Riverview Bancorp Inc.

$RVSB - Nasdaq - Banks and Thrifts
0 LAST
0 CHANGE $
0 CHANGE %
loader
ON 0
WATCHLISTS

COMMUNIQUÉ DETAILS

Up 0 0 Down
Riverview Bancorp Earns $1.6 Million in First Fiscal Quarter Highlighted by Continued Credit Quality Improvements

VANCOUVER, Wash., July 23, 2013 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported net income of $1.6 million, or $0.07 per diluted share, in its fiscal first quarter ended June 30, 2013. This compares to net income of $1.6 million, or $0.07 per diluted share, in the preceding quarter and a net loss of $1.8 million, or $0.08 per diluted share, in the first quarter a year ago.

"Our strategic plan remains on schedule. We have strengthened the overall health of the company with improved credit quality metrics and sound capital ratios, and we were profitable for the fourth consecutive quarter," said Pat Sheaffer, Chairman and CEO. "Going forward we will continue to work on improving our asset quality while looking for growth opportunities in the Portland and Vancouver market areas."

First Quarter Highlights (at or for the period ended June 30, 2013)

  • Net income was $1.6 million, or $0.07 per diluted share
  • Net interest margin was 3.51% for the quarter
  • Nonperforming assets decreased $2.2 million during the quarter to $34.6 million (6.0% decline)
  • Classified assets decreased $7.8 million during the quarter to $59.8 million (11.6% decline)
  • Net recoveries for the first quarter totaled $554,000 compared to net charge-offs of $390,000 in the preceding quarter; marking the fifth consecutive quarter of declining charge-offs
  • Core deposits were strong and accounted for 95% of total deposits
  • Capital levels continue to exceed the regulatory requirements to be categorized as "well capitalized" with a total risk-based capital ratio of 15.81% and a Tier 1 leverage ratio of 10.27%

Credit Quality

"We continued to make meaningful progress in reducing our level of problem assets, with nonperforming assets, REO and net charge-offs all declining during the current quarter," said Ron Wysaske, President and COO.

Classified assets decreased $7.8 million during the quarter to $59.8 million at June 30, 2013 compared to $67.6 million at March 31, 2013 and $109.6 million at June 30, 2012. The classified asset ratio decreased to 66.4% at June 30, 2013.

Nonperforming loans were $21.4 million, or 4.07% of total loans, at June 30, 2013 compared to $21.1 million, or 3.94% of total loans at March 31, 2013 and $36.8 million, or 5.95% of total loans a year ago. The slight increase was due to a $4.0 million loan on an office building in Portland that was moved to nonaccrual status during the quarter. This loan is fully collateralized and has a pending sale on one of the two pieces of collateral that would payoff approximately $2.5 million of the outstanding loan balance.

REO balances decreased $2.5 million during the quarter to $13.2 million, the lowest level in over four years. During the quarter, REO sales totaled $3.0 million with write-downs of $1.3 million and additions of $1.8 million. Riverview also has several additional properties under sales contracts which are expected to close in the September quarter.

The Bank had a provision recapture of $2.5 million during the first quarter. The provision recapture during the current quarter reflects the continued improvement in credit quality as well as the decline in net loan charge-offs. Riverview recorded a $3.6 million provision recapture in the preceding quarter and made a $4.0 million provision for loan losses in the first quarter a year ago.

The allowance for loan losses was $13.7 million at June 30, 2013, representing 2.61% of total loans and 64.03% of nonperforming loans. Net charge-offs declined for the fifth consecutive quarter as the Bank's problem credits continued to decline and the recoveries on prior loan charge-offs increased. As a result, Riverview had net recoveries of $554,000 in the fiscal first quarter, compared to net charge-offs of $390,000 in the preceding quarter and net charge-off of $2.9 million in the fiscal first quarter a year ago.

Balance Sheet Review

Net loan balances declined $8.7 million during the quarter, primarily due to the Bank's continued focus on reducing classified loan balances. Net loans were $511.7 million at June 30, 2013 compared to $520.4 million at March 31, 2013 and $597.1 million at June 30, 2012. "Over the past year our focus has been on reducing classified loan balances," said Wysaske. "As classified loan balances continue to decrease, we are focusing more of our attention on increasing loan production. We have two full service lending teams that are working both the Vancouver and Portland market areas looking for new relationships and quality loans. We remain optimistic for our loan growth potential in fiscal year 2014 as our loan pipeline has been growing in recent quarters."

The commercial real estate ("CRE") loan portfolio totaled $292.2 million at June 30, 2013, of which 29% was owner-occupied and 71% was investor-owned. The CRE portfolio contained eight loans totaling $13.4 million that were nonperforming, representing 4.6% of the total CRE portfolio and 62.7% of total nonperforming loans.

Total deposits were $659.5 million at June 30, 2013 compared to $663.8 million at March 31, 2013 and $705.9 million a year ago. The Company's focus remains on growing low cost customer deposits. At June 30, 2013, non-interest checking accounts were $117.5 million, an increase of 4.4% from the prior quarter.

In fiscal 2012, Riverview established a valuation allowance against its deferred tax asset. At June 30, 2013, the total valuation allowance was $15.8 million. Management and Riverview's outside advisors will review the deferred tax asset on a quarterly basis to determine the appropriate valuation allowance. Any future reversals of the deferred tax asset valuation allowance would decrease Riverview's income tax expense, increase its after tax net income and shareholders' equity.

Income Statement

Riverview's net interest margin was 3.51% for the first quarter compared to 3.64% for the preceding quarter and 4.22% in the first quarter a year ago. The decrease from prior year was primarily due to an increase in cash balances along with a corresponding decrease in loan balances and the re-pricing of loans in the loan portfolio. Loan yields have continued to contract as existing loans in the portfolio re-price and new loans are originated in the current low interest rate environment.

Non-interest income increased to $2.2 million in the first quarter of fiscal 2014 compared to $2.0 million in the preceding quarter. Mortgage banking activity remained higher than normal with a total of $20.8 million in new mortgage loans originated during the quarter, resulting in a $317,000 gain on sale of loans held for sale. Asset management fees increased to $736,000 during the quarter compared to $604,000 in the same quarter a year ago due to an increase in assets under management as well as an increase in investment activity.

Non-interest expense decreased to $9.2 million in the first quarter of fiscal 2014 compared to $10.2 million in the preceding quarter. Data processing expenses in the first quarter included $275,000 in conversion expenses related to the Company's change in its core operating system during June 2013. REO expenses decreased from prior quarter to $1.6 million. The decrease was primarily attributable to a reduction in total write-downs. REO write-downs during the quarter totaled $1.3 million compared to $2.6 million in the prior quarter. 

"We continue to be aggressive in the pricing of our existing REO properties in an attempt to liquidate these properties more quickly," Wysaske concluded. "Based on sales activity during the quarter as well as pending sales activity, the updated pricing strategy appears to be working successfully."

Capital and Liquidity

Riverview continues to maintain capital levels in excess of the regulatory requirements to be categorized as "well capitalized" with a total risk-based capital ratio of 15.81% and a Tier 1 leverage ratio of 10.27% at June 30, 2013. 

At June 30, 2013, the Bank had available total and contingent liquidity of more than $485 million, including over $225 million of borrowing capacity from the Federal Home Loan Bank of Seattle and the Federal Reserve Bank of San Francisco. The Bank also has more than $150 million of cash and short-term investments.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Riverview believes that certain non-GAAP financial measures provide investors with information useful in understanding the company's financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Riverview provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders' equity less goodwill and other intangible assets. In addition, tangible assets are total assets less goodwill and other intangible assets.

The following table provides a reconciliation of ending shareholders' equity (GAAP) to ending tangible shareholders' equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

(Dollars in thousands) June 30, 2013 March 31, 2013 June 30, 2012
       
Shareholders' equity  $ 80,144  $ 78,442  $ 73,820
Goodwill  25,572  25,572  25,572
Other intangible assets, net  455  454  566
       
Tangible shareholders' equity  $ 54,117  $ 52,416  $ 47,682
       
Total assets  $ 774,578  $ 777,003  $ 814,730
Goodwill  25,572  25,572  25,572
Other intangible assets, net  455  454  566
       
Tangible assets  $ 748,551  $ 750,977  $ 788,592

About Riverview

Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $775 million, it is the parent company of the 90 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 18 branches, including thirteen in the Portland-Vancouver area and three lending centers.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to: the Company's ability to raise common capital, the amount of capital it intends to raise and its intended use of that capital; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company's allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in the Company's market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, the Company's net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company's market areas; secondary market conditions for loans and the Company's ability to sell loans in the secondary market; results of examinations of us by the Office of Comptroller of the Currency or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase the Company's reserve for loan losses, write-down assets, change Riverview Community Bank's regulatory capital position or affect the Company's ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; the Company's compliance with regulatory enforcement actions we have entered into with the OCC and the possibility that our noncompliance could result in the imposition of additional enforcement actions and additional requirements or restrictions on our operations; legislative or regulatory changes that adversely affect the Company's business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company's ability to attract and retain deposits; further increases in premiums for deposit insurance; the Company's ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company's assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company's balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company's workforce and potential associated charges; computer systems on which the Company depends could fail or experience a security breach; the Company's ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company's ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may in the future acquire into its operations and the Company's ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company's ability to pay dividends on its common stock; and interest or principal payments on its junior subordinated debentures; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; other economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services and the other risks described from time to time in our filings with the SEC.

Such forward-looking statements may include projections. Any such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities Exchange Commission regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct.

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2014 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company's operating and stock price performance.

RIVERVIEW BANCORP, INC. AND SUBSIDIARY      
Consolidated Balance Sheets      
(In thousands, except share data) (Unaudited) June 30, 2013 March 31, 2013 June 30, 2012
ASSETS      
       
Cash (including interest-earning accounts of $96,110, $100,093 and $58,539)  $ 111,878  $ 115,415  $ 71,362
Certificate of deposits  42,652  44,635  40,975
Loans held for sale  1,258  831  100
Investment securities held to maturity, at amortized cost  --  --  487
Investment securities available for sale, at fair value  14,590  6,216  6,291
Mortgage-backed securities held to maturity, at amortized  122  125  168
Mortgage-backed securities available for sale, at fair value  6,068  431  813
Loans receivable (net of allowance for loan losses of $13,697, $15,643 and $20,972)  511,692  520,369  597,138
Real estate and other pers. property owned  13,165  15,638  22,074
Prepaid expenses and other assets  2,800  3,063  4,550
Accrued interest receivable  1,751  1,747  2,084
Federal Home Loan Bank stock, at cost  7,089  7,154  7,350
Premises and equipment, net  17,708  17,693  17,887
Deferred income taxes, net  498  522  612
Mortgage servicing rights, net  406  388  448
Goodwill  25,572  25,572  25,572
Core deposit intangible, net  49  66  118
Bank owned life insurance  17,280  17,138  16,701
       
TOTAL ASSETS  $ 774,578  $ 777,003  $ 814,730
       
LIABILITIES AND EQUITY      
       
LIABILITIES:      
Deposit accounts  $ 659,495  $ 663,806  $ 705,892
Accrued expenses and other liabilities  8,966  8,006  8,675
Advance payments by borrowers for taxes and insurance  237  1,025  605
Junior subordinated debentures  22,681  22,681  22,681
Capital lease obligation  2,420  2,440  2,495
Total liabilities  693,799  697,958  740,348
       
EQUITY:      
Shareholders' equity      
Serial preferred stock, $. 01 par value; 250,000 authorized, issued and outstanding, none  --   --   -- 
Common stock, $. 01 par value; 50,000,000 authorized,      
June 30, 2013 – 22,471,890 issued and outstanding;  225  225  225
March 31, 2013 – 22,471,890 issued and outstanding;      
June 30, 2012 – 22,471,890 issued and outstanding;      
Additional paid-in capital  65,541  65,551  65,593
Retained earnings  15,809  14,169  9,756
Unearned shares issued to employee stock ownership trust  (464)  (490)  (567)
Accumulated other comprehensive loss  (967)  (1,013)  (1,187)
Total shareholders' equity  80,144  78,442  73,820
       
Noncontrolling interest  635  603  562
Total equity  80,779  79,045  74,382
       
TOTAL LIABILITIES AND EQUITY  $ 774,578  $ 777,003  $ 814,730
       
RIVERVIEW BANCORP, INC. AND SUBSIDIARY      
Consolidated Statements of Operations      
  Three Months Ended
(In thousands, except share data) (Unaudited) June 30, 2013 March 31, 2013 June 30, 2012
INTEREST INCOME:      
Interest and fees on loans receivable  $ 6,605  $ 6,690  $ 9,045
Interest on investment securities-taxable  39  54  53
Interest on investment securities-non taxable  --  --  8
Interest on mortgage-backed securities  16  4  8
Other interest and dividends  171  157  129
Total interest income  6,831  6,905  9,243
       
INTEREST EXPENSE:      
Interest on deposits  527  550  823
Interest on borrowings  150  150  349
Total interest expense  677  700  1,172
Net interest income  6,154  6,205  8,071
Less provision (recapture) for loan losses  (2,500)  (3,600)  4,000
       
Net interest income after provision for loan losses  8,654  9,805  4,071
       
NON-INTEREST INCOME:      
Fees and service charges  1,030  1,083  1,057
Asset management fees  736  547  604
Gain on sale of loans held for sale  317  245  727
Bank owned life insurance income  142  142  149
Other  21  15  (97)
Total non-interest income  2,246  2,032  2,440
       
NON-INTEREST EXPENSE:      
Salaries and employee benefits  3,870  4,051  3,793
Occupancy and depreciation  1,244  1,259  1,234
Data processing  688  379  314
Amortization of core deposit intangible  17  17  19
Advertising and marketing expense  204  153  219
FDIC insurance premium  411  418  287
State and local taxes  126  130  148
Telecommunications  68  74  121
Professional fees  338  307  421
Real estate owned expenses  1,612  2,882  939
Other  665  566  781
Total non-interest expense  9,243  10,236  8,276
       
INCOME (LOSS) BEFORE INCOME TAXES  1,657  1,601  (1,765)
PROVISION FOR INCOME TAXES  17  6  15
NET INCOME (LOSS)  $ 1,640  $ 1,595  $ (1,780)
       
Earnings (loss) per common share:      
Basic  $ 0.07  $ 0.07  $ (0.08)
Diluted  $ 0.07  $ 0.07  $ (0.08)
Weighted average number of shares outstanding:      
Basic 22,357,962 22,351,804 22,333,329
Diluted 22,358,633 22,352,229 22,333,329
       
(Dollars in thousands) At or for the three months ended
  June 30, 2013 March 31, 2013 June 30, 2012
AVERAGE BALANCES      
Average interest–earning assets  $ 702,926  $ 691,793  $ 768,156
Average interest-bearing liabilities  568,246  574,763  636,132
Net average earning assets  134,680  117,030  132,024
Average loans  531,427  543,906  671,798
Average deposits  657,136  662,978  732,812
Average equity  79,997  78,370  76,483
Average tangible equity  53,974  52,321  50,506
       
       
ASSET QUALITY June 30, 2013 March 31, 2013 June 30, 2012
       
Non-performing loans 21,390 21,133 36,782
Non-performing loans to total loans 4.07% 3.94% 5.95%
Real estate/repossessed assets owned 13,165 15,638 22,074
Non-performing assets 34,555 36,771 58,856
Non-performing assets to total assets 4.46% 4.73% 7.22%
Net loan charge-offs in the quarter (554) 390 2,949
Net charge-offs (recoveries) in the quarter/average loans (0.42)% 0.29% 1.76%
       
Allowance for loan losses 13,697 15,643 20,972
Average interest-earning assets to average interest-bearing liabilities 123.70% 120.36% 120.75%
Allowance for loan losses to non-performing loans 64.03% 74.02% 57.02%
Allowance for loan losses to total loans 2.61% 2.92% 3.39%
Shareholders' equity to assets 10.35% 10.10% 9.06%
       
       
CAPITAL RATIOS      
Total capital (to risk weighted assets) 15.81% 15.29% 13.18%
Tier 1 capital (to risk weighted assets) 14.54% 14.02% 11.91%
Tier 1 capital (to leverage assets) 10.27% 9.99% 9.35%
Tangible common equity (to tangible assets) 7.23% 6.98% 6.05%
       
       
DEPOSIT MIX June 30, 2013 March 31, 2013 June 30, 2012
       
Interest checking  $ 93,058  $ 91,754  $ 81,064
Regular savings  55,716  54,316  47,596
Money market deposit accounts  213,239  217,091  230,695
Non-interest checking  117,498  112,527  132,231
Certificates of deposit  179,984  188,118  214,306
Total deposits  $ 659,495  $ 663,806  $ 705,892
         
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS        
         
    Commercial   Commercial 
    Real Estate Real Estate & Construction
  Commercial Mortgage Construction Total
June 30, 2013 (Dollars in thousands)
Commercial   $ 69,175  $ --  $ --  $ 69,175
Commercial construction  --  --  6,885  6,885
Office buildings  --  85,620  --  85,620
Warehouse/industrial  --  40,671  --  40,671
Retail/shopping centers/strip malls  --  65,600  --  65,600
Assisted living facilities  --  7,691  --  7,691
Single purpose facilities  --  92,589  --  92,589
Land  --  19,238  --  19,238
Multi-family  --  38,713  --  38,713
One-to-four family  --  --  3,907  3,907
Total  $ 69,175  $ 350,122  $ 10,792  $ 430,089
         
March 31, 2013 (Dollars in thousands)
Commercial  $ 71,935  $ --  $ --  $ 71,935
Commercial construction  --  --  5,719  5,719
Office buildings  --  86,751  --  86,751
Warehouse/industrial  --  41,124  --  41,124
Retail/shopping centers/strip malls  --  67,472  --  67,472
Assisted living facilities  --  13,146  --  13,146
Single purpose facilities  --  89,198  --  89,198
Land  --  23,404  --  23,404
Multi-family  --  34,302  --  34,302
One-to-four family  --  --  3,956  3,956
Total  $ 71,935  $ 355,397  $ 9,675  $ 437,007
         
         
         
         
LOAN MIX June 30, 2013 March 31, 2013 June 30, 2012  
Commercial and construction        
Commercial  $ 69,175  $ 71,935  $ 79,795  
Other real estate mortgage  350,122  355,397  415,320  
Real estate construction  10,792  9,675  15,447  
Total commercial and construction  430,089  437,007  510,562  
Consumer        
Real estate one-to-four family  93,341  97,140  105,298  
Other installment  1,959  1,865  2,250  
Total consumer  95,300  99,005  107,548  
         
Total loans  525,389  536,012  618,110  
         
Less:        
Allowance for loan losses  13,697  15,643  20,972  
Loans receivable, net  $ 511,692  $ 520,369  $ 597,138  
             
DETAIL OF NON-PERFORMING ASSETS
             
  Northwest Other  Southwest Other    
  Oregon Oregon Washington Washington Other Total
June 30, 2013 (Dollars in thousands)
Non-performing assets            
             
Commercial  $ --  $ 404  $ 811  $ --  $ --  $ 1,215
Commercial real estate  5,581  --  7,600  224  --  13,405
Land  --  800  668  --  --  1,468
Multi-family  --  2,465  --  --  --  2,465
Commercial construction  --  --  --  --  --  --
One-to-four family construction  --  168  --  --  --  168
Real estate one-to-four family  349  394  1,376  550  --  2,669
Consumer  --  --  --  --  --  --
Total non-performing loans  5,930  4,231  10,455  774  --  21,390
             
REO  --  4,327  7,120  1,718  --  13,165
             
Total non-performing assets  $ 5,930  $ 8,558  $ 17,575  $ 2,492  $ --  $ 34,555
             
             
             
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS 
             
  Northwest Other  Southwest Other    
  Oregon Oregon Washington Washington Other Total
June 30, 2013 (Dollars in thousands)
Land and Spec Construction Loans            
             
Land Development Loans  $ 3,918  $ 1,326  $ 13,994  $ --  $ --  $ 19,238
Spec Construction Loans  --  168  3,397  138  --  3,703
             
Total Land and Spec Construction  $ 3,918  $ 1,494  $ 17,391  $ 138  $ --  $ 22,941
       
   At or for the three months ended
SELECTED OPERATING DATA June 30, 2013 March 31, 2013 June 30, 2012
       
Efficiency ratio (4) 110.04% 124.27% 78.74%
Coverage ratio (6) 66.58% 60.62% 97.52%
Return on average assets (1) 0.85% 0.83% -0.85%
Return on average equity (1) 8.22% 8.25% -9.33%
       
NET INTEREST SPREAD      
Yield on loans 4.99% 4.99% 5.40%
Yield on investment securities 1.44% 2.81% 3.04%
Total yield on interest earning assets 3.90% 4.05% 4.83%
       
Cost of interest bearing deposits 0.39% 0.41% 0.54%
Cost of FHLB advances and other borrowings 2.40% 2.42% 5.56%
Total cost of interest bearing liabilities 0.48% 0.49% 0.74%
       
Spread (7) 3.42% 3.56% 4.09%
Net interest margin 3.51% 3.64% 4.22%
       
PER SHARE DATA      
Basic earnings (loss) per share (2)  $ 0.07  $ 0.07  $ (0.08)
Diluted earnings (loss) per share (3)  0.07  0.07  (0.08)
Book value per share (5)  3.57  3.49  3.28
Tangible book value per share (5)  2.41  2.33  2.12
Market price per share:      
High for the period  $ 2.67  $ 2.76  $ 2.29
Low for the period  2.27  1.66  1.08
Close for period end  2.51  2.64  1.25
       
Average number of shares outstanding:      
Basic (2) 22,357,962 22,351,804 22,333,329
Diluted (3) 22,358,633 22,352,229 22,333,329
       
(1)  Amounts for the quarterly periods are annualized.
(2)  Amounts exclude ESOP shares not committed to be released.
(3)  Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
(4)  Non-interest expense divided by net interest income and non-interest income.
(5)  Amounts calculated based on shareholders' equity and include ESOP shares not committed to be released.
(6)  Net interest income divided by non-interest expense.
(7)  Yield on interest-earning assets less cost of funds on interest bearing liabilities.
CONTACT: Pat Sheaffer or Ron Wysaske,
         Riverview Bancorp, Inc. 360-693-6650

         The Cereghino Group
         IR CONTACT: 206-388-5785
Source: Riverview Bancorp, Inc.
SHARE THIS: Twitter StockTwits LinkedIn Google Plus SHORT URL: http://bdvt.co/bfWX

SIGN IN TO BOARDVOTE

FORGOT PASSWORD?