Riverview Bancorp Reports Net Income of $1.2 Million in Third Fiscal Quarter 2025; Results Highlighted by Net Interest Margin Expansion
Riverview Bancorp (RVSB) reported net income of $1.2 million ($0.06 per diluted share) for Q3 fiscal 2025, compared to $1.6 million ($0.07 per share) in Q2 fiscal 2025 and $1.5 million ($0.07 per share) in Q3 fiscal 2024. Net interest income increased to $9.4 million, with net interest margin expanding to 2.60%. Total loans decreased to $1.05 billion, while deposits stood at $1.22 billion.
Key highlights include strong asset quality with non-performing assets at $469,000 (0.03% of total assets), no provision for credit losses during the quarter, and Riverview Trust Company assets under management increasing to $872.6 million. The company maintained strong capital levels with a total risk-based capital ratio of 16.47% and implemented a $2.0 million stock repurchase program, with 200,073 shares repurchased at an average price of $5.43.
Riverview Bancorp (RVSB) ha riportato un utile netto di 1,2 milioni di dollari (0,06 dollari per azione diluita) per il terzo trimestre dell'anno fiscale 2025, rispetto ai 1,6 milioni di dollari (0,07 dollari per azione) nel secondo trimestre dell'anno fiscale 2025 e ai 1,5 milioni di dollari (0,07 dollari per azione) nel terzo trimestre dell'anno fiscale 2024. Il reddito da interessi netti è aumentato a 9,4 milioni di dollari, con un margine di interesse netto che si è espanso al 2,60%. I prestiti totali sono diminuiti a 1,05 miliardi di dollari, mentre i depositi ammontavano a 1,22 miliardi di dollari.
Le principali evidenze includono una solida qualità degli attivi, con attivi non produttivi pari a 469.000 dollari (0,03% del totale degli attivi), nessuna provvista per perdite su crediti durante il trimestre, e il valore degli attivi gestiti da Riverview Trust Company in aumento a 872,6 milioni di dollari. L'azienda ha mantenuto livelli di capitale robusti con un rapporto totale di capitale basato sul rischio del 16,47% e ha attuato un programma di riacquisto di azioni da 2,0 milioni di dollari, con 200.073 azioni riacquistate a un prezzo medio di 5,43 dollari.
Riverview Bancorp (RVSB) reportó un ingreso neto de 1.2 millones de dólares (0.06 dólares por acción diluida) para el tercer trimestre del año fiscal 2025, en comparación con 1.6 millones de dólares (0.07 dólares por acción) en el segundo trimestre del año fiscal 2025 y 1.5 millones de dólares (0.07 dólares por acción) en el tercer trimestre del año fiscal 2024. Los ingresos netos por intereses aumentaron a 9.4 millones de dólares, con un margen de interés neto que se expandió al 2.60%. Los préstamos totales disminuyeron a 1.05 mil millones de dólares, mientras que los depósitos se situaron en 1.22 mil millones de dólares.
Los aspectos más destacados incluyen una fuerte calidad de los activos con activos no productivos en 469,000 dólares (0.03% de los activos totales), sin provisiones para pérdidas crediticias durante el trimestre, y los activos bajo gestión de Riverview Trust Company aumentando a 872.6 millones de dólares. La empresa mantuvo niveles de capital sólidos con un ratio total de capital basado en riesgo del 16.47% e implementó un programa de recompra de acciones de 2.0 millones de dólares, con 200,073 acciones recompradas a un precio promedio de 5.43 dólares.
리버뷰 뱅콥 (RVSB)는 2025 회계연도 3분기 동안 120만 달러(희석 주당 0.06달러)의 순이익을 보고했으며, 이는 2025 회계연도 2분기의 160만 달러(주당 0.07달러) 및 2024 회계연도 3분기의 150만 달러(주당 0.07달러)에 비해 감소한 수치입니다. 순이자 수익은 940만 달러로 증가했으며, 순이자 마진은 2.60%로 확대되었습니다. 총 대출액은 10억 5천만 달러로 감소했으며, 예금액은 12억 2천만 달러에 달했습니다.
주요 사항으로는 비부실 자산이 46만 9천 달러(총 자산의 0.03%)에 달하는 강력한 자산 품질, 분기 동안 신용 손실을 위한 충당금이 없는 수치, 그리고 리버뷰 트러스트 회사의 운용 자산이 8억 7천 2백 60만 달러로 증가한 점이 포함됩니다. 회사는 16.47%의 총 위험 기반 자본 비율을 유지하며 200만 달러 규모의 자사주 매입 프로그램을 시행하였으며, 평균 가격 5.43달러에 200,073주를 재매입하였습니다.
Riverview Bancorp (RVSB) a déclaré un revenu net de 1,2 million de dollars (0,06 dollar par action diluée) pour le troisième trimestre de l'exercice fiscal 2025, par rapport à 1,6 million de dollars (0,07 dollar par action) au deuxième trimestre de l'exercice fiscal 2025 et 1,5 million de dollars (0,07 dollar par action) au troisième trimestre de l'exercice fiscal 2024. Le revenu net d'intérêts a augmenté à 9,4 millions de dollars, avec une marge d'intérêt nette s'étendant à 2,60%. Les prêts totaux ont diminué à 1,05 milliard de dollars, tandis que les dépôts s'élevaient à 1,22 milliard de dollars.
Les points forts incluent une qualité d'actif solide avec des actifs non performants à 469 000 dollars (0,03 % du total des actifs), aucune provision pour pertes de crédit durant le trimestre, et les actifs sous gestion de Riverview Trust Company augmentant à 872,6 millions de dollars. L'entreprise a maintenu des niveaux de capital solides avec un ratio de capital total basé sur les risques de 16,47 % et a mis en œuvre un programme de rachat d'actions de 2,0 millions de dollars, avec 200 073 actions rachetées à un prix moyen de 5,43 dollars.
Riverview Bancorp (RVSB) meldete für das dritte Quartal des Geschäftsjahres 2025 einen Nettogewinn von 1,2 Millionen Dollar (0,06 Dollar pro verwässerter Aktie), verglichen mit 1,6 Millionen Dollar (0,07 Dollar pro Aktie) im zweiten Quartal des Geschäftsjahres 2025 und 1,5 Millionen Dollar (0,07 Dollar pro Aktie) im dritten Quartal des Geschäftsjahres 2024. Die Zinserträge stiegen auf 9,4 Millionen Dollar, während die Zinsmarge auf 2,60% anstieg. Die Gesamtforderungen sanken auf 1,05 Milliarden Dollar, während die Einlagen bei 1,22 Milliarden Dollar lagen.
Wichtige Highlights umfassen die hohe Asset-Qualität mit notleidenden Anlagen in Höhe von 469.000 Dollar (0,03% der gesamten Vermögenswerte), keine Rückstellung für Kreditausfälle im Quartal und die verwalteten Vermögenswerte der Riverview Trust Company stiegen auf 872,6 Millionen Dollar. Das Unternehmen hielt starke Kapitalniveaus mit einem gesamten risikobasierten Kapitalquote von 16,47% und setzte ein Programm zum Aktienrückkauf in Höhe von 2,0 Millionen Dollar um, wobei 200.073 Aktien zu einem Durchschnittspreis von 5,43 Dollar zurückgekauft wurden.
- Net interest margin expanded to 2.60%, up 14 basis points from previous quarter
- Net interest income increased to $9.4 million from $8.9 million in previous quarter
- Strong asset quality with non-performing assets at only 0.03% of total assets
- Trust Company assets under management increased to $872.6 million
- Net income decreased to $1.2 million from $1.6 million in previous quarter
- Total loans decreased by $15.9 million during the quarter
- Efficiency ratio worsened to 87.6% from 83.7% in previous quarter
- Year-to-date net income declined to $3.8 million from $6.8 million year-over-year
Insights
The Q3 FY2025 results reveal both encouraging developments and persistent challenges for Riverview Bancorp. The standout positive is the 14 basis point NIM expansion to
The bank's fundamentals remain solid with strong capital ratios (total risk-based capital at
However, concerning trends include: 1) The elevated
VANCOUVER, Wash., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of
In the first nine months of fiscal 2025, net income was
“Riverview’s operating performance during the third fiscal quarter reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields,” stated Nicole Sherman, President and Chief Executive Officer. “While loan payoffs impacted net loan growth during the third quarter, loan production outperformed the previous three quarters and newly funded loans are being boarded at higher rates than the legacy portfolio. Although we still have work to do, we remain focused on managing our balance sheet and improving our performance metrics and profitability in the remainder of fiscal year 2025.”
Third Quarter Highlights (at or for the period ended December 31, 2024)
- Net interest income increased to
$9.4 million for the quarter, compared to$8.9 million in the preceding quarter and$9.3 million in the third fiscal quarter a year ago. - Net interest margin (“NIM”) was
2.60% for the quarter, a 14 basis point improvement compared to the preceding quarter and a 11 basis point improvement compared to the year ago quarter. - Riverview Trust Company assets under management increased to
$872.6 million at December 31, 2024. Asset management fees continue to improve and increased to$1.4 million for the quarter ended December 31, 2024. - Asset quality remained strong, with non-performing assets at
$469,000 , or0.03% of total assets at December 31, 2024. - Riverview recorded no provision for credit losses during the current quarter, compared to a
$100,000 provision in the preceding quarter and no provision in the year ago quarter. - Total loans were
$1.05 billion at December 31, 2024, compared to$1.06 billion at September 30, 2024, and$1.02 billion at December 31, 2023. - Total deposits were
$1.22 billion at December 31, 2024, compared to$1.24 billion at September 30, 2024 and$1.22 billion at December 31, 2023. - Tangible book value per share (non-GAAP) was
$6.20 at December 31, 2024, compared to$6.33 at September 30, 2024, and$6.21 at December 31, 2023.
Income Statement Review
Riverview’s net interest income was
Riverview’s NIM was
Investment securities decreased
Riverview’s yield on loans improved to
Non-interest income was
Asset management fees were
Non-interest expense was
Riverview’s effective tax rate for the third fiscal quarter of 2025 was
Balance Sheet Review
While loan production increased during the third quarter, total loans decreased primarily due to two large loan payoffs. Total loans decreased
Undisbursed construction loans totaled
The office building loan portfolio totaled
Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled
FHLB advances decreased
Shareholders’ equity was
Credit Quality
“Asset quality metrics continue to remain very stable, as we continue to diligently monitor our loan portfolio closely for any signs of stress,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled
Riverview recorded
Classified assets were
The allowance for credit losses was
Capital/Liquidity
Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of
Riverview has approximately
At December 31, 2024, the uninsured deposit ratio was
On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.
Tangible shareholders' equity to tangible assets and tangible book value per share: | ||||||||||||||||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | March 31, 2024 | ||||||||||||||||
Shareholders' equity (GAAP) | $ | 158,270 | $ | 160,774 | $ | 158,472 | $ | 155,588 | ||||||||||||
Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | (27,076 | ) | ||||||||||||
Exclude: Core deposit intangible, net | (196 | ) | (221 | ) | (298 | ) | (271 | ) | ||||||||||||
Tangible shareholders' equity (non-GAAP) | $ | 130,998 | $ | 133,477 | $ | 131,098 | $ | 128,241 | ||||||||||||
Total assets (GAAP) | $ | 1,508,609 | $ | 1,548,397 | $ | 1,590,623 | $ | 1,521,529 | ||||||||||||
Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | (27,076 | ) | ||||||||||||
Exclude: Core deposit intangible, net | (196 | ) | (221 | ) | (298 | ) | (271 | ) | ||||||||||||
Tangible assets (non-GAAP) | $ | 1,481,337 | $ | 1,521,100 | $ | 1,563,249 | $ | 1,494,182 | ||||||||||||
Shareholders' equity to total assets (GAAP) | 10.49 | % | 10.38 | % | 9.96 | % | 10.23 | % | ||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 8.84 | % | 8.78 | % | 8.39 | % | 8.58 | % | ||||||||||||
Shares outstanding | 21,134,758 | 21,096,968 | 21,111,043 | 21,111,043 | ||||||||||||||||
Book value per share (GAAP) | $ | 7.49 | $ | 7.62 | $ | 7.51 | $ | 7.37 | ||||||||||||
Tangible book value per share (non-GAAP) | $ | 6.20 | $ | 6.33 | $ | 6.21 | $ | 6.07 | ||||||||||||
Pre-tax, pre-provision income | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
Net income (GAAP) | $ | 1,232 | $ | 1,557 | $ | 1,452 | $ | 3,755 | $ | 6,767 | ||||||||||
Include: Provision for income taxes | 343 | 425 | 377 | 1,021 | 1,897 | |||||||||||||||
Include: Provision for credit losses | - | 100 | - | 100 | - | |||||||||||||||
Pre-tax, pre-provision income (non-GAAP) | $ | 1,575 | $ | 2,082 | $ | 1,829 | $ | 4,876 | $ | 8,664 |
Allowance for credit losses reconciliation, excluding Government Guaranteed loans | ||||||||||||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | March 31, 2024 | ||||||||||||
Allowance for credit losses | $ | 15,352 | $ | 15,466 | $ | 15,361 | $ | 15,364 | ||||||||
Loans receivable (GAAP) | $ | 1,045,109 | $ | 1,060,977 | $ | 1,018,199 | $ | 1,024,013 | ||||||||
Exclude: Government Guaranteed loans | (49,024 | ) | (49,983 | ) | (51,809 | ) | (51,013 | ) | ||||||||
Loans receivable excluding Government Guaranteed loans (non-GAAP) | $ | 996,085 | $ | 1,010,994 | $ | 966,390 | $ | 973,000 | ||||||||
Allowance for credit losses to loans receivable (GAAP) | 1.47 | % | 1.46 | % | 1.51 | % | 1.50 | % | ||||||||
Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP) | 1.54 | % | 1.53 | % | 1.59 | % | 1.58 | % | ||||||||
Non-performing loans reconciliation, excluding Government Guaranteed Loans | ||||||||||||||||
Three Months Ended | ||||||||||||||||
(Dollars in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||
Non-performing loans (GAAP) | $ | 469 | $ | 450 | $ | 186 | ||||||||||
Less: Non-performing Government Guaranteed loans | (301 | ) | (301 | ) | - | |||||||||||
Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP) | $ | 168 | $ | 149 | $ | 186 | ||||||||||
Non-performing loans to total loans (GAAP) | 0.04 | % | 0.04 | % | 0.02 | % | ||||||||||
Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP) | 0.02 | % | 0.01 | % | 0.02 | % | ||||||||||
Non-performing loans to total assets (GAAP) | 0.03 | % | 0.03 | % | 0.01 | % | ||||||||||
Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP) | 0.01 | % | 0.01 | % | 0.01 | % |
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
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; 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 credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; 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; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; 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 originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; 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 consolidated 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; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; 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 implement its business strategies; the Company's ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company's ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; 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; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; 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 standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and 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 reports filed with and furnished to the U.S. 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 included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or 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 2025 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 consolidated financial condition and consolidated results of operations as well as its stock price performance.
RIVERVIEW BANCORP, INC. AND SUBSIDIARY | |||||||||||||||
Consolidated Balance Sheets | |||||||||||||||
(In thousands, except share data) (Unaudited) | December 31, 2024 | September 30, 2024 | December 31, 2023 | March 31, 2024 | |||||||||||
ASSETS | |||||||||||||||
Cash (including interest-earning accounts of | $ | 25,348 | $ | 30,960 | $ | 37,553 | $ | 23,642 | |||||||
Investment securities: | |||||||||||||||
Available for sale, at estimated fair value | 124,874 | 132,953 | 196,461 | 143,196 | |||||||||||
Held to maturity, at amortized cost | 212,295 | 221,991 | 232,659 | 229,510 | |||||||||||
Loans receivable (net of allowance for credit losses of | 1,029,757 | 1,045,511 | 1,002,838 | 1,008,649 | |||||||||||
Prepaid expenses and other assets | 12,945 | 13,585 | 14,486 | 14,469 | |||||||||||
Accrued interest receivable | 4,639 | 4,570 | 5,248 | 4,415 | |||||||||||
Federal Home Loan Bank stock, at cost | 4,742 | 5,557 | 8,026 | 4,927 | |||||||||||
Premises and equipment, net | 22,731 | 22,956 | 22,270 | 21,718 | |||||||||||
Financing lease right-of-use assets | 1,144 | 1,163 | 1,221 | 1,202 | |||||||||||
Deferred income taxes, net | 9,471 | 8,688 | 10,033 | 9,778 | |||||||||||
Goodwill | 27,076 | 27,076 | 27,076 | 27,076 | |||||||||||
Core deposit intangible, net | 196 | 221 | 298 | 271 | |||||||||||
Bank owned life insurance | 33,391 | 33,166 | 32,454 | 32,676 | |||||||||||
TOTAL ASSETS | $ | 1,508,609 | $ | 1,548,397 | $ | 1,590,623 | $ | 1,521,529 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
LIABILITIES: | |||||||||||||||
Deposits | $ | 1,219,002 | $ | 1,237,499 | $ | 1,218,892 | $ | 1,231,679 | |||||||
Accrued expenses and other liabilities | 17,634 | 17,789 | 26,740 | 16,205 | |||||||||||
Advance payments by borrowers for taxes and insurance | 317 | 848 | 299 | 581 | |||||||||||
Junior subordinated debentures | 27,069 | 27,048 | 26,982 | 27,004 | |||||||||||
Federal Home Loan Bank advances | 84,200 | 102,304 | 157,054 | 88,304 | |||||||||||
Finance lease liability | 2,117 | 2,135 | 2,184 | 2,168 | |||||||||||
Total liabilities | 1,350,339 | 1,387,623 | 1,432,151 | 1,365,941 | |||||||||||
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, 2024 – 21,134,758 issued and outstanding; | |||||||||||||||
September 30, 2024 – 21,096,968 issued and outstanding; | 209 | 211 | 211 | 211 | |||||||||||
December 31, 2023 – 21,111,043 issued and outstanding; | |||||||||||||||
March 31, 2024 – 21,111,043 issued and outstanding; | |||||||||||||||
Additional paid-in capital | 54,227 | 55,057 | 54,982 | 55,005 | |||||||||||
Retained earnings | 118,988 | 118,179 | 120,734 | 116,499 | |||||||||||
Accumulated other comprehensive loss | (15,154 | ) | (12,673 | ) | (17,455 | ) | (16,127 | ) | |||||||
Total shareholders’ equity | 158,270 | 160,774 | 158,472 | 155,588 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,508,609 | $ | 1,548,397 | $ | 1,590,623 | $ | 1,521,529 | |||||||
RIVERVIEW BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands, except share data) (Unaudited) | Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |||||||||||
INTEREST INCOME: | ||||||||||||||||
Interest and fees on loans receivable | $ | 13,201 | $ | 12,683 | $ | 11,645 | $ | 37,936 | $ | 34,288 | ||||||
Interest on investment securities - taxable | 1,589 | 1,874 | 2,231 | 5,435 | 6,826 | |||||||||||
Interest on investment securities - nontaxable | 65 | 65 | 65 | 195 | 196 | |||||||||||
Other interest and dividends | 272 | 320 | 331 | 902 | 954 | |||||||||||
Total interest and dividend income | 15,127 | 14,942 | 14,272 | 44,468 | 42,264 | |||||||||||
INTEREST EXPENSE: | ||||||||||||||||
Interest on deposits | 4,101 | 3,855 | 2,059 | 11,403 | 5,264 | |||||||||||
Interest on borrowings | 1,638 | 2,145 | 2,889 | 5,914 | 7,466 | |||||||||||
Total interest expense | 5,739 | 6,000 | 4,948 | 17,317 | 12,730 | |||||||||||
Net interest income | 9,388 | 8,942 | 9,324 | 27,151 | 29,534 | |||||||||||
Provision for credit losses | - | 100 | - | 100 | - | |||||||||||
Net interest income after provision for credit losses | 9,388 | 8,842 | 9,324 | 27,051 | 29,534 | |||||||||||
NON-INTEREST INCOME: | ||||||||||||||||
Fees and service charges | 1,492 | 1,524 | 1,533 | 4,556 | 4,871 | |||||||||||
Asset management fees | 1,443 | 1,433 | 1,266 | 4,434 | 3,920 | |||||||||||
Bank owned life insurance ("BOLI") | 225 | 279 | 211 | 715 | 669 | |||||||||||
Other, net | 181 | 605 | 46 | 844 | 288 | |||||||||||
Total non-interest income, net | 3,341 | 3,841 | 3,056 | 10,549 | 9,748 | |||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||
Salaries and employee benefits | 6,471 | 6,477 | 6,091 | 19,336 | 17,979 | |||||||||||
Occupancy and depreciation | 1,871 | 1,921 | 1,698 | 5,687 | 4,930 | |||||||||||
Data processing | 743 | 695 | 712 | 2,202 | 2,096 | |||||||||||
Amortization of core deposit intangible | 25 | 25 | 27 | 75 | 81 | |||||||||||
Advertising and marketing | 317 | 367 | 282 | 994 | 950 | |||||||||||
FDIC insurance premium | 174 | 166 | 178 | 518 | 530 | |||||||||||
State and local taxes | 327 | 234 | 355 | 777 | 814 | |||||||||||
Telecommunications | 54 | 52 | 56 | 153 | 161 | |||||||||||
Professional fees | 429 | 304 | 353 | 1,223 | 961 | |||||||||||
Other | 743 | 460 | 799 | 1,859 | 2,116 | |||||||||||
Total non-interest expense | 11,154 | 10,701 | 10,551 | 32,824 | 30,618 | |||||||||||
INCOME BEFORE INCOME TAXES | 1,575 | 1,982 | 1,829 | 4,776 | 8,664 | |||||||||||
PROVISION FOR INCOME TAXES | 343 | 425 | 377 | 1,021 | 1,897 | |||||||||||
NET INCOME | $ | 1,232 | $ | 1,557 | $ | 1,452 | $ | 3,755 | $ | 6,767 | ||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.06 | $ | 0.07 | $ | 0.07 | $ | 0.18 | $ | 0.32 | ||||||
Diluted | $ | 0.06 | $ | 0.07 | $ | 0.07 | $ | 0.18 | $ | 0.32 | ||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 21,037,246 | 21,097,580 | 21,113,464 | 21,081,851 | 21,146,888 | |||||||||||
Diluted | 21,037,246 | 21,097,580 | 21,113,464 | 21,081,851 | 21,148,679 | |||||||||||
(Dollars in thousands) | At or for the three months ended | At or for the nine months ended | ||||||||||||||||||
Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | ||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Average interest–earning assets | $ | 1,436,130 | $ | 1,446,098 | $ | 1,494,341 | $ | 1,439,834 | $ | 1,494,443 | ||||||||||
Average interest-bearing liabilities | 1,019,265 | 1,011,688 | 1,028,817 | 1,010,419 | 1,021,532 | |||||||||||||||
Net average earning assets | 416,865 | 434,410 | 465,524 | 429,415 | 472,911 | |||||||||||||||
Average loans | 1,053,342 | 1,048,536 | 1,015,741 | 1,043,274 | 1,008,429 | |||||||||||||||
Average deposits | 1,232,450 | 1,216,769 | 1,209,524 | 1,220,443 | 1,235,032 | |||||||||||||||
Average equity | 160,532 | 158,428 | 153,901 | 158,179 | 155,264 | |||||||||||||||
Average tangible equity (non-GAAP) | 133,245 | 131,116 | 126,511 | 130,867 | 127,847 | |||||||||||||||
ASSET QUALITY | Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | |||||||||||||||||
Non-performing loans | $ | 469 | $ | 450 | $ | 186 | ||||||||||||||
Non-performing loans excluding SBA Government Guarantee (non-GAAP) | 168 | 149 | 186 | |||||||||||||||||
Non-performing loans to total loans | 0.04 | % | 0.04 | % | 0.02 | % | ||||||||||||||
Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP) | 0.02 | % | 0.01 | % | 0.02 | % | ||||||||||||||
Real estate/repossessed assets owned | $ | - | $ | - | $ | - | ||||||||||||||
Non-performing assets | $ | 469 | $ | 450 | $ | 186 | ||||||||||||||
Non-performing assets excluding SBA Government Guarantee (non-GAAP) | 168 | 149 | 186 | |||||||||||||||||
Non-performing assets to total assets | 0.03 | % | 0.03 | % | 0.01 | % | ||||||||||||||
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 | $ | 114 | $ | (2 | ) | $ | (15 | ) | ||||||||||||
Net charge-offs (recoveries) in the quarter/average net loans | 0.04 | % | 0.00 | % | (0.01 | )% | ||||||||||||||
Allowance for credit losses | $ | 15,352 | $ | 15,466 | $ | 15,361 | ||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 140.90 | % | 142.94 | % | 145.25 | % | ||||||||||||||
Allowance for credit losses to non-performing loans | 3273.35 | % | 3436.89 | % | 8258.60 | % | ||||||||||||||
Allowance for credit losses to total loans | 1.47 | % | 1.46 | % | 1.51 | % | ||||||||||||||
Shareholders’ equity to assets | 10.49 | % | 10.38 | % | 9.96 | % | ||||||||||||||
CAPITAL RATIOS | ||||||||||||||||||||
Total capital (to risk weighted assets) | 16.47 | % | 16.14 | % | 16.67 | % | ||||||||||||||
Tier 1 capital (to risk weighted assets) | 15.21 | % | 14.88 | % | 15.42 | % | ||||||||||||||
Common equity tier 1 (to risk weighted assets) | 15.21 | % | 14.88 | % | 15.42 | % | ||||||||||||||
Tier 1 capital (to average tangible assets) | 10.86 | % | 10.72 | % | 10.53 | % | ||||||||||||||
Tangible common equity (to average tangible assets) (non-GAAP) | 8.84 | % | 8.78 | % | 8.39 | % | ||||||||||||||
DEPOSIT MIX | Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | March 31, 2024 | ||||||||||||||||
Interest checking | $ | 257,975 | $ | 267,254 | $ | 272,019 | $ | 289,824 | ||||||||||||
Regular savings | 169,181 | 172,454 | 199,911 | 192,638 | ||||||||||||||||
Money market deposit accounts | 236,912 | 227,505 | 225,727 | 209,164 | ||||||||||||||||
Non-interest checking | 312,839 | 341,116 | 350,744 | 349,081 | ||||||||||||||||
Certificates of deposit | 242,095 | 229,170 | 170,491 | 190,972 | ||||||||||||||||
Total deposits | $ | 1,219,002 | $ | 1,237,499 | $ | 1,218,892 | $ | 1,231,679 | ||||||||||||
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS | ||||||||||||||||
Other | Commercial | |||||||||||||||
Commercial | Real Estate | Real Estate | & Construction | |||||||||||||
Business | Mortgage | Construction | Total | |||||||||||||
December 31, 2024 | (Dollars in thousands) | |||||||||||||||
Commercial business | $ | 224,506 | $ | - | $ | - | $ | 224,506 | ||||||||
Commercial construction | - | - | 32,442 | 32,442 | ||||||||||||
Office buildings | - | 113,350 | - | 113,350 | ||||||||||||
Warehouse/industrial | - | 108,356 | - | 108,356 | ||||||||||||
Retail/shopping centers/strip malls | - | 89,871 | - | 89,871 | ||||||||||||
Assisted living facilities | - | 363 | - | 363 | ||||||||||||
Single purpose facilities | - | 262,556 | - | 262,556 | ||||||||||||
Land | - | 4,062 | - | 4,062 | ||||||||||||
Multi-family | - | 78,822 | - | 78,822 | ||||||||||||
One-to-four family construction | - | - | 17,514 | 17,514 | ||||||||||||
Total | $ | 224,506 | $ | 657,380 | $ | 49,956 | $ | 931,842 | ||||||||
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 | Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | March 31, 2024 | ||||||||||||
Commercial and construction | (Dollars in thousands) | |||||||||||||||
Commercial business | $ | 224,506 | $ | 236,895 | $ | 229,249 | $ | 229,404 | ||||||||
Other real estate mortgage | 657,380 | 659,439 | 648,782 | 659,965 | ||||||||||||
Real estate construction | 49,956 | 51,498 | 42,167 | 36,538 | ||||||||||||
Total commercial and construction | 931,842 | 947,832 | 920,198 | 925,907 | ||||||||||||
Consumer | ||||||||||||||||
Real estate one-to-four family | 97,760 | 96,911 | 96,266 | 96,366 | ||||||||||||
Other installment | 15,507 | 16,234 | 1,735 | 1,740 | ||||||||||||
Total consumer | 113,267 | 113,145 | 98,001 | 98,106 | ||||||||||||
Total loans | 1,045,109 | 1,060,977 | 1,018,199 | 1,024,013 | ||||||||||||
Less: | ||||||||||||||||
Allowance for credit losses | 15,352 | 15,466 | 15,361 | 15,364 | ||||||||||||
Loans receivable, net | $ | 1,029,757 | $ | 1,045,511 | $ | 1,002,838 | $ | 1,008,649 | ||||||||
DETAIL OF NON-PERFORMING ASSETS | ||||||||||||||||
Southwest | ||||||||||||||||
Washington | Other | Total | ||||||||||||||
December 31, 2024 | (Dollars in thousands) | |||||||||||||||
Commercial business | $ | 43 | $ | - | $ | 43 | ||||||||||
Commercial real estate | 93 | - | 93 | |||||||||||||
Consumer | 32 | - | 32 | |||||||||||||
Government Guaranteed Loans | - | 301 | 301 | |||||||||||||
Total non-performing assets | $ | 168 | $ | 301 | $ | 469 | ||||||||||
At or for the three months ended | At or for the nine months ended | ||||||||||||||||||
SELECTED OPERATING DATA | Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | ||||||||||||||
Efficiency ratio (4) | 87.63 | % | 83.71 | % | 85.23 | % | 87.07 | % | 77.94 | % | |||||||||
Coverage ratio (6) | 84.17 | % | 83.56 | % | 88.37 | % | 82.72 | % | 96.46 | % | |||||||||
Return on average assets (1) | 0.32 | % | 0.40 | % | 0.37 | % | 0.33 | % | 0.57 | % | |||||||||
Return on average equity (1) | 3.04 | % | 3.90 | % | 3.75 | % | 3.15 | % | 5.80 | % | |||||||||
Return on average tangible equity (1) (non-GAAP) | 3.67 | % | 4.71 | % | 4.57 | % | 3.81 | % | 7.04 | % | |||||||||
NET INTEREST SPREAD | |||||||||||||||||||
Yield on loans | 4.97 | % | 4.80 | % | 4.56 | % | 4.83 | % | 4.53 | % | |||||||||
Yield on investment securities | 1.82 | % | 2.05 | % | 2.01 | % | 2.00 | % | 2.02 | % | |||||||||
Total yield on interest-earning assets | 4.18 | % | 4.11 | % | 3.81 | % | 4.10 | % | 3.77 | % | |||||||||
Cost of interest-bearing deposits | 1.81 | % | 1.76 | % | 0.98 | % | 1.73 | % | 0.82 | % | |||||||||
Cost of FHLB advances and other borrowings | 5.43 | % | 5.92 | % | 5.83 | % | 5.83 | % | 5.77 | % | |||||||||
Total cost of interest-bearing liabilities | 2.23 | % | 2.35 | % | 1.91 | % | 2.27 | % | 1.66 | % | |||||||||
Spread (7) | 1.95 | % | 1.76 | % | 1.90 | % | 1.83 | % | 2.11 | % | |||||||||
Net interest margin | 2.60 | % | 2.46 | % | 2.49 | % | 2.51 | % | 2.64 | % | |||||||||
PER SHARE DATA | |||||||||||||||||||
Basic earnings per share (2) | $ | 0.06 | $ | 0.07 | $ | 0.07 | $ | 0.18 | $ | 0.32 | |||||||||
Diluted earnings per share (3) | 0.06 | 0.07 | 0.07 | 0.18 | 0.32 | ||||||||||||||
Book value per share (5) | 7.49 | 7.62 | 7.51 | 7.49 | 7.51 | ||||||||||||||
Tangible book value per share (5) (non-GAAP) | 6.20 | 6.33 | 6.21 | 6.20 | 6.21 | ||||||||||||||
Market price per share: | |||||||||||||||||||
High for the period | $ | 5.88 | $ | 4.72 | $ | 6.48 | $ | 5.88 | $ | 6.48 | |||||||||
Low for the period | 4.59 | 3.79 | 5.35 | 3.64 | 4.17 | ||||||||||||||
Close for period end | 5.74 | 4.71 | 6.40 | 5.74 | 6.40 | ||||||||||||||
Cash dividends declared per share | 0.0200 | 0.0200 | 0.0600 | 0.0600 | 0.1800 | ||||||||||||||
Average number of shares outstanding: | |||||||||||||||||||
Basic (2) | 21,037,246 | 21,097,580 | 21,113,464 | 21,081,851 | 21,146,888 | ||||||||||||||
Diluted (3) | 21,037,246 | 21,097,580 | 21,113,464 | 21,081,851 | 21,148,679 | ||||||||||||||
(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.
Contact: | Nicole Sherman, President & CEO David Lam, CFO Dan Cox, COO 360-693-6650 |
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