Exhibit 99.1
Contacts: Pat Sheaffer or Kevin Lycklama
Riverview Bancorp, Inc. 360-693-6650
Riverview Bancorp Earnings Increase to $3.1 Million in Second Fiscal Quarter 2018;
Results Highlighted by Strong Net Interest Income and Improved Operating Efficiencies
Vancouver, WA – October 26, 2017 - Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) ("Riverview" or the "Company") today reported net income increased to $3.1 million, or $0.14 per diluted share, in the second fiscal quarter ended September 30, 2017, compared to $2.7 million, or $0.12 per diluted share, in the preceding quarter and $1.7 million, or $0.07 per diluted share, in the second fiscal quarter ended September 30, 2016.
In the first six months of fiscal year 2018, Riverview's earnings increased to $5.7 million, or $0.25 per diluted share, compared to $3.4 million, or $0.15 per diluted share, in the first six months of fiscal year 2017.
"Solid revenue growth combined with improving operating efficiencies contributed to a profitable second quarter," stated Pat Sheaffer, chairman and chief executive officer. "We are proud of our entire team for their hard work and dedication to growing the Company. Without their efforts none of this would be possible. This positions us well for continued growth in the Portland-Vancouver market over the next fiscal year."
Second Quarter Highlights (at or for the period ended September 30, 2017)
| · | Net income grew to $3.1 million, or $0.14 per diluted share. |
| · | Net interest margin (NIM) expanded by 33 basis points to 4.03% compared to the second quarter a year ago. |
| · | Total loans were $783.7 million at September 30, 2017. |
| · | Non-performing assets were 0.27% of total assets. |
| · | Tangible book value per share improved to $3.93. |
| · | Total risk-based capital ratio was 15.07% and Tier 1 leverage ratio was 9.75%. |
| · | Efficiency ratio improved to 65.2%. |
| · | Declared quarterly cash dividend of $0.0225 per share, generating a current dividend yield of 1.07%. |
Income Statement
Riverview's net interest income increased $2.6 million, or 33%, to $10.7 million for the second fiscal quarter of 2018 compared to $8.1 million in the second fiscal quarter a year ago, and increased $292,000, or 3%, compared to $10.4 million in the preceding quarter. The increase in net interest income was primarily due to a rise in interest and fees on loans as a result of the average balance growth of our outstanding loans and an increase in our loan yield. In the first six months of fiscal 2018, net interest income increased $5.3 million to $21.2 million compared to $15.9 million in the first six months of fiscal 2017.
"Our net interest margin compressed six basis points in the second quarter of fiscal 2018 compared to the prior linked quarter, reflecting our higher balance of cash and liquid assets," said Kevin Lycklama, executive vice president and chief operating officer. "The prior linked quarter also included the collection of $104,000 of nonaccrual interest income which contributed four basis points to our prior quarter's NIM." The interest accretion on purchased loans totaled $273,000 and resulted in an 10 basis point increase in our NIM during the second fiscal quarter. Year-to-date, the NIM increased 34 basis points to 4.06% compared to 3.72% in the first six months of fiscal 2017.
Non-interest income was $2.7 million in the second fiscal quarter, which was the same as in the preceding quarter. Non-interest income increased $132,000 compared to $2.6 million in the second quarter a year ago. In the first six months of fiscal 2018, non-interest income increased to $5.5 million compared to $5.1 million in the first six months of fiscal 2017. The year over year increase was primarily due to continued organic growth as well as an increase in fees and service
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charges and asset management fees. The increase in fees and service charges was primarily due to the collection of $113,000 in loan prepayment penalties and an increase of $128,000 in debit interchange income. Other non-interest income decreased during the three and six months ended September 30, 2017 compared to the same prior year period due to $407,000 of income from a BOLI claim which was offset by a $132,000 impairment charge on an investment security during the prior year period.
Asset management fees were $818,000 in the second fiscal quarter of 2018 compared to $853,000 in the preceding quarter and $727,000 in the same quarter a year ago. Riverview Trust Company's ("RTC") assets under management increased to $461.2 million at September 30, 2017 compared to $440.5 million three months earlier and $401.2 million a year earlier. During the fourth quarter of fiscal 2017, RTC opened a second office in the Portland suburb of Lake Oswego, expanding its footprint and product offerings in the Portland market.
Non-interest expense decreased $415,000 to $8.8 million during the second fiscal quarter of 2018 compared to $9.2 million in the preceding quarter and increased $362,000 from $8.4 million for the same prior year period. The efficiency ratio improved to 65.2% for the quarter ended September 30, 2017 compared to 69.7% in the preceding quarter. Second quarter fiscal 2018 operating expenses included $177,000 in transaction-related expenses in connection with the MBank purchase compared to $429,000 in the preceding quarter. "We have continued to see improvements in our profitability and performance ratios as we realize the expected cost savings and operating efficiencies from this transaction," said Lycklama.
Balance Sheet Review
With several large loan payoffs during the quarter, total loans decreased $13.8 million during the quarter to $783.7 million at September 30, 2017 compared to $797.5 million at June 30, 2017. Undisbursed construction loans totaled $64.1 million at September 30, 2017, with the majority of the undisbursed construction loans expected to fund over the next several quarters. The commercial loan pipeline totaled $47.7 million at the end of the quarter.
Total deposits increased $16.8 million to $990.3 million at September 30, 2017 compared to $973.5 million at June 30, 2017. Checking account balances accounted for $16.2 million of the gain and grew to 45.0% of total deposits compared to 44.2% a year ago.
Shareholders' equity was $116.7 million at September 30, 2017 compared to $113.9 million three months earlier and $111.0 million a year earlier. Tangible book value per share was $3.93 at September 30, 2017 compared to $3.80 at June 30, 2017, and $3.79 at September 30, 2016. A quarterly cash dividend of $0.0225 per share was paid on October 24, 2017.
Credit Quality
Riverview's classified assets totaled $7.1 million at September 30, 2017 compared to $8.8 million three months earlier. At September 30, 2017, the classified asset to total capital ratio was 6.0% compared to 7.5% three months earlier.
Non-performing loans were $2.7 million, or 0.35% of total loans, at September 30, 2017 compared to $2.8 million, or 0.35% of total loans, three months earlier. REO balances were $298,000 at September 30, 2017 unchanged compared to the preceding quarter.
The allowance for loan losses totaled $10.6 million, representing 1.35% of total loans at September 30, 2017 compared to 1.33% of total loans at June 30, 2017. Included in the carrying value of loans are net discounts on the MBank purchased loans which may reduce the need for an allowance for loan losses on these loans because they are carried at an amount below the outstanding principal balance. The remaining net discount on these purchased loans was $2.6 million at September 30, 2017 compared to $2.8 million in the prior quarter. Net loan recoveries were $20,000 during the second fiscal quarter of 2018 compared to $69,000 in the preceding quarter.
Capital
Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as "well capitalized" with a total risk-based capital ratio of 15.07%, Tier 1 leverage ratio of 9.75% and tangible common equity to tangible assets ratio of 7.90% at September 30, 2017.
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Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures. We believe that certain non-GAAP financial measures provide investors with information useful in understanding the Company's financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.
Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Riverview provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders' equity less goodwill and other intangible assets. In addition, tangible assets are total assets less goodwill and other intangible assets.
The following table provides a reconciliation of ending shareholders' equity (GAAP) to ending tangible shareholders' equity (non-GAAP), and ending total assets (GAAP) to ending tangible assets (non-GAAP).
| | | September 30, 2017 | | | June 30, 2017 | | | September 30, 2016 | | | March 31, 2017 | |
| | | | | | | | | | | | | |
| Shareholders' equity | | $ | 116,742 | | | $ | 113,917 | | | $ | 110,986 | | | $ | 111,264 | |
| Goodwill | | | 27,076 | | | | 27,076 | | | | 25,572 | | | | 27,076 | |
| Core deposit intangible, net | | | 1,219 | | | | 1,277 | | | | - | | | | 1,335 | |
| | | | | | | | | | | | | | | | | |
| Tangible shareholders' equity | | $ | 88,447 | | | $ | 85,564 | | | $ | 85,414 | | | $ | 82,853 | |
| | | | | | | | | | | | | | | | | |
| Total assets | | $ | 1,147,680 | | | $ | 1,125,161 | | | $ | 984,045 | | | $ | 1,133,939 | |
| Goodwill | | | 27,076 | | | | 27,076 | | | | 25,572 | | | | 27,076 | |
| Core deposit intangible, net | | | 1,219 | | | | 1,277 | | | | - | | | | 1,335 | |
| | | | | | | | | | | | | | | | | |
| Tangible assets | | $ | 1,119,385 | | | $ | 1,096,808 | | | $ | 958,473 | | | $ | 1,105,528 | |
About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $1.15 billion at September 30, 2017, it is the parent company of the 94-year-old Riverview Community Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 19 branches, including 14 in the Portland-Vancouver area and three lending centers. For the past 4 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal, The Columbian and The Gresham Outlook.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to: expected cost savings, synergies and other financial benefits from our pending purchase of certain assets and assumption of certain liabilities of MBank and Merchants Bancorp pursuant to the Purchase and Assumption Agreement (the "Agreement") with Merchants Bancorp and its wholly owned subsidiary MBank (the "transaction") might not be realized within the expected time frames or at all, and costs or difficulties relating to integration matters might be greater than expected; the requisite approval of Merchants Bancorp's shareholders and regulatory approvals for the transaction might not be obtained; the Company's ability to raise common capital; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company's allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in the Company's market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, the Company's net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company's market areas; secondary market conditions for loans and the Company's ability to sell loans in the secondary market; results of examinations of us by the Office of Comptroller of the Currency or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase the Company's reserve for loan losses, write-down assets, change Riverview Community Bank's regulatory capital position or affect the Company's ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative
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or regulatory changes that adversely affect the Company's business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company's ability to attract and retain deposits; further increases in premiums for deposit insurance; the Company's ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company's assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company's balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company's workforce and potential associated charges; computer systems on which the Company depends could fail or experience a security breach; the Company's ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company's ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may in the future acquire into its operations and the Company's ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company's ability to pay dividends on its common stock; and interest or principal payments on its junior subordinated debentures; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; other economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services and the other risks described from time to time in our filings with the SEC.
Such forward-looking statements may include projections. Any such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities Exchange Commission regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct.
The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2018 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company's operating and stock price performance.
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| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | | | | | | | | | | | | |
| Consolidated Balance Sheets | | | | | | | | | | | | |
| (In thousands, except share data) (Unaudited) | | September 30, 2017 | | | June 30, 2017 | | | September 30, 2016 | | | March 31, 2017 | |
| ASSETS | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Cash (including interest-earning accounts of $59,315, $14,919, | | $ | 76,245 | | | $ | 34,108 | | | $ | 93,007 | | | $ | 64,613 | |
| $77,509 and $46,245) | | | | | | | | | | | | | | | | |
| Certificate of deposits held for investment | | | 9,797 | | | | 11,042 | | | | 15,275 | | | | 11,042 | |
| Loans held for sale | | | 347 | | | | 768 | | | | 991 | | | | 478 | |
| Investment securities: | | | | | | | | | | | | | | | | |
| Available for sale, at estimated fair value | | | 200,584 | | | | 205,012 | | | | 152,251 | | | | 200,214 | |
| Held to maturity, at amortized cost | | | 46 | | | | 54 | | | | 69 | | | | 64 | |
| Loans receivable (net of allowance for loan losses of $10,617, | | | | | | | | | | | | | | | | |
| $10,597, $10,063, and $10,528) | | | 773,087 | | | | 786,913 | | | | 640,873 | | | | 768,904 | |
| Real estate owned | | | 298 | | | | 298 | | | | 539 | | | | 298 | |
| Prepaid expenses and other assets | | | 4,227 | | | | 3,901 | | | | 4,334 | | | | 3,815 | |
| Accrued interest receivable | | | 3,111 | | | | 3,086 | | | | 2,421 | | | | 2,941 | |
| Federal Home Loan Bank stock, at cost | | | 1,181 | | | | 1,181 | | | | 1,060 | | | | 1,181 | |
| Premises and equipment, net | | | 15,740 | | | | 16,041 | | | | 14,206 | | | | 16,232 | |
| Deferred income taxes, net | | | 6,167 | | | | 6,051 | | | | 7,816 | | | | 7,610 | |
| Mortgage servicing rights, net | | | 406 | | | | 408 | | | | 385 | | | | 398 | |
| Goodwill | | | 27,076 | | | | 27,076 | | | | 25,572 | | | | 27,076 | |
| Core deposit intangible, net | | | 1,219 | | | | 1,277 | | | | - | | | | 1,335 | |
| Bank owned life insurance | | | 28,149 | | | | 27,945 | | | | 25,246 | | | | 27,738 | |
| | | | | | | | | | | | | | | | | |
| TOTAL ASSETS | | $ | 1,147,680 | | | $ | 1,125,161 | | | $ | 984,045 | | | $ | 1,133,939 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | |
| Deposits | | $ | 990,299 | | | $ | 973,483 | | | $ | 838,902 | | | $ | 980,058 | |
| Accrued expenses and other liabilities | | | 10,838 | | | | 8,302 | | | | 8,175 | | | | 13,080 | |
| Advance payments by borrowers for taxes and insurance | | | 920 | | | | 596 | | | | 837 | | | | 693 | |
| Junior subordinated debentures | | | 26,438 | | | | 26,414 | | | | 22,681 | | | | 26,390 | |
| Capital lease obligation | | | 2,443 | | | | 2,449 | | | | 2,464 | | | | 2,454 | |
| Total liabilities | | | 1,030,938 | | | | 1,011,244 | | | | 873,059 | | | | 1,022,675 | |
| | | | | | | | | | | | | | | | | |
| SHAREHOLDERS' EQUITY: | | | | | | | | | | | | | | | | |
| Serial preferred stock, $.01 par value; 250,000 authorized, | | | | | | | | | | | | | | | | |
| issued and outstanding, none | | | - | | | | - | | | | - | | | | - | |
| Common stock, $.01 par value; 50,000,000 authorized, | | | | | | | | | | | | | | | | |
| September 30, 2017 - 22,533,912 issued and outstanding; | | | | | | | | | | | | | | | | |
| June 30, 2017 – 22,527,401 issued and outstanding; | | | 225 | | | | 225 | | | | 225 | | | | 225 | |
| September 30, 2016 - 22,507,890 issued and outstanding; | | | | | | | | | | | | | | | | |
| March 31, 2017 – 22,510,890 issued and outstanding; | | | | | | | | | | | | | | | | |
| Additional paid-in capital | | | 64,612 | | | | 64,556 | | | | 64,425 | | | | 64,468 | |
| Retained earnings | | | 53,034 | | | | 50,482 | | | | 45,207 | | | | 48,335 | |
| Unearned shares issued to employee stock ownership plan | | | (26 | ) | | | (52 | ) | | | (129 | ) | | | (77 | ) |
| Accumulated other comprehensive income (loss) | | | (1,103 | ) | | | (1,294 | ) | | | 1,258 | | | | (1,687 | ) |
| Total shareholders' equity | | | 116,742 | | | | 113,917 | | | | 110,986 | | | | 111,264 | |
| | | | | | | | | | | | | | | | | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | | $ | 1,147,680 | | | $ | 1,125,161 | | | $ | 984,045 | | | $ | 1,133,939 | |
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| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | | | | | | | | | | | | | | | |
| Consolidated Statements of Income | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| (In thousands, except share data) (Unaudited) | | Sept. 30, 2017 | | | June 30, 2017 | | | Sept. 30, 2016 | | | Sept. 30, 2017 | | | Sept. 30, 2016 | |
| INTEREST INCOME: | | | | | | | | | | | | | | | |
| Interest and fees on loans receivable | | $ | 9,994 | | | $ | 9,789 | | | $ | 7,631 | | | $ | 19,783 | | | $ | 15,071 | |
| Interest on investment securities - taxable | | | 1,079 | | | | 1,133 | | | | 769 | | | | 2,212 | | | | 1,489 | |
| Interest on investment securities - nontaxable | | | 14 | | | | 14 | | | | - | | | | 28 | | | | - | |
| Other interest and dividends | | | 228 | | | | 87 | | | | 130 | | | | 315 | | | | 232 | |
| Total interest and dividend income | | | 11,315 | | | | 11,023 | | | | 8,530 | | | | 22,338 | | | | 16,792 | |
| | | | | | | | | | | | | | | | | | | | | |
| INTEREST EXPENSE: | | | | | | | | | | | | | | | | | | | | |
| Interest on deposits | | | 313 | | | | 322 | | | | 279 | | | | 635 | | | | 560 | |
| Interest on borrowings | | | 277 | | | | 268 | | | | 163 | | | | 545 | | | | 321 | |
| Total interest expense | | | 590 | | | | 590 | | | | 442 | | | | 1,180 | | | | 881 | |
| Net interest income | | | 10,725 | | | | 10,433 | | | | 8,088 | | | | 21,158 | | | | 15,911 | |
| Provision for loan losses | | | - | | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | |
| Net interest income after provision for loan losses | | | 10,725 | | | | 10,433 | | | | 8,088 | | | | 21,158 | | | | 15,911 | |
| | | | | | | | | | | | | | | | | | | | | |
| NON-INTEREST INCOME: | | | | | | | | | | | | | | | | | | | | |
| Fees and service charges | | | 1,490 | | | | 1,407 | | | | 1,188 | | | | 2,897 | | | | 2,511 | |
| Asset management fees | | | 818 | | | | 853 | | | | 727 | | | | 1,671 | | | | 1,549 | |
| Net gain on sale of loans held for sale | | | 157 | | | | 225 | | | | 163 | | | | 382 | | | | 302 | |
| Bank owned life insurance income | | | 204 | | | | 207 | | | | 190 | | | | 411 | | | | 381 | |
| Other, net | | | 44 | | | | 46 | | | | 313 | | | | 90 | | | | 352 | |
| Total non-interest income | | | 2,713 | | | | 2,738 | | | | 2,581 | | | | 5,451 | | | | 5,095 | |
| | | | | | | | | | | | | | | | | | | | | |
| NON-INTEREST EXPENSE: | | | | | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 5,251 | | | | 5,422 | | | | 4,531 | | | | 10,673 | | | | 9,171 | |
| Occupancy and depreciation | | | 1,412 | | | | 1,346 | | | | 1,225 | | | | 2,758 | | | | 2,362 | |
| Data processing | | | 580 | | | | 616 | | | | 476 | | | | 1,196 | | | | 971 | |
| Amortization of core deposit intangible | | | 58 | | | | 58 | | | | - | | | | 116 | | | | - | |
| Advertising and marketing expense | | | 256 | | | | 234 | | | | 252 | | | | 490 | | | | 445 | |
| FDIC insurance premium | | | 136 | | | | 145 | | | | 74 | | | | 281 | | | | 196 | |
| State and local taxes | | | 177 | | | | 154 | | | | 146 | | | | 331 | | | | 285 | |
| Telecommunications | | | 103 | | | | 104 | | | | 76 | | | | 207 | | | | 149 | |
| Professional fees | | | 261 | | | | 415 | | | | 453 | | | | 676 | | | | 711 | |
| Real estate owned expenses | | | 3 | | | | 2 | | | | 35 | | | | 5 | | | | 50 | |
| Other | | | 522 | | | | 678 | | | | 1,129 | | | | 1,200 | | | | 1,872 | |
| Total non-interest expense | | | 8,759 | | | | 9,174 | | | | 8,397 | | | | 17,933 | | | | 16,212 | |
| | | | | | | | | | | | | | | | | | | | | |
| INCOME BEFORE INCOME TAXES | | | 4,679 | | | | 3,997 | | | | 2,272 | | | | 8,676 | | | | 4,794 | |
| PROVISION FOR INCOME TAXES | | | 1,620 | | | | 1,343 | | | | 592 | | | | 2,963 | | | | 1,417 | |
| NET INCOME | | $ | 3,059 | | | $ | 2,654 | | | $ | 1,680 | | | $ | 5,713 | | | $ | 3,377 | |
| | | | | | | | | | | | | | | | | | | | | |
| Earnings per common share: | | | | | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.14 | | | $ | 0.12 | | | $ | 0.07 | | | $ | 0.25 | | | $ | 0.15 | |
| Diluted | | $ | 0.14 | | | $ | 0.12 | | | $ | 0.07 | | | $ | 0.25 | | | $ | 0.15 | |
| Weighted average number of common shares outstanding: | | | | | | | | | | | | | | | | | | | | |
| Basic | | | 22,518,941 | | | | 22,504,852 | | | | 22,474,019 | | | | 22,511,935 | | | | 22,470,957 | |
| Diluted | | | 22,609,480 | | | | 22,589,440 | | | | 22,530,331 | | | | 22,599,851 | | | | 22,522,544 | |
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| | | | | | | | | | | | | | | | |
| (Dollars in thousands) | | At or for the three months ended | | | At or for the six months ended | |
| | | Sept. 30, 2017 | | | June 30, 2017 | | | Sept. 30, 2016 | | | Sept. 30, 2017 | | | Sept. 30, 2016 | |
AVERAGE BALANCES | | | | | | | | | | | | | | | |
| Average interest–earning assets | | $ | 1,056,818 | | | $ | 1,023,196 | | | $ | 867,797 | | | $ | 1,040,098 | | | $ | 853,691 | |
| Average interest-bearing liabilities | | | 749,172 | | | | 745,172 | | | | 632,445 | | | | 747,183 | | | | 629,053 | |
| Net average earning assets | | | 307,646 | | | | 278,024 | | | | 235,352 | | | | 292,915 | | | | 224,638 | |
| Average loans | | | 783,213 | | | | 786,317 | | | | 645,479 | | | | 784,756 | | | | 639,258 | |
| Average deposits | | | 992,111 | | | | 961,421 | | | | 809,384 | | | | 976,850 | | | | 796,178 | |
| Average equity | | | 116,675 | | | | 113,661 | | | | 111,516 | | | | 115,176 | | | | 110,667 | |
| Average tangible equity (non-GAAP) | | | 88,351 | | | | 85,278 | | | | 85,944 | | | | 86,822 | | | | 85,095 | |
