Riverview Bancorp Inc.

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Riverview Bancorp Earns $341,000 in Second Fiscal Quarter of 2014 Highlighted by Continued Credit Quality Improvements and Operating Efficiencies

VANCOUVER, Wash., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported net income of $341,000, or $0.02 per diluted share, in its second fiscal quarter ended September 30, 2013. This compares to net income of $1.6 million, or $0.07 per diluted share, in the preceding quarter and $1.8 million, or $0.08 per diluted share, in the second quarter a year ago.

"Our second quarter profits are a result of our improved credit quality metrics and sound capital ratios, making Riverview profitable for the fifth consecutive quarter," said Pat Sheaffer, Chairman and CEO. "Going forward we will continue to work on improving our asset quality and growing our loan portfolio, while looking for opportunities to grow our core customer deposits and build new client relationships in our existing footprint."

Second Quarter Highlights (at or for the period ended September 30, 2013)

  • Net income was $341,000, or $0.02 per diluted share
  • Net interest margin was 3.37% for the quarter
  • Nonperforming assets decreased $4.9 million during the quarter to $29.7 million (14.2% decline)
  • Classified assets decreased $1.2 million during the quarter to $58.6 million (2.0% decline)
  • Net charge-offs for the second quarter totaled just $1,000 compared to net recoveries of $554,000 in the preceding quarter and net charge-offs of $1.3 million in the second quarter a year ago
  • Core deposits were strong and accounted for 96% 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 16.03% and a Tier 1 leverage ratio of 10.20%

Credit Quality

Classified assets decreased $1.2 million during the quarter to $58.6 million at September 30, 2013 compared to $59.8 million at June 30, 2013 and $103.3 million at September 30, 2012. The classified assets to total capital ratio decreased to 64.4% at September 30, 2013.

"Our classified asset team has continued to make meaningful progress in reducing our level of problem assets, with nonperforming loans, real estate owned ("REO") and net charge-offs improving during the quarter," said Ron Wysaske, President and COO. "Our expectation is that classified assets will continue to decline in the fiscal year based on the significant amount of progress our team has made working on our existing problem assets."

Nonperforming loans declined $5.2 million during the quarter to $16.2 million, or 3.09% of total loans, at September 30, 2013 compared to $21.4 million, or 4.07% of total loans at June 30, 2013. The improvement was primarily due to a $4.0 million commercial real estate ("CRE") loan in Portland that was paid down and returned to accrual status during the quarter.

REO balances were $13.5 million at September 30, 2013 compared to $13.2 million at June 30, 2013 and $24.5 million at September 30, 2012. During the quarter, REO sales totaled $1.4 million with write-downs of $377,000 and additions of $2.1 million. Several additional REO properties, totaling $5.5 million, that were scheduled to close in the second fiscal quarter were delayed and are expected to close in the December quarter.

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

As a result of significant improvement in credit quality, coupled with the decline in net loan charge-offs and substantial loan loss reserves already in place, Riverview recorded no provision during the second quarter. This compares to a $2.5 million provision recapture in the preceding quarter and a $500,000 provision for loan losses in the second quarter a year ago.

The allowance for loan losses was $13.7 million at September 30, 2013, representing 2.62% of total loans and 84.67% of nonperforming loans. At June 30, 2013, the allowance for loan losses was $13.7 million, representing 2.61% of total loans and 64.03% of nonperforming loans. Riverview recorded $1,000 in net loan charge-offs during the second fiscal quarter, compared to a net recovery of $554,000 in the first fiscal quarter. Total net charge-offs during the last twelve months totaled $344,000.

Balance Sheet Review

Riverview's performing loan portfolio increased by $2.8 million during the quarter. However, due to Riverview's continued focus on reducing nonperforming and classified loan balances, total loans declined during the quarter. Net loans were $509.4 million at September 30, 2013 compared to $511.7 million at June 30, 2013 and $562.1 million at September 30, 2012.

"We continue to look for ways to improve our lending infrastructure and improve efficiencies," said Wysaske. "We recently reallocated internal staff to provide our lending teams with additional resources to improve our lending capacity. As classified loan balances continue to decline, we expect that our loan balance growth will continue to improve." During the second fiscal quarter, new loan production totaled $27.5 million.

The CRE loan portfolio totaled $293.9 million at September 30, 2013, of which 32% was owner-occupied and 68% was investor-owned. The CRE portfolio contained eight loans totaling $8.2 million that were nonperforming, representing 2.8% of the total CRE portfolio and 50.8% of total nonperforming loans.

Total deposits increased $13.3 million to $672.8 million at September 30, 2013 compared to $659.5 million three months earlier. The Company's focus remains on growing our low cost core customer deposits.

Shareholders' equity improved to $81.0 million at quarter-end, compared to $80.1 million three months earlier and $75.6 million a year earlier. Tangible book value per share increased to $2.45 per diluted share compared to $2.41 per diluted share at June 30, 2013 and $2.20 a year ago.

In fiscal 2012, Riverview established a valuation allowance against its deferred tax asset. At September 30, 2013, the total valuation allowance was $15.7 million. The Company continues to 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 could decrease our income tax expense, and increase both after tax earnings and shareholders' equity.

Income Statement

Riverview's second quarter net interest income was $6.1 million compared to $6.2 million in the preceding quarter and $7.8 million in the second quarter a year ago. In the first six months of fiscal year 2014, the net interest income was $12.3 million compared to $15.9 million in the same period a year earlier.

"Our margin remained under pressure during the quarter due to an increase in cash balances compared to a year ago, as well as the re-pricing of loans in the loan portfolio to the current lower interest rates," said Wysaske. "We deployed over $30 million of cash in the last six months into our investment portfolio in order to help offset some of the impact from the continued low interest rates." Riverview's net interest margin was 3.37% in the fiscal second quarter compared to 3.51% for the preceding quarter and 4.31% in the fiscal second quarter a year ago.

Non-interest income was $1.9 million in the second quarter compared to $2.2 million in the preceding quarter and $2.3 million in the second quarter a year ago. The decline from the year ago quarter was partly due to $232,000 in fees and service charges resulting from loan prepayment penalties in the second quarter a year ago. Asset management fees increased to $595,000 during the quarter compared to $504,000 in the same quarter a year ago as a result of an increase in assets under management at our Trust company.

Non-interest expense decreased to $7.6 million in the second quarter of fiscal 2014 compared to $9.2 million in the preceding quarter and $7.8 million in the second quarter of fiscal 2013. REO expenses decreased $1.1 million compared to the preceding quarter due to our lower REO balances and fewer writedowns.

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 16.03% and a Tier 1 leverage ratio of 10.20% at September 30, 2013.

As of September 30, 2013, the Bank had available total and contingent liquidity of more than $500 million, representing 64% of total assets. Included in the Bank's total liquidity was more than $175 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) September 30, 2013 June 30, 2013 September 30, 2012 March 31, 2013
         
Shareholders' equity  $ 80,968  $ 80,144  $ 75,607  $ 78,442
Goodwill  25,572  25,572  25,572  25,572
Other intangible assets, net  427  455  520  454
         
Tangible shareholders' equity  $ 54,969  $ 54,117  $ 49,515  $ 52,416
         
Total assets  $ 788,878  $ 774,578  $ 809,553  $ 777,003
Goodwill  25,572  25,572  25,572  25,572
Other intangible assets, net  427  455  520  454
         
Tangible assets  $ 762,879  $ 748,551  $ 783,461  $ 750,977

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 $789 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) September 30, 2013 June 30, 2013 September 30, 2012 March 31, 2013
ASSETS        
         
Cash (including interest-earning accounts of $99,955, $96,110, $83,642 and $100,093)  $ 114,337  $ 111,878  $ 98,367  $ 115,415
Certificate of deposits  37,920  42,652  41,797  44,635
Loans held for sale  1,571  1,258  1,289  831
Investment securities available for sale, at fair value  21,899  14,590  6,278  6,216
Mortgage-backed securities held to maturity, at amortized  108  122  164  125
Mortgage-backed securities available for sale, at fair value  17,706  6,068  679  431
Loans receivable (net of allowance for loan losses of $13,696, $13,697, $20,140, and $15,643)  509,447  511,692  562,058  520,369
Real estate and other pers. property owned  13,481  13,165  24,481  15,638
Prepaid expenses and other assets  3,141  2,800  3,894  3,063
Accrued interest receivable  1,659  1,751  1,958  1,747
Federal Home Loan Bank stock, at cost  7,023  7,089  7,285  7,154
Premises and equipment, net  16,895  17,708  17,745  17,693
Deferred income taxes, net  271  498  616  522
Mortgage servicing rights, net  388  406  420  388
Goodwill  25,572  25,572  25,572  25,572
Core deposit intangible, net  39  49  100  66
Bank owned life insurance  17,421  17,280  16,850  17,138
         
TOTAL ASSETS  $ 788,878  $ 774,578  $ 809,553  $ 777,003
         
LIABILITIES AND EQUITY        
         
LIABILITIES:        
Deposit accounts  $ 672,806  $ 659,495  $ 699,227  $ 663,806
Accrued expenses and other liabilities  8,887  8,966  7,926  8,006
Advance payments by borrowers for taxes and insurance  486  237  1,060  1,025
Junior subordinated debentures  22,681  22,681  22,681  22,681
Capital lease obligation  2,401  2,420  2,477  2,440
Total liabilities  707,261  693,799  733,371  697,958
         
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, September 30, 2013 - 22,471,890 issued and outstanding; June 30, 2013 – 22,471,890 issued and outstanding; September 30, 2012 - 22,471,890 issued and outstanding; March 31, 2013 – 22,471,890 issued and outstanding;  225  225  225  225
Additional paid-in capital  65,557  65,541  65,576  65,551
Retained earnings  16,150  15,809  11,543  14,169
Unearned shares issued to employee stock ownership trust  (438)  (464)  (541)  (490)
Accumulated other comprehensive loss  (526)  (967)  (1,196)  (1,013)
Total shareholders' equity  80,968  80,144  75,607  78,442
         
Noncontrolling interest  649  635  575  603
Total equity  81,617  80,779  76,182  79,045
         
TOTAL LIABILITIES AND EQUITY  $ 788,878  $ 774,578  $ 809,553  $ 777,003
 
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
  Three Months Ended Six Months Ended
(In thousands, except share data) (Unaudited) Sept. 30, 2013 June 30, 2013 Sept. 30, 2012 Sept. 30, 2013 Sept. 30, 2012
INTEREST INCOME:          
Interest and fees on loans receivable  $ 6,465  $ 6,605  $ 8,468  $ 13,070  $ 17,513
Interest on investment securities-taxable  77  39  38  116  91
Interest on investment securities-non taxable  --  --  7  --  15
Interest on mortgage-backed securities  52  16  7  68  15
Other interest and dividends  170  171  128  341  257
Total interest income  6,764  6,831  8,648  13,595  17,891
           
INTEREST EXPENSE:          
Interest on deposits  514  527  699  1,041  1,522
Interest on borrowings  150  150  162  300  511
Total interest expense  664  677  861  1,341  2,033
Net interest income  6,100  6,154  7,787  12,254  15,858
Less provision for loan losses  --  (2,500)  500  (2,500)  4,500
           
Net interest income after provision for loan losses  6,100  8,654  7,287  14,754  11,358
           
NON-INTEREST INCOME:          
Fees and service charges  1,094  1,030  1,331  2,124  2,388
Asset management fees  595  736  504  1,331  1,108
Gain on sale of loans held for sale  116  317  152  433  879
Bank owned life insurance income  141  142  148  283  297
Other  (59)  21  179  (38)  82
Total non-interest income  1,887  2,246  2,314  4,133  4,754
           
NON-INTEREST EXPENSE:          
Salaries and employee benefits  3,867  3,870  3,609  7,737  7,402
Occupancy and depreciation  1,190  1,244  1,236  2,434  2,470
Data processing  430  688  292  1,118  606
Amortization of core deposit intangible  9  17  18  26  37
Advertising and marketing expense  204  204  269  408  488
FDIC insurance premium  417  411  394  828  681
State and local taxes  108  126  137  234  285
Telecommunications  81  68  116  149  237
Professional fees  315  338  281  653  702
Real estate owned expenses  492  1,612  891  2,104  1,830
Other  534  665  569  1,199  1,350
Total non-interest expense  7,647  9,243  7,812  16,890  16,088
           
INCOME BEFORE INCOME TAXES  340  1,657  1,789  1,997  24
PROVISION (BENEFIT) FOR INCOME TAXES  (1)  17  2  16  17
NET INCOME  $ 341  $ 1,640  $ 1,787  $ 1,981  $ 7
           
Earnings (loss) per common share:          
Basic  $ 0.02  $ 0.07  $ 0.08  $ 0.09  $ --
Diluted  $ 0.02  $ 0.07  $ 0.08  $ 0.09  $ --
Weighted average number of shares outstanding:          
Basic 22,364,120 22,357,962 22,339,487 22,361,058 22,336,425
Diluted 22,365,460 22,358,633 22,339,487 22,361,941 22,336,425
     
(Dollars in thousands) At or for the three months ended At or for the six months ended
  Sept. 30, 2013 June 30, 2013 Sept. 30, 2012 Sept. 30, 2013 Sept. 30, 2012
AVERAGE BALANCES          
Average interest-earning assets  $ 718,118  $ 702,926  $ 716,932  $ 710,559  $ 742,403
Average interest-bearing liabilities 574,990  568,246 591,460 571,631 613,674
Net average earning assets 143,128  134,680 125,472 138,928 128,729
Average loans 525,490  531,427 605,382 528,443 638,408
Average deposits 670,820  657,136 699,243 664,015 715,936
Average equity 81,906  79,997 76,008 80,957 76,244
Average tangible equity 55,884  53,974 49,886 54,935 50,194
           
           
ASSET QUALITY Sept. 30, 2013 June 30, 2013 Sept. 30, 2012    
           
Non-performing loans 16,175 21,390 28,031    
Non-performing loans to total loans 3.09% 4.07% 4.81%    
Real estate/repossessed assets owned 13,481 13,165 24,481    
Non-performing assets 29,656 34,555 52,512    
Non-performing assets to total assets 3.76% 4.46% 6.49%    
Net loan charge-offs in the quarter 1 (554) 1,332    
Net charge-offs in the quarter/average net loans 0.00% (0.42)% 0.87%    
           
Allowance for loan losses 13,696 13,697 20,140    
Average interest-earning assets to average interest-bearing liabilities 124.89% 123.70% 121.21%    
Allowance for loan losses to non-performing loans 84.67% 64.03% 71.85%    
Allowance for loan losses to total loans 2.62% 2.61% 3.46%    
Shareholders' equity to assets 10.26% 10.35% 9.34%    
           
           
CAPITAL RATIOS          
Total capital (to risk weighted assets) 16.03% 15.81% 13.41%    
Tier 1 capital (to risk weighted assets) 14.76% 14.54% 12.13%    
Tier 1 capital (to leverage assets) 10.20% 10.27% 9.09%    
Tangible common equity (to tangible assets) 7.21% 7.23% 6.32%    
           
           
DEPOSIT MIX Sept. 30, 2013 June 30, 2013 Sept. 30, 2012 March 31, 2013  
           
Interest checking  $ 93,117  $ 93,058  $ 80,634  $ 91,754  
Regular savings  60,862  55,716  49,813  54,316  
Money market deposit accounts  225,921  213,239  228,236  217,091  
Non-interest checking  118,101  117,498  136,661  112,527  
Certificates of deposit  174,805  179,984  203,883  188,118  
Total deposits  $ 672,806  $ 659,495  $ 699,227  $ 663,806  
 
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
         
    Commercial   Commercial
    Real Estate Real Estate & Construction
  Commercial Mortgage Construction Total
September 30, 2013 (Dollars in thousands)
Commercial  $ 70,510  $ --  $ --  $ 70,510
Commercial construction  --  --  7,537  7,537
Office buildings  --  83,560  --  83,560
Warehouse/industrial  --  43,501  --  43,501
Retail/shopping centers/strip malls  --  64,802  --  64,802
Assisted living facilities  --  7,657  --  7,657
Single purpose facilities  --  94,415  --  94,415
Land  --  17,522  --  17,522
Multi-family  --  36,800  --  36,800
One-to-four family  --  --  4,313  4,313
Total  $ 70,510  $ 348,257  $ 11,850  $ 430,617
         
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 Sept. 30, 2013 June 30, 2013 Sept. 30, 2012 March 31, 2013
Commercial and construction        
Commercial  $ 70,510  $ 69,175  $ 74,953  $ 71,935
Other real estate mortgage  348,257  350,122  385,715  355,397
Real estate construction  11,850  10,792  16,920  9,675
Total commercial and construction  430,617  430,089  477,588  437,007
Consumer        
Real estate one-to-four family  90,550  93,341  102,473  97,140
Other installment  1,976  1,959  2,137  1,865
Total consumer  92,526  95,300  104,610  99,005
         
Total loans  523,143  525,389  582,198  536,012
         
Less:        
Allowance for loan losses  13,696  13,697  20,140  15,643
Loans receivable, net  $ 509,447  $ 511,692  $ 562,058  $ 520,369
 
DETAIL OF NON-PERFORMING ASSETS
             
  Northwest Other Southwest Other    
  Oregon Oregon Washington Washington Other Total
September 30, 2013 (dollars in thousands)
Non-performing assets            
             
Commercial  $ --  $ 161  $ 519  $ --  $ --  $ 680
Commercial real estate  2,265  --  5,723  224  --  8,212
Land  418  800  668  --  --  1,886
Multi-family  2,532  --  --  --  --  2,532
Commercial construction  --  --  --  --  --  --
One-to-four family construction  --  --  --  --  --  --
Real estate one-to-four family  402  230  1,690  543  --  2,865
Consumer  --  --  --  --  --  --
Total non-performing loans  5,617  1,191  8,600  767  --  16,175
             
REO  --  3,858  7,656  1,967  --  13,481
             
Total non-performing assets  $ 5,617  $ 5,049  $ 16,256  $ 2,734  $ --  $ 29,656
             
             
             
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
             
  Northwest Other Southwest Other    
  Oregon Oregon Washington Washington Other Total
September 30, 2013 (dollars in thousands)
Land and Spec Construction Loans            
             
Land Development Loans  $ 667  $ 4,046  $ 12,809  $ --  $ --  $ 17,522
Spec Construction Loans  --  --  3,986  --  --  3,986
             
Total Land and Spec Construction  $ 667  $ 4,046  $ 16,795  $ --  $ --  $ 21,508
     
  At or for the three months ended At or for the six months ended
SELECTED OPERATING DATA Sept. 30, 2013 June 30, 2013 Sept. 30, 2012 Sept. 30, 2013 Sept. 30, 2012
           
Efficiency ratio (4) 95.74% 110.04% 77.34% 103.07% 78.05%
Coverage ratio (6) 79.77% 66.58% 99.68% 72.55% 98.57%
Return on average assets (1) 0.17% 0.85% 0.88% 0.51% 0.00%
Return on average equity (1) 1.65% 8.22% 9.33% 4.88% 0.02%
           
NET INTEREST SPREAD          
Yield on loans 4.88% 4.99% 5.55% 4.93% 5.47%
Yield on investment securities 1.57% 1.44% 2.38% 1.53% 2.74%
Total yield on interest earning assets 3.74% 3.90% 4.79% 3.82% 4.81%
           
Cost of interest bearing deposits 0.37% 0.39% 0.49% 0.38% 0.52%
Cost of FHLB advances and other borrowings 2.37% 2.40% 2.57% 2.38% 4.05%
Total cost of interest bearing liabilities 0.46% 0.48% 0.58% 0.47% 0.66%
           
Spread (7) 3.28% 3.42% 4.21% 3.35% 4.15%
Net interest margin 3.37% 3.51% 4.31% 3.44% 4.26%
           
PER SHARE DATA          
Basic earnings per share (2)  $ 0.02  $ 0.07  $ 0.08  $ 0.09  $ --
Diluted earnings per share (3)  $ 0.02  $ 0.07  $ 0.08  $ 0.09  $ --
Book value per share (5)  3.60  3.57  3.36  3.60  3.36
Tangible book value per share (5)  2.45  2.41  2.20  2.45  2.20
Market price per share:          
High for the period  $ 2.96  $ 2.67  $ 1.49  $ 2.96  $ 2.29
Low for the period  2.42  2.27  1.24  2.27  1.08
Close for period end  2.63  2.51  1.37  2.63  1.37
Cash dividends declared per share  --  --  --  --  --
           
Average number of shares outstanding:          
Basic (2) 22,364,120 22,357,962 22,339,487 22,361,058 22,336,425
Diluted (3) 22,365,460 22,358,633 22,339,487 22,361,941 22,336,425
           
           
(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
Source: Riverview Bancorp, Inc.
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