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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.53% | 3.73 | 3.44 | 3.73 | 3.92 | 3.37 | 3.77 | 120,848 | 00:44:32 |
[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
|
|
For the transition period from _____ to _____
|
RIVERVIEW BANCORP, INC. | ||
(Exact name of registrant as specified in its charter) | ||
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 June 30, 2014 and March 31, 2014
|
2 | |
Consolidated Statements of Income
Three Months Ended June 30, 2014 and 2013
|
3 | |
Consolidated Statements of Comprehensive Income
Three Months Ended June 30, 2014 and 2013
|
4 | |
Consolidated Statements of Equity
Three Months Ended June 30, 2014 and 2013
|
5 | |
Consolidated Statements of Cash Flows
Three Months Ended June 30, 2014 and 2013
|
6 | |
Notes to Consolidated Financial Statements | 7-22 | |
Item 2: |
Management's Discussion and Analysis of
Financial Condition and Results of Operations
|
23-36 |
Item 3: | Quantitative and Qualitative Disclosures About Market Risk | 36 |
Item 4: | Controls and Procedures | 36 |
Part II. | Other Information | 37-38 |
Item 1: | Legal Proceedings | |
Item 1A: | Risk Factors | |
Item 2: | Unregistered Sales 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 | 39 | |
Certifications | ||
Exhibit 31.1 | ||
Exhibit 31.2 | ||
Exhibit 32 |
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Three Months Ended
June 30
|
|||||||
(In thousands, except share and per share data) (Unaudited)
|
2014
|
2013
|
||||||
INTEREST INCOME | ||||||||
Interest and fees on loans receivable
|
$ | 6,171 | $ | 6,605 | ||||
Interest on investment securities – taxable
|
84 | 39 | ||||||
Interest on mortgage-backed securities
|
480 | 16 | ||||||
Other interest and dividends
|
131 | 171 | ||||||
Total interest and dividend income
|
6,866 | 6,831 | ||||||
INTEREST EXPENSE:
|
||||||||
Interest on deposits
|
360 | 527 | ||||||
Interest on borrowings
|
147 | 150 | ||||||
Total interest expense
|
507 | 677 | ||||||
Net interest income
|
6,359 | 6,154 | ||||||
Less recapture of loan losses
|
(300 | ) | (2,500 | ) | ||||
Net interest income after recapture of loan losses
|
6,659 | 8,654 | ||||||
NON-INTEREST INCOME:
|
||||||||
Fees and service charges
|
1,070 | 1,030 | ||||||
Asset management fees
|
820 | 736 | ||||||
Net gain on sale of loans held for sale
|
126 | 317 | ||||||
Bank owned life insurance
|
138 | 142 | ||||||
Other
|
56 | 21 | ||||||
Total non-interest income
|
2,210 | 2,246 | ||||||
NON-INTEREST EXPENSE:
|
||||||||
Salaries and employee benefits
|
4,174 | 3,870 | ||||||
Occupancy and depreciation
|
1,087 | 1,244 | ||||||
Data processing
|
470 | 688 | ||||||
Amortization of core deposit intangible
|
6 | 17 | ||||||
Advertising and marketing expense
|
150 | 204 | ||||||
FDIC insurance premium
|
175 | 411 | ||||||
State and local taxes
|
137 | 126 | ||||||
Telecommunications
|
76 | 68 | ||||||
Professional fees
|
289 | 338 | ||||||
Real estate owned expenses
|
616 | 1,612 | ||||||
Other
|
555 | 665 | ||||||
Total non-interest expense
|
7,735 | 9,243 | ||||||
INCOME BEFORE INCOME TAXES
|
1,134 | 1,657 | ||||||
PROVISION FOR INCOME TAXES
|
394 | 17 | ||||||
NET INCOME
|
$ | 740 | $ | 1,640 | ||||
Earnings per common share:
|
||||||||
Basic
|
$ | 0.03 | $ | 0.07 | ||||
Diluted
|
0.03 | 0.07 | ||||||
Weighted average number of shares outstanding:
|
||||||||
Basic
|
22,382,595 | 22,357,962 | ||||||
Diluted
|
22,408,775 | 22,358,633 |
(In thousands) (Unaudited)
|
2014
|
2013
|
|||||
Net income
|
$
|
740
|
$
|
1,640
|
|||
Other comprehensive income:
(1)
|
|||||||
Unrealized holding gain on securities, net
|
907
|
70
|
|||||
Income tax expense related to securities unrealized holding gain
|
(308
|
)
|
(24
|
)
|
|||
|
|||||||
Noncontrolling interest
|
19
|
32
|
|||||
Total comprehensive income
|
$
|
1,358
|
$
|
1,718
|
|||
(1)
There were no reclassifications out of other comprehensive income for the three months ended
June 30, 2014 and 2013.
|
|||||||
(In thousands, except share data) (Unaudited)
|
Common Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Unearned
Shares
Issued to
Employee
Stock Ownership
Trust
|
Accumulated
Other
Comprehensive
Loss
|
Noncontrolling Interest
|
Total
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||||||
Balance April 1, 2013
|
22,471,890
|
$
|
225
|
$
|
65,551
|
$
|
14,169
|
$
|
(490
|
)
|
$
|
(1,013
|
)
|
$
|
603
|
$
|
79,045
|
|||||||
Net income
|
-
|
-
|
-
|
1,640
|
-
|
-
|
-
|
1,640
|
||||||||||||||||
Earned ESOP shares
|
-
|
-
|
(10
|
)
|
-
|
26
|
-
|
-
|
16
|
|||||||||||||||
Unrealized holding gain on securities available for sale
|
-
|
-
|
-
|
-
|
-
|
46
|
-
|
46
|
||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
32
|
32
|
||||||||||||||||
Balance June 30, 2013
|
22,471,890
|
$
|
225
|
$
|
65,541
|
$
|
15,809
|
$
|
(464
|
)
|
$
|
(967
|
)
|
$
|
635
|
$
|
80,779
|
|||||||
Balance April 1, 2014
|
22,471,890
|
$
|
225
|
$
|
65,195
|
$
|
33,592
|
$
|
(387
|
)
|
$
|
(647
|
)
|
$
|
471
|
$
|
98,449
|
|||||||
Net income
|
-
|
-
|
-
|
740
|
-
|
-
|
-
|
740
|
||||||||||||||||
Stock option expense
|
-
|
-
|
26
|
-
|
-
|
-
|
-
|
26
|
||||||||||||||||
Earned ESOP shares
|
-
|
-
|
(3
|
)
|
-
|
26
|
-
|
-
|
23
|
|||||||||||||||
Unrealized holding gain on securities available for sale
|
-
|
-
|
-
|
-
|
-
|
599
|
-
|
599
|
||||||||||||||||
Noncontrolling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
19
|
19
|
||||||||||||||||
Balance June 30, 2014
|
22,471,890
|
$
|
225
|
$
|
65,218
|
$
|
34,332
|
$
|
(361
|
)
|
$
|
(48
|
)
|
$
|
490
|
$
|
99,856
|
|||||||
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Three Months Ended
June 30, 2014
|
Three Months Ended
June 30, 2013
|
|||||||||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||
Balance, beginning of period
|
474,654 | 7.91 | 407,500 | 9.05 | ||||||||||||
Grants
|
- | - | - | - | ||||||||||||
Forfeited
|
- | - | - | - | ||||||||||||
Expired
|
(28,000 | ) | 9.06 | (10,000 | ) | 8.44 | ||||||||||
Balance, end of period
|
446,654 | 7.83 | 397,500 | 9.07 |
4.
|
EARNINGS PER SHARE
|
Three Months Ended
June 30,
|
||||||
2014
|
2013
|
|||||
Basic EPS computation:
|
||||||
Numerator-net income
|
$
|
740,000
|
$
|
1,640,000
|
||
Denominator-weighted average common shares outstanding
|
22,382,595
|
22,357,962
|
||||
Basic EPS
|
$
|
0.03
|
$
|
0.07
|
||
Diluted EPS computation:
|
||||||
Numerator-net income
|
$
|
740,000
|
$
|
1,640,000
|
||
Denominator-weighted average common shares outstanding
|
22,382,595
|
22,357,962
|
||||
Effect of dilutive stock options
|
26,180
|
671
|
||||
Weighted average common shares
|
||||||
and common stock equivalents
|
22,408,775
|
22,358,633
|
||||
Diluted EPS
|
$
|
0.03
|
$
|
0.07
|
5.
|
IN
VESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
||||||||
June 30, 2014
|
|||||||||||
Trust preferred
|
$
|
1,919
|
$
|
-
|
$
|
(44
|
)
|
$
|
1,875
|
||
Agency securities
|
19,950
|
65
|
(341
|
)
|
19,674
|
||||||
Total
|
$
|
21,869
|
$
|
65
|
$
|
(385
|
)
|
$
|
21,549
|
||
March 31, 2014
|
|||||||||||
Trust preferred
|
$
|
1,919
|
$
|
-
|
$
|
(16
|
)
|
$
|
1,903
|
||
Agency securities
|
21,947
|
6
|
(462
|
)
|
21,491
|
||||||
Total
|
$
|
23,866
|
$
|
6
|
$
|
(478
|
)
|
$
|
23,394
|
||
June 30, 2014
|
Amortized
Cost
|
Estimated
Fair Value
|
||||
Due in one year or less
|
$
|
-
|
$
|
-
|
||
Due after one year through five years
|
18,941
|
18,653
|
||||
Due after five years through ten years
|
1,009
|
1,021
|
||||
Due after ten years
|
1,919
|
1,875
|
||||
Total
|
$
|
21,869
|
$
|
21,549
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||
June 30, 2014
|
||||||||||||||||||
Trust preferred
|
$
|
1,875
|
$
|
(44)
|
$
|
-
|
$
|
-
|
$
|
1,875
|
$
|
(44
|
)
|
|||||
Agency securities
|
-
|
-
|
12,659
|
(341
|
)
|
12,659
|
(341
|
)
|
||||||||||
Total
|
$
|
1,875
|
$
|
(44
|
)
|
$
|
12,659
|
$
|
(341
|
)
|
$
|
14,534
|
$
|
(385
|
)
|
March 31, 2014
|
||||||||||||||||||
Trust preferred
|
$
|
1,903
|
$
|
(16
|
)
|
$
|
-
|
$
|
-
|
$
|
1,903
|
$
|
(16
|
)
|
||||
Agency securities
|
17,985
|
(462
|
)
|
-
|
-
|
17,985
|
(462
|
)
|
||||||||||
Total
|
$
|
19,888
|
$
|
(478
|
)
|
$
|
-
|
$
|
-
|
$
|
19,888
|
$
|
(478
|
)
|
6.
|
MORTGAGE-BACKED SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||||||||
June 30, 2014
|
||||||||||||
Mortgage-backed securities
(1)
|
$
|
98
|
$
|
1
|
$
|
-
|
$
|
99
|
||||
March 31, 2014
|
||||||||||||
Mortgage-backed securities
(1)
|
$
|
101
|
$
|
3
|
$
|
-
|
$
|
104
|
||||
(1)
Comprised of Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“ FHLMC”) issued securities.
|
June 30, 2014
|
Amortized
Cost
|
Estimated
Fair Value
|
|||
Due in one year or less
|
$
|
-
|
$
|
-
|
|
Due after one year through five years
|
-
|
-
|
|||
Due after five years through ten years
|
79
|
80
|
|||
Due after ten years
|
19
|
19
|
|||
Total
|
$
|
98
|
$
|
99
|
June 30, 2014
|
Amortized
Cost
|
Estimated
Fair Value
|
|||
Due in one year or less
|
$
|
-
|
$
|
-
|
|
Due after one year through five years
|
20
|
21
|
|||
Due after five years through ten years
|
12,995
|
13,095
|
|||
Due after ten years
|
85,151
|
85,297
|
|||
Total
|
$
|
98,166
|
$
|
98,413
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||
June 30, 2014
|
||||||||||||||||||
Real estate mortgage investment conduits
|
$
|
9,946
|
$
|
(54
|
)
|
$
|
-
|
$
|
-
|
$
|
9,946
|
$
|
(54
|
)
|
||||
Mortgage-backed securities
(1)
|
4,465
|
(17
|
)
|
5,358
|
(194
|
)
|
9,823
|
(211
|
)
|
|||||||||
Other mortgage-backed securities
(2)
|
3,514
|
(29
|
)
|
-
|
-
|
3,514
|
(29
|
)
|
||||||||||
Total
|
$
|
17,925
|
$
|
(100
|
)
|
$
|
5,358
|
$
|
(194
|
)
|
$
|
23,283
|
$
|
(294
|
)
|
March 31, 2014
|
||||||||||||||||||
Real estate mortgage investment conduits
|
$
|
4,996
|
$
|
(77
|
)
|
$
|
-
|
$
|
-
|
$
|
4,996
|
$
|
(77
|
)
|
||||
Mortgage-backed securities
|
49,177
|
(547
|
)
|
-
|
-
|
49,177
|
(547
|
)
|
||||||||||
Other mortgage-backed securities
|
1,526
|
(13
|
)
|
-
|
-
|
1,526
|
(13
|
)
|
||||||||||
Total
|
$
|
55,699
|
$
|
(637
|
)
|
$
|
-
|
$
|
-
|
$
|
55,699
|
$
|
(637
|
)
|
||||
(1)
Comprised of FHLMC and FNMA issued securities.
|
||||||||||||||||||
(2)
Comprised of SBA issued securities.
|
7.
|
LOANS RECEIVABLE
|
June 30, 2014
|
March 31, 2014
|
||||
Commercial and construction
|
|||||
Commercial business
|
$
|
75,702
|
$
|
71,632
|
|
Other real estate mortgage
|
327,287
|
324,881
|
|||
Real estate construction
|
18,347
|
19,482
|
|||
Total commercial and construction
|
421,336
|
415,995
|
|||
Consumer
|
|||||
Real estate one-to-four family
|
93,550
|
93,007
|
|||
Other installment
|
32,107
|
24,486
|
|||
Total consumer
|
125,657
|
117,493
|
|||
Total loans
|
546,993
|
533,488
|
|||
Less: Allowance for loan losses
|
12,281
|
12,551
|
|||
Loans receivable, net
|
$
|
534,712
|
$
|
520,937
|
8.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
June 30, 2014
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||
Beginning balance
|
$
|
2,409
|
$
|
5,269
|
$
|
340
|
$
|
203
|
$
|
387
|
$
|
2,653
|
$
|
1,290
|
$
|
12,551
|
||||||||
Provision for (recapture of) loan losses
|
(805
|
)
|
149
|
(105
|
)
|
57
|
(33
|
)
|
218
|
219
|
(300
|
)
|
||||||||||||
Charge-offs
|
-
|
(25
|
)
|
-
|
-
|
-
|
(30
|
)
|
-
|
(55
|
)
|
|||||||||||||
Recoveries
|
2
|
-
|
62
|
-
|
-
|
21
|
-
|
85
|
||||||||||||||||
Ending balance
|
$
|
1,606
|
$
|
5,393
|
$
|
297
|
$
|
260
|
$
|
354
|
$
|
2,862
|
$
|
1,509
|
$
|
12,281
|
Three months ended
June 30, 2013
|
||||||||||||||||||||||||
Beginning balance
|
$
|
2,128
|
$
|
5,979
|
$
|
2,019
|
$
|
541
|
$
|
221
|
$
|
2,949
|
$
|
1,806
|
$
|
15,643
|
||||||||
Provision for (recapture of) loan losses
|
(563
|
)
|
(352
|
)
|
(1,200
|
)
|
(209
|
)
|
21
|
(328
|
)
|
131
|
(2,500
|
)
|
||||||||||
Charge-offs
|
(55
|
)
|
(74
|
)
|
(8
|
)
|
-
|
(7
|
)
|
(138
|
)
|
-
|
(282
|
)
|
||||||||||
Recoveries
|
184
|
15
|
483
|
-
|
4
|
150
|
-
|
836
|
||||||||||||||||
Ending balance
|
$
|
1,694
|
$
|
5,568
|
$
|
1,294
|
$
|
332
|
$
|
239
|
$
|
2,633
|
$
|
1,937
|
$
|
13,697
|
Allowance for loan losses
|
Recorded investment in loans
|
|||||||||||||||||
June 30, 2014
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||
Commercial business
|
$
|
-
|
$
|
1,606
|
$
|
1,606
|
$
|
930
|
$
|
74,772
|
$
|
75,702
|
||||||
Commercial real estate
|
-
|
5,393
|
5,393
|
17,448
|
272,087
|
289,535
|
||||||||||||
Land
|
-
|
297
|
297
|
825
|
14,426
|
15,251
|
||||||||||||
Multi-family
|
-
|
260
|
260
|
2,345
|
20,156
|
22,501
|
||||||||||||
Real estate construction
|
-
|
354
|
354
|
-
|
18,347
|
18,347
|
||||||||||||
Consumer
|
137
|
2,725
|
2,862
|
3,982
|
121,675
|
125,657
|
||||||||||||
Unallocated
|
-
|
1,509
|
1,509
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
137
|
$
|
12,144
|
$
|
12,281
|
$
|
25,530
|
$
|
521,463
|
$
|
546,993
|
March 31, 2014
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
2,409
|
$
|
2,409
|
$
|
947
|
$
|
70,685
|
$
|
71,632
|
||||||
Commercial real estate
|
137
|
5,132
|
5,269
|
18,122
|
269,386
|
287,508
|
||||||||||||
Land
|
-
|
340
|
340
|
858
|
15,387
|
16,245
|
||||||||||||
Multi-family
|
-
|
203
|
203
|
2,014
|
19,114
|
21,128
|
||||||||||||
Real estate construction
|
-
|
387
|
387
|
-
|
19,482
|
19,482
|
||||||||||||
Consumer
|
142
|
2,511
|
2,653
|
4,009
|
113,484
|
117,493
|
||||||||||||
Unallocated
|
-
|
1,290
|
1,290
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
279
|
$
|
12,272
|
$
|
12,551
|
$
|
25,950
|
$
|
507,538
|
$
|
533,488
|
June 30, 2014
|
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
|
$ | 88 | $ | 187 | $ | 275 | $ | 75,427 | $ | 75,702 | $ | - | ||||||||||||
Commercial real estate
|
1,921 | 7,038 | 8,959 | 280,576 | 289,535 | - | ||||||||||||||||||
Land
|
- | 800 | 800 | 14,451 | 15,251 | - | ||||||||||||||||||
Multi-family
|
- | 2,345 | 2,345 | 20,156 | 22,501 | - | ||||||||||||||||||
Real estate construction
|
- | - | - | 18,347 | 18,347 | - | ||||||||||||||||||
Consumer
|
388 | 2,682 | 3,070 | 122,587 | 125,657 | - | ||||||||||||||||||
Total
|
$ | 2,397 | $ | 13,052 | $ | 15,449 | $ | 531,544 | $ | 546,993 | $ | - |
March 31, 2014
|
||||||||||||||||||||||||
Commercial business
|
$ | 120 | $ | 452 | $ | 572 | $ | 71,060 | $ | 71,632 | $ | - | ||||||||||||
Commercial real estate
|
188 | 8,067 | 8,255 | 279,253 | 287,508 | - | ||||||||||||||||||
Land
|
- | 800 | 800 | 15,445 | 16,245 | - | ||||||||||||||||||
Multi-family
|
359 | 2,014 | 2,373 | 18,755 | 21,128 | - | ||||||||||||||||||
Real estate construction
|
- | - | - | 19,482 | 19,482 | - | ||||||||||||||||||
Consumer
|
1,580 | 2,729 | 4,309 | 113,184 | 117,493 | - | ||||||||||||||||||
Total
|
$ | 2,247 | $ | 14,062 | $ | 16,309 | $ | 517,179 | $ | 533,488 | $ | - |
June 30, 2014
|
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
|
$
|
930
|
$
|
-
|
$
|
930
|
$
|
1,059
|
$
|
-
|
|||||
Commercial real estate
|
17,448
|
-
|
17,448
|
19,538
|
-
|
||||||||||
Land
|
825
|
-
|
825
|
828
|
-
|
||||||||||
Multi-family
|
2,345
|
-
|
2,345
|
2,475
|
-
|
||||||||||
Consumer
|
2,578
|
1,404
|
3,982
|
4,661
|
137
|
||||||||||
Total
|
$
|
24,126
|
$
|
1,404
|
$
|
25,530
|
$
|
28,561
|
$
|
137
|
|||||
March 31, 2014
|
|||||||||||||||
Commercial business
|
$
|
947
|
$
|
-
|
$
|
947
|
$
|
1,067
|
$
|
-
|
|||||
Commercial real estate
|
17,956
|
166
|
18,122
|
20,601
|
137
|
||||||||||
Land
|
858
|
-
|
858
|
861
|
-
|
||||||||||
Multi-family
|
2,014
|
-
|
2,014
|
2,103
|
-
|
||||||||||
Consumer
|
2,596
|
1,413
|
4,009
|
4,639
|
142
|
||||||||||
Total
|
$
|
24,371
|
$
|
1,579
|
$
|
25,950
|
$
|
29,271
|
$
|
279
|
Three Months ended June 30, 2014
|
Three Months ended June 30, 2013
|
|||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||
Commercial business
|
$
|
938
|
$
|
11
|
$
|
793
|
$
|
4
|
||||
Commercial real estate
|
17,785
|
112
|
22,114
|
134
|
||||||||
Land
|
842
|
-
|
2,566
|
3
|
||||||||
Multi-family
|
2,179
|
-
|
3,589
|
15
|
||||||||
Real estate construction
|
-
|
-
|
172
|
-
|
||||||||
Consumer
|
3,996
|
19
|
4,091
|
11
|
||||||||
Total
|
$
|
25,740
|
$
|
142
|
$
|
33,325
|
$
|
167
|
June 30, 2014
|
June 30, 2013
|
|||||||||||||||||||||||
(Dollars in Thousands)
|
Number of
Contracts
|
Pre-
Modification Outstanding
Recorded
Investment
|
Post-
Modification Outstanding
Recorded
Investment
|
Number of
Contracts
|
Pre-
Modification Outstanding
Recorded
Investment
|
Post-
Modification Outstanding
Recorded
Investment
|
||||||||||||||||||
Commercial real estate
|
1 | $ | 344 | $ | 346 | - | $ | - | $ | - | ||||||||||||||
Consumer
|
- | - | - | 1 | 43 | 42 | ||||||||||||||||||
Total
|
1 | $ | 344 | $ | 346 | 1 | $ | 43 | $ | 42 |
9.
|
GOODWILL
|
10.
|
JUNIOR SUBORDINATED DEBENTURES
|
11.
|
FAIR VALUE MEASUREMENT
|
Fair value measurements using
|
||||||||||||||||
June 30, 2014
|
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
|
$ | 1,875 | $ | - | $ | - | $ | 1,875 | ||||||||
Agency securities
|
19,674 | - | 19,674 | - | ||||||||||||
Mortgage-backed securities available for sale
|
||||||||||||||||
Real estate mortgage investment conduits
|
19,607 | - | 19,607 | - | ||||||||||||
Mortgage-backed securities
|
72,920 | - | 72,920 | - | ||||||||||||
Other mortgage-backed securities
|
5,886 | - | 5,886 | - | ||||||||||||
Total recurring assets measured at fair value
|
$ | 119,962 | $ | - | $ | 118,087 | $ | 1,875 |
March 31, 2014
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
Trust preferred
|
$ | 1,903 | $ | - | $ | - | $ | 1,903 | ||||||||
Agency securities
|
21,491 | - | 21,491 | - | ||||||||||||
Mortgage-backed securities available for sale
|
||||||||||||||||
Real estate mortgage investment conduits
|
7,150 | - | 7,150 | - | ||||||||||||
Mortgage-backed securities
|
65,413 | - | 65,413 | - | ||||||||||||
Other mortgage-backed securities
|
6,012 | - | 6,012 | - | ||||||||||||
Total recurring assets measured at fair value
|
$ | 101,969 | $ | - | $ | 100,066 | $ | 1,903 |
Fair value measurements using
|
||||||||||||||||
June 30, 2014
|
Fair value
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
Other
observable
inputs
(Level 2)
|
Significant
unobservable
inputs
(Level 3)
|
||||||||||||
Impaired loans
|
$ | 1,000 | $ | - | $ | - | $ | 1,000 | ||||||||
Real estate owned
|
3,984 | - | - | 3,984 | ||||||||||||
Total nonrecurring assets measured at fair value
|
$ | 4,984 | $ | - | $ | - | $ | 4,984 |
12.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
13.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
June 30, 2014
|
Carry value
|
Quoted prices
in active
markets for
identical assets
(Level 1)
|
Other
observable
inputs
(Level 2)
|
Significant
unobservable
inputs
(Level 3)
|
Fair value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash
|
$ | 41,556 | $ | 41,556 | $ | - | $ | - | $ | 41,556 | ||||||||||
Certificates of deposit held for investment
|
34,435 | - | 34,692 | - | 34,692 | |||||||||||||||
Investment securities available for sale
|
21,549 | - | 19,674 | 1,875 | 21,549 | |||||||||||||||
Mortgage-backed securities held to maturity
|
98 | - | 99 | - | 99 | |||||||||||||||
Mortgage-backed securities available for sale
|
98,413 | - | 98,413 | - | 98,413 | |||||||||||||||
Loans receivable, net
|
534,712 | - | - | 492,657 | 492,657 | |||||||||||||||
Loans held for sale
|
795 | - | 795 | - | 795 | |||||||||||||||
Federal Home Loan Bank stock
|
6,533 | - | 6,533 | - | 6,533 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand – savings deposits
|
531,697 | 531,697 | - | - | 531,697 | |||||||||||||||
Time deposits
|
154,944 | - | 154,844 | - | 154,844 | |||||||||||||||
Junior subordinated debentures
|
22,681 | - | - | 10,772 | 10,772 |
March 31, 2014
|
Carry value
|
Quoted prices in active markets for identical assets (Level 1)
|
Other observable inputs
(Level 2)
|
Significant unobservable inputs
(Level 3)
|
Fair value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash
|
$ | 68,577 | $ | 68,577 | $ | - | $ | - | $ | 68,577 | ||||||||||
Certificates of deposit held for investment
|
36,925 | - | 37,176 | - | 37,176 | |||||||||||||||
Investment securities available for sale
|
23,394 | - | 21,491 | 1,903 | 23,394 | |||||||||||||||
Mortgage-backed securities held to maturity
|
101 | - | 104 | - | 104 | |||||||||||||||
Mortgage-backed securities available for sale
|
78,575 | - | 78,575 | - | 78,575 | |||||||||||||||
Loans receivable, net
|
520,937 | - | - | 480,454 | 480,454 | |||||||||||||||
Loans held for sale
|
1,024 | - | 1,024 | - | 1,024 | |||||||||||||||
Federal Home Loan Bank stock
|
6,744 | - | 6,744 | - | 6,744 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Demand – savings deposits
|
527,813 | 527,813 | - | - | 527,813 | |||||||||||||||
Time deposits
|
162,253 | - | 162,020 | - | 162,020 | |||||||||||||||
Junior subordinated debentures
|
22,681 | - | - | 11,233 | 11,233 |
14.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||
Commitments to originate loans:
|
||
Adjustable-rate
|
$
|
5,547
|
Fixed-rate
|
8,793
|
|
Standby letters of credit
|
791
|
|
Undisbursed loan funds, and unused lines of credit
|
81,444
|
|
Total
|
$
|
96,575
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
June 30, 2014
|
||||||||||||||||
Commercial business
|
$ | 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 construction
|
- | - | 4,075 | 4,075 | ||||||||||||
Total
|
$ | 75,702 | $ | 327,287 | $ | 18,347 | $ | 421,336 |
March 31, 2014
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
||||||||||||
Commercial business
|
$ | 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 construction
|
- | - | 3,864 | 3,864 | ||||||||||||
Total
|
$ | 71,632 | $ | 324,881 | $ | 19,482 | $ | 415,995 |
Actual
|
“Adequately Capitalized”
|
“Well Capitalized”
|
|||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||
June 30, 2014
|
|||||||||||||||
Total Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
$
|
92,771
|
16.58
|
%
|
$
|
44,770
|
8.0
|
%
|
$
|
67,155
|
12.0
|
%
(1)
|
|||
Tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
85,707
|
15.31
|
22,385
|
4.0
|
33,578
|
6.0
|
|||||||||
Tier 1 Capital (Leverage):
|
|||||||||||||||
(To Adjusted Tangible Assets)
|
85,707
|
10.93
|
31,362
|
4.0
|
70,565
|
9.0
|
(1)
|
||||||||
Tangible Capital:
|
|||||||||||||||
(To Tangible Assets)
|
85,707
|
10.93
|
11,761
|
1.5
|
N/A
|
N/A
|
March 31, 2014
|
|||||||||||||||
Total Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
$
|
90,733
|
16.66
|
%
|
$
|
43,572
|
8.0
|
%
|
$
|
65,359
|
12.0
|
%
(1)
|
|||
Tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
83,850
|
15.40
|
21,786
|
4.0
|
32,679
|
6.0
|
|||||||||
Tier 1 Capital (Leverage):
|
|||||||||||||||
(To Adjusted Tangible Assets)
|
83,850
|
10.71
|
31,320
|
4.0
|
70,469
|
9.0
|
(1)
|
||||||||
Tangible Capital:
|
|||||||||||||||
(To Tangible Assets)
|
83,850
|
10.71
|
11,745
|
1.5
|
N/A
|
N/A
|
|
(1)
The Bank agreed with the OCC to establish higher minimum capital ratios and to maintain a Tier 1 capital (leverage) ratio of not less than 9.0% and a total risked-based capital ratio of not less than 12.0% in order to be deemed “well capitalized”.
|
June 30, 2014
|
March 31, 2014
|
|||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||
Commercial business
|
2
|
$
|
187
|
4
|
$
|
452
|
||||||
Commercial real estate
|
6
|
7,038
|
8
|
8,067
|
||||||||
Land
|
1
|
800
|
1
|
800
|
||||||||
Multi-family
|
2
|
2,345
|
1
|
2,014
|
||||||||
Consumer
|
9
|
2,682
|
9
|
2,729
|
||||||||
Total
|
20
|
$
|
13,052
|
23
|
$
|
14,062
|
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
|||||||||||
June 30, 2014
|
(Dollars in thousands)
|
||||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
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 nonperforming loans
|
4,103
|
800
|
7,852
|
270
|
27
|
13,052
|
|||||||||||
REO
|
426
|
45
|
4,781
|
674
|
-
|
5,926
|
|||||||||||
Total nonperforming assets
|
$
|
4,529
|
$
|
845
|
$
|
12,633
|
$
|
944
|
$
|
27
|
$
|
18,978
|
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
|||||||||||
March 31, 2014
|
|||||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
452
|
$
|
-
|
$
|
-
|
$
|
452
|
|||||
Commercial real estate
|
2,194
|
-
|
5,873
|
-
|
-
|
8,067
|
|||||||||||
Multi-family
|
2,014
|
-
|
-
|
-
|
-
|
2,014
|
|||||||||||
Land
|
-
|
800
|
-
|
-
|
-
|
800
|
|||||||||||
Real estate one-to-four family
|
395
|
-
|
2,065
|
269
|
-
|
2,729
|
|||||||||||
Total nonperforming loans
|
4,603
|
800
|
8,390
|
269
|
-
|
14,062
|
|||||||||||
REO
|
$
|
374
|
$
|
542
|
$
|
5,966
|
$
|
821
|
-
|
7,703
|
|||||||
Total nonperforming assets
|
$
|
4,977
|
$
|
1,342
|
$
|
14,356
|
$
|
1,090
|
$
|
-
|
$
|
21,765
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
|
Total
|
||||||||||||
June 30, 2014
|
(in thousands)
|
|||||||||||||||
Land development
|
$
|
1,963
|
$
|
1,176
|
$
|
12,112
|
$
|
-
|
$
|
15,251
|
||||||
Speculative construction
|
-
|
-
|
3,877
|
145
|
4,022
|
|||||||||||
Total land development and speculative construction
|
$
|
1,963
|
$
|
1,176
|
$
|
15,989
|
$
|
145
|
$
|
19,273
|
||||||
March 31, 2014
|
||||||||||||||||
Land development
|
$
|
2,676
|
$
|
1,184
|
$
|
12,385
|
$
|
-
|
$
|
16,245
|
||||||
Speculative construction
|
-
|
-
|
3,617
|
30
|
3,647
|
|||||||||||
Total land development and speculative construction
|
$
|
2,676
|
$
|
1,184
|
$
|
16,002
|
$
|
30
|
$
|
19,892
|
June 30, 2014
|
March 31, 2014
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
11 | $ | 996 | 15 | $ | 7,967 | ||||||||||
Commercial real estate
|
11 | 11,772 | 11 | 11,771 | ||||||||||||
Multi-family
|
1 | 13 | 1 | 14 | ||||||||||||
Total
|
23 | $ | 12,781 | 27 | $ | 19,752 |
(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 June 30, 2014, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income (Loss); (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.
|
RIVERVIEW BANCORP, INC.
|
|||
By: | /S/ Patrick Sheaffer | By: | /S/ Kevin J. Lycklama |
Patrick Sheaffer | Kevin J. Lycklama | ||
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
|
Executive Vice President and
Chief Financial Officer
(Principal Executive Officer)
|
||
Date: | August 14, 2014 | Date: | August 14, 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
|
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 June 30, 2014, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Operations; (c) Consolidated Statements of Equity (d) Consolidated Statements of Cash Flows; and (e) Notes to Consolidated Financial Statements *
|
|
*
|
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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