Riverview Bancorp Third Fiscal Quarter Earnings of $1.1 Million; Credit Quality Continues to Improve


VANCOUVER, Wash., Jan. 29, 2015 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) ("Riverview" or the "Company") today reported that it earned $1.1 million, or $0.05 per diluted share, in the third fiscal quarter ended December 31, 2014, compared to $1.1 million, or $0.05 per diluted share, in the preceding quarter and $801,000, or $0.04 per diluted share, in its third fiscal quarter a year ago.

"Riverview is a dynamic and sustainable franchise, which is capitalizing on the expanding opportunities in the greater Vancouver and Portland market," stated Pat Sheaffer, chairman and chief executive officer. "We have experienced significant forward momentum in our continued profitability as a result of the growth in our loan and deposit portfolios, the improvement in asset quality and enhanced operating efficiencies."

Third Quarter Highlights (at or for the period ended December 31, 2014)

  • Third quarter net income was $1.1 million, or $0.05 per diluted share.
  • Net loans increased to $567.4 million compared to $505.6 million a year ago (12.2% increase).
  • Classified assets decreased $2.3 million during the quarter to $22.9 million (9.3% decline).
  • Nonperforming assets decreased $6.1 million during the quarter to $9.3 million (39.6% decline).
  • Real estate owned balances decreased to $1.6 million.
  • Riverview Asset Management Corporation's assets under management increased $12.9 million during the quarter to $376.7 million.
  • Total risk-based capital ratio was 15.59% and Tier 1 leverage ratio was 10.72%.

Balance Sheet Review

Net loans increased $26.6 million during the quarter to $567.4 million at December 31, 2014, compared to $540.8 million the previous quarter and $505.6 million a year ago. This represented the fourth consecutive quarter of net loan growth and the largest quarterly growth during the last several years.

"Strong, smart growth in our loan portfolio is a key driver to our profitability," said Ron Wysaske, president and chief operating officer. "Our market contains one of the fastest recovering economies in the country and our lending teams are taking advantage of those opportunities. As a result we saw growth in nearly every loan category while strengthening our overall asset quality."

Loan originations totaled $36.3 million during the quarter and there was $51.8 million in the loan pipeline at December 31, 2014. At quarter end, there were $17.0 million in undisbursed construction loans and we anticipate the bulk will fund over the next several quarters.

Riverview's total deposits were $689.3 million at December 31, 2014, compared to $702.6 million at September 30, 2014 and $689.3 million a year ago. The decrease in deposit totals is due to a combination of seasonal factors as well as a decline in certificate of deposit balances. Average deposit balances were $693.7 million for the quarter-ended December 31, 2014 which was comparable to the prior quarter and a $13.5 million increase compared to a year ago. The Company continues to focus on attracting core deposits and building long-term customer relationships. Checking accounts represented 36.5% of total deposits (interest checking accounts represent 15.6% and non-interest checking accounts represent 20.9%) at December 31, 2014.

Shareholders' equity improved to $101.9 million at December 31, 2014 compared to $100.3 million three months earlier and $81.3 million a year earlier. Tangible book value per share improved to $3.38 per share at December 31, 2014, compared to $3.31 per share at September 30, 2014 and $2.46 per share a year ago.

Credit Quality

Classified assets were reduced by $2.3 million during the quarter to $22.9 million at December 31, 2014, compared to $25.2 million at September 30, 2014. The classified asset ratio decreased to 23.8% at December 31, 2014, compared to 25.2% three months earlier. During the past twelve months, Riverview has reduced its classified assets by $31.8 million.

"The continuing improvement in credit quality is a result of the hard work of our loan officers and credit department along with the overall strengthening in our local economy," said Dan Cox, executive vice president and chief credit officer. "In addition, the improvement in asset quality has helped to increase the Company's overall profitability as nonperforming assets are returned to earning status.

With no new additions to the real estate owned ("REO") portfolio during the December quarter, REO balances totaled $1.6 million which was the lowest level in over six years. Sales of REO properties remained strong with total sales of $2.0 million during the quarter and write-down totaling $75,000.

Riverview recorded a $400,000 recapture of loan losses during the third quarter of fiscal 2015 compared to a $350,000 recapture of loan losses during the preceding quarter. The recapture of loan loss provision reflects the continued improvement in credit quality as well as the positive impact from continued loan recoveries.

Net loan recoveries totaled $100,000 during the quarter compared to net loan recoveries of $70,000 in the preceding quarter. The allowance for loan losses at December 31, 2014 totaled $11.7 million, representing 2.02% of total loans and 151.39% of nonperforming loans.

Income Statement

Riverview's fiscal third quarter net interest income was $6.7 million, which was an increase compared to $6.0 million in the fiscal third quarter a year ago and was unchanged compared to the preceding quarter. In the first nine months of the fiscal year, net interest income increased to $19.8 million compared to $18.3 million in the same period a year ago. The increase in net interest income was driven primarily by higher average balances in both our loan and investment portfolios.

"Our net interest margin contracted three basis points during the quarter primarily due to the collection of $121,000 of interest on a prior nonaccrual loan during the preceding quarter, which contributed approximately six basis points to our second quarter margin," said Kevin Lycklama, executive vice president and chief financial officer. "Compared to a year ago, the quarterly net interest margin has improved 29 basis points as a result of the growth in the loan portfolio as well as actions taken by management to allocate the Company's cash balances into higher yielding loan and investment products."

Net interest margin was 3.58% in the fiscal third quarter compared to 3.61% for the preceding quarter and 3.29% in the fiscal third quarter a year ago. In the first nine months of the fiscal year, Riverview's net interest margin improved 16 basis points to 3.55% compared to 3.39% in the first nine months of fiscal 2014.

Non-interest income was $2.3 million in the third quarter compared to $2.2 million in the preceding quarter and $2.4 million in the third quarter a year ago. Riverview Asset Management Corporation's ("RAMCO") asset management fees were $718,000 during the quarter compared to $710,000 in the preceding quarter and $605,000 in the third quarter a year ago. RAMCO's assets under management totaled $376.7 million at December 31, 2014. The Company also recognized a $158,000 gain on the sale of investment securities during the quarter.

Riverview's non-interest expense was $7.6 million in the third quarter, which was unchanged compared to the third quarter a year ago and a modest decrease compared to $7.7 million in the preceding quarter. The decrease was partially driven by a reduction in REO expenses, which decreased $87,000 compared to the preceding quarter and $199,000 compared to a year ago. Fewer REO write-downs and a reduction in the overall number of REO properties contributed to the decline in REO expenses.

Capital

Riverview continues to maintain capital levels in excess of the regulatory requirements to be categorized as "well capitalized" with a total risk-based capital ratio of 15.59%, Tier 1 leverage ratio of 10.72% and tangible common equity to tangible assets of 9.46% at December 31, 2014.

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 assets (GAAP) to ending tangible assets (non-GAAP).

         
(Dollars in thousands) December 31, 2014 September 30, 2014 December 31, 2013 March 31, 2014
         
Shareholders' equity  $ 101,912  $ 100,311  $ 81,264  $ 97,978
Goodwill  25,572  25,572  25,572  25,572
Other intangible assets, net  401  400  419  395
         
Tangible shareholders' equity  $ 75,939  $ 74,339  $ 55,273  $ 72,011
         
Total assets  $ 828,435  $ 841,540  $ 804,949  $ 824,521
Goodwill  25,572  25,572  25,572  25,572
Other intangible assets, net  401  400  419  395
         
Tangible assets  $ 802,462  $ 815,568  $ 778,958  $ 798,554

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 $828 million, it is the parent company of the 91 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 2015 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, 2014 September 30, 2014 December 31, 2013 March 31, 2014
ASSETS        
         
Cash (including interest-earning accounts of $5,872, $17,417, $110,104 and $51,715)  $ 21,981  $ 30,988  $ 123,140  $ 68,577
Certificate of deposits  27,214  32,941  37,174  36,925
Loans held for sale  724  353  148  1,024
Investment securities available for sale, at fair value  17,150  19,571  19,794  23,394
Mortgage-backed securities held to maturity, at amortized  88  90  104  101
Mortgage-backed securities available for sale, at fair value  101,216  120,740  34,529  78,575
Loans receivable (net of allowance for loan losses of $11,701, $12,001 $14,048, and $12,551)  567,398  540,786  505,632  520,937
Real estate and other pers. property owned  1,604  3,705  11,951  7,703
Prepaid expenses and other assets  3,041  3,243  3,268  3,197
Accrued interest receivable  2,024  2,047  1,670  1,836
Federal Home Loan Bank stock, at cost  6,120  6,324  6,958  6,744
Premises and equipment, net  15,683  15,955  16,685  16,417
Deferred income taxes, net  13,500  14,301  348  15,433
Mortgage servicing rights, net  393  386  386  369
Goodwill  25,572  25,572  25,572  25,572
Core deposit intangible, net  8  14  33  26
Bank owned life insurance  24,719  24,524  17,557  17,691
         
TOTAL ASSETS  $ 828,435  $ 841,540  $ 804,949  $ 824,521
         
LIABILITIES AND EQUITY        
         
LIABILITIES:        
Deposit accounts  $ 689,330  $ 702,635  $ 689,271  $ 690,066
Accrued expenses and other liabilities  9,397  12,445  8,707  10,497
Advance payments by borrowers for taxes and insurance  199  644  193  467
Federal Home Loan Bank advances  2,100  --  --  --
Junior subordinated debentures  22,681  22,681  22,681  22,681
Capital lease obligation  2,298  2,319  2,381  2,361
Total liabilities  726,005  740,724  723,233  726,072
         
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, 2014 - 22,471,890 issued and outstanding;        
September 30, 2014 - 22,471,890 issued and outstanding;  225  225  225  225
December 31, 2013 - 22,471,890 issued and outstanding;        
March 31, 2014 – 22,471,890 issued and outstanding;        
Additional paid-in capital  65,217  65,217  65,176  65,195
Retained earnings  36,565  35,416  16,951  33,592
Unearned shares issued to employee stock ownership trust  (310)  (335)  (413)  (387)
Accumulated other comprehensive loss  215  (212)  (675)  (647)
Total shareholders' equity  101,912  100,311  81,264  97,978
         
Noncontrolling interest  518  505  452  471
Total equity  102,430  100,816  81,716  98,449
         
TOTAL LIABILITIES AND EQUITY  $ 828,435  $ 841,540  $ 804,949  $ 824,521
           
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
  Three Months Ended Nine Months Ended
(In thousands, except share data) (Unaudited) Dec. 31, 2014 Sept. 30, 2014 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2013
INTEREST INCOME:          
Interest and fees on loans receivable  $ 6,498  $ 6,486  $ 6,319  $ 19,155  $ 19,389
Interest on investment securities-taxable  75  98  75  257  191
Interest on mortgage-backed securities  520  508  88  1,508  156
Other interest and dividends  110  118  191  359  532
Total interest income  7,203  7,210  6,673  21,279  20,268
           
INTEREST EXPENSE:          
Interest on deposits  322  342  496  1,024  1,537
Interest on borrowings  163  148  149  458  449
Total interest expense  485  490  645  1,482  1,986
Net interest income  6,718  6,720  6,028  19,797  18,282
Recapture of loan losses  (400)  (350)  --  (1,050)  (2,500)
           
Net interest income after recapture of loan losses  7,118  7,070  6,028  20,847  20,782
           
NON-INTEREST INCOME:          
Fees and service charges  1,032  1,158  1,177  3,260  3,301
Asset management fees  718  710  605  2,248  1,936
Gain on sale of loans held for sale  154  155  176  435  609
Bank owned life insurance income  196  194  136  528  419
Other  164  6  290  226  252
Total non-interest income  2,264  2,223  2,384  6,697  6,517
           
NON-INTEREST EXPENSE:          
Salaries and employee benefits  4,472  4,341  3,959  12,987  11,696
Occupancy and depreciation  1,223  1,322  1,187  3,632  3,621
Data processing  495  434  523  1,399  1,641
Amortization of core deposit intangible  6  6  7  18  33
Advertising and marketing expense  169  203  170  522  578
FDIC insurance premium  143  180  400  498  1,228
State and local taxes  162  117  106  416  340
Telecommunications  73  74  78  223  227
Professional fees  302  257  342  848  995
Real estate owned expenses  99  186  298  901  2,402
Other  502  554  541  1,611  1,740
Total non-interest expense  7,646  7,674  7,611  23,055  24,501
           
INCOME BEFORE INCOME TAXES  1,736  1,619  801  4,489  2,798
PROVISION FOR INCOME TAXES  587  535  --  1,516  16
NET INCOME  $ 1,149  $ 1,084  $ 801  $ 2,973  $ 2,782
           
Earnings per common share:          
Basic  $ 0.05  $ 0.05  $ 0.04  $ 0.13  $ 0.12
Diluted  $ 0.05  $ 0.05  $ 0.04  $ 0.13  $ 0.12
Weighted average number of shares outstanding:          
Basic 22,394,910 22,388,753 22,370,277 22,388,775 22,364,142
Diluted 22,439,195 22,419,469 22,371,914 22,421,330 22,365,224
           
(Dollars in thousands) At or for the three months ended At or for the nine months ended
  Dec. 31, 2014 Sept. 30, 2014 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2013
AVERAGE BALANCES          
Average interest–earning assets  $ 744,351  $ 737,759  $ 727,943  $ 739,951  $ 716,374
Average interest-bearing liabilities 573,417 577,658 581,327 576,670 574,879
Net average earning assets 170,934 160,101 146,616 163,281 141,495
Average loans 554,376 551,543 516,864 548,041 524,569
Average deposits 693,695 693,998 680,167 689,964 669,419
Average equity 102,327 101,026 82,665 101,021 81,528
Average tangible equity 76,358 75,055 56,667 75,053 55,514
           
           
ASSET QUALITY Dec. 31, 2014 Sept. 30, 2014 Dec. 31, 2013    
           
Non-performing loans 7,729 11,742 13,377    
Non-performing loans to total loans 1.33% 2.12% 2.57%    
Real estate/repossessed assets owned 1,604 3,705 11,951    
Non-performing assets 9,333 15,447 25,328    
Non-performing assets to total assets 1.13% 1.84% 3.15%    
Net loan charge-offs (recoveries) in the quarter (100) (70) (352)    
Net charge-offs (recoveries) in the quarter/average net loans (0.07)% (0.05)% (0.27)%    
           
 Allowance for loan losses   $ 11,701.00  $ 12,001.00  $ 14,048.00    
Average interest-earning assets to average interest-bearing liabilities 129.81% 127.72% 125.22%    
Allowance for loan losses to non-performing loans 151.39% 102.21% 105.02%    
Allowance for loan losses to total loans 2.02% 2.17% 2.70%    
Shareholders' equity to assets 12.30% 11.92% 10.10%    
           
           
CAPITAL RATIOS          
Total capital (to risk weighted assets) 15.59% 16.78% 16.76%    
Tier 1 capital (to risk weighted assets) 14.33% 15.52% 15.49%    
Tier 1 capital (to leverage assets) 10.72% 10.97% 10.42%    
Tangible common equity (to tangible assets) 9.46% 9.11% 7.10%    
           
           
DEPOSIT MIX Dec. 31, 2014 Sept. 30, 2014 Dec. 31, 2013 March 31, 2014  
           
Interest checking  $ 107,701  $ 107,288  $ 99,374  $ 104,543  
Regular savings  74,111  71,667  63,230  66,702  
Money market deposit accounts  222,300  229,520  233,581  227,933  
Non-interest checking  144,189  145,114  123,630  128,635  
Certificates of deposit  141,029  149,046  169,456  162,253  
Total deposits  $ 689,330  $ 702,635  $ 689,271  $ 690,066  
         
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
         
    Commercial   Commercial 
    Real Estate Real Estate & Construction
  Commercial Mortgage Construction Total
December 31, 2014 (Dollars in thousands)
Commercial   $ 82,284  $ --  $ --  $ 82,284
Commercial construction  --  --  26,051  26,051
Office buildings  --  81,882  --  81,882
Warehouse/industrial  --  45,089  --  45,089
Retail/shopping centers/strip malls  --  60,472  --  60,472
Assisted living facilities  --  1,855  --  1,855
Single purpose facilities  --  101,117  --  101,117
Land  --  15,062  --  15,062
Multi-family  --  31,553  --  31,553
One-to-four family  --  --  3,148  3,148
 Total  $ 82,284  $ 337,030  $ 29,199  $ 448,513
         
March 31, 2014        
Commercial   $ 71,632  $ --  $ --  $ 71,632
Commercial construction  --  --  15,618  15,618
Office buildings  --  77,476  --  77,476
Warehouse/industrial  --  45,632  --  45,632
Retail/shopping centers/strip malls  --  63,049  --  63,049
Assisted living facilities  --  7,585  --  7,585
Single purpose facilities  --  93,766  --  93,766
Land  --  16,245  --  16,245
Multi-family  --  21,128  --  21,128
One-to-four family  --  --  3,864  3,864
 Total  $ 71,632  $ 324,881  $ 19,482  $ 415,995
         
         
         
         
LOAN MIX Dec. 31, 2014 Sept. 30, 2014 Dec. 31, 2013 March 31, 2014
  (Dollars in thousands)
Commercial and construction        
 Commercial   $ 82,284  $ 80,930  $ 69,659  $ 71,632
 Other real estate mortgage  337,030  329,056  332,373  324,881
 Real estate construction  29,199  18,843  15,041  19,482
 Total commercial and construction  448,513  428,829  417,073  415,995
Consumer        
 Real estate one-to-four family  90,865  94,536  93,026  93,007
 Other installment  39,721  29,422  9,581  24,486
 Total consumer  130,586  123,958  102,607  117,493
         
Total loans   579,099  552,787  519,680  533,488
         
Less:        
 Allowance for loan losses  11,701  12,001  14,048  12,551
 Loans receivable, net  $ 567,398  $ 540,786  $ 505,632  $ 520,937
             
DETAIL OF NON-PERFORMING ASSETS
             
  Northwest Other  Southwest Other    
  Oregon Oregon Washington Washington Other Total
December 31, 2014 (dollars in thousands)
Non-performing assets            
             
Commercial  $ --  $ --  $ --  $ --  $ 96  $ 96
Commercial real estate  2,077  --  926  --  --  3,003
Land  --  800  --  --  --  800
Multi-family  --  1,933  357  --  --  2,290
Consumer  443  --  783  270  44  1,540
Total non-performing loans  2,520  2,733  2,066  270  140  7,729
             
REO  374  --  1,185  45  --  1,604
             
Total non-performing assets  $ 2,894  $ 2,733  $ 3,251  $ 315  $ 140  $ 9,333
             
             
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS 
             
  Northwest Other  Southwest Other    
  Oregon Oregon Washington Washington Total  
December 31, 2014 (dollars in thousands)  
Land and Spec Construction Loans            
             
Land Development Loans  $ 111  $ 2,924  $ 12,027  $ --  $ 15,062  
Spec Construction Loans  --  --  2,190  204  2,394  
             
Total Land and Spec Construction  $ 111  $ 2,924  $ 14,217  $ 204  $ 17,456  
           
   At or for the three months ended At or for the nine months ended
SELECTED OPERATING DATA Dec. 31, 2014 Sept. 30, 2014 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2013
           
Efficiency ratio (4) 85.13% 85.81% 90.48% 87.02% 98.80%
Coverage ratio (6) 87.86% 87.57% 79.20% 85.87% 74.62%
Return on average assets (1) 0.55% 0.52% 0.40% 0.48% 0.47%
Return on average equity (1) 4.45% 4.26% 3.84% 3.91% 4.53%
           
NET INTEREST SPREAD          
Yield on loans 4.65% 4.67% 4.85% 4.64% 4.91%
Yield on investment securities 1.73% 1.97% 1.46% 1.87% 1.50%
 Total yield on interest earning assets 3.84% 3.88% 3.64% 3.82% 3.76%
           
Cost of interest bearing deposits 0.23% 0.25% 0.35% 0.25% 0.37%
Cost of FHLB advances and other borrowings 2.48% 2.34% 2.36% 2.39% 2.37%
 Total cost of interest bearing liabilities 0.34% 0.34% 0.44% 0.34% 0.46%
           
Spread (7) 3.50% 3.54% 3.20% 3.48% 3.30%
Net interest margin 3.58% 3.61% 3.29% 3.55% 3.39%
           
PER SHARE DATA          
Basic earnings per share (2)  $ 0.05  $ 0.05  $ 0.04  $ 0.13  $ 0.12
Diluted earnings per share (3)  $ 0.05  $ 0.05  $ 0.04  $ 0.13  $ 0.12
Book value per share (5)  4.54  4.46  3.62  4.54  3.62
Tangible book value per share (5)  3.38  3.31  2.46  3.38  2.46
Market price per share:          
 High for the period  $ 4.49  $ 3.99  $ 2.98  $ 4.49  $ 2.98
 Low for the period  3.84  3.67  2.51  3.38  2.27
 Close for period end  4.48  3.99  2.90  4.48  2.90
Cash dividends declared per share  --   --   --   --   -- 
           
Average number of shares outstanding:          
 Basic (2) 22,394,910 22,388,753 22,370,277 22,388,775 22,364,142
 Diluted (3) 22,439,195 22,419,469 22,371,914 22,421,330 22,365,224

(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.



            

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