|
|
|
|||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
|
|
||
(Address of principal executive offices)
|
(Zip Code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions.
|
|
|
(17 CFR 240.14d-2(b))
|
(17 CFR 240.13e-4(c))
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
|
|
|
RIVERVIEW BANCORP, INC. |
|
|
|
|
Date: April 28, 2022
|
/S/ David Lam |
|
David Lam
Chief Financial Officer
(Principal Financial Officer)
|
![]() |
![]() |
|
|
Contact:
|
Kevin Lycklama or David Lam
Riverview Bancorp, Inc. 360-693-6650
|
•
|
Net income was $4.1 million, or $0.19 per diluted share.
|
•
|
Pre-tax, pre-provision for loan losses income (non-GAAP) was $4.8 million for the quarter compared to $5.9 million in the
preceding quarter and $4.4 million for the year ago quarter.
|
•
|
Net interest income was $11.9 million for the quarter compared to $12.1 million in the preceding quarter and $11.2 million
in the fourth fiscal quarter a year ago.
|
•
|
Net interest margin (“NIM”) was 2.98%.
|
•
|
Riverview recorded a recapture of loan losses of $650,000 during the quarter, compared to a $1.3 million recapture in the
preceding quarter and no provision for loan losses in the fourth fiscal quarter a year ago.
|
•
|
The allowance for loan losses was $14.5 million, or 1.47% of total loans. The allowance for loan losses excluding SBA
purchased and SBA PPP loans (non-GAAP) was 1.57% of total loans.
|
•
|
Total loans increased $28.2 million, or 11.9% annualized, during the quarter. The net increase consisted of an increase of
$39.4 million in non-PPP loans offset by a decrease of $11.2 million in SBA PPP loans.
|
o
|
Of the $39.4 million in fourth quarter loan growth, Riverview purchased $13.3 million of SBA loans and its organic loan
portfolio increased by $28.5 million, or 12.0% annualized.
|
•
|
Total deposits increased $60.4 million, or 16.6% annualized, during the quarter to $1.53 billion.
|
•
|
Total risk-based capital ratio was 16.38% and Tier 1 leverage ratio was 9.19%.
|
•
|
Paid a quarterly cash dividend during the quarter of $0.055 per share.
|
Three Months Ended
|
||||||||||||
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
||||||||||
Net interest margin (GAAP)
|
2.98
|
%
|
2.96
|
%
|
3.26
|
%
|
||||||
Net fees on loan prepayments
|
(0.04
|
)
|
(0.06
|
)
|
0.02
|
|||||||
Accretion on purchased MBank loans
|
(0.03
|
)
|
(0.02
|
)
|
(0.02
|
)
|
||||||
SBA PPP loans
|
(0.09
|
)
|
(0.15
|
)
|
(0.20
|
)
|
||||||
Excess FRB liquidity
|
0.44
|
0.62
|
0.72
|
|||||||||
Core net interest margin (non-GAAP)
|
3.26
|
%
|
3.35
|
%
|
3.78
|
%
|
Non-performing loans reconciliation, excluding SBA Government Guaranteed Loans
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
|||||||||
Non-performing loans (GAAP)
|
$
|
22,099
|
$
|
1,840
|
$
|
571
|
||||||
Less: Non-performing SBA Government Guaranteed loans
|
(21,826
|
)
|
(1,533
|
)
|
(176
|
)
|
||||||
Adjusted non-performing loans excluding SBA
Government Guaranteed loans (non-GAAP)
|
$
|
273
|
$
|
307
|
$
|
395
|
||||||
Non-performing loans to total loans (GAAP)
|
2.23
|
%
|
0.19
|
%
|
0.06
|
%
|
||||||
Non-performing loans, excluding SBA Government
Guaranteed loans to total loans (non-GAAP)
|
0.03
|
%
|
0.03
|
%
|
0.04
|
%
|
||||||
Non-performing loans to total assets (GAAP)
|
1.27
|
%
|
0.11
|
%
|
0.04
|
%
|
||||||
Non-performing loans, excluding SBA Government
Guaranteed loans to total assets (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.03
|
%
|
Range
|
Number of loans
|
Total
(in 000s)
|
||
Up to $150,000
|
15
|
$
|
589
|
|
150,001 to $350,000
|
5
|
1,009
|
||
350,001 to $2,000,000
|
2
|
1,487
|
||
Total
|
22
|
$
|
3,085
|
Tangible shareholders' equity to tangible assets and tangible book value per share:
|
||||||||||||
(Dollars in thousands)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
|||||||||
Shareholders' equity (GAAP)
|
$
|
157,249
|
$
|
163,141
|
$
|
151,594
|
||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
||||||
Exclude: Core deposit intangible, net
|
(495
|
)
|
(526
|
)
|
(619
|
)
|
||||||
Tangible shareholders' equity (non-GAAP)
|
$
|
129,678
|
$
|
135,539
|
$
|
123,899
|
||||||
Total assets (GAAP)
|
$
|
1,740,096
|
$
|
1,683,076
|
$
|
1,549,158
|
||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
||||||
Exclude: Core deposit intangible, net
|
(495
|
)
|
(526
|
)
|
(619
|
)
|
||||||
Tangible assets (non-GAAP)
|
$
|
1,712,525
|
$
|
1,655,474
|
$
|
1,521,463
|
||||||
Shareholders' equity to total assets (GAAP)
|
9.04
|
%
|
9.69
|
%
|
9.79
|
%
|
||||||
Tangible common equity to tangible assets (non-GAAP)
|
7.57
|
%
|
8.19
|
%
|
8.14
|
%
|
||||||
Shares outstanding
|
22,127,396
|
22,176,612
|
22,351,235
|
|||||||||
Book value per share (GAAP)
|
7.11
|
7.36
|
6.78
|
|||||||||
Tangible book value per share (non-GAAP)
|
5.86
|
6.11
|
5.54
|
Pre-tax, pre-provision income
|
||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
(Dollars in thousands)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
March 31, 2022
|
March 31, 2021
|
|||||||||||||||
Net income (GAAP)
|
$
|
4,125
|
$
|
5,510
|
$
|
3,414
|
$
|
21,820
|
$
|
10,472
|
||||||||||
Include: Provision for income taxes
|
1,282
|
1,661
|
992
|
6,456
|
2,981
|
|||||||||||||||
Include: Provision for (recapture of) loan losses
|
(650
|
)
|
(1,275
|
)
|
-
|
(4,625
|
)
|
6,300
|
||||||||||||
Pre-tax, pre-provision income (non-GAAP)
|
$
|
4,757
|
$
|
5,896
|
$
|
4,406
|
$
|
23,651
|
$
|
19,753
|
Net interest margin reconciliation to core net interest margin
|
||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
(Dollars in thousands)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
March 31, 2022
|
March 31, 2021
|
|||||||||||||||
Net interest income (GAAP)
|
$
|
11,906
|
$
|
12,059
|
$
|
11,196
|
$
|
47,625
|
$
|
44,917
|
||||||||||
Tax equivalent adjustment
|
21
|
21
|
16
|
75
|
41
|
|||||||||||||||
Net fees on loan prepayments
|
(144
|
)
|
(250
|
)
|
72
|
(922
|
)
|
212
|
||||||||||||
Accretion on purchased MBank loans
|
(127
|
)
|
(64
|
)
|
(92
|
)
|
(351
|
)
|
(344
|
)
|
||||||||||
SBA PPP loans interest income and net fees
|
(440
|
)
|
(781
|
)
|
(1,292
|
)
|
(3,041
|
)
|
(3,999
|
)
|
||||||||||
Income on excess FRB liquidity
|
(109
|
)
|
(114
|
)
|
(56
|
)
|
(429
|
)
|
(185
|
)
|
||||||||||
Adjusted net interest income (non-GAAP)
|
$
|
11,107
|
$
|
10,871
|
$
|
9,844
|
$
|
42,957
|
$
|
40,642
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
(Dollars in thousands)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
March 31, 2022
|
March 31, 2021
|
|||||||||||||||
Average balance of interest-earning assets (GAAP)
|
$
|
1,623,660
|
$
|
1,619,775
|
$
|
1,393,153
|
$
|
1,575,068
|
$
|
1,320,109
|
||||||||||
SBA PPP loans (average)
|
(6,794
|
)
|
(23,769
|
)
|
(90,268
|
)
|
(39,326
|
)
|
(96,441
|
)
|
||||||||||
Excess FRB liquidity (average)
|
(236,572
|
)
|
(307,437
|
)
|
(248,100
|
)
|
(290,882
|
)
|
(195,635
|
)
|
||||||||||
Average balance of interest-earning assets excluding
|
||||||||||||||||||||
SBA PPP loans and excess FRB liquidity (non-GAAP)
|
$
|
1,380,294
|
$
|
1,288,569
|
$
|
1,054,785
|
$
|
1,244,860
|
$
|
1,028,033
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
March 31, 2022
|
March 31, 2021
|
||||||||||||||||
Net interest margin (GAAP)
|
2.98
|
%
|
2.96
|
%
|
3.26
|
%
|
3.03
|
%
|
3.41
|
%
|
||||||||||
Net fees on loan prepayments
|
(0.04
|
)
|
(0.06
|
)
|
0.02
|
(0.06
|
)
|
0.01
|
||||||||||||
Accretion on purchased MBank loans
|
(0.03
|
)
|
(0.02
|
)
|
(0.02
|
)
|
(0.02
|
)
|
(0.03
|
)
|
||||||||||
SBA PPP loans
|
(0.09
|
)
|
(0.15
|
)
|
(0.20
|
)
|
(0.12
|
)
|
(0.06
|
)
|
||||||||||
Excess FRB liquidity
|
0.44
|
0.62
|
0.72
|
0.62
|
0.62
|
|||||||||||||||
Core net interest margin (non-GAAP)
|
3.26
|
%
|
3.35
|
%
|
3.78
|
%
|
3.45
|
%
|
3.95
|
%
|
Allowance for loan losses reconciliation, excluding SBA purchased and PPP loans
|
||||||||||||
(Dollars in thousands)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
|||||||||
Allowance for loan losses
|
$
|
14,523
|
$
|
15,173
|
$
|
19,178
|
||||||
Loans receivable (GAAP)
|
$
|
990,408
|
$
|
962,223
|
$
|
943,235
|
||||||
Exclude: SBA purchased loans
|
(59,420
|
)
|
(46,152
|
)
|
(47,379
|
)
|
||||||
Exclude: SBA PPP loans
|
(3,085
|
)
|
(14,322
|
)
|
(93,444
|
)
|
||||||
Loans receivable excluding SBA purchased and PPP loans
(non-GAAP)
|
$
|
927,903
|
$
|
901,749
|
$
|
802,412
|
||||||
Allowance for loan losses to loans receivable (GAAP)
|
1.47
|
%
|
1.58
|
%
|
2.03
|
%
|
||||||
Allowance for loan losses to loans receivable excluding
SBA purchased and PPP loans (non-GAAP) |
1.57
|
%
|
1.68
|
%
|
2.39
|
%
|
Non-performing loans reconciliation, excluding SBA Government Guaranteed Loans
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
|||||||||
Non-performing loans (GAAP)
|
$
|
22,099
|
$
|
1,840
|
$
|
571
|
||||||
Less: Non-performing SBA Government Guaranteed loans
|
(21,826
|
)
|
(1,533
|
)
|
(176
|
)
|
||||||
Adjusted non-performing loans excluding SBA
Government Guaranteed loans (non-GAAP)
|
$
|
273
|
$
|
307
|
$
|
395
|
||||||
Non-performing loans to total loans (GAAP)
|
2.23
|
%
|
0.19
|
%
|
0.06
|
%
|
||||||
Non-performing loans, excluding SBA Government
Guaranteed loans to total loans (non-GAAP)
|
0.03
|
%
|
0.03
|
%
|
0.04
|
%
|
||||||
Non-performing loans to total assets (GAAP)
|
1.27
|
%
|
0.11
|
%
|
0.04
|
%
|
||||||
Non-performing loans, excluding SBA Government
Guaranteed loans to total assets (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.03
|
%
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $224,589, $227,635,
|
$
|
241,424
|
$
|
239,857
|
$
|
265,408
|
||||||
and $254,205)
|
||||||||||||
Certificate of deposits held for investment
|
249
|
249
|
249
|
|||||||||
Investment securities:
|
||||||||||||
Available for sale, at estimated fair value
|
165,782
|
182,303
|
216,304
|
|||||||||
Held to maturity, at amortized cost
|
253,100
|
212,722
|
39,574
|
|||||||||
Loans receivable (net of allowance for loan losses of $14,523,
|
||||||||||||
$15,173 and $19,178)
|
975,885
|
947,050
|
924,057
|
|||||||||
Prepaid expenses and other assets
|
12,396
|
11,597
|
13,189
|
|||||||||
Accrued interest receivable
|
4,650
|
4,580
|
5,236
|
|||||||||
Federal Home Loan Bank stock, at cost
|
2,019
|
1,722
|
1,722
|
|||||||||
Premises and equipment, net
|
17,166
|
17,410
|
17,824
|
|||||||||
Financing lease right-of-use assets
|
1,355
|
1,374
|
1,432
|
|||||||||
Deferred income taxes, net
|
7,501
|
5,791
|
5,419
|
|||||||||
Mortgage servicing rights, net
|
34
|
41
|
81
|
|||||||||
Goodwill
|
27,076
|
27,076
|
27,076
|
|||||||||
Core deposit intangible, net
|
495
|
526
|
619
|
|||||||||
Bank owned life insurance
|
30,964
|
30,778
|
30,968
|
|||||||||
TOTAL ASSETS
|
$
|
1,740,096
|
$
|
1,683,076
|
$
|
1,549,158
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposits
|
$
|
1,533,878
|
$
|
1,473,454
|
$
|
1,346,060
|
||||||
Accrued expenses and other liabilities
|
19,298
|
17,163
|
21,906
|
|||||||||
Advance payments by borrowers for taxes and insurance
|
555
|
211
|
521
|
|||||||||
Junior subordinated debentures
|
26,833
|
26,812
|
26,748
|
|||||||||
Finance lease liability
|
2,283
|
2,295
|
2,329
|
|||||||||
Total liabilities
|
1,582,847
|
1,519,935
|
1,397,564
|
|||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||
Serial preferred stock, $.01 par value; 250,000 authorized,
|
||||||||||||
issued and outstanding, none
|
-
|
-
|
-
|
|||||||||
Common stock, $.01 par value; 50,000,000 authorized,
|
||||||||||||
March 31, 2022 – 22,155,636 issued and 22,127,396 outstanding;
|
||||||||||||
December 31, 2021 – 22,426,520 issued and 22,176,612 outstanding;
|
221
|
221
|
223
|
|||||||||
March 31, 2021 – 22,351,235 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
62,048
|
62,234
|
63,650
|
|||||||||
Retained earnings
|
104,931
|
102,023
|
87,881
|
|||||||||
Accumulated other comprehensive loss
|
(9,951
|
)
|
(1,337
|
)
|
(160
|
)
|
||||||
Total shareholders’ equity
|
157,249
|
163,141
|
151,594
|
|||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,740,096
|
$
|
1,683,076
|
$
|
1,549,158
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31, 2022
|
Dec. 31, 2021
|
March 31, 2021
|
March 31, 2022
|
March 31, 2021
|
|||||||||||||||
INTEREST INCOME:
|
||||||||||||||||||||
Interest and fees on loans receivable
|
$
|
10,631
|
$
|
11,046
|
$
|
11,023
|
$
|
44,079
|
$
|
45,498
|
||||||||||
Interest on investment securities - taxable
|
1,563
|
1,303
|
713
|
5,001
|
2,422
|
|||||||||||||||
Interest on investment securities - nontaxable
|
66
|
66
|
50
|
237
|
129
|
|||||||||||||||
Other interest and dividends
|
129
|
136
|
79
|
508
|
295
|
|||||||||||||||
Total interest and dividend income
|
12,389
|
12,551
|
11,865
|
49,825
|
48,344
|
|||||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||||||
Interest on deposits
|
283
|
300
|
473
|
1,424
|
2,544
|
|||||||||||||||
Interest on borrowings
|
200
|
192
|
196
|
776
|
883
|
|||||||||||||||
Total interest expense
|
483
|
492
|
669
|
2,200
|
3,427
|
|||||||||||||||
Net interest income
|
11,906
|
12,059
|
11,196
|
47,625
|
44,917
|
|||||||||||||||
Provision for (recapture of) loan losses
|
(650
|
)
|
(1,275
|
)
|
-
|
(4,625
|
)
|
6,300
|
||||||||||||
Net interest income after provision for (recapture of) loan losses
|
12,556
|
13,334
|
11,196
|
52,250
|
38,617
|
|||||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||||||
Fees and service charges
|
1,681
|
1,759
|
1,667
|
7,109
|
6,382
|
|||||||||||||||
Asset management fees
|
1,067
|
1,137
|
900
|
4,107
|
3,646
|
|||||||||||||||
Bank owned life insurance ("BOLI")
|
187
|
189
|
188
|
800
|
813
|
|||||||||||||||
BOLI death benefit in excess of cash surrender value
|
-
|
-
|
-
|
500
|
-
|
|||||||||||||||
Other, net
|
31
|
31
|
81
|
228
|
249
|
|||||||||||||||
Total non-interest income, net
|
2,966
|
3,116
|
2,836
|
12,744
|
11,090
|
|||||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||||||
Salaries and employee benefits
|
6,366
|
5,880
|
6,301
|
23,635
|
22,570
|
|||||||||||||||
Occupancy and depreciation
|
1,539
|
1,367
|
1,439
|
5,624
|
5,780
|
|||||||||||||||
Data processing
|
753
|
698
|
666
|
2,940
|
2,662
|
|||||||||||||||
Amortization of core deposit intangible
|
31
|
32
|
35
|
125
|
140
|
|||||||||||||||
Advertising and marketing
|
127
|
155
|
83
|
614
|
466
|
|||||||||||||||
FDIC insurance premium
|
118
|
113
|
98
|
439
|
319
|
|||||||||||||||
State and local taxes
|
198
|
195
|
196
|
812
|
794
|
|||||||||||||||
Telecommunications
|
45
|
51
|
50
|
197
|
295
|
|||||||||||||||
Professional fees
|
290
|
285
|
269
|
1,235
|
1,231
|
|||||||||||||||
Gain on sale of premises and equipment, net
|
-
|
-
|
-
|
(993
|
)
|
-
|
||||||||||||||
Other
|
648
|
503
|
489
|
2,090
|
1,997
|
|||||||||||||||
Total non-interest expense
|
10,115
|
9,279
|
9,626
|
36,718
|
36,254
|
|||||||||||||||
INCOME BEFORE INCOME TAXES
|
5,407
|
7,171
|
4,406
|
28,276
|
13,453
|
|||||||||||||||
PROVISION FOR INCOME TAXES
|
1,282
|
1,661
|
992
|
6,456
|
2,981
|
|||||||||||||||
NET INCOME
|
$
|
4,125
|
$
|
5,510
|
$
|
3,414
|
$
|
21,820
|
$
|
10,472
|
||||||||||
Earnings per common share:
|
||||||||||||||||||||
Basic
|
$
|
0.19
|
$
|
0.25
|
$
|
0.15
|
$
|
0.98
|
$
|
0.47
|
||||||||||
Diluted
|
$
|
0.19
|
$
|
0.25
|
$
|
0.15
|
$
|
0.98
|
$
|
0.47
|
||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||||||
Basic
|
22,161,686
|
22,166,130
|
22,346,368
|
22,213,029
|
22,296,195
|
|||||||||||||||
Diluted
|
22,172,735
|
22,177,120
|
22,361,730
|
22,224,947
|
22,312,831
|
(Dollars in thousands)
|
At or for the three months ended
|
At or for the twelve months ended
|
||||||||||||||||||
March 31, 2022
|
Dec. 31, 2021
|
March 31, 2021
|
March 31, 2022
|
March 31, 2021
|
||||||||||||||||
AVERAGE BALANCES
|
||||||||||||||||||||
Average interest–earning assets
|
$
|
1,623,660
|
$
|
1,619,775
|
$
|
1,393,153
|
$
|
1,575,068
|
$
|
1,320,109
|
||||||||||
Average interest-bearing liabilities
|
1,052,004
|
1,032,089
|
906,124
|
1,016,592
|
861,820
|
|||||||||||||||
Net average earning assets
|
571,656
|
587,686
|
487,029
|
558,476
|
458,289
|
|||||||||||||||
Average loans
|
973,461
|
938,113
|
938,162
|
934,742
|
966,070
|
|||||||||||||||
Average deposits
|
1,508,632
|
1,503,736
|
1,289,259
|
1,463,693
|
1,205,302
|
|||||||||||||||
Average equity
|
163,581
|
162,282
|
153,896
|
160,155
|
151,650
|
|||||||||||||||
Average tangible equity (non-GAAP)
|
135,993
|
134,661
|
126,180
|
132,519
|
123,881
|
ASSET QUALITY
|
March 31, 2022
|
Dec. 31, 2021
|
March 31, 2021
|
|||||||||||
Non-performing loans
|
$
|
22,099
|
$
|
1,840
|
$
|
571
|
||||||||
Non-performing loans excluding SBA Government Guarantee (non-GAAP)
|
$
|
273
|
$
|
307
|
$
|
395
|
||||||||
Non-performing loans to total loans
|
2.23
|
%
|
0.19
|
%
|
0.06
|
%
|
||||||||
Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)
|
0.03
|
%
|
0.03
|
%
|
0.04
|
%
|
||||||||
Real estate/repossessed assets owned
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Non-performing assets
|
$
|
22,099
|
$
|
1,840
|
$
|
571
|
||||||||
Non-performing assets excluding SBA Government Guarantee (non-GAAP)
|
$
|
273
|
$
|
307
|
$
|
395
|
||||||||
Non-performing assets to total assets
|
1.27
|
%
|
0.11
|
%
|
0.04
|
%
|
||||||||
Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.03
|
%
|
||||||||
Net loan charge-offs in the quarter
|
$
|
-
|
$
|
52
|
$
|
14
|
||||||||
Net charge-offs in the quarter/average net loans
|
0.00
|
%
|
0.02
|
%
|
0.01
|
%
|
||||||||
Allowance for loan losses
|
$
|
14,523
|
$
|
15,173
|
$
|
19,178
|
||||||||
Average interest-earning assets to average
|
||||||||||||||
interest-bearing liabilities
|
154.34
|
%
|
156.94
|
%
|
153.75
|
%
|
||||||||
Allowance for loan losses to
|
||||||||||||||
non-performing loans
|
65.72
|
%
|
824.62
|
%
|
3358.67
|
%
|
||||||||
Allowance for loan losses to total loans
|
1.47
|
%
|
1.58
|
%
|
2.03
|
%
|
||||||||
Shareholders’ equity to assets
|
9.04
|
%
|
9.69
|
%
|
9.79
|
%
|
||||||||
CAPITAL RATIOS
|
||||||||||||||
Total capital (to risk weighted assets)
|
16.38
|
%
|
16.72
|
%
|
17.35
|
%
|
||||||||
Tier 1 capital (to risk weighted assets)
|
15.12
|
%
|
15.47
|
%
|
16.09
|
%
|
||||||||
Common equity tier 1 (to risk weighted assets)
|
15.12
|
%
|
15.47
|
%
|
16.09
|
%
|
||||||||
Tier 1 capital (to average tangible assets)
|
9.19
|
%
|
9.10
|
%
|
9.63
|
%
|
||||||||
Tangible common equity (to average tangible assets) (non-GAAP)
|
7.57
|
%
|
8.19
|
%
|
8.14
|
%
|
DEPOSIT MIX
|
March 31, 2022
|
Dec. 31, 2021
|
March 31, 2021
|
|||||||||
Interest checking
|
$
|
287,861
|
$
|
285,807
|
$
|
258,014
|
||||||
Regular savings
|
340,076
|
327,887
|
291,769
|
|||||||||
Money market deposit accounts
|
299,738
|
277,355
|
240,554
|
|||||||||
Non-interest checking
|
494,831
|
469,100
|
435,098
|
|||||||||
Certificates of deposit
|
111,372
|
113,305
|
120,625
|
|||||||||
Total deposits
|
$
|
1,533,878
|
$
|
1,473,454
|
$
|
1,346,060
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||||||||||
Other
|
Commercial
|
|||||||||||||||
Commercial
|
Real Estate
|
Real Estate
|
& Construction
|
|||||||||||||
Business
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
March 31, 2022
|
(Dollars in thousands)
|
|||||||||||||||
Commercial business
|
$
|
225,006
|
$
|
-
|
$
|
-
|
$
|
225,006
|
||||||||
SBA PPP
|
3,085
|
-
|
-
|
3,085
|
||||||||||||
Commercial construction
|
-
|
-
|
12,741
|
12,741
|
||||||||||||
Office buildings
|
-
|
124,690
|
-
|
124,690
|
||||||||||||
Warehouse/industrial
|
-
|
100,184
|
-
|
100,184
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
97,192
|
-
|
97,192
|
||||||||||||
Assisted living facilities
|
-
|
663
|
-
|
663
|
||||||||||||
Single purpose facilities
|
-
|
260,108
|
-
|
260,108
|
||||||||||||
Land
|
-
|
11,556
|
-
|
11,556
|
||||||||||||
Multi-family
|
-
|
60,211
|
-
|
60,211
|
||||||||||||
One-to-four family construction
|
-
|
-
|
11,419
|
11,419
|
||||||||||||
Total
|
$
|
228,091
|
$
|
654,604
|
$
|
24,160
|
$
|
906,855
|
||||||||
March 31, 2021
|
||||||||||||||||
Commercial business
|
$
|
171,701
|
$
|
-
|
$
|
-
|
$
|
171,701
|
||||||||
SBA PPP
|
93,444
|
-
|
-
|
93,444
|
||||||||||||
Commercial construction
|
-
|
-
|
9,810
|
9,810
|
||||||||||||
Office buildings
|
-
|
135,526
|
-
|
135,526
|
||||||||||||
Warehouse/industrial
|
-
|
87,880
|
-
|
87,880
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
85,414
|
-
|
85,414
|
||||||||||||
Assisted living facilities
|
-
|
854
|
-
|
854
|
||||||||||||
Single purpose facilities
|
-
|
233,793
|
-
|
233,793
|
||||||||||||
Land
|
-
|
14,040
|
-
|
14,040
|
||||||||||||
Multi-family
|
-
|
45,014
|
-
|
45,014
|
||||||||||||
One-to-four family construction
|
-
|
-
|
7,180
|
7,180
|
||||||||||||
Total
|
$
|
265,145
|
$
|
602,521
|
$
|
16,990
|
$
|
884,656
|
LOAN MIX
|
March 31, 2022
|
Dec. 31, 2021
|
March 31, 2021
|
|||||||||
Commercial and construction
|
(Dollars in thousands)
|
|||||||||||
Commercial business
|
$
|
228,091
|
$
|
222,535
|
$
|
265,145
|
||||||
Other real estate mortgage
|
654,604
|
631,872
|
602,521
|
|||||||||
Real estate construction
|
24,160
|
18,365
|
16,990
|
|||||||||
Total commercial and construction
|
906,855
|
872,772
|
884,656
|
|||||||||
Consumer
|
||||||||||||
Real estate one-to-four family
|
82,006
|
87,821
|
56,405
|
|||||||||
Other installment
|
1,547
|
1,630
|
2,174
|
|||||||||
Total consumer
|
83,553
|
89,451
|
58,579
|
|||||||||
Total loans
|
990,408
|
962,223
|
943,235
|
|||||||||
Less:
|
||||||||||||
Allowance for loan losses
|
14,523
|
15,173
|
19,178
|
|||||||||
Loans receivable, net
|
$
|
975,885
|
$
|
947,050
|
$
|
924,057
|
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||
Southwest
|
||||||||||||
Washington
|
Other
|
Total
|
||||||||||
March 31, 2022
|
(Dollars in thousands)
|
|||||||||||
Commercial business
|
$
|
100
|
$
|
-
|
$
|
100
|
||||||
Commercial real estate
|
122
|
-
|
122
|
|||||||||
Consumer
|
51
|
-
|
51
|
|||||||||
Subtotal
|
273
|
-
|
273
|
|||||||||
SBA Government Guaranteed
|
-
|
21,826
|
21,826
|
|||||||||
Total non-performing assets
|
$
|
273
|
$
|
21,826
|
$
|
22,099
|
At or for the three months ended
|
At or for the twelve months ended
|
|||||||||||||||||||
SELECTED OPERATING DATA
|
March 31, 2022
|
Dec. 31, 2021
|
March 31, 2021
|
March 31, 2022
|
March 31, 2021
|
|||||||||||||||
Efficiency ratio (4)
|
68.01
|
%
|
61.15
|
%
|
68.60
|
%
|
60.82
|
%
|
64.73
|
%
|
||||||||||
Coverage ratio (6)
|
117.71
|
%
|
129.96
|
%
|
116.31
|
%
|
129.70
|
%
|
123.90
|
%
|
||||||||||
Return on average assets (1)
|
0.97
|
%
|
1.28
|
%
|
0.93
|
%
|
1.31
|
%
|
0.74
|
%
|
||||||||||
Return on average equity (1)
|
10.23
|
%
|
13.47
|
%
|
9.00
|
%
|
13.62
|
%
|
6.91
|
%
|
||||||||||
Return on average tangible equity (1) (non-GAAP)
|
12.30
|
%
|
16.23
|
%
|
10.97
|
%
|
16.47
|
%
|
8.45
|
%
|
||||||||||
NET INTEREST SPREAD
|
||||||||||||||||||||
Yield on loans
|
4.43
|
%
|
4.67
|
%
|
4.77
|
%
|
4.72
|
%
|
4.71
|
%
|
||||||||||
Yield on investment securities
|
1.63
|
%
|
1.50
|
%
|
1.54
|
%
|
1.54
|
%
|
1.65
|
%
|
||||||||||
Total yield on interest-earning assets
|
3.10
|
%
|
3.08
|
%
|
3.46
|
%
|
3.17
|
%
|
3.67
|
%
|
||||||||||
Cost of interest-bearing deposits
|
0.11
|
%
|
0.12
|
%
|
0.22
|
%
|
0.14
|
%
|
0.31
|
%
|
||||||||||
Cost of FHLB advances and other borrowings
|
2.79
|
%
|
2.62
|
%
|
2.73
|
%
|
2.67
|
%
|
2.00
|
%
|
||||||||||
Total cost of interest-bearing liabilities
|
0.19
|
%
|
0.19
|
%
|
0.30
|
%
|
0.22
|
%
|
0.40
|
%
|
||||||||||
Spread (7)
|
2.91
|
%
|
2.89
|
%
|
3.16
|
%
|
2.95
|
%
|
3.27
|
%
|
||||||||||
Net interest margin
|
2.98
|
%
|
2.96
|
%
|
3.26
|
%
|
3.03
|
%
|
3.41
|
%
|
||||||||||
PER SHARE DATA
|
||||||||||||||||||||
Basic earnings per share (2)
|
$
|
0.19
|
$
|
0.25
|
$
|
0.15
|
$
|
0.98
|
$
|
0.47
|
||||||||||
Diluted earnings per share (3)
|
0.19
|
0.25
|
0.15
|
0.98
|
0.47
|
|||||||||||||||
Book value per share (5)
|
7.11
|
7.36
|
6.78
|
7.11
|
6.78
|
|||||||||||||||
Tangible book value per share (5) (non-GAAP)
|
5.86
|
6.11
|
5.54
|
5.86
|
5.54
|
|||||||||||||||
Market price per share:
|
||||||||||||||||||||
High for the period
|
$
|
8.00
|
$
|
8.07
|
$
|
7.58
|
$
|
8.07
|
$
|
7.58
|
||||||||||
Low for the period
|
7.30
|
7.19
|
5.12
|
6.47
|
3.82
|
|||||||||||||||
Close for period end
|
7.55
|
7.69
|
6.93
|
7.55
|
6.93
|
|||||||||||||||
Cash dividends declared per share
|
0.0550
|
0.0550
|
0.0500
|
0.2150
|
0.2000
|
|||||||||||||||
Average number of shares outstanding:
|
||||||||||||||||||||
Basic (2)
|
22,161,686
|
22,166,130
|
22,346,368
|
22,213,029
|
22,296,195
|
|||||||||||||||
Diluted (3)
|
22,172,735
|
22,177,120
|
22,361,730
|
22,224,947
|
22,312,831
|
(1)
|
Amounts for the periods shown 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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