updated 1/27/2011 4:17:44 PM ET 2011-01-27T21:17:44

VANCOUVER, Wash., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. ("Riverview" or the "Company") (Nasdaq:RVSB), the parent company of Riverview Community Bank ("Bank"), today reported its net income increased to $579,000, or $0.03 per diluted share, for the third fiscal quarter ended December 31, 2010, compared to a net loss of $1.3 million, or $0.12 per diluted share, for the third fiscal quarter a year ago. For the first nine months of fiscal 2011, Riverview earned $3.5 million, or $0.20 per diluted share, compared to a net loss of $741,000, or $0.07 per diluted share, for the first nine months of fiscal 2010.

"We posted our third consecutive profitable quarter, with net interest margin expansion and credit quality improvements," said Pat Sheaffer, Chairman and CEO. "We have reduced both our non-performing loan and non-performing asset balances while significantly increasing our reserve levels to 103.5% of non-performing loans. Although credit costs remained elevated, we have seen a significant slowdown in new problem loans and we believe that the worst of this credit cycle is behind us."

Third Quarter Fiscal 2011 Highlights (at or for the period ended December 31, 2010)

  • Net income of $579,000, or $0.03 per diluted share.
  • Net interest margin improved to 4.60%.
  • Non-performing loans decreased 52.2% from the prior quarter to $16.9 million (2.49% of total loans).
  • Non-performing assets decreased 13.7% from the prior quarter to $47.6 million (5.68% of total assets).
  • Allowance for loan losses was 2.58% of total loans and 103.5% of non-performing loans.
  • Reduced concentration in land development and speculative construction loans by 13.6% during the quarter. These two segments accounted for 11.1% of the total loan portfolio at December 31, 2010.
  • Improved capital levels - total risk-based capital ratio of 14.39% and Tier 1 leverage ratio of 11.38%.
  • Tangible common equity ratio of 9.8%.

Credit Quality

"We continue to see many positive trends not only in our earnings and capital levels, but also importantly in our asset quality," said Dave Dahlstrom, EVP and Chief Credit Officer. "During the quarter, we saw continued improvements in non-performing loans, non-performing assets and new loan delinquencies. We have been in the process of working many of our problem credits for 12-18 months and are getting closer to the resolution phase of the foreclosure process."

Non-performing loans (NPLs) decreased to $16.9 million at December 31, 2010 compared to $35.3 million at September 30, 2010 and were at their lowest level since March 31, 2008. NPLs represented 2.49% of total loans at December 31, 2010, compared to 5.06% of total loans at September 30, 2010. "The decrease in NPLs during the quarter was attributable to the transfer of several properties into real estate owned as well as principal repayments totaling $2.6 million on past due loans," said Dahlstrom. The transfer of new loans into nonaccrual also slowed significantly with only $1.6 million of new loans added during the current quarter compared to $11.9 million in the prior linked quarter. The balance of NPLs has declined $24.2 million, or 58.9%, from its peak of $41.1 million at June 30, 2009.

Loans delinquent 30 to 89 days improved to 0.71% of total loans compared to 1.30% of total loans at September 30, 2010. The bulk of these delinquencies were concentrated in single-family residential loans totaling $2.3 million.

As expected, real estate owned (REO) increased to $30.7 million at December 31, 2010 compared to $19.8 million at September 30, 2010. The Company expected this increase based on expected foreclosure dates and agreements made with certain borrowers. The REO balance consisted primarily of completed residential properties and residential building land and lots, all of which have been written down to their net realizable value based on recent or updated appraisals.

"We continue to convert non-performing loans to REO as quickly as possible, enabling us to actively market and liquidate these properties," said Dahlstrom. "During the third quarter, we added properties that totaled $12.8 million to REO, we sold properties totaling $1.2 million and have several additional properties which we expect will be sold during the next three months."

NPAs decreased $7.5 million during the quarter to $47.6 million, or 5.68% of total assets, at December 31, 2010.

Riverview's allowance for loan losses was $17.5 million at December 31, 2010 representing 2.58% of total loans. The ratio of allowance for loan losses to non-performing loans was 103.5% at December 31, 2010 compared to 53.8% at September 30, 2010. The provision for loan losses was $1.6 million in the third fiscal quarter compared to $1.7 million in the preceding quarter and $4.5 million in the third quarter a year ago. Charge-offs for the third fiscal quarter were $3.2 million compared to $2.2 million in the prior quarter. Charge-offs during the quarter exceeded the provision for loan losses due primarily to specific impairment reserves established by the Company in previous quarters which were charged off during the current quarter.

Net Interest Margin

Riverview's net interest margin was 4.60% for the third quarter. This represented an improvement of 14 basis points compared to the preceding quarter and 17 basis points compared to the third quarter a year ago. For the first nine months of fiscal 2011 the net interest margin was 4.62%, a 28 basis point improvement compared to the first nine months of fiscal 2010. "The increase in the net interest margin compared to the preceding quarter is primarily the result of decreasing interest expense on deposits," said Kevin Lycklama, EVP and CFO. "For the fourteenth consecutive quarter the Company was able to reduce the cost of its deposits. The cost of deposits was 0.87% during the current quarter, a decrease of 11 basis points from the prior quarter and 53 basis points for the same quarter in prior year. However, our net interest margin continues to be negatively impacted by the larger levels of interest-bearing cash invested at the current low yields. The margin expansion was also offset by a two basis point reduction for loans placed on nonaccrual during the quarter."

Income Statement

Third quarter net interest income was $8.8 million compared to $8.7 million in both the preceding quarter and the third quarter a year ago. In the first nine months of fiscal 2011 net interest income was $26.5 million, compared to $26.3 million in the first nine months of fiscal 2010. Operating revenue, which consists of net interest income plus non-interest income, was $10.7 million in the third quarter and in the prior linked quarter, however, this was an increase from $10.2 million in the third quarter a year ago.

Non-interest income was $1.9 million in the third quarter compared to $2.1 million in the preceding quarter and $1.5 million in the third quarter a year ago. For the first nine months of fiscal 2011 non-interest income increased 13.5% to $6.2 million compared to $5.4 million for the first nine months of fiscal 2010. The increase from the prior year is primarily due to a $915,000 impairment charge on an investment security in the prior year.

Riverview Asset Management Corp. ("RAMCorp"), a trust company subsidiary of the Bank, increased its fee income 13% compared to same quarter in the prior year. Assets under management increased to $308 million, a 10% increase since December 31, 2009. "RAMCorp continues to be a very important part of the Bank's operations," said Ron Wysaske, President and COO. "Through the products and services offered by the RAMCorp, we are able to add a sustainable source of non-interest income that we would not otherwise have."

Non-interest expense was $8.3 million in the third quarter compared to $7.4 million in the preceding quarter and $7.8 million in the third quarter a year ago. On a linked quarter basis, non-interest expense increased $841,000 primarily as a result of an increase in REO expenses and valuation write downs. For the first nine months of fiscal 2011 non-interest expense improved to $22.9 million compared to $23.0 million a year ago.

Balance Sheet Review

Loan balances declined during the current quarter, reflecting the continued lack of loan demand caused by the weak economic conditions and the Company's planned reduction in the construction and land development portfolios. The Company's loan portfolio continues to be well-diversified and the Company believes it has reduced the credit risk of its loan portfolio by recent actions taken including reducing its exposure to construction and land development loans and reducing the balance of non-performing loans. Net loans declined $19.9 million during the quarter to $660.1 million at December 31, 2010, compared to $679.9 million at September 30, 2010.

Riverview continues to reduce its exposure to land development and speculative construction loans, reducing the balance of these portfolios to $75.1 million at December 31, 2010 compared to $87.0 million in the prior quarter and $108.0 million at a year ago. Speculative construction loans declined $5.2 million from the preceding quarter to $19.2 million, and represent only 2.8% of the total loan portfolio while land development loans declined $6.6 million from the prior quarter to $56.0 million and represent 8.3% of the total loan portfolio at December 31, 2010.

The total commercial real estate (CRE) loan portfolio was $359.7 million as of December 31, 2010, of which 29% was owner-occupied and 71% was investor-owned. At December 31, 2010, the CRE portfolio contained three loans totaling $1.4 million that were more than 90 days past due, representing 0.4% of the total commercial real estate portfolio. There were no CRE loans delinquent 30 to 89 days at December 31, 2010.

Total deposits were $696.7 million at December 31, 2010 compared to $718.0 million at September 30, 2010 and $679.6 million a year ago. Average total deposits were $711.3 million for the third quarter compared to $716.3 million in the prior quarter. The decline in deposits was primarily due to a $10.0 million payoff in brokered deposits. At December 31, 2010, the Bank had no wholesale-brokered deposits. During the current quarter, average customer branch deposits increased $3.0 million. The loan to deposit ratio was 97% at December 31, 2010 compared to 109% a year ago.

Capital and Liquidity

The Bank continues to maintain capital levels significantly in excess of the requirements to be categorized as "well capitalized" with a total risk-based capital ratio of 14.39% and a Tier 1 leverage ratio of 11.38% at December 31, 2010. Riverview's tangible common equity was 9.8% of tangible assets at December 31, 2010. The Company also has an additional $12.1 million in cash that could be used in the future to boost the Bank's capital levels or support future growth.

Riverview Community Bank's actual and required minimum capital amounts and ratios are presented as follows:

Dec. 31, 2010 Actual Adequately Capitalized Well Capitalized
  Amount Ratio Amount Ratio Amount Ratio
Total Capital  (dollars in thousands) 
 (To Risk-Weighted Assets)  $ 99,906 14.39%  $ 55,560 8.00%  $ 69,450 10.00%
Tier 1 Capital            
 (To Risk-Weighted Assets)  91,160 13.13%  27,780 4.00%  41,670 6.00%
Tier 1 Capital            
 (To Adjusted Tangible Assets)  91,160 11.38%  32,032 4.00%  40,040 5.00%
             

At December 31, 2010, the Bank had available liquidity of over $390 million, including more than $300 million of borrowing capacity from the Federal Home Loan Bank of Seattle and the Federal Reserve Bank of San Francisco, and $50 million from our cash and short-term investments. As of December 31, 2010, the Bank had no outstanding borrowings.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Riverview believes 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 provided 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 reconciliations of ending shareholders' equity (GAAP) to ending tangible shareholders' equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

  Dec. 31, Sept. 30, Dec. 31, March 31,
(Dollars in thousands) 2010 2010 2009 2010
         
Shareholders' equity $106,030 $105,719 $88,607 $83,934
Goodwill 25,572 25,572 25,572 25,572
Other intangible assets, net 665 735 853 823
         
Tangible shareholders' equity $79,793 $79,412 $62,182 $57,539
         
Total assets $838,417 $858,865 $857,597 $837,953
Goodwill 25,572 25,572 25,572 25,572
Other intangible assets, net 665 735 853 823
         
Tangible assets $812,180 $832,558 $831,172 $811,558

Because Riverview has not taken part in the US Treasury's TARP/CPP program, all its shareholder equity is common stock. The Company's tangible common equity ratio is 9.8%.  

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 $838 million, it is the parent company of the 87 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. There are 17 branches, including twelve in the Portland-Vancouver area and three lending centers. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers.

"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: the Company's ability to raise common capital, the amount of capital it intends to raise and its intended use of that 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 Thrift Supervision 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; the Company's compliance with regulatory enforcement actions; we have entered into with the OTS and the possibility that our noncompliance could result in the imposition of additional enforcement actions and additional requirements or restrictions on our operations; legislative 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 Securities and Exchange Commission.

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 2010 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.

         
RIVERVIEW BANCORP, INC. AND SUBSIDIARY        
Consolidated Balance Sheets        
(In thousands, except share data) (Unaudited) December 31, 2010 September 30, 2010 December 31, 2009 March 31, 2010
ASSETS        
         
Cash (including interest-earning accounts of $27,548, $36,002, $1,157   $ 35,900  $ 48,505  $ 15,506  $ 13,587
and $3,384)        
Certificate of deposits  17,141  14,951  --  --
Loans held for sale  581  417  250  255
Investment securities held to maturity, at amortized cost  505  512  517  517
Investment securities available for sale, at fair value  6,255  6,688  6,923  6,802
Mortgage-backed securities held to maturity, at amortized  194  199  331  259
Mortgage-backed securities available for sale, at fair value  2,007  2,306  3,102  2,828
Loans receivable (net of allowance for loan losses of $17,463, $19,029,       
$18,229, and $21,642)  660,075  679,925  721,180  712,837
Real estate and other pers. property owned  30,704  19,766  23,051  13,325
Prepaid expenses and other assets  6,206  6,541  8,982  7,934
Accrued interest receivable  2,498  2,644  2,639  2,849
Federal Home Loan Bank stock, at cost  7,350  7,350  7,350  7,350
Premises and equipment, net  15,655  15,893  18,267  16,487
Deferred income taxes, net  11,307  11,209  7,869  11,177
Mortgage servicing rights, net  423  470  512  509
Goodwill  25,572  25,572  25,572  25,572
Core deposit intangible, net  242  265  341  314
Bank owned life insurance  15,802  15,652  15,205  15,351
         
TOTAL ASSETS  $ 838,417  $ 858,865  $ 857,597  $ 837,953
         
LIABILITIES AND EQUITY        
         
LIABILITIES:        
Deposit accounts  $ 696,749  $ 718,028  $ 679,570  $ 688,048
Accrued expenses and other liabilities  9,697  8,898  5,263  6,833
Advance payments by borrowers for taxes and insurance  227  507  148  427
Federal Home Loan Bank advances  --  --  --  23,000
Federal Reserve Bank advances  --  --  58,300  10,000
Junior subordinated debentures  22,681  22,681  22,681  22,681
Capital lease obligation  2,578  2,589  2,620  2,610
Total liabilities  731,932  752,703  768,582  753,599
         
EQUITY:        
Shareholders' equity        
Serial preferred stock, $.01 par value; 250,000 authorized,        
issued and outstanding, none  --   --   --   -- 
Common stock, $.01 par value; 50,000,000 authorized,        
 December 31, 2010 - 22,471,890 issued and outstanding;        
September 30, 2010 – 22,471,890 issued and outstanding;  225  225  109  109
December 31, 2009 – 10,923,773 issued and outstanding;        
March 31, 2010 – 10,923,773 issued and outstanding;        
Additional paid-in capital  65,642  65,746  46,920  46,948
Retained earnings  42,339  41,760  43,581  38,878
Unearned shares issued to employee stock ownership trust  (722)  (748)  (825)  (799)
Accumulated other comprehensive loss  (1,454)  (1,264)  (1,178)  (1,202)
Total shareholders' equity  106,030  105,719  88,607  83,934
         
Noncontrolling interest  455  443  408  420
Total equity  106,485  106,162  89,015  84,354
         
TOTAL LIABILITIES AND EQUITY  $ 838,417  $ 858,865  $ 857,597  $ 837,953
         
RIVERVIEW BANCORP, INC. AND SUBSIDIARY          
Consolidated Statements of Operations          
  Three Months Ended Nine Months Ended
(In thousands, except share data) (Unaudited) Dec. 31, 2010 Sept. 30, 2010 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2009
INTEREST INCOME:          
Interest and fees on loans receivable  $ 10,593  $ 10,672  $ 11,376  $ 32,458  $ 34,725
Interest on investment securities-taxable  28  32  56  115  220
Interest on investment securities-non taxable  14  14  26  43  89
Interest on mortgage-backed securities  21  23  32  70  107
Other interest and dividends  77  48  23  140  63
Total interest income  10,733  10,789  11,513  32,826  35,204
           
INTEREST EXPENSE:          
Interest on deposits  1,567  1,764  2,391  5,232  7,533
Interest on borrowings  359  375  396  1,119  1,352
Total interest expense  1,926  2,139  2,787  6,351  8,885
Net interest income  8,807  8,650  8,726  26,475  26,319
Less provision for loan losses  1,600  1,675  4,500  4,575  10,050
           
Net interest income after provision for loan losses  7,207  6,975  4,226  21,900  16,269
           
NON-INTEREST INCOME:          
Fees and service charges  955  1,077  1,121  3,131  3,516
Asset management fees  520  492  460  1,533  1,434
Gain on sale of loans held for sale  96  124  152  339  712
Impairment of investment security  --  --  (456)  --  (915)
Bank owned life insurance income  151  150  154  451  456
Other  142  207  91  696  217
Total non-interest income  1,864  2,050  1,522  6,150  5,420
           
NON-INTEREST EXPENSE:          
Salaries and employee benefits  4,090  4,085  3,741  12,115  11,305
Occupancy and depreciation  1,208  1,148  1,241  3,497  3,691
Data processing  274  248  228  774  705
Amortization of core deposit intangible  23  23  26  72  84
Advertising and marketing expense  187  255  212  577  522
FDIC insurance premium  402  417  378  1,240  1,518
State and local taxes  184  147  106  502  406
Telecommunications  105  105  107  317  336
Professional fees  311  321  292  958  926
Real estate owned expenses  897  120  826  1,183  1,788
Other  572  543  635  1,695  1,766
Total non-interest expense  8,253  7,412  7,792  22,930  23,047
           
INCOME (LOSS) BEFORE INCOME TAXES  818  1,613  (2,044)  5,120  (1,358)
PROVISION (BENEFIT) FOR INCOME TAXES  239  496  (758)  1,659  (617)
NET INCOME (LOSS)  $ 579  $ 1,117  $ (1,286)  $ 3,461  $ (741)
           
Earnings (loss) per common share:          
Basic  $ 0.03  $ 0.06  $ (0.12)  $ 0.20  $ (0.07)
Diluted  $ 0.03  $ 0.06  $ (0.12)  $ 0.20  $ (0.07)
Weighted average number of shares outstanding:          
Basic 22,296,378 18,033,354 10,723,628 17,044,751 10,717,493
Diluted 22,297,246 18,033,354 10,723,628 17,044,751 10,717,493
           
           
(Dollars in thousands) At or for the three months ended At or for the nine months ended
  Dec. 31, 2010 Sept. 30, 2010 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2009
AVERAGE BALANCES          
Average interest–earning assets  $ 760,826  $ 769,423  $ 783,028  $ 761,816  $ 805,989
Average interest-bearing liabilities 645,014 658,973 680,654 653,352 705,012
Net average earning assets 115,812 110,450 102,374 108,464 100,977
Average loans 692,025 707,944 743,949 709,868 766,900
Average deposits 711,305 716,279 677,437 709,057 659,639
Average equity 107,728 100,306 91,327 98,198 91,039
Average tangible equity 81,443 73,969 64,874 71,864 64,414
           
           
ASSET QUALITY Dec. 31, 2010 Sept. 30, 2010 Dec. 31, 2009    
Non-performing loans 16,879 35,346 36,402    
Non-performing loans to total loans 2.49% 5.06% 4.92%    
Real estate/repossessed assets owned 30,704 19,766 23,051    
Non-performing assets 47,583 55,112 59,453    
Non-performing assets to total assets 5.68% 6.42% 6.93%    
Net loan charge-offs in the quarter 3,166 2,211 4,342    
Net charge-offs in the quarter/average net loans 1.82% 1.24% 2.32%    
           
Allowance for loan losses 17,463 19,029 18,229    
Allowance for loan losses and unfunded loan           
 commitments 17,634 19,188 18,502    
Average interest-earning assets to average           
 interest-bearing liabilities 117.95% 116.76% 115.04%    
Allowance for loan losses to           
 non-performing loans 103.46% 53.84% 50.08%    
Allowance for loan losses to total loans 2.58% 2.72% 2.47%    
Allowance for loan losses and           
 unfunded loan commitments to total loans  2.60% 2.75% 2.50%    
Shareholders' equity to assets 12.65% 12.31% 10.33%    
           
           
           
LOAN MIX Dec. 31, 2010 Sept. 30, 2010 Dec. 31, 2009 March 31, 2010  
Commercial and construction          
 Commercial   $ 85,768  $ 93,026  $ 111,662  $ 108,368  
 Other real estate mortgage  454,058  458,621  454,345  459,178  
 Real estate construction  32,870  52,262  82,116  75,456  
 Total commercial and construction  572,696  603,909  648,123  643,002  
Consumer          
 Real estate one-to-four family  102,488  92,682  88,507  88,861  
 Other installment  2,354  2,363  2,779  2,616  
 Total consumer  104,842  95,045  91,286  91,477  
           
Total loans   677,538  698,954  739,409  734,479  
           
Less:          
 Allowance for loan losses  17,463  19,029  18,229  21,642  
 Loans receivable, net  $ 660,075  $ 679,925  $ 721,180  $ 712,837  
           
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS    
         
    Commercial   Commercial 
    Real Estate Real Estate & Construction
  Commercial Mortgage Construction Total
December 31, 2010 (Dollars in thousands)
Commercial   $ 85,768  $ --  $ --  $ 85,768
Commercial construction  --  --  10,853  10,853
Office buildings  --  94,394  --  94,394
Warehouse/industrial  --  49,059  --  49,059
Retail/shopping centers/strip malls  --  85,324  --  85,324
Assisted living facilities  --  33,568  --  33,568
Single purpose facilities  --  97,372  --  97,372
Land  --  55,976  --  55,976
Multi-family  --  38,365  --  38,365
One-to-four family  --  --  22,017  22,017
 Total  $ 85,768  $ 454,058  $ 32,870  $ 572,696
         
March 31, 2010 (Dollars in thousands)
Commercial   $ 108,368  $ --  $ --  $ 108,368
Commercial construction  --  -- 40,017  40,017
Office buildings  --  90,000  --  90,000
Warehouse/industrial  --  46,731  --  46,731
Retail/shopping centers/strip malls  --  80,982  --  80,982
Assisted living facilities  --  39,604  --  39,604
Single purpose facilities  --  93,866  --  93,866
Land  --  74,779  --  74,779
Multi-family  --  33,216  --  33,216
One-to-four family  --  --  35,439  35,439
 Total  $ 108,368  $ 459,178  $ 75,456  $ 643,002
         
         
         
(Dollars in thousands)        
DEPOSIT MIX Dec. 31, 2010 Sept. 30, 2010 Dec. 31, 2009 March 31, 2010
Interest checking  $ 78,327  $ 82,318  $ 74,199  $ 70,837
Regular savings  34,913  35,132  30,153  32,131
Money market deposit accounts  216,155  207,607  195,117  209,580
Non-interest checking  94,269  93,590  83,396  83,794
Certificates of deposit  273,085  299,381  296,705  291,706
Total deposits  $ 696,749  $ 718,028  $ 679,570  $ 688,048
         
DETAIL OF NON-PERFORMING ASSETS            
             
  Northwest Other  Southwest Other    
  Oregon Oregon Washington Washington Other Total
December 31, 2010 (Dollars in thousands)
Non-performing assets            
             
Commercial  $ 1,285  $ 981  $ 1,762  $ --  $ --  $ 4,028
Commercial real estate  --  692  751  --  --  1,443
Land  --  --  1,816  --  1,379  3,195
Multi-family  --  --  --  --  --  --
Commercial construction  --  --  --  --  --  --
One-to-four family construction  3,079  2,436  1,129  --  --  6,644
Real estate one-to-four family  243  310  1,016  --  --  1,569
Consumer  --  --  --  --  --  --
Total non-performing loans  4,607  4,419  6,474  --  1,379  16,879
             
REO  5,239  8,932  12,051  4,482  --  30,704
             
Total non-performing assets  $ 9,846  $ 13,351  $ 18,525  $ 4,482  $ 1,379  $ 47,583
             
             
             
             
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS         
             
  Northwest Other  Southwest Other    
  Oregon Oregon Washington Washington Other Total
December 31, 2010 (Dollars in thousands)
Land and Spec Construction Loans            
             
Land Development Loans  $ 6,081  $ 4,171  $ 37,124  $ --  $ 8,600  $ 55,976
Spec Construction Loans  3,079  8,746  7,305  37  --  19,167
             
Total Land and Spec Construction  $ 9,160  $ 12,917  $ 44,429  $ 37  $ 8,600  $ 75,143
             
           
   At or for the three months ended At or for the nine months ended
SELECTED OPERATING DATA Dec. 31, 2010 Sept. 30, 2010 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2009
           
Efficiency ratio (4) 77.34% 69.27% 76.03% 70.28% 72.61%
Coverage ratio (6) 106.71% 116.70% 111.99% 115.46% 114.20%
Return on average assets (1) 0.27% 0.52% -0.59% 0.54% -0.11%
Return on average equity (1) 2.13% 4.42% -5.59% 4.68% -1.08%
Average rate earned on interest-earned assets 5.60% 5.57% 5.84% 5.72% 5.81%
Average rate paid on interest-bearing liabilities 1.18% 1.29% 1.62% 1.29% 1.67%
Spread (7) 4.42% 4.28% 4.22% 4.43% 4.14%
Net interest margin 4.60% 4.46% 4.43% 4.62% 4.34%
           
PER SHARE DATA          
Basic earnings per share (2)  $ 0.03  $ 0.06  $ (0.12)  $ 0.20  $ (0.07)
Diluted earnings per share (3)  0.03  0.06  (0.12)  0.20  (0.07)
Book value per share (5)  4.72  4.70  8.11  4.72  8.11
Tangible book value per share (5)  3.55  3.53  5.69  3.55  5.69
Market price per share:          
 High for the period  $ 2.80  $ 2.49  $ 3.93  $ 3.81  $ 4.32
 Low for the period  2.00  1.73  2.24  1.73  2.24
 Close for period end  2.72  1.98  2.24  2.72  2.24
Cash dividends declared per share  --   --   --   --   -- 
           
Average number of shares outstanding:          
 Basic (2) 22,296,378 18,033,354 10,723,628 17,044,751 10,717,493
 Diluted (3) 22,297,043 18,033,354 10,723,628 17,044,751 10,717,493
           

(1)     Amounts for the quarterly periods 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.

CONTACT: Pat Sheaffer or Ron Wysaske,
         Riverview Bancorp, Inc. 360-693-6650

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.03%
$30K home equity loan FICO 5.68%
$75K home equity loan FICO 4.87%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com