measured at fair value
|
$
|
27,842
|
$
|
-
|
$
|
-
|
$
|
27,842
|
Valuation
technique
|
Significant unobservable inputs
|
Range
|
||||
Impaired loans
|
Appraised value
|
Adjustment for market conditions
|
0% - 6%
|
|||
Real estate owned
|
Appraised value
|
Adjustment for market conditions
|
0% - 19%
|
12.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
13.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
Quoted prices
in active
markets for
identical assets
|
Other
observable
inputs
|
Significant
unobservable
inputs
|
||||||||||||
December 31, 2013
|
Carry value
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
Fair value
|
|||||||
Assets:
|
||||||||||||||
Cash
|
$
|
123,140
|
$
|
123,140
|
$
|
-
|
$
|
-
|
$
|
123,140
|
||||
Certificates of deposit held for investment
|
37,174
|
-
|
37,067
|
-
|
37,067
|
|||||||||
Investment securities available for sale
|
19,794
|
- |
17,873
|
1,921
|
19,794
|
|||||||||
Mortgage-backed securities held to maturity
|
104
|
-
|
107
|
-
|
107
|
|||||||||
Mortgage-backed securities available for sale
|
34,529
|
-
|
34,529
|
-
|
34,529
|
|||||||||
Loans receivable, net
|
505,632
|
-
|
-
|
468,294
|
468,294
|
|||||||||
Loans held for sale
|
148
|
-
|
148
|
-
|
148
|
|||||||||
Federal Home Loan Bank stock
|
6,958
|
-
|
6,958
|
-
|
6,958
|
|||||||||
Liabilities:
|
||||||||||||||
Demand – savings deposits
|
519,815
|
519,815
|
-
|
-
|
519,815
|
|||||||||
Time deposits
|
169,456
|
-
|
169,147
|
-
|
169,147
|
|||||||||
Junior subordinated debentures
|
22,681
|
-
|
-
|
11,505
|
11,505
|
|||||||||
|
||||||||||||||
March 31, 2013
|
||||||||||||||
Assets:
|
||||||||||||||
Cash
|
$
|
115,415
|
$
|
115,415
|
$
|
-
|
$
|
-
|
$
|
115,415
|
||||
Certificates of deposit held for investment
|
44,635
|
-
|
45,078
|
-
|
45,078
|
|||||||||
Investment securities available for sale
|
6,216
|
-
|
4,978
|
1,238
|
6,216
|
|||||||||
Mortgage-backed securities held to maturity
|
125
|
-
|
129
|
-
|
129
|
|||||||||
Mortgage-backed securities available for sale
|
431
|
-
|
431
|
-
|
431
|
|||||||||
Loans receivable, net
|
520,369
|
-
|
-
|
495,312
|
495,312
|
|||||||||
Loans held for sale
|
831
|
-
|
831
|
-
|
831
|
|||||||||
Federal Home Loan Bank stock
|
7,154
|
-
|
7,154
|
-
|
7,154
|
|||||||||
Liabilities:
|
||||||||||||||
Demand – savings deposits
|
$ |
475,688
|
$
|
-
|
$
|
475,688
|
$
|
-
|
$
|
475,688
|
||||
Time deposits
|
188,118
|
-
|
189,289
|
-
|
189,289
|
|||||||||
Junior subordinated debentures
|
22,681
|
-
|
-
|
9,433
|
9,433
|
14.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||
Commitments to originate loans:
|
||
Adjustable-rate
|
$
|
2,562
|
Fixed-rate
|
12,190
|
|
Standby letters of credit
|
843
|
|
Undisbursed loan funds, and unused lines of credit
|
70,553
|
|
Total
|
$
|
86,148
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
||||||||
December 31, 2013
|
(in thousands)
|
||||||||||
Commercial business
|
$
|
69,659
|
$
|
-
|
$
|
-
|
$
|
69,659
|
|||
Commercial construction
|
-
|
-
|
10,573
|
10,573
|
|||||||
Office buildings
|
-
|
83,165
|
-
|
83,165
|
|||||||
Warehouse/industrial
|
-
|
44,900
|
-
|
44,900
|
|||||||
Retail/shopping centers/strip malls
|
-
|
63,963
|
-
|
63,963
|
|||||||
Assisted living facilities
|
-
|
7,622
|
-
|
7,622
|
|||||||
Single purpose facilities
|
-
|
93,276
|
-
|
93,276
|
|||||||
Land
|
-
|
16,004
|
-
|
16,004
|
|||||||
Multi-family
|
-
|
23,443
|
-
|
23,443
|
|||||||
One-to-four family construction
|
-
|
-
|
4,468
|
4,468
|
|||||||
Total
|
$
|
69,659
|
$
|
332,373
|
$
|
15,041
|
$
|
417,073
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
||||||||
March 31, 2013
|
(in thousands)
|
||||||||||
Commercial business
|
$
|
71,935
|
$
|
-
|
$
|
-
|
$
|
71,935
|
|||
Commercial construction
|
-
|
-
|
5,719
|
5,719
|
|||||||
Office buildings
|
-
|
86,751
|
-
|
86,751
|
|||||||
Warehouse/industrial
|
-
|
41,124
|
-
|
41,124
|
|||||||
Retail/shopping centers/strip malls
|
-
|
67,472
|
-
|
67,472
|
|||||||
Assisted living facilities
|
-
|
13,146
|
-
|
13,146
|
|||||||
Single purpose facilities
|
-
|
89,198
|
-
|
89,198
|
|||||||
Land
|
-
|
23,404
|
-
|
23,404
|
|||||||
Multi-family
|
-
|
34,302
|
-
|
34,302
|
|||||||
One-to-four family construction
|
-
|
-
|
3,956
|
3,956
|
|||||||
Total
|
$
|
71,935
|
$
|
355,397
|
$
|
9,675
|
$
|
437,007
|
Actual
|
“Adequately
Capitalized”
|
“Well
Capitalized”
|
||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||
December 31, 2013
|
||||||||||||||||
Total Capital:
|
||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
87,588
|
16.76
|
%
|
$
|
41,818
|
8.0
|
%
|
$
|
62,728
|
12.0
|
%
(1)
|
||||
Tier 1 Capital:
|
||||||||||||||||
(To Risk-Weighted Assets)
|
80,958
|
15.49
|
20,909
|
4.0
|
31,364
|
6.0
|
||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||
(To Adjusted Tangible Assets)
|
80,958
|
10.42
|
31,093
|
4.0
|
69,958
|
9.0
|
(1)
|
|||||||||
Tangible Capital:
|
||||||||||||||||
(To Tangible Assets)
|
80,958
|
10.42
|
11,660
|
1.5
|
N/A
|
N/A
|
Actual
|
“Adequately
Capitalized”
|
“Well
Capitalized”
|
||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||
March 31, 2013
|
||||||||||||||||
Total Capital:
|
||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
81,227
|
15.29
|
%
|
$
|
42,493
|
8.0
|
%
|
$
|
63,740
|
12.0
|
%
(1)
|
||||
Tier 1 Capital:
|
||||||||||||||||
(To Risk-Weighted Assets)
|
74,473
|
14.02
|
21,247
|
4.0
|
31,870
|
6.0
|
||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||
(To Adjusted Tangible Assets)
|
74,473
|
9.99
|
29,823
|
4.0
|
67,102
|
9.0
|
(1)
|
|||||||||
Tangible Capital:
|
||||||||||||||||
(To Tangible Assets)
|
74,473
|
9.99
|
11,184
|
1.5
|
N/A
|
N/A
|
(1)
The Bank agreed with the OCC to establish higher minimum capital ratios and must maintain a Tier 1 capital (leverage) ratio of not less than 9.0% and a total risk-based capital ratio of not less than 12.0% in order to be deemed “well capitalized”.
|
December 31, 2013
|
March 31, 2013
|
|||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||
Commercial business
|
4
|
$
|
461
|
9
|
$
|
1,349
|
||||||
Commercial real estate
|
7
|
7,330
|
6
|
10,315
|
||||||||
Land
|
2
|
1,218
|
5
|
3,267
|
||||||||
Multi-family
|
1
|
2,065
|
1
|
2,968
|
||||||||
Real estate construction
|
-
|
-
|
1
|
175
|
||||||||
Consumer
|
14
|
2,303
|
15
|
3,059
|
||||||||
Total
|
28
|
$
|
13,377
|
37
|
$
|
21,133
|
December 31,
2013
|
March 31, 2013
|
|||||
(Dollars in thousands)
|
||||||
Loans accounted for on a non-accrual basis:
|
||||||
Commercial business
|
$
|
461
|
$
|
1,349
|
||
Other real estate mortgage
|
10,613
|
16,550
|
||||
Real estate construction
|
-
|
175
|
||||
Real estate one-to-four family
|
2,303
|
3,059
|
||||
Total
|
13,377
|
21,133
|
||||
Accruing loans which are contractually
past due 90 days or more
|
-
|
-
|
||||
Total nonperforming loans
|
13,377
|
21,133
|
||||
REO
|
11,951
|
15,638
|
||||
Total nonperforming assets
|
$
|
25,328
|
$
|
36,771
|
||
Total nonperforming loans to total loans
|
2.57
|
%
|
3.94
|
%
|
||
Total nonperforming loans to total assets
|
1.66
|
2.72
|
||||
Total nonperforming assets to total assets
|
3.15
|
4.73
|
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Total
|
||||||||||
December 31, 2013
|
(in thousands)
|
||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
461
|
$
|
-
|
$
|
461
|
|||||
Commercial real estate
|
1,806
|
-
|
5,401
|
123
|
7,330
|
||||||||||
Land
|
418
|
800
|
-
|
-
|
1,218
|
||||||||||
Multi-family
|
2,065
|
-
|
-
|
-
|
2,065
|
||||||||||
Consumer
|
402
|
-
|
1,608
|
293
|
2,303
|
||||||||||
Total nonperforming loans
|
4,691
|
800
|
7,470
|
416
|
13,377
|
||||||||||
REO
|
-
|
542
|
9,471
|
1,938
|
11,951
|
||||||||||
Total nonperforming assets
|
$
|
4,691
|
$
|
1,342
|
$
|
16,941
|
$
|
2,354
|
$
|
25,328
|
March 31, 2013
|
|||||||||||||||
Commercial business
|
$
|
94
|
$
|
169
|
$
|
1,086
|
$
|
-
|
$
|
1,349
|
|||||
Commercial real estate
|
2,638
|
-
|
7,379
|
298
|
10,315
|
||||||||||
Land
|
-
|
800
|
2,467
|
-
|
3,267
|
||||||||||
Multi-family
|
-
|
2,968
|
-
|
-
|
2,968
|
||||||||||
One-to-four family construction
|
-
|
175
|
-
|
-
|
175
|
||||||||||
Consumer
|
349
|
401
|
1,703
|
606
|
3,059
|
||||||||||
Total nonperforming loans
|
3,081
|
4,513
|
12,635
|
904
|
21,133
|
||||||||||
REO
|
1,637
|
5,272
|
6,548
|
2,181
|
15,638
|
||||||||||
Total nonperforming assets
|
$
|
4,718
|
$
|
9,785
|
$
|
19,183
|
$
|
3,085
|
$
|
36,771
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Total
|
||||||||||||
December 31, 2013
|
(in thousands)
|
|||||||||||||||
Land development
|
$
|
3,120
|
$
|
1,193
|
$
|
11,691
|
$
|
-
|
$
|
16,004
|
||||||
Speculative construction
|
-
|
-
|
4,286
|
-
|
4,286
|
|||||||||||
Total speculative and land construction
|
$
|
3,120
|
$
|
1,193
|
$
|
15,977
|
$
|
-
|
$
|
20,290
|
||||||
March 31, 2013
|
||||||||||||||||
Land development
|
$
|
4,674
|
$
|
1,339
|
$
|
17,391
|
$
|
-
|
$
|
23,404
|
||||||
Speculative construction
|
-
|
175
|
3,011
|
291
|
3,477
|
|||||||||||
Total speculative and land construction
|
$
|
4,674
|
$
|
1,514
|
$
|
20,402
|
$
|
291
|
$
|
26,881
|
December 31, 2013
|
March 31, 2013
|
|||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||
Commercial business
|
13
|
$
|
6,949
|
12
|
$
|
2,467
|
||||||
Commercial real estate
|
18
|
20,319
|
22
|
27,328
|
||||||||
Land
|
1
|
177
|
3
|
1,038
|
||||||||
Multi-family
|
1
|
14
|
2
|
879
|
||||||||
Total
|
33
|
$
|
27,459
|
39
|
$
|
31,712
|
(a) | Exhibits: | |
3.1 | Articles of Incorporation of the Registrant (1) | |
3.2 | Bylaws of the Registrant (1) | |
4 | Form of Certificate of Common Stock of the Registrant (1) | |
10.1 |
Form of Employment Agreement between the Bank and each Patrick Sheaffer, Ronald A. Wysaske, David A. Dahlstrom and John A. Karas(2)
|
|
10.2 | Form of Change in Control Agreement between the Bank and Kevin J. Lycklama (2) | |
10.3 | Employee Severance Compensation Plan (3) | |
10.4 | Employee Stock Ownership Plan (4) | |
10.5 | 1998 Stock Option Plan (5) | |
10.6 | 2003 Stock Option Plan (6) | |
10.7 | Form of Incentive Stock Option Award Pursuant to 2003 Stock Option Plan (7) | |
10.8 | Form of Non-qualified Stock Option Award Pursuant to 2003 Stock Option Plan (7) | |
10.9 |
Deferred Compensation Plan (8)
|
|
10.10 |
Agreement among Riverview Community Bank and the OCC entered into on January 25, 2012 (9)
|
|
11 |
Statement recomputation of per share earnings (See Note 4 of Notes to Consolidated Financial Statements contained herein.)
|
|
31.1 |
Certifications of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
31.2 |
Certifications of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
32 |
Certifications of the Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
101 |
The following materials from Riverview Bancorp Inc.’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2013, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income; (d) Consolidated Statements of Equity (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements (10)
|
(1)
|
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203), and incorporated herein by reference.
|
(2)
|
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed with the SEC on September 18, 2007 and incorporated herein by reference.
|
(3)
|
Filed as an exhibit to the Registrant's Quarterly Report on Form 10-Q for the quarter-ended September 30, 1997, and incorporated herein by reference.
|
(4)
|
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 1998, and incorporated herein by reference.
|
(5)
|
Filed as an exhibit to the Registrant’s Registration Statement on Form S-8 (Registration No. 333-66049), and incorporated herein by reference.
|
(6)
|
Filed as an exhibit to the Registrant’s Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 5, 2003, and incorporated herein by reference.
|
(7)
|
Filed as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter-ended December 31, 2005, and incorporated herein by reference.
|
(8)
|
Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended March 31, 2009 and incorporated herein by reference.
|
(9)
|
Filed as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December, 31, 2011 and incorporated herein by reference.
|
(10)
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise not subject to liability under those sections.
|
By: | /S/ Patrick Sheaffer | By: | /S/ Kevin J. Lycklama |
Patrick Sheaffer | Kevin J. Lycklama | ||
Chairman of the Board
|
Executive Vice President
|
||
Chief Executive Officer
|
Chief Financial Officer
|
||
(Principal Executive Officer)
|
|||
Date: | February 13, 2014 | Date: | February 13, 2014 |
|
31.1
|
Certifications of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
31.2
|
Certifications of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
32
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Certifications of the Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
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101*
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The following materials from Riverview Bancorp Inc.’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2013, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income; (d) Consolidated Statements of Equity (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements
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*
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Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise not subject to liability under those sections.
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