Press Release

Riverview Bancorp Earnings Increase to $2.7 Million in First Fiscal Quarter 2018; Highlighted by Strong Loan Growth and Net Interest Margin Expansion

Company Release - 7/25/2017 4:00 PM ET

VANCOUVER, Wash., July 25, 2017 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) (“Riverview” or the “Company”) today reported net income increased to $2.7 million, or $0.12 per diluted share, in the first fiscal quarter ended June 30, 2017, compared to $1.7 million, or $0.08 per diluted share, in the first fiscal quarter one year ago. 

“Riverview’s first quarter operating performance was solid, as we begin to realize the benefits from the MBank transaction through improved profitability,” stated Pat Sheaffer, chairman and chief executive officer. “We completed a successful system conversion during the quarter and we remain on track with our operating efficiency goals. We are steadily growing the loan portfolio while focusing on maintaining strong asset quality.”  

First Quarter Highlights (at or for the period ended June 30, 2017)  

  • Net income grew to $2.7 million, or $0.12 per diluted share.
  • Net interest margin expanded by 35 basis points to 4.09%, compared to the first quarter a year ago.
  • Total loans increased to $797.5 million at June 30, 2017.
  • Non-performing assets were 0.27% of total assets.
  • Tangible book value per share improved to $3.80.
  • Total risk-based capital ratio was 14.41% and Tier 1 leverage ratio was 9.79%.
  • Successfully completed the MBank system conversion.
  • Riverview added to the Russell 2000® Index on June 26, 2017.  

Income Statement  

Riverview’s net interest income increased $2.6 million, or 33%, to $10.4 million for the first fiscal quarter of 2018 compared to $7.8 million in the first fiscal quarter a year ago. The increase in net interest income was primarily due to an increase in average interest earning assets.  

The net interest margin for the first fiscal quarter was 4.09%, an increase of 12 basis points from the linked quarter and an increase of 35 basis points from the prior year period. The increase from the linked quarter was primarily due to the accretion on MBank purchased loans as well as interest collected on nonaccrual loans. The interest accretion on purchased loans totaled $184,000 during the first quarter and resulted in a seven basis point increase in the net interest margin. Net interest income also included the recognition of $104,000 of nonaccrual interest income which resulted in a four basis point increase in the net interest margin.  

“Our net interest margin before the accretion income and nonaccrual interest income increased 24 basis points compared to the year ago quarter,” 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. We have also seen an increase in the yields on both our loan and investment portfolios as our new originations have been at higher yields than prior quarters.”  

Non-interest income increased to $2.7 million in the first fiscal quarter compared to $2.6 million in the preceding quarter and $2.5 million in the first quarter a year ago. The year over year increase was primarily due to an increase in fees and service charges, interchange revenue, mortgage related income and higher asset management fees.  

Asset management fees increased to $853,000 during the first fiscal quarter of 2018 compared to $730,000 in the preceding quarter and $822,000 in the same quarter a year ago. Riverview Trust Company’s (“RTC”) assets under management increased to $440.5 million at June 30, 2017 compared to $425.9 million three months earlier and $396.0 million a year earlier. During the preceding quarter, RTC opened a second office in the Portland suburb of Lake Oswego, allowing it to expand its footprint and product offerings in the Portland market.

Non-interest expense increased to $9.2 million during the first fiscal quarter of 2018 compared to $8.9 million in the preceding quarter and $7.8 million in the first quarter a year ago. “The increase was primarily due to the addition of the operating expenses of MBank, as well as $429,000 in transaction-related expenses in the first fiscal quarter compared to $458,000 in the prior linked quarter,” added Lycklama. “Going forward, we anticipate the remaining transaction-related expenses to be minimal. 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.”  

Balance Sheet Review  

“The year-over-year loan growth is attributed to both the new loans acquired from MBank, as well as robust organic loan growth by our seasoned lenders,” said Ron Wysaske, president and chief operating officer. “We continue to benefit from operating in the thriving southern Washington and Portland-area markets, although loan pricing remains a challenge. Loan originations increased during the quarter to $89.6 million compared to $67.5 million in the prior quarter.”  

Total loans increased $18.1 million during the quarter to $797.5 million at June 30, 2017 compared to $779.4 million at March 31, 2017. Total loans have grown $167.7 million, or 26.6%, during the past twelve months. The commercial loan pipeline totaled $58.9 million at the end of the quarter. Undisbursed construction loans totaled $64.6 million at June 30, 2017, with the majority of the undisbursed construction loans expected to fund over the next several quarters.  

Total deposits were $973.5 million at June 30, 2017, compared to $980.1 million at March 31, 2017. Total deposits have increased $183.9 million, or 23.3%, during the past twelve months. Checking account balances increased to 44.1% of total deposits compared to 42.8% a year ago as the branch network has continued to focus on customer relationships and growing core deposits.  

Shareholders’ equity was $113.9 million at June 30, 2017 compared to $111.3 million three months earlier and $110.0 million a year earlier. Tangible book value per share was $3.80 at June 30, 2017 compared to $3.68 at March 31, 2017, and $3.75 at June 30, 2016. A quarterly cash dividend of $0.0225 per share was paid on July 25, 2017.  

Credit Quality  

Riverview’s classified assets totaled $8.8 million at June 30, 2017 compared to $10.3 million three months earlier. At June 30, 2017, the classified asset to total capital ratio was 7.5% compared to 9.1% three months earlier.  

Non-performing loans were $2.8 million, or 0.35% of total loans, at June 30, 2017, compared to $2.7 million, or 0.35% of total loans, three months earlier. REO balances were $298,000 at June 30, 2017, which were unchanged compared to the preceding quarter. There were no additions to REO during the quarter. 

At June 30, 2017, the allowance for loan losses totaled $10.6 million, representing 1.33% of total loans compared to 1.35% of total loans at March 31, 2017. 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 $2.8 million at June 30, 2017 compared to $3.0 million in the prior quarter. Net loan recoveries were $69,000 during the first fiscal quarter of 2018 compared to $239,000 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 14.41%, Tier 1 leverage ratio of 9.79% and tangible common equity to tangible assets ratio of 7.80% at June 30, 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. We believe 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)    June 30, 2017       March 31, 2017       June 30, 2016  
                        
Shareholders' equity    $  113,917       $  111,264       $  109,991  
Goodwill      27,076         27,076         25,572  
Core deposit intangible, net      1,277         1,335         -  
Tangible shareholders' equity    $ 
85,564
       $  82,853       $  84,419  
                        
Total assets    $  1,125,161       $  1,133,939       $  932,447  
Goodwill      27,076         27,076         25,572  
Core deposit intangible, net      1,277         1,335         -  
Tangible assets    $ 
1,096,808
       $  1,105,528       $  906,875  
                        

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 June 30, 2017, it is the parent company of the 94-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)   June 30, 2017    March 31, 2017    June 30, 2016   
ASSETS                 
                  
Cash (including interest-earning accounts of $14,919, $46,245   $34,108    $64,613    $50,377   
and $36,120)                 
Certificate of deposits held for investment   11,042    11,042    16,271   
Loans held for sale   768    478    457   
Investment securities:                 
Available for sale, at estimated fair value   205,012    200,214    163,684   
Held to maturity, at amortized cost   54    64    72   
Loans receivable (net of allowance for loan losses of $10,597, $10,528                 
and $9,960)   786,913    768,904    619,854   
Real estate owned   298    298    569   
Prepaid expenses and other assets   3,901    3,815    3,286   
Accrued interest receivable   3,086    2,941    2,451   
Federal Home Loan Bank stock, at cost   1,181    1,181    1,060   
Premises and equipment, net   16,041    16,232    14,403   
Deferred income taxes, net   6,051    7,610    8,141   
Mortgage servicing rights, net   408    398    381   
Goodwill   27,076    27,076    25,572   
Core deposit intangible, net   1,277    1,335    -   
Bank owned life insurance   27,945    27,738    25,869   
                  
TOTAL ASSETS   $1,125,161    $1,133,939    $932,447   
                  
LIABILITIES AND SHAREHOLDERS' EQUITY                 
                  
LIABILITIES:                 
Deposits   $973,483    $980,058    $789,555   
Accrued expenses and other liabilities   8,302    13,080    7,229   
Advance payments by borrowers for taxes and insurance   596    693    521   
Junior subordinated debentures   26,414    26,390    22,681   
Capital lease obligations   2,449    2,454    2,470   
Total liabilities   1,011,244    1,022,675    822,456   
                  
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, 2017 – 22,527,401 issued and outstanding;   225    225    225   
March 31, 2017 - 22,510,890 issued and outstanding;                 
June 30, 2016 – 22,507,890 issued and outstanding;                 
Additional paid-in capital   64,556    64,468    64,421   
Retained earnings   50,482    48,335    43,976   
Unearned shares issued to employee stock ownership plan   (52   (77   (155  
Accumulated other comprehensive income (loss)   (1,294   (1,687   1,524   
Total shareholders’ equity   113,917    111,264    109,991   
                  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $1,125,161    $1,133,939    $932,447   
                  

   

RIVERVIEW BANCORP, INC. AND SUBSIDIARY    
Consolidated Statements of Income    
 Three Months Ended 
(In thousands, except share data)  (Unaudited)June 30, 2017  March 31, 2017  June 30, 2016   
INTEREST INCOME:    
Interest and fees on loans receivable$  9,789$  8,655$  7,440 
Interest on investment securities - taxable  1,133  1,115  720 
Interest on investment securities - nontaxable  14  14  - 
Other interest and dividends  87  99  102 
Total interest and dividend income  11,023  9,883  8,262 
     
INTEREST EXPENSE:    
Interest on deposits  322  314  281 
Interest on borrowings  268  224  158 
Total interest expense  590  538  439 
Net interest income  10,433  9,345  7,823 
Recapture of loan losses  -  -  - 
     
Net interest income after recapture of loan losses  10,433  9,345  7,823 
     
NON-INTEREST INCOME:    
Fees and service charges  1,407  1,362  1,323 
Asset management fees  853  730  822 
Net gain on sale of loans held for sale  225  163  139 
Bank owned life insurance income  207  194  191 
Other, net  46  137  39 
Total non-interest income  2,738  2,586  2,514 
     
NON-INTEREST EXPENSE:    
Salaries and employee benefits  5,422  5,335  4,640 
Occupancy and depreciation  1,346  1,299  1,137 
Data processing  616  578  495 
Amortization of core deposit intangible  58  27  - 
Advertising and marketing expense  234  146  193 
FDIC insurance premium  145  83  122 
State and local taxes  154  154  139 
Telecommunications  104  93  73 
Professional fees  415  562  258 
Real estate owned expenses  2  2  15 
Other  678  639  743 
Total non-interest expense  9,174  8,918  7,815 
     
INCOME BEFORE INCOME TAXES  3,997  3,013  2,522 
PROVISION FOR INCOME TAXES  1,343  979  825 
NET INCOME$  2,654$  2,034$  1,697 
     
Earnings per common share:    
Basic$  0.12$  0.09$  0.08 
Diluted$  0.12$  0.09$  0.08 
Weighted average number of common shares outstanding:    
Basic22,504,85222,489,33622,467,861 
Diluted22,589,44022,585,97622,514,235 
     

 

(Dollars in thousands)  At or for the three months ended  
   June 30, 2017   March 31, 2017   June 30, 2016  
AVERAGE BALANCES             
Average interest–earning assets  $  1,023,196   $  955,957   $  839,427  
Average interest-bearing liabilities  745,172   710,266   625,624  
Net average earning assets  278,024   245,691   213,803  
Average loans  786,317   716,452   632,967  
Average deposits  961,421   894,284   782,827  
Average equity  113,661   111,054   109,809  
Average tangible equity (non-GAAP)  85,278   85,450   84,237  
              
              
ASSET QUALITY  June 30, 2017   March 31, 2017   June 30, 2016  
Non-performing loans  $  2,792   $  2,749   $  2,356  
Non-performing loans to total loans  0.35%   0.35%   0.37%  
Real estate/repossessed assets owned  $  298   $  298   $  569  
Non-performing assets  $  3,090   $  3,047   $  2,925  
Non-performing assets to total assets  0.27%   0.27%   0.31%  
Net loan recoveries in the quarter  $  (69)   $  (239)   $  (75)  
Net recoveries in the quarter/average net loans  (0.04)%   (0.14)%   (0.05)%  
              
Allowance for loan losses  $  10,597   $  10,528   $  9,960  
Average interest-earning assets to average             
interest-bearing liabilities  137.31%   134.59%   134.17%  
Allowance for loan losses to             
non-performing loans  379.55%   382.98%   422.75%  
Allowance for loan losses to total loans  1.33%   1.35%   1.58%  
Shareholders’ equity to assets  10.12%   9.81%   11.80%  
              
              
CAPITAL RATIOS             
Total capital (to risk weighted assets)  14.41%   14.06%   16.26%  
Tier 1 capital (to risk weighted assets)  13.16%   12.81%   15.01%  
Common equity tier 1 (to risk weighted assets)  13.16%   12.81%   15.01%  
Tier 1 capital (to average tangible assets)  9.79%   10.21%   11.16%  
Tangible common equity (to average tangible assets)  7.80%   7.49%   9.31%  
              
              
DEPOSIT MIX  June 30, 2017   March 31, 2017   June 30, 2016  
              
Interest checking  $  171,360   $  171,152   $  151,339  
Regular savings  126,704   126,370   98,808  
Money market deposit accounts  274,537   289,998   237,936  
Non-interest checking  258,223   242,738   186,451  
Certificates of deposit  142,659   149,800   115,021  
Total deposits  $  973,483   $  980,058   $  789,555  
              

  

COMPOSITION OF COMMERCIAL AND CONSTRUCTION  LOANS      
      Other     Commercial
   Commercial  Real Estate  Real Estate  & Construction  
   Business  Mortgage  Construction  Total  
                 
June 30, 2017  (Dollars in thousands)
Commercial business  $125,732  $ -  $ -  $  125,732  
Commercial construction  -  -  28,082  28,082  
Office buildings  -  130,514  -  130,514  
Warehouse/industrial  -  77,895  -  77,895  
Retail/shopping centers/strip malls  -  70,300  -  70,300  
Assisted living facilities  -  4,580  -  4,580  
Single purpose facilities  -  168,542  -  168,542  
Land  -  15,340  -  15,340  
Multi-family  -  46,189  -  46,189  
One-to-four family construction  -  -  15,104  15,104  
Total  $125,732  $513,360  $43,186  $682,278  
             
March 31, 2017            
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  
             
             
             
             
LOAN MIX  June 30, 2017  March 31, 2017  June 30, 2016   
                
   (Dollars in Thousands)   
Commercial and construction            
Commercial business  $125,732  $107,371  $61,696   
Other real estate mortgage  513,360  506,661  411,539   
Real estate construction  43,186  46,157  34,558   
Total commercial and construction  682,278  660,189  507,793   
Consumer            
Real estate one-to-four family  91,898  92,865  86,515   
Other installment  23,334  26,378  35,506   
Total consumer  115,232  119,243  122,021   
             
Total loans  797,510  779,432  629,814   
             
Less:            
Allowance for loan losses  10,597  10,528  9,960   
Loans receivable, net  $786,913  $768,904  $619,854   
             

  

                   
DETAIL OF NON-PERFORMING ASSETS                
                   
    Other  Southwest  Other        
    Oregon  Washington  Washington  Other  Total  
                      
June 30, 2017 (Dollars in thousands)  
Non-performing assets                
                   
 Commercial $  -  $  292  $  -  $  -  $  292  
 Commercial real estate    1,111     212     -     -     1,323  
 Land    791     -     -     -     791  
 Consumer    -     277     -     109     386  
 Total non-performing loans    1,902     781     -     109      2,792  
                   
 REO    -     -     298     -     298  
                   
Total non-performing assets $  1,902  $  781  $  298  $  109  $  3,090  
                   
                   
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS        
                   
    Northwest  Other  Southwest        
    Oregon  Oregon  Washington  Total     
                     
June 30, 2017 (Dollars in thousands)     
                   
 Land development $  1,763  $  929  $  12,648  $  15,340     
 Speculative construction    947     321     10,795     12,063     
                   
 Total land development and speculative construction $  2,710  $  1,250  $  23,443  $  27,403     
                   

 

      
 At or for the three months ended  
SELECTED OPERATING DATAJune 30, 2017  March 31, 2017  June 30, 2016    
      
Efficiency ratio (4)69.65%74.75%75.60%  
Coverage ratio (6)113.72%104.79%100.10%  
Return on average assets (1)0.96%0.79%0.74%  
Return on average equity (1)9.37%7.43%6.20%  
      
NET INTEREST SPREAD     
Yield on loans4.99%4.90%4.71%  
Yield on investment securities2.21%2.23%1.85%  
  Total yield on interest-earning assets4.32%4.20%3.95%  
      
Cost of interest-bearing deposits0.18%0.19%0.19%  
Cost of FHLB advances and other borrowings3.69%3.19%2.52%  
  Total cost of interest-bearing liabilities0.32%0.31%0.28%  
      
Spread (7)4.00%3.89%3.67%  
Net interest margin4.09%3.97%3.74%  
      
PER SHARE DATA     
Basic earnings per share (2)$    0.12$   0.09$  0.08  
Diluted earnings per share (3)  0.12  0.09  0.08  
Book value per share (5)  5.06  4.94  4.89  
Tangible book value per share (5) (non-GAAP)  3.80  3.68  3.75  
Market price per share:     
  High for the period$    7.47$   7.90$  4.89  
  Low for the period  6.51  6.87  4.30  
  Close for period end  6.64  7.15  4.73  
Cash dividends declared per share  0.0225  0.0200  0.0200  
      
Average number of shares outstanding:     
  Basic (2)22,504,85222,489,33622,467,861  
  Diluted (3)22,589,44022,585,97622,514,235  
      


(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 or Kevin Lycklama                                  
Riverview Bancorp, Inc. 360-693-6650 

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Source: Riverview Bancorp, Inc.