Press Release

Riverview Bancorp Earns $2.0 Million in Fourth Fiscal Quarter and $7.4 Million for Fiscal 2017; Completes Transaction with MBank, Total Assets Surpass $1 Billion

Company Release - 4/27/2017 4:00 PM ET

VANCOUVER, Wash., April 27, 2017 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) (“Riverview” or the “Company”) today reported earnings increased to $2.0 million, or $0.09 per diluted share, in the fourth fiscal quarter ended March 31, 2017, compared to $1.4 million, or $0.06 per diluted share, in the fourth fiscal quarter one year ago. In fiscal 2017, net income increased to $7.4 million, or $0.33 per diluted share, compared to $6.4 million, or $0.28 per diluted share, in fiscal 2016.

Fourth Quarter Highlights (at or for the period ended March 31, 2017)

  • On February 17, 2017, completed the purchase and assumption transaction with MBank.
  • Net income increased 44.8% to $2.0 million, or $0.09 per diluted share, compared to the same period in 2016.
  • Net interest margin grew by 30 basis points to 3.97%.
  • Total loans increased to $779.4 million at March 31, 2017.
  • New loan originations were $67.5 million during the fourth fiscal quarter.
  • Non-performing assets were 0.27% of total assets.
  • Total deposits increased to $980.1 million at March 31, 2017.
  • Total risk-based capital ratio was 14.06% and Tier 1 leverage ratio was 10.21%.

“We finished our fiscal year with solid revenue generation, an expanding net interest margin and steady loan growth,” stated Pat Sheaffer, chairman and chief executive officer. “The highlight of the quarter was the closing of our purchase and assumption agreement with MBank. This transaction provides a unique opportunity to expand our market presence in Oregon and broaden our branch network to better serve our new and existing customers. The integration of the two companies is going smoothly, and we anticipate substantial EPS accretion in the first full year.”

Due to the timing of the transaction closing, there was only a partial period of operating results included in the current quarter. Transaction-related expenses totaled $452,000, or $0.01 per diluted share after taxes, during the quarter ended March 31, 2017.

“We expect to see continued improvements in our operating ratios, including EPS and efficiency, as we realize the expected cost savings, efficiencies and revenue growth from this transaction,” continued Sheaffer.

Income Statement

Net interest income increased $1.9 million to $9.3 million for the quarter ended March 31, 2017 compared to $7.4 million in the fourth fiscal quarter a year ago. Net interest income increased $4.6 million to $33.8 million for fiscal year 2017 compared to $29.2 million in fiscal year 2016. The growth in net interest income was due to the increase in the Company’s interest-earning assets and the purchase of MBank assets.

Riverview’s net interest margin increased 30 basis points to 3.97% for the quarter ended March 31, 2017 compared to 3.67% in the same period in 2016 and increased 22 basis points compared to 3.75% in the linked-quarter ended December 31, 2016. The increase in the net interest margin was partially due to the accretion of loan fair value marks from the MBank purchased loans. During the March 31, 2017 quarter, accretion income totaled $250,000 and added 11 basis points to the net interest margin. Accretion income was higher than expected this quarter due to several large payoffs of MBank purchased loans subsequent to closing.

“Our net interest margin before the accretion income also increased 11 basis points compared to the preceding quarter and expanded 19 basis points compared to a year ago,” said Kevin Lycklama, executive vice president and chief financial officer. “The increase in our core net interest margin was primarily due to the growth in our loan and investment portfolios along with the addition of the MBank assets.”

Non-interest income increased to $2.6 million in the fourth fiscal quarter compared to $2.3 million in the preceding quarter and to $2.2 million in the fourth quarter a year ago.

Asset management fees were $730,000 during the fourth fiscal quarter compared to $709,000 in the preceding quarter and $757,000 in the same quarter a year ago. Riverview Trust Company’s (“RTC”) assets under management increased to $425.9 million at March 31, 2017 compared to $389.1 million a year earlier. During the March quarter, RTC opened a second office in the Portland suburb of Lake Oswego. This new location will allow RTC to expand its footprint and product offerings in the Portland market.  

Non-interest expense increased to $8.9 million during the fourth fiscal quarter compared to $7.9 million in the preceding quarter. The increase in non-interest expenses was primarily due to the addition of the operating expenses of MBank as well as the transaction-related expenses. The Company expects the remaining merger related expenses to be recognized by the end of the first fiscal quarter of 2018. For the full year, non-interest expense increased to $33.0 million compared to $29.9 million in fiscal 2016.

Balance Sheet Review

“The loan portfolio benefitted from both the new loans acquired from MBank, as well as solid organic loan growth during the quarter,” said Ron Wysaske, president and chief operating officer. “Loan growth remains steady, with originations totaling $67.5 million during the quarter.”

Total loans increased $115.1 million during the quarter to $779.4 million at March 31, 2017 compared to $664.3 million at December 31, 2016 due primarily to the MBank purchase. Excluding the loans acquired from MBank, total loans increased $11.1 million, or 6.8% annualized, during the quarter ended March 31, 2017. Total loans have grown $154.6 million, or 24.7%, during the past fiscal year.

The commercial loan pipeline totaled $52.5 million at the end of the quarter. Undisbursed construction loans totaled $47.3 million at March 31, 2017, with the majority of the undisbursed construction loans expected to fund during the next few quarters.

Total deposits increased $139.7 million during the quarter to $980.1 million at March 31, 2017 due primarily to the MBank purchase. Excluding the deposits assumed from MBank, total deposits increased $6.1 million, or 2.9% annualized, during the quarter ended March 31, 2017. Total deposits have increased $200.3 million, or 25.7%, during fiscal year 2017. Checking account balances represented 42.2% of total deposits compared to 41.5% a year ago.

Shareholders’ equity was $111.3 million at March 31, 2017 compared to $109.4 million three months earlier and $108.3 million a year ago. Tangible book value per share was $3.68 at March 31, 2017 compared to $3.72 at December 31, 2016 and $3.67 at March 31, 2016. A quarterly cash dividend of $0.02 per share was paid on April 25, 2017.

Credit Quality

“The credit quality of our loan portfolio remains strong,” added Lycklama. “Following the addition of the MBank loan portfolio, classified assets totaled $10.3 million compared to $4.3 million at December 31, 2016. At March 31, 2017, the classified asset to total capital ratio was 9.1% compared to 3.8% three months earlier.”

Non-performing loans were $2.7 million, or 0.35% of total loans, at March 31, 2017 compared to $2.8 million, or 0.42% of total loans, three months earlier. REO balances were $298,000 at March 31, 2017, which were unchanged compared to the preceding quarter.  There were no additions to REO during the quarter.

The allowance for loan losses at March 31, 2017 totaled $10.5 million, representing 1.35% of total loans, compared to 1.55% of total loans at December 31, 2016. The decrease in the allowance to total loans was a result of recording the MBank purchased loans at their fair value, which includes all the credit risk adjustments. Management considers the allowance for loan losses to be adequate at March 31, 2017 to cover probable losses inherent in the loan portfolio. Net loan recoveries were $239,000 during the fourth fiscal quarter of 2017 compared to $226,000 in the preceding quarter.

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 14.06%, Tier 1 leverage ratio of 10.21% and tangible common equity to tangible assets ratio of 7.49% at March 31, 2017.

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. Riverview believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

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

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

       
(Dollars in thousands) March 31, 2017 December 31, 2016 March 31, 2016
       
Shareholders' equity $  111,264 $  109,400 $  108,273
Goodwill    27,076    25,572    25,572
Core deposit intangible, net    1,335    -    -
          
Tangible shareholders' equity   $  82,853 $  83,828 $  82,701
       
Total assets $  1,133,939 $  985,669 $  921,229
Goodwill    27,076    25,572    25,572
Core deposit intangible, net    1,335    -    -
          
Tangible assets $  1,105,528 $  960,097 $  895,657
       

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 $1.13 billion at March 31, 2017, it is the parent company of the 93 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 customers. There are 19 branches, including 14 in the Portland-Vancouver area and three lending centers. For the past 4 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal, The Columbian and The Gresham Outlook.

“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: expected cost savings, synergies and other financial benefits from our pending purchase of certain assets and assumption of certain liabilities of MBank and Merchants Bancorp pursuant to the Purchase and Assumption Agreement (the "Agreement") with Merchants Bancorp and its wholly owned subsidiary MBank (the "transaction") might not be realized within the expected time frames or at all, and costs or difficulties relating to integration matters might be greater than expected; the requisite approval of Merchants Bancorp’s shareholders and regulatory approvals for the transaction might not be obtained; 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 Office of Comptroller of the Currency or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase the Company’s reserve for loan losses, write-down assets, change Riverview Community Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; further increases in premiums for deposit insurance; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; computer systems on which the Company depends could fail or experience a security breach; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may in the future acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; and interest or principal payments on its junior subordinated debentures; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services and the other risks described from time to time in our filings with the SEC.

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

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2018 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)March 31, 2017 December 31, 2016 March 31, 2016
ASSETS 
  
Cash (including interest-earning accounts of $46,245, $14,302$  64,613  $  28,262  $  55,400 
and $40,317)     
Certificate of deposits held for investment   11,042     11,291     16,769 
Loans held for sale   478     1,679     503 
Investment securities:     
Available for sale, at estimated fair value   200,214     207,271     150,690 
Held to maturity, at amortized cost   64     67     75 
Loans receivable (net of allowance for loan losses of $10,528, $10,289       
and $9,885)   768,904     654,053     614,934 
Real estate owned   298     298     595 
Prepaid expenses and other assets   3,815     4,832     3,405 
Accrued interest receivable   2,941     2,846     2,384 
Federal Home Loan Bank stock, at cost   1,181     1,060     1,060 
Premises and equipment, net   16,232     13,953     14,595 
Deferred income taxes, net   7,610     8,665     9,189 
Mortgage servicing rights, net   398     390     380 
Goodwill   27,076     25,572     25,572 
Core deposit intangible, net   1,335     -     - 
Bank owned life insurance   27,738     25,430     25,678 
      
TOTAL ASSETS$  1,133,939  $  985,669  $  921,229 
      
LIABILITIES AND EQUITY     
      
LIABILITIES:     
Deposits$  980,058  $  840,391  $  779,803 
Accrued expenses and other liabilities   13,080     10,450     7,388 
Advance payments by borrowers for taxes and insurance   693     288     609 
Junior subordinated debentures   26,390     22,681     22,681 
Capital lease obligations   2,454     2,459     2,475 
Total liabilities   1,022,675     876,269     812,956 
      
EQUITY:     
Shareholders' equity     
Serial preferred stock, $.01 par value; 250,000 authorized,     
issued and outstanding, none  -     -     -  
Common stock, $.01 par value; 50,000,000 authorized,     
March 31, 2017 – 22,510,890 issued and outstanding;   225     225     225 
December 31, 2016 - 22,510,890 issued and outstanding;     
March 31, 2016 – 22,507,890 issued and outstanding;     
Additional paid-in capital   64,468     64,448     64,418 
Retained earnings   48,335     46,750     42,728 
Unearned shares issued to employee stock ownership plan   (77)    (103)    (181)
Accumulated other comprehensive income (loss)   (1,687)    (1,920)    1,083 
Total shareholders’ equity   111,264     109,400     108,273 
      
TOTAL LIABILITIES AND EQUITY$  1,133,939  $  985,669  $  921,229 
 

 

        
RIVERVIEW BANCORP, INC. AND SUBSIDIARY       
Consolidated Statements of Income       
 Three Months Ended Twelve Months Ended 
(In thousands, except share data)  (Unaudited) March 31, 2017 Dec. 31, 2016 March 31, 2016   March 31, 2017  March 31, 2016  
INTEREST INCOME:   
Interest and fees on loans receivable$  8,655 $  7,883 $  7,037  $  31,609 $  27,795  
Interest on investment securities - taxable   1,115   946    723     3,550   2,709  
Interest on investment securities - nontaxable   14   11    -     25   -  
Other interest and dividends   99   112    104     443   444  
Total interest and dividend income   9,883   8,952    7,864     35,627   30,948  
        
INTEREST EXPENSE:       
Interest on deposits   314   277    280     1,151   1,173  
Interest on borrowings   224   173    152     718   569  
Total interest expense   538   450    432     1,869   1,742  
Net interest income   9,345   8,502    7,432     33,758   29,206  
Recapture of loan losses   -   -    (350)    -   (1,150) 
        
Net interest income after recapture of loan losses   9,345   8,502    7,782     33,758   30,356  
        
NON-INTEREST INCOME:       
Fees and service charges   1,362   1,304    1,106     5,177   4,846  
Asset management fees   730   709    757     2,988   3,212  
Net gain on sale of loans held for sale   163   191    100     656   525  
Bank owned life insurance income   194   185    190     760   770  
Other, net   137   (56)   40     433   22  
Total non-interest income   2,586   2,333    2,193     10,014   9,375  
        
NON-INTEREST EXPENSE:       
Salaries and employee benefits   5,335   4,850    4,592     19,356   17,694  
Occupancy and depreciation   1,299   1,158    1,204     4,819   4,727  
Data processing   578   562    430     2,111   1,775  
Amortization of core deposit intangible   27   -    -     27   2  
Advertising and marketing expense   146   163    136     754   669  
FDIC insurance premium   83   77    125     356   500  
State and local taxes   154   170    148     609   510  
Telecommunications   93   75    74     317   292  
Professional fees   562   355    231     1,628   904  
Real estate owned expenses   2   2    56     54   567  
Other   639   439    571     2,950   2,307  
Total non-interest expense   8,918   7,851    7,569     32,981   29,947  
        
INCOME BEFORE INCOME TAXES   3,013   2,984    2,406     10,791   9,784  
PROVISION FOR INCOME TAXES   979   991    1,001     3,387   3,426  
NET INCOME$  2,034$  1,993 $  1,405  $  7,404$  6,358  
        
Earnings per common share:       
Basic$  0.09$  0.09 $  0.06  $  0.33$  0.28  
Diluted$  0.09$  0.09 $  0.06  $  0.33$  0.28  
Weighted average number of common shares outstanding:         
Basic 22,489,336 22,490,433  22,461,703   22,478,306 22,450,252  
Diluted 22,585,976 22,563,712  22,502,111   22,548,340 22,494,151  
    

 

            
(Dollars in thousands) At or for the three months ended At or for the twelve months ended 
  March 31, 2017 Dec. 31, 2016 March 31, 2016 March 31, 2017 March 31, 2016 
AVERAGE BALANCES          
Average interest–earning assets $  955,957  $  900,542  $  815,431  $  890,716 $  795,875 
Average interest-bearing liabilities  710,266   652,195   610,568   654,911  598,007 
Net average earning assets  245,691   248,347   204,863   235,805  197,868 
Average loans  716,452   658,212   616,015   663,069  593,415 
Average deposits  894,284   839,588   759,836   831,310  743,558 
Average equity  111,054   112,444   108,023   111,210  107,133 
Average tangible equity  85,450   86,872   82,066   85,630  81,164 
            
            
ASSET QUALITY March 31, 2017 Dec. 31, 2016 March 31, 2016     
      
Non-performing loans $  2,749  $  2,787  $  2,714      
Non-performing loans to total loans  0.35%  0.42%  0.43%     
Real estate/repossessed assets owned $  298  $  298  $  595      
Non-performing assets $  3,047  $  3,085  $  3,309      
Non-performing assets to total assets  0.27%  0.31%  0.36%     
Net loan charge-offs in the quarter $  (239) $  (266) $  (62)     
Net charge-offs in the quarter/average net loans    (0.14)%  (0.14)%  (0.04)%     
            
Allowance for loan losses $  10,528  $  10,289  $  9,885      
Average interest-earning assets to average            
  interest-bearing liabilities  134.59%  138.08%  133.55%     
Allowance for loan losses to            
  non-performing loans  382.98%  369.18%  364.22%     
Allowance for loan losses to total loans  1.35%  1.55%  1.58%     
Shareholders’ equity to assets  9.81%  11.10%  11.75%     
            
            
CAPITAL RATIOS           
Total capital (to risk weighted assets)  14.06%  15.93%  16.07%     
Tier 1 capital (to risk weighted assets)  12.81%  14.68%  14.81%     
Common equity tier 1 (to risk weighted assets)  12.81%  14.68%  14.81%     
Tier 1 capital (to leverage assets)  10.21%  10.81%  11.18%     
Tangible common equity (to tangible assets)  7.49%  8.73%  9.23%     
            
            
DEPOSIT MIX March 31, 2017 Dec. 31, 2016 March 31, 2016     
           
Interest checking $  171,152  $  167,522  $  144,740      
Regular savings    126,370     109,629     96,994    
Money market deposit accounts    289,998     250,900     239,544      
Non-interest checking    242,738     202,080     179,143      
Certificates of deposit    149,800     110,260     119,382      
Total deposits $  980,058  $  840,391  $  779,803      
            

 

          
COMPOSITION OF COMMERCIAL AND CONSTRUCTION  LOANS     
          
    Other   Commercial  
    Real Estate Real Estate & Construction 
  Commercial Mortgage Construction Total 
March 31, 2017 (Dollars in thousands) 
Commercial $  107,371 $  - $  - $  107,371 
Commercial construction    -    -    27,050    27,050 
Office buildings    -    121,983    -    121,983 
Warehouse/industrial    -    74,671    -    74,671 
Retail/shopping centers/strip malls    -    78,757    -    78,757 
Assisted living facilities    -    3,686    -    3,686 
Single purpose facilities    -    167,974    -    167,974 
Land    -    15,875    -    15,875 
Multi-family    -    43,715    -    43,715 
One-to-four family construction    -    -    19,107    19,107 
Total $  107,371 $  506,661 $  46,157 $  660,189 
          
March 31, 2016         
Commercial $  69,397 $  - $  - $  69,397 
Commercial construction    -    -    16,716    16,716 
Office buildings    -    107,986    -    107,986 
Warehouse/industrial    -    55,830    -    55,830 
Retail/shopping centers/strip malls    -    61,600    -    61,600 
Assisted living facilities    -    1,809    -    1,809 
Single purpose facilities    -    126,524    -    126,524 
Land    -    12,045    -    12,045 
Multi-family    -    33,733    -    33,733 
One-to-four family construction    -    -    10,015    10,015 
Total $  69,397 $  399,527 $  26,731 $  495,655 
          
          
          
          
LOAN MIX March 31, 2017 Dec. 31, 2016 March 31, 2016   
  (Dollars in Thousands)   
Commercial and construction         
Commercial business $  107,371 $  64,401 $  69,397   
Other real estate mortgage    506,661    432,782    399,527   
Real estate construction    46,157    52,707    26,731   
Total commercial and construction      660,189    549,890    495,655   
Consumer         
Real estate one-to-four family    92,865    85,956    88,780   
Other installment    26,378    28,496    40,384   
Total consumer    119,243    114,452    129,164   
          
Total loans    779,432    664,342    624,819   
          
Less:         
Allowance for loan losses    10,528    10,289    9,885   
Loans receivable, net $  768,904 $  654,053 $  614,934   
          

 

              
DETAIL OF NON-PERFORMING ASSETS
           
    Other  Southwest Other     
  Oregon  Washington  Washington Other Total 
March 31, 2017           
Non-performing assets           
              
 Commercial business $  - $  294 $  - $  - $  294 
 Commercial real estate    1,128    214    -    -    1,342 
 Land    801    -    -    -    801 
 Consumer    -    170    -    142    312 
 Total non-performing loans    1,929    678    -    142    2,749 
              
 REO    -    -    298    -    298 
              
Total non-performing assets $  1,929 $  678 $  298 $  142 $  3,047 
              
              
              
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS     
            
    Northwest Other  Southwest   
  Oregon Oregon  Washington  Total 
March 31, 2017 (Dollars in thousands) 
            
 Land development $  223 $  2,523 $  13,129 $  15,875 
 Speculative construction    945    3    14,492    15,440 
            
Total land development and speculative construction   $  1,168 $  2,526 $  27,621 $  31,315 
 

 

        
 At or for the three months ended At or for the twelve months ended 
SELECTED OPERATING DATAMarch 31, 2017Dec. 31, 2016March 31, 2016 March 31, 2017March 31, 2016 
      
Efficiency ratio (4) 74.75% 72.46% 78.64%  75.35% 77.62% 
Coverage ratio (6) 104.79% 108.29% 98.19%  102.36% 97.53% 
Return on average assets (1) 0.79% 0.80% 0.63%  0.76% 0.72% 
Return on average equity (1) 7.43% 7.03% 5.23%  6.66% 5.93% 
        
NET INTEREST SPREAD       
Yield on loans 4.90% 4.75% 4.59%  4.77% 4.68% 
Yield on investment securities 2.23% 2.06% 1.91%  2.04% 2.01% 
Total yield on interest earning assets 4.20% 3.95% 3.88%  4.00% 3.89% 
        
Cost of interest bearing deposits 0.19% 0.18% 0.19%  0.18% 0.20% 
Cost of FHLB advances and other borrowings   3.19% 2.73% 2.43%  2.76% 2.27% 
Total cost of interest bearing liabilities 0.31% 0.27% 0.28%  0.28% 0.29% 
        
Spread (7) 3.89% 3.68% 3.60%  3.72% 3.60% 
Net interest margin 3.97% 3.75% 3.67%  3.79% 3.67% 
        
PER SHARE DATA     
Basic earnings per share (2)$  0.09 $  0.09 $  0.06  $  0.33 $  0.28  
Diluted earnings per share (3)   0.09    0.09    0.06     0.33    0.28  
Book value per share (5)   4.94    4.86    4.81     4.94    4.81  
Tangible book value per share (5)   3.68    3.72    3.67     3.68    3.67  
Market price per share:       
High for the period$  7.90 $  7.61 $  4.76  $  7.90 $  5.11  
Low for the period   6.87    5.23    4.20     4.30    4.08  
Close for period end   7.15    7.00    4.20     7.15    4.20  
Cash dividends declared per share   0.02000    0.02000    0.02000     0.08000    0.06500  
        
Average number of shares outstanding:       
Basic (2) 22,489,336  22,490,433  22,461,703   22,478,306  22,450,252  
Diluted (3) 22,585,976  22,563,712  22,502,111   22,548,340  22,494,151  

(1) Amounts for the quarterly periods are annualized.
(2) Amounts exclude ESOP shares not committed to be released.
(3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
(4) Non-interest expense divided by net interest income and non-interest income.
(5) Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
(6) Net interest income divided by non-interest expense.
(7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

Contacts:
Pat Sheaffer, Ron Wysaske or Kevin Lycklama
Riverview Bancorp, Inc. 360-693-6650

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Source: Riverview Bancorp, Inc.