HARRISBURG, Pa., Oct. 18, 2021 /PRNewswire/ -- Riverview Financial
Corporation (the "Company" or "Riverview") (NASDAQ: RIVE), the holding
company for Riverview Bank (the "Bank"), today reported net income
of $3.1 million, or $0.33 per basic and diluted weighted average
common share, for the third quarter of 2021, compared to net
income of $695 thousand, or
$0.08 per basic and diluted
weighted average common share, for the third quarter of
2020. For the nine months ended September 30, 2021, Riverview reported net income of $11.0 million, or $1.17 per basic and diluted weighted average
common share, compared to a net loss of $22.8 million, or $(2.46) per basic and diluted weighted average
common share, for the same period last year.
Major factors impacting 2021 earnings included the acceleration
of income earned on Paycheck Protection Program ("PPP") loans, the
recognition of a deposit premium on branch sales and the recovery
of the provision for loan losses. During the nine months of 2021,
SBA forgiveness of PPP loans increased causing an acceleration in
the recognition of fees as these loans were paid off. Net interest
income generated from PPP loans totaled $2.3
million in the third quarter and $6.4
million in the nine months ended September 30, 2021. The Company sold its branch
office located in Meyersdale and
related liabilities of the Meyersdale and Somerset branches, resulting in
the recognition of $1.6 million of
noninterest income in the form of a deposit premium in 2021. The
$735 thousand recovery of provision
for loan losses recognized in 2021 was due to experiencing
continued stability in the credit quality of the loan portfolio
since the onset of the pandemic, as well as evidence of an overall
mitigation of related risks factors. As a result of the uncertainty
of the magnitude and longevity of the impact of COVID-19, the
Company bolstered its allowance for loan losses through additional
provisions totaling $6.3 million in
2020 due primarily to increased qualitative factors for the economy
and concentrations in industries specifically affected by the
virus. Current national and local economic conditions reflect a
more stable economic climate in 2021 compared with the previous
year. The Company was able to decrease its qualitative factors
based on the elimination of customers' need for CARES Act payment
deferrals, improvements in industries most likely to be affected by
the pandemic, and continued stability in the credit quality metrics
of the loan portfolio. Despite the improvements brought on by
medical advances, government assistance programs and their positive
impacts on employment and consumer and business activity, future
credit loss provisions are subject to significant uncertainty as
the pandemic recovery continues to unfold.
The major factors causing the reported net loss of $22.8 million for the nine months ended
September 30, 2020 were a non-cash
charge related to the recognition of goodwill impairment and an
increase in the provision for loan losses, both stemming from the
COVID-19 pandemic. The goodwill impairment of $24.8 million recorded in the second quarter of
2020 had no impact on tangible book value, regulatory capital
ratios, liquidity and the Company's cash balances. For the three
and nine months ended September 30,
2020, the provisions for loan losses totaled $1.8 million and $5.7
million, respectively.
On June 30, 2021, Riverview entered into an Agreement and Plan
of Merger (the "Merger Agreement") with Mid Penn Bancorp, Inc.
("Mid Penn") pursuant to which Riverview will merge with and into Mid Penn
(the "Merger"), with Mid Penn being the surviving corporation in
the Merger. Upon consummation of the Merger, Riverview Bank, a
wholly-owned subsidiary of Riverview, will be merged with and into Mid
Penn Bank, a wholly-owned subsidiary of Mid Penn, with Mid Penn
Bank being the surviving bank in the Bank Merger. The Merger
Agreement was unanimously approved by the boards of directors of
Mid Penn and Riverview. Subject to
customary and required regulatory and shareholder approval, it is
anticipated the Merger will be consummated in the fourth quarter of
2021.
In addition to evaluating its results of operations in
accordance with accounting principles generally accepted in
the United States of America
("GAAP"), Riverview routinely
supplements its evaluation with an analysis of certain non-GAAP
financial measures, such as tangible book value per share and
return on average tangible stockholders' equity. Riverview believes these non-GAAP financial
measures provide information useful to investors in understanding
its operating performance and trends. Where non-GAAP disclosures
are used in this press release, a reconciliation to the comparable
GAAP measures is provided in the accompanying tables. The non-GAAP
financial measures Riverview uses
may differ from the non-GAAP financial measures other financial
institutions use to measure their results of operations.
President and Chief Executive Officer, Brett D. Fulk, commented, "We are happy to
report third quarter 2021 earnings, demonstrating continued core
profitability improvement due, in part, to efficiency initiatives
and enhanced focus on increasing sources of non-interest income.
The Riverview team has worked
tirelessly over the past twenty-four months to create a core
earning organization with a healthy credit portfolio and balance
sheet, which I believe will add significant value to the Mid Penn
Bank franchise upon the completion of the previously disclosed
acquisition transaction, pending regulatory and shareholder
approvals. Highlights for the quarter and Year-to-Date include:
- Return on average stockholders' equity and return on average
assets were 11.61% and 1.01% for the third quarter and 14.31% and
1.13% for the nine months ended September
30, 2021.
- Tangible book value increased $1.29 per share, or 12.8%, to $11.33 per share at September 30, 2021, from $10.04 per share at September 30, 2020.
- Tangible stockholders' equity to tangible assets grew to 8.54%
at September 30, 2021, from 6.88% at
September 30, 2020.
- Tax-equivalent net interest income improved to $31.2 million for the nine months ended
September 30, 2021, compared to
$29.1 million for the comparable
quarter of 2020.
- Total interest-bearing deposit costs declined 22 basis points
to 0.34% for the third quarter 2021, compared to 0.56% for the same
quarter 2020.
- Operating efficiency ratio improved to 67.94% in the third
quarter of 2021, compared to 77.46% in the comparable quarter of
2020.
- Nonperforming assets totaled $13.4
million, or 1.54% of loans, net and foreclosed assets at
September 30, 2021. Excluding
performing troubled debt restructured loans, nonperforming assets
represented 0.48% of loans, net and foreclosed assets at the end of
the third quarter 2021.
- For the nine months ended September
30, net charge-offs to average loans, net were 0.08% in 2021
and 0.20% in 2020.
- The allowance for loan losses represented 1.25% of loans, net
at September 30, 2021, compared to
1.00% of loans, net at September 30,
2020.
- The allowance for loan losses as a percentage of nonperforming
assets coverage ratio, excluding accruing restructured loans, was
259.62% at September 30, 2021."
INCOME STATEMENT REVIEW
The tax-equivalent net interest margin for the three months
ended September 30, 2021, increased
to 3.57% from 3.26% for the comparable period of 2020. The
tax-equivalent yield on the loan portfolio increased to 4.80% in
the third quarter of 2021 compared to 3.94% in third quarter of
2020. Investments yielded 1.96% on a tax-equivalent basis in the
third quarter of 2021 compared to 2.33% for the same period last
year. For the three months ended September
30, the cost of deposits decreased 22 basis points to 0.34%
in 2021 from 0.56% in 2020. Average loans, net declined to
$905.6 million in the third quarter
of 2021 from $1.2 billion in the
third quarter of 2020 primarily as a result of the acceleration in
PPP loan forgiveness. Average investments totaled $135.8 million in 2021 and $76.9 million in 2020. Average interest-bearing
liabilities decreased to $918.1
million in 2021 from $1.1
billion in 2020 from the repayment of the PPPLF utilized to
fund PPP loans.
For the nine months ended September
30, tax-equivalent net interest income increased
$2.1 million to $31.2 million in 2021 from $29.1 million in 2020. The Company recognized net
interest income on PPP loans totaling $6.4
million for the nine months ended September 30, 2021 compared to $2.5 million for the same period last year. For
the nine months ended September 30,
tax-equivalent net interest margin was 3.39% in 2021 compared to
3.37% in 2020. The tax-equivalent yield on the loan portfolio
increased to 4.38% in the nine months ended September 30, 2021 compared to 4.18% for the same
period in 2020. For the nine months ended September 30, investments yielded 2.01% on a
tax-equivalent basis in 2021 compared to 2.69% for the same period
last year. The cost of deposits decreased 33 basis points to 0.38%
in the nine months of 2021 from 0.71% for the same period in 2020.
The cost of interest-bearing liabilities decreased to 0.57% in the
nine months of 2021 from 0.71% in the nine months of 2020.
Loans averaged $1.0 billion for the
nine months ended September 30, 2021
and 2020. Average investments totaled $139.5
million in 2021 and $75.2
million in 2020. Average interest-bearing liabilities
totaled $998.1 million in 2021 from
$956.3 billion in 2020.
The Company did not require a charge in the form of a provision
for loan losses for the third quarter of 2021 based on its analysis
of the adequacy of the allowance at September 30, 2021. For the nine months ended
September 30, 2021, the Company
reported a recovery of provision for loan losses of $735 thousand. As aforementioned, the recapture
of the provision for loan losses was a result of waning risk
factors associated with the continued recovery from the impact of
the pandemic, coupled with credit portfolio performance trends.
Conversely, the Company recognized charges in the form of a
provision for loan losses of $1.8
million and $5.7 million for
the three and nine months ended September
30, 2020. The provision for loan losses was the combined
result of loan growth, increases in historical loss factors, and
changes in qualitative factors related to the allowance for loan
losses reserve associated with the effects of COVID-19 as of
September 30, 2020.
For the quarter ended September
30, noninterest income totaled $2.1
million in 2021 compared to $2.2
million in 2020. Service charges, fees and commissions
improved $149 thousand or 13.6%.
Trust and wealth management income increased $48 thousand comparing the third quarters of 2021
and 2020. Mortgage banking income decreased $297 thousand in the third quarter of 2021
compared to the same period of 2020 due to a reduction in
residential refinance mortgage activity.
For the nine months ended September
30, noninterest income increased $1.2
million in 2021 to $8.3
million from $7.1 million in
2020. The primary contributors to the overall increase were the
recognition of the premium on the deposit sale offset partially by
decreases of $498 thousand in gains
on the sale of investment securities and $460 thousand in mortgage banking income. Trust
commissions and wealth management income increased $215 thousand comparing the nine months ended
September 30, 2021 and 2020.
Noninterest expense decreased $1.4
million, or 13.9%, to $8.6
million for the three months ended September 30, 2021, from $10.0 million for the same period last year. The
decrease was primarily due to realizing selective cost savings from
efficiency initiatives which began in the fourth quarter of 2019.
For the nine months ended September
30, noninterest expense decreased to $26.5 million in 2021 compared to $53.1 million for the same period in 2020.
Excluding the $24.8 million goodwill
impairment charge recognized in the nine month ended September 30, 2020, noninterest expense would
have decreased by $1.9 million or
6.6% from $28.4 million in 2020 to
$26.5 million in 2021.
BALANCE SHEET REVIEW
Total assets, loans, net, and deposits totaled $1.2 billion, $866.1
million, and $1.1
billion, respectively, at September 30, 2021. For the three months ended
September 30, 2021, total
assets and deposits increased $28.1
million and $25.1 million,
respectively. Loans, net decreased $82.6
million in the third quarter of 2021 as business lending,
including commercial and commercial real estate loans, decreased
$63.2 million due primarily to SBA
forgiveness payments on PPP loans. For this same period,
construction lending decreased $13.7
million while retail lending, which includes residential
mortgage, home equity and consumer loans, decreased $5.7 million. Total investments decreased
$16.3 million in the third quarter of
2021. The growth in total deposits consisted of increases
in noninterest-bearing deposits of $8.7
million and interest-bearing deposits of $16.4 million. As a percentage of total deposits,
noninterest-bearing deposits amounted to 18.0% at September 30, 2021 and 17.1% at December 31, 2020. For the nine months ended
September 30, 2021, total
assets and loans, net decreased $114.8
million and $273.1 million,
respectively, while deposits increased $54.1
million. Total investments increased to $131.7 million at September 30, 2021, compared to $103.7 million at December
31, 2020 as security purchases more than offset payments and
prepayments.
Stockholders' equity totaled $107.6 million, or
$11.49 per share, at
September 30, 2021 and $97.4
million, or $10.47 per share, at
December 31, 2020. The increase in
stockholders' equity for the nine months ended September 30, 2021 was due primarily to
recognizing earnings partially offset by a change in accumulated
other comprehensive income. Tangible stockholders' equity per
common share increased to $11.33 at September
30, 2021, compared to $10.26 at December
31, 2020.
ASSET QUALITY REVIEW
Nonperforming assets were $13.4
million, or 1.54% of loans, net, and
foreclosed assets at September 30,
2021, $12.0 million, or 1.26%,
at June 30, 2021, and $13.0 million, or 1.12%, at September 30, 2020. Nonaccrual loans,
accruing troubled debt restructured loans and foreclosed assets
decreased $103 thousand, $87 thousand, and $219
thousand, respectively, in the three months ended
September 30, 2021. The majority of
the $9.2 million balance in accruing
troubled debt restructured loans at the end of the third quarter
2020 was due primarily to one commercial real estate relationship.
Adjusting for accruing restructured loans,
nonperforming assets were $4.2
million, or 0.48% of loans, net and foreclosed assets
at September 30, 2021. Accruing loans
past due 90 days or more increased $1.8
million in the third quarter of 2021 was due to one
commercial real estate relationship. The allowance for loan
losses balance equaled $10.8 million, or 1.25%, of loans,
net, at September 30, 2021, compared
to $11.6 million, or 1.00%, of loans,
net, at September 30, 2020. The
coverage ratio, the allowance for loan losses as a percentage of
nonperforming assets, was 81.1% at September
30, 2021. Loans charged-off, net of recoveries, for the
nine months ended September 30, 2021
equaled $631 thousand, or 0.08%
of average loans, compared to $1.5
million, or 0.20%, for the same period last year.
Riverview Financial Corporation is the parent company of
Riverview Bank. An independent community bank, Riverview Bank
serves the Pennsylvania market
areas of Berks, Blair, Bucks,
Centre, Clearfield, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry and Schuylkill Counties through 23 community
banking offices and three limited purpose offices. Each
full-service community banking office, interdependent with the
community, offers a comprehensive array of financial products and
services to individuals, businesses, not-for-profit organizations
and government entities. Riverview's business philosophy includes
offering direct access to senior management and other officers and
providing friendly, informed and courteous service, local and
timely decision making, flexible and reasonable operating
procedures and consistently applied credit policies. The Company's
common stock trades on the NASDAQ Global Market under the symbol
"RIVE". The Investor Relations site can be accessed at
https://www.riverviewbankpa.com/.
Safe Harbor Forward-Looking Statements:
We make statements in this press release, and we may from time
to time make other statements regarding our outlook or expectations
for future financial or operating results and/or other matters
regarding or affecting Riverview Financial Corporation, Riverview
Bank, and its subsidiaries (collectively, "Riverview") that may be considered
"forward-looking statements" as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements may be identified by the use of such words as "believe,"
"expect," "anticipate," "should," "planned," "estimated," "intend"
and "potential." For these statements, Riverview claims the protection of the
statutory safe harbors for forward-looking statements.
Riverview cautions you that a
number of important factors could cause actual results to differ
materially from those currently anticipated in any forward-looking
statement. Such factors include, but are not limited to: prevailing
economic and political conditions, particularly in our market area;
credit risk associated with our lending activities; changes in
interest rates, loan demand, real estate values and competition;
changes in accounting principles, policies, and guidelines; changes
in any applicable law, rule, regulation or practice with respect to
tax or legal issues; and other economic, competitive, governmental,
regulatory and technological factors affecting Riverview's operations, pricing, products
and services and other factors that may be described in
Riverview's Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission from time to
time. Beginning with the first quarter of 2020, the COVID-19
pandemic continues to have an adverse impact on the Company, its
customers and the communities it serves. Given its ongoing and
dynamic nature, it is difficult to predict the full impact of the
COVID-19 outbreak on the Company's business. The extent of such
impact will depend on future developments, which are highly
uncertain, including when the coronavirus can be controlled and
abated and when and how the economy may be back to normal. As the
result of the COVID-19 pandemic and the related adverse local and
national economic consequences, the Company could be subject to any
of the following risks, any of which could have a material, adverse
effect on the Company's business, financial condition, liquidity,
and results of operations: the demand for Bank's products and
services may decline, making it difficult to grow assets and
income; if the economy is unable to continue to substantially
reopen, and higher levels of unemployment persist, loan
delinquencies, problem assets, and foreclosures may increase,
resulting in increased charges and reduced income; collateral for
loans, especially real estate, may decline in value, which could
cause loan losses to increase; the Company's allowance for loan
losses may increase if borrowers experience financial difficulties,
which will adversely affect the Company's net income; the net worth
and liquidity of loan guarantors may decline, impairing their
ability to honor commitments to the Company; as the result of the
decline in the Federal Reserve Board's target federal funds rate to
near 0%, the yield on the Company's assets may decline to a greater
extent than the decline in the Company's cost of interest-bearing
liabilities, continue reducing the Company's net interest margin
and spread and net income; the Company's wealth management revenues
may decline with continuing market turmoil; and the Company's
cybersecurity risks are increased as the result of an increase in
the number of employees working remotely. The risk factors
associated with this event could have a material adverse effect on
significant estimates, operations and business results of
Riverview. Significant estimates
as disclosed in Riverview's Forms
10-K and 10-Q include allowance for loan losses, fair value of
financial instruments, the valuation of real estate acquired in
connection with foreclosures or in satisfaction of loan,
determination of other-than-temporary impairment losses on
securities, impairment of goodwill and intangible assets.
The forward-looking statements are made as of the date of this
release, and, except as may be required by applicable law or
regulation, Riverview assumes no
obligation to update the forward-looking statements or to update
the reasons why actual results could differ from those projected in
the forward-looking statements.
In addition to evaluating its results of operations in
accordance with accounting principles generally accepted in
the United States of America
("GAAP"), Riverview routinely
presents and supplements its evaluation with an analysis of certain
non-GAAP financial measures, such as tangible stockholders' equity
and Core net income ratios. The reported results included in
this press release contain items which Riverview considers non-core, namely net gains
on sales of investment securities
available-for-sale, acquisition related expenses and the
adjustment to tax expense due to the enactment of the Tax Act.
Riverview presents the non-GAAP
financial measures because it believes that these measures provide
useful and comparative information to assess trends in Riverview's results of
operation. Presentation of these non-GAAP
financial measures is consistent with how Riverview evaluates its performance internally
and these non-GAAP financial measures are frequently used by
securities analysts, investors and other interested parties in
evaluation of companies in Riverview's industry. Where non-GAAP
measures are used in this press release,
reconciliations to the comparable GAAP
measures are provided in the accompanying
tables. The non-GAAP financial measures Riverview uses may differ from similarly
titled non-GAAP financial measures of other financial
institutions. These non-GAAP financial measures would not be
considered a substitute for GAAP basis measures, and Riverview strongly encourages a review of its
condensed consolidated financial statements in their
entirety. Reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP
measures are presented in the tabular material that
follows.
[TABULAR MATERIAL FOLLOWS]
Summary
Data
|
Riverview
Financial Corporation
|
Five Quarter
Trend
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
|
2021
|
2021
|
2021
|
2020
|
2020
|
Key performance
data:
|
|
|
|
|
|
Per common share
data:
|
|
|
|
|
|
Net income
(loss)
|
$
0.33
|
$
0.51
|
$
0.33
|
$
0.17
|
$
0.08
|
Core net income
(1)
|
$
0.35
|
$
0.53
|
$
0.31
|
$
0.17
|
$
0.07
|
Cash dividends
declared
|
$
0.00
|
$
0.00
|
$
0.00
|
$
0.00
|
$
0.00
|
Book value
|
$ 11.49
|
$ 11.15
|
$ 10.55
|
$ 10.47
|
$ 10.28
|
Tangible book value
(1)
|
$ 11.33
|
$ 10.97
|
$ 10.36
|
$ 10.26
|
$ 10.04
|
Market
value:
|
|
|
|
|
|
High
|
$ 13.27
|
$ 13.36
|
$ 10.82
|
$
9.50
|
$
7.77
|
Low
|
$ 12.13
|
$
9.87
|
$
9.01
|
$
6.76
|
$
5.25
|
Closing
|
$ 13.07
|
$ 11.43
|
$ 10.45
|
$
9.15
|
$
6.76
|
Market
capitalization
|
$122,361
|
$107,007
|
$97,695
|
$85,154
|
$62,729
|
Common shares
outstanding
|
9,361,967
|
9,361,967
|
9,348,831
|
9,306,442
|
9,279,503
|
|
|
|
|
|
|
Selected
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity
|
11.61%
|
18.88%
|
12.55%
|
6.51%
|
2.88%
|
|
|
|
|
|
|
Core return on
average stockholders' equity (1)
|
12.36%
|
19.60%
|
11.75%
|
6.51%
|
2.88%
|
|
|
|
|
|
|
Return on average
tangible stockholders' equity (1)
|
11.79%
|
19.20%
|
12.78%
|
6.66%
|
2.95%
|
|
|
|
|
|
|
Core return on
average tangible stockholders' equity (1)
|
12.55%
|
19.94%
|
11.97%
|
6.66%
|
2.95%
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets (1)
|
8.54%
|
8.47%
|
7.05%
|
7.05%
|
6.88%
|
|
|
|
|
|
|
Return on average
assets
|
1.01%
|
1.46%
|
0.91%
|
0.46%
|
0.20%
|
|
|
|
|
|
|
Core return on
average assets (1)
|
1.07%
|
1.52%
|
0.85%
|
0.46%
|
0.20%
|
|
|
|
|
|
|
Stockholders' equity
to total assets
|
8.66%
|
8.59%
|
7.17%
|
7.18%
|
7.03%
|
|
|
|
|
|
|
Efficiency ratio
(2)
|
67.94%
|
63.58%
|
68.94%
|
76.13%
|
77.46%
|
|
|
|
|
|
|
Nonperforming assets
to loans, net, and foreclosed assets
|
1.54%
|
1.26%
|
1.20%
|
1.05%
|
1.12%
|
|
|
|
|
|
|
Net charge-offs to
average loans, net
|
0.01%
|
0.21%
|
0.02%
|
0.02%
|
(0.02)%
|
|
|
|
|
|
|
Allowance for loan
losses to loans, net
|
1.25%
|
1.15%
|
1.11%
|
1.07%
|
1.00%
|
|
|
|
|
|
|
Earning assets yield
(FTE) (3)
|
4.00%
|
4.04%
|
3.54%
|
3.74%
|
3.73%
|
|
|
|
|
|
|
Cost of
funds
|
0.55%
|
0.56%
|
0.59%
|
0.63%
|
0.56%
|
|
|
|
|
|
|
Net interest spread
(FTE) (3)
|
3.45%
|
3.48%
|
2.95%
|
3.11%
|
3.17%
|
|
|
|
|
|
|
Net interest margin
(FTE) (3)
|
3.57%
|
3.59%
|
3.04%
|
3.21%
|
3.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Reconciliation of
Non-GAAP financial measures.
|
(2)
|
Total noninterest
expense less amortization of intangible assets and goodwill
impairment charge divided by tax-equivalent net interest income and
noninterest income less net gain (loss) on sale of investment
securities available-for-sale.
|
(3)
|
Tax-equivalent
adjustments were calculated using the prevailing federal statutory
tax rate.
|
Riverview Financial
Corporation
|
Consolidated
Statements of Income (Loss)
|
(In thousands,
except per share data)
|
|
|
|
|
Nine Months
Ended
|
Sep 30
|
|
Sep 30
|
|
2021
|
|
2020
|
Interest
income:
|
|
|
|
Interest and fees on
loans:
|
|
|
|
Taxable
|
$32,615
|
|
$31,649
|
Tax-exempt
|
538
|
|
704
|
Interest and dividends
on investment securities:
|
|
|
|
Taxable
|
1,537
|
|
1,291
|
Tax-exempt
|
440
|
|
176
|
Interest on
interest-bearing deposits in other banks
|
64
|
|
112
|
Total interest
income
|
35,194
|
|
33,932
|
|
|
|
|
Interest
expense:
|
|
|
|
Interest on
deposits
|
2,491
|
|
4,384
|
Interest on short-term
borrowings
|
|
|
28
|
Interest on long-term
debt
|
1,752
|
|
652
|
Total interest
expense
|
4,243
|
|
5,064
|
Net interest
income
|
30,951
|
|
28,868
|
(Recovery of)
provision for loan losses
|
(735)
|
|
5,656
|
Net interest income
after (recovery of) provision for loan losses
|
31,686
|
|
23,212
|
|
|
|
|
Noninterest
income:
|
|
|
|
Service charges, fees
and commissions
|
5,477
|
|
3,491
|
Commissions and fees
on fiduciary activities
|
804
|
|
669
|
Wealth management
income
|
716
|
|
636
|
Mortgage banking
income
|
440
|
|
900
|
Life insurance
investment income
|
552
|
|
578
|
Net gain on sale of
investment securities available-for-sale
|
317
|
|
815
|
Total noninterest
income
|
8,306
|
|
7,089
|
|
|
|
|
Noninterest
expense:
|
|
|
|
Salaries and employee
benefits expense
|
14,472
|
|
15,452
|
Net occupancy and
equipment expense
|
3,084
|
|
3,676
|
Amortization of
intangible assets
|
396
|
|
509
|
Goodwill
impairment
|
|
|
24,754
|
Net (benefit) cost of
operation of other real estate owned
|
(44)
|
|
40
|
Other
expenses
|
8,597
|
|
8,713
|
Total noninterest
expense
|
26,505
|
|
53,144
|
Income (loss) before
income taxes
|
13,487
|
|
(22,843)
|
Provision (benefit)
for income tax expense
|
2,532
|
|
(49)
|
Net income
(loss)
|
$10,955
|
|
$(22,794)
|
Other comprehensive income (loss):
|
|
|
|
Unrealized gain (loss)
on investment securities available-for-sale
|
$(1,725)
|
|
$2,007
|
Reclassification
adjustment for gain included in net income
|
(317)
|
|
(815)
|
Change in pension
liability
|
|
|
|
Change in cash flow
hedge
|
427
|
|
11
|
Income tax expense
(benefit) related to other comprehensive income
|
(339)
|
|
253
|
Other comprehensive
income (loss), net of income taxes
|
(1,276)
|
|
950
|
Comprehensive income
(loss)
|
$9,679
|
|
$(21,844)
|
|
|
|
|
Per common share
data:
|
|
|
|
Net income
(loss):
|
|
|
|
Basic
|
$1.17
|
|
$(2.46)
|
Diluted
|
$1.17
|
|
$(2.46)
|
Average common shares
outstanding:
|
|
|
|
Basic
|
9,353,546
|
|
9,248,856
|
Diluted
|
9,366,293
|
|
9,248,856
|
Cash dividends
declared
|
$0.00
|
|
$0.15
|
|
|
|
|
Riverview
Financial Corporation
|
Consolidated
Statements of Income (Loss)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Three months
ended
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
|
|
2021
|
2021
|
2021
|
2020
|
2020
|
|
Interest
income:
|
|
|
|
|
|
|
Interest and fees on
loans:
|
|
|
|
|
|
|
Taxable
|
$
10,738
|
$
11,529
|
$
10,348
|
$
11,403
|
$
11,265
|
|
Tax-exempt
|
180
|
182
|
176
|
179
|
223
|
|
Interest and
dividends on investment securities available-for-sale:
|
|
|
|
|
|
|
Taxable
|
490
|
553
|
494
|
411
|
360
|
|
Tax-exempt
|
144
|
144
|
152
|
113
|
71
|
|
Interest on
interest-bearing deposits in other banks
|
40
|
15
|
9
|
8
|
11
|
|
Total interest
income
|
11,592
|
12,423
|
11,179
|
12,114
|
11,930
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
Interest on
deposits
|
746
|
822
|
923
|
1,035
|
1,200
|
|
Interest on
short-term borrowings
|
|
|
|
|
|
|
Interest on long-term
debt
|
521
|
585
|
646
|
684
|
304
|
|
Total interest
expense
|
1,267
|
1,407
|
1,569
|
1,719
|
1,504
|
|
Net interest
income
|
10,325
|
11,016
|
9,610
|
10,395
|
10,426
|
|
(Recovery of )
provision for loan losses
|
|
(735)
|
|
626
|
1,844
|
|
Net interest income
after (recovery of) provision for loan losses
|
10,325
|
11,751
|
9,610
|
9,769
|
8,582
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
Service charges, fees
and commissions
|
1,248
|
2,755
|
1,474
|
642
|
1,099
|
|
Commissions and fees
on fiduciary activities
|
250
|
294
|
260
|
292
|
246
|
|
Wealth management
income
|
264
|
238
|
214
|
240
|
220
|
|
Mortgage banking
income
|
104
|
185
|
151
|
333
|
401
|
|
Life insurance
investment income
|
178
|
196
|
178
|
177
|
192
|
|
Net gain on sale of
investment securities available-for-sale
|
44
|
27
|
246
|
|
|
|
Total
noninterest income
|
2,088
|
3,695
|
2,523
|
1,684
|
2,158
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
Salaries and employee
benefits expense
|
4,511
|
5,494
|
4,467
|
4,755
|
5,411
|
|
Net occupancy and
equipment expense
|
1,040
|
854
|
1,190
|
1,465
|
1,428
|
|
Amortization of
intangible assets
|
132
|
132
|
132
|
309
|
170
|
|
Goodwill
impairment
|
|
|
|
|
|
|
Net cost (benefit) of
operation of other real estate owned
|
(22)
|
7
|
(29)
|
15
|
51
|
|
Other
expenses
|
2,933
|
3,037
|
2,627
|
3,020
|
2,918
|
|
Total noninterest
expense
|
8,594
|
9,524
|
8,387
|
9,564
|
9,978
|
|
Income before income
taxes
|
3,819
|
5,922
|
3,746
|
1,889
|
762
|
|
Income tax
expense
|
704
|
1,142
|
686
|
306
|
67
|
|
Net income
|
$ 3,115
|
$ 4,780
|
$ 3,060
|
$ 1,583
|
$
695
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
Unrealized gain
(loss) on investment securities available-for-sale
|
25
|
1,279
|
$(3,029)
|
$
94
|
$
114
|
|
Reclassification
adjustment for gain included in net income
|
(44)
|
(27)
|
(246)
|
|
|
|
Change in pension
liability
|
|
|
|
166
|
|
|
Change in cash flow
hedge
|
54
|
(284)
|
657
|
161
|
49
|
|
Income tax expense
(benefit) related to other comprehensive income (loss)
|
8
|
203
|
(550)
|
88
|
35
|
|
Other comprehensive
income (loss), net of income taxes
|
27
|
765
|
(2,068)
|
333
|
128
|
|
Comprehensive
income
|
$3,142
|
$5,545
|
$ 992
|
$ 1,916
|
$
823
|
|
Per common share
data:
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
Basic
|
$ 0.33
|
$ 0.51
|
$ 0.33
|
$ 0.17
|
$ 0.08
|
|
Diluted
|
$ 0.33
|
$ 0.51
|
$ 0.33
|
$ 0.17
|
$ 0.08
|
|
Average common shares
outstanding:
|
|
|
|
|
|
|
Basic
|
9,361,967
|
9,357,153
|
9,341,291
|
9,287,196
|
9,273,666
|
|
Diluted
|
9,390,160
|
9,366,651
|
9,341,533
|
9,287,196
|
9,273,666
|
|
Cash dividends
declared
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
|
Riverview
Financial Corporation
|
Details of Net
Interest and Net Interest Margin
|
(In thousands,
fully taxable equivalent basis)
|
|
|
|
|
|
|
Three months
ended
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
|
2021
|
2021
|
2021
|
2020
|
2020
|
Net interest
income:
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
$
10,738
|
$
11,529
|
$
10,348
|
$
11,403
|
$
11,265
|
Tax-exempt
|
228
|
230
|
223
|
227
|
282
|
Total loans,
net
|
10,966
|
11,759
|
10,571
|
11,630
|
11,547
|
Investments:
|
|
|
|
|
|
Taxable
|
490
|
553
|
494
|
411
|
360
|
Tax-exempt
|
182
|
183
|
192
|
143
|
90
|
Total
investments
|
672
|
736
|
686
|
554
|
450
|
Interest on
interest-bearing balances in other banks
|
40
|
15
|
9
|
8
|
11
|
Total interest
income
|
11,678
|
12,510
|
11,266
|
12,192
|
12,008
|
Interest
expense:
|
|
|
|
|
|
Deposits
|
746
|
822
|
923
|
1,035
|
1,200
|
Short-term
borrowings
|
|
|
|
|
|
Long-term
debt
|
521
|
585
|
646
|
684
|
304
|
Total interest
expense
|
1,267
|
1,407
|
1,569
|
1,719
|
1,504
|
Net interest
income
|
$
10,411
|
$
11,103
|
$
9,697
|
$
10,473
|
$
10,504
|
|
|
|
|
|
|
Yields on earning
assets:
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
4.87%
|
4.65%
|
3.83%
|
4.00%
|
3.95%
|
Tax-exempt
|
2.95%
|
2.98%
|
3.36%
|
3.29%
|
3.57%
|
Total loans,
net
|
4.80%
|
4.60%
|
3.82%
|
3.98%
|
3.94%
|
Investments:
|
|
|
|
|
|
Taxable
|
2.13%
|
2.11%
|
2.19%
|
2.04%
|
2.17%
|
Tax-exempt
|
1.63%
|
1.65%
|
1.88%
|
2.98%
|
3.31%
|
Total
investments
|
1.96%
|
1.97%
|
2.09%
|
2.22%
|
2.33%
|
Interest-bearing
balances with banks
|
0.14%
|
0.09%
|
0.10%
|
0.09%
|
0.11%
|
Total earning
assets
|
4.00%
|
4.04%
|
3.54%
|
3.74%
|
3.73%
|
Costs of
interest-bearing liabilities:
|
|
|
|
|
|
Deposits
|
0.34%
|
0.38%
|
0.43%
|
0.49%
|
0.56%
|
Short-term
borrowings
|
|
|
|
|
|
Long-term
debt
|
3.98%
|
1.87%
|
1.25%
|
1.15%
|
0.56%
|
Total interest-bearing
liabilities
|
0.55%
|
0.56%
|
0.59%
|
0.63%
|
0.56%
|
Net interest
spread
|
3.45%
|
3.48%
|
2.95%
|
3.11%
|
3.17%
|
Net interest
margin
|
3.57%
|
3.59%
|
3.04%
|
3.21%
|
3.26%
|
|
|
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Consolidated
Balance Sheets
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Sep
30
|
Jun
30
|
Mar
31
|
Dec
31
|
Sep 30
|
At period
end
|
2021
|
2021
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and due from
banks
|
$
10,842
|
$
9,849
|
$
9,496
|
$
13,511
|
$
10,646
|
Interest-bearing
balances in other banks
|
175,236
|
47,659
|
53,668
|
36,270
|
21,312
|
Investment securities
available-for-sale
|
131,705
|
148,048
|
155,863
|
103,695
|
98,846
|
Loans held for
sale
|
443
|
180
|
2,502
|
4,338
|
4,547
|
Loans, net
|
866,140
|
948,740
|
1,091,824
|
1,139,239
|
1,163,442
|
Less: allowance for
loan losses
|
10,834
|
10,867
|
12,140
|
12,200
|
11,624
|
Net loans
|
855,306
|
937,873
|
1,079,684
|
1,127,039
|
1,151,818
|
Premises and
equipment, net
|
16,983
|
17,448
|
17,991
|
18,147
|
18,419
|
Accrued interest
receivable
|
2,604
|
3,532
|
4,189
|
4,216
|
3,218
|
Goodwill
|
|
|
|
|
|
Other intangible
assets, net
|
1,522
|
1,654
|
1,786
|
1,918
|
2,227
|
Other
assets
|
48,152
|
48,498
|
49,661
|
48,420
|
45,739
|
Total
assets
|
$1,242,793
|
$1,214,741
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
|
$
192,556
|
$
183,893
|
$
197,360
|
$
173,600
|
$
178,168
|
Interest-bearing
|
877,018
|
860,622
|
883,568
|
841,860
|
853,145
|
Total
deposits
|
1,069,574
|
1,044,515
|
1,080,928
|
1,015,460
|
1,031,313
|
Short-term
borrowings
|
|
|
|
|
|
Long-term
debt
|
52,004
|
51,956
|
180,644
|
228,765
|
217,031
|
Accrued interest
payable
|
847
|
504
|
1,347
|
1,038
|
591
|
Other
liabilities
|
12,792
|
13,401
|
13,298
|
14,859
|
12,413
|
Total
liabilities
|
1,135,217
|
1,110,376
|
1,276,217
|
1,260,122
|
1,261,348
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common
stock
|
103,127
|
103,058
|
102,861
|
102,662
|
102,672
|
Capital
surplus
|
292
|
292
|
292
|
292
|
190
|
Retained earnings
(accumulated deficit)
|
4,498
|
1,383
|
(3,397)
|
(6,457)
|
(8,040)
|
Accumulated other
comprehensive income (loss)
|
(341)
|
(368)
|
(1,133)
|
935
|
602
|
Total stockholders'
equity
|
107,576
|
104,365
|
98,623
|
97,432
|
95,424
|
Total liabilities and
stockholders' equity
|
$1,242,793
|
$1,214,741
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverview
Financial Corporation
Consolidated
Balance Sheets
|
(In thousands
except per share data)
|
|
|
|
|
|
|
|
|
Sep 30
|
Jun
30
|
Mar 31
|
Dec 31
|
Sep
30
|
Average quarterly
balances
|
2021
|
2021
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
$874,894
|
$995,457
|
$1,095,594
|
$1,134,149
|
$1,134,625
|
Tax-exempt
|
30,707
|
30,950
|
26,952
|
27,425
|
31,451
|
Total loans,
net
|
905,601
|
1,026,407
|
1,122,546
|
1,161,574
|
1,166,076
|
Investments:
|
|
|
|
|
|
Taxable
|
91,443
|
105,196
|
91,549
|
79,996
|
66,049
|
Tax-exempt
|
44,323
|
44,528
|
41,443
|
19,102
|
10,812
|
Total
investments
|
135,766
|
149,724
|
132,992
|
99,098
|
76,861
|
Interest-bearing
balances with banks
|
116,541
|
65,411
|
36,101
|
35,381
|
38,334
|
Total earning
assets
|
1,157,908
|
1,241,542
|
1,291,639
|
1,296,053
|
1,281,271
|
Other
assets
|
70,093
|
71,971
|
72,586
|
70,815
|
73,079
|
Total
assets
|
$1,228,001
|
$1,313,513
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
|
$189,996
|
$194,466
|
$176,895
|
$173,629
|
$175,402
|
Interest-bearing
|
866,074
|
878,945
|
863,765
|
847,124
|
853,782
|
Total
deposits
|
1,057,070
|
1,073,411
|
1,040,660
|
1,020,753
|
1,029,184
|
Short-term
borrowings
|
|
|
|
|
|
Long-term
debt
|
51,982
|
125,441
|
209,781
|
236,043
|
217,021
|
Other
liabilities
|
13,515
|
13,093
|
14,861
|
13,389
|
12,135
|
Total
liabilities
|
1,121,567
|
1,211,945
|
1,265,302
|
1,270,185
|
1,258,340
|
Stockholders'
equity
|
106,434
|
101,568
|
98,923
|
96,683
|
96,010
|
Total liabilities and
stockholders' equity
|
$1,228,001
|
$1,313,513
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
Riverview
Financial Corporation
|
Asset Quality
Data
|
(In
thousands)
|
|
|
|
|
|
|
|
Sep
30
|
Jun
30
|
Mar
31
|
Dec
31
|
Sep
30
|
|
2021
|
2021
|
2021
|
2020
|
2020
|
At quarter
end:
|
|
|
|
|
|
Nonperforming
assets:
|
|
|
|
|
|
Nonaccrual
loans
|
$2,293
|
$2,396
|
$2,828
|
$1,421
|
$3,225
|
Accruing restructured
loans
|
9,189
|
9,276
|
9,939
|
9,963
|
9,648
|
Accruing loans past
due 90 days or more
|
1,880
|
91
|
165
|
156
|
108
|
Foreclosed
assets
|
|
219
|
219
|
422
|
25
|
Total nonperforming
assets
|
$13,362
|
$11,982
|
$13,151
|
$11,962
|
$13,006
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
Beginning
balance
|
$10,867
|
$12,140
|
$12,200
|
$11,624
|
$9,736
|
Charge-offs
|
57
|
611
|
94
|
100
|
42
|
Recoveries
|
24
|
73
|
34
|
50
|
86
|
(Recovery of)
provision for loan losses
|
|
(735)
|
|
626
|
1,844
|
Ending
balance
|
$10,834
|
$10,867
|
$12,140
|
$12,200
|
$11,624
|
|
|
|
|
|
|
Riverview
Financial Corporation
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Sep
30
|
Jun
30
|
Mar
31
|
Dec
31
|
Sep
30
|
Three months
ended:
|
2021
|
2021
|
2021
|
2020
|
2020
|
Core net income
(loss) per common share:
|
|
|
|
|
|
Net income
(loss)
|
$3,115
|
$4,780
|
$3,060
|
$1,583
|
$695
|
Adjustments:
|
|
|
|
|
|
Less: Gain on sale of
investment securities, net of tax
|
35
|
22
|
194
|
|
|
Add: Acquisition
related expenses, net of tax
|
236
|
206
|
|
|
|
Add: Goodwill
impairment, net of tax
|
|
|
|
|
|
Net income –
Core
|
$3,316
|
$4,964
|
$2,866
|
$1,583
|
$695
|
|
|
|
|
|
|
Average common shares
outstanding
|
9,361,967
|
9,357,153
|
9,341,291
|
9,287,196
|
9,273,666
|
Core net income per
common share
|
$ 0.35
|
$ 0.53
|
$ 0.31
|
$ 0.17
|
$ 0.07
|
|
|
|
|
|
|
Tangible book
value:
|
|
|
|
|
|
Total stockholders'
equity
|
$107,576
|
$104,365
|
$98,623
|
$97,432
|
$95,424
|
Less:
Goodwill
|
|
|
|
|
|
Less: Other
intangible assets, net
|
1,522
|
1,654
|
1,786
|
1,918
|
2,227
|
Total tangible
stockholders' equity
|
$106,054
|
$102,711
|
$96,837
|
$95,514
|
$93,197
|
|
|
|
|
|
|
Common shares
outstanding
|
9,361,967
|
9,361,967
|
9,348,831
|
9,306,442
|
9,279,503
|
|
|
|
|
|
|
Tangible book value
per share
|
$11.33
|
$10.97
|
$10.36
|
$10.26
|
$10.04
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets:
|
|
|
|
|
|
Total stockholders'
equity
|
$107,576
|
$104,365
|
$98,623
|
$97,432
|
$95,424
|
Less:
Goodwill
|
|
|
|
|
|
Less: Other
intangible assets, net
|
1,522
|
1,654
|
1,786
|
1,918
|
2,227
|
Total tangible
stockholders' equity
|
$106,054
|
$102,711
|
$96,837
|
$95,514
|
$93,197
|
|
|
|
|
|
|
Total
assets
|
$1,242,793
|
$1,214,741
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
Less:
Goodwill
|
|
|
|
|
|
Less: Other
intangible assets, net
|
1,522
|
1,654
|
1,786
|
1,918
|
2,227
|
Total tangible
assets
|
$1,241,271
|
$1,213,087
|
$1,373,054
|
$1,355,636
|
$1,354,545
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets
|
8.54%
|
8.47%
|
7.05%
|
7.05%
|
6.88%
|
|
|
|
|
|
|
Core return on
average stockholders' equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$3,115
|
$4,780
|
$3,060
|
$1,583
|
$695
|
Adjustments:
|
|
|
|
|
|
Less: Gain on sale of
investment securities, net of tax
|
35
|
22
|
194
|
|
|
Add: Acquisition
related expenses, net of tax
|
236
|
206
|
|
|
|
Add: Goodwill
impairment, net of tax
|
|
|
|
|
|
Net income –
Core
|
$3,316
|
$4,964
|
$2,866
|
$1,583
|
$695
|
|
|
|
|
|
|
Average stockholders'
equity
|
$106,434
|
$101,568
|
$98,923
|
$96,683
|
$96,010
|
Core return on
average stockholders' equity
|
12.36%
|
19.60%
|
11.75%
|
6.51%
|
2.88%
|
|
|
|
|
|
|
Return on average
tangible equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$3,115
|
$4,780
|
$3,060
|
$1,583
|
$695
|
|
|
|
|
|
|
Average stockholders'
equity
|
$106,434
|
$101,568
|
$98,923
|
$96,683
|
$96,010
|
Less: average
intangibles
|
1,587
|
1,718
|
1,849
|
2,116
|
2,310
|
Average tangible
stockholders' equity
|
$104,847
|
$99,850
|
$97,074
|
$94,567
|
$93,700
|
|
|
|
|
|
|
Return on average
tangible stockholders' equity
|
11.79%
|
19.20%
|
12.78%
|
6.66%
|
2.95%
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Sep
30
|
Jun
30
|
Mar
31
|
Dec 31
|
Sep
30
|
Three months
ended:
|
2021
|
2021
|
2021
|
2020
|
2020
|
Core return on
average tangible stockholders' equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$3,115
|
$4,780
|
$3,060
|
$1,583
|
$695
|
Adjustments:
|
|
|
|
|
|
Less: Gain on sale of
investment securities, net of tax
|
35
|
22
|
194
|
|
|
Add: Acquisition
related expenses, net of tax
|
236
|
206
|
|
|
|
Add: Goodwill
impairment, net of tax
|
|
|
|
|
|
Net income –
Core
|
$3,316
|
$4,964
|
$2,866
|
$1,583
|
$695
|
|
|
|
|
|
|
Average stockholders'
equity
|
$106,434
|
$101,568
|
$98,923
|
$96,683
|
$96,010
|
Less: average
intangibles
|
1,587
|
1,718
|
1,849
|
2,116
|
2,310
|
Average tangible
stockholders' equity
|
$104,847
|
$99,850
|
$97,074
|
$94,567
|
$93,700
|
|
|
|
|
|
|
Core return on
average tangible stockholders' equity
|
12.55%
|
19.94%
|
11.97%
|
6.66%
|
2.95%
|
|
|
|
|
|
|
Core return on
average assets:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$3,115
|
$4,780
|
$3,060
|
$1,583
|
$695
|
Adjustments:
|
|
|
|
|
|
Less: Gain on sale of
investment securities, net of tax
|
35
|
22
|
194
|
|
|
Add: Acquisition
related expenses, net of tax
|
236
|
206
|
|
|
|
Add: Goodwill
impairment, net of tax
|
|
|
|
|
|
Net income –
Core
|
$3,316
|
$4,964
|
$2,866
|
$1,583
|
$695
|
|
|
|
|
|
|
Average
assets
|
$1,228,001
|
$1,313,513
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
Core return on
average assets
|
1.07%
|
1.52%
|
0.85%
|
0.46%
|
0.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
Sep 30
|
Sep 30
|
|
|
2021
|
2020
|
Nine months
ended:
|
|
|
|
|
|
|
|
Core net income per
common share:
|
|
|
|
Net income
(loss)
|
|
$10,955
|
$(22,794)
|
Adjustments:
|
|
|
|
Less:
Gains on sale of investment securities, net of tax
|
|
250
|
644
|
Add:
Acquisition related expenses, net of tax
|
|
442
|
|
Add:
Goodwill impairment, net of tax
|
|
|
24,581
|
Net income –
core
|
|
$11,147
|
$1,143
|
|
|
|
|
Average common shares
outstanding
|
|
9,353,546
|
9,248,856
|
|
|
|
|
Core net income per
common share
|
|
$1.19
|
$0.12
|
|
|
|
|
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SOURCE Riverview Financial Corporation