VANCOUVER, Wash., July 14, 2009 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) today reported that an expanding net interest margin contributed to net income of $343,000, or $0.03 per diluted share, for the first quarter ended June 30, 2009. This compares to a net loss of $720,000, or $0.07 per diluted share, in the previous quarter and net income of $793,000, or $0.07 per diluted share, in the first quarter a year ago. First quarter fiscal 2010 results include a provision for loan loss of $2.4 million, compared to $5.0 million in the preceding quarter and $2.8 million in the first quarter of fiscal 2009.
"We generated a solid quarterly profit primarily due to an improved net interest margin and our strong core business model," said Pat Sheaffer, Chairman and CEO. "We have been able to make steady progress in strengthening Riverview, with pre-tax, pre-provision earnings of $2.8 million for the quarter. We also continue to make progress on our strategic goal of increasing total capital by further adding to our already 'well-capitalized' position and focusing on increasing our core deposit base. These notable results were generated in spite of an ongoing national recession and regional economic uncertainties."
First Quarter Fiscal 2010 Highlights (at or for the period ended June 30, 2009)
* Increased total risk-based capital ratio 45 basis points to 11.91%,
remains strongly capitalized.
* Net income was $343,000, or $0.03 per diluted share.
* Added $2.4 million to the loan loss provision.
* Allowance for loan losses increased to 2.28% of total loans.
* Contributed $420,000 in FDIC special assessment charges.
* Net interest margin improved to 4.25% for the quarter.
* Reduced residential construction loans by 22% during the first
quarter.
* Reduced brokered deposits $20 million during the first quarter.
Riverview currently has no wholesale-brokered deposits.
Capital and Liquidity
"Growing our capital and liquidity positions remains a top priority for management," said Sheaffer. "We continued to strengthen our capital levels, increasing total risk-based capital and Tier 1 leverage capital ratios to 11.91% and 9.50%, respectively, compared to 11.46% and 9.50% at March 31, 2009." The progress made at increasing our capital ratios was accomplished primarily through the planned strategic balance sheet restructuring, including the reduction in loan balances, specifically focusing on the residential construction portfolio, along with growth in our residential one-to-four family loans, and modifications made to the Company's BOLI policies. "We diligently monitor our liquidity position, considering our present and anticipated liquidity needs and available sources of liquidity. In addition to our solid customer deposit base, we have significant liquidity available to us, including over $220 million of borrowing capacity from the Federal Home Loan Bank and the Federal Reserve Bank, $61 million of cash and short-term investments, borrowing lines at correspondent banks and wholesale markets, including brokered deposits," added Sheaffer.
Riverview's actual and required minimum capital amounts and ratios are presented in the following table:
Adequately Well
June 30, 2009 Actual Capitalized Capitalized
-------------------- --------------- -------------- ---------------
Amount Ratio Amount Ratio Amount Ratio
Total Capital (To
Risk-Weighted
Assets) $94,860 11.91% $63,699 8.00% $79,624 10.00%
Tier 1 Capital (To
Risk-Weighted
Assets) 84,874 10.66 31,850 4.00 47,774 6.00
Tier 1 Capital (To
Adjusted Tangible
Assets) 84,874 9.50 35,750 4.00 44,687 5.00
Credit Quality
"As the housing market in Southwest Washington and Portland remains challenged, we continue to build our allowance for loan losses, with a provision expense of $2.4 million during the first quarter, compared to net charge-offs of $1.5 million," said Dave Dahlstrom, EVP and Chief Credit Officer. Charge-offs during the first quarter were comprised primarily of three residential construction and land development loans totaling $1.1 million. Net charge-offs were $4.3 million in the previous quarter and $330,000 in the first quarter a year ago.
Non-performing loans (NPLs) increased during the quarter to $41.1 million, representing 5.28% of total loans at June 30, 2009, compared to 3.44% three months earlier. The increase in NPLs was largely attributable to the addition of $15.6 million in residential construction and land development loans to two builders. One of these lending relationships totaling $8.6 million consisted of $2.6 million in residential construction loans and $6.0 million in land development loans. The other lending relationship was a single condominium construction loan totaling $7.0 million. Land acquisition and development loans and speculative construction loans, represent $30.8 million, or 75%, of the total non-performing loan balance at June 30, 2009. All of the loans are to borrowers located in Oregon and Washington, with the exception of one land acquisition and development loan totaling $1.4 million to a long-time Washington-based customer who has property located in Southern California.
The following table shows nonperforming loans in each category:
June 30, March 31, June 30,
Non-performing Loans (in thousands) 2009 2009 2008
Commercial $ 8,337 $ 6,018 $ 1,175
Commercial real estate -- -- 861
Land 11,975 5,815 16,446
Multi-family 275 1,501 1,521
Commercial construction 31 75 --
One-to-four family construction 19,431 12,832 2,337
Real estate one-to-four family 1,008 1,329 520
Consumer -- -- 97
-------- -------- --------
Total non-performing loans $ 41,057 $ 27,570 $ 22,957
======== ======== ========
"We continue to devote a considerable amount of resources to monitoring credit quality," added Dahlstrom. "We have remained persistent in actively managing and acknowledging deterioration in our loan portfolio on a timely basis, and then assisting our customers in navigating through this challenging economy." At June 30, 2009, the Company performed specific valuation analysis on $37.6 million, or 91%, of its non-performing loans resulting in a specific valuation allowance totaling $4.1 million, or 11% of the non-performing loan balance. As a result of these specific valuation allowances, the allowance for loan losses to non-performing loans decreased to 43.30% at June 30, 2009 compared to 61.57% at March 31, 2009. The low amount of specific allowance required for non-performing loans reflects the Bank's conservative philosophy and underwriting standards. Most of the Company's non-performing assets are secured by real estate. Based on the most current information available to management, including updated appraisals where appropriate, the Company believes the value of the underlying real estate collateral is adequate to minimize significant charge-offs or loss to the Company.
During the first quarter, the Company sold 10 REO properties totaling $2.2 million, and transferred $4.4 million to REO, resulting in total REO of $16.0 million. In addition, the Company has 5 additional properties totaling $2.2 million under contract which are expected to close in the second fiscal quarter. "We have had good success the past quarter selling single-family homes once they have transferred into our REO portfolio," said Dahlstrom. Included in REO are thirty-six properties limited to twenty lending relationships. These properties consist of seven single-family homes totaling $1.7 million, twenty-two residential building lots totaling $3.0 million, three finished subdivision properties totaling $4.3 million, one land development property totaling $5.0 million and three multi-family property totaling $1.9 million. All properties are located in Oregon and Washington.
Nonperforming assets were 6.20% of total assets at June 30, 2009, compared to 4.57% at the end of the preceding quarter and 2.67% a year ago. The total allowance for loan losses, including a $276,000 allowance for off-balance sheet loan commitments, was $18.1 million at June 30, 2009, equal to 2.32% of total loans compared to 2.15% at March 31, 2009, and 1.73% at June 30, 2008. Loans delinquent 31-89 days totaled $11.9 million, or 1.53% of total loans at June 30, 2009, compared to $15.5 million, or 1.94% of total loans at the end of March 2009, and $4.0 million, or 0.52% of total loans at June 30, 2008.
Balance Sheet Review
Net loans totaled $760 million at June 30, 2009, compared to $784 million at the end of the preceding quarter and $764 million a year ago. The Company continues its strategy of controlling balance sheet growth in order to preserve capital, as well as the targeted reduction of residential construction related sectors within the loan portfolio. As of June 30, 2009, commercial and commercial real estate loans account for 73% of the total loan portfolio and construction loans account for less than 16% of the total loan portfolio.
The Company has remained proactive in reducing its exposure to residential construction loans. Speculative construction loans represent $47.0 million of the residential construction portfolio at June 30, 2009. These loans balances are down 42% from a year ago and 19% from the previous linked quarter. Overall, our total residential construction loans decreased 22% from the prior quarter and 32% from a year ago.
Riverview's commercial real estate portfolio continues to perform extremely well. As of June 30, 2009, there was only 1 loan in this portfolio that was more than 30 days past due, totaling $253,000. In addition, the Company has had no charge-offs in this portfolio in the last two years.
Riverview does not have sub-prime residential real estate loans in its loan portfolio and does not believe that it has any direct exposure to sub-prime lending in its Mortgage Backed Securities portfolio, nor any exposure to Government Sponsored Enterprise (GSE) securities in its investment portfolio.
Total deposits were $649 million at June 30, 2009, compared to $670 million three months earlier, and $629 million at June 30, 2008. The decrease in total deposits from the previous quarter was the result of the $20 million reduction of wholesale-brokered deposits. As of June 30, 2009, the Company had no wholesale-brokered deposits in its deposit mix.
"We are seeing solid growth in a new customer base as customers shift their deposits away from some of the larger institutions in our markets," said Ron Wysaske, President and COO. "As a result, core deposits (comprised of checking, savings and money market accounts) currently accounts for 60.9% of total deposits, up from 58.6% at March 31, 2009 and retail certificates of deposits represent 39.1% of total deposits." At June 30, 2009, customer relationships accounted for 100% of Riverview's deposits.
Operating Results
For the first quarter of fiscal 2010, net interest income increased 3.7% to $8.7 million compared to $8.4 million in the first quarter a year ago. The net interest margin improved to 4.25% compared to 3.98% in the preceding linked quarter and 4.20% in the first quarter a year ago. "A decrease in both the yields on deposits and borrowing costs contributed to our net interest margin expanding 27 basis points compared to the previous quarter and five basis points from the first quarter a year ago," said Kevin Lycklama, SVP and CFO. "This was despite the reversal of interest on loans placed on non-accrual status during the quarter, which accounted for a 15 basis point decrease in the quarterly net interest margin."
Non-interest income decreased to $2.1 million for the quarter, compared to $2.2 million in the first fiscal quarter a year ago. The decrease in first quarter non-interest income was largely due to a $258,000 other than temporary impairment charge (OTTI) of an investment security. The investment is a trust preferred pooled security that was previously written down in fiscal year 2009, the amortized cost of the security was $3.7 million at June 30, 2009. This charge was offset by the $401,000 gain on sale of loans held for sale. Fee income from Riverview Asset Management Corp. totaled $509,000 an increase of $71,000 over the prior linked quarter. Mortgage broker loan fees were $322,000 in the first quarter, an increase of $71,000 over the prior linked quarter and $32,000 from the first quarter a year ago.
During the first quarter of fiscal 2010 non-interest expense increased to $8.0 million, compared to $6.7 million in the first quarter of fiscal 2009. FDIC insurance premiums increased $581,000 over the same period in prior year, reflecting the FDIC's higher assessment rates for 2009 and a $420,000 special assessment charge. The increase was also a result of $609,000 in REO expense as well an increase in professional fees primarily associated with non-performing loans.
Riverview's efficiency ratio, excluding the effects of the non-cash impairment charge, was 72.35% compared to 63.20% for the same period in prior year. The Company expects its efficiency ratio to remain at higher than normal levels during fiscal year 2010 as a result of the increase in FDIC insurance premiums and REO related expenses. However, management remains focused on managing controllable costs.
Shareholders' Equity
At June 30, 2009, shareholders' equity was $89.1 million, compared to $88.7 million three months earlier and $92.0 million a year ago. Book value per share was $8.16 at June 30, 2009, compared to $8.12 in the prior linked quarter and tangible book value per share was $5.73 at quarter-end, compared to $5.69 at March 31, 2009. Tangible shareholder equity was unchanged at 7.0% of tangible assets at June 30, 2009 compared the prior quarter.
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 $920 million, it is the parent company of the 86 year-old Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset Management Corp. There are 18 branches, including ten in Clark County, three in Multnomah County and four lending centers. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers.
Financial measures that exclude OTTI charges, taxes and loan loss provisions are non-GAAP measures. To provide investors with a broader understanding of earnings, the Company provided non-GAAP financial measures for total income, non-interest income and the efficiency ratio, along with the GAAP measure of net income (loss), non-interest income and the efficiency ratio, in an effort to isolate the Company's core business operations and in particular because OTTI charges are not likely to occur in normal operations. Management believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency, facilitate comparisons to prior periods and competitor's results and assist in forecasting performance for future periods because they exclude items we believe to be outside the normal operating results.
Statements concerning future performance, developments or events, concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements, which are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated objectives. These factors include but are not limited to: RVSB's ability to acquire shares according to internal repurchase guidelines, regional economic conditions and the company's ability to efficiently manage expenses. Additional factors that could cause actual results to differ materially are disclosed in Riverview Bancorp's recent filings with the SEC, including but not limited to Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(In thousands, except share data) June 30, March 31, June 30,
(Unaudited) 2009 2009 2008
---------------------------------------------------------------------
ASSETS
Cash (including interest-earning
accounts of $25,275, $6,405 and
$9,429) $ 43,868 $ 19,199 $ 28,271
Loans held for sale 180 1,332 --
Investment securities held to maturity,
at amortized cost 523 529 536
Investment securities available for
sale, at fair value 13,349 8,490 6,876
Mortgage-backed securities held to
maturity, at amortized cost 479 570 762
Mortgage-backed securities available
for sale, at fair value 3,701 4,066 4,915
Loans receivable (net of allowance for
loan losses of $17,776, $16,974 and
$13,107) 760,283 784,117 763,631
Real estate and other pers. property
owned 16,012 14,171 639
Prepaid expenses and other assets 2,964 2,518 2,473
Accrued interest receivable 2,966 3,054 3,080
Federal Home Loan Bank stock, at cost 7,350 7,350 7,350
Premises and equipment, net 19,187 19,514 20,698
Deferred income taxes, net 8,116 8,209 4,799
Mortgage servicing rights, net 545 468 282
Goodwill 25,572 25,572 25,572
Core deposit intangible, net 395 425 521
Bank owned life insurance 14,900 14,749 14,322
-------- -------- --------
TOTAL ASSETS $920,390 $914,333 $884,727
======== ======== ========
LIABILITIES AND EQUITY
LIABILITIES:
Deposit accounts $649,068 $670,066 $629,407
Accrued expenses and other liabilities 6,315 6,700 7,717
Advance payments by borrowers for taxes
and insurance 190 360 128
Federal Home Loan Bank advances 5,000 37,850 129,760
Federal Reserve Bank advances 145,000 85,000 --
Junior subordinated debentures 22,681 22,681 22,681
Capital lease obligation 2,640 2,649 2,677
-------- -------- --------
Total liabilities 830,894 825,306 792,370
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, June 30, 2009 -
10,923,773 issued and outstanding;
March 31, 2009 - 10,923,773 issued and
outstanding; June 30, 2008 -
10,923,773 issued and outstanding; 109 109 109
Additional paid-in capital 46,872 46,866 46,826
Retained earnings 44,665 44,322 46,703
Unearned shares issued to employee
stock ownership trust (876) (902) (980)
Accumulated other comprehensive loss (1,656) (1,732) (618)
-------- -------- --------
Total shareholders' equity 89,114 88,663 92,040
Noncontrolling interest 382 364 317
-------- -------- --------
Total equity 89,496 89,027 92,357
-------- -------- --------
TOTAL LIABILITIES AND EQUITY $920,390 $914,333 $884,727
======== ======== ========
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Operations
(In thousands, except share data) (Unaudited)
Three Months Ended
June 30, March 31, June 30,
2009 2009 2008
---------------------------------------------------------------------
INTEREST INCOME:
Interest and fees on loans
receivable $ 11,710 $ 12,195 $ 13,324
Interest on investment
securities-taxable 98 100 56
Interest on investment
securities-non taxable 32 32 32
Interest on mortgage-backed
securities 40 44 61
Other interest and dividends 14 12 93
----------------------------------
Total interest income 11,894 12,383 13,566
INTEREST EXPENSE:
Interest on deposits 2,694 3,431 4,106
Interest on borrowings 520 665 1,093
----------------------------------
Total interest expense 3,214 4,096 5,199
----------------------------------
Net interest income 8,680 8,287 8,367
Less provision for loan losses 2,350 5,000 2,750
----------------------------------
Net interest income after provision
for loan losses 6,330 3,287 5,617
NON-INTEREST INCOME:
Total other-than-temporary
impairment losses (279) -- --
Portion of losses recognized in
other comprehensive loss 21 -- --
----------------------------------
Net impairment losses recognized
in earnings (258) -- --
Fees and service charges 1,244 1,136 1,210
Asset management fees 509 438 624
Gain on sale of loans held for
sale 401 493 52
Bank owned life insurance income 151 134 146
Other 56 558 150
----------------------------------
Total non-interest income 2,103 2,759 2,182
NON-INTEREST EXPENSE:
Salaries and employee benefits 3,875 3,468 3,884
Occupancy and depreciation 1,233 1,339 1,233
Data processing 240 219 199
Amortization of core deposit
intangible 30 32 35
Advertising and marketing expense 159 117 181
FDIC insurance premium 695 359 114
State and local taxes 149 160 175
Telecommunications 116 115 124
Professional fees 304 380 202
Other 1,187 788 520
----------------------------------
Total non-interest expense 7,988 6,977 6,667
----------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 445 (931) 1,132
PROVISION (CREDIT) FOR INCOME TAXES 102 (211) 339
----------------------------------
NET INCOME (LOSS) $ 343 $ (720) $ 793
==================================
Earnings (loss) per common share:
Basic $ 0.03 $ (0.07) $ 0.07
Diluted $ 0.03 $ (0.07) $ 0.07
Weighted average number of shares
outstanding:
Basic 10,711,313 10,705,155 10,677,999
Diluted 10,711,313 10,705,155 10,698,292
(Dollars in thousands) At or for the three
months ended
June 30, March 31, June 30,
2009 2009 2008
-------- -------- --------
AVERAGE BALANCES
----------------
Average interest-earning assets $821,429 $846,670 $800,295
Average interest-bearing liabilities 726,740 741,882 698,571
Net average earning assets 94,689 104,788 101,724
Average loans 791,548 816,355 767,040
Average deposits 645,942 678,989 641,670
Average shareholders' equity 90,481 91,691 95,014
Average tangible shareholders' equity 63,994 65,336 68,606
June 30, March 31, June 30,
ASSET QUALITY 2009 2009 2008
------------- -------- -------- --------
Non-performing loans 41,057 27,570 22,957
Non-performing loans to total loans 5.28% 3.44% 2.96%
Real estate/repossessed assets owned 16,012 14,171 639
Non-performing assets 57,069 41,741 23,596
Non-performing assets to total assets 6.20% 4.57% 2.67%
Net loan charge-offs in the quarter 1,548 4,262 330
Net charge-offs in the quarter/average
net loans 0.78% 2.12% 0.17%
Allowance for loan losses 17,776 16,974 13,107
Allowance for loan losses and unfunded
loan commitments 18,052 17,270 13,406
Average interest-earning assets to
average interest-bearing liabilities 113.03% 114.85% 114.56%
Allowance for loan losses to
non-performing loans 43.30% 61.57% 57.09%
Allowance for loan losses to total loans 2.28% 2.12% 1.69%
Allowance for loan losses and unfunded
loan commitments to total loans 2.32% 2.15% 1.73%
Shareholders' equity to assets 9.68% 9.70% 10.40%
June 30, March 31, June 30,
LOAN MIX 2009 2009 2008
-------- -------- -------- --------
Commercial and construction
Commercial $127,366 $127,150 $110,620
Other real estate mortgage 437,590 447,652 438,910
Real estate construction 123,505 139,476 142,206
----------------------------
Total commercial and construction 688,461 714,278 691,736
Consumer
Real estate one-to-four family 86,686 83,762 81,625
Other installment 2,912 3,051 3,377
----------------------------
Total consumer 89,598 86,813 85,002
----------------------------
Total loans 778,059 801,091 776,738
Less:
Allowance for loan losses 17,776 16,974 13,107
----------------------------
Loans receivable, net $760,283 $784,117 $763,631
============================
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON
LOAN PURPOSE
--------------------------------------------------------------
Other Commercial
Real Estate Real Estate & Construction
Commercial Mortgage Construction Total
---------- -------- ------------ -----
June 30, 2009 (Dollars in thousands)
-------------
Commercial $ 127,366 $ -- $ -- $ 127,366
Commercial
construction -- -- 66,088 66,088
Office buildings -- 88,290 -- 88,290
Warehouse/
industrial -- 39,966 -- 39,966
Retail/shopping
centers/strip
malls -- 80,652 -- 80,652
Assisted living
facilities -- 26,658 -- 26,658
Single purpose
facilities -- 88,326 -- 88,326
Land -- 87,808 -- 87,808
Multi-family -- 25,890 -- 25,890
One-to-four
family -- -- 57,417 57,417
-----------------------------------------------------
Total $ 127,366 $ 437,590 $ 123,505 $ 688,461
=====================================================
March 31, 2009 (Dollars in thousands)
--------------
Commercial $ 127,150 $ -- $ -- $ 127,150
Commercial
construction -- -- 65,459 65,459
Office buildings -- 90,621 -- 90,621
Warehouse/
industrial -- 40,214 -- 40,214
Retail/shopping
centers/strip
malls -- 81,233 -- 81,233
Assisted living
facilities -- 26,743 -- 26,743
Single purpose
facilities -- 88,574 -- 88,574
Land -- 91,873 -- 91,873
Multi-family -- 28,394 -- 28,394
One-to-four
family -- -- 74,017 74,017
-----------------------------------------------------
Total $ 127,150 $ 447,652 $ 139,476 $ 714,278
=====================================================
(Dollars in thousands) June 30, March 31, June 30,
DEPOSIT MIX 2009 2009 2008
----------- --------- --------- ---------
Interest checking $ 91,097 $ 96,629 $ 94,536
Regular savings 28,660 28,753 26,822
Money market deposit accounts 190,289 178,479 175,364
Non-interest checking 85,261 88,528 77,721
Certificates of deposit 253,761 277,677 254,964
-------------------------------
Total deposits $ 649,068 $ 670,066 $ 629,407
===============================
DETAIL OF NON-PERFORMING ASSETS
-------------------------------
Northwest Other Southwest Other
Oregon Oregon Washington Washington Other Total
--------- -------- ---------- ---------- ------ --------
June 30, 2009 (dollars in thousands)
-------------
Non-performing
assets
Commercial $ 50 $ 3,808 $ 4,479 $ -- $ -- $ 8,337
Commercial
real estate -- -- -- -- -- --
Land -- 524 9,946 115 1,390 11,975
Multi-family -- -- 275 -- -- 275
Commercial
construction -- -- -- 31 -- 31
One-to-four
family
construction 6,983 10,429 1,749 270 -- 19,431
Real estate
one-to-four
family -- 150 787 71 -- 1,008
Consumer -- -- -- -- -- --
--------- -------- ---------- ---------- ------ --------
Total non-
performing
loans 7,033 14,911 17,236 487 1,390 41,057
REO 1,885 2,115 6,850 5,162 -- 16,012
--------- -------- ---------- ---------- ------ --------
Total non-
performing
assets $ 8,918 $ 17,026 $ 24,086 $ 5,649 $1,390 $ 57,069
========= ======== ========== ========= ====== ========
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS
-------------------------------------------------------------
Northwest Other Southwest Other
Oregon Oregon Washington Washington Other Total
--------- -------- ---------- ---------- ------ --------
June 30, 2009 (dollars in thousands)
-------------
Land and
speculative
construction
loans
Land
development
loans $ 6,683 $ 6,875 $ 64,590 $ 3,048 $6,612 $ 87,808
Speculative
construction
loans 13,612 14,085 17,293 2,057 -- 47,047
--------- -------- ---------- ---------- ------ --------
Total land and
speculative
construction
loans $20,295 $ 20,960 $ 81,883 $ 5,105 $6,612 $134,855
========= ======== ========== ========= ====== ========
At or for the three months ended
June 30, March 31, June 30,
SELECTED OPERATING DATA 2009 2009 2008
----------------------- ---------- ---------- ----------
(Dollars in thousands, except
share data)
Efficiency ratio(4) 74.08% 63.16% 63.20%
Coverage ratio(6) 108.66% 118.78% 125.50%
Return on average assets(1) 0.15% -0.32% 0.36%
Return on average shareholders'
equity(1) 1.52% -3.18% 3.35%
Average rate earned on
interest-earned assets 5.82% 5.94% 6.81%
Average rate paid on
interest-bearing liabilities 1.77% 2.24% 2.99%
Spread(7) 4.05% 3.70% 3.82%
Net interest margin 4.25% 3.98% 4.20%
PER SHARE DATA
--------------
Basic earnings per share(2) $ 0.03 $ (0.07) $ 0.07
Diluted earnings per share(3) 0.03 (0.07) 0.07
Book value per share(5) 8.16 8.12 8.43
Tangible book value per share(5) 5.73 5.69 6.01
Market price per share:
High for the period $ 3.90 $ 4.35 $ 9.79
Low for the period 2.63 1.60 7.42
Close for period end 3.02 3.87 7.42
Cash dividends declared per share -- -- 0.09
Average number of shares
outstanding:
Basic(2) 10,711,313 10,705,155 10,677,999
Diluted(3) 10,711,313 10,705,155 10,698,292
(1) Amounts are annualized.
(2) Amounts calculated exclude ESOP shares not committed to be
released.
(3) Amounts calculated 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: Riverview Bancorp, Inc.
Pat Sheaffer
Ron Wysaske
360-693-6650