|
|
|
|||
(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: July 28, 2022 |
/S/ David Lam
|
|
David Lam
Chief Financial Officer
(Principal Financial Officer)
|
![]() |
![]() |
|
•
|
Net income was $4.7 million, or $0.21 per diluted share.
|
•
|
Pre-tax, pre-provision for loan losses income (non-GAAP) was $6.0 million for the quarter compared to $4.8 million in the
preceding quarter and $5.7 million for the year ago quarter.
|
•
|
Net interest income increased to $12.7 million for the quarter compared to $11.9 million in the preceding quarter and
$11.3 million in the first fiscal quarter a year ago.
|
•
|
Net interest margin (“NIM”) expanded to 3.11% for the quarter, compared to 2.98% in the preceding quarter and 3.07% for the
year ago quarter.
|
•
|
Return on average assets was 1.08% and return on average equity was 11.91%.
|
•
|
Riverview recorded no provision for loan losses during the quarter, compared to a $650,000 recapture of loan losses in
the preceding quarter and a $1.6 million recapture in the first fiscal quarter a year ago.
|
•
|
The allowance for loan losses was $14.6 million, or 1.44% of total loans. The allowance for loan losses excluding SBA
purchased and SBA PPP loans (non-GAAP) was 1.53% of total loans.
|
•
|
Total loans increased $22.1 million during the quarter. Included in total loans:
|
o
|
Riverview purchased $26.8 million of 1-4 family loans during the quarter, offset primarily by a $1.4 million decrease to its
organic loan portfolio and a $3.1 million decrease in SBA PPP loans.
|
•
|
Asset quality remained strong, with non-performing loans excluding SBA and USDA government guaranteed loans (non-GAAP) at
$262,000, or 0.02% of total assets at June 30, 2022.
|
•
|
Total deposits increased $82.6 million, or 5.8%, to $1.50 billion, compared to a year earlier, and decreased $38.3
million compared to three months earlier.
|
•
|
Total risk-based capital ratio was 16.31% and Tier 1 leverage ratio was 9.29%.
|
•
|
Paid a quarterly cash dividend during the quarter of $0.06 per share.
|
Three Months Ended
|
||||||||||||
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
||||||||||
Net interest margin (GAAP)
|
3.11
|
%
|
2.98
|
%
|
3.07
|
%
|
||||||
Net fees on loan prepayments
|
(0.04
|
)
|
(0.04
|
)
|
(0.02
|
)
|
||||||
Accretion on purchased MBank loans
|
(0.01
|
)
|
(0.03
|
)
|
(0.02
|
)
|
||||||
SBA PPP loans
|
(0.02
|
)
|
(0.09
|
)
|
(0.08
|
)
|
||||||
Excess FRB liquidity
|
0.31
|
0.44
|
0.69
|
|||||||||
Core net interest margin (non-GAAP)
|
3.35
|
%
|
3.26
|
%
|
3.64
|
%
|
Non-performing loans reconciliation, excluding SBA Government Guaranteed Loans
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Non-performing loans (GAAP)
|
$
|
27,534
|
$
|
22,099
|
$
|
383
|
||||||
Less: Non-performing SBA Government Guaranteed loans
|
(27,272
|
)
|
(21,826
|
)
|
-
|
|||||||
Adjusted non-performing loans excluding SBA Government
Guaranteed loans (non-GAAP)
|
$
|
262
|
$
|
273
|
$
|
383
|
||||||
Non-performing loans to total loans (GAAP)
|
2.72
|
%
|
2.23
|
%
|
0.04
|
%
|
||||||
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)
|
1.62
|
%
|
1.27
|
%
|
0.02
|
%
|
||||||
Non-performing loans, excluding SBA Government
Guaranteed loans to total assets (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
Tangible shareholders' equity to tangible assets and tangible book value per share:
|
||||||||||||
(Dollars in thousands)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Shareholders' equity (GAAP)
|
$
|
154,433
|
$
|
157,249
|
$
|
156,976
|
||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
||||||
Exclude: Core deposit intangible, net
|
(466
|
)
|
(495
|
)
|
(588
|
)
|
||||||
Tangible shareholders' equity (non-GAAP)
|
$
|
126,891
|
$
|
129,678
|
$
|
129,312
|
||||||
Total assets (GAAP)
|
$
|
1,697,711
|
$
|
1,740,096
|
$
|
1,617,016
|
||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
||||||
Exclude: Core deposit intangible, net
|
(466
|
)
|
(495
|
)
|
(588
|
)
|
||||||
Tangible assets (non-GAAP)
|
$
|
1,670,169
|
$
|
1,712,525
|
$
|
1,589,352
|
||||||
Shareholders' equity to total assets (GAAP)
|
9.10
|
%
|
9.04
|
%
|
9.71
|
%
|
||||||
Tangible common equity to tangible assets (non-GAAP)
|
7.60
|
%
|
7.57
|
%
|
8.14
|
%
|
||||||
Shares outstanding
|
21,943,160
|
22,127,396
|
22,277,868
|
|||||||||
Book value per share (GAAP)
|
$
|
7.04
|
$
|
7.11
|
$
|
7.05
|
||||||
Tangible book value per share (non-GAAP)
|
$
|
5.78
|
$
|
5.86
|
$
|
5.80
|
Pre-tax, pre-provision income
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Net income (GAAP)
|
$
|
4,652
|
$
|
4,125
|
$
|
5,755
|
||||||
Include: Provision for income taxes
|
1,366
|
1,282
|
1,580
|
|||||||||
Include: Provision for (recapture of) loan losses
|
-
|
(650
|
)
|
(1,600
|
)
|
|||||||
Pre-tax, pre-provision income (non-GAAP)
|
$
|
6,018
|
$
|
4,757
|
$
|
5,735
|
Net interest margin reconciliation to core net interest margin
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Net interest income (GAAP)
|
$
|
12,661
|
$
|
11,906
|
$
|
11,284
|
||||||
Tax equivalent adjustment
|
21
|
21
|
16
|
|||||||||
Net fees on loan prepayments
|
(168
|
)
|
(144
|
)
|
(43
|
)
|
||||||
Accretion on purchased MBank loans
|
(37
|
)
|
(127
|
)
|
(71
|
)
|
||||||
SBA PPP loans interest income and net fees
|
(101
|
)
|
(440
|
)
|
(892
|
)
|
||||||
Income on excess FRB liquidity
|
(366
|
)
|
(109
|
)
|
(77
|
)
|
||||||
Adjusted net interest income (non-GAAP)
|
$
|
12,010
|
$
|
11,107
|
$
|
10,217
|
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Average balance of interest-earning assets (GAAP)
|
$
|
1,635,048
|
$
|
1,623,660
|
$
|
1,478,715
|
||||||
SBA PPP loans (average)
|
(1,546
|
)
|
(6,794
|
)
|
(80,297
|
)
|
||||||
Excess FRB liquidity (average)
|
(194,307
|
)
|
(236,572
|
)
|
(272,331
|
)
|
||||||
Average balance of interest-earning assets excluding
|
||||||||||||
SBA PPP loans and excess FRB liquidity (non-GAAP)
|
$
|
1,439,195
|
$
|
1,380,294
|
$
|
1,126,087
|
Three Months Ended
|
||||||||||||
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
||||||||||
Net interest margin (GAAP)
|
3.11
|
%
|
2.98
|
%
|
3.07
|
%
|
||||||
Net fees on loan prepayments
|
(0.04
|
)
|
(0.04
|
)
|
(0.02
|
)
|
||||||
Accretion on purchased MBank loans
|
(0.01
|
)
|
(0.03
|
)
|
(0.02
|
)
|
||||||
SBA PPP loans
|
(0.02
|
)
|
(0.09
|
)
|
(0.08
|
)
|
||||||
Excess FRB liquidity
|
0.31
|
0.44
|
0.69
|
|||||||||
Core net interest margin (non-GAAP)
|
3.35
|
%
|
3.26
|
%
|
3.64
|
%
|
Allowance for loan losses reconciliation, excluding SBA purchased and PPP loans
|
||||||||||||
(Dollars in thousands)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Allowance for loan losses
|
$
|
14,559
|
$
|
14,523
|
$
|
17,590
|
||||||
Loans receivable (GAAP)
|
$
|
1,012,465
|
$
|
990,408
|
$
|
889,479
|
||||||
Exclude: SBA purchased loans
|
(59,943
|
)
|
(59,420
|
)
|
(42,213
|
)
|
||||||
Exclude: SBA PPP loans
|
(11
|
)
|
(3,085
|
)
|
(55,511
|
)
|
||||||
Loans receivable excluding SBA purchased and PPP loans
(non-GAAP)
|
$
|
952,511
|
$
|
927,903
|
$
|
791,755
|
||||||
Allowance for loan losses to loans receivable (GAAP)
|
1.44
|
%
|
1.47
|
%
|
1.98
|
%
|
||||||
Allowance for loan losses to loans receivable excluding
SBA purchased and PPP loans (non-GAAP)
|
1.53
|
%
|
1.57
|
%
|
2.22
|
%
|
Non-performing loans reconciliation, excluding SBA Government Guaranteed Loans
|
||||||||||||
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Non-performing loans (GAAP)
|
$
|
27,534
|
$
|
22,099
|
$
|
383
|
||||||
Less: Non-performing SBA Government Guaranteed loans
|
(27,272
|
)
|
(21,826
|
)
|
-
|
|||||||
Adjusted non-performing loans excluding SBA
Government Guaranteed loans (non-GAAP)
|
$
|
262
|
$
|
273
|
$
|
383
|
||||||
Non-performing loans to total loans (GAAP)
|
2.72
|
%
|
2.23
|
%
|
0.04
|
%
|
||||||
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)
|
1.62
|
%
|
1.27
|
%
|
0.02
|
%
|
||||||
Non-performing loans, excluding SBA
Government Guaranteed loans to total assets (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $127,859, $224,589,
|
$
|
141,836
|
$
|
241,424
|
$
|
334,741
|
||||||
and $318,639)
|
||||||||||||
Certificate of deposits held for investment
|
249
|
249
|
249
|
|||||||||
Investment securities:
|
||||||||||||
Available for sale, at estimated fair value
|
181,697
|
165,782
|
268,853
|
|||||||||
Held to maturity, at amortized cost
|
256,002
|
253,100
|
39,225
|
|||||||||
Loans receivable (net of allowance for loan losses of $14,559,
|
||||||||||||
$14,523 and $17,590)
|
997,906
|
975,885
|
871,889
|
|||||||||
Prepaid expenses and other assets
|
26,897
|
12,396
|
12,912
|
|||||||||
Accrued interest receivable
|
5,012
|
4,650
|
4,940
|
|||||||||
Federal Home Loan Bank stock, at cost
|
2,019
|
2,019
|
1,722
|
|||||||||
Premises and equipment, net
|
16,973
|
17,166
|
17,940
|
|||||||||
Financing lease right-of-use assets
|
1,336
|
1,355
|
1,413
|
|||||||||
Deferred income taxes, net
|
9,060
|
7,501
|
5,047
|
|||||||||
Mortgage servicing rights, net
|
28
|
34
|
66
|
|||||||||
Goodwill
|
27,076
|
27,076
|
27,076
|
|||||||||
Core deposit intangible, net
|
466
|
495
|
588
|
|||||||||
Bank owned life insurance
|
31,154
|
30,964
|
30,355
|
|||||||||
TOTAL ASSETS
|
$
|
1,697,711
|
$
|
1,740,096
|
$
|
1,617,016
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposits
|
$
|
1,495,605
|
$
|
1,533,878
|
$
|
1,412,966
|
||||||
Accrued expenses and other liabilities
|
18,026
|
19,298
|
17,431
|
|||||||||
Advance payments by borrowers for taxes and insurance
|
523
|
555
|
555
|
|||||||||
Junior subordinated debentures
|
26,854
|
26,833
|
26,770
|
|||||||||
Finance lease liability
|
2,270
|
2,283
|
2,318
|
|||||||||
Total liabilities
|
1,543,278
|
1,582,847
|
1,460,040
|
|||||||||
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, 2022 – 22,154,170 issued and 21,943,160 outstanding;
|
||||||||||||
March 31, 2022 – 22,155,636 issued and 22,127,396 outstanding;
|
219
|
221
|
222
|
|||||||||
June 30, 2021 - 22,351,235 issued and 22,277,868 outstanding;
|
||||||||||||
Additional paid-in capital
|
60,838
|
62,048
|
63,213
|
|||||||||
Retained earnings
|
108,266
|
104,931
|
92,522
|
|||||||||
Accumulated other comprehensive income (loss)
|
(14,890
|
)
|
(9,951
|
)
|
1,019
|
|||||||
Total shareholders’ equity
|
154,433
|
157,249
|
156,976
|
|||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,697,711
|
$
|
1,740,096
|
$
|
1,617,016
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Statements of Income
|
||||||||||||
Three Months Ended
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
INTEREST INCOME:
|
||||||||||||
Interest and fees on loans receivable
|
$
|
10,897
|
$
|
10,631
|
$
|
10,776
|
||||||
Interest on investment securities - taxable
|
1,834
|
1,563
|
999
|
|||||||||
Interest on investment securities - nontaxable
|
66
|
66
|
50
|
|||||||||
Other interest and dividends
|
397
|
129
|
95
|
|||||||||
Total interest and dividend income
|
13,194
|
12,389
|
11,920
|
|||||||||
INTEREST EXPENSE:
|
||||||||||||
Interest on deposits
|
281
|
283
|
442
|
|||||||||
Interest on borrowings
|
252
|
200
|
194
|
|||||||||
Total interest expense
|
533
|
483
|
636
|
|||||||||
Net interest income
|
12,661
|
11,906
|
11,284
|
|||||||||
Provision for (recapture of) loan losses
|
-
|
(650
|
)
|
(1,600
|
)
|
|||||||
Net interest income after provision for (recapture of) loan losses
|
12,661
|
12,556
|
12,884
|
|||||||||
NON-INTEREST INCOME:
|
||||||||||||
Fees and service charges
|
1,721
|
1,681
|
1,855
|
|||||||||
Asset management fees
|
1,160
|
1,067
|
976
|
|||||||||
Bank owned life insurance ("BOLI")
|
190
|
187
|
190
|
|||||||||
BOLI death benefit in excess of cash surrender value
|
-
|
-
|
479
|
|||||||||
Other, net
|
55
|
31
|
88
|
|||||||||
Total non-interest income, net
|
3,126
|
2,966
|
3,588
|
|||||||||
NON-INTEREST EXPENSE:
|
||||||||||||
Salaries and employee benefits
|
5,952
|
6,366
|
5,754
|
|||||||||
Occupancy and depreciation
|
1,514
|
1,539
|
1,409
|
|||||||||
Data processing
|
778
|
753
|
765
|
|||||||||
Amortization of core deposit intangible
|
29
|
31
|
31
|
|||||||||
Advertising and marketing
|
197
|
127
|
152
|
|||||||||
FDIC insurance premium
|
116
|
118
|
95
|
|||||||||
State and local taxes
|
191
|
198
|
198
|
|||||||||
Telecommunications
|
50
|
45
|
46
|
|||||||||
Professional fees
|
301
|
290
|
317
|
|||||||||
Other
|
641
|
648
|
370
|
|||||||||
Total non-interest expense
|
9,769
|
10,115
|
9,137
|
|||||||||
INCOME BEFORE INCOME TAXES
|
6,018
|
5,407
|
7,335
|
|||||||||
PROVISION FOR INCOME TAXES
|
1,366
|
1,282
|
1,580
|
|||||||||
NET INCOME
|
$
|
4,652
|
$
|
4,125
|
$
|
5,755
|
||||||
Earnings per common share:
|
||||||||||||
Basic
|
$
|
0.21
|
$
|
0.19
|
$
|
0.26
|
||||||
Diluted
|
$
|
0.21
|
$
|
0.19
|
$
|
0.26
|
||||||
Weighted average number of common shares outstanding:
|
||||||||||||
Basic
|
22,027,874
|
22,161,686
|
22,344,785
|
|||||||||
Diluted
|
22,037,320
|
22,172,735
|
22,358,764
|
(Dollars in thousands)
|
At or for the three months ended
|
|||||||||||
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
||||||||||
AVERAGE BALANCES
|
||||||||||||
Average interest–earning assets
|
$
|
1,635,048
|
$
|
1,623,660
|
$
|
1,478,715
|
||||||
Average interest-bearing liabilities
|
1,056,807
|
1,052,004
|
959,033
|
|||||||||
Net average earning assets
|
578,241
|
571,656
|
519,682
|
|||||||||
Average loans
|
995,066
|
973,461
|
925,161
|
|||||||||
Average deposits
|
1,518,961
|
1,508,632
|
1,373,086
|
|||||||||
Average equity
|
156,636
|
163,581
|
154,981
|
|||||||||
Average tangible equity (non-GAAP)
|
129,080
|
135,993
|
127,299
|
|||||||||
ASSET QUALITY
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Non-performing loans
|
$
|
27,534
|
$
|
22,099
|
$
|
383
|
||||||
Non-performing loans excluding SBA Government Guarantee (non-GAAP)
|
$
|
262
|
$
|
273
|
$
|
383
|
||||||
Non-performing loans to total loans
|
2.72
|
%
|
2.23
|
%
|
0.04
|
%
|
||||||
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
|
$
|
27,534
|
$
|
22,099
|
$
|
383
|
||||||
Non-performing assets excluding SBA Government Guarantee (non-GAAP)
|
$
|
262
|
$
|
273
|
$
|
383
|
||||||
Non-performing assets to total assets
|
1.62
|
%
|
1.27
|
%
|
0.02
|
%
|
||||||
Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
||||||
Net loan charge-offs (recoveries) in the quarter
|
$
|
(36
|
)
|
$
|
-
|
$
|
(12
|
)
|
||||
Net charge-offs (recoveries) in the quarter/average net loans
|
(0.01
|
)%
|
0.00
|
%
|
(0.01
|
)%
|
||||||
Allowance for loan losses
|
$
|
14,559
|
$
|
14,523
|
$
|
17,590
|
||||||
Average interest-earning assets to average
|
||||||||||||
interest-bearing liabilities
|
154.72
|
%
|
154.34
|
%
|
154.19
|
%
|
||||||
Allowance for loan losses to
|
||||||||||||
non-performing loans
|
52.88
|
%
|
65.72
|
%
|
4592.69
|
%
|
||||||
Allowance for loan losses to total loans
|
1.44
|
%
|
1.47
|
%
|
1.98
|
%
|
||||||
Shareholders’ equity to assets
|
9.10
|
%
|
9.04
|
%
|
9.71
|
%
|
||||||
CAPITAL RATIOS
|
||||||||||||
Total capital (to risk weighted assets)
|
16.31
|
%
|
16.38
|
%
|
17.49
|
%
|
||||||
Tier 1 capital (to risk weighted assets)
|
15.06
|
%
|
15.12
|
%
|
16.23
|
%
|
||||||
Common equity tier 1 (to risk weighted assets)
|
15.06
|
%
|
15.12
|
%
|
16.23
|
%
|
||||||
Tier 1 capital (to average tangible assets)
|
9.29
|
%
|
9.19
|
%
|
9.37
|
%
|
||||||
Tangible common equity (to average tangible assets) (non-GAAP)
|
7.60
|
%
|
7.57
|
%
|
8.14
|
%
|
||||||
DEPOSIT MIX
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Interest checking
|
$
|
301,047
|
$
|
287,861
|
$
|
274,081
|
||||||
Regular savings
|
326,337
|
340,076
|
307,026
|
|||||||||
Money market deposit accounts
|
281,300
|
299,738
|
265,894
|
|||||||||
Non-interest checking
|
476,618
|
494,831
|
443,797
|
|||||||||
Certificates of deposit
|
110,303
|
111,372
|
122,168
|
|||||||||
Total deposits
|
$
|
1,495,605
|
$
|
1,533,878
|
$
|
1,412,966
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
||||||||||||||||
Other
|
Commercial
|
|||||||||||||||
Commercial
|
Real Estate
|
Real Estate
|
& Construction
|
|||||||||||||
Business
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
June 30, 2022
|
(Dollars in thousands)
|
|||||||||||||||
Commercial business
|
$
|
227,012
|
$
|
-
|
$
|
-
|
$
|
227,012
|
||||||||
SBA PPP
|
11
|
-
|
-
|
11
|
||||||||||||
Commercial construction
|
-
|
-
|
15,958
|
15,958
|
||||||||||||
Office buildings
|
-
|
121,055
|
-
|
121,055
|
||||||||||||
Warehouse/industrial
|
-
|
98,513
|
-
|
98,513
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
86,699
|
-
|
86,699
|
||||||||||||
Assisted living facilities
|
-
|
613
|
-
|
613
|
||||||||||||
Single purpose facilities
|
-
|
271,677
|
-
|
271,677
|
||||||||||||
Land
|
-
|
9,863
|
-
|
9,863
|
||||||||||||
Multi-family
|
-
|
58,943
|
-
|
58,943
|
||||||||||||
One-to-four family construction
|
-
|
-
|
14,796
|
14,796
|
||||||||||||
Total
|
$
|
227,023
|
$
|
647,363
|
$
|
30,754
|
$
|
905,140
|
||||||||
March 31, 2022
|
||||||||||||||||
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
|
LOAN MIX
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Commercial and construction
|
(Dollars in thousands)
|
|||||||||||
Commercial business
|
$
|
227,023
|
$
|
228,091
|
$
|
216,128
|
||||||
Other real estate mortgage
|
647,363
|
654,604
|
608,673
|
|||||||||
Real estate construction
|
30,754
|
24,160
|
11,386
|
|||||||||
Total commercial and construction
|
905,140
|
906,855
|
836,187
|
|||||||||
Consumer
|
||||||||||||
Real estate one-to-four family
|
105,775
|
82,006
|
51,480
|
|||||||||
Other installment
|
1,550
|
1,547
|
1,812
|
|||||||||
Total consumer
|
107,325
|
83,553
|
53,292
|
|||||||||
Total loans
|
1,012,465
|
990,408
|
889,479
|
|||||||||
Less:
|
||||||||||||
Allowance for loan losses
|
14,559
|
14,523
|
17,590
|
|||||||||
Loans receivable, net
|
$
|
997,906
|
$
|
975,885
|
$
|
871,889
|
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||
Southwest
|
||||||||||||
Washington
|
Other
|
Total
|
||||||||||
June 30, 2022
|
(Dollars in thousands)
|
|||||||||||
Commercial business
|
$
|
95
|
$
|
-
|
$
|
95
|
||||||
Commercial real estate
|
117
|
-
|
117
|
|||||||||
Consumer
|
49
|
1
|
50
|
|||||||||
Subtotal
|
261
|
1
|
262
|
|||||||||
SBA Government Guaranteed
|
-
|
27,272
|
27,272
|
|||||||||
Total non-performing assets
|
$
|
261
|
$
|
27,273
|
$
|
27,534
|
At or for the three months ended
|
||||||||||||
SELECTED OPERATING DATA
|
June 30, 2022
|
March 31, 2022
|
June 30, 2021
|
|||||||||
Efficiency ratio (4)
|
61.88
|
%
|
68.01
|
%
|
61.44
|
%
|
||||||
Coverage ratio (6)
|
129.60
|
%
|
117.71
|
%
|
123.50
|
%
|
||||||
Return on average assets (1)
|
1.08
|
%
|
0.97
|
%
|
1.46
|
%
|
||||||
Return on average equity (1)
|
11.91
|
%
|
10.23
|
%
|
14.89
|
%
|
||||||
Return on average tangible equity (1) (non-GAAP)
|
14.46
|
%
|
12.30
|
%
|
18.13
|
%
|
||||||
NET INTEREST SPREAD
|
||||||||||||
Yield on loans
|
4.39
|
%
|
4.43
|
%
|
4.67
|
%
|
||||||
Yield on investment securities
|
1.74
|
%
|
1.63
|
%
|
1.53
|
%
|
||||||
Total yield on interest-earning assets
|
3.24
|
%
|
3.10
|
%
|
3.24
|
%
|
||||||
Cost of interest-bearing deposits
|
0.11
|
%
|
0.11
|
%
|
0.19
|
%
|
||||||
Cost of FHLB advances and other borrowings
|
3.47
|
%
|
2.79
|
%
|
2.68
|
%
|
||||||
Total cost of interest-bearing liabilities
|
0.20
|
%
|
0.19
|
%
|
0.27
|
%
|
||||||
Spread (7)
|
3.04
|
%
|
2.91
|
%
|
2.97
|
%
|
||||||
Net interest margin
|
3.11
|
%
|
2.98
|
%
|
3.07
|
%
|
||||||
PER SHARE DATA
|
||||||||||||
Basic earnings per share (2)
|
$
|
0.21
|
$
|
0.19
|
$
|
0.26
|
||||||
Diluted earnings per share (3)
|
0.21
|
0.19
|
0.26
|
|||||||||
Book value per share (5)
|
7.04
|
7.11
|
7.05
|
|||||||||
Tangible book value per share (5) (non-GAAP)
|
5.78
|
5.86
|
5.80
|
|||||||||
Market price per share:
|
||||||||||||
High for the period
|
$
|
7.56
|
$
|
8.00
|
$
|
7.35
|
||||||
Low for the period
|
6.09
|
7.30
|
6.47
|
|||||||||
Close for period end
|
6.58
|
7.55
|
7.09
|
|||||||||
Cash dividends declared per share
|
0.0600
|
0.0550
|
0.0500
|
|||||||||
Average number of shares outstanding:
|
||||||||||||
Basic (2)
|
22,027,874
|
22,161,686
|
22,344,785
|
|||||||||
Diluted (3)
|
22,037,320
|
22,172,735
|
22,358,764
|
(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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