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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.18 | 4.51% | 4.17 | 3.99 | 4.17 | 4.17 | 4.00 | 4.00 | 1,089 | 15:38:34 |
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019 |
[ ] |
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.
|
Financial Information
|
Page
|
|
|
|
Item 1:
|
Financial Statements (Unaudited)
|
|
|
|
|
|
Consolidated Balance Sheets as of
|
|
|
June 30, 2019 and March 31, 2019
|
2
|
|
|
|
|
Consolidated Statements of Income for the
|
|
|
Three Months Ended June 30, 2019 and 2018
|
3
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the
|
|
|
Three Months Ended June 30, 2019 and 2018
|
4
|
|
|
|
|
Consolidated Statements of Shareholders’ Equity for the
|
|
|
Three Months Ended June 30, 2019 and 2018
|
5
|
|
|
|
|
Consolidated Statements of Cash Flows for the
|
|
|
Three Months Ended June 30, 2019 and 2018
|
6
|
|
|
|
|
Notes to Consolidated Financial Statements
|
7
|
|
|
|
Item 2:
|
Management's Discussion and Analysis of
|
|
|
Financial Condition and Results of Operations
|
25
|
|
|
|
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
39
|
|
|
|
Item 4:
|
Controls and Procedures
|
39
|
|
|
|
Part II.
|
Other Information
|
40 - 41
|
|
|
|
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
|
42
|
|
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, 2019 AND 2018
|
||||||
(In thousands, except share and per share data) (Unaudited)
|
2019
|
2018
|
||||
INTEREST AND DIVIDEND INCOME:
|
||||||
Interest and fees on loans receivable
|
$
|
11,514
|
$
|
10,777
|
||
Interest on investment securities – taxable
|
878
|
1,198
|
||||
Interest on investment securities – nontaxable
|
37
|
37
|
||||
Other interest and dividends
|
87
|
93
|
||||
Total interest and dividend income
|
12,516
|
12,105
|
||||
INTEREST EXPENSE:
|
||||||
Interest on deposits
|
351
|
260
|
||||
Interest on borrowings
|
735
|
358
|
||||
Total interest expense
|
1,086
|
618
|
||||
Net interest income
|
11,430
|
11,487
|
||||
Recapture of loan losses
|
-
|
(200
|
)
|
|||
Net interest income after recapture of loan losses
|
11,430
|
11,687
|
||||
NON-INTEREST INCOME:
|
||||||
Fees and service charges
|
1,677
|
1,755
|
||||
Asset management fees
|
1,143
|
926
|
||||
Net gains on sales of loans held for sale
|
96
|
152
|
||||
BOLI
|
193
|
179
|
||||
Other, net
|
67
|
40
|
||||
Total non-interest income, net
|
3,176
|
3,052
|
||||
NON-INTEREST EXPENSE:
|
||||||
Salaries and employee benefits
|
5,715
|
5,578
|
||||
Occupancy and depreciation
|
1,320
|
1,359
|
||||
Data processing
|
680
|
631
|
||||
Amortization of CDI
|
40
|
46
|
||||
Advertising and marketing
|
210
|
192
|
||||
FDIC insurance premium
|
80
|
76
|
||||
State and local taxes
|
195
|
168
|
||||
Telecommunications
|
86
|
93
|
||||
Professional fees
|
325
|
284
|
||||
Other
|
543
|
592
|
||||
Total non-interest expense
|
9,194
|
9,019
|
||||
INCOME BEFORE INCOME TAXES
|
5,412
|
5,720
|
||||
PROVISION FOR INCOME TAXES
|
1,220
|
1,278
|
||||
NET INCOME
|
$
|
4,192
|
$
|
4,442
|
||
Earnings per common share:
|
||||||
Basic
|
$
|
0.19
|
$
|
0.20
|
||
Diluted
|
0.18
|
0.20
|
||||
Weighted average number of common shares outstanding:
|
||||||
Basic
|
22,619,580
|
22,570,179
|
||||
Diluted
|
22,685,343
|
22,651,732
|
(In thousands) (Unaudited)
|
2019
|
2018
|
|||||
Net income
|
$
|
4,192
|
$
|
4,442
|
|||
Other comprehensive income (loss):
|
|||||||
Net unrealized holding gain (loss) from available for sale investment securities
|
|||||||
arising during the period, net of tax of ($675) and $226, respectively
|
2,135
|
(736
|
)
|
||||
Total comprehensive income, net
|
$
|
6,327
|
$
|
3,706
|
(In thousands, except share data) (Unaudited)
|
Common Stock
|
Additional
Paid-In
|
Retained
|
Accumulated
Other
Comprehensive
|
Total
|
|||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Loss | ||||||||||||||
Balance April 1, 2018
|
22,570,179
|
$
|
226
|
$
|
64,871
|
$
|
56,552
|
$
|
(4,748
|
)
|
$
|
116,901
|
||||||
Net income
|
-
|
-
|
-
|
4,442
|
-
|
4,442
|
||||||||||||
Cash dividends on common stock ($0.035 per share)
|
-
|
-
|
-
|
(790
|
)
|
-
|
(790
|
)
|
||||||||||
Stock-based compensation expense
|
-
|
-
|
11
|
-
|
-
|
11
|
||||||||||||
Other comprehensive loss, net
|
-
|
-
|
-
|
-
|
(736
|
)
|
(736
|
)
|
||||||||||
Balance June 30, 2018
|
22,570,179
|
$
|
226
|
$
|
64,882
|
$
|
60,204
|
$
|
(5,484
|
)
|
$
|
119,828
|
Balance April 1, 2019
|
22,607,712
|
$
|
226
|
$
|
65,094
|
$
|
70,428
|
$
|
(2,626
|
)
|
$
|
133,122
|
||||||
Net income
|
-
|
-
|
-
|
4,192
|
-
|
4,192
|
||||||||||||
Cash dividends on common stock ($0.045 per share)
|
-
|
-
|
-
|
(1,018
|
)
|
-
|
(1,018)
|
|||||||||||
Exercise of stock options
|
15,000
|
-
|
52
|
-
|
-
|
52
|
||||||||||||
Restricted stock grants
|
82,673
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Stock-based compensation expense
|
-
|
-
|
180
|
-
|
-
|
180
|
||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
-
|
2,135
|
2,135
|
||||||||||||
Balance June 30, 2019
|
22,705,385
|
$
|
226
|
$
|
65,326
|
$
|
73,602
|
$
|
(491
|
)
|
$
|
138,663
|
(In thousands) (Unaudited)
|
2019
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||
Net income
|
$
|
4,192
|
$
|
4,442
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||
Depreciation and amortization
|
767
|
688
|
||||
Purchased loans amortization (accretion), net
|
(41
|
)
|
62
|
|||
Recapture of loan losses
|
-
|
(200
|
)
|
|||
Stock-based compensation expense
|
180
|
11
|
||||
Increase in deferred loan origination fees, net of amortization
|
110
|
184
|
||||
Origination of loans held for sale
|
(2,627
|
)
|
(4,705
|
)
|
||
Proceeds from sales of loans held for sale
|
3,598
|
4,987
|
||||
Net gains on loans held for sale and sales of premises and equipment
|
(91
|
)
|
(152
|
)
|
||
Income from BOLI
|
(193
|
)
|
(179
|
)
|
||
Changes in certain other assets and liabilities:
|
||||||
Prepaid expenses and other assets
|
1,459
|
71
|
||||
Accrued interest receivable
|
(70
|
)
|
(101
|
)
|
||
Accrued expenses and other liabilities
|
(735
|
)
|
(886
|
)
|
||
Net cash provided by operating activities
|
6,549
|
4,222
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||
Loan originations, net
|
(8,327
|
)
|
(7,222
|
)
|
||
Purchases of loans receivable
|
(3,594
|
)
|
(7,403
|
)
|
||
Principal repayments on investment securities available for sale
|
6,863
|
6,852
|
||||
Proceeds from calls of investment securities available for sale
|
3,000
|
5,000
|
||||
Principal repayments on investment securities held to maturity
|
2
|
2
|
||||
Purchases of premises and equipment and capitalized software
|
(82
|
)
|
(181
|
)
|
||
Redemption of certificates of deposit held for investment
|
-
|
996
|
||||
Purchases of FHLB stock, net
|
(14
|
)
|
-
|
|||
Proceeds from sales of real estate owned (“REO”) and premises and equipment
|
-
|
298
|
||||
Net cash used in investing activities
|
(2,152
|
)
|
(1,658
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||
Net decrease in deposits
|
(2,788
|
)
|
(13,322
|
)
|
||
Dividends paid
|
(904
|
)
|
(677
|
)
|
||
Proceeds from borrowings
|
130,947
|
56,160
|
||||
Repayment of borrowings
|
(130,592
|
)
|
(56,160
|
)
|
||
Net increase (decrease) in advance payments by borrowers for taxes and insurance
|
58
|
(57
|
)
|
|||
Principal payments on finance lease liability
|
(8
|
)
|
(7
|
)
|
||
Proceeds from exercise of stock options
|
52
|
-
|
||||
Net cash used in financing activities
|
(3,235
|
)
|
(14,063
|
)
|
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
1,162
|
(11,499
|
)
|
|||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
22,950
|
44,767
|
||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
24,112
|
$
|
33,268
|
||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||
Cash paid during the period for:
|
||||||
Interest
|
$
|
1,065
|
$
|
573
|
||
Income taxes
|
-
|
805
|
||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||
Dividends declared and accrued in other liabilities
|
$
|
1,018
|
$
|
790
|
||
Other comprehensive income (loss)
|
2,810
|
(962
|
)
|
|||
Income tax effect related to other comprehensive income (loss)
|
(675
|
)
|
226
|
|||
Right-of-use lease assets obtained in exchange for operating lease liabilities
|
5,603
|
-
|
Three Months Ended
June 30, 2019
|
Three Months Ended
June 30, 2018
|
|||||||||
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
|||||||
Balance, beginning of period
|
101,332
|
$
|
3.26
|
141,365
|
$
|
3.77
|
||||
Options exercised
|
(15,000
|
)
|
3.27
|
-
|
-
|
|||||
Expired
|
-
|
-
|
(2,500
|
)
|
8.12
|
|||||
Balance, end of period
|
86,332
|
$
|
3.26
|
138,865
|
$
|
3.69
|
Time Based
|
Performance Based
|
Total
|
|||||||||||||
Number of
Unvested
Shares
|
Weighted
Average
Market
Price
|
Number of
Unvested
Shares
|
Weighted
Average
Market
Price
|
Number of
Unvested
Shares
|
Weighted
Average
Market
Price
|
||||||||||
Balance, beginning of period
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||
Granted
|
49,298
|
8.35
|
33,375
|
8.35
|
82,673
|
8.35
|
|||||||||
Forfeited
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||
Vested
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||
Balance, end of period
|
49,298
|
$
|
8.35
|
33,375
|
$
|
8.35
|
82,673
|
$
|
8.35
|
|
Three Months Ended
June 30,
|
||||||
2019
|
2018
|
|||||
Basic EPS computation:
|
||||||
Numerator-net income
|
$
|
4,192,000
|
$
|
4,442,000
|
||
Denominator-weighted average common shares outstanding
|
22,619,580
|
22,570,179
|
||||
Basic EPS
|
$
|
0.19
|
$
|
0.20
|
||
Diluted EPS computation:
|
||||||
Numerator-net income
|
$
|
4,192,000
|
$
|
4,442,000
|
||
Denominator-weighted average common shares outstanding
|
22,619,580
|
22,570,179
|
||||
Effect of dilutive stock options and restricted stock
|
65,763
|
81,553
|
||||
Weighted average common shares and common
|
||||||
stock equivalents
|
22,685,343
|
22,651,732
|
||||
Diluted EPS
|
$
|
0.18
|
$
|
0.20
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair Value
|
||||||||
June 30, 2019
|
|||||||||||
Available for sale:
|
|||||||||||
Municipal securities
|
$
|
8,846
|
$
|
172
|
$
|
(4
|
)
|
$
|
9,014
|
||
Agency securities
|
9,428
|
89
|
(47
|
)
|
9,470
|
||||||
Real estate mortgage investment conduits
(1)
|
38,598
|
116
|
(124
|
)
|
38,590
|
||||||
Residential mortgage-backed securities
(1)
|
73,736
|
84
|
(718
|
)
|
73,102
|
||||||
Other mortgage-backed securities
(2)
|
40,799
|
114
|
(327
|
)
|
40,586
|
||||||
Total available for sale
|
$
|
171,407
|
$
|
575
|
$
|
(1,220
|
)
|
$
|
170,762
|
||
Held to maturity:
|
|||||||||||
Residential mortgage-backed securities
(3)
|
$
|
33
|
$
|
-
|
$
|
-
|
$
|
33
|
|||
March 31, 2019
|
|||||||||||
Available for sale:
|
|||||||||||
Municipal securities
|
$
|
8,885
|
$
|
30
|
$
|
(34
|
)
|
$
|
8,881
|
||
Agency securities
|
12,426
|
22
|
(107
|
)
|
12,341
|
||||||
Real estate mortgage investment conduits
(1)
|
40,835
|
-
|
(673
|
)
|
40,162
|
||||||
Residential mortgage-backed securities
(1)
|
77,402
|
7
|
(1,588
|
)
|
75,821
|
||||||
Other mortgage-backed securities
(2)
|
42,133
|
12
|
(1,124
|
)
|
41,021
|
||||||
Total available for sale
|
$
|
181,681
|
$
|
71
|
$
|
(3,526
|
)
|
$
|
178,226
|
||
Held to maturity:
|
|||||||||||
Residential mortgage-backed securities
(3)
|
$
|
35
|
$
|
-
|
$
|
-
|
$
|
35
|
|||
(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 in one year or less
|
$
|
1,399
|
$
|
1,397
|
$
|
-
|
$
|
-
|
||||||||
Due after one year through five years
|
9,639
|
9,672
|
30
|
30
|
||||||||||||
Due after five years through ten years
|
45,109
|
45,262
|
3
|
3
|
||||||||||||
Due after ten years
|
115,260
|
114,431
|
-
|
-
|
||||||||||||
Total
|
$
|
171,407
|
$
|
170,762
|
$
|
33
|
$ |
33
|
Three months ended
June 30, 2019
|
Commercial Business
|
Commercial
Real Estate
|
Land
|
Multi-
Family
|
Real Estate Construction
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||
Beginning balance
|
$
|
1,808
|
$
|
5,053
|
$
|
254
|
$
|
728
|
$
|
1,457
|
$
|
1,447
|
$
|
710
|
$
|
11,457
|
||||||||
Provision for (recapture
of) loan losses
|
308
|
(164
|
)
|
(10
|
)
|
(29
|
)
|
49
|
(89
|
)
|
(65
|
)
|
-
|
|||||||||||
Charge-offs
|
(3
|
)
|
-
|
-
|
-
|
-
|
(41
|
)
|
-
|
(44
|
)
|
|||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
29
|
-
|
29
|
||||||||||||||||
Ending balance
|
$
|
2,113
|
$
|
4,889
|
$
|
244
|
$
|
699
|
$
|
1,506
|
$
|
1,346
|
$
|
645
|
$
|
11,442
|
Three months ended
June 30, 2018
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,668
|
$
|
4,914
|
$
|
220
|
$
|
822
|
$
|
618
|
$
|
1,809
|
$
|
715
|
$
|
10,766
|
||||||||
Provision for (recapture
of) loan losses
|
131
|
(598
|
)
|
38
|
(41
|
)
|
237
|
19
|
14
|
(200
|
)
|
|||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(92
|
)
|
-
|
(92
|
)
|
||||||||||||||
Recoveries
|
-
|
823
|
-
|
-
|
-
|
52
|
-
|
875
|
||||||||||||||||
Ending balance
|
$
|
1,799
|
$
|
5,139
|
$
|
258
|
$
|
781
|
$
|
855
|
$
|
1,788
|
$
|
729
|
$
|
11,349
|
Allowance for Loan Losses
|
Recorded Investment in Loans
|
|||||||||||||||||
June 30, 2019
|
Individually
Evaluated for Impairment
|
Collectively
Evaluated for Impairment
|
Total
|
Individually
Evaluated for Impairment
|
Collectively
Evaluated for Impairment
|
Total
|
||||||||||||
Commercial business
|
$
|
-
|
$
|
2,113
|
$
|
2,113
|
$
|
155
|
$
|
164,245
|
$
|
164,400
|
||||||
Commercial real estate
|
-
|
4,889
|
4,889
|
2,441
|
469,932
|
472,373
|
||||||||||||
Land
|
-
|
244
|
244
|
724
|
15,638
|
16,362
|
||||||||||||
Multi-family
|
-
|
699
|
699
|
1,584
|
49,090
|
50,674
|
||||||||||||
Real estate construction
|
-
|
1,506
|
1,506
|
-
|
93,716
|
93,716
|
||||||||||||
Consumer
|
11
|
1,335
|
1,346
|
453
|
89,999
|
90,452
|
||||||||||||
Unallocated
|
-
|
645
|
645
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
11
|
$
|
11,431
|
$
|
11,442
|
$
|
5,357
|
$
|
882,620
|
$
|
887,977
|
March 31, 2019
|
||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
1,808
|
$
|
1,808
|
$
|
160
|
$
|
162,636
|
$
|
162,796
|
||||||
Commercial real estate
|
-
|
5,053
|
5,053
|
2,482
|
458,950
|
461,432
|
||||||||||||
Land
|
-
|
254
|
254
|
728
|
16,299
|
17,027
|
||||||||||||
Multi-family
|
-
|
728
|
728
|
1,598
|
49,972
|
51,570
|
||||||||||||
Real estate construction
|
-
|
1,457
|
1,457
|
-
|
90,882
|
90,882
|
||||||||||||
Consumer
|
22
|
1,425
|
1,447
|
697
|
91,712
|
92,409
|
||||||||||||
Unallocated
|
-
|
710
|
710
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
22
|
$
|
11,435
|
$
|
11,457
|
$
|
5,665
|
$
|
870,451
|
$
|
876,116
|
March 31, 2019
|
||||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
-
|
$
|
225
|
$
|
225
|
$
|
162,571
|
$
|
162,796
|
||||||||
Commercial real estate
|
-
|
-
|
1,081
|
1,081
|
460,351
|
461,432
|
||||||||||||||
Land
|
-
|
-
|
-
|
-
|
17,027
|
17,027
|
||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
51,570
|
51,570
|
||||||||||||||
Real estate construction
|
-
|
-
|
-
|
-
|
90,882
|
90,882
|
||||||||||||||
Consumer
|
345
|
3
|
210
|
558
|
91,851
|
92,409
|
||||||||||||||
Total
|
$
|
345
|
$
|
3
|
$
|
1,516
|
$
|
1,864
|
$
|
874,252
|
$
|
876,116
|
June 30, 2019
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total Loans
Receivable
|
|||||||||||
Commercial business
|
$
|
159,101
|
$
|
3,453
|
$
|
1,846
|
$
|
-
|
$
|
-
|
$
|
164,400
|
|||||
Commercial real estate
|
466,308
|
2,729
|
3,336
|
-
|
-
|
472,373
|
|||||||||||
Land
|
15,638
|
-
|
724
|
-
|
-
|
16,362
|
|||||||||||
Multi-family
|
50,150
|
504
|
20
|
-
|
-
|
50,674
|
|||||||||||
Real estate construction
|
93,716
|
-
|
-
|
-
|
-
|
93,716
|
|||||||||||
Consumer
|
90,344
|
-
|
108
|
-
|
-
|
90,452
|
|||||||||||
Total
|
$
|
875,257
|
$
|
6,686
|
$
|
6,034
|
$
|
-
|
$
|
-
|
$
|
887,977
|
March 31, 2019
|
|||||||||||||||||
Commercial business
|
$
|
159,997
|
$
|
840
|
$
|
1,959
|
$
|
-
|
$
|
-
|
$
|
162,796
|
|||||
Commercial real estate
|
454,013
|
4,030
|
3,389
|
-
|
-
|
461,432
|
|||||||||||
Land
|
16,299
|
-
|
728
|
-
|
-
|
17,027
|
|||||||||||
Multi-family
|
51,093
|
457
|
20
|
-
|
-
|
51,570
|
|||||||||||
Real estate construction
|
90,882
|
-
|
-
|
-
|
-
|
90,882
|
|||||||||||
Consumer
|
92,199
|
-
|
210
|
-
|
-
|
92,409
|
|||||||||||
Total
|
$
|
864,483
|
$
|
5,327
|
$
|
6,306
|
$
|
-
|
$
|
-
|
$
|
876,116
|
June 30, 2019
|
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
|
$
|
155
|
$
|
-
|
$
|
155
|
$
|
181
|
$
|
-
|
||||||||||
Commercial real estate
|
2,441
|
-
|
2,441
|
3,421
|
-
|
|||||||||||||||
Land
|
724
|
-
|
724
|
760
|
-
|
|||||||||||||||
Multi-family
|
1,584
|
-
|
1,584
|
1,693
|
-
|
|||||||||||||||
Consumer
|
305
|
148
|
453
|
568
|
11
|
|||||||||||||||
Total
|
$
|
5,209
|
$
|
148
|
$
|
5,357
|
$
|
6,623
|
$
|
11
|
||||||||||
March 31, 2019
|
||||||||||||||||||||
Commercial business
|
$
|
160
|
$
|
-
|
$
|
160
|
$
|
182
|
$
|
-
|
||||||||||
Commercial real estate
|
2,482
|
-
|
2,482
|
3,424
|
-
|
|||||||||||||||
Land
|
728
|
-
|
728
|
766
|
-
|
|||||||||||||||
Multi-family
|
1,598
|
-
|
1,598
|
1,709
|
-
|
|||||||||||||||
Consumer
|
281
|
416
|
697
|
807
|
22
|
|||||||||||||||
Total
|
$
|
5,249
|
$
|
416
|
$
|
5,665
|
$
|
6,888
|
$
|
22
|
Three Months ended June 30, 2019
|
Three Months ended June 30, 2018
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
Average
Recorded
Investment
|
Interest
Recognized on
Impaired Loans
|
|||||||||||||
Commercial business
|
$
|
157
|
$
|
-
|
$
|
588
|
$
|
-
|
||||||||
Commercial real estate
|
2,462
|
16
|
2,740
|
16
|
||||||||||||
Land
|
726
|
10
|
757
|
-
|
||||||||||||
Multi-family
|
1,591
|
23
|
1,638
|
22
|
||||||||||||
Consumer
|
575
|
7
|
1,421
|
16
|
||||||||||||
Total
|
$
|
5,511
|
$
|
56
|
$
|
7,144
|
$
|
54
|
June 30, 2019
|
March 31, 2019
|
|||||||||||||||||||||||
Accrual
|
Nonaccrual
|
Total
|
Accrual
|
Nonaccrual
|
Total
|
|||||||||||||||||||
Commercial business
|
$
|
-
|
$
|
155
|
$
|
155
|
$
|
-
|
$
|
160
|
$
|
160
|
||||||||||||
Commercial real estate
|
1,392
|
1,049
|
2,441
|
1,401
|
1,081
|
2,482
|
||||||||||||||||||
Land
|
724
|
-
|
724
|
728
|
-
|
728
|
||||||||||||||||||
Multi-family
|
1,584
|
-
|
1,584
|
1,598
|
-
|
1,598
|
||||||||||||||||||
Consumer
|
426
|
27
|
453
|
697
|
-
|
697
|
||||||||||||||||||
Total
|
$
|
4,126
|
$
|
1,231
|
$
|
5,357
|
$
|
4,424
|
$
|
1,241
|
$
|
5,665
|
June 30,
2019
|
March 31,
2019
|
|||||
FHLB advances
(1)
|
$
|
56,941
|
$
|
56,586
|
||
Weighted average interest rate on FHLB advances
(2)
|
2.59
|
%
|
2.58
|
%
|
||
(1)
Consisted of overnight borrowings.
(2)
Computed based on the borrowing activity for the three months ended June 30, 2019 and the fiscal year ended March 31, 2019, respectively.
|
|
|
|
|
Estimated Fair Value Measurements Using
|
|||||||
June 30, 2019
|
Total Estimated
Fair Value
|
|
Level 1
|
Level 2
|
Level 3
|
||||||
Investment securities available for sale:
|
|
|
|
||||||||
Municipal securities
|
$
|
9,014
|
$
|
-
|
$
|
9,014
|
$
|
-
|
|||
Agency securities
|
9,470
|
-
|
9,470
|
-
|
|||||||
Real estate mortgage investment conduits
|
38,590
|
-
|
38,590
|
-
|
|||||||
Residential mortgage-backed securities
|
73,102
|
-
|
73,102
|
-
|
|||||||
Other mortgage-backed securities
|
40,586
|
-
|
40,586
|
-
|
|||||||
Total assets measured at fair value on a recurring basis
|
$
|
170,762
|
|
$
|
-
|
|
$
|
170,762
|
|
$
|
-
|
March 31, 2019
|
|||||||||||
Investment securities available for sale:
|
|
|
|
||||||||
Municipal securities
|
$
|
8,881
|
$
|
-
|
$
|
8,881
|
$
|
-
|
|||
Agency securities
|
12,341
|
-
|
12,341
|
-
|
|||||||
Real estate mortgage investment conduits
|
40,162
|
-
|
40,162
|
-
|
|||||||
Residential mortgage-backed securities
|
75,821
|
-
|
75,821
|
-
|
|||||||
Other mortgage-backed securities
|
41,021
|
-
|
41,021
|
-
|
|||||||
Total assets measured at fair value on a recurring basis
|
$
|
178,226
|
|
$
|
-
|
|
$
|
178,226
|
|
$
|
-
|
|
|
|
|
Estimated Fair Value Measurements Using
|
|||||||
June 30, 2019
|
Total Estimated
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||
|
|
|
|||||||||
Impaired loans
|
$
|
137
|
$
|
-
|
$
|
-
|
$
|
137
|
March 31, 2019
|
|||||||||||
|
|
|
|||||||||
Impaired loans
|
$
|
394
|
$
|
-
|
$
|
-
|
$
|
394
|
June 30, 2019
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Estimated
Fair Value
|
||||||
Assets:
|
|
|
|
|||||||||||
Cash and cash equivalents
|
$
|
24,112
|
$
|
24,112
|
$
|
-
|
$
|
-
|
$
|
24,112
|
||||
Certificates of deposit held for investment
|
747
|
-
|
751
|
-
|
751
|
|||||||||
Investment securities available for sale
|
170,762
|
-
|
170,762
|
-
|
170,762
|
|||||||||
Investment securities held to maturity
|
33
|
-
|
33
|
-
|
33
|
|||||||||
Loans receivable, net
|
876,535
|
-
|
-
|
873,379
|
873,379
|
|||||||||
FHLB stock
|
3,658
|
-
|
3,658
|
-
|
3,658
|
|||||||||
Liabilities:
|
||||||||||||||
Certificates of deposit
|
90,462
|
-
|
89,554
|
-
|
89,554
|
|||||||||
FHLB advances
|
56,941
|
-
|
56,941
|
-
|
56,941
|
|||||||||
Junior subordinated debentures
|
26,597
|
-
|
-
|
14,202
|
14,202
|
|||||||||
Finance lease liability
|
2,395
|
-
|
2,395
|
-
|
2,395
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Estimated
Fair Value
|
|||||||
March 31, 2019
|
||||||||||||||
Assets:
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
22,950
|
$
|
22,950
|
$
|
-
|
$
|
-
|
$
|
22,950
|
||||
Certificates of deposit held for investment
|
747
|
-
|
746
|
-
|
746
|
|||||||||
Loans held for sale
|
909
|
-
|
909
|
-
|
909
|
|||||||||
Investment securities available for sale
|
178,226
|
-
|
178,226
|
-
|
178,226
|
|||||||||
Investment securities held to maturity
|
35
|
-
|
35
|
-
|
35
|
|||||||||
Loans receivable, net
|
864,659
|
-
|
-
|
862,429
|
862,429
|
|||||||||
FHLB stock
|
3,644
|
-
|
3,644
|
-
|
3,644
|
|||||||||
Liabilities:
|
||||||||||||||
Certificates of deposit
|
86,006
|
-
|
84,455
|
-
|
84,455
|
|||||||||
FHLB advances
|
56,586
|
-
|
56,586
|
-
|
56,586
|
|||||||||
Junior subordinated debentures
|
26,575
|
-
|
-
|
15,468
|
15,468
|
|||||||||
Finance lease liability
|
2,403
|
-
|
2,403
|
-
|
2,403
|
June 30, 2019
|
June 30, 2018
|
|||||||
Asset management fees
|
$
|
1,143
|
$
|
926
|
||||
Debit card and ATM fees
|
820
|
805
|
||||||
Deposit related fees
|
559
|
443
|
||||||
Loan related fees
|
132
|
344
|
||||||
BOLI
(1)
|
193
|
179
|
||||||
Net gains on sales of loans held for sale
(1)
|
96
|
152
|
||||||
FHLMC loan servicing fees
(1)
|
43
|
27
|
||||||
Other, net
|
190
|
176
|
||||||
Total non-interest income
|
$
|
3,176
|
$
|
3,052
|
||||
(1)
Not within scope of ASC 606
|
Contract or
Notional Amount
|
||||
Commitments to originate loans:
|
||||
Adjustable-rate
|
$
|
34,799
|
||
Fixed-rate
|
6,886
|
|||
Standby letters of credit
|
2,410
|
|||
Undisbursed loan funds and unused lines of credit
|
140,119
|
|||
Total
|
$
|
184,214
|
Leases
|
Classification in the consolidated balance sheets
|
||||
Finance lease right-of-use asset
|
$
|
1,566
|
Premises and equipment, net
|
||
Finance lease liability
|
$
|
2,395
|
Finance lease liability
|
||
Finance lease remaining lease term
|
20.43
|
years
|
|||
Finance lease discount rate
|
7.16
|
%
|
|||
Operating lease right-of-use assets
|
$
|
5,117
|
Prepaid expenses and other assets
|
||
Operating lease liabilities
|
$
|
5,202
|
Accrued expenses and other liabilities
|
||
Operating lease weighted-average remaining lease term
|
4.62
|
years
|
|||
Operating lease weighted-average discount rate
|
2.77
|
%
|
Year Ending March 31:
|
Operating
Leases
|
Finance
Lease
|
||||
Remaining of 2020
|
$
|
1,256
|
$
|
154
|
||
2021
|
1,011
|
208
|
||||
2022
|
747
|
212
|
||||
2023
|
573
|
215
|
||||
2024
|
583
|
219
|
||||
Thereafter
|
1,507
|
3,622
|
||||
Total minimum lease payments
|
5,677
|
4,630
|
||||
Less: amount of lease payment representing interest
|
(475
|
)
|
(2,235
|
)
|
||
Lease liabilities
|
$
|
5,202
|
$
|
2,395
|
Commercial
Business
|
Other Real
Estate
Mortgage
|
Real Estate
Construction
|
Commercial &
Construction
Total
|
|||||||||||||
June 30, 2019
|
||||||||||||||||
Commercial business
|
$
|
164,400
|
$
|
-
|
$
|
-
|
$
|
164,400
|
||||||||
Commercial construction
|
-
|
-
|
73,252
|
73,252
|
||||||||||||
Office buildings
|
-
|
115,279
|
-
|
115,279
|
||||||||||||
Warehouse/industrial
|
-
|
103,864
|
-
|
103,864
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
64,989
|
-
|
64,989
|
||||||||||||
Assisted living facilities
|
-
|
1,159
|
-
|
1,159
|
||||||||||||
Single purpose facilities
|
-
|
187,082
|
-
|
187,082
|
||||||||||||
Land
|
-
|
16,362
|
-
|
16,362
|
||||||||||||
Multi-family
|
-
|
50,674
|
-
|
50,674
|
||||||||||||
One-to-four family construction
|
-
|
-
|
20,464
|
20,464
|
||||||||||||
Total
|
$
|
164,400
|
$
|
539,409
|
$
|
93,716
|
$
|
797,525
|
March 31, 2019
|
||||||||||||||||
Commercial business
|
$
|
162,796
|
$
|
-
|
$
|
-
|
$
|
162,796
|
||||||||
Commercial construction
|
-
|
-
|
70,533
|
70,533
|
||||||||||||
Office buildings
|
-
|
118,722
|
-
|
118,722
|
||||||||||||
Warehouse/industrial
|
-
|
91,787
|
-
|
91,787
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
64,934
|
-
|
64,934
|
||||||||||||
Assisted living facilities
|
-
|
2,740
|
-
|
2,740
|
||||||||||||
Single purpose facilities
|
-
|
183,249
|
-
|
183,249
|
||||||||||||
Land
|
-
|
17,027
|
-
|
17,027
|
||||||||||||
Multi-family
|
-
|
51,570
|
-
|
51,570
|
||||||||||||
One-to-four family construction
|
-
|
-
|
20,349
|
20,349
|
||||||||||||
Total
|
$
|
162,796
|
$
|
530,029
|
$
|
90,882
|
$
|
783,707
|
Actual
|
For Capital
Adequacy Purposes
|
“Well Capitalized”
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
June 30, 2019
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
144,749
|
17.18
|
%
|
$
|
67,394
|
8.0
|
%
|
$
|
84,242
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
134,202
|
15.93
|
50,545
|
6.0
|
67,394
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
134,202
|
15.93
|
37,909
|
4.5
|
54,757
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
134,202
|
11.94
|
44,973
|
4.0
|
56,216
|
5.0
|
Actual
|
For Capital
Adequacy Purposes
|
“Well Capitalized”
Under Prompt
Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
March 31, 2019
|
||||||||||||||||||||||||
Total Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
$
|
140,062
|
16.88
|
%
|
$
|
66,379
|
8.0
|
%
|
$
|
82,974
|
10.0
|
%
|
||||||||||||
Tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
129,671
|
15.63
|
49,784
|
6.0
|
66,379
|
8.0
|
||||||||||||||||||
Common equity tier 1 Capital:
|
||||||||||||||||||||||||
(To Risk-Weighted Assets)
|
129,671
|
15.63
|
37,338
|
4.5
|
53,933
|
6.5
|
||||||||||||||||||
Tier 1 Capital (Leverage):
|
||||||||||||||||||||||||
(To Average Tangible Assets)
|
129,671
|
11.56
|
44,874
|
4.0
|
56,092
|
5.0
|
June 30, 2019
|
March 31, 2019
|
|||||||||||||||
Number of
Loans
|
Balance
|
Number of
Loans
|
Balance
|
|||||||||||||
Commercial business
|
3
|
$
|
300
|
2
|
$
|
225
|
||||||||||
Commercial real estate
|
2
|
1,049
|
2
|
1,081
|
||||||||||||
Consumer
|
8
|
108
|
16
|
213
|
||||||||||||
Total
|
13
|
$
|
1,457
|
20
|
$
|
1,519
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Other
|
Total
|
||||||||||||||||
June 30, 2019
|
||||||||||||||||||||
Commercial business
|
$
|
52
|
$
|
-
|
$
|
248
|
$
|
-
|
$
|
300
|
||||||||||
Commercial real estate
|
-
|
869
|
180
|
-
|
1,049
|
|||||||||||||||
Consumer
|
-
|
-
|
88
|
20
|
108
|
|||||||||||||||
Total nonperforming assets
|
$
|
52
|
$
|
869
|
$
|
516
|
$
|
20
|
$
|
1,457
|
March 31, 2019
|
||||||||||||||||||||
Commercial business
|
$
|
65
|
$
|
-
|
$
|
160
|
$
|
-
|
$
|
225
|
||||||||||
Commercial real estate
|
-
|
896
|
185
|
-
|
1,081
|
|||||||||||||||
Consumer
|
-
|
-
|
169
|
44
|
213
|
|||||||||||||||
Total nonperforming assets
|
$
|
65
|
$
|
896
|
$
|
514
|
$
|
44
|
$
|
1,519
|
Northwest
Oregon
|
Other
Oregon
|
Southwest
Washington
|
Total
|
|||||||||||||
June 30, 2019
|
||||||||||||||||
Land acquisition and development
|
$
|
2,181
|
$
|
1,890
|
$
|
12,291
|
$
|
16,362
|
||||||||
Speculative and custom/presold construction
|
2,035
|
118
|
15,353
|
17,506
|
||||||||||||
Total
|
$
|
4,216
|
$
|
2,008
|
$
|
27,644
|
$
|
33,868
|
March 31, 2019
|
||||||||||||||||
Land acquisition and development
|
$
|
2,184
|
$
|
1,908
|
$
|
12,935
|
$
|
17,027
|
||||||||
Speculative and custom/presold construction
|
1,680
|
104
|
15,284
|
17,068
|
||||||||||||
Total
|
$
|
3,864
|
$
|
2,012
|
$
|
28,219
|
$
|
34,095
|
June 30, 2019
|
March 31, 2019
|
|||||||||||||||
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
|||||||||||||
Commercial business
|
9
|
$
|
1,546
|
9
|
$
|
1,734
|
||||||||||
Commercial real estate
|
3
|
2,287
|
3
|
2,308
|
||||||||||||
Land
|
1
|
724
|
1
|
728
|
||||||||||||
Multi-family
|
2
|
20
|
2
|
20
|
||||||||||||
Total
|
15
|
$
|
4,577
|
15
|
$
|
4,790
|
(1) |
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on September 29, 2016 and incorporated herein by reference.
|
(2) |
Filed as an exhibit to the Registrant's Registration Statement on Form S-1 (Registration No. 333-30203), and incorporated herein by reference.
|
(3) |
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on May 3, 2019 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, 2019, and incorporated herein by reference.
|
(5) |
Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the year ended March 31, 2017 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 Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 5, 2003, and incorporated
herein by reference.
|
(8) |
Filed as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, and incorporated herein by reference.
|
(9) |
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.
|
(10) |
Filed as Appendix A to the Registrant’s Definitive Annual Meeting Proxy Statement (000-22957), filed with the Commission on June 16, 2017, and incorporated
herein by reference.
|
(11) |
Filed as an exhibit to the Registrant’s Registration Statement on Form S-8 (Registration No. 333-228099), and incorporated herein by reference.
|
* |
Filed herewith
|
|
RIVERVIEW BANCORP, INC. |
|
|
|
|
By:
/S/ Kevin J. Lycklama
|
By:
/S/ David Lam
|
Kevin J. Lycklama
|
David Lam
|
President and Chief Executive Officer | Executive Vice President and |
Director | Chief Financial Officer |
(Principal Executive Officer) |
(Principal Financial and Accounting Officer)
|
|
|
Date: August 8, 2019
|
Date: August 8, 2019
|
|
101 |
The following materials from Riverview Bancorp Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted on Extensible Business Reporting Language (XBRL) (a) Consolidated Balance Sheets; (b) Consolidated
Statements of Income; (c) Consolidated Statements of Shareholders’ Equity (d) Consolidated Statements of Cash Flows; and (e) Notes to Consolidated Financial Statements
|
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