VANCOUVER, Wash., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. ("Riverview" or the "Company") (Nasdaq:RVSB), the parent company of Riverview Community Bank ("Bank"), today reported that net income increased to $1.1 million, or $0.06 per diluted share, for the second fiscal quarter ended September 30, 2010, compared to $202,000, or $0.02 per diluted share, for the second fiscal quarter a year ago. For the first six months of fiscal 2011 net income increased to $2.9 million, or $0.20 per diluted share, compared to $545,000, or $0.05 per diluted share, for the first six months of fiscal 2010.

"Riverview's second quarter was highlighted by a successful capital raise and continued strong operating performance," said Pat Sheaffer, Chairman and CEO. "We posted profits for the second consecutive quarter and have continued to see meaningful improvements throughout the Bank during the first half of fiscal 2011. While credit costs remained elevated, we are seeing signs of a return to normalcy from an operating perspective."

Common Stock Offering

During the second fiscal quarter, the Company successfully raised $18.9 million in net proceeds through an underwritten public offering. The Company issued 11.5 million shares of its common stock, including 1.5 million shares pursuant to the underwriter's over-allotment option. "The successful completion of this offering increased our already-strong capital and liquidity levels and further enhanced the Bank's ability to respond to the banking needs in our communities," added Sheaffer. "To help in accomplishing our goals, we have also hired additional talented and experienced bankers. Together with our existing team, we are looking for opportunities to attract new customers and grow our existing franchise."

Second Quarter Fiscal 2011 Highlights (at or for the period ended September 30, 2010)
  • Net income of $1.1 million, or $0.06 per diluted share.
  • Completed capital offering and raised $18.9 million in net proceeds.
  • Improved capital levels - total risk-based capital ratio of 14.07%, significantly above the 10.00% minimum for "well-capitalized" designation.
  • Net interest margin remains strong at 4.46%.
  • Average deposit balances increased $16.8 million compared to prior quarter.
  • Non-performing assets were 6.42% of total assets.
  • Allowance for loan losses was 2.72% of total loans and 53.84% of non-performing loans.
  • Reduced concentration in land development and speculative construction loans by $9.4 million during the quarter. These two segments accounted for 12.4% of the total loan portfolio at September 30, 2010.

Credit Quality

"We continue to be proactive in managing our asset quality," said Dave Dahlstrom, EVP and Chief Credit Officer. "While we have experienced an increase in non-performing loans during the quarter due to one new commercial real estate (CRE) credit, there has been a considerable slowdown in new problem loans."

Non-performing loans (NPLs) increased slightly during the quarter to $35.3 million compared to $33.0 million three months earlier, but were down from the $41.1 million at their peak level at June 30, 2009. NPLs represented 5.06% of total loans at September 30, 2010, compared to 4.59% of total loans three months earlier. "The increase in non-performing loans during the quarter was primarily due to one commercial real estate loan totaling $6.3 million. We are working on a deal for the sale of this property and based on a current appraisal of the property we do not anticipate any loss on the property settlement at this time," said Dahlstrom. "While we believe the worst of the credit problems are behind us, we do expect some continued volatility in the non-performing asset (NPA) balances in the coming quarters." Loans delinquent 30 to 89 days improved to 1.30% of total loans compared to 1.78% of total loans at June 30, 2010. The bulk of these delinquencies were concentrated in one CRE loan totaling $7.2 million. This loan is reserved for at its current market value with a total an impairment of $699,000 at September 30, 2010.

The results of our most recent stress tests on the CRE portfolio showed no significant issues, unlike our previous experience in the residential land development and construction portfolios. The Bank expects any potential issues that may arise in the CRE portfolio will result from individual loans and not represent a systemic weakness from this portfolio.

Real estate owned (REO) was $19.8 million at September 30, 2010 compared to $14.9 million at June 30, 2010. REO balances increased as the Bank has continued to make progress in moving non-performing loans through the foreclosure process, which will allow for more efficient resolution of these properties and continued reductions in our NPA levels in future quarters. "During the second quarter, we sold a total of $1.6 million of REO, added 13 properties that totaled $6.4 million and have several additional properties which we expect to be sold during the third fiscal quarter," Dahlstrom added. The REO balance consisted primarily of completed residential properties and residential building land and lots. The Bank has written these properties down to their net realizable value based on recent or updated appraisals.

NPAs increased during the quarter to $55.1 million, or 6.42% of total assets, at September 30, 2010 compared to $47.9 million, or 5.54% of total assets, in the prior quarter. This increase was primarily the result of the one CRE loan discussed earlier.

The total CRE loan portfolio was $360.0 million as of September 30, 2010, of which 28% was owner-occupied and 72% was investor-owned. At September 30, 2010, the CRE portfolio contained five loans totaling $9.5 million that were more than 90 days past due, representing 2.7% of the total commercial real estate. Due primarily to our conservative underwriting standards for this portfolio, none of these loans required any type of impairment at September 30, 2010. The underwriting standards for this portfolio generally require a minimum debt service coverage ratio of 1.20 or greater, a maximum loan-to-value of 75% and personal guarantees.

Riverview continues to reduce its exposure to land development and speculative construction loans, reducing the balance of these portfolios to $87.0 million at September 30, 2010 compared to $96.4 million in the prior quarter, $120.2 million at September 30, 2009 and $237.5 million at their peak at October 31, 2006. Speculative construction loans declined to $24.4 million, and represent only 3.5% of the total loan portfolio and land development loans declined to $62.6 million and represent 9.0% of the total loan portfolio at September 30, 2010.

Riverview's allowance for loan losses was $19.0 million at September 30, 2010 representing 2.72% of total loans compared to an allowance for loan losses of $19.6 million, or 2.73% of total loans, at June 30, 2010. The ratio of allowance for loan losses to non-performing loans was 53.84% at September 30, 2010 compared to 59.37% three months earlier. For the second fiscal quarter, the provision for loan losses was $1.7 million compared to net charge-offs of $2.2 million. The provision for loan losses was $1.3 million in the preceding quarter and $3.2 million in the second quarter a year ago.

Capital and Liquidity

The Bank continues to maintain capital levels significantly in excess of the requirements to be categorized as "well capitalized." The Bank's total risk-based capital ratio was 14.07% and its Tier 1 capital ratio was 12.81% at September 30, 2010. Riverview's total shareholders' equity was $105.7 million at September 30, 2010 compared to $89.6 million at September 30, 2009. Book value per share was $4.70 per share at September 30, 2010 compared to $8.20 a year ago and tangible book value per share was $3.53 at September 30, 2010 compared to $5.78 a year earlier. Riverview's tangible shareholder equity was 9.5% of tangible assets at September 30. 2010. The Company also has an additional $12.5 million in cash that could be used in the future to boost the Bank's capital levels or support future growth.

Riverview Community Bank's actual and required minimum capital amounts and ratios are presented as follows:
Sept. 30, 2010 Actual Adequately Capitalized Well Capitalized
  Amount Ratio Amount Ratio Amount Ratio
Total Capital  (dollars in thousands) 
(To Risk-Weighted Assets)  $ 99,144 14.07%  $ 56,371 8.00%  $ 70,464 10.00%
Tier 1 Capital            
(To Risk-Weighted Assets)  90,285 12.81%  28,186 4.00%  42,278 6.00%
Tier 1 Capital            
(To Adjusted Tangible Assets)  90,285 11.00%  32,836 4.00%  41,045 5.00%

At September 30, 2010, the Bank had available liquidity of $400 million, including over $318 million of borrowing capacity from the Federal Home Loan Bank of Seattle and the Federal Reserve Bank of San Francisco, and $56 million from our cash and short-term investments. As of September 30, 2010, the Bank had no outstanding borrowings.

Net Interest Margin

Riverview's net interest margin was 4.46% for the second quarter compared to 4.79% for the preceding quarter and 4.35% for the second quarter a year ago. For the first six months of fiscal 2011 the net interest margin was 4.63%, a 33 basis point improvement compared to the first six months of fiscal 2010. "The decline in the net interest margin compared to the preceding quarter is primarily the result of the Bank holding higher levels of cash and investments which bear lower interest rates," said Kevin Lycklama, EVP and CFO. The average cash and investment balances increased by $37.0 million during the quarter. The increase in this on-balance sheet liquidity resulted in a 21 basis point reduction in the net interest margin for the quarter. Loans placed on nonaccrual during the quarter resulted in a five basis point reduction in the margin. The margin was also negatively impacted by the declining balance of the loan portfolio. The average cost of deposits decreased by 11 basis points during the quarter to 0.98%.

Income Statement

Net interest income was $8.7 million in the second quarter compared to $9.0 million in the preceding quarter and $8.9 million in the second quarter a year ago. In the first six months of fiscal 2011 net interest income was $17.7 million, compared to $17.6 million in the first six months of fiscal 2010. Operating revenue, which consists of net interest income plus non-interest income, was $10.7 million in the second quarter compared to $11.3 million in the preceding quarter and $10.7 million in the second quarter a year ago. In the first six months of fiscal 2011 operating revenue increased to $22.0 million compared to $21.5 million in the same period a year ago.

Non-interest income was $2.1 million in the second quarter compared to $2.2 million in the preceding quarter and $1.8 million in the second quarter a year ago. For the first half of fiscal 2011 non-interest income increased 10.0% to $4.3 million compared to $3.9 million for the first half of fiscal 2010. The increase from prior year is primarily due to a $459,000 impairment charge on an investment security in prior year.

Non-interest expense was $7.4 million in the second quarter compared to $7.3 million in the preceding quarter and in the second quarter a year ago. For the first half of fiscal 2011 non-interest expense was $14.7 million compared to $15.3 million a year ago.

Balance Sheet Review

Loan balances outstanding at September 30, 2010 declined reflecting the continued weak economic conditions and the planned reduction in the construction and land development portfolios over the past year. Net loans declined $17.9 million during the quarter to $679.9 million at September 30, 2010, compared to $697.8 million at June 30, 2010, and $730.2 million a year ago.

Total deposits increased by $2.5 million during the quarter to $718.0 million at September 30, 2010 compared to $715.6 million three months earlier and $662.5 million a year ago. Checking accounts represented the largest growth during the quarter with balances increasing $8.1 million or 4.8% from the previous linked quarter. Average total deposits for the second quarter were $716.3 million, an increase of $16.8 million from the prior quarter's average balance of $699.5 million. The loan to deposit ratio decreased to 0.97 at September 30, 2010 compared to 1.00 three months earlier and 1.13 a year ago.

During the quarter, the Bank paid down its borrowings by $28.0 million. The Bank had no borrowings at September 30, 2010.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (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 provided 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 reconciliations of ending shareholders' equity (GAAP) to ending tangible shareholders' equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

  Sept. 30, June 30, Sept. 30, March 31,
(Dollars in thousands) 2010 2010 2009 2010
         
Shareholders' equity $ 105,719 $ 85,718 $ 89,567 $ 83,934
Goodwill 25,572 25,572 25,572 25,572
Other intangible assets, net 735 781 896 823
         
Tangible shareholders' equity $ 79,412 $ 59,365 $ 63,099 $ 57,539
         
Total assets $ 858,865 $ 863,424 $ 863,670 $ 837,953
Goodwill 25,572 25,572 25,572 25,572
Other intangible assets, net 735 781 896 823
         
Tangible assets $ 832,558 $ 837,071 $ 837,202 $ 811,558

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 $859 million, it is the parent company of the 87 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. There are 17 branches, including twelve in the Portland-Vancouver area and three lending centers. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers.

"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 amount of capital it intends to raise and its intended use of that 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 Thrift Supervision 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; the Company's compliance with regulatory enforcement actions; we have entered into with the OTS and the possibility that our noncompliance could result in the imposition of additional enforcement actions and additional requirements or restrictions on our operations;  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 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 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 2010 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) September 30, 2010 June 30, 2010 September 30, 2009 March 31, 2010
ASSETS        
         
Cash (including interest-earning accounts of $36,002, $41,345, $4,862 and $3,384)   $ 48,505  $ 53,244  $ 18,513  $ 13,587
Certificate of deposits with other financial institutions  14,951  --  --  --
Loans held for sale  417  667  180  255
Investment securities held to maturity, at amortized cost  512  511  523  517
Investment securities available for sale, at fair value  6,688  6,727  8,451  6,802
Mortgage-backed securities held to maturity, at amortized  199  203  406  259
Mortgage-backed securities available for sale, at fair value  2,306  2,554  3,397  2,828
Loans receivable (net of allowance for loan losses of $19,029, $19,565, $18,071, and $21,642)  679,925  697,795  730,227  712,837
Real estate and other pers. property owned  19,766  14,908  20,482  13,325
Prepaid expenses and other assets  6,541  7,560  2,953  7,934
Accrued interest receivable  2,644  2,653  2,891  2,849
Federal Home Loan Bank stock, at cost  7,350  7,350  7,350  7,350
Premises and equipment, net  15,893  16,201  18,770  16,487
Deferred income taxes, net  11,209  11,197  8,008  11,177
Mortgage servicing rights, net  470  493  528  509
Goodwill  25,572  25,572  25,572  25,572
Core deposit intangible, net  265  288  368  314
Bank owned life insurance  15,652  15,501  15,051  15,351
         
TOTAL ASSETS  $ 858,865  $ 863,424  $ 863,670  $ 837,953
         
LIABILITIES AND EQUITY        
         
LIABILITIES:        
Deposit accounts  $ 718,028  $ 715,573  $ 662,494  $ 688,048
Accrued expenses and other liabilities  8,898  8,224  5,468  6,833
Advance payments by borrowers for taxes and insurance  507  194  435  427
Federal Home Loan Bank advances  --  28,000  5,000  23,000
Federal Reserve Bank advances  --  --  75,000  10,000
Junior subordinated debentures  22,681  22,681  22,681  22,681
Capital lease obligation  2,589  2,599  2,630  2,610
Total liabilities  752,703  777,271  773,708  753,599
         
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,        
September 30, 2010 - 22,471,890 issued and outstanding;        
June 30, 2010 – 10,923,773 issued and outstanding;  225  109  109  109
September 30, 2009 – 10,923,773 issued and outstanding;        
March 31, 2010 – 10,923,773 issued and outstanding;        
Additional paid-in capital  65,746  46,980  46,889  46,948
Retained earnings  41,760  40,643  44,867  38,878
Unearned shares issued to employee stock ownership trust  (748)  (773)  (851)  (799)
Accumulated other comprehensive loss  (1,264)  (1,241)  (1,447)  (1,202)
Total shareholders' equity  105,719  85,718  89,567  83,934
         
Noncontrolling interest  443  435  395  420
Total equity  106,162  86,153  89,962  84,354
         
TOTAL LIABILITIES AND EQUITY  $ 858,865  $ 863,424  $ 863,670  $ 837,953
           
RIVERVIEW BANCORP, INC. AND SUBSIDIARY          
Consolidated Statements of Income          
  Three Months Ended Six Months Ended
(In thousands, except share data) (Unaudited) Sept. 30, 2010 June 30, 2010 Sept. 30, 2009 Sept. 30, 2010 Sept. 30, 2009
INTEREST INCOME:          
Interest and fees on loans receivable  $ 10,672  $ 11,193  $ 11,639  $ 21,865  $ 23,349
Interest on investment securities-taxable  32  55  66  87  164
Interest on investment securities-non taxable  14  15  31  29  63
Interest on mortgage-backed securities  23  26  35  49  75
Other interest and dividends  48  15  26  63  40
Total interest income  10,789  11,304  11,797  22,093  23,691
           
INTEREST EXPENSE:          
Interest on deposits  1,764  1,901  2,448  3,665  5,142
Interest on borrowings  375  385  436  760  956
Total interest expense  2,139  2,286  2,884  4,425  6,098
Net interest income  8,650  9,018  8,913  17,668  17,593
Less provision for loan losses  1,675  1,300  3,200  2,975  5,550
           
Net interest income after provision for loan losses  6,975  7,718  5,713  14,693  12,043
           
NON-INTEREST INCOME:          
Fees and service charges  1,077  1,099  1,151  2,176  2,395
Asset management fees  492  521  465  1,013  974
Gain on sale of loans held for sale  124  119  159  243  560
Impairment of investment security  --  --  (201)  --  (459)
Bank owned life insurance income  150  150  151  300  302
Other  207  347  70  554  126
Total non-interest income  2,050  2,236  1,795  4,286  3,898
           
NON-INTEREST EXPENSE:          
Salaries and employee benefits  4,085  3,940  3,689  8,025  7,564
Occupancy and depreciation  1,148  1,141  1,217  2,289  2,450
Data processing  248  252  237  500  477
Amortization of core deposit intangible  23  26  28  49  58
Advertising and marketing expense  255  135  151  390  310
FDIC insurance premium  417  421  445  838  1,140
State and local taxes  147  171  151  318  300
Telecommunications  105  107  113  212  229
Professional fees  321  326  330  647  634
Real estate owned expenses  120  166  353  286  962
Other  543  580  553  1,123  1,131
Total non-interest expense  7,412  7,265  7,267  14,677  15,255
           
INCOME BEFORE INCOME TAXES  1,613  2,689  241  4,302  686
PROVISION FOR INCOME TAXES  496  924  39  1,420  141
NET INCOME  $ 1,117  $ 1,765  $ 202  $ 2,882  $ 545
           
Earnings per common share:          
Basic  $ 0.06  $ 0.16  $ 0.02  $ 0.20  $ 0.05
Diluted  $ 0.06  $ 0.16  $ 0.02  $ 0.20  $ 0.05
Weighted average number of shares outstanding:          
Basic 18,033,354 10,735,946 10,717,471 14,404,588 10,714,409
Diluted 18,033,354 10,735,946 10,717,471 14,404,588 10,714,409
     
(Dollars in thousands) At or for the three months ended At or for the six months ended
  Sept. 30, 2010 June 30, 2010 Sept. 30, 2009 Sept. 30, 2010 Sept. 30, 2009
AVERAGE BALANCES          
Average interest–earning assets  $ 769,423  $ 755,123  $ 813,673  $ 762,312  $ 817,531
Average interest-bearing liabilities 658,973 656,099 707,876 657,543 717,257
Net average earning assets 110,450 99,024 105,797 104,769 100,274
Average loans 707,944 729,851 765,470 718,838 778,438
Average deposits 716,279 699,483 655,388 707,926 650,691
Average equity 100,306 86,431 91,303 93,407 90,894
Average tangible equity 73,969 60,051 64,803 67,049 64,400
           
           
ASSET QUALITY Sept. 30, 2010 June 30, 2010 Sept. 30, 2009    
           
Non-performing loans 35,346 32,954 36,085    
Non-performing loans to total loans 5.06% 4.59% 4.82%    
Real estate/repossessed assets owned 19,766 14,908 20,482    
Non-performing assets 55,112 47,862 56,567    
Non-performing assets to total assets 6.42% 5.54% 6.55%    
Net loan charge-offs in the quarter 2,211 3,377 2,905    
Net charge-offs in the quarter/average net loans 1.24% 1.86% 1.51%    
           
Allowance for loan losses 19,029 19,565 18,071    
Allowance for loan losses and unfunded loan commitments 19,188 19,755 18,355    
Average interest-earning assets to average interest-bearing liabilities 116.76% 115.09% 114.95%    
Allowance for loan losses to non-performing loans 53.84% 59.37% 50.08%    
Allowance for loan losses to total loans 2.72% 2.73% 2.41%    
Allowance for loan losses and unfunded loan commitments to total loans  2.75% 2.75% 2.45%    
Shareholders' equity to assets 12.31% 9.93% 10.37%    
           
           
           
LOAN MIX Sept. 30, 2010 June 30, 2010 Sept. 30, 2009 March 31, 2010  
Commercial and construction          
Commercial   $ 93,026  $ 106,002  $ 112,578  $ 108,368  
Other real estate mortgage  458,621  455,106  449,405  459,178  
Real estate construction  52,262  68,717  94,319  75,456  
Total commercial and construction  603,909  629,825  656,302  643,002  
Consumer          
Real estate one-to-four family  92,682  84,956  88,862  88,861  
Other installment  2,363  2,579  3,134  2,616  
Total consumer  95,045  87,535  91,996  91,477  
           
Total loans   698,954  717,360  748,298  734,479  
           
Less:          
Allowance for loan losses  19,029  19,565  18,071  21,642  
Loans receivable, net  $ 679,925  $ 697,795  $ 730,227  $ 712,837  
     
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS    
         
    Commercial   Commercial 
    Real Estate Real Estate & Construction
  Commercial Mortgage Construction Total
September 30, 2010 (Dollars in thousands)
Commercial   $ 93,026  $ --  $ --  $ 93,026
Commercial construction  --  --  25,329  25,329
Office buildings  --  88,374  --  88,374
Warehouse/industrial  --  47,089  --  47,089
Retail/shopping centers/strip malls  --  93,799  --  93,799
Assisted living facilities  --  35,955  --  35,955
Single purpose facilities  --  94,734  --  94,734
Land  --  62,571  --  62,571
Multi-family  --  36,099  --  36,099
One-to-four family  --  --  26,933  26,933
Total  $ 93,026  $ 458,621  $ 52,262  $ 603,909
         
March 31, 2010 (Dollars in thousands)
Commercial   $ 108,368  $ --  $ --  $ 108,368
Commercial construction  --  -- 40,017  40,017
Office buildings  --  90,000  --  90,000
Warehouse/industrial  --  46,731  --  46,731
Retail/shopping centers/strip malls  --  80,982  --  80,982
Assisted living facilities  --  39,604  --  39,604
Single purpose facilities  --  93,866  --  93,866
Land  --  74,779  --  74,779
Multi-family  --  33,216  --  33,216
One-to-four family  --  --  35,439  35,439
Total  $ 108,368  $ 459,178  $ 75,456  $ 643,002
         
         
(Dollars in thousands)        
         
DEPOSIT MIX Sept. 30, 2010 June 30, 2010 Sept. 30, 2009 March 31, 2010
         
Interest checking  $ 82,318  $ 78,837  $ 69,507  $ 70,837
Regular savings  35,132  32,837  28,858  32,131
Money market deposit accounts  207,607  209,588  189,150  209,580
Non-interest checking  93,590  89,006  87,495  83,794
Certificates of deposit  299,381  305,305  287,484  291,706
Total deposits  $ 718,028  $ 715,573  $ 662,494  $ 688,048
             
DETAIL OF NON-PERFORMING ASSETS            
             
  Northwest Other  Southwest Other    
  Oregon Oregon Washington Washington Other Total
September 30, 2010 (dollars in thousands)
Non-performing assets            
             
Commercial  $ 1,293  $ 2,534  $ 3,297  $ --  $ --  $ 7,124
Commercial real estate  1,212  6,547  751  --  1,030  9,540
Land  --  1,165  6,427  147  1,379  9,118
Multi-family  --  --  --  --  --  --
Commercial construction  --  --  --  --  --  --
One-to-four family construction  3,300  3,612  1,138  --  --  8,050
Real estate one-to-four family  249  310  790  165  --  1,514
Consumer  --  --  --  --  --  --
Total non-performing loans  6,054  14,168  12,403  312  2,409  35,346
             
REO  4,247  2,439  8,281  4,799  --  19,766
             
Total non-performing assets  $ 10,301  $ 16,607  $ 20,684  $ 5,111  $ 2,409  $ 55,112
             
             
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS       
             
  Northwest Other  Southwest Other    
  Oregon Oregon Washington Washington Other Total
September 30, 2010 (dollars in thousands)
Land and Spec Construction Loans            
             
Land Development Loans  $ 6,785  $ 4,177  $ 43,128  $ 146  $ 8,335  $ 62,571
Spec Construction Loans  3,300  10,082  11,022  --  --  24,404
             
Total Land and Spec Construction  $ 10,085  $ 14,259  $ 54,150  $ 146  $ 8,335  $ 86,975
     
   At or for the three months ended At or for the six months ended
SELECTED OPERATING DATA Sept. 30, 2010 June 30, 2010 Sept. 30, 2009 Sept. 30, 2010 Sept. 30, 2009
           
Efficiency ratio (4) 69.27% 64.55% 67.87% 66.85% 70.98%
Coverage ratio (6) 116.70% 124.13% 122.65% 120.38% 115.33%
Return on average assets (1) 0.52% 0.84% 0.09% 0.68% 0.12%
Return on average equity (1) 4.42% 8.19% 0.88% 6.15% 1.20%
Average rate earned on interest-earned assets 5.57% 6.01% 5.76% 5.78% 5.79%
Average rate paid on interest-bearing liabilities 1.29% 1.40% 1.62% 1.34% 1.70%
Spread (7) 4.28% 4.61% 4.14% 4.44% 4.09%
Net interest margin 4.46% 4.79% 4.35% 4.63% 4.30%
           
PER SHARE DATA          
Basic earnings per share (2)  $ 0.06  $ 0.16  $ 0.02  $ 0.20  $ 0.05
Diluted earnings per share (3)  0.06  0.16  0.02  0.20  0.05
Book value per share (5)  4.70  7.85  8.20  4.70  8.20
Tangible book value per share (5)  3.53  5.43  5.78  3.53  5.78
Market price per share:          
 High for the period  $ 2.49  $ 3.81  $ 4.32  $ 3.81  $ 4.32
 Low for the period  1.73  2.24  2.95  1.73  2.63
 Close for period end  1.98  2.43  3.70  1.98  3.70
Cash dividends declared per share  --   --   --   --   -- 
           
Average number of shares outstanding:          
 Basic (2) 18,033,354 10,735,946 10,717,471 14,404,588 10,714,409
 Diluted (3) 18,033,354 10,735,946 10,717,471 14,404,588 10,714,409

(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.
CONTACT:  Riverview Bancorp, Inc.          Pat Sheaffer          Ron Wysaske           360-693-6650

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX