VANCOUVER, Wash., July 25, 2017 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported net income increased to $2.7 million, or $0.12 per diluted share, in the first fiscal quarter ended June 30, 2017, compared to $1.7 million, or $0.08 per diluted share, in the first fiscal quarter one year ago. 

"Riverview's first quarter operating performance was solid, as we begin to realize the benefits from the MBank transaction through improved profitability," stated Pat Sheaffer, chairman and chief executive officer. "We completed a successful system conversion during the quarter and we remain on track with our operating efficiency goals. We are steadily growing the loan portfolio while focusing on maintaining strong asset quality."  

First Quarter Highlights (at or for the period ended June 30, 2017)  
  • Net income grew to $2.7 million, or $0.12 per diluted share.
  • Net interest margin expanded by 35 basis points to 4.09%, compared to the first quarter a year ago.
  • Total loans increased to $797.5 million at June 30, 2017.
  • Non-performing assets were 0.27% of total assets.
  • Tangible book value per share improved to $3.80.
  • Total risk-based capital ratio was 14.41% and Tier 1 leverage ratio was 9.79%.
  • Successfully completed the MBank system conversion.
  • Riverview added to the Russell 2000 ® Index on June 26, 2017.  

Income Statement   

Riverview's net interest income increased $2.6 million, or 33%, to $10.4 million for the first fiscal quarter of 2018 compared to $7.8 million in the first fiscal quarter a year ago. The increase in net interest income was primarily due to an increase in average interest earning assets.  

The net interest margin for the first fiscal quarter was 4.09%, an increase of 12 basis points from the linked quarter and an increase of 35 basis points from the prior year period. The increase from the linked quarter was primarily due to the accretion on MBank purchased loans as well as interest collected on nonaccrual loans. The interest accretion on purchased loans totaled $184,000 during the first quarter and resulted in a seven basis point increase in the net interest margin. Net interest income also included the recognition of $104,000 of nonaccrual interest income which resulted in a four basis point increase in the net interest margin.  

"Our net interest margin before the accretion income and nonaccrual interest income increased 24 basis points compared to the year ago quarter," said Kevin Lycklama, executive vice president and chief financial officer. "The increase in our core net interest margin was primarily due to the growth in our loan and investment portfolios along with the addition of the MBank assets. We have also seen an increase in the yields on both our loan and investment portfolios as our new originations have been at higher yields than prior quarters."  

Non-interest income increased to $2.7 million in the first fiscal quarter compared to $2.6 million in the preceding quarter and $2.5 million in the first quarter a year ago. The year over year increase was primarily due to an increase in fees and service charges, interchange revenue, mortgage related income and higher asset management fees.  

Asset management fees increased to $853,000 during the first fiscal quarter of 2018 compared to $730,000 in the preceding quarter and $822,000 in the same quarter a year ago. Riverview Trust Company's ("RTC") assets under management increased to $440.5 million at June 30, 2017 compared to $425.9 million three months earlier and $396.0 million a year earlier. During the preceding quarter, RTC opened a second office in the Portland suburb of Lake Oswego, allowing it to expand its footprint and product offerings in the Portland market.

Non-interest expense increased to $9.2 million during the first fiscal quarter of 2018 compared to $8.9 million in the preceding quarter and $7.8 million in the first quarter a year ago. "The increase was primarily due to the addition of the operating expenses of MBank, as well as $429,000 in transaction-related expenses in the first fiscal quarter compared to $458,000 in the prior linked quarter," added Lycklama. "Going forward, we anticipate the remaining transaction-related expenses to be minimal. We expect to see continued improvements in our operating ratios, including EPS and efficiency, as we realize the expected cost savings, efficiencies and revenue growth from this transaction."  

Balance Sheet Review   

"The year-over-year loan growth is attributed to both the new loans acquired from MBank, as well as robust organic loan growth by our seasoned lenders," said Ron Wysaske, president and chief operating officer. "We continue to benefit from operating in the thriving southern Washington and Portland-area markets, although loan pricing remains a challenge. Loan originations increased during the quarter to $89.6 million compared to $67.5 million in the prior quarter."  

Total loans increased $18.1 million during the quarter to $797.5 million at June 30, 2017 compared to $779.4 million at March 31, 2017. Total loans have grown $167.7 million, or 26.6%, during the past twelve months. The commercial loan pipeline totaled $58.9 million at the end of the quarter. Undisbursed construction loans totaled $64.6 million at June 30, 2017, with the majority of the undisbursed construction loans expected to fund over the next several quarters.  

Total deposits were $973.5 million at June 30, 2017, compared to $980.1 million at March 31, 2017. Total deposits have increased $183.9 million, or 23.3%, during the past twelve months. Checking account balances increased to 44.1% of total deposits compared to 42.8% a year ago as the branch network has continued to focus on customer relationships and growing core deposits.  

Shareholders' equity was $113.9 million at June 30, 2017 compared to $111.3 million three months earlier and $110.0 million a year earlier. Tangible book value per share was $3.80 at June 30, 2017 compared to $3.68 at March 31, 2017, and $3.75 at June 30, 2016. A quarterly cash dividend of $0.0225 per share was paid on July 25, 2017.  

Credit Quality   

Riverview's classified assets totaled $8.8 million at June 30, 2017 compared to $10.3 million three months earlier. At June 30, 2017, the classified asset to total capital ratio was 7.5% compared to 9.1% three months earlier.  

Non-performing loans were $2.8 million, or 0.35% of total loans, at June 30, 2017, compared to $2.7 million, or 0.35% of total loans, three months earlier. REO balances were $298,000 at June 30, 2017, which were unchanged compared to the preceding quarter. There were no additions to REO during the quarter. 

At June 30, 2017, the allowance for loan losses totaled $10.6 million, representing 1.33% of total loans compared to 1.35% of total loans at March 31, 2017. Included in the carrying value of loans are net discounts on the MBank purchased loans which may reduce the need for an allowance for loan losses on these loans because they are carried at an amount below the outstanding principal balance. The remaining net discount on these purchased loans was $2.8 million at June 30, 2017 compared to $3.0 million in the prior quarter. Net loan recoveries were $69,000 during the first fiscal quarter of 2018 compared to $239,000 in the preceding quarter.  

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 14.41%, Tier 1 leverage ratio of 9.79% and tangible common equity to tangible assets ratio of 7.80% at June 30, 2017.  

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. We believe 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)         June 30, 2017               March 31, 2017               June 30, 2016    
                                               
Shareholders' equity         $   113,917               $   111,264               $   109,991    
Goodwill           27,076                 27,076                 25,572    
Core deposit intangible, net           1,277                 1,335                 -    
Tangible shareholders' equity         $   85,564               $   82,853               $   84,419    
                                               
Total assets         $   1,125,161               $   1,133,939               $   932,447    
Goodwill           27,076                 27,076                 25,572    
Core deposit intangible, net           1,277                 1,335                 -    
Tangible assets         $   1,096,808               $   1,105,528               $   906,875    
                                               

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 $1.13 billion at June 30, 2017, it is the parent company of the 94-year-old Riverview Community Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 19 branches, including 14 in the Portland-Vancouver area and three lending centers. For the past 4 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal, The Columbian and The Gresham Outlook.  

"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: expected cost savings, synergies and other financial benefits from our pending purchase of certain assets and assumption of certain liabilities of MBank and Merchants Bancorp pursuant to the Purchase and Assumption Agreement (the "Agreement") with Merchants Bancorp and its wholly owned subsidiary MBank (the "transaction") might not be realized within the expected time frames or at all, and costs or difficulties relating to integration matters might be greater than expected; the requisite approval of Merchants Bancorp's shareholders and regulatory approvals for the transaction might not be obtained; 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 2018 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)       June 30, 2017         March 31, 2017         June 30, 2016      
ASSETS                                  
                                   
Cash (including interest-earning accounts of $14,919, $46,245       $ 34,108         $ 64,613         $ 50,377      
and $36,120)                                  
Certificate of deposits held for investment       11,042         11,042         16,271      
Loans held for sale       768         478         457      
Investment securities:                                  
Available for sale, at estimated fair value       205,012         200,214         163,684      
Held to maturity, at amortized cost       54         64         72      
Loans receivable (net of allowance for loan losses of $10,597, $10,528                                  
and $9,960)       786,913         768,904         619,854      
Real estate owned       298         298         569      
Prepaid expenses and other assets       3,901         3,815         3,286      
Accrued interest receivable       3,086         2,941         2,451      
Federal Home Loan Bank stock, at cost       1,181         1,181         1,060      
Premises and equipment, net       16,041         16,232         14,403      
Deferred income taxes, net       6,051         7,610         8,141      
Mortgage servicing rights, net       408         398         381      
Goodwill       27,076         27,076         25,572      
Core deposit intangible, net       1,277         1,335         -      
Bank owned life insurance       27,945         27,738         25,869      
                                   
TOTAL ASSETS       $ 1,125,161         $ 1,133,939         $ 932,447      
                                   
LIABILITIES AND SHAREHOLDERS' EQUITY                                  
                                   
LIABILITIES:                                  
Deposits       $ 973,483         $ 980,058         $ 789,555      
Accrued expenses and other liabilities       8,302         13,080         7,229      
Advance payments by borrowers for taxes and insurance       596         693         521      
Junior subordinated debentures       26,414         26,390         22,681      
Capital lease obligations       2,449         2,454         2,470      
Total liabilities       1,011,244         1,022,675         822,456      
                                   
SHAREHOLDERS' EQUITY:                                  
Serial preferred stock, $.01 par value; 250,000 authorized,                                  
issued and outstanding, none       -         -         -      
Common stock, $.01 par value; 50,000,000 authorized,                                  
June 30, 2017 - 22,527,401 issued and outstanding;       225         225         225      
March 31, 2017 - 22,510,890 issued and outstanding;                                  
June 30, 2016 - 22,507,890 issued and outstanding;                                  
Additional paid-in capital       64,556         64,468         64,421      
Retained earnings       50,482         48,335         43,976      
Unearned shares issued to employee stock ownership plan       (52       (77       (155    
Accumulated other comprehensive income (loss)       (1,294       (1,687       1,524      
Total shareholders' equity       113,917         111,264         109,991      
                                   
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       $ 1,125,161         $ 1,133,939         $ 932,447      
                                   

   
RIVERVIEW BANCORP, INC. AND SUBSIDIARY        
Consolidated Statements of Income        
  Three Months Ended  
(In thousands, except share data)  (Unaudited) June 30, 2017   March 31, 2017   June 30, 2016    
INTEREST INCOME:        
Interest and fees on loans receivable $   9,789 $   8,655 $   7,440  
Interest on investment securities - taxable   1,133   1,115   720  
Interest on investment securities - nontaxable   14   14   -  
Other interest and dividends   87   99   102  
Total interest and dividend income   11,023   9,883   8,262  
         
INTEREST EXPENSE:        
Interest on deposits   322   314   281  
Interest on borrowings   268   224   158  
Total interest expense   590   538   439  
Net interest income   10,433   9,345   7,823  
Recapture of loan losses   -   -   -  
         
Net interest income after recapture of loan losses   10,433   9,345   7,823  
         
NON-INTEREST INCOME:        
Fees and service charges   1,407   1,362   1,323  
Asset management fees   853   730   822  
Net gain on sale of loans held for sale   225   163   139  
Bank owned life insurance income   207   194   191  
Other, net   46   137   39  
Total non-interest income   2,738   2,586   2,514  
         
NON-INTEREST EXPENSE:        
Salaries and employee benefits   5,422   5,335   4,640  
Occupancy and depreciation   1,346   1,299   1,137  
Data processing   616   578   495  
Amortization of core deposit intangible   58   27   -  
Advertising and marketing expense   234   146   193  
FDIC insurance premium   145   83   122  
State and local taxes   154   154   139  
Telecommunications   104   93   73  
Professional fees   415   562   258  
Real estate owned expenses   2   2   15  
Other   678   639   743  
Total non-interest expense   9,174   8,918   7,815  
         
INCOME BEFORE INCOME TAXES   3,997   3,013   2,522  
PROVISION FOR INCOME TAXES   1,343   979   825  
NET INCOME $   2,654 $   2,034 $   1,697  
         
Earnings per common share:        
Basic $   0.12 $   0.09 $   0.08  
Diluted $   0.12 $   0.09 $   0.08  
Weighted average number of common shares outstanding:        
Basic 22,504,852 22,489,336 22,467,861  
Diluted 22,589,440 22,585,976 22,514,235  
         

 
(Dollars in thousands)     At or for the three months ended    
      June 30, 2017       March 31, 2017       June 30, 2016    
AVERAGE BALANCES                          
Average interest-earning assets     $   1,023,196       $   955,957       $   839,427    
Average interest-bearing liabilities     745,172       710,266       625,624    
Net average earning assets     278,024       245,691       213,803    
Average loans     786,317       716,452       632,967    
Average deposits     961,421       894,284       782,827    
Average equity     113,661       111,054       109,809    
Average tangible equity (non-GAAP)     85,278       85,450       84,237    
                           
                           
ASSET QUALITY     June 30, 2017       March 31, 2017       June 30, 2016    
Non-performing loans     $   2,792       $   2,749       $   2,356    
Non-performing loans to total loans     0.35%       0.35%       0.37%    
Real estate/repossessed assets owned     $   298       $   298       $   569    
Non-performing assets     $   3,090       $   3,047       $   2,925    
Non-performing assets to total assets     0.27%       0.27%       0.31%    
Net loan recoveries in the quarter     $   (69)       $   (239)       $   (75)    
Net recoveries in the quarter/average net loans     (0.04)%       (0.14)%       (0.05)%    
                           
Allowance for loan losses     $   10,597       $   10,528       $   9,960    
Average interest-earning assets to average                          
interest-bearing liabilities     137.31%       134.59%       134.17%    
Allowance for loan losses to                          
non-performing loans     379.55%       382.98%       422.75%    
Allowance for loan losses to total loans     1.33%       1.35%       1.58%    
Shareholders' equity to assets     10.12%       9.81%       11.80%    
                           
                           
CAPITAL RATIOS                          
Total capital (to risk weighted assets)     14.41%       14.06%       16.26%    
Tier 1 capital (to risk weighted assets)     13.16%       12.81%       15.01%    
Common equity tier 1 (to risk weighted assets)     13.16%       12.81%       15.01%    
Tier 1 capital (to average tangible assets)     9.79%       10.21%       11.16%    
Tangible common equity (to average tangible assets)     7.80%       7.49%       9.31%    
                           
                           
DEPOSIT MIX     June 30, 2017       March 31, 2017       June 30, 2016    
                           
Interest checking     $   171,360       $   171,152       $   151,339    
Regular savings     126,704       126,370       98,808    
Money market deposit accounts     274,537       289,998       237,936    
Non-interest checking     258,223       242,738       186,451    
Certificates of deposit     142,659       149,800       115,021    
Total deposits     $   973,483       $   980,058       $   789,555    
                           

  
COMPOSITION OF COMMERCIAL AND CONSTRUCTION  LOANS            
            Other           Commercial
      Commercial     Real Estate     Real Estate     & Construction  
      Business     Mortgage     Construction     Total  
                                 
June 30, 2017     (Dollars in thousands)
Commercial business     $ 125,732     $  -     $  -     $  125,732  
Commercial construction     -     -     28,082     28,082  
Office buildings     -     130,514     -     130,514  
Warehouse/industrial     -     77,895     -     77,895  
Retail/shopping centers/strip malls     -     70,300     -     70,300  
Assisted living facilities     -     4,580     -     4,580  
Single purpose facilities     -     168,542     -     168,542  
Land     -     15,340     -     15,340  
Multi-family     -     46,189     -     46,189  
One-to-four family construction     -     -     15,104     15,104  
Total     $ 125,732     $ 513,360     $ 43,186     $ 682,278  
                         
March 31, 2017                        
Commercial     $ 107,371     $ -     $  -     $ 107,371  
Commercial construction     -     -     27,050     27,050  
Office buildings     -     121,983     -     121,983  
Warehouse/industrial     -     74,671     -     74,671  
Retail/shopping centers/strip malls     -     78,757     -     78,757  
Assisted living facilities     -     3,686     -     3,686  
Single purpose facilities     -     167,974     -     167,974  
Land     -     15,875     -     15,875  
Multi-family     -     43,715     -     43,715  
One-to-four family construction     -     -     19,107     19,107  
Total     $ 107,371     $ 506,661     $ 46,157     $ 660,189  
                         
                         
                         
                         
LOAN MIX     June 30, 2017     March 31, 2017     June 30, 2016      
                               
      (Dollars in Thousands)      
Commercial and construction                        
Commercial business     $ 125,732     $ 107,371     $ 61,696      
Other real estate mortgage     513,360     506,661     411,539      
Real estate construction     43,186     46,157     34,558      
Total commercial and construction     682,278     660,189     507,793      
Consumer                        
Real estate one-to-four family     91,898     92,865     86,515      
Other installment     23,334     26,378     35,506      
Total consumer     115,232     119,243     122,021      
                         
Total loans     797,510     779,432     629,814      
                         
Less:                        
Allowance for loan losses     10,597     10,528     9,960      
Loans receivable, net     $ 786,913     $ 768,904     $ 619,854      
                         

  
                                     
DETAIL OF NON-PERFORMING ASSETS                                
                                     
        Other     Southwest     Other                
        Oregon     Washington     Washington     Other     Total    
                                           
June 30, 2017   (Dollars in thousands)    
Non-performing assets                                
                                     
  Commercial   $   -     $   292     $   -     $   -     $   292    
  Commercial real estate       1,111         212         -         -         1,323    
  Land       791         -         -         -         791    
  Consumer       -         277         -         109         386    
  Total non-performing loans       1,902         781         -         109          2,792    
                                     
  REO       -         -         298         -         298    
                                     
Total non-performing assets   $   1,902     $   781     $   298     $   109     $   3,090    
                                     
                                     
DETAIL OF LAND DEVELOPMENT AND SPECULATIVE CONSTRUCTION LOANS                
                                     
        Northwest     Other     Southwest                
        Oregon     Oregon     Washington     Total          
                                         
June 30, 2017   (Dollars in thousands)          
                                     
  Land development   $   1,763     $   929     $   12,648     $   15,340          
  Speculative construction       947         321         10,795         12,063          
                                     
  Total land development and speculative construction   $   2,710     $   1,250     $   23,443     $   27,403          
                                     

 
           
  At or for the three months ended    
SELECTED OPERATING DATA June 30, 2017   March 31, 2017   June 30, 2016      
           
Efficiency ratio (4) 69.65% 74.75% 75.60%    
Coverage ratio (6) 113.72% 104.79% 100.10%    
Return on average assets (1) 0.96% 0.79% 0.74%    
Return on average equity (1) 9.37% 7.43% 6.20%    
           
NET INTEREST SPREAD          
Yield on loans 4.99% 4.90% 4.71%    
Yield on investment securities 2.21% 2.23% 1.85%    
  Total yield on interest-earning assets 4.32% 4.20% 3.95%    
           
Cost of interest-bearing deposits 0.18% 0.19% 0.19%    
Cost of FHLB advances and other borrowings 3.69% 3.19% 2.52%    
  Total cost of interest-bearing liabilities 0.32% 0.31% 0.28%    
           
Spread (7) 4.00% 3.89% 3.67%    
Net interest margin 4.09% 3.97% 3.74%    
           
PER SHARE DATA          
Basic earnings per share (2) $       0.12 $     0.09 $   0.08    
Diluted earnings per share (3)   0.12   0.09   0.08    
Book value per share (5)   5.06   4.94   4.89    
Tangible book value per share (5) (non-GAAP)   3.80   3.68   3.75    
Market price per share:          
  High for the period $       7.47 $     7.90 $   4.89    
  Low for the period   6.51   6.87   4.30    
  Close for period end   6.64   7.15   4.73    
Cash dividends declared per share   0.0225   0.0200   0.0200    
           
Average number of shares outstanding:          
  Basic (2) 22,504,852 22,489,336 22,467,861    
  Diluted (3) 22,589,440 22,585,976 22,514,235    
           

(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 or Kevin Lycklama                                   Riverview Bancorp, Inc. 360-693-6650 

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