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Riverview Bancorp Earns $1.5 Million in Fiscal Third Quarter; Significantly Increases Liquidity Through Fed's Primary Credit Program
VANCOUVER, Wash., Jan. 29, 2009 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (NasdaqGS:RVSB - News) today reported net income of $1.5 million, or $0.14 per diluted share, in the third quarter of fiscal 2009 ended December 31, 2008, compared to $2.2 million, or $0.21 per diluted share, in the third quarter of fiscal 2008.
For the first nine months of fiscal 2009, Riverview reported a net loss of $1.9 million, or $0.18 per diluted share, compared to earnings of $7.5 million, or $0.67 per diluted share, for the first nine months of fiscal 2008. Financial results for fiscal 2009 include a $3.4 million non-cash other than temporary impairment (OTTI) charge on an investment security and a $7.2 million provision for loan losses in the second fiscal quarter ended September 30, 2008.
``Our third quarter results were solid as we continue to strengthen our franchise,'' said Pat Sheaffer, Chairman and CEO. ``Loan and deposit growth was strong, with loan balances up 13% year-over-year and 5% over the prior quarter and deposit balances increasing 11% year-over-year and 8% over the prior quarter. However, we have not been immune to the current economic slowdown in our markets and as such, we expect loan growth to slow in the coming calendar year. We will continue to focus on reducing controllable expenses throughout the year and stabilizing the net interest margin.''
``We continue to maintain capital levels in excess of the well-capitalized regulatory threshold,'' stated Sheaffer. ``In addition to our solid customer base, we have available to us further sources of liquidity, including additional borrowings from the Federal Home Loan Bank, the sale of certain available for sale securities, borrowings at correspondent banks and wholesale markets, including brokered deposits. In January 2009, we were approved for participation in the Federal Reserve Bank's primary credit program. This program, coupled with our other funding sources, will give us available liquidity of $400 million, or 43% of total assets. With our growing capital and liquidity levels, we are confident that we are well positioned to work through the challenges of this difficult economic period.''
``We have continued to rely on core deposits and our long-standing customer base to grow our deposits,'' said Sheaffer. ``Our stable funding sources remain a strength for Riverview, as we have traditionally focused on less volatile sources of deposits.'' Non-brokered deposits have increased $32.1 million, up 5% for the quarter or 20% annualized, since September 30, 2008. At December 31, 2008, brokered deposits accounted for 5.2% of total deposits.
Riverview's actual and required minimum capital amounts and ratios are presented in the following table.
Adequately
December 31, 2008 Actual Capitalized Well Capitalized
-------------------- --------------- --------------- ----------------
Amount Ratio Amount Ratio Amount Ratio
Total Capital
(To Risk-Weighted
Assets) $89,454 10.73% $66,677 8.00% $83,347 10.00%
Tier 1 Capital
(To Risk-Weighted
Assets) 79,033 9.48 33,339 4.00 50,008 6.00
Tier 1 Capital
(To Adjusted
Tangible Assets) 79,033 8.82 35,828 4.00 44,785 5.00
Credit Quality
``We continue to devote a considerable amount of resources to monitoring credit quality,'' said Dave Dahlstrom, EVP and Chief Credit Officer. ``We have recently allocated five new officers to ensure problem assets are managed in a timely manner. We have also added additional reporting on problem loans, including comprehensive staff and management meetings and we are conducting even more intensive monitoring and analysis on our existing portfolio to help proactively identify loans before they become a problem asset. This includes, among other things, performing detailed breakdowns of our construction and land development loans by geographic region and classification. In addition, although we have always maintained a conservative philosophy regarding underwriting, for these turbulent economic times we have even further tightened our underwriting criteria across all loan types such as requiring lower loan to values and higher debt service coverage ratios.''
Non-performing assets increased $8.6 million to $31.4 million, or 3.38% of total assets, at December 31, 2008, compared to $22.8 million, or 2.54% of total assets, three months earlier. Total non-performing loans consist of forty-four loans and thirty-six lending relationships, which includes fourteen land-acquisition and development loans totaling $16.9 million, eight construction loans totaling $3.5 million, three commercial loans totaling $1.7 million, fourteen residential real estate loans totaling $2.0 million and five other real estate mortgage loans totaling $4.3 million. 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. Riverview also had $3.0 million in other real estate owned (OREO) at the end of December 2008 compared to $699,000 at September 30, 2008. Included in OREO are sixteen properties limited to seven lending relationships. These properties consist of fourteen single-family homes and two residential lot loans. All properties are located in the Company's primary market area except for one single family home located on the southern Washington coast.
Total classified and non-performing loans, including OREO, were $37.8 million at December 31, 2008 compared to $37.3 million at September 30, 2008 and $10.5 million at December 31, 2007. ``We remain focused on reducing the level of our classified and non-performing assets as we continue to actively work with our borrowers to help mitigate losses,'' added Dahlstrom. Residential land development and construction loans accounted for $25.9 million of these balances at December 31, 2008, compared to $26.8 million at September 30, 2008. Multi-family and commercial loans accounted for $4.2 million and $2.6 million, respectively, of the remaining balance at December 31, 2008, compared to $4.2 million and $3.7 million, respectively, at September 30, 2008.
The provision for loan losses was $1.2 million for the third quarter, compared to $7.2 million during the second quarter and $650,000 in the third quarter a year ago. For the first nine months of fiscal 2009 the provision for loan losses totaled $11.2 million, compared to $1.1 million in the same period a year ago. ``We increased our provision for loan losses again this quarter from prior year amounts not only to account for higher levels of nonperforming loans compared to a year ago, but also as part of our prudent system to build up our reserves during these very uncertain economic times,'' said Dahlstrom.
The allowance for loan losses, including unfunded loan commitments of $260,000, was $16.5 million, or 2.01% of total loans at December 31, 2008 compared to $16.4 million, or 2.08% of total loans at September 30, 2008 and $9.9 million, or 1.37% of total loans, at December 31, 2007. Net loan charge-offs were $1.1 million for the quarter ended December 31, 2008, compared to $4.2 million for the previous linked quarter and $207,000 for the fiscal third quarter a year ago.
OTTI Charge during 2Q09
During the second quarter of fiscal 2009 Riverview recorded a $3.4 million non-cash OTTI charge on an investment security. The investment is a trust preferred pooled security issued by other bank holding companies, is classified as available for sale and has a par value of $5.0 million. Although management believes it is possible that all principal and interest will be received, and the Company has the ability and intention to continue to hold the security until there is a recovery in fair value, general market concerns over these and similar types of securities, as well as a lowering of the investment rating for this specific security, caused the fair value to decline severely enough to warrant an OTTI charge. Consequently, management chose to recognize a $3.4 million OTTI charge during the second quarter of fiscal 2009 bringing the value of the security to $1.6 million. Management does not believe that the recognition of this impairment charge has any other implications for the Company's business fundamentals or its outlook.
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. Other than the trust preferred pooled security discussed above, the Company does not have any other investment securities of concern. Mortgage backed securities totaled $5.0 million, or 0.53% of total assets at December 31, 2008. Riverview does not have any exposure to Government Sponsored Enterprise (GSE) securities in its investment portfolio.
Operating Results
``The 175 basis point drop in the Federal Funds rate during the quarter, as well as the reversal of interest on loans placed on non-accrual status during the quarter reduced our net interest margin,'' said Ron Wysaske, President and COO. ``We expect our margin to improve as our deposit pricing catches up with the recent interest rate cuts.'' The reversal of interest on loans placed on non-accrual status during the quarter accounted for a twelve basis point decrease in the quarterly net interest margin. For the third quarter of fiscal 2009, the net interest margin was 3.95% compared to 4.18% in the previous linked quarter and 4.71% in the third quarter a year ago. For the first nine months of fiscal 2009 the net interest margin was 4.11% compared to 4.75% in the first nine months of fiscal 2008.
Third quarter net interest income was $8.4 million, compared to $8.9 million in the third quarter a year ago. For the first nine months of fiscal 2009, net interest income was $25.4 million compared to $26.4 million for the same period in fiscal 2008.
Non-interest income was $1.9 million for the three months ended December 31, 2008, compared to $2.2 million for the third quarter a year ago. ``The decrease in third quarter non-interest income compared to the same period a year ago is due to a $148,000 decrease in mortgage broker fees as a result of the slowing real estate market and a $77,000 decrease in asset management fees,'' said Wysaske. For the first nine months of fiscal 2009, total non-interest income, excluding the $3.4 million OTTI charge during 2Q09, was $6.2 million, compared to $6.7 million for the first nine months of fiscal 2008.
``We have continued to focus on managing costs and as a result we have been able to keep our operating expenses in line in fiscal 2009, even reducing them from year ago levels,'' said Wysaske. Non-interest expense improved to $6.9 million in the third quarter of fiscal 2009, compared to $7.0 million in the third quarter of fiscal 2008. Decreases in salaries and employee benefits of $257,000 were partially offset by increased FDIC insurance premiums of $110,000. Riverview's efficiency ratio was 67.23% for the quarter ended December 31, 2008, compared to 63.69% for the same period in the prior year.
Balance Sheet Review
``Although third quarter loan growth was strong, up 5% for the quarter or 18% annualized,'' said Dahlstrom. ``We are seeing the loan pipeline start to decrease from the robust pace of the last few years. We expect to see a decline in loan demand and loan originations in the near term, reflecting the slowdown in the economy and tighter underwriting criteria, with our focus of keeping the portfolio high quality and well-diversified.'' Net loans increased 13% to $805 million at December 31, 2008, compared to $716 million a year ago. Commercial and commercial real estate loans account for 73% of the total loan portfolio and construction loans account for 16% of the total loan portfolio at December 31, 2008.
``We continue to reduce our exposure to real estate construction and we reduced our one-to-four family construction portfolio to $76 million at quarter-end from $84 million three months earlier and $101 million at the end of December 2007,'' added Dahlstrom. ``We should continue to see reductions in our construction portfolio as we focus on other lending opportunities.''
Deposits grew 8% in the last three months, increasing $52 million to $690 million at the end of December 2008, compared to $637 million at September 30, 2008. Transaction accounts represent 55% of all deposits with non-interest checking balances representing 12% of total deposits and interest bearing checking balances representing 15% of total deposits. Brokered deposits increased $20.2 million since September 30, 2008, to $35.8 million, which represents 5.2% of total deposits.
Shareholders' Equity
Shareholders' equity was $89.6 million at December 31, 2008, compared to $92.4 million a year ago. Book value per share was $8.21 at the end of December 2008, compared to $8.46 a year earlier and tangible book value per share was $5.80 at quarter-end, compared to $6.04 a year earlier. Tangible shareholder equity was 6.82% of its total assets at December 31, 2008, compared to 7.80% a year earlier.
As previously reported, the Board of Directors of Riverview elected to suspend the dividend for the current quarter. ``We believe this was a prudent step to preserve capital given the current uncertain and volatile market conditions,'' said Sheaffer. ``We continue to exceed the regulatory benchmark for a 'well-capitalized' financial institution.'' At December 31, 2008, Riverview's total risk-based capital ratio was 10.73%. ``We plan on continuing to carefully manage our capital with the goal of increasing total capital,'' added Sheaffer. ``All capital management options are being analyzed, including an evaluation of the Bank's balance sheet structure and the use of approximately $5 million of cash available at the holding company which could be invested in the Bank. We believe taking these steps will position Riverview to take advantage of strategic growth opportunities as they present themselves.''
About Riverview
Riverview Bancorp, Inc. (http://www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $929 million, it is the parent company of the 85 year-old Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset Management Corp. There are 18 branches, including ten in fast growing Clark County, three in the Portland metropolitan area 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 are non-GAAP measures. To provide investors with a broader understanding of earnings, the Company provided non-GAAP financial measures for non-interest income and the efficiency ratio, along with the GAAP measure of non-interest income and the efficiency ratio, 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) Dec. 31, Sept. 30, Dec. 31, Mar. 31,
(Unaudited) 2008 2008 2007 2008
--------------------------------------------------------------------
ASSETS
Cash (including
interest-earning
accounts of
$6,901, $11,786
$14,415 and
$14,238) $ 23,857 $ 26,214 $ 32,998 $ 36,439
Loans held for sale 834 773 395 --
Investment
securities held
to maturity, at
amortized cost
(fair value of
$530, $536, none
and none) 528 536 -- --
Investment
securities
available for
sale, at fair
value (amortized
cost of $8,853,
$9,371, $7,826
and $7,825) 8,981 9,473 7,762 7,487
Mortgage-backed
securities held
to maturity, at
amortized cost
(fair value of
$633, $701, $956
and $892) 635 698 950 885
Mortgage-backed
securities
available for
sale, at fair
value (amortized
cost of $4,306,
$4,619, $5,701
and $5,331) 4,339 4,567 5,676 5,338
Loans receivable
(net of allowance
for loan losses
of $16,236,
$16,124, $9,505
and $10,687) 805,488 770,391 715,836 756,538
Real estate and
other pers.
property owned 2,967 699 74 494
Prepaid expenses
and other assets 5,260 6,102 3,513 2,679
Accrued interest
receivable 3,494 3,280 3,740 3,436
Federal Home Loan
Bank stock, at
cost 7,350 7,350 7,350 7,350
Premises and
equipment, net 19,906 20,281 21,109 21,026
Deferred income
taxes, net 4,404 4,442 4,065 4,571
Mortgage servicing
rights, net 282 271 331 302
Goodwill 25,572 25,572 25,572 25,572
Core deposit
intangible, net 457 488 593 556
Bank owned life
insurance 14,614 14,470 14,033 14,176
----------- ----------- ----------- -----------
TOTAL ASSETS $ 928,968 $ 895,607 $ 843,997 $ 886,849
=========== =========== =========== ===========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
LIABILITIES:
Deposit accounts $ 689,827 $ 637,490 $ 622,610 $ 667,000
Accrued expenses
and other
liabilities 6,906 7,675 9,483 8,654
Advance payments by
borrowers for
taxes and
insurance 153 375 166 393
Federal Home Loan
Bank advances 117,100 136,660 94,000 92,850
Junior subordinated
debentures 22,681 22,681 22,681 22,681
Capital lease
obligation 2,659 2,668 2,695 2,686
----------- ----------- ----------- -----------
Total liabilities 839,326 807,549 751,635 794,264
SHAREHOLDERS'
EQUITY:
Serial preferred
stock, $.01 par
value; 250,000
authorized, issued
and outstanding,
none -- -- -- --
Common stock, $.01
par value;
50,000,000
authorized,
December 31, 2008
- 10,923,773
issued and
outstanding; 109 109 109 109
September 30, 2008
- 10,923,773
issued and
outstanding;
December 31, 2007
- 10,911,773
issued and out-
standing;
March 31, 2008 -
10,913,773
issued and
outstanding
Additional paid-in
capital 46,856 46,846 46,676 46,799
Retained earnings 43,499 42,024 46,667 46,871
Unearned shares
issued to employee
stock ownership
trust (928) (954) (1,031) (976)
Accumulated other
comprehensive
income (loss) 106 33 (59) (218)
----------- ----------- ----------- -----------
Total shareholders'
equity 89,642 88,058 92,362 92,585
----------- ----------- ----------- -----------
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY $ 928,968 $ 895,607 $ 843,997 $ 886,849
----------- ----------- ----------- -----------
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Operations
Three Months Ended
(In thousands, except share data) Dec. 31, Sept. 30, Dec. 31,
(Unaudited) 2008 2008 2007
--------------------------------------------------------------------
INTEREST INCOME:
Interest and fees on loans
receivable $ 12,939 $ 13,425 $ 14,950
Interest on investment
securities-taxable 130 121 91
Interest on investment
securities-non taxable 36 37 35
Interest on mortgage-backed
securities 51 55 78
Other interest and dividends 16 91 182
-------------------------------------
Total interest income 13,172 13,729 15,336
INTEREST EXPENSE:
Interest on deposits 3,942 3,800 5,340
Interest on borrowings 859 1,287 1,138
-------------------------------------
Total interest expense 4,801 5,087 6,478
-------------------------------------
Net interest income 8,371 8,642 8,858
Less provision for loan
losses 1,200 7,200 650
-------------------------------------
Net interest income after
provision for loan losses 7,171 1,442 8,208
NON-INTEREST INCOME:
Fees and service charges 1,104 1,219 1,269
Asset management fees 468 547 545
Gain on sale of loans held
for sale 103 81 93
Impairment of investment
security -- (3,414) --
Loan servicing income 38 33 44
Bank owned life insurance
income 144 148 140
Other 45 73 59
-------------------------------------
Total non-interest income 1,902 (1,313) 2,150
NON-INTEREST EXPENSE:
Salaries and employee benefits 3,988 3,740 4,245
Occupancy and depreciation 1,241 1,251 1,304
Data processing 215 208 224
Amortization of core deposit
intangible 31 33 38
Advertising and marketing
expense 174 255 217
FDIC insurance premium 130 157 20
State and local taxes 164 169 182
Telecommunications 113 114 96
Professional fees 280 248 216
Other 571 533 469
-------------------------------------
Total non-interest expense 6,907 6,708 7,011
-------------------------------------
INCOME (LOSS) BEFORE INCOME
TAXES 2,166 (6,579) 3,347
PROVISION (CREDIT) FOR INCOME
TAXES 691 (2,381) 1,134
-------------------------------------
NET INCOME (LOSS) $ 1,475 $ (4,198) $ 2,213
=====================================
Earnings (loss) per common
share:
Basic $ 0.14 $ (0.39) $ 0.21
Diluted $ 0.14 $ (0.39) $ 0.21
Weighted average number of
shares outstanding:
Basic 10,699,263 10,692,838 10,684,780
Diluted 10,699,263 10,692,838 10,773,107
Nine Months Ended
(In thousands, except share data) (Unaudited) Dec. 31, Dec. 31,
2008 2007
------------------------
INTEREST INCOME:
Interest and fees on loans receivable $ 39,688 $ 44,461
Interest on investment securities-taxable 307 403
Interest on investment securities-non taxable 105 111
Interest on mortgage-backed securities 167 254
Other interest and dividends 200 845
------------------------
Total interest income 40,467 46,074
INTEREST EXPENSE:
Interest on deposits 11,848 17,563
Interest on borrowings 3,239 2,131
------------------------
Total interest expense 15,087 19,694
------------------------
Net interest income 25,380 26,380
Less provision for loan losses 11,150 1,100
------------------------
Net interest income after provision for
loan losses 14,230 25,280
NON-INTEREST INCOME:
Fees and service charges 3,533 4,078
Asset management fees 1,639 1,606
Gain on sale of loans held for sale 236 276
Impairment of investment security (3,414) --
Loan servicing income 99 110
Bank owned life insurance income 438 419
Other 240 179
------------------------
Total non-interest income 2,771 6,668
NON-INTEREST EXPENSE:
Salaries and employee benefits 11,612 12,121
Occupancy and depreciation 3,725 3,850
Data processing 622 600
Amortization of core deposit intangible 99 118
Advertising and marketing expense 610 869
FDIC insurance premium 401 58
State and local taxes 508 531
Telecommunications 351 292
Professional fees 730 611
Other 1,624 1,573
------------------------
Total non-interest expense 20,282 20,623
------------------------
INCOME (LOSS) BEFORE INCOME TAXES (3,281) 11,325
PROVISION (CREDIT) FOR INCOME TAXES (1,351) 3,843
------------------------
NET INCOME (LOSS) $ (1,930) $ 7,482
========================
Earnings (loss) per common share:
Basic $ (0.18) $ 0.68
Diluted $ (0.18) $ 0.67
Weighted average number of shares
outstanding:
Basic 10,690,077 10,992,242
Diluted 10,690,077 11,106,944
(Dollars in thousands)
At or for the At or for the
three months ended nine months ended
Dec. 31, Sept.30, Dec. 31, Dec. 31, Dec. 31,
AVERAGE BALANCES 2008 2008 2007 2008 2007
---------------- -------- -------- -------- -------- --------
Average interest-
earning assets $841,638 $822,468 $748,105 $821,545 $738,053
Average interest-
bearing liabilities 730,974 711,641 641,655 713,784 628,104
Net average earning
assets 110,664 110,827 106,450 107,761 109,949
Average loans 809,447 784,227 711,352 786,977 689,588
Average deposits 654,867 631,353 644,108 642,633 664,498
Average equity 90,477 94,303 94,360 93,258 97,646
Average tangible
equity 64,153 67,940 67,842 66,893 71,081
Dec. 31, Sept.30, Dec. 31,
ASSET QUALITY 2008 2008 2007
------------- -------- -------- --------
Non-performing loans $ 28,426 $ 22,071 $ 1,068
Non-performing loans
to total loans 3.46% 2.80% 0.15%
Real estate/
reposessed assets
owned $ 2,967 $ 699 $ 74
Non-performing assets 31,393 22,770 1,142
Non-performing assets
to total assets 3.38% 2.54% 0.14%
Net loan charge-offs
in the quarter $ 1,088 $ 4,183 $ 207
Net charge-offs/
average net loans 0.53% 2.12% 0.12%
Allowance for loan
losses $ 16,236 $ 16,124 $ 9,505
Allowance for loan
losses and unfunded
loan commitments 16,496 16,410 9,912
Average interest-
earning assets to
average interest-
bearing liabilities 115.14% 115.57% 116.59%
Allowance for loan
losses to non-
performing loans 57.12% 73.06% 889.98%
Allowance for loan
losses to total
loans 1.97% 2.05% 1.31%
Allowance for loan
losses and unfunded
loan commitments to
total loans 2.01% 2.08% 1.37%
Shareholders' equity
to assets 9.65% 9.83% 10.94%
(Dollars in thousands)
Dec. 31, Sept.30, Dec. 31, Mar. 31,
DEPOSIT MIX 2008 2008 2007 2008
----------- -------- -------- -------- --------
Interest checking $100,969 $ 80,266 $112,062 $102,489
Regular savings 26,014 27,528 26,216 27,401
Money market deposit accounts 169,261 166,834 210,084 189,309
Non-interest checking 85,320 83,555 80,710 82,121
Certificates of deposit 308,263 279,307 193,538 265,680
-------- -------- -------- --------
Total deposits $689,827 $637,490 $622,610 $667,000
======== ======== ======== ========
(Dollars in thousands)
Dec. 31, Sept.30, Dec. 31, Mar. 31,
LOAN MIX 2008 2008 2007 2008
-------- -------- -------- -------- --------
Commercial and construction
Commercial $133,616 $123,569 $ 99,259 $109,585
Commercial real estate
mortgage 465,413 442,482 391,878 429,422
Real estate construction 133,637 134,930 150,951 148,631
-------- -------- -------- --------
Total commercial and
construction 732,666 700,981 642,088 687,638
Consumer
Real estate one-to-four
family 85,579 82,062 78,479 75,922
Other installment 3,479 3,472 4,774 3,665
-------- -------- -------- --------
Total consumer 89,058 85,534 83,253 79,587
-------- -------- -------- --------
Total loans 821,724 786,515 725,341 767,225
Less:
Allowance for loan losses 16,236 16,124 9,505 10,687
-------- -------- -------- --------
Loans receivable, net $805,488 $770,391 $715,836 $756,538
======== ======== ======== ========
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOAN TYPES
BASED ON LOAN PURPOSE
Commercial Real Commercial
Real Estate &Construc-
Estate Construc- tion
Commercial Mortgage tion Total
--------- --------- --------- ---------
December 31, 2008 (Dollars in thousands)
-----------------
Commercial $ 133,616 $ -- $ -- $ 133,616
Commercial construction -- -- 57,486 57,486
Office buildings -- 89,112 -- 89,112
Warehouse/industrial -- 43,424 -- 43,424
Retail/shopping centers/
strip malls -- 83,250 -- 83,250
Assisted living facilities -- 30,472 -- 30,472
Single purpose facilities -- 89,586 -- 89,586
Land -- 100,394 -- 100,394
Multi-family -- 29,175 -- 29,175
One-to-four family -- -- 76,151 76,151
------------------------------------------
Total $133,616 $ 465,413 $ 133,637 $ 732,666
==========================================
March 31, 2008
--------------
Commercial $ 109,585 $ -- $ -- $ 109,585
Commercial construction -- -- 55,277 55,277
Office buildings -- 88,106 -- 88,106
Warehouse/industrial -- 39,903 -- 39,903
Retail/shopping centers/
strip malls -- 70,510 -- 70,510
Assisted living facilities -- 28,072 -- 28,072
Single purpose facilities -- 65,756 -- 65,756
Land -- 108,030 -- 108,030
Multi-family -- 29,045 -- 29,045
One-to-four family -- -- 93,354 93,354
------------------------------------------
Total $ 109,585 $ 429,422 $ 148,631 $ 687,638
==========================================
At or for the three months ended
SELECTED OPERATING DATA Dec. 31, Sept. 30, Dec. 31,
----------------------- 2008 2008 2007
(Dollars in thousands, except ----------- ----------- -----------
share data)
Efficiency ratio (4) 67.23% 91.53% 63.69%
Coverage ratio (6) 121.20% 128.83% 126.34%
Return on average assets (1) 0.64% -1.86% 1.06%
Return on average equity (1) 6.47% -17.66% 9.30%
Average rate earned on interest-
earned assets 6.22% 6.63% 8.14%
Average rate paid on interest-
bearing liabilities 2.61% 2.84% 4.01%
Spread (7) 3.61% 3.79% 4.13%
Net interest margin 3.95% 4.18% 4.71%
PER SHARE DATA
--------------
Basic earnings per share (2) $ 0.14 $ (0.39) $ 0.21
Diluted earnings per share (3) 0.14 (0.39) 0.21
Book value per share (5) 8.21 8.06 8.46
Tangible book value per share
(5) 5.80 5.65 6.04
Market price per share:
High for the period $ 6.10 $ 7.38 $ 15.36
Low for the period 2.25 4.52 11.55
Close for period end 2.25 5.96 11.55
Cash dividends declared per
share -- 0.045 0.110
Average number of shares
outstanding:
Basic (2) 10,699,263 10,692,838 10,684,780
Diluted (3) 10,699,263 10,692,838 10,773,107
(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 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.
At or for the nine months
ended
SELECTED OPERATING DATA Dec. 31, Dec. 31,
----------------------- 2008 2007
(Dollars in thousands, except share data) ----------- -----------
Efficiency ratio (4) 72.05% 62.40%
Coverage ratio (6) 125.14% 127.92%
Return on average assets (1) -0.29% 1.21%
Return on average equity (1) -2.75% 10.17%
Average rate earned on interest-earned assets 6.55% 8.30%
Average rate paid on interest-bearing
liabilities 2.81% 4.16%
Spread (7) 3.74% 4.14%
Net interest margin 4.11% 4.75%
PER SHARE DATA
--------------
Basic earnings per share (2) $ (0.18) $ 0.68
Diluted earnings per share (3) (0.18) 0.67
Book value per share (5) 8.21 8.46
Tangible book value per share (5) 5.80 6.04
Market price per share:
High for the period $ 9.79 $ 16.28
Low for the period 2.25 11.55
Close for period end 2.25 11.55
Cash dividends declared per share 0.135 0.330
Average number of shares outstanding:
Basic (2) 10,690,077 10,992,242
Diluted (3) 10,690,077 11,106,944
(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 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
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