8-K 1 k8331.htm RIVERVIEW BANCORP, INC. FORM 8-K k8331.htm
 
 
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): May 5, 2008
 
 
RIVERVIEW BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
 
 
                                           Washington
                                            000-22957        
                                        91-1838969
(State or other jurisdiction    (Commission        (I.R.S. Employer           
                                        of incorporation)
   File Number)   
    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 May 5, 2008, Riverview Bancorp, Inc. issued its earnings release for the quarter and year ended March 31, 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 May 5, 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:  May 5, 2008    /s/Ronald A. Wysaske                        
  Ronald A. Wysaske
  President and Chief Operating Officer 
  (Principal Executive Officer) 
 
 
                                                                       
 
 
 
 
Exhibit 99.1
 
 
News Release Dated May 5, 2008
 
 
 
 
 
 


 
 
 
Contacts:    Pat Sheaffer or Ron Wysaske,
                     Riverview Bancorp, Inc. 360-693-6650
 
 
 
 
Riverview Bancorp Earns $8.6 Million in Fiscal 2008
Net Loans Increased 11% to $757 Million
 
 
Vancouver, WA – May 5, 2008 – Riverview Bancorp, Inc. (NASDAQ GSM: RVSB) today reported results for fiscal year end and fourth quarter ended March 31, 2008.  “The Northwest economy has been impacted by the real estate slowdown that is affecting the whole country, but our local markets remain among the best in the USA”, said Pat Sheaffer, Chairman and CEO. “Riverview, in many ways, is as strong or stronger than the previous year, which was our best year ever. Strength in our local markets, growth in customers, our balance sheet, and our multiple sources of revenue, create opportunities for Riverview in our market area.”
 
Fourth quarter net income was $1.2 million, or $0.11 per diluted share, compared to $2.8 million, or $0.24 per diluted share, in the fourth quarter of fiscal 2007.  A $1.8 million provision for loan losses in the fourth quarter 2008, compares to a $100,000 provision in fourth quarter 2007. For fiscal year 2008, net income was $8.6 million, or $0.79 per diluted share, compared to $11.6 million, or $1.01 per diluted share, in fiscal 2007.  Again, the 2008 provision of $2.9 million compared to the 2007 provision of $1.4 million explains most of the difference.
 
“In fiscal 2008 changes in the economy affected the local markets that we served.  While loan growth has remained strong, we have seen a marked slowdown in residential real estate sales in all our markets which directly impacted our land development and speculative construction lending,” said Sheaffer.  “We believe our actions to strengthen our allowance for loan losses and address these issues immediately is prudent for our future success.  Even with these aggressive steps to meet credit quality concerns, our fourth quarter and fiscal 2008 results show that we remain well positioned to pursue our strategies for growth over the long term.”
 
“The local housing markets have slowed to a more moderate pace compared to the last few years and as a result, our one-to-four family real estate construction portfolio is now down to $93 million from $110 million a year ago,” said Ron Wysaske, President and COO.  “Despite the slowing housing market, population growth in the Southwest Washington and metropolitan Portland, Oregon area remains strong.  We will continue to focus on our customers’ needs in order to expand our existing relationships while looking to add new customers.  We believe this presents an excellent opportunity for us to grow in fiscal 2009.”
 
Fiscal 2008 Highlights (at or for the period ended March 31, 2008, compared to March 31, 2007)
·         Net income was $8.6 million, or $0.79 per diluted share.
·         Added $1.5 million more to the loan loss provision than a year ago.
·         Net interest margin was 4.66% for the year.
·         Net loans increased 11% to $757 million.
·         Riverview Asset Management Corp. increased assets under management 16% to $330.5 million.
·         Asset management fees increased 14% to $2.1 million.
·         Capital position remains strong – Riverview remains “well-capitalized” with the total capital ratio at 10.99%.
 
Credit Quality
 
“We have always placed a strong emphasis on managing asset quality by applying a disciplined approach to the approval process and monitoring the loan portfolio for signs of deterioration,” said Wysaske.  “Since we have recently seen an increase in nonperforming loans, we proactively added to our reserves for possible loan losses.”  As expected, non-performing assets increased to $8.2 million, or 0.92% of total assets, at March 31, 2008, compared to $1.1 million, or 0.14% of total assets, at December 31, 2007 and $226,000, or 0.03% of total assets, at March 31, 2007.  The increase is comprised primarily of three borrowers, which include one land development loan for $3.9 million, one commercial loan
 
 
 

Riverview Bancorp, Inc. Fiscal 2008 Earnings
May 5, 2008
Page 2
 
for $1.1 million and two construction loans to the same borrower for $1.9 million.  Riverview had a total of $7.7 million in non-performing loans and $494,000 in other real estate owned (OREO) at the end of March 2008.  The allowance for loan losses, including unfunded loan commitments of $337,000, was $11.0 million, or 1.44% of net loans at year end, compared with $9.9 million, or 1.37% of total loans at December 31, 2007, and $9.0 million, or 1.31% of net loans, a year ago.  Management believes the allowance for loan losses is adequate and appropriate based on its current analysis of the loan portfolio’s credit quality and current economic conditions.  Net loan charge-offs were $866,000, or 0.11% of total loans, for the year ended March 31, 2008.
 
Operating Results
 
For the fourth quarter of fiscal 2008, the net interest margin was 4.41% compared to 4.71% in the previous linked quarter and 4.95% in the fourth fiscal quarter a year ago.  For fiscal 2008, the net interest margin was 4.66% compared to 5.01% in fiscal 2007.  “Margin compression continued to be a challenge for Riverview, as well as the entire banking industry.  We expect improved spreads in light of the Federal Reserve rate cuts in January and March, and anticipate our margin will stabilize as our interest-bearing deposits re-price,” said Wysaske.
 
Net interest income in the fourth fiscal quarter of 2008 was $8.6 million compared to $9.1 million in the fourth fiscal quarter a year ago, largely due to interest-bearing assets re-pricing down faster than interest-bearing liabilities as a result of the recent Federal Reserve rate cuts.  Non-interest income was unchanged at $2.2 million for the quarter, compared to the same quarter a year ago.
 
For fiscal 2008, net interest income was $35.0 million, compared to $36.5 million in fiscal 2007.  Non-interest income was $8.9 million for the year compared to $9.0 million a year ago.  “Although fee income from Riverview Asset Management Corp. increased 14% during the year, it was offset by declining mortgage broker loan fees reflecting the continued slowdown in the real estate market,” added Wysaske.
 
“During the fourth fiscal quarter we moved into our new Hazel Dell branch, which replaced an existing branch.  In the third quarter we opened a new lending center in Clackamas, Oregon, which houses three commercial lending officers, creating our second lending center to serve the east Portland area,” said Sheaffer.  “The hiring of these additional quality lenders has helped contribute to our continued loan growth in the fourth quarter and we believe will generate a good deal of new business in the future.”  Non-interest expenses were $7.2 million in the fourth quarter of fiscal 2008, and $27.8 million for the fiscal year, compared to $6.9 million and $26.4 million for the respective periods a year ago, reflecting the opening of new facilities and the continued expansion of the lending team. 
 
The efficiency ratio was 66.46% for the fourth quarter, compared to 60.75% in the fourth quarter a year ago and 63.40% for all of fiscal 2008, compared to 57.85% a year ago.  “The increase in our efficiency ratio reflects the decline in net interest margin and the increase in non-interest expense due to our new facilities and expanded lending team,” said Wysaske.  “As we grow into our increased capacity we expect our efficiency ratio will improve.”
 
Riverview’s return on average assets was 0.54% for the fourth quarter and 1.04% for the year, compared to 1.36% and 1.43% for the fourth quarter and full year fiscal 2007.  Return on average equity was 4.92% for the quarter and 8.92% for fiscal 2008, compared to 11.11% and 11.88%, respectively, for the same periods last year. 
 
Balance Sheet Growth
 
Total assets increased 8% to $887 million at March 31, 2008, compared to $820 million a year ago. 
 
“The recent growth in our loan portfolio is a direct result of the expansion of the lending team throughout the year,” Wysaske said.  “Our plan remains to keep a well-diversified, high quality loan portfolio.”  Net loans were up 11% to $757 million at March 31, 2008, compared to $683 million a year ago and up $41 million, or 6%, over the linked December 2007 quarter end.  At March 31, 2008, commercial loans and construction loans accounted for 70% and 19%, respectively, of our total loan portfolio compared to 65% and 24% at March 31, 2007. 
 
 
 
 
 
 
Riverview Bancorp, Inc. Fiscal 2008 Earnings
May 5, 2008
Page 3
 

The following table breaks out the composition of commercial and construction loan types based on loan purpose:
 
COMPOSITION OF COMMERCIAL AND CONSTRUCTION  LOAN TYPES BASED ON LOAN PURPOSE
               
   
Commercial                                            
 
Other
      
   
& Construction        
   
Real Estate
  
Real Estate
  
March 31, 2008
  
Total
  
Commercial
  
Mortgage
  
Construction
  
   
                                                  (Dollars in thousands)
    
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
  
 $      687,638
  
 $      109,585
  
 $      429,422
  
 $      148,631
  

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.
 
“We are continuing to expand our commercial banking products by offering remote deposit capture of checks to selected customers and enhancing our cash management product line, in an effort to grow our core deposit business,” added Wysaske.  Total deposits were $667 million at March 31, 2008, compared to $665 million a year ago.  On a linked quarter basis, total deposits increased $44 million, or 7% over the past three months.  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 $401 million at the end of March 2008, and represent 60% of total deposits. 
 
 
The following table breaks out deposits by category:
 
 
 
March 31, 2008
  
December 31, 2007
  
March 31, 2007
 
(Dollars in thousands)
DEPOSIT DATA
                      
Interest checking
 $   102,489
  
15.37%
  
 $   112,062
  
18.00%
  
 $   144,451
  
21.71%
Regular savings
        27,401
  
4.11%
  
        26,216
  
4.21%
  
        29,472
  
4.43%
Money market deposit accounts
      189,309
  
28.38%
  
      210,084
  
33.74%
  
      205,007
  
30.81%
Non-interest checking
        82,121
  
12.31%
  
        80,710
  
12.96%
  
        86,601
  
13.01%
Certificates of deposit
      265,680
  
39.83%
  
      193,538
  
31.09%
  
      199,874
  
30.04%
Total deposits
 $   667,000
  
100.00%
  
 $   622,610
  
100.00%
  
 $   665,405
  
100.00%

 
Shareholders’ Equity
 
Shareholders’ equity was $92.6 million, compared to $100.2 million a year ago.  Book value per share was $8.48 at the end of March 2008, compared to $8.56 a year earlier.  During the fiscal year, 875,000 shares have been purchased on the open market under the announced Repurchase Plans.  Under the current Repurchase Plan announced June 21, 2007, there are 125,000 shares remaining to be purchased.  Riverview’s capital position remains strong, as the bank remains “well-capitalized.”  At March 31, 2008, the total capital ratio was 10.99% compared to 11.29% at December 31, 2007 and 11.38% at March 31, 2007. 
 
 
 
 
 
 
 
Riverview Bancorp, Inc. Fiscal 2008 Earnings
May 5, 2008
Page 4
 
Conference Call
 
The management team of Riverview Bancorp will host a conference call on Tuesday, May 6, at 8:00 a.m. PDT, to discuss fiscal 2008 results.  The conference call can be accessed live by telephone at 303-262-2211.  To listen to the call online go to the “About Riverview” page of Riverview’s website at www.riverviewbank.com.
 
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 $887 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. Fiscal 2008 Earnings
May 5, 2008
Page 5


RIVERVIEW BANCORP, INC. AND SUBSIDIARY
      
Consolidated Balance Sheets
      
March 31, 2008 and 2007
      
 
March 31,
  
March 31,
(In thousands, except share data)  (Unaudited)
2008
  
2007
ASSETS
      
       
       
Cash (including interest-earning accounts of $14,238 and $7,818)
 $        36,439
  
 $        31,423
Loans held for sale
                     -
  
 -
Investment securities available for sale, at fair value
      
  (amortized cost of $7,825 and $19,258)
7,487
  
           19,267
Mortgage-backed securities held to maturity, at amortized
      
  cost (fair value of $892 and $1,243)
885
  
             1,232
Mortgage-backed securities available for sale, at fair value
      
  (amortized cost of $5,331 and $6,778)
5,338
  
             6,640
Loans receivable (net of allowance for loan losses of $10,687
      
    and $8,653)
756,538
  
         682,951
Real estate and other personal property owned
494
  
 -
Prepaid expenses and other assets
2,679
  
             1,905
Accrued interest receivable
3,436
  
             3,822
Federal Home Loan Bank stock, at cost
7,350
  
             7,350
Premises and equipment, net
21,026
  
           21,402
Deferred income taxes, net
4,571
  
             4,108
Mortgage servicing rights, net
302
  
                351
Goodwill
25,572
  
           25,572
Core deposit intangible, net
556
  
                711
Bank owned life insurance
14,176
  
           13,614
TOTAL ASSETS
 $      886,849
  
 $      820,348
       
LIABILITIES AND SHAREHOLDERS’ EQUITY
      
       
LIABILITIES:
      
Deposit accounts
 $      667,000
  
 $      665,405
Accrued expenses and other liabilities
             8,654
  
             9,349
Advance payments by borrowers for taxes and insurance
                393
  
                397
Federal Home Loan Bank advances
           92,850
  
           35,050
Junior subordinated debentures
           22,681
  
             7,217
Capital lease obligation
             2,686
  
             2,721
Total liabilities
         794,264
  
         720,139
       
SHAREHOLDERS’ EQUITY:
      
Serial preferred stock, $.01 par value; 250,000 authorized,
      
  issued and outstanding, none
 -
  
                    -
Common stock, $.01 par value; 50,000,000 authorized,
      
  March 31, 2008– 10,913,773 issued and outstanding;
                109
  
                117
  March 31, 2007 – 11,707,980 issued and outstanding;
      
Additional paid-in capital
           46,799
  
           58,438
Retained earnings
           46,871
  
           42,848
Unearned shares issued to employee stock ownership trust
               (976)
  
           (1,108)
Accumulated other comprehensive loss
               (218)
  
                (86)
Total shareholders’ equity
           92,585
  
         100,209
       
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 $      886,849
  
 $      820,348

 
Riverview Bancorp, Inc. Fiscal 2008 Earnings
May 5, 2008
Page 6
 

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
          
Consolidated Statements of Income for the Three and Twelve
Three Months Ended March 31,
Twelve Months Ended
 Months Ended March 31, 2008 and 2007
March 31,
  
March 31,
(In thousands, except share data)   (Unaudited)
2008
2007
  
2008
2007
INTEREST INCOME:
          
Interest and fees on loans receivable
 $   14,286
 $   15,276
  
 $   58,747
 $   59,496
Interest on investment securities-taxable
             85
           195
  
           488
           854
Interest on investment securities-non taxable
             31
             38
  
           142
           163
Interest on mortgage-backed securities
             69
             96
  
           323
           421
Other interest and dividends
           137
           117
  
           982
           366
    Total interest income
      14,608
      15,722
  
      60,682
      61,300
           
INTEREST EXPENSE:
          
Interest on deposits
        4,580
        5,829
  
      22,143
      20,507
Interest on borrowings
        1,456
           833
  
        3,587
        4,275
    Total interest expense
        6,036
        6,662
  
      25,730
      24,782
    Net interest income
        8,572
        9,060
  
      34,952
      36,518
    Less provision for loan losses
        1,800
           100
  
        2,900
        1,425
           
  Net interest income after provision for loan losses
        6,772
        8,960
  
      32,052
      35,093
           
NON-INTEREST INCOME:
          
  Fees and service charges
        1,268
        1,432
  
        5,346
        5,747
  Asset management fees
           539
           479
  
        2,145
        1,874
  Gain on sale of loans held for sale
             92
           101
  
           368
           434
  Loan servicing income
             16
             30
  
           126
           155
  Gain on sale of credit card portfolio
 -
 -
  
 -
           133
  Bank owned life insurance income
           143
           132
  
           562
           522
  Other
           156
             44
  
           335
           169
    Total non-interest income
        2,214
        2,218
  
        8,882
        9,034
           
NON-INTEREST EXPENSE:
          
Salaries and employee benefits
        4,128
        3,957
  
      16,249
      15,012
Occupancy and depreciation
        1,296
        1,293
  
        5,146
        4,687
Data processing
           186
           211
  
           786
           988
Amortization of core deposit intangible
             37
             44
  
           155
           184
Advertising and marketing expense
           185
           175
  
        1,054
        1,102
FDIC insurance premium
           152
             19
  
           210
             74
State and local taxes
           210
           190
  
           741
           644
Telecommunications
           114
           109
  
           406
           437
Professional fees
           215
           234
  
           826
           809
Other
           645
           619
  
        2,218
        2,416
Total non-interest expense
        7,168
        6,851
  
      27,791
      26,353
           
INCOME BEFORE INCOME TAXES
        1,818
        4,327
  
      13,143
      17,774
PROVISION FOR INCOME TAXES
           656
        1,563
  
        4,499
        6,168
NET INCOME
 $     1,162
 $     2,764
  
 $     8,644
 $   11,606
           
Earnings per common share:
          
Basic
 $       0.11
 $       0.24
  
 $       0.79
 $       1.03
Diluted
          0.11
          0.24
  
          0.79
          1.01
Weighted average number of shares outstanding:
          
Basic
10,669,554
11,385,327
  
10,915,271
11,312,847
Diluted
10,714,453
11,588,573
  
11,006,673
11,516,232

 
 
 


Riverview Bancorp, Inc. Fiscal 2008 Earnings
May 5, 2008
Page 7

 
   
At or for the year
At or for the nine months
At or for the year
   
ended March 31,
ended December 31,
ended March 31,
   
2008
  
2007
  
2007
FINANCIAL CONDITION DATA
  
(Dollars in thousands)
Average interest–earning assets
  
 $       751,023
  
 $    738,053
  
 $    731,089
  
Average interest-bearing liabilities
  
          643,265
  
       628,104
  
       614,546
  
Net average earning assets
  
          107,758
  
       109,949
  
       116,543
  
Non-performing assets
  
              8,171
  
           1,142
  
              226
  
Non-performing loans
  
              7,677
  
           1,068
  
              226
  
Allowance for loan losses
  
            10,687
  
           9,505
  
           8,653
  
Allowance for loan losses and unfunded loan
          
  commitments
  
            11,024
  
           9,912
  
           9,033
  
Average interest-earning assets to average
            
  interest-bearing liabilities
  
116.75%
  
117.50%
  
118.96%
  
Allowance for loan losses to
              
  non-performing loans
  
139.21%
  
889.98%
  
3828.76%
  
Allowance for loan losses to total loans
1.39%
  
1.31%
  
1.25%
  
Allowance for loan losses and
              
   unfunded loan commitments to total loans
1.44%
  
1.37%
  
1.31%
  
Non-performing loans to total loans
1.00%
  
0.15%
  
0.03%
  
Non-performing assets to total assets
0.92%
  
0.14%
  
0.03%
  
Shareholders’ equity to assets
  
10.44%
  
10.94%
  
12.22%
  
Number of banking facilities
  
                   20
  
                20
  
                19
  
               
LOAN DATA
              
Commercial and construction
              
  Commercial
  
 $       109,585
14.28%
 $      99,259
13.68%
 $      91,174
13.18%
  Other real estate mortgage
  
          429,422
55.97%
       391,878
54.03%
       360,930
52.19%
  Real estate construction
  
          148,631
19.37%
       150,951
20.81%
       166,073
24.01%
    Total commercial and construction
  
          687,638
89.62%
       642,088
88.52%
       618,177
89.38%
Consumer
              
  Real estate one-to-four family
  
            75,922
9.90%
         78,479
10.82%
         69,808
10.10%
  Other installment
  
              3,665
0.48%
           4,774
0.66%
           3,619
0.52%
    Total consumer
  
            79,587
10.38%
         83,253
11.48%
         73,427
10.62%
               
Total loans
  
          767,225
100.00%
       725,341
100.00%
       691,604
100.00%
               
Less:
              
  Allowance for loan losses
  
            10,687
  
           9,505
  
           8,653
  
  Loans receivable, net
  
 $       756,538
  
 $    715,836
  
 $    682,951
  

 
 
 

 
Riverview Bancorp, Inc. Fiscal 2008 Earnings
May 5, 2008
Page 8
 
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
          
FINANCIAL HIGHLIGHTS
            
(Unaudited)
            
COMPOSITION OF COMMERCIAL AND CONSTRUCTION  LOAN TYPES BASED ON LOAN PURPOSE
 
Commercial                                    
Other
      
 
& Construction                                    
Real Estate
Real Estate
    
 
Total
Commercial
Mortgage
Construction                                   
 
March 31, 2008
(Dollars in thousands)
  
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
 $   687,638
 $     109,585
 $  429,422
 $  148,631
    
             
March 31, 2007
(Dollars in thousands)
  
Commercial
 $     91,174
 $       91,174
 $             -
 $             -
    
Commercial construction
        56,226
                   -
                -
       56,226
    
Office buildings
        62,310
                   -
       62,310
                -
    
Warehouse/industrial
        40,238
                   -
       40,238
                -
    
Retail/shopping centers/strip malls
        70,219
                   -
       70,219
                -
    
Assisted living facilities
        11,381
                   -
       11,381
                -
    
Single purpose facilities
        41,501
                   -
       41,501
                -
    
Land
      103,240
                   -
     103,240
                -
    
Multi-family
        32,041
                   -
       32,041
                -
    
One-to-four family
      109,847
                   -
                -
     109,847
    
  Total
 $   618,177
 $       91,174
 $  360,930
 $  166,073
    
             
             
 
At the year
At the nine months
At the year
 
ended March 31,
ended December 31,
ended March 31,
 
2008
  
2007
  
2007
 
(Dollars in thousands)
DEPOSIT DATA
            
Interest checking
 $   102,489
15.37%
 $  112,062
18.00%
 $  144,451
21.71%
Regular savings
        27,401
4.11%
       26,216
4.21%
       29,472
4.43%
Money market deposit accounts
      189,309
28.38%
     210,084
33.74%
     205,007
30.81%
Non-interest checking
        82,121
12.31%
       80,710
12.96%
       86,601
13.01%
Certificates of deposit
      265,680
39.83%
     193,538
31.09%
     199,874
30.04%
Total deposits
 $   667,000
100.00%
 $  622,610
100.00%
 $  665,405
100.00%
             

 
 
 

Riverview Bancorp, Inc. Fiscal 2008 Earnings
May 5, 2008
Page 9
 
 
 
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
      
FINANCIAL HIGHLIGHTS
        
(Unaudited)
        
 
At or for the three
At or for the twelve
 
months ended March 31,
months ended March 31,
SELECTED OPERATING DATA
2008
2007
2008
2007
 
                   (Dollars in thousands, except share data)
Efficiency ratio (4)
66.46%
60.75%
63.40%
57.85%
Efficiency ratio net of intangible amortization
65.73%
60.06%
62.78%
57.22%
Coverage ratio (6)
119.59%
132.24%
125.77%
138.57%
Coverage ratio net of intangible amortization
120.21%
133.10%
126.47%
139.55%
Return on average assets (1)
0.54%
1.36%
1.04%
1.43%
Return on average equity (1)
4.92%
11.11%
8.92%
11.88%
Average rate earned on interest-earned assets
7.51%
8.58%
8.09%
8.40%
Average rate paid on interest-bearing liabilities
3.55%
4.28%
4.00%
4.03%
Spread (7)
3.96%
4.30%
4.09%
4.37%
Net interest margin
4.41%
4.95%
4.66%
5.01%
         
PER SHARE DATA
        
Basic earnings per share (2)
$          0.11
$          0.24
$          0.79
$          1.03
Diluted earnings per share (3)
0.11
0.24
0.79
1.01
Book value per share (5)
8.48
8.56
8.48
8.56
Tangible book value per share (5)
6.06
6.28
6.06
6.28
Market price per share:
        
  High for the period
$      12.840
$      17.580
$      16.280
$      17.580
  Low for the period
$        9.930
$      15.290
$        9.930
$      12.135
  Close for period end
$        9.980
$      15.940
$        9.980
$      15.940
Cash dividends declared per share
$        0.090
$        0.100
$        0.420
$        0.395
         
Average number of shares outstanding:
        
  Basic (2)
10,669,554
11,385,327
10,915,271
11,312,847
  Diluted (3)
10,714,453
11,588,573
11,006,673
11,516,232
         
         
         
 
 
(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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