Riverview Bancorp Reports Net Income of $1.6 Million in Second Fiscal Quarter 2025
Riverview Bancorp reported net income of $1.6 million, or $0.07 per diluted share, in Q2 fiscal 2025, down from $2.5 million, or $0.12 per share, in Q2 fiscal 2024. Net interest income was $8.9 million, with a net interest margin of 2.46%. Total loans increased by $15.9 million to $1.06 billion, while deposits grew to $1.24 billion. Asset quality remained strong with non-performing assets at $450,000, representing 0.03% of total assets. The company maintained strong capital levels with a total risk-based capital ratio of 16.14% and announced a new $2.0 million stock repurchase program.
Riverview Bancorp ha riportato un utile netto di $1,6 milioni, pari a $0,07 per azione diluita, nel secondo trimestre dell'anno fiscale 2025, in calo rispetto ai $2,5 milioni, o $0,12 per azione, nel secondo trimestre dell'anno fiscale 2024. Il reddito da interessi netto è stato di $8,9 milioni, con un margine d'interesse netto del 2,46%. I prestiti totali sono aumentati di $15,9 milioni raggiungendo $1,06 miliardi, mentre i depositi sono cresciuti a $1,24 miliardi. La qualità degli attivi è rimasta solida, con attività non performanti pari a $450.000, che rappresentano lo 0,03% del totale degli attivi. L'azienda ha mantenuto solidi livelli di capitale, con un rapporto totale di capitale basato sul rischio del 16,14%, e ha annunciato un nuovo programma di riacquisto di azioni da $2,0 milioni.
Riverview Bancorp reportó un ingreso neto de $1.6 millones, o $0.07 por acción diluida, en el segundo trimestre del año fiscal 2025, en comparación con $2.5 millones, o $0.12 por acción, en el segundo trimestre del año fiscal 2024. Los ingresos netos por intereses fueron de $8.9 millones, con un margen de interés neto del 2.46%. Los préstamos totales aumentaron en $15.9 millones, alcanzando $1.06 mil millones, mientras que los depósitos crecieron a $1.24 mil millones. La calidad de los activos se mantuvo fuerte, con activos no productivos de $450,000, representando el 0.03% del total de activos. La compañía mantuvo niveles de capital sólidos, con un ratio total de capital basado en riesgos del 16.14%, y anunció un nuevo programa de recompra de acciones de $2.0 millones.
리버뷰 뱅코프는 2025 회계년도 2분기에 160만 달러의 순이익, 즉 희석주당 $0.07을 보고했으며, 이는 2024 회계년도 2분기의 $250만 달러, 즉 주당 $0.12에서 감소한 수치입니다. 순이자 수익은 $890만 달러였고, 순이자 Margine은 2.46%였습니다. 총 대출은 $1590만 달러 증가하여 $10억 6000만 달러에 달했으며, 예금은 $12억 4000만 달러로 증가했습니다. 자산 품질은 여전히 견고하여, 부실 자산은 $450,000로 전체 자산의 0.03%를 차지했습니다. 회사는 위험 기반 총 자본 비율이 16.14%인 강한 자본 수준을 유지하고 있으며, 신규 $200만 달러 규모의 자사주 매입 프로그램을 발표했습니다.
Riverview Bancorp a rapporté un revenu net de 1,6 million de dollars, soit 0,07 $ par action diluée, au deuxième trimestre de l'exercice 2025, en baisse par rapport à 2,5 millions de dollars, ou 0,12 $ par action, au deuxième trimestre de l'exercice 2024. Le revenu net d'intérêts s'élevait à 8,9 millions de dollars, avec une marge d'intérêt nette de 2,46 %. Les prêts totaux ont augmenté de 15,9 millions de dollars pour atteindre 1,06 milliard de dollars, tandis que les dépôts ont progressé à 1,24 milliard de dollars. La qualité des actifs est restée solide avec des actifs non performants s'élevant à 450 000 dollars, représentant 0,03 % du total des actifs. L'entreprise a maintenu des niveaux de capital solides avec un ratio de capital total basé sur les risques de 16,14 % et a annoncé un nouveau programme de rachat d'actions de 2,0 millions de dollars.
Riverview Bancorp meldete im zweiten Quartal des Geschäftsjahres 2025 ein Nettogewinn von 1,6 Millionen Dollar, oder 0,07 Dollar pro verwässerter Aktie, was einem Rückgang von 2,5 Millionen Dollar oder 0,12 Dollar pro Aktie im zweiten Quartal des Geschäftsjahres 2024 entspricht. Die Zinseinnahmen betrugen 8,9 Millionen Dollar, mit einer Nettozinsmarge von 2,46%. Die Gesamtdarlehen stiegen um 15,9 Millionen Dollar auf 1,06 Milliarden Dollar, während die Einlagen auf 1,24 Milliarden Dollar wuchsen. Die Asset-Qualität blieb stark mit notleidenden Vermögenswerten von 450.000 Dollar, was 0,03% der Gesamtkapitalien entspricht. Das Unternehmen hielt starke Kapitalniveaus mit einem Risiko-basierten Gesamtkapitalverhältnis von 16,14% aufrecht und kündigte ein neues Aktienrückkaufprogramm in Höhe von 2,0 Millionen Dollar an.
- Total loans increased $15.9 million to $1.06 billion
- Strong asset quality with non-performing assets at just 0.03% of total assets
- Deposits increased by $17.8 million to $1.24 billion
- Robust capital position with 16.14% total risk-based capital ratio
- Loan yields improved to 4.80% from 4.70% in previous quarter
- Net income decreased to $1.6 million from $2.5 million year-over-year
- Net interest margin declined to 2.46% from 2.63% year-over-year
- Efficiency ratio worsened to 83.7% from 76.1% year-over-year
- Non-interest expense increased to $10.7 million from $10.1 million year-over-year
Insights
VANCOUVER, Wash., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of
In the first six months of fiscal 2025, net income was
“While our second quarter operating results were an improvement compared to the preceding quarter, we still have work to do,” stated Nicole Sherman, President and Chief Executive Officer. “We remain focused on improving our performance metrics and profitability in the second half of fiscal year 2025. We were particularly encouraged by the increase in deposit balances during the quarter, as our team is doing a great job of deepening client relationships and bringing in new business.”
“We have made good progress with our operating results since our balance sheet restructuring in March 2024, and we are continuing with that momentum as we look to the future,” said David Lam, EVP and Chief Financial Officer.
Second Quarter Highlights (at or for the period ended September 30, 2024)
- Net interest income was
$8.9 million for the quarter, compared to$8.8 million in the preceding quarter and$9.9 million in the second fiscal quarter a year ago. - Net interest margin (“NIM”) was
2.46% for the quarter, compared to2.47% in the preceding quarter and2.63% for the year ago quarter. - Asset quality remained strong, with non-performing assets at
$450,000 , or0.03% of total assets at September 30, 2024. - Riverview recorded a
$100,000 provision for credit losses during the current quarter, compared to no provision in both the preceding quarter and in the year ago quarter. - The allowance for credit losses was
$15.5 million , or1.46% of total loans. - Total loans increased
$15.9 million during the quarter to$1.06 billion at September 30, 2024, compared to$1.05 billion at June 30, 2024, and increased$45.4 million compared to$1.02 billion at September 30, 2023. - Total deposits were
$1.24 billion , compared to$1.22 billion three months earlier and$1.24 billion a year earlier. - The uninsured deposit ratio was
24.1% at September 30, 2024. Available liquidity under the FRB borrowing line would cover100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover156% of the estimated uninsured deposits. - Riverview has approximately
$467.0 million in available liquidity at September 30, 2024, including$167.5 million of borrowing capacity from the FHLB and$299.5 million from the Federal Reserve Bank of San Francisco (“FRB”). At September 30, 2024, the Bank had$102.3 million in outstanding FHLB borrowings. - Total risk-based capital ratio was
16.14% and Tier 1 leverage ratio was10.72% . - Non-interest income increased
$474,000 during the quarter to$3.8 million at September 30, 2024 compared to$3.4 million at June 30, 2024.
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 increased to
Asset management fees were
Non-interest expense was
Riverview’s effective tax rate for the second fiscal quarter of 2025 was
Balance Sheet Review
Loans increased during the second quarter due to a combination of organic loan production along with construction draws, as well as the purchase of
Undisbursed construction loans totaled
The office building loan portfolio totaled
Total deposits increased
Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled
FHLB advances decreased
Shareholders’ equity was
Credit Quality
“We continue to monitor our loan portfolio closely resulting in our continued strong asset quality metrics in the second quarter” said Benke. 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
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
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) | September 30, 2024 | June 30, 2024 | September 30, 2023 | March 31, 2024 | |||||||||||||||
| Shareholders' equity (GAAP) | $ | 160,774 | $ | 155,908 | $ | 152,039 | $ | 155,588 | |||||||||||
| Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | (27,076 | ) | |||||||||||
| Exclude: Core deposit intangible, net | (221 | ) | (246 | ) | (325 | ) | (271 | ) | |||||||||||
| Tangible shareholders' equity (non-GAAP) | $ | 133,477 | $ | 128,586 | $ | 124,638 | $ | 128,241 | |||||||||||
| Total assets (GAAP) | $ | 1,548,397 | $ | 1,538,260 | $ | 1,583,733 | $ | 1,521,529 | |||||||||||
| Exclude: Goodwill | (27,076 | ) | (27,076 | ) | (27,076 | ) | (27,076 | ) | |||||||||||
| Exclude: Core deposit intangible, net | (221 | ) | (246 | ) | (325 | ) | (271 | ) | |||||||||||
| Tangible assets (non-GAAP) | $ | 1,521,100 | $ | 1,510,938 | $ | 1,556,332 | $ | 1,494,182 | |||||||||||
| Shareholders' equity to total assets (GAAP) | 10.38 | % | 10.14 | % | 9.60 | % | 10.23 | % | |||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 8.78 | % | 8.51 | % | 8.01 | % | 8.58 | % | |||||||||||
| Shares outstanding | 21,096,968 | 21,111,043 | 21,125,889 | 21,111,043 | |||||||||||||||
| Book value per share (GAAP) | $ | 7.62 | $ | 7.39 | $ | 7.20 | $ | 7.37 | |||||||||||
| Tangible book value per share (non-GAAP) | $ | 6.33 | $ | 6.09 | $ | 5.90 | $ | 6.07 | |||||||||||
| Pre-tax, pre-provision income | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| (Dollars in thousands) | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||
| Net income (GAAP) | $ | 1,557 | $ | 966 | $ | 2,472 | $ | 2,523 | $ | 5,315 | |||||||||
| Include: Provision for income taxes | 425 | 253 | 697 | 678 | 1,520 | ||||||||||||||
| Include: Provision for credit losses | 100 | - | - | 100 | - | ||||||||||||||
| Pre-tax, pre-provision income (non-GAAP) | $ | 2,082 | $ | 1,219 | $ | 3,169 | $ | 3,301 | $ | 6,835 | |||||||||
| Allowance for credit losses reconciliation, excluding Government Guaranteed loans | |||||||||||||||||||
| (Dollars in thousands) | September 30, 2024 | June 30, 2024 | September 30, 2023 | March 31, 2024 | |||||||||||||||
| Allowance for credit losses | $ | 15,466 | $ | 15,364 | $ | 15,346 | $ | 15,364 | |||||||||||
| Loans receivable (GAAP) | $ | 1,060,977 | $ | 1,045,065 | $ | 1,015,625 | $ | 1,024,013 | |||||||||||
| Exclude: Government Guaranteed loans | (49,983 | ) | (50,438 | ) | (53,572 | ) | (51,013 | ) | |||||||||||
| Loans receivable excluding Government Guaranteed loans (non-GAAP) | $ | 1,010,994 | $ | 994,627 | $ | 962,053 | $ | 973,000 | |||||||||||
| Allowance for credit losses to loans receivable (GAAP) | 1.46 | % | 1.47 | % | 1.51 | % | 1.50 | % | |||||||||||
| Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP) | 1.53 | % | 1.54 | % | 1.60 | % | 1.58 | % | |||||||||||
| Non-performing loans reconciliation, excluding Government Guaranteed Loans | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| (Dollars in thousands) | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||
| Non-performing loans (GAAP) | $ | 450 | $ | 461 | $ | 198 | |||||||||||||
| Less: Non-performing Government Guaranteed loans | (301 | ) | (301 | ) | - | ||||||||||||||
| Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP) | $ | 149 | $ | 160 | $ | 198 | |||||||||||||
| 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) | 0.01 | % | 0.02 | % | 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) | September 30, 2024 | June 30, 2024 | September 30, 2023 | March 31, 2024 | |||||||||||
| ASSETS | |||||||||||||||
| Cash (including interest-earning accounts of | $ | 30,960 | $ | 27,804 | $ | 30,853 | $ | 23,642 | |||||||
| Investment securities: | |||||||||||||||
| Available for sale, at estimated fair value | 132,953 | 137,371 | 193,984 | 143,196 | |||||||||||
| Held to maturity, at amortized cost | 221,991 | 225,817 | 236,018 | 229,510 | |||||||||||
| Loans receivable (net of allowance for credit losses of | 1,045,511 | 1,029,701 | 1,000,279 | 1,008,649 | |||||||||||
| Prepaid expenses and other assets | 13,585 | 14,170 | 14,481 | 14,469 | |||||||||||
| Accrued interest receivable | 4,570 | 4,798 | 4,882 | 4,415 | |||||||||||
| Federal Home Loan Bank stock, at cost | 5,557 | 6,061 | 7,643 | 4,927 | |||||||||||
| Premises and equipment, net | 22,956 | 21,290 | 22,707 | 21,718 | |||||||||||
| Financing lease right-of-use assets | 1,163 | 1,182 | 1,240 | 1,202 | |||||||||||
| Deferred income taxes, net | 8,688 | 9,857 | 12,002 | 9,778 | |||||||||||
| Goodwill | 27,076 | 27,076 | 27,076 | 27,076 | |||||||||||
| Core deposit intangible, net | 221 | 246 | 325 | 271 | |||||||||||
| Bank owned life insurance | 33,166 | 32,887 | 32,243 | 32,676 | |||||||||||
| TOTAL ASSETS | $ | 1,548,397 | $ | 1,538,260 | $ | 1,583,733 | $ | 1,521,529 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
| LIABILITIES: | |||||||||||||||
| Deposits | $ | 1,237,499 | $ | 1,219,679 | $ | 1,239,766 | $ | 1,231,679 | |||||||
| Accrued expenses and other liabilities | 17,789 | 19,441 | 18,735 | 16,205 | |||||||||||
| Advance payments by borrowers for taxes and insurance | 848 | 551 | 878 | 581 | |||||||||||
| Junior subordinated debentures | 27,048 | 27,026 | 26,961 | 27,004 | |||||||||||
| Federal Home Loan Bank advances | 102,304 | 113,504 | 143,154 | 88,304 | |||||||||||
| Finance lease liability | 2,135 | 2,151 | 2,200 | 2,168 | |||||||||||
| Total liabilities | 1,387,623 | 1,382,352 | 1,431,694 | 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, | |||||||||||||||
| September 30, 2024 – 21,096,968 issued and outstanding; | |||||||||||||||
| June 30, 2024 – 21,111,043 issued and outstanding; | 211 | 211 | 211 | 211 | |||||||||||
| September 30, 2023 – 21,125,889 issued and outstanding; | |||||||||||||||
| March 31, 2024 – 21,111,043 issued and outstanding; | |||||||||||||||
| Additional paid-in capital | 55,057 | 55,031 | 54,963 | 55,005 | |||||||||||
| Retained earnings | 118,179 | 117,043 | 120,556 | 116,499 | |||||||||||
| Accumulated other comprehensive loss | (12,673 | ) | (16,377 | ) | (23,691 | ) | (16,127 | ) | |||||||
| Total shareholders’ equity | 160,774 | 155,908 | 152,039 | 155,588 | |||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,548,397 | $ | 1,538,260 | $ | 1,583,733 | $ | 1,521,529 | |||||||
| RIVERVIEW BANCORP, INC. AND SUBSIDIARY | ||||||||||||
| Consolidated Statements of Income | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| (In thousands, except share data) (Unaudited) | Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | |||||||
| INTEREST INCOME: | ||||||||||||
| Interest and fees on loans receivable | $ | 12,683 | $ | 12,052 | $ | 11,433 | $ | 24,735 | $ | 22,643 | ||
| Interest on investment securities - taxable | 1,874 | 1,972 | 2,261 | 3,846 | 4,595 | |||||||
| Interest on investment securities - nontaxable | 65 | 65 | 65 | 130 | 131 | |||||||
| Other interest and dividends | 320 | 310 | 276 | 630 | 623 | |||||||
| Total interest and dividend income | 14,942 | 14,399 | 14,035 | 29,341 | 27,992 | |||||||
| INTEREST EXPENSE: | ||||||||||||
| Interest on deposits | 3,855 | 3,447 | 1,832 | 7,302 | 3,205 | |||||||
| Interest on borrowings | 2,145 | 2,131 | 2,352 | 4,276 | 4,577 | |||||||
| Total interest expense | 6,000 | 5,578 | 4,184 | 11,578 | 7,782 | |||||||
| Net interest income | 8,942 | 8,821 | 9,851 | 17,763 | 20,210 | |||||||
| Provision for credit losses | 100 | - | - | 100 | - | |||||||
| Net interest income after provision for credit losses | 8,842 | 8,821 | 9,851 | 17,663 | 20,210 | |||||||
| NON-INTEREST INCOME: | ||||||||||||
| Fees and service charges | 1,524 | 1,540 | 1,738 | 3,064 | 3,338 | |||||||
| Asset management fees | 1,433 | 1,558 | 1,273 | 2,991 | 2,654 | |||||||
| Bank owned life insurance ("BOLI") | 279 | 211 | 258 | 490 | 458 | |||||||
| Other, net | 605 | 58 | 138 | 663 | 242 | |||||||
| Total non-interest income, net | 3,841 | 3,367 | 3,407 | 7,208 | 6,692 | |||||||
| NON-INTEREST EXPENSE: | ||||||||||||
| Salaries and employee benefits | 6,477 | 6,388 | 5,845 | 12,865 | 11,888 | |||||||
| Occupancy and depreciation | 1,921 | 1,895 | 1,649 | 3,816 | 3,232 | |||||||
| Data processing | 695 | 764 | 710 | 1,459 | 1,384 | |||||||
| Amortization of core deposit intangible | 25 | 25 | 27 | 50 | 54 | |||||||
| Advertising and marketing | 367 | 310 | 355 | 677 | 668 | |||||||
| FDIC insurance premium | 166 | 178 | 175 | 344 | 352 | |||||||
| State and local taxes | 234 | 216 | 233 | 450 | 459 | |||||||
| Telecommunications | 52 | 47 | 52 | 99 | 105 | |||||||
| Professional fees | 304 | 490 | 265 | 794 | 608 | |||||||
| Other | 460 | 656 | 778 | 1,116 | 1,317 | |||||||
| Total non-interest expense | 10,701 | 10,969 | 10,089 | 21,670 | 20,067 | |||||||
| INCOME BEFORE INCOME TAXES | 1,982 | 1,219 | 3,169 | 3,201 | 6,835 | |||||||
| PROVISION FOR INCOME TAXES | 425 | 253 | 697 | 678 | 1,520 | |||||||
| NET INCOME | $ | 1,557 | $ | 966 | $ | 2,472 | $ | 2,523 | $ | 5,315 | ||
| Earnings per common share: | ||||||||||||
| Basic | $ | 0.07 | $ | 0.05 | $ | 0.12 | $ | 0.12 | $ | 0.25 | ||
| Diluted | $ | 0.07 | $ | 0.05 | $ | 0.12 | $ | 0.12 | $ | 0.25 | ||
| Weighted average number of common shares outstanding: | ||||||||||||
| Basic | 21,097,580 | 21,111,043 | 21,190,987 | 21,104,275 | 21,163,692 | |||||||
| Diluted | 21,097,580 | 21,111,043 | 21,191,309 | 21,104,275 | 21,166,383 | |||||||
| (Dollars in thousands) | At or for the three months ended | At or for the six months ended | |||||||||||||||||
| Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | |||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||
| Average interest–earning assets | $ | 1,446,098 | $ | 1,437,245 | $ | 1,492,805 | $ | 1,441,697 | $ | 1,494,494 | |||||||||
| Average interest-bearing liabilities | 1,011,688 | 1,000,190 | 1,022,044 | 1,005,972 | 1,017,870 | ||||||||||||||
| Net average earning assets | 434,410 | 437,055 | 470,761 | 435,725 | 476,624 | ||||||||||||||
| Average loans | 1,048,536 | 1,027,777 | 1,008,363 | 1,038,213 | 1,004,753 | ||||||||||||||
| Average deposits | 1,216,769 | 1,212,018 | 1,245,382 | 1,214,407 | 1,247,855 | ||||||||||||||
| Average equity | 158,428 | 155,548 | 155,443 | 156,996 | 155,949 | ||||||||||||||
| Average tangible equity (non-GAAP) | 131,116 | 128,212 | 128,026 | 129,672 | 128,518 | ||||||||||||||
| ASSET QUALITY | Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | ||||||||||||||||
| Non-performing loans | $ | 450 | $ | 461 | $ | 198 | |||||||||||||
| Non-performing loans excluding SBA Government Guarantee (non-GAAP) | 149 | 160 | 198 | ||||||||||||||||
| Non-performing loans to total loans | 0.04 | % | 0.04 | % | 0.02 | % | |||||||||||||
| Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP) | 0.01 | % | 0.02 | % | 0.02 | % | |||||||||||||
| Real estate/repossessed assets owned | $ | - | $ | - | $ | - | |||||||||||||
| Non-performing assets | $ | 450 | $ | 461 | $ | 198 | |||||||||||||
| Non-performing assets excluding SBA Government Guarantee (non-GAAP) | 149 | 160 | 198 | ||||||||||||||||
| 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 | $ | (2 | ) | $ | - | $ | (3 | ) | |||||||||||
| Net charge-offs (recoveries) in the quarter/average net loans | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||
| Allowance for credit losses | $ | 15,466 | $ | 15,364 | $ | 15,346 | |||||||||||||
| Average interest-earning assets to average | |||||||||||||||||||
| interest-bearing liabilities | 142.94 | % | 143.70 | % | 146.06 | % | |||||||||||||
| Allowance for credit losses to | |||||||||||||||||||
| non-performing loans | 3436.89 | % | 3332.75 | % | 7750.51 | % | |||||||||||||
| Allowance for credit losses to total loans | 1.46 | % | 1.47 | % | 1.51 | % | |||||||||||||
| Shareholders’ equity to assets | 10.38 | % | 10.14 | % | 9.60 | % | |||||||||||||
| CAPITAL RATIOS | |||||||||||||||||||
| Total capital (to risk weighted assets) | 16.14 | % | 16.18 | % | 16.91 | % | |||||||||||||
| Tier 1 capital (to risk weighted assets) | 14.88 | % | 14.93 | % | 15.66 | % | |||||||||||||
| Common equity tier 1 (to risk weighted assets) | 14.88 | % | 14.93 | % | 15.66 | % | |||||||||||||
| Tier 1 capital (to average tangible assets) | 10.72 | % | 10.67 | % | 10.74 | % | |||||||||||||
| Tangible common equity (to average tangible assets) (non-GAAP) | 8.78 | % | 8.51 | % | 8.01 | % | |||||||||||||
| DEPOSIT MIX | Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | March 31, 2024 | |||||||||||||||
| Interest checking | $ | 267,254 | $ | 281,477 | $ | 237,789 | $ | 289,824 | |||||||||||
| Regular savings | 172,454 | 179,634 | 222,578 | 192,638 | |||||||||||||||
| Money market deposit accounts | 227,505 | 214,874 | 249,580 | 209,164 | |||||||||||||||
| Non-interest checking | 341,116 | 339,271 | 375,780 | 349,081 | |||||||||||||||
| Certificates of deposit | 229,170 | 204,423 | 154,039 | 190,972 | |||||||||||||||
| Total deposits | $ | 1,237,499 | $ | 1,219,679 | $ | 1,239,766 | $ | 1,231,679 | |||||||||||
| COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS | |||||||||||||
| Other | Commercial | ||||||||||||
| Commercial | Real Estate | Real Estate | & Construction | ||||||||||
| Business | Mortgage | Construction | Total | ||||||||||
| September 30, 2024 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 236,895 | $ | - | $ | - | $ | 236,895 | |||||
| Commercial construction | - | - | 34,854 | 34,854 | |||||||||
| Office buildings | - | 112,440 | - | 112,440 | |||||||||
| Warehouse/industrial | - | 100,905 | - | 100,905 | |||||||||
| Retail/shopping centers/strip malls | - | 89,787 | - | 89,787 | |||||||||
| Assisted living facilities | - | 368 | - | 368 | |||||||||
| Single purpose facilities | - | 269,955 | - | 269,955 | |||||||||
| Land | - | 7,274 | - | 7,274 | |||||||||
| Multi-family | - | 78,710 | - | 78,710 | |||||||||
| One-to-four family construction | - | - | 16,644 | 16,644 | |||||||||
| Total | $ | 236,895 | $ | 659,439 | $ | 51,498 | $ | 947,832 | |||||
| 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 | Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | March 31, 2024 | |||||||||
| Commercial and construction | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 236,895 | $ | 238,493 | $ | 242,041 | $ | 229,404 | |||||
| Other real estate mortgage | 659,439 | 663,715 | 624,606 | 659,965 | |||||||||
| Real estate construction | 51,498 | 39,958 | 50,785 | 36,538 | |||||||||
| Total commercial and construction | 947,832 | 942,166 | 917,432 | 925,907 | |||||||||
| Consumer | |||||||||||||
| Real estate one-to-four family | 96,911 | 96,083 | 96,351 | 96,366 | |||||||||
| Other installment | 16,234 | 6,816 | 1,842 | 1,740 | |||||||||
| Total consumer | 113,145 | 102,899 | 98,193 | 98,106 | |||||||||
| Total loans | 1,060,977 | 1,045,065 | 1,015,625 | 1,024,013 | |||||||||
| Less: | |||||||||||||
| Allowance for credit losses | 15,466 | 15,364 | 15,346 | 15,364 | |||||||||
| Loans receivable, net | $ | 1,045,511 | $ | 1,029,701 | $ | 1,000,279 | $ | 1,008,649 | |||||
| DETAIL OF NON-PERFORMING ASSETS | |||||||||||||
| Southwest | |||||||||||||
| Washington | Other | Total | |||||||||||
| September 30, 2024 | (Dollars in thousands) | ||||||||||||
| Commercial business | $ | 48 | $ | - | $ | 48 | |||||||
| Commercial real estate | 68 | - | 68 | ||||||||||
| Consumer | 33 | - | 33 | ||||||||||
| Government Guaranteed Loans | - | 301 | 301 | ||||||||||
| Total non-performing assets | $ | 149 | $ | 301 | $ | 450 | |||||||
| At or for the three months ended | At or for the six months ended | |||||||||||||||||||
| SELECTED OPERATING DATA | Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | |||||||||||||||
| Efficiency ratio (4) | 83.71 | % | 90.00 | % | 76.10 | % | 86.78 | % | 74.59 | % | ||||||||||
| Coverage ratio (6) | 83.56 | % | 80.42 | % | 97.64 | % | 81.97 | % | 100.71 | % | ||||||||||
| Return on average assets (1) | 0.40 | % | 0.25 | % | 0.62 | % | 0.33 | % | 0.67 | % | ||||||||||
| Return on average equity (1) | 3.90 | % | 2.49 | % | 6.33 | % | 3.21 | % | 6.82 | % | ||||||||||
| Return on average tangible equity (1) (non-GAAP) | 4.71 | % | 3.02 | % | 7.68 | % | 3.88 | % | 8.27 | % | ||||||||||
| NET INTEREST SPREAD | ||||||||||||||||||||
| Yield on loans | 4.80 | % | 4.70 | % | 4.51 | % | 4.75 | % | 4.51 | % | ||||||||||
| Yield on investment securities | 2.05 | % | 2.11 | % | 2.00 | % | 2.08 | % | 2.02 | % | ||||||||||
| Total yield on interest-earning assets | 4.11 | % | 4.02 | % | 3.75 | % | 4.07 | % | 3.75 | % | ||||||||||
| Cost of interest-bearing deposits | 1.76 | % | 1.61 | % | 0.85 | % | 1.69 | % | 0.75 | % | ||||||||||
| Cost of FHLB advances and other borrowings | 5.92 | % | 6.07 | % | 5.84 | % | 5.99 | % | 5.73 | % | ||||||||||
| Total cost of interest-bearing liabilities | 2.35 | % | 2.24 | % | 1.63 | % | 2.30 | % | 1.53 | % | ||||||||||
| Spread (7) | 1.76 | % | 1.78 | % | 2.12 | % | 1.77 | % | 2.22 | % | ||||||||||
| Net interest margin | 2.46 | % | 2.47 | % | 2.63 | % | 2.46 | % | 2.71 | % | ||||||||||
| PER SHARE DATA | ||||||||||||||||||||
| Basic earnings per share (2) | $ | 0.07 | $ | 0.05 | $ | 0.12 | $ | 0.12 | $ | 0.25 | ||||||||||
| Diluted earnings per share (3) | 0.07 | 0.05 | 0.12 | 0.12 | 0.25 | |||||||||||||||
| Book value per share (5) | 7.62 | 7.39 | 7.20 | 7.62 | 7.20 | |||||||||||||||
| Tangible book value per share (5) (non-GAAP) | 6.33 | 6.09 | 5.90 | 6.33 | 5.90 | |||||||||||||||
| Market price per share: | ||||||||||||||||||||
| High for the period | $ | 4.72 | $ | 4.69 | $ | 5.97 | $ | 4.72 | $ | 5.97 | ||||||||||
| Low for the period | 3.79 | 3.64 | 5.04 | 3.64 | 4.17 | |||||||||||||||
| Close for period end | 4.71 | 3.99 | 5.56 | 4.71 | 5.56 | |||||||||||||||
| Cash dividends declared per share | 0.0200 | 0.0200 | 0.0600 | 0.0400 | 0.1200 | |||||||||||||||
| Average number of shares outstanding: | ||||||||||||||||||||
| Basic (2) | 21,097,580 | 21,111,043 | 21,190,987 | 21,104,275 | 21,163,692 | |||||||||||||||
| Diluted (3) | 21,097,580 | 21,111,043 | 21,191,309 | 21,104,275 | 21,166,383 | |||||||||||||||
(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
FAQ
What was Riverview Bancorp's (RVSB) net income in Q2 fiscal 2025?
What was RVSB's total loan balance as of September 30, 2024?
What was Riverview's (RVSB) net interest margin in Q2 fiscal 2025?
How much are RVSB's total deposits as of September 30, 2024?
