•
|
Net income was $2.5 million, or $0.12 per diluted share.
|
•
|
Net interest income was $9.9 million for the quarter, compared to $10.4 million in the preceding quarter and $13.4 million in the second fiscal quarter a year ago.
|
•
|
Net interest margin ("NIM") was 2.63% for the quarter, compared to 2.79% in the preceding quarter and 3.30% for the year ago quarter.
|
•
|
Return on average assets was 0.62% and return on average equity was 6.33%.
|
•
|
Asset quality remained strong, with non-performing assets excluding government guaranteed loans (non-GAAP) at $198,000, or 0.01% of total assets at September 30, 2023.
|
•
|
Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or during the year ago quarter.
|
•
|
The allowance for credit losses was $15.3 million, or 1.51% of total loans.
|
•
|
Total loans were $1.02 billion at September 30, 2023, compared to $1.00 billion three months earlier and $1.01 billion one year earlier.
|
•
|
Total deposits were $1.24 billion, which was unchanged compared to three months earlier.
|
•
|
Riverview has approximately $206.5 million in available liquidity at September 30, 2023, including $152.1 million of borrowing capacity from Federal Home Loan Bank of Des Moines ("FHLB") and $54.4 million from the Federal Reserve Bank of San Francisco ("FRB"). Riverview has access to but has yet to utilize the Federal Reserve Bank's Bank Term Funding Program ("BTFP"). At September 30, 2023, the Bank had $143.2 million in outstanding FHLB borrowings.
|
•
|
The uninsured deposit ratio was 27.2% at September 30, 2023.
|
•
|
Total risk-based capital ratio was 16.91% and Tier 1 leverage ratio was 10.74%.
|
•
|
Paid a quarterly cash dividend during the quarter of $0.06 per share.
|
Tangible shareholders' equity to tangible assets and tangible book value per share: | ||||||||||||||||
(Dollars in thousands)
|
September 30, 2023
|
June 30, 2023
|
September 30, 2022
|
March 31, 2023
| ||||||||||||
Shareholders' equity (GAAP)
|
$
|
152,039
|
$
|
154,066
|
$
|
147,162
|
$
|
155,239
| ||||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
| ||||||||
Exclude: Core deposit intangible, net
|
(325
|
)
|
(352
|
)
|
(437
|
)
|
(379
|
)
| ||||||||
Tangible shareholders' equity (non-GAAP)
|
$
|
124,638
|
$
|
126,638
|
$
|
119,649
|
$
|
127,784
| ||||||||
Total assets (GAAP)
|
$
|
1,583,733
|
$
|
1,582,817
|
$
|
1,684,898
|
$
|
1,589,712
| ||||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
| ||||||||
Exclude: Core deposit intangible, net
|
(325
|
)
|
(352
|
)
|
(437
|
)
|
(379
|
)
| ||||||||
Tangible assets (non-GAAP)
|
$
|
1,556,332
|
$
|
1,555,389
|
$
|
1,657,385
|
$
|
1,562,257
| ||||||||
Shareholders' equity to total assets (GAAP)
|
9.60
|
%
|
9.73
|
%
|
8.73
|
%
|
9.77
|
%
| ||||||||
Tangible common equity to tangible assets (non-GAAP)
|
8.01
|
%
|
8.14
|
%
|
7.22
|
%
|
8.18
|
%
| ||||||||
Shares outstanding
|
21,125,889
|
21,115,919
|
21,507,132
|
22,221,960
| ||||||||||||
Book value per share (GAAP)
|
$
|
7.20
|
$
|
7.30
|
$
|
6.84
|
$
|
7.32
| ||||||||
Tangible book value per share (non-GAAP)
|
$
|
5.90
|
$
|
6.00
|
$
|
5.56
|
$
|
6.02
|
Pre-tax, pre-provision income | ||||||||||||||||||||
Three Months Ended
|
Six Months Ended
| |||||||||||||||||||
(Dollars in thousands)
|
September 30, 2023
|
June 30, 2023
|
September 30, 2022
|
September 30, 2023
|
September 30, 2022
| |||||||||||||||
Net income (GAAP)
|
$
|
2,472
|
$
|
2,843
|
$
|
5,194
|
$
|
5,315
|
$
|
9,846
| ||||||||||
Include: Provision for income taxes
|
697
|
823
|
1,567
|
1,520
|
2,933
| |||||||||||||||
Include: Provision for credit losses
|
-
|
-
|
-
|
-
|
-
| |||||||||||||||
Pre-tax, pre-provision income (non-GAAP)
|
$
|
3,169
|
$
|
3,666
|
$
|
6,761
|
$
|
6,835
|
$
|
12,779
|
Allowance for credit losses reconciliation, excluding Government Guaranteed loans | ||||||||||||||||
(Dollars in thousands)
|
September 30, 2023
|
June 30, 2023
|
September 30, 2022
|
March 31, 2023
| ||||||||||||
Allowance for credit losses
|
$
|
15,346
|
$
|
15,343
|
$
|
14,552
|
$
|
15,309
| ||||||||
Loans receivable (GAAP)
|
$
|
1,015,625
|
$
|
1,004,407
|
$
|
1,011,008
|
$
|
1,008,856
| ||||||||
Exclude: Government Guaranteed loans
|
(53,572
|
)
|
(54,963
|
)
|
(59,009
|
)
|
(55,488
|
)
| ||||||||
Loans receivable excluding Government Guaranteed loans (non-GAAP) |
$
|
962,053
|
$
|
949,444
|
$
|
951,999
|
$
|
953,368
| ||||||||
Allowance for credit losses to loans receivable (GAAP)
|
1.51
|
%
|
1.53
|
%
|
1.44
|
%
|
1.52
|
%
| ||||||||
Allowance for credit losses to loans receivable excluding
Government Guaranteed loans (non-GAAP)
|
1.60
|
%
|
1.62
|
%
|
1.53
|
%
|
1.61
|
%
|
Non-performing loans reconciliation, excluding Government Guaranteed Loans | ||||||||||||
Three Months Ended
| ||||||||||||
(Dollars in thousands)
|
September 30, 2023
|
June 30, 2023
|
September 30, 2022
| |||||||||
Non-performing loans (GAAP)
|
$
|
198
|
$
|
1,025
|
$
|
20,979
| ||||||
Less: Non-performing Government Guaranteed loans
|
-
|
(815
|
)
|
(20,731
|
)
| |||||||
Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP)
|
$
|
198
|
$
|
210
|
$
|
248
| ||||||
Non-performing loans to total loans (GAAP)
|
0.02
|
%
|
0.10
|
%
|
2.08
|
%
| ||||||
Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
| ||||||
Non-performing loans to total assets (GAAP)
|
0.01
|
%
|
0.06
|
%
|
1.25
|
%
| ||||||
Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP)
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
| ||||||||||||||||
Consolidated Balance Sheets
| ||||||||||||||||
(In thousands, except share data) (Unaudited)
|
September 30, 2023
|
June 30, 2023
|
September 30, 2022
|
March 31, 2023
| ||||||||||||
ASSETS
| ||||||||||||||||
Cash (including interest-earning accounts of $18,147, $15,771,
|
$
|
30,853
|
$
|
29,947
|
$
|
114,183
|
$
|
22,044
| ||||||||
$89,957 and $10,397)
| ||||||||||||||||
Certificate of deposits held for investment
|
-
|
-
|
249
|
249
| ||||||||||||
Investment securities:
| ||||||||||||||||
Available for sale, at estimated fair value
|
193,984
|
204,319
|
213,708
|
211,499
| ||||||||||||
Held to maturity, at amortized cost
|
236,018
|
239,853
|
251,016
|
243,843
| ||||||||||||
Loans receivable (net of allowance for credit losses of $15,346,
| ||||||||||||||||
$15,343, $14,552, and $15,309)
|
1,000,279
|
989,064
|
996,456
|
993,547
| ||||||||||||
Prepaid expenses and other assets
|
14,481
|
14,147
|
12,892
|
15,950
| ||||||||||||
Accrued interest receivable
|
4,882
|
4,765
|
5,207
|
4,790
| ||||||||||||
Federal Home Loan Bank stock, at cost
|
7,643
|
7,360
|
2,019
|
6,867
| ||||||||||||
Premises and equipment, net
|
22,707
|
21,692
|
17,494
|
20,119
| ||||||||||||
Financing lease right-of-use assets
|
1,240
|
1,259
|
1,317
|
1,278
| ||||||||||||
Deferred income taxes, net
|
12,002
|
10,998
|
11,448
|
10,286
| ||||||||||||
Goodwill
|
27,076
|
27,076
|
27,076
|
27,076
| ||||||||||||
Core deposit intangible, net
|
325
|
352
|
437
|
379
| ||||||||||||
Bank owned life insurance
|
32,243
|
31,985
|
31,396
|
31,785
| ||||||||||||
TOTAL ASSETS
|
$
|
1,583,733
|
$
|
1,582,817
|
$
|
1,684,898
|
$
|
1,589,712
| ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||||||||||
LIABILITIES:
| ||||||||||||||||
Deposits
|
$
|
1,239,766
|
$
|
1,243,322
|
$
|
1,489,352
|
$
|
1,265,217
| ||||||||
Accrued expenses and other liabilities
|
18,735
|
19,631
|
18,327
|
15,730
| ||||||||||||
Advance payments by borrowers for taxes and insurance
|
878
|
574
|
925
|
625
| ||||||||||||
Junior subordinated debentures
|
26,961
|
26,940
|
26,875
|
26,918
| ||||||||||||
Federal Home Loan Bank advances
|
143,154
|
136,069
|
-
|
123,754
| ||||||||||||
Finance lease liability
|
2,200
|
2,215
|
2,257
|
2,229
| ||||||||||||
Total liabilities
|
1,431,694
|
1,428,751
|
1,537,736
|
1,434,473
| ||||||||||||
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, 2023 - 21,125,889 issued and outstanding;
| ||||||||||||||||
June 30, 2023 - 21,115,919 issued and outstanding;
|
211
|
211
|
214
|
212
| ||||||||||||
September 30, 2022 - 21,507,132 issued and outstanding;
| ||||||||||||||||
March 31, 2023 - 21,221,960 issued and outstanding;
| ||||||||||||||||
Additional paid-in capital
|
54,963
|
55,016
|
57,233
|
55,511
| ||||||||||||
Retained earnings
|
120,556
|
119,351
|
112,167
|
117,826
| ||||||||||||
Accumulated other comprehensive loss
|
(23,691
|
)
|
(20,512
|
)
|
(22,452
|
)
|
(18,310
|
)
| ||||||||
Total shareholders' equity
|
152,039
|
154,066
|
147,162
|
155,239
| ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,583,733
|
$
|
1,582,817
|
$
|
1,684,898
|
$
|
1,589,712
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
| ||||||||||||||||||||
Consolidated Statements of Income
| ||||||||||||||||||||
Three Months Ended
|
Six Months Ended
| |||||||||||||||||||
(In thousands, except share data) (Unaudited)
|
Sept. 30, 2023
|
June 30, 2023
|
Sept. 30, 2022
|
Sept. 30, 2023
|
Sept. 30, 2022
| |||||||||||||||
INTEREST INCOME:
| ||||||||||||||||||||
Interest and fees on loans receivable
|
$
|
11,433
|
$
|
11,210
|
$
|
11,068
|
$
|
22,643
|
$
|
21,965
| ||||||||||
Interest on investment securities - taxable
|
2,261
|
2,334
|
2,172
|
4,595
|
4,006
| |||||||||||||||
Interest on investment securities - nontaxable
|
65
|
66
|
65
|
131
|
131
| |||||||||||||||
Other interest and dividends
|
276
|
347
|
783
|
623
|
1,180
| |||||||||||||||
Total interest and dividend income
|
14,035
|
13,957
|
14,088
|
27,992
|
27,282
| |||||||||||||||
INTEREST EXPENSE:
| ||||||||||||||||||||
Interest on deposits
|
1,832
|
1,373
|
327
|
3,205
|
608
| |||||||||||||||
Interest on borrowings
|
2,352
|
2,225
|
330
|
4,577
|
582
| |||||||||||||||
Total interest expense
|
4,184
|
3,598
|
657
|
7,782
|
1,190
| |||||||||||||||
Net interest income
|
9,851
|
10,359
|
13,431
|
20,210
|
26,092
| |||||||||||||||
Provision for credit losses
|
-
|
-
|
-
|
-
|
-
| |||||||||||||||
Net interest income after provision for credit losses
|
9,851
|
10,359
|
13,431
|
20,210
|
26,092
| |||||||||||||||
NON-INTEREST INCOME:
| ||||||||||||||||||||
Fees and service charges
|
1,738
|
1,600
|
1,680
|
3,338
|
3,401
| |||||||||||||||
Asset management fees
|
1,273
|
1,381
|
1,162
|
2,654
|
2,322
| |||||||||||||||
Bank owned life insurance ("BOLI")
|
258
|
200
|
242
|
458
|
432
| |||||||||||||||
Other, net
|
138
|
104
|
50
|
242
|
105
| |||||||||||||||
Total non-interest income, net
|
3,407
|
3,285
|
3,134
|
6,692
|
6,260
| |||||||||||||||
NON-INTEREST EXPENSE:
| ||||||||||||||||||||
Salaries and employee benefits
|
5,845
|
6,043
|
5,885
|
11,888
|
11,837
| |||||||||||||||
Occupancy and depreciation
|
1,649
|
1,583
|
1,550
|
3,232
|
3,064
| |||||||||||||||
Data processing
|
710
|
674
|
701
|
1,384
|
1,479
| |||||||||||||||
Amortization of core deposit intangible
|
27
|
27
|
29
|
54
|
58
| |||||||||||||||
Advertising and marketing
|
355
|
313
|
295
|
668
|
492
| |||||||||||||||
FDIC insurance premium
|
175
|
177
|
119
|
352
|
235
| |||||||||||||||
State and local taxes
|
233
|
226
|
218
|
459
|
409
| |||||||||||||||
Telecommunications
|
52
|
53
|
55
|
105
|
105
| |||||||||||||||
Professional fees
|
265
|
343
|
280
|
608
|
581
| |||||||||||||||
Other
|
778
|
539
|
672
|
1,317
|
1,313
| |||||||||||||||
Total non-interest expense
|
10,089
|
9,978
|
9,804
|
20,067
|
19,573
| |||||||||||||||
INCOME BEFORE INCOME TAXES
|
3,169
|
3,666
|
6,761
|
6,835
|
12,779
| |||||||||||||||
PROVISION FOR INCOME TAXES
|
697
|
823
|
1,567
|
1,520
|
2,933
| |||||||||||||||
NET INCOME
|
$
|
2,472
|
$
|
2,843
|
$
|
5,194
|
$
|
5,315
|
$
|
9,846
| ||||||||||
Earnings per common share:
| ||||||||||||||||||||
Basic
|
$
|
0.12
|
$
|
0.13
|
$
|
0.24
|
$
|
0.25
|
$
|
0.45
| ||||||||||
Diluted
|
$
|
0.12
|
$
|
0.13
|
$
|
0.24
|
$
|
0.25
|
$
|
0.45
| ||||||||||
Weighted average number of common shares outstanding:
| ||||||||||||||||||||
Basic
|
21,190,987
|
21,136,097
|
21,624,469
|
21,163,692
|
21,825,070
| |||||||||||||||
Diluted
|
21,191,309
|
21,141,184
|
21,633,886
|
21,166,383
|
21,834,501
|
(Dollars in thousands)
|
At or for the three months ended
|
At or for the six months ended
| ||||||||||||||||||
Sept. 30, 2023
|
June 30, 2023
|
Sept. 30, 2022
|
Sept. 30, 2023
|
Sept. 30, 2022
| ||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Average interest-earning assets
|
$
|
1,492,805
|
$
|
1,496,201
|
$
|
1,616,711
|
$
|
1,494,494
|
$
|
1,625,791
| ||||||||||
Average interest-bearing liabilities
|
1,022,044
|
1,013,649
|
1,029,183
|
1,017,870
|
1,042,919
| |||||||||||||||
Net average earning assets
|
470,761
|
482,552
|
587,528
|
476,624
|
582,872
| |||||||||||||||
Average loans
|
1,008,363
|
1,001,103
|
1,002,925
|
1,004,753
|
999,017
| |||||||||||||||
Average deposits
|
1,245,382
|
1,250,358
|
1,501,534
|
1,247,855
|
1,510,199
| |||||||||||||||
Average equity
|
155,443
|
156,460
|
155,123
|
155,949
|
155,876
| |||||||||||||||
Average tangible equity (non-GAAP)
|
128,026
|
129,015
|
127,597
|
128,518
|
128,335
|
ASSET QUALITY |
Sept. 30, 2023
|
June 30, 2023
|
Sept. 30, 2022
| |||||||||
Non-performing loans
|
$
|
198
|
$
|
1,025
|
$
|
20,979
| ||||||
Non-performing loans excluding SBA Government Guarantee (non-GAAP)
|
198
|
210
|
248
| |||||||||
Non-performing loans to total loans
|
0.02
|
%
|
0.10
|
%
|
2.08
|
%
| ||||||
Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
| ||||||
Real estate/repossessed assets owned
|
$
|
-
|
$
|
-
|
$
|
-
| ||||||
Non-performing assets
|
$
|
198
|
$
|
1,025
|
$
|
20,979
| ||||||
Non-performing assets excluding SBA Government Guarantee (non-GAAP)
|
198
|
210
|
248
| |||||||||
Non-performing assets to total assets
|
0.01
|
%
|
0.06
|
%
|
1.25
|
%
| ||||||
Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
| ||||||
Net loan charge-offs (recoveries) in the quarter
|
$
|
(3
|
)
|
$
|
8
|
$
|
7
| |||||
Net charge-offs (recoveries) in the quarter/average net loans
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
| ||||||
Allowance for credit losses
|
$
|
15,346
|
$
|
15,343
|
$
|
14,552
| ||||||
Average interest-earning assets to average
| ||||||||||||
interest-bearing liabilities
|
146.06
|
%
|
147.61
|
%
|
157.09
|
%
| ||||||
Allowance for credit losses to
| ||||||||||||
non-performing loans
|
7750.51
|
%
|
1496.88
|
%
|
69.36
|
%
| ||||||
Allowance for credit losses to total loans
|
1.51
|
%
|
1.53
|
%
|
1.44
|
%
| ||||||
Shareholders' equity to assets
|
9.60
|
%
|
9.73
|
%
|
8.73
|
%
| ||||||
CAPITAL RATIOS | ||||||||||||
Total capital (to risk weighted assets)
|
16.91
|
%
|
16.82
|
%
|
16.48
|
%
| ||||||
Tier 1 capital (to risk weighted assets)
|
15.66
|
%
|
15.56
|
%
|
15.23
|
%
| ||||||
Common equity tier 1 (to risk weighted assets)
|
15.66
|
%
|
15.56
|
%
|
15.23
|
%
| ||||||
Tier 1 capital (to average tangible assets)
|
10.74
|
%
|
10.54
|
%
|
9.57
|
%
| ||||||
Tangible common equity (to average tangible assets) (non-GAAP)
|
8.01
|
%
|
8.14
|
%
|
7.22
|
%
|
DEPOSIT MIX |
Sept. 30, 2023
|
June 30, 2023
|
Sept. 30, 2022
|
March 31, 2023
| ||||||||||||
Interest checking
|
$
|
237,789
|
$
|
240,942
|
$
|
291,758
|
$
|
254,522
| ||||||||
Regular savings
|
222,578
|
231,838
|
318,573
|
255,147
| ||||||||||||
Money market deposit accounts
|
249,580
|
242,558
|
279,403
|
221,778
| ||||||||||||
Non-interest checking
|
375,780
|
381,834
|
502,767
|
404,937
| ||||||||||||
Certificates of deposit
|
154,039
|
146,150
|
96,851
|
128,833
| ||||||||||||
Total deposits
|
$
|
1,239,766
|
$
|
1,243,322
|
$
|
1,489,352
|
$
|
1,265,217
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS | ||||||||||||||||
Other
|
Commercial
| |||||||||||||||
Commercial
|
Real Estate
|
Real Estate
|
& Construction
| |||||||||||||
Business
|
Mortgage
|
Construction
|
Total
| |||||||||||||
September 30, 2023 |
(Dollars in thousands)
| |||||||||||||||
Commercial business
|
$
|
242,041
|
$
|
-
|
$
|
-
|
$
|
242,041
| ||||||||
Commercial construction
|
-
|
-
|
37,692
|
37,692
| ||||||||||||
Office buildings
|
-
|
116,664
|
-
|
116,664
| ||||||||||||
Warehouse/industrial
|
-
|
108,066
|
-
|
108,066
| ||||||||||||
Retail/shopping centers/strip malls
|
-
|
81,866
|
-
|
81,866
| ||||||||||||
Assisted living facilities
|
-
|
387
|
-
|
387
| ||||||||||||
Single purpose facilities
|
-
|
254,394
|
-
|
254,394
| ||||||||||||
Land
|
-
|
6,558
|
-
|
6,558
| ||||||||||||
Multi-family
|
-
|
56,671
|
-
|
56,671
| ||||||||||||
One-to-four family construction
|
-
|
-
|
13,093
|
13,093
| ||||||||||||
Total
|
$
|
242,041
|
$
|
624,606
|
$
|
50,785
|
$
|
917,432
| ||||||||
March 31, 2023 | ||||||||||||||||
Commercial business
|
$
|
232,868
|
$
|
-
|
$
|
-
|
$
|
232,868
| ||||||||
Commercial construction
|
-
|
-
|
29,565
|
29,565
| ||||||||||||
Office buildings
|
-
|
117,045
|
-
|
117,045
| ||||||||||||
Warehouse/industrial
|
-
|
106,693
|
-
|
106,693
| ||||||||||||
Retail/shopping centers/strip malls
|
-
|
82,700
|
-
|
82,700
| ||||||||||||
Assisted living facilities
|
-
|
396
|
-
|
396
| ||||||||||||
Single purpose facilities
|
-
|
257,662
|
-
|
257,662
| ||||||||||||
Land
|
-
|
6,437
|
-
|
6,437
| ||||||||||||
Multi-family
|
-
|
55,836
|
-
|
55,836
| ||||||||||||
One-to-four family construction
|
-
|
-
|
18,197
|
18,197
| ||||||||||||
Total
|
$
|
232,868
|
$
|
626,769
|
$
|
47,762
|
$
|
907,399
|
LOAN MIX |
Sept. 30, 2023
|
June 30, 2023
|
Sept. 30, 2022
|
March 31, 2023
| ||||||||||||
Commercial and construction
|
(Dollars in thousands)
| |||||||||||||||
Commercial business
|
$
|
242,041
|
$
|
244,725
|
$
|
236,317
|
$
|
232,868
| ||||||||
Other real estate mortgage
|
624,606
|
617,346
|
631,156
|
626,769
| ||||||||||||
Real estate construction
|
50,785
|
43,940
|
37,758
|
47,762
| ||||||||||||
Total commercial and construction
|
917,432
|
906,011
|
905,231
|
907,399
| ||||||||||||
Consumer
| ||||||||||||||||
Real estate one-to-four family
|
96,351
|
96,607
|
104,163
|
99,673
| ||||||||||||
Other installment
|
1,842
|
1,789
|
1,614
|
1,784
| ||||||||||||
Total consumer
|
98,193
|
98,396
|
105,777
|
101,457
| ||||||||||||
Total loans
|
1,015,625
|
1,004,407
|
1,011,008
|
1,008,856
| ||||||||||||
Less:
| ||||||||||||||||
Allowance for credit losses
|
15,346
|
15,343
|
14,552
|
15,309
| ||||||||||||
Loans receivable, net
|
$
|
1,000,279
|
$
|
989,064
|
$
|
996,456
|
$
|
993,547
|
DETAIL OF NON-PERFORMING ASSETS | ||||||||
Southwest
| ||||||||
Washington
|
Total
| |||||||
September 30, 2023
|
(Dollars in thousands)
| |||||||
Commercial business
|
$
|
69
|
$
|
69
| ||||
Commercial real estate
|
90
|
90
| ||||||
Consumer
|
39
|
39
| ||||||
Total non-performing assets
|
$
|
198
|
$
|
198
|
At or for the three months ended
|
At or for the six months ended
| |||||||||||||||||||
SELECTED OPERATING DATA |
Sept. 30, 2023
|
June 30, 2023
|
Sept. 30, 2022
|
Sept. 30, 2023
|
Sept. 30, 2022
| |||||||||||||||
Efficiency ratio (4)
|
76.10
|
%
|
73.13
|
%
|
59.19
|
%
|
74.59
|
%
|
60.50
|
%
| ||||||||||
Coverage ratio (6)
|
97.64
|
%
|
103.82
|
%
|
137.00
|
%
|
100.71
|
%
|
133.31
|
%
| ||||||||||
Return on average assets (1)
|
0.62
|
%
|
0.72
|
%
|
1.21
|
%
|
0.67
|
%
|
1.15
|
%
| ||||||||||
Return on average equity (1)
|
6.33
|
%
|
7.31
|
%
|
13.28
|
%
|
6.82
|
%
|
12.60
|
%
| ||||||||||
Return on average tangible equity (1) (non-GAAP)
|
7.68
|
%
|
8.86
|
%
|
16.15
|
%
|
8.27
|
%
|
15.30
|
%
| ||||||||||
NET INTEREST SPREAD | ||||||||||||||||||||
Yield on loans
|
4.51
|
%
|
4.50
|
%
|
4.38
|
%
|
4.51
|
%
|
4.39
|
%
| ||||||||||
Yield on investment securities
|
2.00
|
%
|
2.05
|
%
|
1.89
|
%
|
2.02
|
%
|
1.82
|
%
| ||||||||||
Total yield on interest-earning assets
|
3.75
|
%
|
3.76
|
%
|
3.46
|
%
|
3.75
|
%
|
3.35
|
%
| ||||||||||
Cost of interest-bearing deposits
|
0.85
|
%
|
0.65
|
%
|
0.13
|
%
|
0.75
|
%
|
0.12
|
%
| ||||||||||
Cost of FHLB advances and other borrowings
|
5.84
|
%
|
5.61
|
%
|
4.49
|
%
|
5.73
|
%
|
3.99
|
%
| ||||||||||
Total cost of interest-bearing liabilities
|
1.63
|
%
|
1.43
|
%
|
0.25
|
%
|
1.53
|
%
|
0.23
|
%
| ||||||||||
Spread (7)
|
2.12
|
%
|
2.33
|
%
|
3.21
|
%
|
2.22
|
%
|
3.12
|
%
| ||||||||||
Net interest margin
|
2.63
|
%
|
2.79
|
%
|
3.30
|
%
|
2.71
|
%
|
3.21
|
%
| ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic earnings per share (2)
|
$
|
0.12
|
$
|
0.13
|
$
|
0.24
|
$
|
0.25
|
$
|
0.45
| ||||||||||
Diluted earnings per share (3)
|
0.12
|
0.13
|
0.24
|
0.25
|
0.45
| |||||||||||||||
Book value per share (5)
|
7.20
|
7.30
|
6.84
|
7.20
|
6.84
| |||||||||||||||
Tangible book value per share (5) (non-GAAP)
|
5.90
|
6.00
|
5.56
|
5.90
|
5.56
| |||||||||||||||
Market price per share:
| ||||||||||||||||||||
High for the period
|
$
|
5.97
|
$
|
5.55
|
$
|
7.67
|
$
|
5.97
|
$
|
7.67
| ||||||||||
Low for the period
|
5.04
|
4.17
|
6.18
|
4.17
|
6.09
| |||||||||||||||
Close for period end
|
5.56
|
5.04
|
6.35
|
5.56
|
6.35
| |||||||||||||||
Cash dividends declared per share
|
0.0600
|
0.0600
|
0.0600
|
0.1200
|
0.1200
| |||||||||||||||
Average number of shares outstanding:
| ||||||||||||||||||||
Basic (2)
|
21,190,987
|
21,136,097
|
21,624,469
|
21,163,692
|
21,825,070
| |||||||||||||||
Diluted (3)
|
21,191,309
|
21,141,184
|
21,633,886
|
21,166,383
|
21,834,501
|
(1)
|
Amounts for the periods shown are annualized.
|
(2)
|
Amounts exclude ESOP shares not committed to be released.
|
(3)
|
Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
|
(4)
|
Non-interest expense divided by net interest income and non-interest income.
|
(5)
|
Amounts calculated based on shareholders' equity and include ESOP shares not committed to be released.
|
(6)
|
Net interest income divided by non-interest expense.
|
(7)
|
Yield on interest-earning assets less cost of funds on interest-bearing liabilities.
|
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Disclaimer
Riverview Bancorp Inc. published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 18:06:01 UTC.