|
|
|
|||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
|
|
||
(Address of principal executive offices)
|
(Zip Code)
|
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.
|
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered | ||
|
|
|
|
RIVERVIEW BANCORP, INC.
|
|
|
|
|
Date: July 26, 2024
|
/S/ David Lam
|
|
David Lam
Chief Financial Officer
(Principal Financial Officer)
|
![]() |
![]() |
Contact:
|
Nicole Sherman, President & CEO
Dan Cox, COO
David Lam, CFO 360-693-6650
|
•
|
Net interest income was $8.8 million for the quarter, compared to $8.6 million in the preceding quarter and $10.4
million in the first fiscal quarter a year ago.
|
•
|
Net interest margin (“NIM”) was 2.47% for the quarter, compared to 2.32% in the preceding quarter and 2.79% for the year ago
quarter.
|
•
|
Asset quality remained strong, with non-performing assets at $461,000, or 0.03% of total assets at June 30, 2024.
|
•
|
Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago
quarter.
|
•
|
The allowance for credit losses was $15.4 million, or 1.47% of total loans.
|
•
|
Total loans increased $21.1 million during the quarter to $1.05 billion at June 30, 2024, compared to $1.02 billion at
March 31, 2024, and increased $40.7 million compared to $1.00 billion at June 30, 2023.
|
•
|
Total deposits were $1.22 billion, compared to $1.23 billion three months earlier and $1.24 billion a year earlier.
|
•
|
Riverview has approximately $456.3 million in available liquidity at June 30, 2024, including $164.4 million of borrowing
capacity from the FHLB and $291.9 million from the Federal Reserve Bank of San Francisco (“FRB”). At June 30, 2024, the Bank had $113.5 million in outstanding FHLB borrowings.
|
•
|
The uninsured deposit ratio was 23.1% at June 30, 2024.
|
•
|
Total risk-based capital ratio was 16.18% and Tier 1 leverage ratio was 10.67%.
|
Tangible shareholders' equity to tangible assets and tangible book value per share:
|
||||||||||||
(Dollars in thousands)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Shareholders' equity (GAAP)
|
$
|
155,908
|
$
|
155,588
|
$
|
154,066
|
||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
||||||
Exclude: Core deposit intangible, net
|
(246
|
)
|
(271
|
)
|
(352
|
)
|
||||||
Tangible shareholders' equity (non-GAAP)
|
$
|
128,586
|
$
|
128,241
|
$
|
126,638
|
||||||
Total assets (GAAP)
|
$
|
1,538,260
|
$
|
1,521,529
|
$
|
1,582,817
|
||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
||||||
Exclude: Core deposit intangible, net
|
(246
|
)
|
(271
|
)
|
(352
|
)
|
||||||
Tangible assets (non-GAAP)
|
$
|
1,510,938
|
$
|
1,494,182
|
$
|
1,555,389
|
||||||
Shareholders' equity to total assets (GAAP)
|
10.14
|
%
|
10.23
|
%
|
9.73
|
%
|
||||||
Tangible common equity to tangible assets (non-GAAP)
|
8.51
|
%
|
8.58
|
%
|
8.14
|
%
|
||||||
Shares outstanding
|
21,111,043
|
21,111,043
|
21,115,919
|
|||||||||
Book value per share (GAAP)
|
$
|
7.39
|
$
|
7.37
|
$
|
7.30
|
||||||
Tangible book value per share (non-GAAP)
|
$
|
6.09
|
$
|
6.07
|
$
|
6.00
|
Pre-tax, pre-provision income
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Net income (loss) (GAAP)
|
$
|
966
|
$
|
(2,968
|
)
|
$
|
2,843
|
|||||
Include: Provision (credit) for income taxes
|
253
|
(1,095
|
)
|
823
|
||||||||
Include: Provision for credit losses
|
-
|
-
|
-
|
|||||||||
Pre-tax, pre-provision income (loss) (non-GAAP)
|
$
|
1,219
|
$
|
(4,063
|
)
|
$
|
3,666
|
Net income (loss) and earnings (loss) per share excluding securities restructure and litigation expense
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Net income (loss) (GAAP)
|
$
|
966
|
$
|
(2,968
|
)
|
$
|
2,843
|
|||||
Exclude impact of securities loss restructure, net of tax
|
-
|
2,074
|
-
|
|||||||||
Exclude impact of litigation expense, net of tax
|
-
|
1,748
|
-
|
|||||||||
Net income excluding securities restructure and litigation
expense (non-GAAP)
|
$
|
966
|
$
|
854
|
$
|
2,843
|
||||||
Basic earnings (loss) per share (GAAP)
|
$
|
0.05
|
$
|
(0.14
|
)
|
$
|
0.13
|
|||||
Exclude impact of securities loss restructure, net of tax
|
-
|
0.10
|
-
|
|||||||||
Exclude impact of litigation expense, net of tax
|
-
|
0.08
|
-
|
|||||||||
Basic earnings per share excluding securities restructure
and litigation expense (non-GAAP)
|
$
|
0.05
|
$
|
0.04
|
$
|
0.13
|
||||||
Diluted earnings (loss) per share (GAAP)
|
$
|
0.05
|
$
|
(0.14
|
)
|
$
|
0.13
|
|||||
Exclude impact of securities loss restructure, net of tax
|
-
|
0.10
|
-
|
|||||||||
Exclude impact of litigation expense, net of tax
|
-
|
0.08
|
-
|
|||||||||
Diluted earnings per share excluding securities restructure
and litigation expense (non-GAAP)
|
$
|
0.05
|
$
|
0.04
|
$
|
0.13
|
Allowance for credit losses reconciliation, excluding Government Guaranteed loans
|
||||||||||||
(Dollars in thousands)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Allowance for credit losses
|
$
|
15,364
|
$
|
15,364
|
$
|
15,343
|
||||||
Loans receivable (GAAP)
|
$
|
1,045,065
|
$
|
1,024,013
|
$
|
1,004,407
|
||||||
Exclude: Government Guaranteed loans
|
(50,438
|
)
|
(51,013
|
)
|
(54,963
|
)
|
||||||
Loans receivable excluding Government Guaranteed loans
(non-GAAP)
|
$
|
994,627
|
$
|
973,000
|
$
|
949,444
|
||||||
Allowance for credit losses to loans receivable (GAAP)
|
1.47
|
%
|
1.50
|
%
|
1.53
|
%
|
||||||
Allowance for credit losses to loans receivable excluding
Government Guaranteed loans (non-GAAP)
|
1.54
|
%
|
1.58
|
%
|
1.62
|
%
|
Non-performing loans reconciliation, excluding Government Guaranteed Loans
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Non-performing loans (GAAP)
|
$
|
461
|
$
|
178
|
$
|
1,025
|
||||||
Less: Non-performing Government Guaranteed loans
|
(301
|
)
|
(5
|
)
|
(815
|
)
|
||||||
Adjusted non-performing loans excluding Government
Guaranteed loans (non-GAAP)
|
$
|
160
|
$
|
173
|
$
|
210
|
||||||
Non-performing loans to total loans (GAAP)
|
0.04
|
%
|
0.02
|
%
|
0.10
|
%
|
||||||
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)
|
0.03
|
%
|
0.01
|
%
|
0.06
|
%
|
||||||
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)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $13,526, $12,164,
|
$
|
27,804
|
$
|
23,642
|
$
|
29,947
|
||||||
and $15,771)
|
||||||||||||
Investment securities:
|
||||||||||||
Available for sale, at estimated fair value
|
137,371
|
143,196
|
204,319
|
|||||||||
Held to maturity, at amortized cost
|
225,817
|
229,510
|
239,853
|
|||||||||
Loans receivable (net of allowance for credit losses of $15,364,
|
||||||||||||
$15,364 and $15,343)
|
1,029,701
|
1,008,649
|
989,064
|
|||||||||
Prepaid expenses and other assets
|
14,170
|
14,469
|
14,147
|
|||||||||
Accrued interest receivable
|
4,798
|
4,415
|
4,765
|
|||||||||
Federal Home Loan Bank stock, at cost
|
6,061
|
4,927
|
7,360
|
|||||||||
Premises and equipment, net
|
21,290
|
21,718
|
21,692
|
|||||||||
Financing lease right-of-use assets
|
1,182
|
1,202
|
1,259
|
|||||||||
Deferred income taxes, net
|
9,857
|
9,778
|
10,998
|
|||||||||
Goodwill
|
27,076
|
27,076
|
27,076
|
|||||||||
Core deposit intangible, net
|
246
|
271
|
352
|
|||||||||
Bank owned life insurance
|
32,887
|
32,676
|
31,985
|
|||||||||
TOTAL ASSETS
|
$
|
1,538,260
|
$
|
1,521,529
|
$
|
1,582,817
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposits
|
$
|
1,219,679
|
$
|
1,231,679
|
$
|
1,243,322
|
||||||
Accrued expenses and other liabilities
|
19,441
|
16,205
|
19,631
|
|||||||||
Advance payments by borrowers for taxes and insurance
|
551
|
581
|
574
|
|||||||||
Junior subordinated debentures
|
27,026
|
27,004
|
26,940
|
|||||||||
Federal Home Loan Bank advances
|
113,504
|
88,304
|
136,069
|
|||||||||
Finance lease liability
|
2,151
|
2,168
|
2,215
|
|||||||||
Total liabilities
|
1,382,352
|
1,365,941
|
1,428,751
|
|||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||
Serial preferred stock, $.01 par value; 250,000 authorized,
|
||||||||||||
issued and outstanding, none
|
-
|
-
|
-
|
|||||||||
Common stock, $.01 par value; 50,000,000 authorized,
|
||||||||||||
June 30, 2024 – 21,111,043 issued and outstanding;
|
||||||||||||
March 31, 2024 – 21,111,043 issued and outstanding;
|
211
|
211
|
211
|
|||||||||
June 30, 2023 – 21,115,919 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
55,031
|
55,005
|
55,016
|
|||||||||
Retained earnings
|
117,043
|
116,499
|
119,351
|
|||||||||
Accumulated other comprehensive loss
|
(16,377
|
)
|
(16,127
|
)
|
(20,512
|
)
|
||||||
Total shareholders’ equity
|
155,908
|
155,588
|
154,066
|
|||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,538,260
|
$
|
1,521,529
|
$
|
1,582,817
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Statements of Income
|
||||||||||||
Three Months Ended
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
INTEREST INCOME:
|
||||||||||||
Interest and fees on loans receivable
|
$
|
12,052
|
$
|
11,743
|
$
|
11,210
|
||||||
Interest on investment securities - taxable
|
1,972
|
2,145
|
2,334
|
|||||||||
Interest on investment securities - nontaxable
|
65
|
65
|
66
|
|||||||||
Other interest and dividends
|
310
|
338
|
347
|
|||||||||
Total interest and dividend income
|
14,399
|
14,291
|
13,957
|
|||||||||
INTEREST EXPENSE:
|
||||||||||||
Interest on deposits
|
3,447
|
3,021
|
1,373
|
|||||||||
Interest on borrowings
|
2,131
|
2,718
|
2,225
|
|||||||||
Total interest expense
|
5,578
|
5,739
|
3,598
|
|||||||||
Net interest income
|
8,821
|
8,552
|
10,359
|
|||||||||
Provision for credit losses
|
-
|
-
|
-
|
|||||||||
Net interest income after provision for credit losses
|
8,821
|
8,552
|
10,359
|
|||||||||
NON-INTEREST INCOME:
|
||||||||||||
Fees and service charges
|
1,540
|
1,398
|
1,600
|
|||||||||
Asset management fees
|
1,558
|
1,408
|
1,381
|
|||||||||
Bank owned life insurance ("BOLI")
|
211
|
222
|
200
|
|||||||||
Loss on sale of investment securities
|
-
|
(2,729
|
)
|
-
|
||||||||
Other, net
|
58
|
195
|
104
|
|||||||||
Total non-interest income, net
|
3,367
|
494
|
3,285
|
|||||||||
NON-INTEREST EXPENSE:
|
||||||||||||
Salaries and employee benefits
|
6,388
|
6,225
|
6,043
|
|||||||||
Occupancy and depreciation
|
1,895
|
1,942
|
1,583
|
|||||||||
Data processing
|
764
|
686
|
674
|
|||||||||
Amortization of core deposit intangible
|
25
|
27
|
27
|
|||||||||
Advertising and marketing
|
310
|
326
|
313
|
|||||||||
FDIC insurance premium
|
178
|
178
|
177
|
|||||||||
State and local taxes
|
216
|
196
|
226
|
|||||||||
Telecommunications
|
47
|
50
|
53
|
|||||||||
Professional fees
|
490
|
414
|
343
|
|||||||||
Other
|
656
|
3,065
|
539
|
|||||||||
Total non-interest expense
|
10,969
|
13,109
|
9,978
|
|||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
1,219
|
(4,063
|
)
|
3,666
|
||||||||
PROVISION (CREDIT) FOR INCOME TAXES
|
253
|
(1,095
|
)
|
823
|
||||||||
NET INCOME (LOSS)
|
$
|
966
|
$
|
(2,968
|
)
|
$
|
2,843
|
|||||
Earnings (loss) per common share:
|
||||||||||||
Basic
|
$
|
0.05
|
$
|
(0.14
|
)
|
$
|
0.13
|
|||||
Diluted
|
$
|
0.05
|
$
|
(0.14
|
)
|
$
|
0.13
|
|||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
21,111,043
|
21,111,043
|
21,136,097
|
|||||||||
Diluted
|
21,111,043
|
21,111,043
|
21,141,184
|
(Dollars in thousands)
|
At or for the three months ended
|
|||||||||||
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
||||||||||
AVERAGE BALANCES
|
||||||||||||
Average interest–earning assets
|
$
|
1,437,245
|
$
|
1,484,628
|
$
|
1,496,201
|
||||||
Average interest-bearing liabilities
|
1,000,190
|
1,047,712
|
1,013,649
|
|||||||||
Net average earning assets
|
437,055
|
436,916
|
482,552
|
|||||||||
Average loans
|
1,027,777
|
1,020,457
|
1,001,103
|
|||||||||
Average deposits
|
1,212,018
|
1,210,818
|
1,250,358
|
|||||||||
Average equity
|
155,548
|
158,776
|
156,460
|
|||||||||
Average tangible equity (non-GAAP)
|
128,212
|
131,413
|
129,015
|
ASSET QUALITY
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Non-performing loans
|
$
|
461
|
$
|
178
|
$
|
1,025
|
||||||
Non-performing loans excluding SBA Government Guarantee (non-GAAP)
|
$
|
160
|
$
|
173
|
$
|
210
|
||||||
Non-performing loans to total loans
|
0.04
|
%
|
0.02
|
%
|
0.10
|
%
|
||||||
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
|
$
|
461
|
$
|
178
|
$
|
1,025
|
||||||
Non-performing assets excluding SBA Government Guarantee (non-GAAP)
|
$
|
160
|
$
|
173
|
$
|
210
|
||||||
Non-performing assets to total assets
|
0.03
|
%
|
0.01
|
%
|
0.06
|
%
|
||||||
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
|
|||||
Net charge-offs (recoveries) in the quarter/average net loans
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||
Allowance for credit losses
|
$
|
15,364
|
$
|
15,364
|
$
|
15,343
|
||||||
Average interest-earning assets to average
|
||||||||||||
interest-bearing liabilities
|
143.70
|
%
|
141.70
|
%
|
147.61
|
%
|
||||||
Allowance for credit losses to
|
||||||||||||
non-performing loans
|
3332.75
|
%
|
8631.46
|
%
|
1496.88
|
%
|
||||||
Allowance for credit losses to total loans
|
1.47
|
%
|
1.50
|
%
|
1.53
|
%
|
||||||
Shareholders’ equity to assets
|
10.14
|
%
|
10.23
|
%
|
9.73
|
%
|
||||||
CAPITAL RATIOS
|
||||||||||||
Total capital (to risk weighted assets)
|
16.18
|
%
|
16.32
|
%
|
16.82
|
%
|
||||||
Tier 1 capital (to risk weighted assets)
|
14.93
|
%
|
15.06
|
%
|
15.56
|
%
|
||||||
Common equity tier 1 (to risk weighted assets)
|
14.93
|
%
|
15.06
|
%
|
15.56
|
%
|
||||||
Tier 1 capital (to average tangible assets)
|
10.67
|
%
|
10.29
|
%
|
10.54
|
%
|
||||||
Tangible common equity (to average tangible assets) (non-GAAP)
|
8.51
|
%
|
8.58
|
%
|
8.14
|
%
|
DEPOSIT MIX
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Interest checking
|
$
|
281,477
|
$
|
289,824
|
$
|
240,942
|
||||||
Regular savings
|
179,634
|
192,638
|
231,838
|
|||||||||
Money market deposit accounts
|
214,874
|
209,164
|
242,558
|
|||||||||
Non-interest checking
|
339,271
|
349,081
|
381,834
|
|||||||||
Certificates of deposit
|
204,423
|
190,972
|
146,150
|
|||||||||
Total deposits
|
$
|
1,219,679
|
$
|
1,231,679
|
$
|
1,243,322
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||||||||||
Other
|
Commercial
|
|||||||||||||||
Commercial
|
Real Estate
|
Real Estate
|
& Construction
|
|||||||||||||
Business
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
June 30, 2024
|
(Dollars in thousands)
|
|||||||||||||||
Commercial business
|
$
|
238,493
|
$
|
-
|
$
|
-
|
$
|
238,493
|
||||||||
Commercial construction
|
-
|
-
|
25,462
|
25,462
|
||||||||||||
Office buildings
|
-
|
113,354
|
-
|
113,354
|
||||||||||||
Warehouse/industrial
|
-
|
100,632
|
-
|
100,632
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
89,432
|
-
|
89,432
|
||||||||||||
Assisted living facilities
|
-
|
373
|
-
|
373
|
||||||||||||
Single purpose facilities
|
-
|
274,324
|
-
|
274,324
|
||||||||||||
Land
|
-
|
6,322
|
-
|
6,322
|
||||||||||||
Multi-family
|
-
|
79,278
|
-
|
79,278
|
||||||||||||
One-to-four family construction
|
-
|
-
|
14,496
|
14,496
|
||||||||||||
Total
|
$
|
238,493
|
$
|
663,715
|
$
|
39,958
|
$
|
942,166
|
||||||||
March 31, 2024
|
||||||||||||||||
Commercial business
|
$
|
229,404
|
$
|
-
|
$
|
-
|
$
|
229,404
|
||||||||
Commercial construction
|
-
|
-
|
20,388
|
20,388
|
||||||||||||
Office buildings
|
-
|
114,714
|
-
|
114,714
|
||||||||||||
Warehouse/industrial
|
-
|
106,649
|
-
|
106,649
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
89,448
|
-
|
89,448
|
||||||||||||
Assisted living facilities
|
-
|
378
|
-
|
378
|
||||||||||||
Single purpose facilities
|
-
|
272,312
|
-
|
272,312
|
||||||||||||
Land
|
-
|
5,693
|
-
|
5,693
|
||||||||||||
Multi-family
|
-
|
70,771
|
-
|
70,771
|
||||||||||||
One-to-four family construction
|
-
|
-
|
16,150
|
16,150
|
||||||||||||
Total
|
$
|
229,404
|
$
|
659,965
|
$
|
36,538
|
$
|
925,907
|
LOAN MIX
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Commercial and construction
|
(Dollars in thousands)
|
|||||||||||
Commercial business
|
$
|
238,493
|
$
|
229,404
|
$
|
244,725
|
||||||
Other real estate mortgage
|
663,715
|
659,965
|
617,346
|
|||||||||
Real estate construction
|
39,958
|
36,538
|
43,940
|
|||||||||
Total commercial and construction
|
942,166
|
925,907
|
906,011
|
|||||||||
Consumer
|
||||||||||||
Real estate one-to-four family
|
96,083
|
96,366
|
96,607
|
|||||||||
Other installment
|
6,816
|
1,740
|
1,789
|
|||||||||
Total consumer
|
102,899
|
98,106
|
98,396
|
|||||||||
Total loans
|
1,045,065
|
1,024,013
|
1,004,407
|
|||||||||
Less:
|
||||||||||||
Allowance for credit losses
|
15,364
|
15,364
|
15,343
|
|||||||||
Loans receivable, net
|
$
|
1,029,701
|
$
|
1,008,649
|
$
|
989,064
|
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||
Southwest
|
||||||||||||
Washington
|
Other
|
Total
|
||||||||||
June 30, 2024
|
(Dollars in thousands)
|
|||||||||||
Commercial business
|
$
|
53
|
$
|
-
|
$
|
53
|
||||||
Commercial real estate
|
73
|
-
|
73
|
|||||||||
Consumer
|
34
|
-
|
34
|
|||||||||
Government Guaranteed Loans
|
-
|
301
|
301
|
|||||||||
Total non-performing assets
|
$
|
160
|
$
|
301
|
$
|
461
|
At or for the three months ended
|
||||||||||||
SELECTED OPERATING DATA
|
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
|||||||||
Efficiency ratio (4)
|
90.00
|
%
|
144.91
|
%
|
73.13
|
%
|
||||||
Coverage ratio (6)
|
80.42
|
%
|
65.24
|
%
|
103.82
|
%
|
||||||
Return on average assets (1)
|
0.25
|
%
|
(0.76
|
)%
|
0.72
|
%
|
||||||
Return on average equity (1)
|
2.49
|
%
|
(7.52
|
)%
|
7.31
|
%
|
||||||
Return on average tangible equity (1) (non-GAAP)
|
3.02
|
%
|
(9.08
|
)%
|
8.86
|
%
|
||||||
NET INTEREST SPREAD
|
||||||||||||
Yield on loans
|
4.70
|
%
|
4.63
|
%
|
4.50
|
%
|
||||||
Yield on investment securities
|
2.11
|
%
|
2.02
|
%
|
2.05
|
%
|
||||||
Total yield on interest-earning assets
|
4.02
|
%
|
3.88
|
%
|
3.76
|
%
|
||||||
Cost of interest-bearing deposits
|
1.61
|
%
|
1.41
|
%
|
0.65
|
%
|
||||||
Cost of FHLB advances and other borrowings
|
6.07
|
%
|
5.87
|
%
|
5.61
|
%
|
||||||
Total cost of interest-bearing liabilities
|
2.24
|
%
|
2.20
|
%
|
1.43
|
%
|
||||||
Spread (7)
|
1.78
|
%
|
1.68
|
%
|
2.33
|
%
|
||||||
Net interest margin
|
2.47
|
%
|
2.32
|
%
|
2.79
|
%
|
||||||
PER SHARE DATA
|
||||||||||||
Basic earnings (loss) per share (2)
|
$
|
0.05
|
$
|
(0.14
|
)
|
$
|
0.13
|
|||||
Diluted earnings (loss) per share (3)
|
0.05
|
(0.14
|
)
|
0.13
|
||||||||
Book value per share (5)
|
7.39
|
7.37
|
7.30
|
|||||||||
Tangible book value per share (5) (non-GAAP)
|
6.09
|
6.07
|
6.00
|
|||||||||
Market price per share:
|
||||||||||||
High for the period
|
$
|
4.69
|
$
|
6.40
|
$
|
5.55
|
||||||
Low for the period
|
3.64
|
4.53
|
4.17
|
|||||||||
Close for period end
|
3.99
|
4.72
|
5.04
|
|||||||||
Cash dividends declared per share
|
0.0200
|
0.0600
|
0.0600
|
|||||||||
Average number of shares outstanding:
|
||||||||||||
Basic (2)
|
21,111,043
|
21,111,043
|
21,136,097
|
|||||||||
Diluted (3)
|
21,111,043
|
21,111,043
|
21,141,184
|
(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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