Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the
“Company”) today reported earnings of $4.7 million, or $0.21 per
diluted share, in the first fiscal quarter ended June 30, 2022,
compared to $4.1 million, or $0.19 per diluted share, in the
preceding quarter and $5.8 million, or $0.26 per diluted share, in
the first fiscal quarter a year ago.
“Earnings for our first fiscal quarter were
strong, driven by an increase in net interest income and lower
operating expenses compared to last quarter,” stated Kevin
Lycklama, president and chief executive officer. “Our approach of
managing our funding costs, combined with the increase in loan
yields during the quarter, helped to increase our net interest
margin by 13 basis points in the first fiscal quarter, compared to
the preceding quarter. We are well-positioned for rising interest
rates with a strong low-cost core deposit base and ample on-balance
sheet liquidity to support increased business activity and loan
demand in our markets.”
First Quarter Highlights (at or for the
period ended June 30, 2022)
- Net income was $4.7 million, or
$0.21 per diluted share.
- Pre-tax, pre-provision for loan
losses income (non-GAAP) was $6.0 million for the quarter compared
to $4.8 million in the preceding quarter and $5.7 million for the
year ago quarter.
- Net interest income increased to
$12.7 million for the quarter compared to $11.9 million in the
preceding quarter and $11.3 million in the first fiscal quarter a
year ago.
- Net interest margin (“NIM”) expanded to 3.11% for the quarter,
compared to 2.98% in the preceding quarter and 3.07% for the year
ago quarter.
- Return on average assets was 1.08% and return on average equity
was 11.91%.
- Riverview recorded no provision for
loan losses during the quarter, compared to a $650,000 recapture of
loan losses in the preceding quarter and a $1.6 million recapture
in the first fiscal quarter a year ago.
- The allowance for loan losses was
$14.6 million, or 1.44% of total loans. The allowance for loan
losses excluding SBA purchased and SBA PPP loans (non-GAAP) was
1.53% of total loans.
- Total loans increased $22.1 million during the quarter.
Included in total loans:
- Riverview purchased $26.8 million of 1-4 family loans during
the quarter, offset primarily by a $1.4 million decrease to its
organic loan portfolio and a $3.1 million decrease in SBA PPP
loans.
- Asset quality remained strong, with
non-performing loans excluding SBA and USDA government guaranteed
loans (non-GAAP) at $262,000, or 0.02% of total assets at June 30,
2022.
- Total deposits increased $82.6
million, or 5.8%, to $1.50 billion, compared to a year earlier, and
decreased $38.3 million compared to three months earlier.
- Total risk-based capital ratio was
16.31% and Tier 1 leverage ratio was 9.29%.
- Paid a quarterly cash dividend
during the quarter of $0.06 per share.
Income Statement Review
Riverview’s net interest income was $12.7
million in the current quarter, compared to $11.9 million in the
preceding quarter, and $11.3 million in the first fiscal quarter a
year ago. The increase in net interest income compared to the prior
quarter was driven primarily by higher interest on the non-PPP loan
portfolio as well as an increase in investment income and interest
earned on our Federal Reserve account from the recent interest rate
hikes, which offset a decrease in SBA PPP loan interest and fee
income, as this portfolio continues to decline due to SBA
forgiveness. Investment income continues to supplement interest
income due to the overall growth in the investment portfolio.
Additionally, the interest rate environment produced lower interest
expense on deposits. The adjusted net interest income (non-GAAP)
increased to $12.0 million in the current quarter compared to $11.1
million in the preceding quarter and $10.2 million in the first
fiscal quarter a year ago.
During the first quarter of fiscal 2023,
$101,000 of interest and net fee income was earned through PPP loan
forgiveness and normal amortization. This compared to $440,000 of
interest and net fee income on PPP loans during the preceding
quarter and $892,000 in the first quarter of the prior year.
Riverview’s NIM was 3.11% for the first quarter
of fiscal 2023, a 13 basis-point increase compared to 2.98% in the
preceding quarter and a four basis-point increase compared to 3.07%
in the first quarter of fiscal 2022. “The increase in investment
yields and on balance sheet liquidity contributed to NIM expansion
during the quarter,” said David Lam, executive vice president and
chief financial officer.
During the first quarter of fiscal 2023, net
fees on loan prepayments, which included purchased SBA loan
premiums, increased net interest income by $168,000 and increased
the NIM by four basis points. This compared to $144,000 in net fees
on loan prepayments adding four basis points to NIM in the
preceding quarter. The interest accretion on purchased loans
totaled $37,000 and resulted in a one-basis point increase in the
NIM during the first quarter, compared to $127,000 and a
three-basis point increase in the NIM during the preceding quarter.
SBA PPP loan interest and fees added two basis points to the NIM
for the current quarter, compared to nine basis points for the
preceding quarter. The average overnight cash balances were $194.3
million during the quarter ended June 30, 2022, compared to $236.6
million in the preceding quarter and $272.3 million for the first
fiscal quarter a year ago. Without the elevated level in overnight
cash balances, NIM would have been 31 basis points higher in the
current quarter, 44 basis points higher in the prior quarter and 69
basis points higher in the first quarter a year ago. These items
resulted in a core-NIM (non-GAAP) of 3.35% in the current quarter,
3.26% in the preceding quarter and 3.64% in the first fiscal
quarter a year ago. The following table represents the components
of (non-GAAP) Core NIM:
|
|
Three Months Ended |
|
|
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
Net interest margin (GAAP) |
|
|
3.11 |
|
% |
|
2.98 |
|
% |
|
3.07 |
|
% |
Net fees on loan prepayments |
|
|
(0.04 |
) |
|
|
(0.04 |
) |
|
|
(0.02 |
) |
|
Accretion on purchased MBank loans |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.02 |
) |
|
SBA PPP loans |
|
|
(0.02 |
) |
|
|
(0.09 |
) |
|
|
(0.08 |
) |
|
Excess FRB liquidity |
|
|
0.31 |
|
|
|
0.44 |
|
|
|
0.69 |
|
|
Core net interest margin (non-GAAP) |
|
|
3.35 |
|
% |
|
3.26 |
|
% |
|
3.64 |
|
% |
|
|
|
|
|
|
|
During the first fiscal quarter of 2023,
Riverview continued to deploy excess cash into its investment
portfolio. Investment securities totaled $437.7 million at June 30,
2022, compared to $418.9 million at March 31, 2022. During the
current quarter, the Company purchased $34.9 million in new
securities with a weighted average yield of 3.08%. Investment
purchases were comprised primarily of agency securities and MBS
backed by government agencies.
Average securities balances for the quarters
ended June 30, 2022, March 31, 2022, and June 30, 2021, were $441.6
million, $410.4 million and $279.0 million, respectively. The
weighted average yields on securities balances for those same
periods were 1.74%, 1.63% and 1.53%, respectively.
Average PPP loans were $1.5 million in the first
quarter compared to $6.8 million in the preceding quarter and $80.3
million in the first fiscal quarter a year ago. During the quarter,
Riverview recorded $4,000 in interest income on PPP loans and
$97,000 in loan fee amortization into income. This compared to
$16,000 in interest income on PPP loans and $424,000 in loan fee
amortization during the preceding quarter and $203,000 in interest
income on PPP loans and $689,000 in loan fee amortization during
the first fiscal quarter a year ago.
Riverview’s loan yields decreased during the
quarter to 4.39% compared to 4.43% in the preceding quarter and
4.67% in the first fiscal quarter a year ago. Loan yields excluding
PPP loans were 4.36% for the quarter compared to 4.28% in the
preceding quarter and 4.69% in the year-ago quarter. The cost of
deposits decreased to 0.07% during the first fiscal quarter
compared to 0.08% in the preceding quarter, and 0.13% in the first
fiscal quarter a year ago.
Non-interest income was $3.1 million during the
first fiscal quarter, compared to $3.0 million in the preceding
quarter, and $3.6 million in the first fiscal quarter of 2022.
Interchange income and brokered loan fee income remained strong.
However, brokered loan fees have slowed due to the decrease in
mortgage activity and rising interest rates. Non-interest income
for the first fiscal quarter a year ago included a $479,000 tax
exempt payout on a bank owned life insurance (“BOLI”) policy.
Asset management fees were $1.2 million during
the first fiscal quarter compared to $1.1 million in the preceding
quarter and $976,000 in the first fiscal quarter a year ago.
Riverview Trust Company’s assets under management was $1.2 billion
at June 30, 2022, compared to $1.3 billion at both March 31, 2022
and June 30, 2021. The decrease compared to the prior quarter was a
result of decreases in stock market-based assets due to the
downturn in the financial markets.
Non-interest expense was $9.8 million during the
quarter compared to $10.1 million in the preceding quarter and $9.1
million in the first fiscal quarter a year ago. Salary and employee
benefits decreased compared to the prior quarter, with prior
quarter including fiscal year-end bonuses and incentive pay.
However, wage pressures and the competitive landscape for
attracting and retaining employees, continues to put pressure on
salary and employee benefits. The efficiency ratio was 61.9% for
the first fiscal quarter compared to 68.0% in the preceding quarter
and 61.4% in the first fiscal quarter a year ago.
Return on average assets was 1.08% in the first
quarter of fiscal 2023 compared to 0.97% in the preceding quarter.
Return on average equity and return on average tangible equity
(non-GAAP) was 11.91% and 14.46%, respectively, compared to 10.23%
and 12.30%, respectively, for the prior quarter.
Riverview’s effective tax rate for the first
quarter of fiscal 2023 was 22.7%, compared to 23.7% for the
preceding quarter, and 21.5% for the year ago quarter.
Balance Sheet Review
Total loans were $1.01 billion at June 30, 2022
compared to $990.4 million three months earlier and $889.5 million
a year ago. The $22.1 million increase in loan balances compared to
the prior quarter was driven by the purchase of $26.8 million of
1-4 family loans, which was primarily offset by a $1.4 million
decline in organic loans, and a $3.1 million decrease in SBA PPP
loans due to forgiveness during the quarter. SBA PPP loans, net of
fees, totaled $12,000 at June 30, 2022, compared to $3.1 million at
March 31, 2022, and $55.5 million at June 30, 2021.
Riverview’s loan pipeline totaled $66.8 million
at June 30, 2022 compared to $101.4 million at the end of the prior
quarter. Loan activity remained strong, with new loan originations
during the quarter totaling $90.7 million compared to $82.8 million
in the preceding quarter and $28.0 million in the first quarter a
year ago.
Undisbursed construction loans totaled $47.7
million at June 30, 2022 compared to $39.5 million at March 31,
2022, 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 $34.1 million at June 30, 2022
compared to $18.9 million at March 31, 2022. Revolving commercial
business loan commitments totaled $57.3 million at June 30, 2022,
compared to $66.0 million three months earlier. Utilization on
these loans totaled 22.3% at June 30, 2022 compared to 18.4% at
March 31, 2022. The weighted average rate on loan originations
during the quarter improved to 4.71% compared to 3.77% in the
preceding quarter.
Total deposits were $1.50 billion at June 30,
2022 compared to $1.53 billion at March 31, 2022, representing a
decrease of $38.3 million. Total deposits increased $82.6 million,
or 5.8%, compared to a year earlier. Checking accounts, as a
percentage of total deposits, totaled 52.0% at June 30, 2022.
Shareholders’ equity was $154.4 million at June
30, 2022 compared to $157.2 million three months earlier and $157.0
million a year earlier. Tangible book value per share (non-GAAP)
was $5.78 at June 30, 2022 compared to $5.86 at March 31,
2022, and $5.80 at June 30, 2021. The decrease in tangible book
value per share during the current quarter was primarily due to a
$4.9 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. Riverview increased its quarterly cash dividend to
$0.06 per share on July 21, 2022.
Credit Quality
Asset quality remained strong, with
non-performing loans excluding SBA and USDA government guaranteed
loans (non-GAAP) at $262,000, or 0.02% of total assets as of June
30, 2022 and $273,000, or 0.02% of total assets at March 31, 2022.
Including SBA and USDA government guaranteed loans, non-performing
assets were $27.5 million, or 1.62% of total assets, at June 30,
2022 compared to $22.1 million, or 1.27% of total assets, three
months earlier and $383,000, or 0.02% of total assets, at June 30,
2021. The increase is attributed to an increase in non-performing
SBA and USDA government guaranteed loans where payments have been
delayed due to the servicing transfer of these loans between two
third-party servicers. Once the servicing transfer is complete,
Riverview expects to receive the delayed payments and expects
non-performing assets to decrease significantly.
Additional details on government guaranteed
portion of the SBA and USDA loans.
The Bank holds approximately $27.2 million of
the government guaranteed portion of SBA and USDA loans originated
by other banks that, when purchased, were placed into a Direct
Registration Certificate (“DRC”) program by the SBA’s former fiscal
transfer agent, Colson Inc. (“Colson”). Under the DRC program,
Colson was required to remit monthly payments to the investor
holding the guaranteed balance, whether or not a payment had
actually been received from the borrower. In 2020, Colson did not
successfully retain its existing contract as the SBA’s fiscal
transfer agent and began transitioning servicing over to a new
company called Guidehouse. In late 2021, Guidehouse, under their
contract with the SBA, declined to continue the DRC program. After
declining to continue the DRC program, all payments under the DRC
program began to be held by Guidehouse or Colson until the DRC
program could be unwound and the DRC holdings converted into normal
pass through certificates. As part of unwinding the DRC program,
Colson has requested investors who had received payments in advance
of the borrower actually remitting payment return advanced funds
before they will process the conversion of certificates. The Bank
continues to work with Colson on the reconciliation and transfer of
these loans. The Bank expects the reconciliation and unwinding
process to continue through the next two quarters and until the
reconciliation and unwinding process is completed, these loans will
be reflected as past due. The Bank is fully guaranteed to be paid
all principal and interest on these loans.
Non-performing loans reconciliation, excluding SBA
Government Guaranteed Loans |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(Dollars in thousands) |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Non-performing loans (GAAP) |
|
$ |
27,534 |
|
|
$ |
22,099 |
|
|
$ |
383 |
|
Less: Non-performing SBA Government Guaranteed loans |
|
|
(27,272 |
) |
|
|
(21,826 |
) |
|
|
- |
|
Adjusted non-performing loans excluding SBA Government Guaranteed
loans (non-GAAP) |
|
$ |
262 |
|
|
$ |
273 |
|
|
$ |
383 |
|
|
|
|
|
|
|
|
Non-performing loans to total loans (GAAP) |
|
|
2.72 |
% |
|
|
2.23 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
|
Non-performing loans, excluding SBA Government Guaranteed loans to
total loans (non-GAAP) |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
|
Non-performing loans to total assets (GAAP) |
|
|
1.62 |
% |
|
|
1.27 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
Non-performing loans, excluding SBA Government Guaranteed loans to
total assets (non-GAAP) |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
Riverview recorded net loan recoveries of
$36,000 during the first fiscal quarter. This compared to an
insignificant amount of net loan charge-offs for the preceding
quarter and $12,000 net loan recoveries in the first fiscal quarter
a year ago. Riverview recorded no provision for loan losses during
the first fiscal quarter. This compared to a recapture of loan
losses of $650,000 in the prior quarter and a recapture of loan
losses of $1.6 million during the first fiscal quarter a year
ago.
Classified assets were $6.4 million at both June
30, 2022 and March 31, 2022 and $5.9 million at June 30, 2021. The
classified asset to total capital ratio was 3.7% at June 30, 2022
compared to 3.8% three months earlier and 3.6% a year earlier.
Criticized assets decreased significantly to $1.3 million at June
30, 2022 compared to $7.8 million at March 31, 2022 and $40.3
million at June 30, 2021.
At June 30, 2022, the allowance for loan losses
was $14.6 million, compared to $14.5 million at March 31, 2022 and
$17.6 million one year earlier. The allowance for loan losses
represented 1.44% of total loans at June 30, 2022 compared to 1.47%
in the preceding quarter and 1.98% a year earlier. The allowance
for loan losses to loans, net of SBA guaranteed loans (including
SBA purchased and PPP loans) (non-GAAP), was 1.53% at June 30,
2022, compared to 1.57% at March 31, 2022 and 2.22% a
year earlier. Included in the carrying value of loans are net
discounts on the MBank purchased loans, which may reduce the need
for an allowance for loan losses on these loans because they are
carried at an amount below the outstanding principal balance. The
remaining net discount on these purchased loans was $334,000 at
June 30, 2022 compared to $371,000 three months
earlier.
PPP Loans
During Round 1, Riverview originated 790 PPP
loans totaling approximately $112.9 million, net of deferred fees,
and in PPP Round 2, Riverview originated 414 PPP loans totaling
approximately $54.1 million, net of deferred fees. Unamortized PPP
deferred loan fees at June 30, 2022 totaled $1,000 for all PPP
loans. At June 30, 2022, only $11,000 in PPP loans from Round 1 and
Round 2 remained on the books.
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 16.31%
and a Tier 1 leverage ratio of 9.29% at June 30, 2022. Tangible
common equity to average tangible assets ratio (non-GAAP) was 7.60%
at June 30, 2022.
Stock Repurchase Program
On March 9, 2022, Riverview announced that its
Board of Directors authorized the repurchase up to $5.0 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 March 21, 2022, and continuing until the
earlier of the completion of the repurchase or September 9, 2022,
depending upon market conditions. As of June 30, 2022, Riverview
had repurchased 211,010 shares at an average price of $7.08 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) |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Shareholders' equity (GAAP) |
|
$ |
154,433 |
|
|
$ |
157,249 |
|
|
$ |
156,976 |
|
Exclude: Goodwill |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
Exclude: Core deposit intangible, net |
|
|
(466 |
) |
|
|
(495 |
) |
|
|
(588 |
) |
Tangible shareholders' equity (non-GAAP) |
|
$ |
126,891 |
|
|
$ |
129,678 |
|
|
$ |
129,312 |
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
1,697,711 |
|
|
$ |
1,740,096 |
|
|
$ |
1,617,016 |
|
Exclude: Goodwill |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
|
|
(27,076 |
) |
Exclude: Core deposit intangible, net |
|
|
(466 |
) |
|
|
(495 |
) |
|
|
(588 |
) |
Tangible assets (non-GAAP) |
|
$ |
1,670,169 |
|
|
$ |
1,712,525 |
|
|
$ |
1,589,352 |
|
|
|
|
|
|
|
|
Shareholders' equity to total assets (GAAP) |
|
|
9.10 |
% |
|
|
9.04 |
% |
|
|
9.71 |
% |
|
|
|
|
|
|
|
Tangible common equity to tangible assets (non-GAAP) |
|
7.60 |
% |
|
|
7.57 |
% |
|
|
8.14 |
% |
|
|
|
|
|
|
|
Shares outstanding |
|
|
21,943,160 |
|
|
|
22,127,396 |
|
|
|
22,277,868 |
|
|
|
|
|
|
|
|
Book value per share (GAAP) |
|
$ |
7.04 |
|
|
$ |
7.11 |
|
|
$ |
7.05 |
|
|
|
|
|
|
|
|
Tangible book value per share (non-GAAP) |
|
$ |
5.78 |
|
|
$ |
5.86 |
|
|
$ |
5.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
|
|
|
|
|
|
|
|
Three Months Ended |
(Dollars in thousands) |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
4,652 |
|
|
$ |
4,125 |
|
|
$ |
5,755 |
|
Include: Provision for income taxes |
|
|
1,366 |
|
|
|
1,282 |
|
|
|
1,580 |
|
Include: Provision for (recapture of) loan losses |
|
|
- |
|
|
|
(650 |
) |
|
|
(1,600 |
) |
Pre-tax, pre-provision income (non-GAAP) |
|
$ |
6,018 |
|
|
$ |
4,757 |
|
|
$ |
5,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin reconciliation to core net interest
margin |
|
|
|
|
|
|
Three Months Ended |
(Dollars in thousands) |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
12,661 |
|
|
$ |
11,906 |
|
|
$ |
11,284 |
|
Tax equivalent adjustment |
|
|
21 |
|
|
|
21 |
|
|
|
16 |
|
Net fees on loan prepayments |
|
|
(168 |
) |
|
|
(144 |
) |
|
|
(43 |
) |
Accretion on purchased MBank loans |
|
|
(37 |
) |
|
|
(127 |
) |
|
|
(71 |
) |
SBA PPP loans interest income and net fees |
|
|
(101 |
) |
|
|
(440 |
) |
|
|
(892 |
) |
Income on excess FRB liquidity |
|
|
(366 |
) |
|
|
(109 |
) |
|
|
(77 |
) |
Adjusted net interest income (non-GAAP) |
|
$ |
12,010 |
|
|
$ |
11,107 |
|
|
$ |
10,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(Dollars in thousands) |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Average balance of interest-earning assets (GAAP) |
|
$ |
1,635,048 |
|
|
$ |
1,623,660 |
|
|
$ |
1,478,715 |
|
SBA PPP loans (average) |
|
|
(1,546 |
) |
|
|
(6,794 |
) |
|
|
(80,297 |
) |
Excess FRB liquidity (average) |
|
|
(194,307 |
) |
|
|
(236,572 |
) |
|
|
(272,331 |
) |
Average balance of interest-earning assets excluding |
|
|
|
|
|
|
SBA PPP loans and excess FRB liquidity (non-GAAP) |
$ |
1,439,195 |
|
|
$ |
1,380,294 |
|
|
$ |
1,126,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Net interest margin (GAAP) |
|
|
3.11 |
|
% |
|
2.98 |
|
% |
|
3.07 |
% |
Net fees on loan prepayments |
|
|
(0.04 |
) |
|
|
(0.04 |
) |
|
|
(0.02 |
) |
Accretion on purchased MBank loans |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.02 |
) |
SBA PPP loans |
|
|
(0.02 |
) |
|
|
(0.09 |
) |
|
|
(0.08 |
) |
Excess FRB liquidity |
|
|
0.31 |
|
|
|
0.44 |
|
|
|
0.69 |
|
Core net interest margin (non-GAAP) |
|
|
3.35 |
|
% |
|
3.26 |
|
% |
|
3.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses reconciliation, excluding SBA
purchased and PPP loans |
|
|
(Dollars in thousands) |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
14,559 |
|
|
$ |
14,523 |
|
|
$ |
17,590 |
|
|
|
|
|
|
|
|
Loans receivable (GAAP) |
|
$ |
1,012,465 |
|
|
$ |
990,408 |
|
|
$ |
889,479 |
|
Exclude: SBA purchased loans |
|
|
(59,943 |
) |
|
|
(59,420 |
) |
|
|
(42,213 |
) |
Exclude: SBA PPP loans |
|
|
(11 |
) |
|
|
(3,085 |
) |
|
|
(55,511 |
) |
Loans receivable excluding SBA purchased and PPP loans
(non-GAAP) |
|
$ |
952,511 |
|
|
$ |
927,903 |
|
|
$ |
791,755 |
|
|
|
|
|
|
|
|
Allowance for loan losses to loans receivable (GAAP) |
|
|
1.44 |
% |
|
|
1.47 |
% |
|
|
1.98 |
% |
|
|
|
|
|
|
|
Allowance for loan losses to loans receivable excluding SBA
purchased and PPP loans (non-GAAP) |
|
|
1.53 |
% |
|
|
1.57 |
% |
|
|
2.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans reconciliation, excluding SBA
Government Guaranteed Loans |
|
|
|
|
Three Months Ended |
(Dollars in thousands) |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
Non-performing loans (GAAP) |
|
$ |
27,534 |
|
|
$ |
22,099 |
|
|
$ |
383 |
|
Less: Non-performing SBA Government Guaranteed loans |
|
|
(27,272 |
) |
|
|
(21,826 |
) |
|
|
- |
|
Adjusted non-performing loans excluding SBA Government Guaranteed
loans (non-GAAP) |
|
$ |
262 |
|
|
$ |
273 |
|
|
$ |
383 |
|
|
|
|
|
|
|
|
Non-performing loans to total loans (GAAP) |
|
|
2.72 |
% |
|
|
2.23 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
|
Non-performing loans, excluding SBA Government Guaranteed loans to
total loans (non-GAAP) |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
|
Non-performing loans to total assets (GAAP) |
|
|
1.62 |
% |
|
|
1.27 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
Non-performing loans, excluding SBA Government Guaranteed loans to
total assets (non-GAAP) |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
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 $1.70 billion at June
30, 2022, it is the parent company of the 99-year-old Riverview
Community 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 9 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 that are subject to risks and
uncertainties, including, but not limited to: the effect of the
COVID-19 pandemic, including on our credit quality and business
operations, as well as the impact on general economic and financial
conditions and other uncertainties resulting from the COVID-19
pandemic, such as the extent and duration of the impact on public
health, the U.S. and global economies, and consumer and corporate
customers, including economic activity, employment levels and
market liquidity; the Company’s ability to raise common 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 Federal Reserve and
our bank subsidiary by the Federal Deposit Insurance Corporation,
the Washington State Department of Financial Institutions, Division
of Banks 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; 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
future goodwill impairment due to changes in the Company’s
business, changes in market conditions, including as a result of
the COVID-19 pandemic and other factors 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 2023 and beyond to differ
materially from those expressed in any forward-looking statements
by, or on behalf of, us, and could negatively affect the Company’s
operating and stock price performance.
RIVERVIEW BANCORP, INC. AND SUBSIDIARY |
|
|
|
|
|
|
Consolidated Balance Sheets |
|
|
|
|
|
|
(In thousands, except share data) (Unaudited) |
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (including interest-earning accounts of $127,859,
$224,589, |
$ |
141,836 |
|
|
$ |
241,424 |
|
|
$ |
334,741 |
|
|
and $318,639) |
|
|
|
|
|
|
Certificate of deposits held for investment |
|
249 |
|
|
|
249 |
|
|
|
249 |
|
|
Investment securities: |
|
|
|
|
|
|
Available for sale, at estimated fair value |
|
181,697 |
|
|
|
165,782 |
|
|
|
268,853 |
|
|
Held to maturity, at amortized cost |
|
256,002 |
|
|
|
253,100 |
|
|
|
39,225 |
|
|
Loans receivable (net of allowance for loan losses of $14,559, |
|
|
|
|
|
|
$14,523 and $17,590) |
|
997,906 |
|
|
|
975,885 |
|
|
|
871,889 |
|
|
Prepaid expenses and other assets |
|
26,897 |
|
|
|
12,396 |
|
|
|
12,912 |
|
|
Accrued interest receivable |
|
5,012 |
|
|
|
4,650 |
|
|
|
4,940 |
|
|
Federal Home Loan Bank stock, at cost |
|
2,019 |
|
|
|
2,019 |
|
|
|
1,722 |
|
|
Premises and equipment, net |
|
16,973 |
|
|
|
17,166 |
|
|
|
17,940 |
|
|
Financing lease right-of-use assets |
|
1,336 |
|
|
|
1,355 |
|
|
|
1,413 |
|
|
Deferred income taxes, net |
|
9,060 |
|
|
|
7,501 |
|
|
|
5,047 |
|
|
Mortgage servicing rights, net |
|
28 |
|
|
|
34 |
|
|
|
66 |
|
|
Goodwill |
|
27,076 |
|
|
|
27,076 |
|
|
|
27,076 |
|
|
Core deposit intangible, net |
|
466 |
|
|
|
495 |
|
|
|
588 |
|
|
Bank owned life insurance |
|
31,154 |
|
|
|
30,964 |
|
|
|
30,355 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
1,697,711 |
|
|
$ |
1,740,096 |
|
|
$ |
1,617,016 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Deposits |
$ |
1,495,605 |
|
|
$ |
1,533,878 |
|
|
$ |
1,412,966 |
|
|
Accrued expenses and other liabilities |
|
18,026 |
|
|
|
19,298 |
|
|
|
17,431 |
|
|
Advance payments by borrowers for taxes and insurance |
|
523 |
|
|
|
555 |
|
|
|
555 |
|
|
Junior subordinated debentures |
|
26,854 |
|
|
|
26,833 |
|
|
|
26,770 |
|
|
Finance lease liability |
|
2,270 |
|
|
|
2,283 |
|
|
|
2,318 |
|
|
Total liabilities |
|
1,543,278 |
|
|
|
1,582,847 |
|
|
|
1,460,040 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Serial preferred stock, $.01 par value; 250,000 authorized, |
|
|
|
|
|
|
issued and outstanding, none |
|
- |
|
|
|
- |
|
|
|
- |
|
|
Common stock, $.01 par value; 50,000,000 authorized, |
|
|
|
|
|
|
June 30, 2022 – 22,154,170 issued and 21,943,160 outstanding; |
|
|
|
|
|
|
March 31, 2022 – 22,155,636 issued and 22,127,396 outstanding; |
|
219 |
|
|
|
221 |
|
|
|
222 |
|
|
June 30, 2021 - 22,351,235 issued and 22,277,868 outstanding; |
|
|
|
|
|
|
Additional paid-in capital |
|
60,838 |
|
|
|
62,048 |
|
|
|
63,213 |
|
|
Retained earnings |
|
108,266 |
|
|
|
104,931 |
|
|
|
92,522 |
|
|
Accumulated other comprehensive income (loss) |
|
(14,890 |
) |
|
|
(9,951 |
) |
|
|
1,019 |
|
|
Total shareholders’ equity |
|
154,433 |
|
|
|
157,249 |
|
|
|
156,976 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
1,697,711 |
|
|
$ |
1,740,096 |
|
|
$ |
1,617,016 |
|
|
|
|
|
|
|
|
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY |
|
|
|
|
Consolidated Statements of Income |
|
|
|
|
|
Three Months Ended |
|
(In thousands, except share data) (Unaudited) |
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
INTEREST INCOME: |
|
|
|
|
Interest and fees on loans receivable |
$ |
10,897 |
|
|
$ |
10,631 |
|
|
$ |
10,776 |
|
|
Interest on investment securities - taxable |
|
1,834 |
|
|
|
1,563 |
|
|
|
999 |
|
|
Interest on investment securities - nontaxable |
|
66 |
|
|
|
66 |
|
|
|
50 |
|
|
Other interest and dividends |
|
397 |
|
|
|
129 |
|
|
|
95 |
|
|
Total interest and dividend income |
|
13,194 |
|
|
|
12,389 |
|
|
|
11,920 |
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
Interest on deposits |
|
281 |
|
|
|
283 |
|
|
|
442 |
|
|
Interest on borrowings |
|
252 |
|
|
|
200 |
|
|
|
194 |
|
|
Total interest expense |
|
533 |
|
|
|
483 |
|
|
|
636 |
|
|
Net interest income |
|
12,661 |
|
|
|
11,906 |
|
|
|
11,284 |
|
|
Provision for (recapture of) loan losses |
|
- |
|
|
|
(650 |
) |
|
|
(1,600 |
) |
|
|
|
|
|
|
Net interest income after provision for (recapture of) loan
losses |
|
12,661 |
|
|
|
12,556 |
|
|
|
12,884 |
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
Fees and service charges |
|
1,721 |
|
|
|
1,681 |
|
|
|
1,855 |
|
|
Asset management fees |
|
1,160 |
|
|
|
1,067 |
|
|
|
976 |
|
|
Bank owned life insurance ("BOLI") |
|
190 |
|
|
|
187 |
|
|
|
190 |
|
|
BOLI death benefit in excess of cash surrender value |
|
- |
|
|
|
- |
|
|
|
479 |
|
|
Other, net |
|
55 |
|
|
|
31 |
|
|
|
88 |
|
|
Total non-interest income, net |
|
3,126 |
|
|
|
2,966 |
|
|
|
3,588 |
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
Salaries and employee benefits |
|
5,952 |
|
|
|
6,366 |
|
|
|
5,754 |
|
|
Occupancy and depreciation |
|
1,514 |
|
|
|
1,539 |
|
|
|
1,409 |
|
|
Data processing |
|
778 |
|
|
|
753 |
|
|
|
765 |
|
|
Amortization of core deposit intangible |
|
29 |
|
|
|
31 |
|
|
|
31 |
|
|
Advertising and marketing |
|
197 |
|
|
|
127 |
|
|
|
152 |
|
|
FDIC insurance premium |
|
116 |
|
|
|
118 |
|
|
|
95 |
|
|
State and local taxes |
|
191 |
|
|
|
198 |
|
|
|
198 |
|
|
Telecommunications |
|
50 |
|
|
|
45 |
|
|
|
46 |
|
|
Professional fees |
|
301 |
|
|
|
290 |
|
|
|
317 |
|
|
Other |
|
641 |
|
|
|
648 |
|
|
|
370 |
|
|
Total non-interest expense |
|
9,769 |
|
|
|
10,115 |
|
|
|
9,137 |
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
|
6,018 |
|
|
|
5,407 |
|
|
|
7,335 |
|
|
PROVISION FOR INCOME TAXES |
|
1,366 |
|
|
|
1,282 |
|
|
|
1,580 |
|
|
NET INCOME |
$ |
4,652 |
|
|
$ |
4,125 |
|
|
$ |
5,755 |
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
Basic |
$ |
0.21 |
|
|
$ |
0.19 |
|
|
$ |
0.26 |
|
|
Diluted |
$ |
0.21 |
|
|
$ |
0.19 |
|
|
$ |
0.26 |
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
Basic |
|
22,027,874 |
|
|
|
22,161,686 |
|
|
|
22,344,785 |
|
|
Diluted |
|
22,037,320 |
|
|
|
22,172,735 |
|
|
|
22,358,764 |
|
|
|
|
|
|
|
(Dollars in thousands) |
|
At or for the three months ended |
|
|
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
Average interest–earning assets |
|
$ |
1,635,048 |
|
|
$ |
1,623,660 |
|
|
$ |
1,478,715 |
|
|
Average interest-bearing liabilities |
|
|
1,056,807 |
|
|
|
1,052,004 |
|
|
|
959,033 |
|
|
Net average earning assets |
|
|
578,241 |
|
|
|
571,656 |
|
|
|
519,682 |
|
|
Average loans |
|
|
995,066 |
|
|
|
973,461 |
|
|
|
925,161 |
|
|
Average deposits |
|
|
1,518,961 |
|
|
|
1,508,632 |
|
|
|
1,373,086 |
|
|
Average equity |
|
|
156,636 |
|
|
|
163,581 |
|
|
|
154,981 |
|
|
Average tangible equity (non-GAAP) |
|
|
129,080 |
|
|
|
135,993 |
|
|
|
127,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
27,534 |
|
|
$ |
22,099 |
|
|
$ |
383 |
|
|
Non-performing loans excluding SBA Government Guarantee
(non-GAAP) |
|
$ |
262 |
|
|
$ |
273 |
|
|
$ |
383 |
|
|
Non-performing loans to total loans |
|
|
2.72 |
% |
|
|
2.23 |
% |
|
|
0.04 |
% |
|
Non-performing loans to total loans excluding SBA Government
Guarantee (non-GAAP) |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.04 |
% |
|
Real estate/repossessed assets owned |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Non-performing assets |
|
$ |
27,534 |
|
|
$ |
22,099 |
|
|
$ |
383 |
|
|
Non-performing assets excluding SBA Government Guarantee
(non-GAAP) |
|
$ |
262 |
|
|
$ |
273 |
|
|
$ |
383 |
|
|
Non-performing assets to total assets |
|
|
1.62 |
% |
|
|
1.27 |
% |
|
|
0.02 |
% |
|
Non-performing assets to total assets excluding SBA Government
Guarantee (non-GAAP) |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
Net loan charge-offs (recoveries) in the quarter |
|
$ |
(36 |
) |
|
$ |
- |
|
|
$ |
(12 |
) |
|
Net charge-offs (recoveries) in the quarter/average net loans |
|
|
(0.01 |
)% |
|
|
0.00 |
% |
|
|
(0.01 |
)% |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
$ |
14,559 |
|
|
$ |
14,523 |
|
|
$ |
17,590 |
|
|
Average interest-earning assets to average |
|
|
|
|
|
|
|
interest-bearing liabilities |
|
|
154.72 |
% |
|
|
154.34 |
% |
|
|
154.19 |
% |
|
Allowance for loan losses to |
|
|
|
|
|
|
|
non-performing loans |
|
|
52.88 |
% |
|
|
65.72 |
% |
|
|
4592.69 |
% |
|
Allowance for loan losses to total loans |
|
|
1.44 |
% |
|
|
1.47 |
% |
|
|
1.98 |
% |
|
Shareholders’ equity to assets |
|
|
9.10 |
% |
|
|
9.04 |
% |
|
|
9.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
Total capital (to risk weighted assets) |
|
|
16.31 |
% |
|
|
16.38 |
% |
|
|
17.49 |
% |
|
Tier 1 capital (to risk weighted assets) |
|
|
15.06 |
% |
|
|
15.12 |
% |
|
|
16.23 |
% |
|
Common equity tier 1 (to risk weighted assets) |
|
|
15.06 |
% |
|
|
15.12 |
% |
|
|
16.23 |
% |
|
Tier 1 capital (to average tangible assets) |
|
|
9.29 |
% |
|
|
9.19 |
% |
|
|
9.37 |
% |
|
Tangible common equity (to average tangible assets) (non-GAAP) |
|
|
7.60 |
% |
|
|
7.57 |
% |
|
|
8.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT MIX |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
|
Interest checking |
|
$ |
301,047 |
|
|
$ |
287,861 |
|
|
$ |
274,081 |
|
|
Regular savings |
|
|
326,337 |
|
|
|
340,076 |
|
|
|
307,026 |
|
|
Money market deposit accounts |
|
|
281,300 |
|
|
|
299,738 |
|
|
|
265,894 |
|
|
Non-interest checking |
|
|
476,618 |
|
|
|
494,831 |
|
|
|
443,797 |
|
|
Certificates of deposit |
|
|
110,303 |
|
|
|
111,372 |
|
|
|
122,168 |
|
|
Total deposits |
|
$ |
1,495,605 |
|
|
$ |
1,533,878 |
|
|
$ |
1,412,966 |
|
|
|
|
|
|
|
|
|
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
Commercial |
|
|
|
Commercial |
|
Real Estate |
|
Real Estate |
|
& Construction |
|
|
|
Business |
|
Mortgage |
|
Construction |
|
Total |
|
June 30, 2022 |
|
(Dollars in thousands) |
|
Commercial business |
|
$ |
227,012 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
227,012 |
|
|
SBA PPP |
|
|
11 |
|
|
|
- |
|
|
|
- |
|
|
|
11 |
|
|
Commercial construction |
|
|
- |
|
|
|
- |
|
|
|
15,958 |
|
|
|
15,958 |
|
|
Office buildings |
|
|
- |
|
|
|
121,055 |
|
|
|
- |
|
|
|
121,055 |
|
|
Warehouse/industrial |
|
|
- |
|
|
|
98,513 |
|
|
|
- |
|
|
|
98,513 |
|
|
Retail/shopping centers/strip malls |
|
|
- |
|
|
|
86,699 |
|
|
|
- |
|
|
|
86,699 |
|
|
Assisted living facilities |
|
|
- |
|
|
|
613 |
|
|
|
- |
|
|
|
613 |
|
|
Single purpose facilities |
|
|
- |
|
|
|
271,677 |
|
|
|
- |
|
|
|
271,677 |
|
|
Land |
|
|
- |
|
|
|
9,863 |
|
|
|
- |
|
|
|
9,863 |
|
|
Multi-family |
|
|
- |
|
|
|
58,943 |
|
|
|
- |
|
|
|
58,943 |
|
|
One-to-four family construction |
|
|
- |
|
|
|
- |
|
|
|
14,796 |
|
|
|
14,796 |
|
|
Total |
|
$ |
227,023 |
|
|
$ |
647,363 |
|
|
$ |
30,754 |
|
|
$ |
905,140 |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
|
|
|
|
|
|
|
|
Commercial business |
|
$ |
225,006 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
225,006 |
|
|
SBA PPP |
|
|
3,085 |
|
|
|
- |
|
|
|
- |
|
|
|
3,085 |
|
|
Commercial construction |
|
|
- |
|
|
|
- |
|
|
|
12,741 |
|
|
|
12,741 |
|
|
Office buildings |
|
|
- |
|
|
|
124,690 |
|
|
|
- |
|
|
|
124,690 |
|
|
Warehouse/industrial |
|
|
- |
|
|
|
100,184 |
|
|
|
- |
|
|
|
100,184 |
|
|
Retail/shopping centers/strip malls |
|
|
- |
|
|
|
97,192 |
|
|
|
- |
|
|
|
97,192 |
|
|
Assisted living facilities |
|
|
- |
|
|
|
663 |
|
|
|
- |
|
|
|
663 |
|
|
Single purpose facilities |
|
|
- |
|
|
|
260,108 |
|
|
|
- |
|
|
|
260,108 |
|
|
Land |
|
|
- |
|
|
|
11,556 |
|
|
|
- |
|
|
|
11,556 |
|
|
Multi-family |
|
|
- |
|
|
|
60,211 |
|
|
|
- |
|
|
|
60,211 |
|
|
One-to-four family construction |
|
|
- |
|
|
|
- |
|
|
|
11,419 |
|
|
|
11,419 |
|
|
Total |
|
$ |
228,091 |
|
|
$ |
654,604 |
|
|
$ |
24,160 |
|
|
$ |
906,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN MIX |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
Commercial and construction |
|
(Dollars in thousands) |
|
|
Commercial business |
|
$ |
227,023 |
|
|
$ |
228,091 |
|
|
$ |
216,128 |
|
|
|
|
Other real estate mortgage |
|
|
647,363 |
|
|
|
654,604 |
|
|
|
608,673 |
|
|
|
|
Real estate construction |
|
|
30,754 |
|
|
|
24,160 |
|
|
|
11,386 |
|
|
|
|
Total commercial and construction |
|
|
905,140 |
|
|
|
906,855 |
|
|
|
836,187 |
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
Real estate one-to-four family |
|
|
105,775 |
|
|
|
82,006 |
|
|
|
51,480 |
|
|
|
|
Other installment |
|
|
1,550 |
|
|
|
1,547 |
|
|
|
1,812 |
|
|
|
|
Total consumer |
|
|
107,325 |
|
|
|
83,553 |
|
|
|
53,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
1,012,465 |
|
|
|
990,408 |
|
|
|
889,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
14,559 |
|
|
|
14,523 |
|
|
|
17,590 |
|
|
|
|
Loans receivable, net |
|
$ |
997,906 |
|
|
$ |
975,885 |
|
|
$ |
871,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DETAIL OF NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
Southwest |
|
|
|
|
|
|
|
|
|
Washington |
|
Other |
|
Total |
|
|
|
June 30, 2022 |
|
(Dollars in thousands) |
|
|
|
Commercial business |
|
$ |
95 |
|
|
$ |
- |
|
|
$ |
95 |
|
|
|
|
Commercial real estate |
|
|
117 |
|
|
|
- |
|
|
|
117 |
|
|
|
|
Consumer |
|
|
49 |
|
|
|
1 |
|
|
|
50 |
|
|
|
|
Subtotal |
|
|
261 |
|
|
|
1 |
|
|
|
262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA Government Guaranteed |
|
|
- |
|
|
|
27,272 |
|
|
|
27,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets |
|
$ |
261 |
|
|
$ |
27,273 |
|
|
$ |
27,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
or for the three months ended |
|
SELECTED OPERATING DATA |
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
|
|
|
|
|
|
|
Efficiency ratio (4) |
|
61.88 |
% |
|
|
68.01 |
% |
|
|
61.44 |
% |
|
Coverage ratio (6) |
|
129.60 |
% |
|
|
117.71 |
% |
|
|
123.50 |
% |
|
Return on average assets (1) |
|
1.08 |
% |
|
|
0.97 |
% |
|
|
1.46 |
% |
|
Return on average equity (1) |
|
11.91 |
% |
|
|
10.23 |
% |
|
|
14.89 |
% |
|
Return on average tangible equity (1) (non-GAAP) |
|
14.46 |
% |
|
|
12.30 |
% |
|
|
18.13 |
% |
|
|
|
|
|
|
|
|
NET INTEREST SPREAD |
|
|
|
|
|
|
Yield on loans |
|
4.39 |
% |
|
|
4.43 |
% |
|
|
4.67 |
% |
|
Yield on investment securities |
|
1.74 |
% |
|
|
1.63 |
% |
|
|
1.53 |
% |
|
Total yield on interest-earning assets |
|
3.24 |
% |
|
|
3.10 |
% |
|
|
3.24 |
% |
|
|
|
|
|
|
|
|
Cost of interest-bearing deposits |
|
0.11 |
% |
|
|
0.11 |
% |
|
|
0.19 |
% |
|
Cost of FHLB advances and other borrowings |
|
3.47 |
% |
|
|
2.79 |
% |
|
|
2.68 |
% |
|
Total cost of interest-bearing liabilities |
|
0.20 |
% |
|
|
0.19 |
% |
|
|
0.27 |
% |
|
|
|
|
|
|
|
|
Spread (7) |
|
3.04 |
% |
|
|
2.91 |
% |
|
|
2.97 |
% |
|
Net interest margin |
|
3.11 |
% |
|
|
2.98 |
% |
|
|
3.07 |
% |
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
Basic earnings per share (2) |
$ |
0.21 |
|
|
$ |
0.19 |
|
|
$ |
0.26 |
|
|
Diluted earnings per share (3) |
|
0.21 |
|
|
|
0.19 |
|
|
|
0.26 |
|
|
Book value per share (5) |
|
7.04 |
|
|
|
7.11 |
|
|
|
7.05 |
|
|
Tangible book value per share (5) (non-GAAP) |
|
5.78 |
|
|
|
5.86 |
|
|
|
5.80 |
|
|
Market price per share: |
|
|
|
|
|
|
High for the period |
$ |
7.56 |
|
|
$ |
8.00 |
|
|
$ |
7.35 |
|
|
Low for the period |
|
6.09 |
|
|
|
7.30 |
|
|
|
6.47 |
|
|
Close for period end |
|
6.58 |
|
|
|
7.55 |
|
|
|
7.09 |
|
|
Cash dividends declared per share |
|
0.0600 |
|
|
|
0.0550 |
|
|
|
0.0500 |
|
|
|
|
|
|
|
|
|
Average number of shares outstanding: |
|
|
|
|
|
|
Basic (2) |
|
22,027,874 |
|
|
|
22,161,686 |
|
|
|
22,344,785 |
|
|
Diluted (3) |
|
22,037,320 |
|
|
|
22,172,735 |
|
|
|
22,358,764 |
|
|
|
|
|
|
|
|
|
(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: |
Kevin Lycklama or David Lam |
|
Riverview Bancorp, Inc. 360-693-6650 |
Riverview Bancorp (NASDAQ:RVSB)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
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