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Riverview Bancorp Earnings Increase in Third Fiscal Quarter; Highlighted by Expanding Net Interest Margin and Continued Loan Growth

VANCOUVER, Wash., Jan. 28, 2016 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) (“Riverview” or the “Company”) today reported net income of $1.7 million, or $0.08 per diluted share, in the third fiscal quarter ended December 31, 2015. This compares to $1.7 million, or $0.07 per diluted share, in the preceding quarter and $1.1 million, or $0.05 per diluted share, in the third fiscal quarter a year ago. In the first nine months of fiscal 2016, net income increased to $5.0 million, or $0.22 per diluted share, compared to $3.0 million, or $0.13 per diluted share, in the first nine months of fiscal 2015.

“We continue to successfully execute on our business plan and strategic initiatives,” said Pat Sheaffer, chairman and chief executive officer. “We were able to capitalize on the strength of the economy in the Portland-Vancouver marketplace with improved profitability, strong capital and continued loan growth.”

Third Quarter Highlights (at or for the period ended December 31, 2015)

  • Net income increased to $1.7 million, or $0.08 per diluted share.
  • Net interest margin improved to 3.69% compared to 3.64% in the preceding quarter.
  • Total loans increased $14.8 million during the quarter and $31.6 million year-over-year to $610.7 million.
  • Total deposits decreased $9.4 million during the quarter but have increased $58.2 million from a year ago.
  • Classified assets decreased to $7.1 million, or 6.7% of total capital.
  • Non-performing assets declined to 0.49% of total assets.
  • Total risk-based capital ratio was 16.08% and Tier 1 leverage ratio was 11.11%.
  • Increased quarterly cash dividend to $0.0175 per share.

Balance Sheet Review

“Loan activity remained strong during the quarter,” said Ron Wysaske, president and chief operating officer. “Our loan pipeline increased during the quarter as our lenders have continued expanding relationships with businesses throughout the greater Portland and Vancouver market. At December 31, 2015, our loan pipeline grew to $72.7 million from $64.8 million at the end of September.”

Loan originations totaled $75.4 million during the third quarter compared to $77.4 million in the preceding quarter. At December 31, 2015, there was an additional $34.6 million in undisbursed construction loans, the majority of which are expected to fund over the next several quarters.

Deposits were $747.6 million at December 31, 2015 compared to $757.0 million at September 30, 2015 and $689.3 million a year ago. The decrease in deposit balances during the quarter was primarily a result of timing of customer transactions. Average deposit balances, which eliminates some of the daily volatility in balances, increased $15.6 million during the quarter and were $59.7 million higher than the third quarter a year ago. The Company continues to focus on growing its core customer deposits balances. Checking account balances represented 41.2% of total deposits at December 31, 2015.

At December 31, 2015, shareholders’ equity was $106.0 million compared to $106.4 million at September 30, 2015. Tangible book value per share was $3.56 at December 31, 2015 compared to $3.57 at September 30, 2015. A quarterly cash dividend of $0.0175 per share was paid on January 19, 2016, generating a current yield of 1.6% based on the recent stock price.

Income Statement

“Our core profitability improved again this quarter reflecting the increased revenue growth with contributions from both the loan portfolio and noninterest income,” said Wysaske. “Core earnings (defined as earnings before taxes and provision for loan losses) increased $460,000 during the quarter compared to the preceding quarter.” Net interest income for the third fiscal quarter increased to $7.5 million compared to $7.2 million in the preceding quarter and $6.7 million in the third fiscal quarter a year ago.

The third quarter net interest margin expanded five basis points to 3.69% compared to 3.64% in the preceding quarter and improved 11 basis points compared to the third quarter a year ago. “Our net interest margin improved during the quarter as we increased our loan-to-deposit ratio and deployed a portion of our cash balances into more productive loans and investment securities,” said Kevin Lycklama, executive vice president and chief financial officer.

Non-interest income increased $201,000 during the quarter compared to linked quarter. The increase was primarily attributable to an increase of $172,000 in the collection of prepayment penalties on loan payoffs in the third quarter along with an increase in gain on sale of loans held for sale. In the first nine months of fiscal 2016, non-interest income increased to $7.2 million compared to $6.7 million for the same period in the prior year.

Asset management fees increased to $830,000 during the third fiscal quarter compared to $718,000 in the third quarter a year ago. Riverview Asset Management and Trust Company’s assets under management were $394.6 million at December 31, 2015 compared to $376.7 million a year ago.

Non-interest expense was $7.3 million in the third quarter, an increase of $65,000 compared to the preceding quarter and a decrease to $297,000 from a year ago. The year-over-year decrease was the result of a decrease in data processing expenses, state and local taxes and professional fees.

Credit Quality

“Maintaining high-level credit quality remains a top priority,” said Dan Cox, executive vice president and chief credit officer. “We have continued to reduce both our nonperforming and classified asset totals.” Total nonperforming assets (“NPA”) decreased to $4.3 million at December 31, 2015 compared to $4.7 million three months earlier.

Nonperforming loans (“NPL”) were $3.9 million, or 0.65% of total loans, at December 31, 2015 compared to $3.8 million, or 0.63% of total loans, at September 30, 2015 and $7.7 million, or 1.33% of total loans, a year ago. Loans past due 30-89 days were 0.11% of total loans at December 31, 2015 compared to 0.14% at September 30, 2015.

REO balances declined to $388,000 at December 31, 2015 compared to $909,000 three months earlier. Sales of REO properties totaled $460,000 during the quarter, with $61,000 in write-downs and no new additions.

Classified assets decreased to $7.1 million at December 31, 2015 compared to $7.5 million at September 30, 2015. The classified asset to total capital ratio was 6.7% at December 31, 2015 compared to 7.2% three months earlier. During the past twelve months, Riverview has reduced its classified assets by $15.8 million, or 68.9%.

Riverview recorded no provision for loan losses during the third fiscal quarter compared to a $300,000 recapture of loan losses during the preceding quarter. In the first nine months, the Company recorded an $800,000 recapture of loan losses compared to $1.1 million in the first nine months a year ago. The recapture of loan losses reflects the improvement in credit quality and the decline in loan charge-offs during the past few years.

Net loan recoveries were $60,000 during the quarter compared to net loan recoveries of $76,000 in the preceding quarter. The allowance for loan losses at December 31, 2015 totaled $10.2 million, representing 1.67% of total loans and 258.1% of nonperforming loans.

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 16.08%, Tier 1 leverage ratio of 11.11% and tangible common equity to tangible assets of 9.30% at December 31, 2015.

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. Riverview believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Riverview provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and other intangible assets. In addition, tangible assets are total assets less goodwill and other intangible assets.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP), and ending total assets (GAAP) to ending tangible assets (non-GAAP).

(Dollars in thousands) December 31, 2015 September 30, 2015 December 31, 2014 March 31, 2015
Shareholders' equity $ 105,993 $ 106,362 $ 101,912 $ 103,801
Goodwill 25,572 25,572 25,572 25,572
Other intangible assets, net 386 392 401 401
Tangible shareholders' equity $ 80,035 $ 80,398 $ 75,939 $ 77,828
Total assets $ 886,152 $ 896,302 $ 828,435 $ 858,750
Goodwill 25,572 25,572 25,572 25,572
Other intangible assets, net 386 392 401 401
Tangible assets $ 860,194 $ 870,338 $ 802,462 $ 832,777

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 $886 million, it is the parent company of the 92 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 17 branches, including twelve in the Portland-Vancouver area and three lending centers.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to: the Company’s ability to raise common capital; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in the Company’s market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to sell loans in the secondary market; results of examinations of us by the Office of Comptroller of the Currency or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase the Company’s reserve for loan losses, write-down assets, change Riverview Community Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; further increases in premiums for deposit insurance; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; computer systems on which the Company depends could fail or experience a security breach; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may in the future acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; and interest or principal payments on its junior subordinated debentures; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services and the other risks described from time to time in our filings with the SEC.

Such forward-looking statements may include projections. Any such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities Exchange Commission regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct.

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2016 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s operating and stock price performance.


RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(In thousands, except share data) (Unaudited)December 31, 2015 September 30, 2015 December 31, 2014 March 31, 2015
ASSETS
Cash (including interest-earning accounts of $16,461, $55,094, $5,872$ 28,967 $ 68,865 $ 21,981 $ 58,659
and $45,490)
Certificate of deposits held for investment 17,761 21,247 27,214 25,969
Loans held for sale 400 950 724 778
Investment securities:
Available for sale, at estimated fair value 154,292 134,571 118,366 112,463
Held to maturity, at amortized 77 80 88 86
Loans receivable (net of allowance for loan losses of $10,173, $10,113
$11,701, and $10,762) 600,540 585,784 567,398 569,010
Real estate owned 388 909 1,604 1,603
Prepaid expenses and other assets 3,236 3,256 3,049 3,238
Accrued interest receivable 2,429 2,181 2,024 2,139
Federal Home Loan Bank stock, at cost 988 988 6,120 5,924
Premises and equipment, net 14,814 15,059 15,683 15,434
Deferred income taxes, net 10,814 11,153 13,500 12,568
Mortgage servicing rights, net 386 392 393 399
Goodwill 25,572 25,572 25,572 25,572
Bank owned life insurance 25,488 25,295 24,719 24,908
TOTAL ASSETS$ 886,152 $ 896,302 $ 828,435 $ 858,750
LIABILITIES AND EQUITY
LIABILITIES:
Deposits$ 747,565 $ 756,996 $ 689,330 $ 720,850
Accrued expenses and other liabilities 7,178 6,497 9,397 8,111
Advance payments by borrowers for taxes and insurance 256 712 199 495
Federal Home Loan Bank advances - - 2,100 -
Junior subordinated debentures 22,681 22,681 22,681 22,681
Capital lease obligations 2,479 2,484 2,298 2,276
Total liabilities 780,159 789,370 726,005 754,413
EQUITY:
Shareholders' equity
Serial preferred stock, $.01 par value; 250,000 authorized,
issued and outstanding, none - - - -
Common stock, $.01 par value; 50,000,000 authorized,
December 31, 2015 - 22,507,890 issued and outstanding;
September 30, 2015 - 22,507,890 issued and outstanding; 225 225 225 225
December 31, 2014 - 22,471,890 issued and outstanding;
March 31, 2015 – 22,489,890 issued and outstanding;
Additional paid-in capital 64,417 65,333 65,217 65,268
Retained earnings 41,773 40,460 36,565 37,830
Unearned shares issued to employee stock ownership plan (206) (232) (310) (284)
Accumulated other comprehensive income (loss) (216) 576 215 762
Total shareholders’ equity 105,993 106,362 101,912 103,801
Noncontrolling interest - 570 518 536
Total equity 105,993 106,932 102,430 104,337
TOTAL LIABILITIES AND EQUITY$ 886,152 $ 896,302 $ 828,435 $ 858,750


RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three Months Ended Nine Months Ended
(In thousands, except share data) (Unaudited)Dec. 31, 2015Sept. 30, 2015Dec. 31, 2014 Dec. 31, 2015Dec. 31, 2014
INTEREST INCOME:
Interest and fees on loans receivable$ 7,109 $ 6,789 $ 6,498 $ 20,758 $ 19,155
Interest on investment securities 702 702 595 1,986 1,765
Other interest and dividends 110 111 110 340 359
Total interest and dividend income 7,921 7,602 7,203 23,084 21,279
INTEREST EXPENSE:
Interest on deposits 290 300 322 893 1,024
Interest on borrowings 144 139 163 417 458
Total interest expense 434 439 485 1,310 1,482
Net interest income 7,487 7,163 6,718 21,774 19,797
Recapture of loan losses - (300) (400) (800) (1,050)
Net interest income after recapture of loan losses 7,487 7,463 7,118 22,574 20,847
NON-INTEREST INCOME:
Fees and service charges 1,312 1,132 1,032 3,740 3,260
Asset management fees 830 801 718 2,455 2,248
Net gain on sale of loans held for sale 125 79 154 425 435
Bank owned life insurance 193 190 196 580 528
Other, net (43) 14 164 (18) 226
Total non-interest income 2,417 2,216 2,264 7,182 6,697
NON-INTEREST EXPENSE:
Salaries and employee benefits 4,452 4,236 4,472 13,102 12,987
Occupancy and depreciation 1,200 1,154 1,223 3,523 3,632
Data processing 424 431 495 1,345 1,399
Advertising and marketing expense 149 208 169 533 522
FDIC insurance premium 127 122 143 375 498
State and local taxes 102 123 162 362 416
Telecommunications 71 74 73 218 223
Professional fees 222 218 302 673 848
Real estate owned expenses 65 167 99 511 901
Other 537 551 508 1,736 1,629
Total non-interest expense 7,349 7,284 7,646 22,378 23,055
INCOME BEFORE INCOME TAXES 2,555 2,395 1,736 7,378 4,489
PROVISION FOR INCOME TAXES 849 743 587 2,425 1,516
NET INCOME$ 1,706 $ 1,652 $ 1,149 $ 4,953 $ 2,973
Earnings per common share:
Basic$ 0.08 $ 0.07 $ 0.05 $ 0.22 $ 0.13
Diluted$ 0.08 $ 0.07 $ 0.05 $ 0.22 $ 0.13
Weighted average number of common shares outstanding:
Basic 22,455,543 22,449,386 22,394,910 22,446,463 22,388,775
Diluted 22,506,341 22,490,351 22,439,195 22,491,546 22,421,330


(Dollars in thousands) At or for the three months ended At or for the nine months ended
Dec. 31, 2015 Sept. 30, 2015 Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2014
AVERAGE BALANCES
Average interest–earning assets $ 806,760 $ 783,371 $ 744,351 $ 789,403 $ 739,951
Average interest-bearing liabilities 597,989 594,667 573,417 593,851 576,670
Net average earning assets 208,771 188,704 170,934 195,552 163,281
Average loans 606,760 576,218 554,376 585,936 548,041
Average deposits 753,405 737,851 693,695 738,172 689,964
Average equity 108,115 106,771 102,327 106,838 101,021
Average tangible equity 82,151 80,794 76,358 80,865 75,053
ASSET QUALITY Dec. 31, 2015 Sept. 30, 2015 Dec. 31, 2014
Non-performing loans $ 3,941 $ 3,771 $ 7,729
Non-performing loans to total loans 0.65% 0.63% 1.33%
Real estate/repossessed assets owned $ 388 $ 909 $ 1,604
Non-performing assets $ 4,329 $ 4,680 $ 9,333
Non-performing assets to total assets 0.49% 0.52% 1.13%
Net recoveries in the quarter $ (60) $ (76) $ (100)
Net recoveries in the quarter/average net loans (0.04)% (0.05)% (0.07)%
Allowance for loan losses $ 10,173 $ 10,113 $ 11,701
Average interest-earning assets to average
interest-bearing liabilities 134.91% 131.73% 129.81%
Allowance for loan losses to
non-performing loans 258.13% 268.18% 151.39%
Allowance for loan losses to total loans 1.67% 1.70% 2.02%
Shareholders’ equity to assets 11.96% 11.87% 12.30%
CAPITAL RATIOS
Total capital (to risk weighted assets) 16.08% 16.45% 15.59%
Tier 1 capital (to risk weighted assets) 14.83% 15.19% 14.33%
Common equity tier 1 (to risk weighted assets) 14.83% 15.19% N/A
Tier 1 capital (to leverage assets) 11.11% 11.22% 10.72%
Tangible common equity (to tangible assets) 9.30% 9.24% 9.46%
DEPOSIT MIX Dec. 31, 2015 Sept. 30, 2015 Dec. 31, 2014 March 31, 2015
Interest checking $ 130,635 $ 132,727 $ 107,701 $ 115,461
Regular savings 88,603 83,094 74,111 77,132
Money market deposit accounts 226,746 234,194 222,300 237,465
Non-interest checking 177,624 176,131 144,189 151,953
Certificates of deposit 123,957 130,850 141,029 138,839
Total deposits $ 747,565 $ 756,996 $ 689,330 $ 720,850

COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
Other Commercial
Real Estate Real Estate & Construction
Commercial Mortgage Construction Total
December 31, 2015 (Dollars in thousands)
Commercial $ 72,113 $ - $ - $ 72,113
Commercial construction - - 15,403 15,403
Office buildings - 104,285 - 104,285
Warehouse/industrial - 51,384 - 51,384
Retail/shopping centers/strip malls - 56,008 - 56,008
Assisted living facilities - 1,819 - 1,819
Single purpose facilities - 122,029 - 122,029
Land - 13,061 - 13,061
Multi-family - 34,601 - 34,601
One-to-four family construction - - 8,346 8,346
Total $ 72,113 $ 383,187 $ 23,749 $ 479,049
March 31, 2015
Commercial $ 77,186 $ - $ - $ 77,186
Commercial construction - - 27,967 27,967
Office buildings - 86,813 - 86,813
Warehouse/industrial - 42,173 - 42,173
Retail/shopping centers/strip malls - 60,736 - 60,736
Assisted living facilities - 1,846 - 1,846
Single purpose facilities - 108,123 - 108,123
Land - 15,358 - 15,358
Multi-family - 30,457 - 30,457
One-to-four family construction - - 2,531 2,531
Total $ 77,186 $ 345,506 $ 30,498 $ 453,190
LOAN MIX Dec. 31, 2015 Sept. 30, 2015 Dec. 31, 2014 March 31, 2015
(Dollars in thousands)
Commercial and construction
Commercial business $ 72,113 $ 78,138 $ 82,284 $ 77,186
Other real estate mortgage 383,187 380,529 337,030 345,506
Real estate construction 23,749 17,304 29,199 30,498
Total commercial and construction 479,049 475,971 448,513 453,190
Consumer
Real estate one-to-four family 88,839 89,520 90,865 89,801
Other installment 42,825 30,406 39,721 36,781
Total consumer 131,664 119,926 130,586 126,582
Total loans 610,713 595,897 579,099 579,772
Less:
Allowance for loan losses 10,173 10,113 11,701 10,762
Loans receivable, net $ 600,540 $ 585,784 $ 567,398 $ 569,010


DETAIL OF NON-PERFORMING ASSETS
Northwest Other Southwest Other
Oregon Oregon Washington Washington Other Total
December 31, 2015 (dollars in thousands)
Commercial real estate $ 273 $ 1,289 $ 913 $ - $ - $ 2,475
Land - 801 - - - 801
Consumer 114 - 141 233 177 665
Total non-performing loans 387 2,090 1,054 233 177 3,941
REO 313 - 30 45 - 388
Total non-performing assets$ 700 $ 2,090 $ 1,084 $ 278 $ 177 $ 4,329
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS
Northwest Other Southwest
Oregon Oregon Washington Total
December 31, 2015 (dollars in thousands)
Land development $ 100 $ 2,801 $ 10,160 $ 13,061
Speculative construction - - 6,941 6,941
Total land development and speculative construction $ 100 $ 2,801 $ 17,101 $ 20,002


At or for the three months ended At or for the nine months ended
SELECTED OPERATING DATADec. 31, 2015Sept. 30, 2015Dec. 31, 2014 Dec. 31, 2015Dec. 31, 2014
Efficiency ratio (4) 74.20% 77.66% 85.13% 77.28% 87.02%
Coverage ratio (6) 101.88% 98.34% 87.86% 97.30% 85.87%
Return on average assets (1) 0.76% 0.75% 0.55% 0.75% 0.48%
Return on average equity (1) 6.28% 6.16% 4.45% 6.17% 3.91%
NET INTEREST SPREAD
Yield on loans 4.66% 4.69% 4.65% 4.72% 4.64%
Yield on investment securities 2.09% 2.03% 1.73% 2.06% 1.87%
Total yield on interest earning assets 3.91% 3.86% 3.84% 3.89% 3.82%
Cost of interest bearing deposits 0.20% 0.21% 0.23% 0.21% 0.25%
Cost of FHLB advances and other borrowings 2.28% 2.22% 2.48% 2.22% 2.39%
Total cost of interest bearing liabilities 0.29% 0.29% 0.34% 0.29% 0.34%
Spread (7) 3.62% 3.57% 3.50% 3.60% 3.48%
Net interest margin 3.69% 3.64% 3.58% 3.67% 3.55%
PER SHARE DATA
Basic earnings per share (2)$ 0.08 $ 0.07 $ 0.05 $ 0.22 $ 0.13
Diluted earnings per share (3) 0.08 0.07 0.05 0.22 0.13
Book value per share (5) 4.71 4.73 4.54 4.71 4.54
Tangible book value per share (5) 3.56 3.57 3.38 3.56 3.38
Market price per share:
High for the period$ 5.11 $ 4.75 $ 4.49 $ 5.11 $ 4.49
Low for the period 4.35 4.15 3.84 4.08 3.38
Close for period end 4.69 4.75 4.48 4.69 4.48
Cash dividends declared per share 0.0175 0.0150 - 0.0450 -
Average number of shares outstanding:
Basic (2) 22,455,543 22,449,386 22,394,910 22,446,463 22,388,775
Diluted (3) 22,506,341 22,490,351 22,439,195 22,491,546 22,421,330

  1. Amounts for the quarterly periods are annualized.
  2. Amounts exclude ESOP shares not committed to be released.
  3. Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
  4. Non-interest expense divided by net interest income and non-interest income.
  5. Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
  6. Net interest income divided by non-interest expense.
  7. Yield on interest-earning assets less cost of funds on interest-bearing liabilities.



Contacts: Pat Sheaffer, Ron Wysaske or Kevin Lycklama, Riverview Bancorp, Inc. 360-693-6650

Source:Riverview Bancorp, Inc.