UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 2008
RIVERVIEW BANCORP, INC.
(Exact name of registrant as specified in its charter)
| Washington | 000-22957 | 91-1838969 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 900 Washington Street, Suite 900, Vancouver, Washington | 98660 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (360) 693-6650
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions. |
| [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On July 15, 2008, Riverview Bancorp, Inc. issued its earnings release for the quarter ended June 30, 2008. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 News Release of Riverview Bancorp, Inc. dated July 15, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RIVERVIEW BANCORP, INC. | |
| Date: July 15, 2008 | /s/ Kevin J. Lycklama |
| Kevin J. Lycklama | |
| Chief Financial Officer | |
| (Principal Financial Officer) |
Exhibit 99.1
News Release Dated July 15, 2008
 |  |
Contacts: Pat Sheaffer or Ron Wysaske,
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp Inc. Earns $793,000 in First Quarter
Net Loans Increase 15% to $764 Million
Vancouver, WA – July 15, 2008 – Riverview Bancorp, Inc. (NASDAQ GSM: RVSB) today reported that following a $2.75 million addition to its loan loss reserve, net income for the first quarter of fiscal 2009 was $793,000, or $0.07 per diluted share, compared to $2.8 million, or $0.25 per diluted share in the first quarter of fiscal 2008. The increased loan loss provision is due partly to trends in the risk rating migration of certain loans in the loan portfolio, as well as regional market conditions with regard to the decrease in home and land values.
“During the past several months, changes in the national economy affected our local markets in southwest Washington and metropolitan Portland; however, we do expect our local economy to continue to compare more favorably going forward,” said Pat Sheaffer, Chairman and CEO. “While loan growth remains robust, we have seen a substantial slowdown in residential real estate sales in all our markets which directly impacted our land development and speculative construction lending portfolio. We continue to monitor the credit risk and quality of our loan portfolio as well as the current economic market conditions and believe we are well positioned as we move through this difficult period and limit credit losses. Riverview does not have sub-prime residential real estate in its loan portfolio and does not believe that it has any exposure to sub-prime lending in its Mortgage Backed Securities portfolio.”
Credit Quality
“Our primary emphasis in fiscal 2009 continues to be managing the quality of our loan portfolio,” said Ron Wysaske, President and COO. “Riverview has resolutely applied a disciplined approach to the loan approval process as well as continuously monitoring our entire loan portfolio for signs of credit deterioration. Although we have seen an increase in nonperforming loans recently, these problem loans are limited to a few lending relationships and are not a trend in the overall loan portfolio. We are working closely with our borrowers to help them and are doing everything possible to ensure Riverview is repaid in a timely manner.” Non-performing assets increased to $23.6 million, or 2.67% of total assets, at June 30, 2008, compared to $8.2 million, or 0.92% of total assets, at March 31, 2008 and $226,000, or 0.03% of total assets, at June 30, 2007.
The increase in non-performing assets consists of twenty loans to sixteen borrowers, which includes six land-acquisition and development loans totaling $16.4 million, three construction loans totaling $2.3 million, two commercial loans totaling $1.2 million and three other real estate mortgage loans totaling $2.4 million. All of the loans are to borrowers located in Oregon and Washington, with the exception of one land acquisition and development loan totaling $3.5 million to a Washington borrower who has property located in Southern California. Riverview had $639,000 in other real estate owned (OREO) at the end of June 2008.
The allowance for loan losses, including unfunded loan commitments of $299,000, was $13.4 million, or 1.73% of total loans at quarter end, compared with $11.0 million, or 1.44% of total loans at March 31, 2008, and $9.1 million, or 1.36% of total loans, at June 30, 2007. Management believes the allowance for loan losses is adequate and appropriate based on its current analysis of the loan portfolio’s credit quality, current economic conditions, and underlying collateral values. Net loan charge-offs were $330,000, or an annualized rate of 0.17% of total loans, for the quarter ended June 30, 2008.
Operating Results
Net interest income in the first fiscal quarter of 2009 was $8.4 million, down from $8.8 million in the first fiscal quarter a year ago, largely due to interest-bearing assets re-pricing down faster than interest-bearing liabilities as the Federal
Riverview Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15, 2008
Page 2
Reserve cut rates. For the first quarter of fiscal 2009, the net interest margin was 4.20% compared to 4.41% in the previous linked quarter and 4.83% in the first fiscal quarter a year ago. “Margin compression remains a challenge for Riverview as well as the entire banking industry, and we expect our margin to remain under pressure during the second half of the calendar year,” said Wysaske.
Non-interest income was $2.2 million for the quarter, compared to $2.3 million for the same quarter a year ago. “Fee income from Riverview Asset Management Corp. increased 14% compared to the same quarter in the prior year, but was offset by a $263,000 decline in mortgage broker loan fees, reflecting the continued slowdown in the real estate market,” said Wysaske.
Non-interest expense was $6.7 million in the first quarter of fiscal 2009, compared to $6.8 million in the first quarter of fiscal 2008. Riverview’s efficiency ratio was 63.20% for the first quarter, compared to 60.93% in the first quarter a year ago. “Last year we increased our infrastructure to accommodate our expanding franchise in Southwest Washington and into Oregon,” said Wysaske. “During the first quarter, revenues have remained steady, notwithstanding the economic slowdown and real estate problems in our markets. Operating expenses, likewise, have held firm. The reduction in net income and earnings per share is directly attributable to increased credit costs,” he continued.
Return on average assets was 0.36% for the first quarter of fiscal 2009, compared to 1.39% for the first quarter of fiscal 2008 and return on average equity was 3.35% for the first quarter, compared to 11.16% for the same quarter last year.
Balance Sheet Growth
“Our focus remains on keeping a well-diversified, high quality loan portfolio despite the current challenging economic environment,” said Sheaffer. “Although we started our fiscal year at double digit growth, we expect our loan growth for the remainder of the year to be moderate compared to the record setting pace of the past few years as we continue to experience competitive loan pricing in our markets.” Net loans increased 15% to $764 million at June 30, 2008, compared to $663 million a year ago. At June 30, 2008, commercial loans accounted for 71% and construction loans accounted for 18% of the total loan portfolio compared to 66% and 24% respectively at June 30, 2007.
“The local housing markets have slowed significantly compared to the last few years and as a result, our one-to-four family real estate construction portfolio is now down to $87 million from $102 million a year ago,” said Wysaske. “However, population growth in the Southwest Washington and the metropolitan Portland, Oregon area continues to increase faster than the national average, despite the slowing housing market. We believe this provides an opportunity for us to grow our customer base, as well as our balance sheet, during the remainder of this year.”
“During the quarter we reduced our exposure to real estate construction and shrunk that portfolio to $142 million at quarter-end from $149 million at the end of the linked quarter and $159 million at the end of June 2007,” added Wysaske. “We should continue to see reductions in our real estate construction portfolio as we focus on other lending opportunities.”
The following table breaks out the composition of commercial and construction loan types based on loan purpose:
Riverview Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15, 2008
Page 3
| COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN PURPOSE | |||||||||
| Other | Commercial | ||||||||
| Real Estate | Real Estate | & Construction | |||||||
| June 30, 2008 | Commercial | Mortgage | Construction | Total | |||||
| (Dollars in thousands) | |||||||||
| Commercial | $ 110,620 | $ - | $ - | $ 110,620 | |||||
| Commercial construction | - | - | 54,821 | 54,821 | |||||
| Office buildings | - | 85,386 | - | 85,386 | |||||
| Warehouse/industrial | - | 44,270 | - | 44,270 | |||||
| Retail/shopping centers/strip malls | - | 78,042 | - | 78,042 | |||||
| Assisted living facilities | - | 30,651 | - | 30,651 | |||||
| Single purpose facilities | - | 73,478 | - | 73,478 | |||||
| Land | - | 102,509 | - | 102,509 | |||||
| Multi-family | - | 24,574 | - | 24,574 | |||||
| One-to-four family | - | - | 87,385 | 87,385 | |||||
| Total | $ 110,620 | $ 438,910 | $ 142,206 | $ 691,736 | |||||
“We continue to focus on core deposit growth by expanding our commercial banking products,” said Sheaffer. “Earlier this year we began offering remote deposit capture of checks to selected customers and enhancing our cash management product line.” Following the payoff of $25.2 million in brokered CDs, Riverview’s total deposits were $629 million at June 30, 2008, compared to $692 million a year ago. Riverview currently chooses to have no brokered deposits. Non-interest checking balances represent 12% of total deposits and interest checking balances represent 15% of total deposits. Core deposits, defined as all deposits excluding certificates of deposit, were $374 million at the end of June 2008, and represent 59% of total deposits.
Total assets increased 6% to $885 million at June 30, 2008, compared to $832 million a year ago.
Shareholders’ Equity
Shareholders’ equity was $92.0 million at June 30, 2008, compared to $99.7 million a year ago. Book value per share was $8.43 at the end of June 2008, compared to $8.62 a year earlier. Riverview’s capital position remains strong, and the bank remains “well-capitalized” by regulatory definition. At June 30, 2008, the total capital ratio was 11.03% compared to 10.99% at March 31, 2008 and 11.09% at June 30, 2007.
About the Company
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $885 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.
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. First Quarter Fiscal 2009 Earnings
July 15, 2008
Page 4
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | |||||
| Consolidated Balance Sheets | |||||
| June 30, 2008, March 31, 2008 and June 30, 2007 | |||||
| June 30, | March 31, | June 30, | |||
| (In thousands, except share data) (Unaudited) | 2008 | 2008 | 2007 | ||
| ASSETS | |||||
| Cash (including interest-earning accounts of $9,429, $14,238 | |||||
| and $47,085) | $ 28,271 | $ 36,439 | $ 68,082 | ||
| Investment securities held to maturity, at amortized cost | |||||
| (fair value of $536, none and none) | 536 | - | - | ||
| Investment securities available for sale, at fair value | |||||
| (amortized cost of $7,786, $7,825 and $13,734) | 6,876 | 7,487 | 13,756 | ||
| Mortgage-backed securities held to maturity, at amortized | |||||
| cost (fair value of $767, $892 and $1,150) | 762 | 885 | 1,135 | ||
| Mortgage-backed securities available for sale, at fair value | |||||
| (amortized cost of $4,963, $5,331 and $6,405) | 4,915 | 5,338 | 6,201 | ||
| Loans receivable (net of allowance for loan losses of $13,107, | |||||
| $10,687 and $8,728) | 763,631 | 756,538 | 663,430 | ||
| Real estate and other pers. property owned | 639 | 494 | - | ||
| Prepaid expenses and other assets | 2,473 | 2,679 | 2,878 | ||
| Accrued interest receivable | 3,080 | 3,436 | 3,686 | ||
| Federal Home Loan Bank stock, at cost | 7,350 | 7,350 | 7,350 | ||
| Premises and equipment, net | 20,698 | 21,026 | 21,155 | ||
| Deferred income taxes, net | 4,799 | 4,571 | 4,126 | ||
| Mortgage servicing rights, net | 282 | 302 | 347 | ||
| Goodwill | 25,572 | 25,572 | 25,572 | ||
| Core deposit intangible, net | 521 | 556 | 669 | ||
| Bank owned life insurance | 14,322 | 14,176 | 13,753 | ||
| TOTAL ASSETS | $ 884,727 | $ 886,849 | $ 832,140 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| LIABILITIES: | |||||
| Deposit accounts | $ 629,407 | $ 667,000 | $ 692,168 | ||
| Accrued expenses and other liabilities | 8,034 | 8,654 | 9,675 | ||
| Advance payments by borrowers for taxes and insurance | 128 | 393 | 162 | ||
| Federal Home Loan Bank advances | 129,760 | 92,850 | 5,000 | ||
| Junior subordinated debentures | 22,681 | 22,681 | 22,681 | ||
| Capital lease obligation | 2,677 | 2,686 | 2,713 | ||
| Total liabilities | 792,687 | 794,264 | 732,399 | ||
| 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, 2008 – 10,923,773 issued and outstanding; | 109 | 109 | 115 | ||
| March 31, 2008 – 10,913,773 issued and outstanding; | |||||
| June 30, 2007 – 11,566,980 issued and outstanding | |||||
| Additional paid-in capital | 46,826 | 46,799 | 56,450 | ||
| Retained earnings | 46,703 | 46,871 | 44,379 | ||
| Unearned shares issued to employee stock ownership trust | (980) | (976) | (1,083) | ||
| Accumulated other comprehensive loss | (618) | (218) | (120) | ||
| Total shareholders’ equity | 92,040 | 92,585 | 99,741 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 884,727 | $ 886,849 | $ 832,140 | ||
Riverview Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15, 2008
Page 5
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | ||||||||
| Consolidated Statements of Income for the Three Months | Three Months Ended | |||||||
| Ended June 30, 2008 and 2007 | June 30, | |||||||
| (In thousands, except share data) (Unaudited) | 2008 | 2007 | ||||||
| INTEREST INCOME: | ||||||||
| Interest and fees on loans receivable | $ | 13,324 | $ | 14,880 | ||||
| Interest on investment securities-taxable | 56 | 172 | ||||||
| Interest on investment securities-non taxable | 32 | 38 | ||||||
| Interest on mortgage-backed securities | 61 | 91 | ||||||
| Other interest and dividends | 93 | 243 | ||||||
| Total interest income | 13,566 | 15,424 | ||||||
| INTEREST EXPENSE: | ||||||||
| Interest on deposits | 4,106 | 6,190 | ||||||
| Interest on borrowings | 1,093 | 406 | ||||||
| Total interest expense | 5,199 | 6,596 | ||||||
| Net interest income | 8,367 | 8,828 | ||||||
| Less provision for loan losses | 2,750 | 50 | ||||||
| Net interest income after provision for loan losses | 5,617 | 8,778 | ||||||
| NON-INTEREST INCOME: | ||||||||
| Fees and service charges | 1,210 | 1,427 | ||||||
| Asset management fees | 624 | 548 | ||||||
| Net gain on sale of loans held for sale | 52 | 91 | ||||||
| Loan servicing income | 28 | 39 | ||||||
| Bank owned life insurance | 146 | 139 | ||||||
| Other | 122 | 58 | ||||||
| Total non-interest income | 2,182 | 2,302 | ||||||
| NON-INTEREST EXPENSE: | ||||||||
| Salaries and employee benefits | 3,884 | 3,968 | ||||||
| Occupancy and depreciation | 1,233 | 1,302 | ||||||
| Data processing | 199 | 168 | ||||||
| Amortization of core deposit intangible | 35 | 42 | ||||||
| Advertising and marketing expense | 181 | 282 | ||||||
| FDIC insurance premium | 114 | 19 | ||||||
| State and local taxes | 175 | 171 | ||||||
| Telecommunications | 124 | 104 | ||||||
| Professional fees | 202 | 223 | ||||||
| Other | 520 | 502 | ||||||
| Total non-interest expense | 6,667 | 6,781 | ||||||
| INCOME BEFORE INCOME TAXES | 1,132 | 4,299 | ||||||
| PROVISION FOR INCOME TAXES | 339 | 1,460 | ||||||
| NET INCOME | $ | 793 | $ | 2,839 | ||||
| Earnings per common share: | ||||||||
| Basic | $ | 0.07 | $ | 0.25 | ||||
| Diluted | $ | 0.07 | $ | 0.25 | ||||
| Weighted average number of shares outstanding: | ||||||||
| Basic | 10,677,999 | 11,391,825 | ||||||
| Diluted | 10,698,292 | 11,527,586 | ||||||
Riverview Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15, 2008
Page 6
| At or for the year | ||||||||||||||||||||||||
| At or for the three months ended June 30, | ended March 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2008 | ||||||||||||||||||||||
| FINANCIAL CONDITION DATA | (Dollars in thousands) | |||||||||||||||||||||||
| Average interest–earning assets | $ | 800,295 | $ | 734,135 | $ | 751,023 | ||||||||||||||||||
| Average interest-bearing liabilities | 698,571 | 620,930 | 643,265 | |||||||||||||||||||||
| Net average earning assets | 101,724 | 113,205 | 107,758 | |||||||||||||||||||||
| Non-performing assets | 23,596 | 226 | 8,171 | |||||||||||||||||||||
| Non-performing loans | 22,957 | 226 | 7,677 | |||||||||||||||||||||
| Allowance for loan losses | 13,107 | 8,728 | 10,687 | |||||||||||||||||||||
| Allowance for loan losses and unfunded loan | ||||||||||||||||||||||||
| commitments | 13,406 | 9,110 | 11,024 | |||||||||||||||||||||
| Average interest-earning assets to average | ||||||||||||||||||||||||
| interest-bearing liabilities | 114.56% | 118.23% | 116.75% | |||||||||||||||||||||
| Allowance for loan losses to | ||||||||||||||||||||||||
| non-performing loans | 57.09% | 3861.95% | 139.21% | |||||||||||||||||||||
| Allowance for loan losses to total loans | 1.69% | 1.30% | 1.39% | |||||||||||||||||||||
| Allowance for loan losses and | ||||||||||||||||||||||||
| unfunded loan commitments to total loans | 1.73% | 1.36% | 1.44% | |||||||||||||||||||||
| Non-performing loans to total loans | 2.96% | 0.03% | 1.00% | |||||||||||||||||||||
| Non-performing assets to total assets | 2.67% | 0.03% | 0.92% | |||||||||||||||||||||
| Shareholders’ equity to assets | 10.40% | 11.99% | 10.44% | |||||||||||||||||||||
| Number of banking facilities | 20 | 19 | 20 | |||||||||||||||||||||
| LOAN DATA | ||||||||||||||||||||||||
| Commercial and construction | ||||||||||||||||||||||||
| Commercial | $ | 110,620 | 14.24 | % | $ | 90,896 | 13.52 | % | $ | 109,585 | 14.28 | % | ||||||||||||
| Other real estate mortgage | 438,910 | 56.51 | % | 350,219 | 52.10 | % | 429,422 | 55.97 | % | |||||||||||||||
| Real estate construction | 142,206 | 18.31 | % | 158,598 | 23.60 | % | 148,631 | 19.37 | % | |||||||||||||||
| Total commercial and construction | 691,736 | 89.06 | % | 599,713 | 89.22 | % | 687,638 | 89.62 | % | |||||||||||||||
| Consumer | ||||||||||||||||||||||||
| Real estate one-to-four family | 81,625 | 10.51 | % | 67,815 | 10.09 | % | 75,922 | 9.90 | % | |||||||||||||||
| Other installment | 3,377 | 0.43 | % | 4,630 | 0.69 | % | 3,665 | 0.48 | % | |||||||||||||||
| Total consumer | 85,002 | 10.94 | % | 72,445 | 10.78 | % | 79,587 | 10.38 | % | |||||||||||||||
| Total loans | 776,738 | 100.00 | % | 672,158 | 100.00 | % | 767,225 | 100.00 | % | |||||||||||||||
| Less: | ||||||||||||||||||||||||
| Allowance for loan losses | 13,107 | 8,728 | 10,687 | |||||||||||||||||||||
| Loans receivable, net | $ | 763,631 | $ | 663,430 | $ | 756,538 | ||||||||||||||||||
Riverview Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15, 2008
Page 7
| COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON LOAN PURPOSE | ||||||||||||||||||
| Other | Commercial | |||||||||||||||||
| Real Estate | Real Estate | & Construction | ||||||||||||||||
| Commercial | Mortgage | Construction | Total | |||||||||||||||
| June 30, 2008 | (Dollars in thousands) | |||||||||||||||||
| Commercial | $ | 110,620 | $ | - | $ | - | $ | 110,620 | ||||||||||
| Commercial construction | - | - | 54,821 | 54,821 | ||||||||||||||
| Office buildings | - | 85,386 | - | 85,386 | ||||||||||||||
| Warehouse/industrial | - | 44,270 | - | 44,270 | ||||||||||||||
| Retail/shopping centers/strip malls | - | 78,042 | - | 78,042 | ||||||||||||||
| Assisted living facilities | - | 30,651 | - | 30,651 | ||||||||||||||
| Single purpose facilities | - | 73,478 | - | 73,478 | ||||||||||||||
| Land | - | 102,509 | - | 102,509 | ||||||||||||||
| Multi-family | - | 24,574 | - | 24,574 | ||||||||||||||
| One-to-four family | - | - | 87,385 | 87,385 | ||||||||||||||
| Total | $ | 110,620 | $ | 438,910 | $ | 142,206 | $ | 691,736 | ||||||||||
| 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 the year | ||||||||||||||||||
| At the three months ended June 30, | ended March 31, | |||||||||||||||||
2008 | 2007 | 2008 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| DEPOSIT DATA | ||||||||||||||||||
| Interest checking | $ | 94,536 | 15.02 | % | $ | 161,299 | 23.30 | % | $ 102,489 | 15.37% | ||||||||
| Regular savings | 26,822 | 4.26 | % | 27,849 | 4.02 | % | 27,401 | 4.11% | ||||||||||
| Money market deposit accounts | 175,364 | 27.86 | % | 240,251 | 34.71 | % | 189,309 | 28.38% | ||||||||||
| Non-interest checking | 77,721 | 12.35 | % | 81,512 | 11.78 | % | 82,121 | 12.31% | ||||||||||
| Certificates of deposit | 254,964 | 40.51 | % | 181,257 | 26.19 | % | 265,680 | 39.83% | ||||||||||
| Total deposits | $ | 629,407 | 100.00 | % | $ | 692,168 | 100.00 | % | $ 667,000 | 100.00% | ||||||||
Riverview Bancorp, Inc. First Quarter Fiscal 2009 Earnings
July 15, 2008
Page 8
| At or for the three | At or for the year | ||
| months ended June 30, | ended March 31, | ||
| SELECTED OPERATING DATA | 2008 | 2007 | 2008 |
| (Dollars in thousands, except share data) | |||
| Efficiency ratio (4) | 63.20% | 60.93% | 63.40% |
| Efficiency ratio net of intangible amortization | 62.62% | 60.34% | 62.78% |
| Coverage ratio (6) | 125.50% | 130.19% | 125.77% |
| Coverage ratio net of intangible amortization | 126.16% | 131.00% | 126.47% |
| Return on average assets (1) | 0.36% | 1.39% | 1.04% |
| Return on average equity (1) | 3.35% | 11.16% | 8.92% |
| Average rate earned on interest-earned assets | 6.81% | 8.44% | 8.09% |
| Average rate paid on interest-bearing liabilities | 2.99% | 4.26% | 4.00% |
| Spread (7) | 3.82% | 4.18% | 4.09% |
| Net interest margin | 4.20% | 4.83% | 4.66% |
| PER SHARE DATA | |||
| Basic earnings per share (2) | $ 0.07 | $ 0.25 | $ 0.79 |
| Diluted earnings per share (3) | 0.07 | 0.25 | 0.79 |
| Book value per share (5) | 8.43 | 8.62 | 8.48 |
| Tangible book value per share (5) | 6.01 | 6.32 | 6.06 |
| Market price per share: | |||
| High for the period | $ 9.790 | $ 16.280 | $ 16.280 |
| Low for the period | 7.420 | 13.690 | 9.930 |
| Close for period end | 7.420 | 13.690 | 9.980 |
| Cash dividends declared per share | 0.090 | 0.110 | 0.420 |
| Average number of shares outstanding: | |||
| Basic (2) | 10,677,999 | 11,391,825 | 10,915,271 |
| Diluted (3) | 10,698,292 | 11,527,586 | 11,006,673 |
| (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. |
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