Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the
“Company”) today reported earnings of $2.5 million, or $0.12 per
diluted share, in the second fiscal quarter ended September 30,
2023, compared to $2.8 million, or $0.13 per diluted share, in the
first fiscal quarter ended June 30, 2023, and $5.2 million, or
$0.24 per diluted share, in the second fiscal quarter a year ago.
In the first six months of fiscal 2024, net
income was $5.3 million, or $0.25 per diluted share, compared to
$9.8 million, or $0.45 per diluted share, in the first six months
of fiscal 2023.
“Our operating results for the second fiscal
quarter of 2024 remained sound, as we continue to be impacted by
higher interest expense on deposits and borrowings,” stated Dan
Cox, Chief Operating Officer, Acting President and Chief Executive
Officer. “The persistently high interest rate environment continues
to present challenges to bank profitability throughout the country,
including our operations. Loan growth was modest at 1.1%, or 4.5%
annualized, and deposit balances remained relatively flat compared
to the prior quarter end, as deposit runoff seems to have slowed.
As we look to the second half of fiscal 2024, our priorities remain
focused on taking care of our clients, while at the same time
protecting our liquidity and capital position in this uncertain
economic environment.”
Second Quarter Highlights (at or for the
period ended September 30, 2023)
- Net income was $2.5 million, or
$0.12 per diluted share.
- Net interest income was $9.9
million for the quarter, compared to $10.4 million in the preceding
quarter and $13.4 million in the second fiscal quarter a year
ago.
- Net interest margin (“NIM”) was 2.63% for the quarter, compared
to 2.79% in the preceding quarter and 3.30% for the year ago
quarter.
- Return on average assets was 0.62% and return on average equity
was 6.33%.
- Asset quality remained strong, with
non-performing assets excluding government guaranteed loans
(non-GAAP) at $198,000, or 0.01% of total assets at September 30,
2023.
- Riverview recorded no provision for
credit losses during the current quarter, the preceding quarter, or
during the year ago quarter.
- The allowance for credit losses was
$15.3 million, or 1.51% of total loans.
- Total loans were $1.02 billion at
September 30, 2023, compared to $1.00 billion three months earlier
and $1.01 billion one year earlier.
- Total deposits were $1.24 billion,
which was unchanged compared to three months earlier.
- Riverview has approximately $206.5
million in available liquidity at September 30, 2023, including
$152.1 million of borrowing capacity from Federal Home Loan Bank of
Des Moines (“FHLB”) and $54.4 million from the Federal Reserve Bank
of San Francisco (“FRB”). Riverview has access to but has yet to
utilize the Federal Reserve Bank’s Bank Term Funding Program
("BTFP"). At September 30, 2023, the Bank had $143.2 million in
outstanding FHLB borrowings.
- The uninsured deposit ratio was
27.2% at September 30, 2023.
- Total risk-based capital ratio was
16.91% and Tier 1 leverage ratio was 10.74%.
- Paid a quarterly cash dividend
during the quarter of $0.06 per share.
Income Statement Review
Riverview’s net interest income was $9.9 million
in the current quarter, compared to $10.4 million in the preceding
quarter, and $13.4 million in the second fiscal quarter a year ago.
The decrease in net interest income compared to the prior quarter
was driven primarily by an increase in interest expense on deposits
and borrowings due to rising interest rates. In the first six
months of fiscal 2024, net interest income was $20.2 million,
compared to $26.1 million in the first six months of fiscal
2023.
Riverview’s NIM was 2.63% for the second quarter
of fiscal 2024, a 16 basis-point decrease compared to 2.79% in the
preceding quarter and a 67 basis-point decrease compared to 3.30%
in the second quarter of fiscal 2023. “The NIM contraction during
the current quarter, compared to the prior quarter, was a result of
higher interest expense due to increased rates on our deposit
products and the interest expense related to our borrowings,” said
David Lam, EVP and Chief Financial Officer. In the first six months
of fiscal 2024, the net interest margin was 2.71% compared to 3.21%
in the same period a year earlier.
Investment securities totaled $430.0 million at
September 30, 2023, compared to $444.2 million at June 30, 2023,
and $464.7 million at September 30, 2022. The average securities
balances for the quarters ended September 30, 2023, June 30, 2023,
and September 30, 2022, were $466.0 million, $476.1 million, and
$473.4 million, respectively. The weighted average yields on
securities balances for those same periods were 2.00%, 2.05%, and
1.89%, respectively. The duration of the investment portfolio at
September 30, 2023 was approximately 4.9 years. The anticipated
investment cashflows over the next twelve months is approximately
$42.4 million.
Riverview’s yield on loans was stable at 4.51%
during the second fiscal quarter, compared to 4.50% in the
preceding quarter, and improved from 4.38% in the second fiscal
quarter a year ago. Loan yields remain under pressure due to the
concentration of fixed-rate loans in the Company’s portfolio.
Deposit costs increased to 0.59% during the second fiscal quarter
compared to 0.44% in the preceding quarter, and 0.09% in the second
fiscal quarter a year ago.
Non-interest income increased to $3.4 million
during the second fiscal quarter compared to $3.3 million in the
preceding quarter and $3.1 million in the second fiscal quarter of
2023. Fees and service charges increased as a result of income from
a fintech referral partnership. In the first six months of fiscal
2024, non-interest income was $6.7 million compared to $6.3 million
in the same period a year ago.
Asset management fees were $1.3 million during
the second fiscal quarter compared to $1.4 million in the preceding
quarter, and $1.2 million in the second fiscal quarter a year ago.
Riverview Trust Company’s assets under management were $875.7
million at September 30, 2023, compared to $901.6 million at June
30, 2023 and $752.4 million at September 30, 2022.
Non-interest expense was $10.1 million during
the second quarter, compared to $10.0 million in the preceding
quarter and $9.8 million in the second fiscal quarter a year ago.
Salary and employee benefits were lower during the current quarter
as a result of the reversal of certain equity incentives. Occupancy
and depreciation costs increased during the quarter due to updates
and modernization of Riverview’s facilities. Advertising costs were
also higher as Riverview continues to promote brand recognition to
attract new customers. The efficiency ratio was 76.1% for the
second fiscal quarter compared to 73.1% in the preceding quarter
and 59.2% in the second fiscal quarter a year ago. Year-to-date,
non-interest expense was $20.1 million compared to $19.6 million in
the first six months of fiscal 2023.
Return on average assets was 0.62% in the second
quarter of fiscal 2024 compared to 0.72% in the preceding quarter.
Return on average equity and return on average tangible equity
(non-GAAP) were 6.33% and 7.68%, respectively, compared to 7.31%
and 8.86%, respectively, for the prior quarter.
Riverview’s effective tax rate for the second
quarter of fiscal 2024 was 22.0%, compared to 22.4% for the
preceding quarter and 23.2% for the year ago quarter.
Balance Sheet Review
Total loans increased to $1.02 billion at
September 30, 2023, compared to $1.00 billion three months earlier
and $1.01 billion a year earlier. Riverview’s loan pipeline was
$62.7 million at September 30, 2023, compared to $75.8 million at
the end of the prior quarter. New loan originations during the
quarter totaled $39.5 million, compared to $20.3 million in the
preceding quarter and $62.1 million in the second quarter a year
ago.
Undisbursed construction loans totaled $49.9
million at September 30, 2023, compared to $45.3 million at June
30, 2023, with the majority of the undisbursed construction loans
expected to fund over the next several quarters. Undisbursed
homeowner association loans for the purpose of common area
maintenance and repairs totaled $16.9 million at September 30,
2023, compared to $21.7 million at June 30, 2023. Revolving
commercial business loan commitments totaled $62.2 million at
September 30, 2023, compared to $62.5 million three months earlier.
Utilization on these loans totaled 23.4% at September 30, 2023,
compared to 27.0% at June 30, 2023. The weighted average rate on
loan originations during the quarter was 7.06% compared to 6.53% in
the preceding quarter.
The office building loan portfolio totaled
$117.0 million at September 30, 2023 compared to $118.7 million a
year ago. The average loan balance of this loan portfolio was $1.5
million and had an average loan-to-value ratio of 55.8% and an
average debt service coverage ratio of 2.0.
Total deposits were $1.24 billion at September
30, 2023, which was nearly unchanged compared to June 30, 2023, and
decreased compared to $1.49 billion a year ago. The decrease was
attributed to deposit pricing pressures and customers seeking out
higher yielding investment alternatives, including Riverview Trust
Company’s money market accounts. Non-interest checking and interest
checking accounts, as a percentage of total deposits, totaled 49.5%
at September 30, 2023, compared to 50.1% at June 30, 2023 and 53.3%
at September 30, 2022.
FHLB advances were $143.2 million at September
30, 2023 and were comprised of overnight advances and a short-term
borrowing. This compared to $136.1 million at June 30, 2023 and no
outstanding FHLB advances a year earlier. These FHLB advances were
utilized to partially offset the decrease in deposit balances and
to fund the increase in loans receivable. The BTFP was created by
the Federal Reserve to support and make additional funding
available to eligible depository institutions to help banks meet
the needs of their depositors. Riverview has registered and is
eligible to utilize the BTFP. Riverview does not intend to utilize
the BTFP, but could do so should the need arise.
Shareholders’ equity was $152.0 million at
September 30, 2023, compared to $154.1 million three months earlier
and $147.2 million a year earlier. The decrease in shareholders’
equity at September 30, 2023, compared to the prior quarter was
primarily due to a $3.2 million increase in accumulated other
comprehensive loss related to an increase in the unrealized loss on
available for sale securities, reflecting the increase in interest
rates during the current quarter. Tangible book value per share
(non-GAAP) was $5.90 at September 30, 2023, compared to $6.00 at
June 30, 2023, and $5.56 at September 30, 2022. Riverview paid
a quarterly cash dividend of $0.06 per share on October 23, 2023,
to shareholders of record on October 12, 2023.
Credit Quality
In accordance with changes in generally accepted
accounting principles, Riverview adopted the new credit loss
accounting standard known as Current Expected Credit Loss (“CECL”)
on April 1, 2023. Under CECL, the ACL is based on expected credit
losses rather than on incurred losses. Adoption of CECL, which
includes the ACL and allowance for unfunded loan commitments,
resulted in a cumulative effect after-tax adjustment to
stockholders’ equity as of April 1, 2023, of $53,000, which had no
impact on earnings.
Asset quality remained stable, with
non-performing loans, excluding SBA and USDA government guaranteed
loans (“government guaranteed loans”) (non-GAAP), at $198,000 or
0.02% of total loans as of September 30, 2023, compared to
$210,000, or 0.02% of total loans at June 30, 2023, and $248,000,
or 0.02% of total loans at September 30, 2022. At September 30,
2023, there were no non-performing government guaranteed loans. At
June 30, 2023, including government guaranteed loans,
non-performing assets were $1.0 million, or 0.06% of total assets
and $21.0 million, or 1.25% of total assets, at September 30,
2022. Previously, there were non-performing government guaranteed
loans where payments had been delayed due to the servicing transfer
of these loans between two third-party servicers. The service
transfer has been completed as of September 30, 2023.
Riverview recorded net loan recoveries of $3,000
during the second fiscal quarter. This compared to net loan
charge-offs of $8,000 for the preceding quarter. Riverview recorded
no provision for credit losses for the second fiscal quarter, or
for the preceding quarter.
Classified assets were $1.1 million at September
30, 2023 and June 30, 2023, compared to $6.6 million at
September 30, 2022. The classified asset to total capital
ratio was 0.6% at September 30, 2023 and June 30, 2023, and 3.8% a
year earlier. Criticized assets increased to $35.1 million at
September 30, 2023, compared to $24.5 million at June 30, 2023 and
$980,000 at September 30, 2022. The increase in criticized assets
during the current quarter was mainly due to two relationship
downgrades that have plans in place to payoff outstanding loans or
meet certain loan covenants. The Company does not believe this is a
systemic credit issue.
The allowance for credit losses was $15.3
million at September 30, 2023 and June 30, 2023, and $14.6 million
one year earlier. The allowance for credit losses represented 1.51%
of total loans at September 30, 2023, compared to 1.53% at
June 30, 2023, and 1.44% a year earlier. The allowance for credit
losses to loans, net of government guaranteed loans (non-GAAP), was
1.60% at September 30, 2023, compared to 1.62% at June 30, 2023,
and 1.53% a year earlier.
Capital
Riverview continues to maintain capital levels
well in excess of the regulatory requirements to be categorized as
“well capitalized” with a total risk-based capital ratio of 16.91%
and a Tier 1 leverage ratio of 10.74% at September 30, 2023.
Tangible common equity to average tangible assets ratio (non-GAAP)
was 8.01% at September 30, 2023.
Stock Repurchase Program
In November 2022, Riverview announced that its
Board of Directors authorized the repurchase of up to $2.5 million
of the Company’s outstanding shares in the open market, based on
prevailing market prices, or in privately negotiated transactions,
over a period beginning on November 28, 2022, and continuing until
the earlier of the completion of the repurchase or May 28, 2023,
depending upon market conditions. During the first fiscal quarter
of fiscal year 2024, the Company repurchased 109,162 shares at an
average price of $5.29 per share. As of May 5, 2023, Riverview had
completed the full $2.5 million authorized, repurchasing 394,334
shares at an average price of $6.34 per share.
Non-GAAP Financial Measures
In addition to results presented in accordance
with generally accepted accounting principles (“GAAP”), this press
release contains certain non-GAAP financial measures. Management
has presented these non-GAAP financial measures in this earnings
release because it believes that they provide useful and
comparative information to assess trends in Riverview's core
operations reflected in the current quarter's results and
facilitate the comparison of our performance with the performance
of our peers. However, these non-GAAP financial measures are
supplemental and are not a substitute for any analysis based on
GAAP. Where applicable, comparable earnings information using GAAP
financial measures is also presented. Because not all companies use
the same calculations, our presentation may not be comparable to
other similarly titled measures as calculated by other companies.
For a reconciliation of these non-GAAP financial measures, see the
tables below.
Tangible shareholders' equity to tangible assets and
tangible book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity (GAAP) |
$ |
152,039 |
|
|
$ |
154,066 |
|
|
$ |
147,162 |
|
|
$ |
155,239 |
|
|
|
Exclude: Goodwill |
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
Exclude: Core deposit intangible, net |
|
(325 |
) |
|
|
(352 |
) |
|
|
(437 |
) |
|
|
(379 |
) |
|
|
Tangible
shareholders' equity (non-GAAP) |
$ |
124,638 |
|
|
$ |
126,638 |
|
|
$ |
119,649 |
|
|
$ |
127,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP) |
$ |
1,583,733 |
|
|
$ |
1,582,817 |
|
|
$ |
1,684,898 |
|
|
$ |
1,589,712 |
|
|
|
Exclude: Goodwill |
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
Exclude: Core deposit intangible, net |
|
(325 |
) |
|
|
(352 |
) |
|
|
(437 |
) |
|
|
(379 |
) |
|
|
Tangible
assets (non-GAAP) |
$ |
1,556,332 |
|
|
$ |
1,555,389 |
|
|
$ |
1,657,385 |
|
|
$ |
1,562,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity to total assets (GAAP) |
|
9.60 |
% |
|
|
9.73 |
% |
|
|
8.73 |
% |
|
|
9.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
common equity to tangible assets (non-GAAP) |
|
8.01 |
% |
|
|
8.14 |
% |
|
|
7.22 |
% |
|
|
8.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding |
|
21,125,889 |
|
|
|
21,115,919 |
|
|
|
21,507,132 |
|
|
|
22,221,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per share (GAAP) |
$ |
7.20 |
|
|
$ |
7.30 |
|
|
$ |
6.84 |
|
|
$ |
7.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share (non-GAAP) |
$ |
5.90 |
|
|
$ |
6.00 |
|
|
$ |
5.56 |
|
|
$ |
6.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(Dollars in
thousands) |
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
2,472 |
|
|
$ |
2,843 |
|
|
$ |
5,194 |
|
|
$ |
5,315 |
|
|
$ |
9,846 |
Include: Provision for income taxes |
|
697 |
|
|
|
823 |
|
|
|
1,567 |
|
|
|
1,520 |
|
|
|
2,933 |
Include: Provision for credit losses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
Pre-tax,
pre-provision income (non-GAAP) |
$ |
3,169 |
|
|
$ |
3,666 |
|
|
$ |
6,761 |
|
|
$ |
6,835 |
|
|
$ |
12,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses reconciliation, excluding
Government Guaranteed loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses |
$ |
15,346 |
|
|
$ |
15,343 |
|
|
$ |
14,552 |
|
|
$ |
15,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable (GAAP) |
$ |
1,015,625 |
|
|
$ |
1,004,407 |
|
|
$ |
1,011,008 |
|
|
$ |
1,008,856 |
|
|
|
Exclude: Government Guaranteed loans |
|
(53,572 |
) |
|
|
(54,963 |
) |
|
|
(59,009 |
) |
|
|
(55,488 |
) |
|
|
Loans
receivable excluding Government Guaranteed loans (non-GAAP) |
$ |
962,053 |
|
|
$ |
949,444 |
|
|
$ |
951,999 |
|
|
$ |
953,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses to loans receivable (GAAP) |
|
1.51 |
% |
|
|
1.53 |
% |
|
|
1.44 |
% |
|
|
1.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses to loans receivable excluding Government
Guaranteed loans (non-GAAP) |
|
1.60 |
% |
|
|
1.62 |
% |
|
|
1.53 |
% |
|
|
1.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans reconciliation, excluding Government
Guaranteed Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
(Dollars in
thousands) |
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans (GAAP) |
$ |
198 |
|
|
$ |
1,025 |
|
|
$ |
20,979 |
|
|
|
|
|
Less: Non-performing Government Guaranteed loans |
|
- |
|
|
|
(815 |
) |
|
|
(20,731 |
) |
|
|
|
|
Adjusted
non-performing loans excluding Government Guaranteed loans
(non-GAAP) |
$ |
198 |
|
|
$ |
210 |
|
|
$ |
248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total loans (GAAP) |
|
0.02 |
% |
|
|
0.10 |
% |
|
|
2.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans, excluding Government Guaranteed loans to
total loans (non-GAAP) |
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total assets (GAAP) |
|
0.01 |
% |
|
|
0.06 |
% |
|
|
1.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans, excluding Government Guaranteed loans to
total assets (non-GAAP) |
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
|
|
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 $1.58 billion at
September 30, 2023, it is the parent company of the 100-year-old
Riverview Bank, as well as Riverview Trust Company. The Bank offers
true community banking services, focusing on providing the highest
quality service and financial products to commercial and retail
clients through 17 branches, including 13 in the Portland-Vancouver
area, and 3 lending centers. For the past 10 years, Riverview has
been named Best Bank by the readers of The Vancouver Business
Journal and The Columbian.
“Safe Harbor” statement under the Private
Securities Litigation Reform Act of 1995: This press release
contains forward-looking statements which include statements with
respect to our beliefs, plans, objectives, goals, expectations,
assumptions, future economic performance and projections of
financial items. These forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that could
cause actual results to differ materially from the results
anticipated or implied by our forward-looking statements,
including, but not limited to: potential adverse impacts to
economic conditions in our local market areas, other markets where
the Company has lending relationships, or other aspects of the
Company's business operations or financial markets, including,
without limitation, as a result of employment levels, labor
shortages and the effects of inflation, a potential recession, the
failure of the U.S. Congress to increase the debt ceiling, or
slowed economic growth caused by increasing political instability
from acts of war including Russia’s invasion of Ukraine, as well as
supply chain disruptions, recent bank failures and any governmental
or societal responses thereto; 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 credit losses and provision for credit losses that may be
impacted by deterioration in the housing and commercial real estate
markets; 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; the transition away from London Interbank Offered
Rate toward new interest rate benchmarks; 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 originate loans for sale and sell loans in the
secondary market; results of examinations of the Bank by the
Federal Deposit Insurance Corporation and the Washington State
Department of Financial Institutions, Division of Banks, and of the
Company by the Board of Governors of the Federal Reserve System, or
other regulatory authorities, including the possibility that any
such regulatory authority may, among other things, require the
Company to increase its allowance for credit losses, write-down
assets, reclassify its assets, change the 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; legislative or regulatory changes that
adversely affect the Company’s business including changes in
banking, securities and tax law, and in regulatory policies and
principles, or the interpretation of regulatory capital or other
rules; the Company’s ability to attract and retain deposits; the
unexpected outflow of uninsured deposits that may require us to
sell investment securities at a loss; 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 consolidated 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; disruptions, security
breaches or other adverse events, failures or interruptions in or
attacks on our information technology systems or on the third-party
vendors who perform several of our critical processing functions;
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 implement its
business strategies; the Company's ability to successfully
integrate any assets, liabilities, customers, systems, and
management personnel it may acquire into its operations and the
Company's ability to realize related revenue synergies and cost
savings within expected time frames; future goodwill impairment due
to changes in Riverview’s business, changes in market conditions,
or other factors; 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; the
quality and composition of our securities portfolio and the impact
of and adverse changes in the securities markets, including market
liquidity; 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 standards; the effects of climate
change, severe weather events, natural disasters, pandemics,
epidemics and other public health crises, acts of war or terrorism,
and other external events on our business; and 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 reports
filed with and furnished to the U.S. Securities and Exchange
Commission.
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 included in
this report or the reasons why actual results could differ from
those contained in such statements, whether as a result of new
information or 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
2024 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 consolidated financial condition
and consolidated results of operations as well as its stock price
performance.
|
RIVERVIEW BANCORP,
INC. AND SUBSIDIARY |
|
Consolidated Balance
Sheets |
|
|
|
|
|
|
|
(In thousands, except share
data)
(Unaudited) |
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
March 31, 2023 |
ASSETS |
|
|
|
Cash (including interest-earning accounts of $18,147, $15,771, |
$ |
30,853 |
|
|
$ |
29,947 |
|
|
$ |
114,183 |
|
|
$ |
22,044 |
|
$89,957 and $10,397) |
|
|
|
|
|
|
|
Certificate of deposits held for investment |
|
- |
|
|
|
- |
|
|
|
249 |
|
|
|
249 |
|
Investment securities: |
|
|
|
|
|
|
|
Available for sale, at estimated fair value |
|
193,984 |
|
|
|
204,319 |
|
|
|
213,708 |
|
|
|
211,499 |
|
Held to maturity, at amortized cost |
|
236,018 |
|
|
|
239,853 |
|
|
|
251,016 |
|
|
|
243,843 |
|
Loans receivable (net of allowance for credit losses of
$15,346, |
|
|
|
|
|
|
|
$15,343, $14,552, and $15,309) |
|
1,000,279 |
|
|
|
989,064 |
|
|
|
996,456 |
|
|
|
993,547 |
|
Prepaid expenses and other assets |
|
14,481 |
|
|
|
14,147 |
|
|
|
12,892 |
|
|
|
15,950 |
|
Accrued interest receivable |
|
4,882 |
|
|
|
4,765 |
|
|
|
5,207 |
|
|
|
4,790 |
|
Federal Home Loan Bank stock, at cost |
|
7,643 |
|
|
|
7,360 |
|
|
|
2,019 |
|
|
|
6,867 |
|
Premises and equipment, net |
|
22,707 |
|
|
|
21,692 |
|
|
|
17,494 |
|
|
|
20,119 |
|
Financing lease right-of-use assets |
|
1,240 |
|
|
|
1,259 |
|
|
|
1,317 |
|
|
|
1,278 |
|
Deferred income taxes, net |
|
12,002 |
|
|
|
10,998 |
|
|
|
11,448 |
|
|
|
10,286 |
|
Goodwill |
|
27,076 |
|
|
|
27,076 |
|
|
|
27,076 |
|
|
|
27,076 |
|
Core deposit intangible, net |
|
325 |
|
|
|
352 |
|
|
|
437 |
|
|
|
379 |
|
Bank owned life insurance |
|
32,243 |
|
|
|
31,985 |
|
|
|
31,396 |
|
|
|
31,785 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
1,583,733 |
|
|
$ |
1,582,817 |
|
|
$ |
1,684,898 |
|
|
$ |
1,589,712 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
Deposits |
$ |
1,239,766 |
|
|
$ |
1,243,322 |
|
|
$ |
1,489,352 |
|
|
$ |
1,265,217 |
|
Accrued expenses and other liabilities |
|
18,735 |
|
|
|
19,631 |
|
|
|
18,327 |
|
|
|
15,730 |
|
Advance payments by borrowers for taxes and insurance |
|
878 |
|
|
|
574 |
|
|
|
925 |
|
|
|
625 |
|
Junior subordinated debentures |
|
26,961 |
|
|
|
26,940 |
|
|
|
26,875 |
|
|
|
26,918 |
|
Federal Home Loan Bank advances |
|
143,154 |
|
|
|
136,069 |
|
|
|
- |
|
|
|
123,754 |
|
Finance lease liability |
|
2,200 |
|
|
|
2,215 |
|
|
|
2,257 |
|
|
|
2,229 |
|
Total liabilities |
|
1,431,694 |
|
|
|
1,428,751 |
|
|
|
1,537,736 |
|
|
|
1,434,473 |
|
|
|
|
|
|
|
|
|
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, 2023 – 21,125,889 issued and outstanding; |
|
|
|
|
|
|
|
June 30, 2023 – 21,115,919 issued and outstanding; |
|
211 |
|
|
|
211 |
|
|
|
214 |
|
|
|
212 |
|
September 30, 2022 – 21,507,132 issued and outstanding; |
|
|
|
|
|
|
|
March 31, 2023 – 21,221,960 issued and outstanding; |
|
|
|
|
|
|
|
Additional paid-in capital |
|
54,963 |
|
|
|
55,016 |
|
|
|
57,233 |
|
|
|
55,511 |
|
Retained earnings |
|
120,556 |
|
|
|
119,351 |
|
|
|
112,167 |
|
|
|
117,826 |
|
Accumulated other comprehensive loss |
|
(23,691 |
) |
|
|
(20,512 |
) |
|
|
(22,452 |
) |
|
|
(18,310 |
) |
Total shareholders’ equity |
|
152,039 |
|
|
|
154,066 |
|
|
|
147,162 |
|
|
|
155,239 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
1,583,733 |
|
|
$ |
1,582,817 |
|
|
$ |
1,684,898 |
|
|
$ |
1,589,712 |
|
|
RIVERVIEW BANCORP,
INC. AND SUBSIDIARY |
|
|
|
|
|
|
Consolidated
Statements of Income |
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(In thousands, except share
data)
(Unaudited) |
Sept. 30, 2023 |
June 30, 2023 |
Sept. 30, 2022 |
|
Sept. 30, 2023 |
Sept. 30, 2022 |
INTEREST INCOME: |
|
|
|
Interest and fees on loans receivable |
$ |
11,433 |
$ |
11,210 |
$ |
11,068 |
|
$ |
22,643 |
$ |
21,965 |
Interest on investment securities - taxable |
|
2,261 |
|
2,334 |
|
2,172 |
|
|
4,595 |
|
4,006 |
Interest on investment securities - nontaxable |
|
65 |
|
66 |
|
65 |
|
|
131 |
|
131 |
Other interest and dividends |
|
276 |
|
347 |
|
783 |
|
|
623 |
|
1,180 |
Total interest and dividend income |
|
14,035 |
|
13,957 |
|
14,088 |
|
|
27,992 |
|
27,282 |
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
Interest on deposits |
|
1,832 |
|
1,373 |
|
327 |
|
|
3,205 |
|
608 |
Interest on borrowings |
|
2,352 |
|
2,225 |
|
330 |
|
|
4,577 |
|
582 |
Total interest expense |
|
4,184 |
|
3,598 |
|
657 |
|
|
7,782 |
|
1,190 |
Net interest income |
|
9,851 |
|
10,359 |
|
13,431 |
|
|
20,210 |
|
26,092 |
Provision for credit
losses |
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
|
|
|
|
|
Net interest income after
provision for credit losses |
|
9,851 |
|
10,359 |
|
13,431 |
|
|
20,210 |
|
26,092 |
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
Fees and service charges |
|
1,738 |
|
1,600 |
|
1,680 |
|
|
3,338 |
|
3,401 |
Asset management fees |
|
1,273 |
|
1,381 |
|
1,162 |
|
|
2,654 |
|
2,322 |
Bank owned life insurance ("BOLI") |
|
258 |
|
200 |
|
242 |
|
|
458 |
|
432 |
Other, net |
|
138 |
|
104 |
|
50 |
|
|
242 |
|
105 |
Total non-interest income, net |
|
3,407 |
|
3,285 |
|
3,134 |
|
|
6,692 |
|
6,260 |
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
Salaries and employee benefits |
|
5,845 |
|
6,043 |
|
5,885 |
|
|
11,888 |
|
11,837 |
Occupancy and depreciation |
|
1,649 |
|
1,583 |
|
1,550 |
|
|
3,232 |
|
3,064 |
Data processing |
|
710 |
|
674 |
|
701 |
|
|
1,384 |
|
1,479 |
Amortization of core deposit intangible |
|
27 |
|
27 |
|
29 |
|
|
54 |
|
58 |
Advertising and marketing |
|
355 |
|
313 |
|
295 |
|
|
668 |
|
492 |
FDIC insurance premium |
|
175 |
|
177 |
|
119 |
|
|
352 |
|
235 |
State and local taxes |
|
233 |
|
226 |
|
218 |
|
|
459 |
|
409 |
Telecommunications |
|
52 |
|
53 |
|
55 |
|
|
105 |
|
105 |
Professional fees |
|
265 |
|
343 |
|
280 |
|
|
608 |
|
581 |
Other |
|
778 |
|
539 |
|
672 |
|
|
1,317 |
|
1,313 |
Total non-interest expense |
|
10,089 |
|
9,978 |
|
9,804 |
|
|
20,067 |
|
19,573 |
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES |
|
3,169 |
|
3,666 |
|
6,761 |
|
|
6,835 |
|
12,779 |
PROVISION FOR INCOME
TAXES |
|
697 |
|
823 |
|
1,567 |
|
|
1,520 |
|
2,933 |
NET INCOME |
$ |
2,472 |
$ |
2,843 |
$ |
5,194 |
|
$ |
5,315 |
$ |
9,846 |
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
Basic |
$ |
0.12 |
$ |
0.13 |
$ |
0.24 |
|
$ |
0.25 |
$ |
0.45 |
Diluted |
$ |
0.12 |
$ |
0.13 |
$ |
0.24 |
|
$ |
0.25 |
$ |
0.45 |
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
Basic |
|
21,190,987 |
|
21,136,097 |
|
21,624,469 |
|
|
21,163,692 |
|
21,825,070 |
Diluted |
|
21,191,309 |
|
21,141,184 |
|
21,633,886 |
|
|
21,166,383 |
|
21,834,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
At or for the three months ended |
|
At or for the six months ended |
|
Sept. 30, 2023 |
|
June 30, 2023 |
|
Sept. 30, 2022 |
|
Sept. 30, 2023 |
|
Sept. 30, 2022 |
AVERAGE
BALANCES |
|
|
|
|
|
|
|
|
|
Average interest–earning assets |
$ |
1,492,805 |
|
|
$ |
1,496,201 |
|
|
$ |
1,616,711 |
|
|
$ |
1,494,494 |
|
$ |
1,625,791 |
Average interest-bearing
liabilities |
|
1,022,044 |
|
|
|
1,013,649 |
|
|
|
1,029,183 |
|
|
|
1,017,870 |
|
|
1,042,919 |
Net average earning assets |
|
470,761 |
|
|
|
482,552 |
|
|
|
587,528 |
|
|
|
476,624 |
|
|
582,872 |
Average loans |
|
1,008,363 |
|
|
|
1,001,103 |
|
|
|
1,002,925 |
|
|
|
1,004,753 |
|
|
999,017 |
Average deposits |
|
1,245,382 |
|
|
|
1,250,358 |
|
|
|
1,501,534 |
|
|
|
1,247,855 |
|
|
1,510,199 |
Average equity |
|
155,443 |
|
|
|
156,460 |
|
|
|
155,123 |
|
|
|
155,949 |
|
|
155,876 |
Average tangible equity
(non-GAAP) |
|
128,026 |
|
|
|
129,015 |
|
|
|
127,597 |
|
|
|
128,518 |
|
|
128,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
Sept. 30, 2023 |
|
June 30, 2023 |
|
Sept. 30, 2022 |
|
|
|
|
|
|
|
|
|
Non-performing loans |
$ |
198 |
|
|
$ |
1,025 |
|
|
$ |
20,979 |
|
|
|
|
|
Non-performing loans excluding
SBA Government Guarantee (non-GAAP) |
|
198 |
|
|
|
210 |
|
|
|
248 |
|
|
|
|
|
Non-performing loans to total
loans |
|
0.02 |
% |
|
|
0.10 |
% |
|
|
2.08 |
% |
|
|
|
|
Non-performing loans to total
loans excluding SBA Government Guarantee (non-GAAP) |
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
|
|
Real estate/repossessed assets
owned |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
Non-performing assets |
$ |
198 |
|
|
$ |
1,025 |
|
|
$ |
20,979 |
|
|
|
|
|
Non-performing assets excluding
SBA Government Guarantee (non-GAAP) |
|
198 |
|
|
|
210 |
|
|
|
248 |
|
|
|
|
|
Non-performing assets to total
assets |
|
0.01 |
% |
|
|
0.06 |
% |
|
|
1.25 |
% |
|
|
|
|
Non-performing assets to total
assets excluding SBA Government Guarantee (non-GAAP) |
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
|
|
Net loan charge-offs (recoveries)
in the quarter |
$ |
(3 |
) |
|
$ |
8 |
|
|
$ |
7 |
|
|
|
|
|
Net charge-offs (recoveries) in
the quarter/average net loans |
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
$ |
15,346 |
|
|
$ |
15,343 |
|
|
$ |
14,552 |
|
|
|
|
|
Average interest-earning assets
to average |
|
|
|
|
|
|
|
|
|
interest-bearing
liabilities |
|
146.06 |
% |
|
|
147.61 |
% |
|
|
157.09 |
% |
|
|
|
|
Allowance for credit losses
to |
|
|
|
|
|
|
|
|
|
non-performing loans |
|
7750.51 |
% |
|
|
1496.88 |
% |
|
|
69.36 |
% |
|
|
|
|
Allowance for credit losses to
total loans |
|
1.51 |
% |
|
|
1.53 |
% |
|
|
1.44 |
% |
|
|
|
|
Shareholders’ equity to
assets |
|
9.60 |
% |
|
|
9.73 |
% |
|
|
8.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS |
|
|
|
|
|
|
|
|
|
Total capital (to risk weighted
assets) |
|
16.91 |
% |
|
|
16.82 |
% |
|
|
16.48 |
% |
|
|
|
|
Tier 1 capital (to risk weighted
assets) |
|
15.66 |
% |
|
|
15.56 |
% |
|
|
15.23 |
% |
|
|
|
|
Common equity tier 1 (to risk
weighted assets) |
|
15.66 |
% |
|
|
15.56 |
% |
|
|
15.23 |
% |
|
|
|
|
Tier 1 capital (to average
tangible assets) |
|
10.74 |
% |
|
|
10.54 |
% |
|
|
9.57 |
% |
|
|
|
|
Tangible common equity (to
average tangible assets) (non-GAAP) |
|
8.01 |
% |
|
|
8.14 |
% |
|
|
7.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT
MIX |
Sept. 30, 2023 |
|
June 30, 2023 |
|
Sept. 30, 2022 |
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
$ |
237,789 |
|
|
$ |
240,942 |
|
|
$ |
291,758 |
|
|
$ |
254,522 |
|
|
Regular savings |
|
222,578 |
|
|
|
231,838 |
|
|
|
318,573 |
|
|
|
255,147 |
|
Money market deposit
accounts |
|
249,580 |
|
|
|
242,558 |
|
|
|
279,403 |
|
|
|
221,778 |
|
|
Non-interest checking |
|
375,780 |
|
|
|
381,834 |
|
|
|
502,767 |
|
|
|
404,937 |
|
|
Certificates of deposit |
|
154,039 |
|
|
|
146,150 |
|
|
|
96,851 |
|
|
|
128,833 |
|
|
Total deposits |
$ |
1,239,766 |
|
|
$ |
1,243,322 |
|
|
$ |
1,489,352 |
|
|
$ |
1,265,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL AND
CONSTRUCTION
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
Commercial |
|
Commercial |
|
Real Estate |
|
Real Estate |
|
& Construction |
|
Business |
|
Mortgage |
|
Construction |
|
Total |
September 30, 2023 |
(Dollars in thousands) |
Commercial business |
$ |
242,041 |
|
$ |
- |
|
$ |
- |
|
$ |
242,041 |
Commercial construction |
|
- |
|
|
- |
|
|
37,692 |
|
|
37,692 |
Office buildings |
|
- |
|
|
116,664 |
|
|
- |
|
|
116,664 |
Warehouse/industrial |
|
- |
|
|
108,066 |
|
|
- |
|
|
108,066 |
Retail/shopping centers/strip
malls |
|
- |
|
|
81,866 |
|
|
- |
|
|
81,866 |
Assisted living facilities |
|
- |
|
|
387 |
|
|
- |
|
|
387 |
Single purpose facilities |
|
- |
|
|
254,394 |
|
|
- |
|
|
254,394 |
Land |
|
- |
|
|
6,558 |
|
|
- |
|
|
6,558 |
Multi-family |
|
- |
|
|
56,671 |
|
|
- |
|
|
56,671 |
One-to-four family
construction |
|
- |
|
|
- |
|
|
13,093 |
|
|
13,093 |
Total |
$ |
242,041 |
|
$ |
624,606 |
|
$ |
50,785 |
|
$ |
917,432 |
|
|
|
|
|
|
|
|
March 31, 2023 |
|
|
|
|
|
|
|
Commercial business |
$ |
232,868 |
|
$ |
- |
|
$ |
- |
|
$ |
232,868 |
Commercial construction |
|
- |
|
|
- |
|
|
29,565 |
|
|
29,565 |
Office buildings |
|
- |
|
|
117,045 |
|
|
- |
|
|
117,045 |
Warehouse/industrial |
|
- |
|
|
106,693 |
|
|
- |
|
|
106,693 |
Retail/shopping centers/strip
malls |
|
- |
|
|
82,700 |
|
|
- |
|
|
82,700 |
Assisted living facilities |
|
- |
|
|
396 |
|
|
- |
|
|
396 |
Single purpose facilities |
|
- |
|
|
257,662 |
|
|
- |
|
|
257,662 |
Land |
|
- |
|
|
6,437 |
|
|
- |
|
|
6,437 |
Multi-family |
|
- |
|
|
55,836 |
|
|
- |
|
|
55,836 |
One-to-four family
construction |
|
- |
|
|
- |
|
|
18,197 |
|
|
18,197 |
Total |
$ |
232,868 |
|
$ |
626,769 |
|
$ |
47,762 |
|
$ |
907,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN MIX |
Sept. 30, 2023 |
|
June 30, 2023 |
|
Sept. 30, 2022 |
|
March 31, 2023 |
Commercial and construction |
(Dollars in thousands) |
Commercial business |
$ |
242,041 |
|
$ |
244,725 |
|
$ |
236,317 |
|
$ |
232,868 |
Other real estate
mortgage |
|
624,606 |
|
|
617,346 |
|
|
631,156 |
|
|
626,769 |
Real estate
construction |
|
50,785 |
|
|
43,940 |
|
|
37,758 |
|
|
47,762 |
Total
commercial and construction |
|
917,432 |
|
|
906,011 |
|
|
905,231 |
|
|
907,399 |
Consumer |
|
|
|
|
|
|
|
Real estate one-to-four
family |
|
96,351 |
|
|
96,607 |
|
|
104,163 |
|
|
99,673 |
Other installment |
|
1,842 |
|
|
1,789 |
|
|
1,614 |
|
|
1,784 |
Total
consumer |
|
98,193 |
|
|
98,396 |
|
|
105,777 |
|
|
101,457 |
|
|
|
|
|
|
|
|
Total loans |
|
1,015,625 |
|
|
1,004,407 |
|
|
1,011,008 |
|
|
1,008,856 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
Allowance for credit
losses |
|
15,346 |
|
|
15,343 |
|
|
14,552 |
|
|
15,309 |
Loans receivable, net |
$ |
1,000,279 |
|
$ |
989,064 |
|
$ |
996,456 |
|
$ |
993,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF
NON-PERFORMING ASSETS |
|
|
|
|
Southwest |
|
|
|
|
|
|
|
Washington |
|
Total |
|
|
|
|
September 30, 2023 |
(Dollars in thousands) |
|
|
|
|
Commercial business |
$ |
69 |
|
$ |
69 |
|
|
|
|
Commercial real estate |
|
90 |
|
|
90 |
|
|
|
|
Consumer |
|
39 |
|
|
39 |
|
|
|
|
Total non-performing
assets |
$ |
198 |
|
$ |
198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the three months ended |
|
At or for the six months ended |
SELECTED OPERATING DATA |
Sept. 30, 2023 |
|
June 30, 2023 |
|
Sept. 30, 2022 |
|
Sept. 30, 2023 |
|
Sept. 30, 2022 |
|
|
|
|
|
|
|
|
Efficiency ratio (4) |
|
76.10 |
% |
|
|
73.13 |
% |
|
|
59.19 |
% |
|
|
74.59 |
% |
|
|
60.50 |
% |
Coverage ratio (6) |
|
97.64 |
% |
|
|
103.82 |
% |
|
|
137.00 |
% |
|
|
100.71 |
% |
|
|
133.31 |
% |
Return on average assets
(1) |
|
0.62 |
% |
|
|
0.72 |
% |
|
|
1.21 |
% |
|
|
0.67 |
% |
|
|
1.15 |
% |
Return on average equity
(1) |
|
6.33 |
% |
|
|
7.31 |
% |
|
|
13.28 |
% |
|
|
6.82 |
% |
|
|
12.60 |
% |
Return on average tangible
equity (1) (non-GAAP) |
|
7.68 |
% |
|
|
8.86 |
% |
|
|
16.15 |
% |
|
|
8.27 |
% |
|
|
15.30 |
% |
|
|
|
|
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
|
|
|
|
Yield on loans |
|
4.51 |
% |
|
|
4.50 |
% |
|
|
4.38 |
% |
|
|
4.51 |
% |
|
|
4.39 |
% |
Yield on investment
securities |
|
2.00 |
% |
|
|
2.05 |
% |
|
|
1.89 |
% |
|
|
2.02 |
% |
|
|
1.82 |
% |
Total yield
on interest-earning assets |
|
3.75 |
% |
|
|
3.76 |
% |
|
|
3.46 |
% |
|
|
3.75 |
% |
|
|
3.35 |
% |
|
|
|
|
|
|
|
|
|
|
Cost of interest-bearing
deposits |
|
0.85 |
% |
|
|
0.65 |
% |
|
|
0.13 |
% |
|
|
0.75 |
% |
|
|
0.12 |
% |
Cost of FHLB advances and
other borrowings |
|
5.84 |
% |
|
|
5.61 |
% |
|
|
4.49 |
% |
|
|
5.73 |
% |
|
|
3.99 |
% |
Total cost
of interest-bearing liabilities |
|
1.63 |
% |
|
|
1.43 |
% |
|
|
0.25 |
% |
|
|
1.53 |
% |
|
|
0.23 |
% |
|
|
|
|
|
|
|
|
|
|
Spread (7) |
|
2.12 |
% |
|
|
2.33 |
% |
|
|
3.21 |
% |
|
|
2.22 |
% |
|
|
3.12 |
% |
Net interest margin |
|
2.63 |
% |
|
|
2.79 |
% |
|
|
3.30 |
% |
|
|
2.71 |
% |
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
Basic earnings per share
(2) |
$ |
0.12 |
|
|
$ |
0.13 |
|
|
$ |
0.24 |
|
|
$ |
0.25 |
|
|
$ |
0.45 |
|
Diluted earnings per share
(3) |
|
0.12 |
|
|
|
0.13 |
|
|
|
0.24 |
|
|
|
0.25 |
|
|
|
0.45 |
|
Book value per share (5) |
|
7.20 |
|
|
|
7.30 |
|
|
|
6.84 |
|
|
|
7.20 |
|
|
|
6.84 |
|
Tangible book value per share
(5) (non-GAAP) |
|
5.90 |
|
|
|
6.00 |
|
|
|
5.56 |
|
|
|
5.90 |
|
|
|
5.56 |
|
Market price per share: |
|
|
|
|
|
|
|
|
|
High for the
period |
$ |
5.97 |
|
|
$ |
5.55 |
|
|
$ |
7.67 |
|
|
$ |
5.97 |
|
|
$ |
7.67 |
|
Low for the period |
|
5.04 |
|
|
|
4.17 |
|
|
|
6.18 |
|
|
|
4.17 |
|
|
|
6.09 |
|
Close for period
end |
|
5.56 |
|
|
|
5.04 |
|
|
|
6.35 |
|
|
|
5.56 |
|
|
|
6.35 |
|
Cash dividends declared per
share |
|
0.0600 |
|
|
|
0.0600 |
|
|
|
0.0600 |
|
|
|
0.1200 |
|
|
|
0.1200 |
|
|
|
|
|
|
|
|
|
|
|
Average number of shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic (2) |
|
21,190,987 |
|
|
|
21,136,097 |
|
|
|
21,624,469 |
|
|
|
21,163,692 |
|
|
|
21,825,070 |
|
Diluted (3) |
|
21,191,309 |
|
|
|
21,141,184 |
|
|
|
21,633,886 |
|
|
|
21,166,383 |
|
|
|
21,834,501 |
|
|
|
|
|
|
|
|
|
(1) |
Amounts for
the periods shown 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:Dan Cox or David LamRiverview Bancorp, Inc.
360-693-6650
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