Press Release

Riverview Bancorp Reports Earnings of $4.1 Million in Third Quarter of Fiscal Year 2020, Highlighted by Strong Deposit Growth and Excellent Asset Quality

Company Release - 1/23/2020 4:14 PM ET

VANCOUVER, Wash., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $4.1 million, or $0.18 per diluted share for the third fiscal quarter ended December 31, 2019, compared to $4.5 million, or $0.20 per diluted share, in the preceding quarter, and $4.4 million, or $0.19 per diluted share, in the third fiscal quarter a year ago. For the first nine months of fiscal 2020, earnings were $12.9 million, or $0.57 per diluted share, compared to $13.1 million, or $0.58 per diluted share, in the first nine months of fiscal 2019.

“We continue to build our momentum, delivering strong financial results for the quarter,” said Kevin Lycklama, president and chief executive officer. “Our reputation for excellent customer service, established by our team of dedicated bankers, continues to drive growth and our ability to attract new clients. We recently announced plans for three new locations in Clark County, Washington, which will be a terrific complement to our existing branch network. In addition to the fall opening of our new location in Ridgefield, we have two new branches  opening this summer in downtown Camas and in the Cascade Park neighborhood of Vancouver.”

Third Quarter Highlights (at or for the period ended December 31, 2019)

  • Net income was $4.1 million, or $0.18 per diluted share.
  • Net interest margin (NIM) remained healthy at 4.23% for the quarter.
  • Return on average assets was 1.40% and return on average equity was 11.24% for the third quarter.
  • Total deposits increased $8.2 million during the quarter to $990.5 million.
  • Total loans increased $5.2 million during the quarter to $886.5 million.
  • Asset quality remains strong, with non-performing assets at 0.13% of total assets.
  • Total risk-based capital ratio was 17.66% and Tier 1 leverage ratio was 12.05%.
  • Increased its quarterly cash dividend to $0.05 per share, generating a current dividend yield of 2.66% based on the share price at close of market on January 14, 2020.

Income Statement

“We continue to strengthen our franchise, while remaining focused on containing operating expenses and maintaining high credit quality standards,” said Lycklama. Riverview’s return on average assets remained strong at 1.40% in the third quarter of fiscal year 2020 compared to 1.53% in the third quarter of fiscal 2019. Return on average equity and average tangible equity (non-GAAP) remained healthy at 11.24% and 13.89%, respectively, compared to 13.90% and 17.91% for the third fiscal quarter a year ago.

Total net revenues were $14.7 million during the quarter compared to $14.9 million in the prior quarter and $14.5 million in the year ago quarter. Year-to-date, total net revenues increased to $44.1 million from $43.6 million in the same period a year ago.

Net interest income for the quarter was $11.5 million compared to $11.7 million in both the preceding quarter and the third fiscal quarter a year ago. In the first nine months of fiscal 2020, net interest income was $34.7 million compared to $35.2 million in the first nine months of fiscal 2019. The decrease in net interest income for the nine months ended December 31, 2019 was primarily attributable to an increase in funding costs compared to the same prior year period in addition to $585,000 of non-accrual interest from a prior charged off loan that was collected during the nine months ended December 31, 2018.

Riverview’s third fiscal quarter NIM was 4.23% compared to 4.36% in the prior quarter and 4.41% in the third fiscal quarter a year ago. The accretion on purchased loans totaled $219,000 during the current quarter compared to $78,000 during the preceding quarter and $172,000 in the same period a year ago, resulting in an eight basis point increase in the NIM for the current period compared to a two basis point increase for the preceding quarter and a seven basis point increase for the same period a year ago. Net fees on loan prepayments were $211,000 for the third fiscal quarter of 2020, which added eight basis points to the NIM compared to $112,000 adding four basis point to the NIM in the preceding quarter, and $15,000 adding one basis point to the NIM in the third fiscal quarter a year ago. In the first nine months of fiscal 2020, Riverview’s NIM was 4.31% compared to 4.42% in the same period a year earlier. Net fees on loan prepayments were $355,000 for the nine-month period ended December 31, 2019, which added four basis points to the NIM compared to $297,000 adding three basis points to the NIM in the same nine-month period a year ago.

“Net interest margin remains healthy despite funding costs increasing by ten basis points during the quarter as a result of increased rates on certain deposit products to remain competitive in our market,” said David Lam, executive vice president and chief financial officer. “We anticipate that the three recent decreases in the fed funds rate along with the heightened competition in our market will continue to put pressure on our loan and deposit pricing, as well as the rest of the banking industry.”

Non-interest income was $3.2 million in the both the third and second fiscal quarters compared to $2.7 million in the third fiscal quarter a year ago. In the first nine months of fiscal 2020, non-interest income increased 12.2% to $9.5 million compared to $8.4 million in the same period a year ago. The improvement in non-interest income was primarily driven by service charges and asset management fees.

Asset management fees increased 21.5% compared to the same quarter a year ago. Asset management fees were $1.1 million during the third fiscal quarter compared to $935,000 in the third fiscal quarter a year ago. In the first nine months of fiscal 2020, asset management fees increased 20.1% to $3.4 million compared to $2.8 million in the first nine months of fiscal 2019. Riverview Trust Company’s assets under management increased substantially to $1.2 billion at December 31, 2019 compared to $690.5 million three months earlier, due primarily to a single large client added during the quarter.

In the third quarter of fiscal 2020, non-interest expense increased to $9.2 million compared to $9.0 million in the preceding quarter. Year-to-date, non-interest expense was $27.4 million compared to $26.7 million in the first nine months of fiscal 2019. The increase is attributable to strategic growth initiatives that included investments in our digital product offerings, as well as the addition of several key hires during the current fiscal year. Additionally, the preceding quarter included an $81,000 gain on the disposal of an asset that was recorded in other non-interest expense and decreased overall expense in the second quarter of fiscal 2020. The efficiency ratio was 63.10% for the third fiscal quarter compared to 60.47% in the preceding quarter and 60.87% in the third fiscal quarter a year ago.

For the third fiscal quarter of 2020, income tax expense totaled $1.3 million, for an effective tax rate of 23.7% compared to 23.0% in the second fiscal quarter of 2020 and 22.5% in the third fiscal quarter of 2019.

Balance Sheet Review

Total deposits increased $8.2 million during the quarter to $990.5 million compared to $982.3 million three months earlier, and increased $46.9 million compared to $943.6 million a year earlier. Deposit costs increased to 0.38% during the third quarter compared to 0.28% in the preceding quarter, reflecting Riverview’s efforts to remain competitive in its Northwest markets by increasing selective deposit rates.

“Deposit growth was strong compared to a year ago, which helped keep our FHLB borrowings at zero throughout the quarter,” said Lam. “As a result, our loan to deposit ratio is at 89.5% at December 31, 2019 compared to 92.1% a year ago.” A year ago outstanding FHLB advances were $34.5 million.

Riverview’s total loans increased $5.2 million during the quarter to $886.5 million compared to $881.3 million three months earlier and increased $17.9 million compared to $868.6 million a year ago. Total loans continue to be impacted by an elevated level of paydowns on existing loans, however, the loan pipeline remained healthy at $64.5 million at December 31, 2019 compared to $43.8 million at the end of the prior quarter. Undisbursed construction loans totaled $36.0 million at December 31, 2019 compared to $53.3 million three months earlier, with the majority of the undisbursed construction loans expected to fund over the next several quarters.

Shareholders’ equity increased to $145.8 million at December 31, 2019 compared to $143.1 million three months earlier and $128.1 million a year earlier. Tangible book value per share (non-GAAP) increased to $5.18 at December 31, 2019 compared to $5.06 at September 30, 2019 and $4.43 at December 31, 2018. Riverview paid a quarterly cash dividend of $0.05 per share on January 21, 2020 to shareholders of record on January 9, 2020.

Credit Quality

“Our asset quality remains excellent, with non-performing loans, non-performing assets and classified assets continuing to decrease compared to a year ago,” said Lycklama. “Additionally, we continue to have no real estate owned and minimal charge-offs.” As a result of the continued improvement in asset quality, Riverview recorded no provision for loan losses during the past five quarters. Non-performing loans totaled $1.5 million, or 0.17% of total loans, at December 31, 2019, which was unchanged compared to September 30, 2019. Non-performing loans totaled $1.6 million, or 0.19% of total loans at December 31, 2018.

Net loan charge offs were $3,000 during the third fiscal quarter of 2020 compared to $6,000 in the preceding quarter and $11,000 in the third fiscal quarter a year ago.

Classified assets decreased to $3.1 million at December 31, 2019 compared to $4.3 million at September 30, 2019 and $6.0 million at December 31, 2018. The classified asset to total capital ratio was 2.1% at December 31, 2019 compared to 3.0% three months earlier and 4.4% a year earlier.

At December 31, 2019, the allowance for loan losses totaled $11.4 million, which was unchanged compared to three months earlier. The allowance for loan losses represented 1.29% of total loans at December 31, 2019 compared to 1.30% three months 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 $1.1 million at December 31, 2019 compared to $1.3 million at September 30, 2019 and $1.7 million at December 31, 2018.


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 17.66% and a Tier 1 leverage ratio of 12.05% at December 31, 2019. Tangible common equity to average tangible assets ratio (non-GAAP) increased to 10.20% at December 31, 2019.

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 shareholders’ 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. We calculate tangible book value per share by dividing tangible shareholders’ equity by the number of common shares outstanding. This non-GAAP financial measure has inherent limitations, is not required to be uniformly applied and is not audited. Further, the non-GAAP financial measure should not be considered in isolation or as a substitute for book value per share or total shareholders' equity determined in accordance with GAAP and may not be comparable to similarly titled measures reported by other companies. Reconciliations of the GAAP and non-GAAP financial measures are presented below.

(Dollars in thousands)December 31, 2019 September 30, 2019 December 31, 2018 March 31, 2019
Shareholders' equity$145,806 $143,119 $128,094 $133,122
Goodwill27,076 27,076 27,076 27,076
Core deposit intangible, net799 839 966 920
Tangible shareholders' equity$117,931 $115,204 $100,052 $105,126
Total assets$1,184,100 $1,173,019 $1,151,225 $1,156,921
Goodwill27,076 27,076 27,076 27,076
Core deposit intangible, net799 839 966 920
Tangible assets$1,156,225 $1,145,104 $1,123,183 $1,128,925

About Riverview

Riverview Bancorp, Inc. ( is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.18 billion at December 31, 2019, it is the parent company of the 96-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 18 branches, including 14 in the Portland-Vancouver area, and 3 lending centers. For the past 6 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 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 2020 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.

Consolidated Balance Sheets          
(In thousands, except share data)  (Unaudited)December 31, 2019  September 30, 2019 December 31, 2018  March 31, 2019 
Cash (including interest-earning accounts of $48,781, $32,632,$62,123  $48,888 $23,394  $22,950 
$4,641 and $5,844)          
Certificate of deposits held for investment249  249 747  747 
Loans held for sale-  310 -  909 
Investment securities:          
Available for sale, at estimated fair value155,757  163,682 182,280  178,226 
Held to maturity, at amortized cost29  31 36  35 
Loans receivable (net of allowance for loan losses of $11,433,          
$11,436, $11,502, and $11,457)875,100  869,880 857,134  864,659 
Prepaid expenses and other assets8,330  8,136 4,021  4,596 
Accrued interest receivable3,729  3,827 3,789  3,919 
Federal Home Loan Bank stock, at cost1,380  1,380 2,735  3,644 
Premises and equipment, net16,021  15,490 14,940  15,458 
Deferred income taxes, net3,416  3,296 4,680  4,195 
Mortgage servicing rights, net215  247 325  296 
Goodwill27,076  27,076 27,076  27,076 
Core deposit intangible, net799  839 966  920 
Bank owned life insurance29,876  29,688 29,102  29,291 
TOTAL ASSETS$1,184,100  $1,173,019 $1,151,225  $1,156,921 
Deposits$990,464  $982,275 $943,578  $925,068 
Accrued expenses and other liabilities18,483  17,502 15,855  12,536 
Advance payments by borrowers for taxes and insurance329  1,117 192  631 
Federal Home Loan Bank advances-  - 34,543  56,586 
Junior subordinated debentures26,640  26,619 26,553  26,575 
Capital lease obligations2,378  2,387 2,410  2,403 
Total liabilities1,038,294  1,029,900 1,023,131  1,023,799 
Serial preferred stock, $.01 par value; 250,000 authorized, issued and outstanding, none-  - -  - 
Common stock, $.01 par value; 50,000,000 authorized,          
December 31, 2019 - 22,748,385 issued and outstanding;          
September 30, 2019 - 22,748,385 issued and outstanding;227  227 226  226 
December 31, 2018 - 22,598,712 issued and outstanding;          
March 31, 2019 – 22,607,712 issued and outstanding;          
Additional paid-in capital65,637  65,559 65,056  65,094 
Retained earnings80,103  77,112 67,126  70,428 
Accumulated other comprehensive income (loss)(161) 221 (4,314) (2,626)
Total shareholders’ equity145,806  143,119 128,094  133,122 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,184,100  $1,173,019 $1,151,225  $1,156,921 

Consolidated Statements of Income      
 Three Months Ended Nine Months Ended
(In thousands, except share data)  (Unaudited)Dec. 31, 2019Sept. 30, 2019Dec. 31, 2018 Dec. 31, 2019Dec. 31, 2018
Interest and fees on loans receivable$11,699$11,893$11,182 $35,146$33,261
Interest on investment securities - taxable8518601,110 2,5893,424
Interest on investment securities - nontaxable273637 100110
Other interest and dividends1899360 369271
Total interest and dividend income12,76612,88212,389 38,20437,066
Interest on deposits942660240 1,953759
Interest on borrowings332503416 1,5701,126
Total interest expense1,2741,163656 3,5231,885
Net interest income11,49211,71911,733 34,68135,181
Provision for loan losses--- -50
Net interest income after provision for, recapture of, loan losses11,49211,71911,733 34,68135,131
Fees and service charges1,6611,7521,458 5,0504,544
Asset management fees1,1361,090935 3,3692,804
Net gain on sale of loans held for sale684682 210278
Bank owned life insurance188204192 585545
Other, net1107762 254267
Total non-interest income, net3,1633,1692,729 9,4688,438
Salaries and employee benefits5,9415,6975,794 17,35316,655
Occupancy and depreciation1,4611,2771,306 4,0584,016
Data processing637669621 1,9861,874
Amortization of core deposit intangible404145 121137
Advertising and marketing181298151 689609
FDIC insurance premium--85 81246
State and local taxes126174125 495475
Telecommunications847685 246266
Professional fees267263449 8551,120
Other511508142 1,5611,339
Total non-interest expense9,2489,0038,803 27,44526,737
INCOME BEFORE INCOME TAXES5,4075,8855,659 16,70416,832
PROVISION FOR INCOME TAXES1,2791,3511,271 3,8503,773
NET INCOME$4,128$4,534$4,388 $12,854$13,059
Earnings per common share:      
Basic$0.18$0.20$0.19 $0.57$0.58
Diluted$0.18$0.20$0.19 $0.57$0.58
Weighted average number of common shares outstanding:      
Basic22,665,71222,643,10322,598,712 22,642,88322,582,956
Diluted22,718,25522,702,69622,663,919 22,701,41522,658,153

(Dollars in thousands)At or for the three months ended
 At or for the nine months ended
 Dec. 31, 2019 Sept. 30, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018
Average interest–earning assets$1,082,229 $1,069,209 $1,057,199 $1,072,584 $1,056,750
Average interest-bearing liabilities726,294 708,846 707,618 721,345 716,890
Net average earning assets355,935 360,363 349,581 351,239 339,860
Average loans878,656 889,208 854,368 881,779 835,697
Average deposits987,056 952,283 967,246 953,418 975,295
Average equity146,090 142,195 125,252 141,644 122,298
Average tangible equity (non-GAAP)118,192 114,256 97,182 113,706 94,182
ASSET QUALITYDec. 31, 2019 Sept. 30, 2019 Dec. 31, 2018    
Non-performing loans$1,517 $1,485 $1,612    
Non-performing loans to total loans0.17% 0.17% 0.19%    
Real estate/repossessed assets owned$- $- $-    
Non-performing assets$1,517 $1,485 $1,612    
Non-performing assets to total assets0.13% 0.13% 0.14%    
Net loan charge-offs in the quarter$3 $6 $11    
Net charge-offs in the quarter/average net loans0.00% 0.00% 0.01%    
Allowance for loan losses$11,433 $11,436 $11,502    
Average interest-earning assets to average         
interest-bearing liabilities149.01% 150.84% 149.40%    
Allowance for loan losses to         
non-performing loans753.66% 770.10% 713.52%    
Allowance for loan losses to total loans1.29% 1.30% 1.32%    
Shareholders’ equity to assets12.31% 12.20% 11.13%    
Total capital (to risk weighted assets)17.66% 17.27% 16.35%    
Tier 1 capital (to risk weighted assets)16.41% 16.02% 15.10%    
Common equity tier 1 (to risk weighted assets)16.41% 16.02% 15.10%    
Tier 1 capital (to average tangible assets)12.05% 11.79% 11.22%    
Tangible common equity (to average tangible assets) (non-GAAP)10.20% 10.06% 8.91%    
DEPOSIT MIXDec. 31, 2019 Sept. 30, 2019 Dec. 31, 2018 March 31, 2019  
Interest checking$179,447 $178,854 $183,426 $183,388  
Regular savings217,004 196,340 137,323 137,503  
Money market deposit accounts183,076 186,842 242,081 233,317  
Non-interest checking279,564 299,062 284,939 284,854  
Certificates of deposit131,373 121,177 95,809 86,006  
Total deposits$990,464 $982,275 $943,578 $925,068  

   Other   Commercial
 Commercial Real Estate Real Estate & Construction
 Business Mortgage Construction Total
December 31, 2019(Dollars in thousands)
Commercial business$165,526 $- $- $165,526
Commercial construction- - 79,034 79,034
Office buildings- 109,517 - 109,517
Warehouse/industrial- 99,167 - 99,167
Retail/shopping centers/strip malls- 67,874 - 67,874
Assisted living facilities- 1,075 - 1,075
Single purpose facilities- 192,530 - 192,530
Land- 15,163 - 15,163
Multi-family- 57,792 - 57,792
One-to-four family construction- - 9,838 9,838
Total$165,526 $543,118 $88,872 $797,516
March 31, 2019       
Commercial business$162,796 $- $- $162,796
Commercial construction- - 70,533 70,533
Office buildings- 118,722 - 118,722
Warehouse/industrial- 91,787 - 91,787
Retail/shopping centers/strip malls- 64,934 - 64,934
Assisted living facilities- 2,740 - 2,740
Single purpose facilities- 183,249 - 183,249
Land- 17,027 - 17,027
Multi-family- 51,570 - 51,570
One-to-four family construction- - 20,349 20,349
Total$162,796 $530,029 $90,882 $783,707
LOAN MIXDec. 31, 2019 Sept. 30, 2019 Dec. 31, 2018 March 31, 2019
Commercial and construction       
Commercial business$165,526 $167,782 $154,360 $162,796
Other real estate mortgage543,118 541,715 541,797 530,029
Real estate construction88,872 83,174 76,518 90,882
Total commercial and construction797,516 792,671 772,675 783,707
Real estate one-to-four family83,978 82,578 86,240 84,053
Other installment5,039 6,067 9,721 8,356
Total consumer89,017 88,645 95,961 92,409
Total loans886,533 881,316 868,636 876,116
Allowance for loan losses11,433 11,436 11,502 11,457
Loans receivable, net$875,100 $869,880 $857,134 $864,659

 Other Southwest    
 Oregon Washington Other Total
December 31, 2019       
Commercial business$- $299 $- $299
Commercial real estate851 168 - 1,019
Consumer- 179 20 199
Total non-performing assets$851 $646 $20 $1,517
 Northwest Other Southwest  
 Oregon Oregon Washington Total
December 31, 2019(dollars in thousands)
Land development$2,175 $1,852 $11,136 $15,163
Speculative construction278 - 9,496 9,774
Total land development and speculative construction$2,453 $1,852 $20,632 $24,937

   At or for the three months ended At or for the nine months ended
SELECTED OPERATING DATADec. 31, 2019 Sept. 30, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018
Efficiency ratio (4)63.10% 60.47% 60.87% 62.16% 61.30%
Coverage ratio (6)124.26% 130.17% 133.28% 126.37% 131.58%
Return on average assets (1)1.40% 1.55% 1.53% 1.47% 1.52%
Return on average equity (1)11.24% 12.68% 13.90% 12.08% 14.17%
Return on average tangible equity (1) (non-GAAP)13.89% 15.79% 17.91% 15.05% 18.40%
Yield on loans5.30% 5.32% 5.19% 5.30% 5.28%
Yield on investment securities2.21% 2.15% 2.38% 2.15% 2.32%
Total yield on interest-earning assets4.70% 4.80% 4.65% 4.74% 4.66%
Cost of interest-bearing deposits0.54% 0.40% 0.14% 0.39% 0.15%
Cost of FHLB advances and other borrowings4.55% 3.72% 4.35% 3.71% 4.49%
Total cost of interest-bearing liabilities0.70% 0.65% 0.37% 0.65% 0.35%
Spread (7)4.00% 4.15% 4.28% 4.09% 4.31%
Net interest margin4.23% 4.36% 4.41% 4.31% 4.42%
Basic earnings per share (2)$0.18 $0.20 $0.19 $0.57 $0.58
Diluted earnings per share (3)0.18 0.20 0.19 0.57 0.58
Book value per share (5)6.41 6.29 5.67 6.41 5.67
Tangible book value per share (5) (non-GAAP)5.18 5.06 4.43 5.18 4.43
Market price per share:         
High for the period$8.45 $8.55 $8.75 $8.55 $9.91
Low for the period6.94 6.87 7.03 6.87 7.03
Close for period end8.21 7.38 7.28 8.21 7.28
Cash dividends declared per share0.0500 0.0450 0.0400 0.1400 0.1100
Average number of shares outstanding:         
Basic (2)22,665,712 22,643,103 22,598,712 22,642,883 22,582,956
Diluted (3)22,718,255 22,702,696 22,663,919 22,701,415 22,658,153

(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.

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


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Source: Riverview Bancorp Inc