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


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

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

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

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

Balance Sheet Review

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

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

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

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

Income Statement

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

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

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

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

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

Credit Quality

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

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

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

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

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

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

Capital

Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.08%, Tier 1 leverage ratio of 11.11% and tangible common equity to tangible assets of 9.30% at December 31, 2015.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Riverview believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

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

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

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

  

About Riverview

Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $886 million, it is the parent company of the 92 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 17 branches, including twelve in the Portland-Vancouver area and three lending centers.

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

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

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


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

 

 

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

 


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

 

 

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

 

 

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

 


       
   At or for the three months ended At or for the nine months ended
SELECTED OPERATING DATADec. 31, 2015Sept. 30, 2015Dec. 31, 2014 Dec. 31, 2015Dec. 31, 2014
       
Efficiency ratio (4) 74.20% 77.66% 85.13%  77.28% 87.02%
Coverage ratio (6) 101.88% 98.34% 87.86%  97.30% 85.87%
Return on average assets (1) 0.76% 0.75% 0.55%  0.75% 0.48%
Return on average equity (1) 6.28% 6.16% 4.45%  6.17% 3.91%
       
NET INTEREST SPREAD    
Yield on loans 4.66% 4.69% 4.65%  4.72% 4.64%
Yield on investment securities 2.09% 2.03% 1.73%  2.06% 1.87%
Total yield on interest earning assets 3.91% 3.86% 3.84%  3.89% 3.82%
       
Cost of interest bearing deposits 0.20% 0.21% 0.23%  0.21% 0.25%
Cost of FHLB advances and other borrowings 2.28% 2.22% 2.48%  2.22% 2.39%
Total cost of interest bearing liabilities 0.29% 0.29% 0.34%  0.29% 0.34%
       
Spread (7) 3.62% 3.57% 3.50%  3.60% 3.48%
Net interest margin 3.69% 3.64% 3.58%  3.67% 3.55%
       
PER SHARE DATA     
Basic earnings per share (2)$  0.08 $  0.07 $  0.05  $  0.22 $  0.13 
Diluted earnings per share (3)   0.08    0.07    0.05     0.22    0.13 
Book value per share (5)   4.71    4.73    4.54     4.71    4.54 
Tangible book value per share (5)   3.56    3.57    3.38     3.56    3.38 
Market price per share:     
High for the period$  5.11 $  4.75 $  4.49  $  5.11 $  4.49 
Low for the period   4.35    4.15    3.84     4.08    3.38 
Close for period end   4.69    4.75    4.48     4.69    4.48 
Cash dividends declared per share   0.0175    0.0150    -     0.0450    - 
       
Average number of shares outstanding:    
Basic (2) 22,455,543  22,449,386  22,394,910   22,446,463  22,388,775 
Diluted (3) 22,506,341  22,490,351  22,439,195   22,491,546  22,421,330 
       
  1. Amounts for the quarterly periods are annualized.
  2. Amounts exclude ESOP shares not committed to be released.
  3. Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
  4. Non-interest expense divided by net interest income and non-interest income.
  5. Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
  6. Net interest income divided by non-interest expense.
  7. Yield on interest-earning assets less cost of funds on interest-bearing liabilities.


 


            

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