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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 |
[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 _____
|
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. | Page | |
Item 1: | Financial Statements (Unaudited) | |
Consolidated Balance Sheets
as of June 30, 2016 and March 31, 2016
|
2 | |
Consolidated Statements of Income for the
Three Months Ended June 30, 2016 and 2015
|
3 | |
Consolidated Statements of Comprehensive Income for the
Three Months Ended June 30, 2016 and 2015
|
4 | |
Consolidated Statements of Equity for the
Three Months Ended June 30, 2016 and 2015
|
5 | |
Consolidated Statements of Cash Flows for the
Three Months Ended June 30, 2016 and 2015
|
6 | |
Notes to Consolidated Financial Statements | 7 | |
Item 2: |
Management's Discussion and Analysis of
Financial Condition and Results of Operations
|
23 |
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
FOR THE THREE MONTHS ENDED JUNE 30, 2016 AND 2015
|
||||||||
(In thousands, except share and per share data) (Unaudited)
|
2016 | 2015 | ||||||
INTEREST AND DIVIDEND INCOME:
|
||||||||
Interest and fees on loans receivable
|
$ | 7,440 | $ | 6,860 | ||||
Interest on investment securities
|
720 | 582 | ||||||
Other interest and dividends
|
102 | 119 | ||||||
Total interest and dividend income
|
8,262 | 7,561 | ||||||
INTEREST EXPENSE:
|
||||||||
Interest on deposits
|
281 | 303 | ||||||
Interest on borrowings
|
158 | 134 | ||||||
Total interest expense
|
439 | 437 | ||||||
Net interest income
|
7,823 | 7,124 | ||||||
Recapture of loan losses
|
- | (500 | ) | |||||
Net interest income after recapture of loan losses
|
7,823 | 7,624 | ||||||
NON-INTEREST INCOME:
|
||||||||
Fees and service charges
|
1,323 | 1,296 | ||||||
Asset management fees
|
822 | 824 | ||||||
Net gains on sales of loans held for sale
|
139 | 221 | ||||||
Bank owned life insurance
|
191 | 197 | ||||||
Other, net
|
39 | 11 | ||||||
Total non-interest income, net
|
2,514 | 2,549 | ||||||
NON-INTEREST EXPENSE:
|
||||||||
Salaries and employee benefits
|
4,640 | 4,414 | ||||||
Occupancy and depreciation
|
1,137 | 1,169 | ||||||
Data processing
|
495 | 490 | ||||||
Advertising and marketing
|
193 | 176 | ||||||
FDIC insurance premium
|
122 | 126 | ||||||
State and local taxes
|
139 | 137 | ||||||
Telecommunications
|
73 | 73 | ||||||
Professional fees
|
258 | 233 | ||||||
Real estate owned
|
15 | 279 | ||||||
Other
|
743 | 648 | ||||||
Total non-interest expense
|
7,815 | 7,745 | ||||||
INCOME BEFORE INCOME TAXES
|
2,522 | 2,428 | ||||||
PROVISION FOR INCOME TAXES
|
825 | 833 | ||||||
NET INCOME
|
$ | 1,697 | $ | 1,595 | ||||
Earnings per common share:
|
||||||||
Basic
|
$ | 0.08 | $ | 0.07 | ||||
Diluted
|
0.08 | 0.07 | ||||||
Weighted average number of common shares outstanding:
|
||||||||
Basic
|
22,467,861 | 22,434,327 | ||||||
Diluted
|
22,514,235 | 22,477,006 |
(In thousands) (Unaudited)
|
2016
|
2015
|
||||
Net income
|
$
|
1,697
|
$
|
1,595
|
||
Other comprehensive income (loss):
|
||||||
Net unrealized holding gain (loss) from available for sale investment securities
|
||||||
arising during the period, net of tax of ($245) and $393, respectively
|
441
|
(764
|
)
|
|||
|
||||||
Noncontrolling interest
|
-
|
15
|
||||
Total comprehensive income, net
|
$
|
2,138
|
$
|
846
|
(In thousands, except share data)
|
Common Stock
|
Additional
Paid
-In
|
Retained |
Unearned
Shares
Issued to
|
Accumulated
Other
Comprehensive
|
Noncontrolling | ||||||||||||||||||
(Unaudited)
|
Shares
|
Amount
|
Capital
|
Earnings
|
ESOP
|
Income (Loss)
|
Interest
|
Total
|
||||||||||||||||
Balance April 1, 2015
|
22,489,890 | $ | 225 | $ | 65,268 | $ | 37,830 | $ | (284 | ) | $ | 762 | $ | 536 | $ | 104,337 | ||||||||
Net income
|
- | - | - | 1,595 | - | - | - | 1,595 | ||||||||||||||||
Cash dividend ($0.0125 per share)
|
- | - | - | (281 | ) | - | - | - | (281 | ) | ||||||||||||||
Exercise of stock options
|
18,000 | - | 62 | - | - | - | - | 62 | ||||||||||||||||
Earned ESOP shares
|
- | - | 1 | - | 26 | - | - | 27 | ||||||||||||||||
Unrealized holding loss on investment securities available for sale
|
- | - | - | - | - | (764 | ) | - | (764 | ) | ||||||||||||||
Noncontrolling interest
|
- | - | - | - | - | - | 15 | 15 | ||||||||||||||||
Balance June 30, 2015
|
22,507,890 | $ | 225 | $ | 65,331 | $ | 39,144 | $ | (258 | ) | $ | (2 | ) | $ | 551 | $ | 104,991 | |||||||
Balance April 1, 2016
|
22,507,890 | $ | 225 | $ | 64,418 | $ | 42,728 | $ | (181 | ) | $ | 1,083 | $ | - | $ | 108,273 | ||||||||
Net income
|
- | - | - | 1,697 | - | - | - | 1,697 | ||||||||||||||||
Cash dividend ($0.02 per share)
|
- | - | - | (449 | ) | - | - | - | (449 | ) | ||||||||||||||
Earned ESOP shares
|
- | - | 3 | - | 26 | - | - | 29 | ||||||||||||||||
Unrealized holding gain on investment securities available for sale
|
- | - | - | - | - | 441 | - | 441 | ||||||||||||||||
Balance June 30, 2016
|
22,507,890 | $ | 225 | $ | 64,421 | $ | 43,976 | $ | (155 | ) | $ | 1,524 | $ | - | $ | 109,991 |
(In thousands) (Unaudited)
|
2016
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||
Net income
|
$
|
1,697
|
$
|
1,595
|
||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||
Depreciation and amortization
|
911
|
782
|
||||
Recapture of loan losses
|
-
|
(500
|
)
|
|||
Provision for deferred income taxes
|
803
|
833
|
||||
Expense related to ESOP
|
29
|
26
|
||||
Increase (decrease) in deferred loan origination fees, net of amortization
|
163
|
(36
|
)
|
|||
Origination of loans held for sale
|
(4,118
|
)
|
(6,054
|
)
|
||
Proceeds from sales of loans held for sale
|
|
4,253
|
6,780
|
|||
Writedown of real estate owned
|
-
|
135
|
||||
Net gains on loans held for sale, sales and transfer of real estate owned, sales of
investment securities and sales of premises and equipment
|
(134
|
)
|
(184
|
)
|
||
Income from bank owned life insurance
|
(191
|
)
|
(197
|
)
|
||
Changes in certain other assets and liabilities:
|
||||||
Prepaid expenses and other assets
|
69
|
(416
|
)
|
|||
Accrued interest receivable
|
(68
|
)
|
70
|
|||
Accrued expenses and other liabilities
|
(119
|
)
|
(722
|
)
|
||
Net cash provided by operating activities
|
3,295
|
2,112
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||
Loan repayments (originations), net
|
(5,265
|
)
|
9,559
|
|||
Principal repayments on investment securities available for sale
|
6,275
|
5,067
|
||||
Purchases of investment securities available for sale
|
(21,464
|
)
|
(33,968
|
)
|
||
Proceeds from call, maturity, and sales of investment securities available for sale
|
2,500
|
-
|
||||
Principal repayments on investment securities held to maturity
|
3
|
3
|
||||
Purchases of premises and equipment and capitalized software
|
(96
|
)
|
(123
|
)
|
||
Redemption of certificates of deposit held for investment, net
|
498
|
498
|
||||
Proceeds from redemption of Federal Home Loan Bank stock, net
|
-
|
4,936
|
||||
Proceeds from sales of real estate owned and premises and equipment
|
21
|
88
|
||||
Net cash used in investing activities
|
(17,528
|
)
|
(13,940
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||
Net increase in deposits
|
9,752
|
1,611
|
||||
Dividends paid
|
(449
|
)
|
(253
|
)
|
||
Principal payments under capital lease obligation
|
(5
|
)
|
(22
|
)
|
||
Net decrease in advance payments by borrowers
|
(88
|
)
|
(80
|
)
|
||
Proceeds from exercise of stock options
|
-
|
62
|
||||
Net cash provided by financing activities
|
9,210
|
1,318
|
||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(5,023
|
)
|
(10,510
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
55,400
|
58,659
|
||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
50,377
|
$
|
48,149
|
||
SUPPLEMENTAL DISCLOSURES:
|
||||||
Cash paid during the period for:
|
||||||
Interest
|
$
|
395
|
$
|
395
|
||
Income taxes
|
20
|
15
|
||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||
Dividends declared and accrued in other liabilities
|
$
|
450
|
$
|
281
|
||
Unrealized holding gain (loss) from investment securities available for sale
|
686
|
(1,157
|
)
|
|||
Income tax effect related to unrealized holding gain (loss) from investment securities available for sale
|
(245
|
)
|
393
|
1.
|
BASIS OF PRESENTATION
|
2.
|
PRINCIPLES OF CONSOLIDATION
|
3.
|
STOCK PLANS AND STOCK-BASED COMPENSATION
|
Three Months Ended
June 30, 2016
|
Three Months Ended
June 30, 2015
|
|||||||||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||
Balance, beginning of period
|
223,654 | $ | 4.73 | 424,654 | $ | 8.00 | ||||||||||
Options exercised
|
- | - | (18,000 | ) | 3.49 | |||||||||||
Forfeited
|
- | - | (8,000 | ) | 12.98 | |||||||||||
Expired
|
- | - | (4,000 | ) | 10.60 | |||||||||||
Balance, end of period
|
223,654 | $ | 4.73 | 394,654 | $ | 8.08 |
4.
|
EARNINGS PER SHARE
|
Three Months Ended
June 30,
|
||||||||
2016
|
2015
|
|||||||
Basic EPS computation:
|
||||||||
Numerator-net income
|
$ | 1,697,000 | $ | 1,595,000 | ||||
Denominator-weighted average common shares outstanding
|
22,467,861 | 22,434,327 | ||||||
Basic EPS
|
$ | 0.08 | $ | 0.07 | ||||
Diluted EPS computation:
|
||||||||
Numerator-net income
|
$ | 1,697,000 | $ | 1,595,000 | ||||
Denominator-weighted average common shares outstanding
|
22,467,861 | 22,434,327 | ||||||
Effect of dilutive stock options
|
46,374 | 42,679 | ||||||
Weighted average common shares and common
|
||||||||
stock equivalents
|
22,514,235 | 22,477,006 | ||||||
Diluted EPS
|
$ | 0.08 | $ | 0.07 |
5.
|
INVESTMENT SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
||||||||
June 30, 2016
|
|||||||||||
Available for sale:
|
|||||||||||
Trust preferred
|
$
|
1,919
|
$
|
-
|
$
|
(142
|
)
|
$
|
1,777
|
||
Agency securities
|
17,008
|
75
|
-
|
17,083
|
|||||||
Real estate mortgage investment conduits
(1)
|
44,357
|
908
|
-
|
45,265
|
|||||||
Mortgage-backed securities
(1)
|
80,517
|
1,281
|
(15
|
)
|
81,783
|
||||||
Other mortgage-backed securities
(2)
|
17,519
|
287
|
(30
|
)
|
17,776
|
||||||
Total available for sale
|
$
|
161,320
|
$
|
2,551
|
$
|
(187
|
)
|
$
|
163,684
|
||
Held to maturity:
|
|||||||||||
Mortgage-backed securities
(3)
|
$
|
72
|
$
|
2
|
$
|
-
|
$
|
74
|
|||
March 31, 2016
|
|||||||||||
Available for sale:
|
|||||||||||
Trust preferred
|
$
|
1,919
|
$
|
-
|
$
|
(111
|
)
|
$
|
1,808
|
||
Agency securities
|
19,520
|
63
|
(14
|
)
|
19,569
|
||||||
Real estate mortgage investment conduits
(1)
|
43,293
|
632
|
(1
|
)
|
43,924
|
||||||
Mortgage-backed securities
(1)
|
75,404
|
980
|
(31
|
)
|
76,353
|
||||||
Other mortgage-backed securities
(2)
|
8,875
|
185
|
(24
|
)
|
9,036
|
||||||
Total available for sale
|
$
|
149,011
|
$
|
1,860
|
$
|
(181
|
)
|
$
|
150,690
|
||
Held to maturity:
|
|||||||||||
Mortgage-backed securities
(3)
|
$
|
75
|
$
|
1
|
$
|
-
|
$
|
76
|
|||
(1)
Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.
|
|||||||||||
(2)
Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by FNMA.
|
|||||||||||
(3)
Comprised of FHLMC and FNMA issued securities.
|
Available for Sale
|
Held to Maturity
|
|||||||||||
Amortized
Cost
|
Estimated
Fair Value
|
Amortized
Cost
|
Estimated
Fair Value
|
|||||||||
Due after one year through five years
|
$
|
16,483
|
$
|
16,631
|
$
|
-
|
$
|
-
|
||||
Due after five years through ten years
|
16,787
|
17,082
|
64
|
65
|
||||||||
Due after ten years
|
128,050
|
129,971
|
8
|
9
|
||||||||
Total
|
$
|
161,320
|
$
|
163,684
|
$
|
72
|
$
|
74
|
6.
|
LOANS RECEIVABLE
|
June 30, 2016
|
March 31, 2016
|
||||
Commercial and construction
|
|||||
Commercial business
|
$
|
61,696
|
$
|
69,397
|
|
Commercial real estate
|
369,961
|
353,749
|
|||
Land
|
11,137
|
12,045
|
|||
Multi-family
|
30,441
|
33,733
|
|||
Real estate construction
|
34,558
|
26,731
|
|||
Total commercial and construction
|
507,793
|
495,655
|
|||
Consumer
|
|||||
Real estate one-to-four family
|
86,515
|
88,780
|
|||
Other installment
(1)
|
35,506
|
40,384
|
|||
Total consumer
|
122,021
|
129,164
|
|||
Total loans
|
629,814
|
624,819
|
|||
Less: Allowance for loan losses
|
9,960
|
9,885
|
|||
Loans receivable, net
|
$
|
619,854
|
$
|
614,934
|
|
(1)
Consists primarily of purchased automobile loans totaling $33.5 million and $37.4 million at June 30, 2016 and March 31, 2016, respectively.
|
7.
|
ALLOWANCE FOR LOAN LOSSES
|
Three months ended
June 30, 2016
|
Commercial
Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real
Estate
Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||
Beginning balance
|
$
|
1,048
|
$
|
4,273
|
$
|
325
|
$
|
712
|
$
|
416
|
$
|
2,403
|
$
|
708
|
$
|
9,885
|
||||||||
Provision for (recapture of) loan losses
|
(150
|
)
|
198
|
(95
|
)
|
(41
|
)
|
149
|
(63
|
)
|
2
|
-
|
||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(44
|
)
|
-
|
(44
|
)
|
||||||||||||||
Recoveries
|
4
|
2
|
82
|
-
|
-
|
31
|
-
|
119
|
||||||||||||||||
Ending balance
|
$
|
902
|
$
|
4,473
|
$
|
312
|
$
|
671
|
$
|
565
|
$
|
2,327
|
$
|
710
|
$
|
9,960
|
Three months ended
June 30, 2015
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,263
|
$
|
4,268
|
$
|
539
|
$
|
348
|
$
|
769
|
$
|
2,548
|
$
|
1,027
|
$
|
10,762
|
||||||||
Provision for (recapture of) loan losses
|
195
|
(22
|
)
|
(99
|
)
|
(129
|
)
|
(147
|
)
|
(196
|
)
|
(102
|
)
|
(500
|
)
|
|||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(14
|
)
|
-
|
(14
|
)
|
||||||||||||||
Recoveries
|
11
|
-
|
62
|
-
|
-
|
16
|
-
|
89
|
||||||||||||||||
Ending balance
|
$
|
1,469
|
$
|
4,246
|
$
|
502
|
$
|
219
|
$
|
622
|
$
|
2,354
|
$
|
925
|
$
|
10,337
|
Allowance for Loan Losses
|
Recorded Investment in Loans
|
|||||||||||||||||
June 30, 2016
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Total
|
||||||||||||
Commercial business
|
$
|
-
|
$
|
902
|
$
|
902
|
$
|
191
|
$
|
61,505
|
$
|
61,696
|
||||||
Commercial real estate
|
-
|
4,473
|
4,473
|
9,497
|
360,464
|
369,961
|
||||||||||||
Land
|
-
|
312
|
312
|
801
|
10,336
|
11,137
|
||||||||||||
Multi-family
|
-
|
671
|
671
|
1,720
|
28,721
|
30,441
|
||||||||||||
Real estate construction
|
-
|
565
|
565
|
-
|
34,558
|
34,558
|
||||||||||||
Consumer
|
107
|
2,220
|
2,327
|
1,509
|
120,512
|
122,021
|
||||||||||||
Unallocated
|
-
|
710
|
710
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
107
|
$
|
9,853
|
$
|
9,960
|
$
|
13,718
|
$
|
616,096
|
$
|
629,814
|
March 31, 2016
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,048
|
$
|
1,048
|
$
|
192
|
$
|
69,205
|
$
|
69,397
|
||||||
Commercial real estate
|
-
|
4,273
|
4,273
|
9,802
|
343,947
|
353,749
|
||||||||||||
Land
|
-
|
325
|
325
|
801
|
11,244
|
12,045
|
||||||||||||
Multi-family
|
-
|
712
|
712
|
1,731
|
32,002
|
33,733
|
||||||||||||
Real estate construction
|
-
|
416
|
416
|
-
|
26,731
|
26,731
|
||||||||||||
Consumer
|
110
|
2,293
|
2,403
|
1,678
|
127,486
|
129,164
|
||||||||||||
Unallocated
|
-
|
708
|
708
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
110
|
$
|
9,775
|
$
|
9,885
|
$
|
14,204
|
$
|
610,615
|
$
|
624,819
|
June 30, 2016
|
30-89 Days
Past Due
|
90 Days and
Greater Past
Due
|
Non-accrual
|
Total Past
Due and
Non-
accrual
|
Current
|
Total Loans
Receivable
|
||||||||||||||||||
Commercial business
|
$ | - | $ | - | $ | - | $ | - | $ | 61,696 | $ | 61,696 | ||||||||||||
Commercial real estate
|
- | - | 1,289 | 1,289 | 368,672 | 369,961 | ||||||||||||||||||
Land
|
- | - | 801 | 801 | 10,336 | 11,137 | ||||||||||||||||||
Multi-family
|
- | - | - | - | 30,441 | 30,441 | ||||||||||||||||||
Real estate construction
|
- | - | - | - | 34,558 | 34,558 | ||||||||||||||||||
Consumer
|
246 | - | 266 | 512 | 121,509 | 122,021 | ||||||||||||||||||
Total
|
$ | 246 | $ | - | $ | 2,356 | $ | 2,602 | $ | 627,212 | $ | 629,814 |
March 31, 2016
|
||||||||||||||||||||||||
Commercial business
|
$ | - | $ | - | $ | - | $ | - | $ | 69,397 | $ | 69,397 | ||||||||||||
Commercial real estate
|
- | - | 1,559 | 1,559 | 352,190 | 353,749 | ||||||||||||||||||
Land
|
- | - | 801 | 801 | 11,244 | 12,045 | ||||||||||||||||||
Multi-family
|
- | - | - | - | 33,733 | 33,733 | ||||||||||||||||||
Real estate construction
|
- | - | - | - | 26,731 | 26,731 | ||||||||||||||||||
Consumer
|
611 | 20 | 334 | 965 | 128,199 | 129,164 | ||||||||||||||||||
Total
|
$ | 611 | $ | 20 | $ | 2,694 | $ | 3,325 | $ | 621,494 | $ | 624,819 |
June 30, 2016
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans Receivable
|
|||||||||||
Commercial business
|
$
|
61,096
|
$
|
253
|
$
|
347
|
$
|
-
|
$
|
-
|
$
|
61,696
|
|||||
Commercial real estate
|
362,182
|
6,016
|
1,763
|
-
|
-
|
369,961
|
|||||||||||
Land
|
8,891
|
1,445
|
801
|
-
|
-
|
11,137
|
|||||||||||
Multi-family
|
30,429
|
-
|
12
|
-
|
-
|
30,441
|
|||||||||||
Real estate construction
|
34,558
|
-
|
-
|
-
|
-
|
34,558
|
|||||||||||
Consumer
|
121,755
|
-
|
266
|
-
|
-
|
122,021
|
|||||||||||
Total
|
$
|
618,911
|
$
|
7,714
|
$
|
3,189
|
$
|
-
|
$
|
-
|
$
|
629,814
|
March 31, 2016
|
|||||||||||||||||
Commercial business
|
$
|
68,221
|
$
|
813
|
$
|
363
|
$
|
-
|
$
|
-
|
$
|
69,397
|
|||||
Commercial real estate
|
343,306
|
7,659
|
2,784
|
-
|
-
|
353,749
|
|||||||||||
Land
|
9,760
|
1,484
|
801
|
-
|
-
|
12,045
|
|||||||||||
Multi-family
|
33,721
|
-
|
12
|
-
|
-
|
33,733
|
|||||||||||
Real estate construction
|
26,731
|
-
|
-
|
-
|
-
|
26,731
|
|||||||||||
Consumer
|
128,830
|
-
|
334
|
-
|
-
|
129,164
|
|||||||||||
Total
|
$
|
610,569
|
$
|
9,956
|
$
|
4,294
|
$
|
-
|
$
|
-
|
$
|
624,819
|
June 30, 2016
|
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
|
$
|
191
|
$
|
-
|
$
|
191
|
$
|
191
|
$
|
-
|
||||
Commercial real estate
|
9,497
|
-
|
9,497
|
10,564
|
-
|
|||||||||
Land
|
801
|
-
|
801
|
807
|
-
|
|||||||||
Multi-family
|
1,720
|
-
|
1,720
|
1,859
|
-
|
|||||||||
Consumer
|
316
|
1,193
|
1,509
|
1,651
|
107
|
|||||||||
Total
|
$
|
12,525
|
$
|
1,193
|
$
|
13,718
|
$
|
15,072
|
$
|
107
|
||||
March 31, 2016
|
||||||||||||||
Commercial business
|
$
|
192
|
$
|
-
|
$
|
192
|
$
|
192
|
$
|
-
|
||||
Commercial real estate
|
9,802
|
-
|
9,802
|
10,758
|
-
|
|||||||||
Land
|
801
|
-
|
801
|
807
|
-
|
|||||||||
Multi-family
|
1,731
|
-
|
1,731
|
1,871
|
-
|
|||||||||
Consumer
|
477
|
1,201
|
1,678
|
1,845
|
110
|
|||||||||
Total
|
$
|
13,003
|
$
|
1,201
|
$
|
14,204
|
$
|
15,473
|
$
|
110
|
Three Months ended June 30, 2016
|
Three Months ended June 30, 2015
|
|||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||
Commercial business
|
$
|
191
|
$
|
2
|
$
|
855
|
$
|
6
|
||||
Commercial real estate
|
9,649
|
97
|
15,307
|
133
|
||||||||
Land
|
801
|
-
|
801
|
-
|
||||||||
Multi-family
|
1,726
|
23
|
1,917
|
26
|
||||||||
Consumer
|
1,594
|
16
|
2,250
|
17
|
||||||||
Total
|
$
|
13,961
|
$
|
138
|
$
|
21,130
|
$
|
182
|
June 30, 2016
|
March 31, 2016
|
|||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||
Commercial business
|
$
|
191
|
$
|
-
|
$
|
191
|
$
|
192
|
$
|
-
|
$
|
192
|
||||||
Commercial real estate
|
8,208
|
1,289
|
9,497
|
8,244
|
1,289
|
9,533
|
||||||||||||
Land
|
-
|
801
|
801
|
-
|
801
|
801
|
||||||||||||
Multi-family
|
1,720
|
-
|
1,720
|
1,731
|
-
|
1,731
|
||||||||||||
Consumer
|
1,509
|
-
|
1,509
|
1,678
|
-
|
1,678
|
||||||||||||
Total
|
$
|
11,628
|
$
|
2,090
|
$
|
13,718
|
$
|
11,845
|
$
|
2,090
|
$
|
13,935
|
8.
|
GOODWILL
|
9.
|
JUNIOR SUBORDINATED DEBENTURES
|
10.
|
FAIR VALUE MEASUREMENTS
|
Estimated Fair Value Measurements Using
|
||||||||||||||||
June 30, 2016
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Trust preferred
|
$ | 1,777 | $ | - | $ | - | $ | 1,777 | ||||||||
Agency securities
|
17,083 | - | 17,083 | - | ||||||||||||
Real estate mortgage investment conduits
|
45,265 | - | 45,265 | - | ||||||||||||
Mortgage-backed securities
|
81,783 | - | 81,783 | - | ||||||||||||
Other mortgage-backed securities
|
17,776 | - | 17,776 | - | ||||||||||||
Total assets measured at fair value on a recurring basis
|
$ | 163,684 | $ | - | $ | 161,907 | $ | 1,777 |
March 31, 2016
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
Trust preferred
|
$ | 1,808 | $ | - | $ | - | $ | 1,808 | ||||||||
Agency securities
|
19,569 | - | 19,569 | - | ||||||||||||
Real estate mortgage investment conduits
|
43,924 | - | 43,924 | - | ||||||||||||
Mortgage-backed securities
|
76,353 | - | 76,353 | - | ||||||||||||
Other mortgage-backed securities
|
9,036 | - | 9,036 | - | ||||||||||||
Total assets measured at fair value on a recurring basis
|
$ | 150,690 | $ | - | $ | 148,882 | $ | 1,808 |
For the Three Months Ended
|
||||||
June 30, 2016
|
June 30, 2015
|
|||||
Available for sale
securities
|
Available for sale
securities
|
|||||
Beginning balance
|
$
|
1,808
|
$
|
1,812
|
||
Transfers into Level 3
|
-
|
-
|
||||
Included in earnings
|
-
|
-
|
||||
Included in other comprehensive income
|
(31
|
)
|
(32
|
)
|
||
Ending balance
|
$
|
1,777
|
$
|
1,780
|
Estimated Fair Value Measurements Using
|
||||||||||||||||
June 30, 2016
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$ | 937 | $ | - | $ | - | $ | 937 |
Estimated Fair Value Measurements Using
|
||||||||||||||||
June 30, 2015
|
Total Estimated
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Impaired loans
|
$ | 949 | $ | - | $ | - | $ | 949 | ||||||||
REO
|
970 | - | - | 970 | ||||||||||||
Total assets measured at fair value on a nonrecurring basis
|
$ | 1,919 | $ | - | $ | - | $ | 1,919 |
June 30, 2016
|
Carrying Amount
|
Level 1
|
|
Level 2
|
|
Level 3
|
Estimated Fair Value
|
|||||||
Assets:
|
||||||||||||||
Cash and cash equivalents
|
$
|
50,377
|
$
|
50,377
|
$
|
-
|
$
|
-
|
$
|
50,377
|
||||
Certificates of deposit held for investment
|
16,271
|
-
|
16,451
|
-
|
16,451
|
|||||||||
Loans held for sale
|
457
|
-
|
457
|
-
|
457
|
|||||||||
Investment securities available for sale
|
163,684
|
-
|
161,907
|
1,777
|
163,684
|
|||||||||
Investment securities held to maturity
|
72
|
-
|
74
|
-
|
74
|
|||||||||
Loans receivable, net
|
619,854
|
-
|
-
|
586,700
|
586,700
|
|||||||||
FHLB stock
|
1,060
|
-
|
1,060
|
-
|
1,060
|
|||||||||
Liabilities:
|
||||||||||||||
Demand and savings deposits
|
674,534
|
674,534
|
-
|
-
|
674,534
|
|||||||||
Time deposits
|
115,021
|
-
|
114,989
|
-
|
114,989
|
|||||||||
Junior subordinated debentures
|
22,681
|
-
|
-
|
8,003
|
8,003
|
|||||||||
Capital lease obligation
|
2,470
|
-
|
2,470
|
-
|
2,470
|
|||||||||
|
||||||||||||||
March 31, 2016
|
||||||||||||||
Assets:
|
|
|||||||||||||
Cash and cash equivalents
|
$
|
55,400
|
$
|
55,400
|
$
|
-
|
$
|
-
|
$
|
55,400
|
||||
Certificates of deposit held for investment
|
16,769
|
-
|
16,959
|
-
|
16,959
|
|||||||||
Loans held for sale
|
503
|
-
|
503
|
-
|
503
|
|||||||||
Investment securities available for sale
|
150,690
|
-
|
148,882
|
1,808
|
150,690
|
|||||||||
Investment securities held to maturity
|
75
|
-
|
76
|
-
|
76
|
|||||||||
Loans receivable, net
|
614,934
|
-
|
-
|
571,068
|
571,068
|
|||||||||
FHLB stock
|
1,060
|
-
|
1,060
|
-
|
1,060
|
|||||||||
Liabilities:
|
||||||||||||||
Demand and savings deposits
|
660,421
|
660,421
|
-
|
-
|
660,421
|
|||||||||
Time deposits
|
119,382
|
-
|
119,143
|
-
|
119,143
|
|||||||||
Junior subordinated debentures
|
22,681
|
-
|
-
|
7,705
|
7,705
|
|||||||||
Capital lease obligation
|
2,475
|
-
|
2,475
|
-
|
2,475
|
11.
|
NEW ACCOUNTING PRONOUNCEMENTS
|
12.
|
COMMITMENTS AND CONTINGENCIES
|
Contract or
Notional Amount
|
||
Commitments to originate loans:
|
||
Adjustable-rate
|
$
|
24,349
|
Fixed-rate
|
26,965
|
|
Standby letters of credit
|
1,439
|
|
Undisbursed loan funds and unused lines of credit
|
109,458
|
|
Total
|
$
|
162,211
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
June 30, 2016
|
||||||||||||||||
Commercial business
|
$ | 61,696 | $ | - | $ | - | $ | 61,696 | ||||||||
Commercial construction
|
- | - | 20,327 | 20,327 | ||||||||||||
Office buildings
|
- | 107,126 | - | 107,126 | ||||||||||||
Warehouse/industrial
|
- | 57,978 | - | 57,978 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 62,432 | - | 62,432 | ||||||||||||
Assisted living facilities
|
- | 1,800 | - | 1,800 | ||||||||||||
Single purpose facilities
|
- | 140,625 | - | 140,625 | ||||||||||||
Land
|
- | 11,137 | - | 11,137 | ||||||||||||
Multi-family
|
- | 30,441 | - | 30,441 | ||||||||||||
One-to-four family construction
|
- | - | 14,231 | 14,231 | ||||||||||||
Total
|
$ | 61,696 | $ | 411,539 | $ | 34,558 | $ | 507,793 |
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
March 31, 2016
|
||||||||||||||||
Commercial business
|
$ | 69,397 | $ | - | $ | - | $ | 69,397 | ||||||||
Commercial construction
|
- | - | 16,716 | 16,716 | ||||||||||||
Office buildings
|
- | 107,986 | - | 107,986 | ||||||||||||
Warehouse/industrial
|
- | 55,830 | - | 55,830 | ||||||||||||
Retail/shopping centers/strip malls
|
- | 61,600 | - | 61,600 | ||||||||||||
Assisted living facilities
|
- | 1,809 | - | 1,809 | ||||||||||||
Single purpose facilities
|
- | 126,524 | - | 126,524 | ||||||||||||
Land
|
- | 12,045 | - | 12,045 | ||||||||||||
Multi-family
|
- | 33,733 | - | 33,733 | ||||||||||||
One-to-four family construction
|
- | - | 10,015 | 10,015 | ||||||||||||
Total
|
$ | 69,397 | $ | 399,527 | $ | 26,731 | $ | 495,655 |
Actual
|
For Capital Adequacy Purposes
|
“Well Capitalized” Under Prompt Corrective Action
|
|||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||
June 30, 2016
|
|||||||||||||||
Total Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
$
|
107,997
|
16.26
|
%
|
$
|
53,127
|
8.0
|
%
|
$
|
66,408
|
10.0
|
%
|
|||
Tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
99,657
|
15.01
|
39,845
|
6.0
|
53,127
|
8.0
|
|||||||||
Common equity tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
99,657
|
15.01
|
29,884
|
4.5
|
43,165
|
6.5
|
|||||||||
Tier 1 Capital (Leverage):
|
|||||||||||||||
(To Adjusted Tangible Assets)
|
99,657
|
11.16
|
35,724
|
4.0
|
44,655
|
5.0
|
|||||||||
Tangible Capital:
|
|||||||||||||||
(To Tangible Assets)
|
99,657
|
11.16
|
13,396
|
1.5
|
N/A
|
N/A
|
Actual
|
For Capital Adequacy Purposes
|
“Well Capitalized” Under Prompt Corrective Action
|
|||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||
March 31, 2016
|
|||||||||||||||
Total Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
$
|
105,277
|
16.07
|
%
|
$
|
52,405
|
8.0
|
%
|
$
|
65,507
|
10.0
|
%
|
|||
Tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
97,046
|
14.81
|
39,304
|
6.0
|
52,405
|
8.0
|
|||||||||
Common equity tier 1 Capital:
|
|||||||||||||||
(To Risk-Weighted Assets)
|
97,046
|
14.81
|
29,478
|
4.5
|
42,579
|
6.5
|
|||||||||
Tier 1 Capital (Leverage):
|
|||||||||||||||
(To Adjusted Tangible Assets)
|
97,046
|
11.18
|
34,718
|
4.0
|
43,397
|
5.0
|
|||||||||
Tangible Capital:
|
|||||||||||||||
(To Tangible Assets)
|
97,046
|
11.18
|
13,019
|
1.5
|
N/A
|
N/A
|
June 30, 2016
|
March 31, 2016
|
|||||||||||||||
Number of
Loans
|
Balance
|
Number of
Loans
|
Balance
|
|||||||||||||
Commercial real estate
|
1 | $ | 1,289 | 2 | $ | 1,559 | ||||||||||
Land
|
1 | 801 | 1 | 801 | ||||||||||||
Consumer
|
7 | 266 | 12 | 354 | ||||||||||||
Total
|
9 | $ | 2,356 | 15 | $ | 2,714 |
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
Washington
|
Other
|
Total
|
||||||||||||||||||
June 30, 2016 | ||||||||||||||||||||||||
Commercial real estate
|
$ | - | $ | 1,289 | $ | - | $ | - | $ | - | $ | 1,289 | ||||||||||||
Land
|
- | 801 | - | - | - | 801 | ||||||||||||||||||
Consumer
|
112 | - | 91 | - | 63 | 266 | ||||||||||||||||||
Total nonperforming loans
|
112 | 2,090 | 91 | - | 63 | 2,356 | ||||||||||||||||||
REO
|
271 | - | - | 298 | - | 569 | ||||||||||||||||||
Total nonperforming assets
|
$ | 383 | $ | 2,090 | $ | 91 | $ | 298 | $ | 63 | $ | 2,925 |
March 31, 2016
|
||||||||||||||||||||||||
Commercial real estate
|
$ | 269 | $ | 1,290 | $ | - | $ | - | $ | - | $ | 1,559 | ||||||||||||
Land
|
- | 801 | - | - | - | 801 | ||||||||||||||||||
Consumer
|
112 | - | 139 | - | 103 | 354 | ||||||||||||||||||
Total nonperforming loans
|
381 | 2,091 | 139 | - | 103 | 2,714 | ||||||||||||||||||
REO
|
271 | - | 26 | 298 | - | 595 | ||||||||||||||||||
Total nonperforming assets
|
$ | 652 | $ | 2,091 | $ | 165 | $ | 298 | $ | 103 | $ | 3,309 |
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
|||||||||||||
June 30, 2016
|
||||||||||||||||
Land
|
$ | 94 | $ | 2,642 | $ | 8,401 | $ | 11,137 | ||||||||
Speculative construction
|
1,365 | 50 | 11,199 | 12,614 | ||||||||||||
Total land and speculative construction
|
$ | 1,459 | $ | 2,692 | $ | 19,600 | $ | 23,751 |
March 31, 2016
|
||||||||||||||||
Land
|
$ | 97 | $ | 2,766 | $ | 9,182 | $ | 12,045 | ||||||||
Speculative construction
|
400 | - | 7,711 | 8,111 | ||||||||||||
Total land and speculative construction
|
$ | 497 | $ | 2,766 | $ | 16,893 | $ | 20,156 |
June 30, 2016
|
March 31, 2016
|
|||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||
Commercial business
|
5
|
$
|
347
|
5
|
$
|
363
|
||||||
Commercial real estate
|
3
|
473
|
4
|
1,225
|
||||||||
Multi-family
|
1
|
12
|
1
|
12
|
||||||||
Total
|
9
|
$
|
832
|
10
|
$
|
1,600
|
(a)
|
Exhibits:
|
3.1
|
Articles of Incorporation of the Registrant (1)
|
|
3.2
|
Bylaws of the Registrant (2)
|
|
4
|
Form of Certificate of Common Stock of the Registrant (1)
|
|
10.1
|
Form of Employment Agreement between the Company and each of Patrick Sheaffer, Ronald A. Wysaske, and Kevin J. Lycklama (3)
|
|
10.2
|
Form of Change in Control Agreement between the Company and the Bank and each of Patrick Sheaffer, Ronald A. Wysaske, and Kevin J. Lycklama (3)
|
|
10.3
|
Form of Employment Agreement between the Bank and John A. Karas (4)
|
|
10.4
|
Employee Severance Compensation Plan (5)
|
|
10.5
|
Employee Stock Ownership Plan (6)
|
|
10.6
|
1998 Stock Option Plan (7)
|
|
10.7
|
2003 Stock Option Plan (8)
|
|
10.8
|
Form of Incentive Stock Option Award Pursuant to 2003 Stock Option Plan (9)
|
|
10.9
|
Form of Non-qualified Stock Option Award Pursuant to 2003 Stock Option Plan (9)
|
|
10.10
|
Deferred Compensation Plan (10)
|
|
10.11
|
Standstill Agreement, dated August 26, 2015, by and among, Riverview Bancorp, Inc. and Ancora Advisors, LLC, Merlin Partners LP, Ancora Catalyst Fund, Frederick DiSanto, Brian Hopkins, Patrick Sweeney and James M. Chadwick (11)
|
|
11
|
Statement of recomputation of per share earnings (See Note 4 of the Notes to Consolidated Financial Statements contained herein.)
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
32
|
Certification of 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, 2016, 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
|
(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 May 3, 2016 and incorporated herein by reference.
|
(3)
|
Filed as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2014, and incorporated herein by reference.
|
(4)
|
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.
|
(5)
|
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.
|
(6)
|
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.
|
(7)
|
Filed as an exhibit to the Registrant’s Registration Statement on Form S-8 (Registration No. 333-66049), and incorporated herein by reference.
|
(8)
|
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.
|
(9)
|
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.
|
(10)
|
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.
|
(11)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on August 31, 2015, and incorporated herein by reference.
|
RIVERVIEW BANCORP, INC. | |
By: /s/ Patrick Sheaffer | By: /s/ Kevin J. Lycklama |
Patrick Sheaffer | Kevin J. Lycklama |
Chairman of the Board and
|
Executive Vice President and
|
Chief Executive Officer
|
Chief Financial Officer
|
(Principal Executive Officer) | (Principal Executive Officer) |
Date: August 8, 2016 | Date: August 8, 2016 |
|
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, 2016, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Equity (d) Consolidated Statements of Cash Flows; and (e) Notes to Consolidated Financial Statements
|
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