|
|
|
|||
(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 30, 2024
|
/S/ David Lam
|
|
David Lam
Chief Financial Officer
(Principal Financial Officer)
|
Contact:
|
Dan Cox or David Lam
Riverview Bancorp, Inc. 360-693-6650
|
•
|
Completed balance sheet restructuring transactions.
|
•
|
Net interest income was $8.6 million for the quarter, compared to $9.3 million in the preceding quarter and $11.8 million
in the fourth fiscal quarter a year ago.
|
•
|
Net interest margin (“NIM”) was 2.32% for the quarter, compared to 2.49% in the preceding quarter and 3.16% for the year ago
quarter.
|
•
|
Asset quality remained pristine, with non-performing assets at $178,000, or 0.01% of total assets at March 31, 2024.
|
•
|
Riverview recorded no provision for credit losses during the current quarter, or the preceding quarter, and recorded a $750
provision for credit losses in the year ago quarter.
|
•
|
The allowance for credit losses was $15.4 million, or 1.50% of total loans.
|
•
|
Total loans were $1.02 billion at March 31, 2024, and December 31, 2023, and $1.01 billion at March 31, 2023.
|
•
|
Total deposits were $1.23 billion, compared to $1.22 billion three months earlier and $1.27 billion a year earlier.
|
•
|
Riverview bolstered its liquidity position and has approximately $495.7 million in available liquidity at March 31, 2024,
including $211.2 million of borrowing capacity from the FHLB and $284.5 million from the Federal Reserve Bank of San Francisco (“FRB”). At March 31, 2024, the Bank had $88.3 million in outstanding FHLB borrowings.
|
•
|
The uninsured deposit ratio was 24.1% at March 31, 2024.
|
•
|
Total risk-based capital ratio was 16.32% and Tier 1 leverage ratio was 10.29%.
|
•
|
Paid a quarterly cash dividend during the quarter of $0.06 per share.
|
•
|
The Company has contracted with an executive search firm specializing in community banks to conduct a nationwide search to
assist in selecting a permanent President/CEO. It is anticipated a permanent President/CEO will be identified over the course of the next three to six months.
|
(Dollars in thousands)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
Shareholders' equity (GAAP)
|
$
|
155,588
|
$
|
158,472
|
$
|
155,239
|
||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
||||||
Exclude: Core deposit intangible, net
|
(271
|
)
|
(298
|
)
|
(379
|
)
|
||||||
Tangible shareholders' equity (non-GAAP)
|
$
|
128,241
|
$
|
131,098
|
$
|
127,784
|
||||||
Total assets (GAAP)
|
$
|
1,521,529
|
$
|
1,590,623
|
$
|
1,589,712
|
||||||
Exclude: Goodwill
|
(27,076
|
)
|
(27,076
|
)
|
(27,076
|
)
|
||||||
Exclude: Core deposit intangible, net
|
(271
|
)
|
(298
|
)
|
(379
|
)
|
||||||
Tangible assets (non-GAAP)
|
$
|
1,494,182
|
$
|
1,563,249
|
$
|
1,562,257
|
||||||
Shareholders' equity to total assets (GAAP)
|
10.23
|
%
|
9.96
|
%
|
9.77
|
%
|
||||||
Tangible common equity to tangible assets (non-GAAP)
|
8.58
|
%
|
8.39
|
%
|
8.18
|
%
|
||||||
Shares outstanding
|
21,111,043
|
21,111,043
|
21,221,960
|
|||||||||
Book value per share (GAAP)
|
7.37
|
7.51
|
7.32
|
|||||||||
Tangible book value per share (non-GAAP)
|
6.07
|
6.21
|
6.02
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
(Dollars in thousands)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
March 31, 2024
|
March 31, 2023
|
|||||||||||||||
Net income (loss) (GAAP)
|
$
|
(2,968
|
)
|
$
|
1,452
|
$
|
2,983
|
$
|
3,799
|
$
|
18,069
|
|||||||||
Include: Provision (credit) for income taxes
|
(1,095
|
)
|
377
|
1,102
|
802
|
5,610
|
||||||||||||||
Include: Provision for credit losses
|
-
|
-
|
750
|
-
|
750
|
|||||||||||||||
Pre-tax, pre-provision income (loss) (non-GAAP)
|
$
|
(4,063
|
)
|
$
|
1,829
|
$
|
4,835
|
$
|
4,601
|
$
|
24,429
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
(Dollars in thousands)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
March 31, 2024
|
March 31, 2023
|
|||||||||||||||
Net income (loss) (GAAP)
|
$
|
(2,968
|
)
|
$
|
1,452
|
$
|
2,983
|
$
|
3,799
|
$
|
18,069
|
|||||||||
Exclude impact of securities loss restructure, net of tax
|
2,074
|
-
|
-
|
2,074
|
-
|
|||||||||||||||
Exclude impact of litigation expense, net of tax
|
1,748
|
-
|
-
|
1,748
|
-
|
|||||||||||||||
Net income excluding securities restructure and litigation
expense (non-GAAP)
|
$
|
854
|
$
|
1,452
|
$
|
2,983
|
$
|
7,621
|
$
|
18,069
|
||||||||||
Basic earnings (loss) per share (GAAP)
|
$
|
(0.14
|
)
|
$
|
0.07
|
$
|
0.14
|
$
|
0.18
|
$
|
0.84
|
|||||||||
Exclude impact of securities loss restructure, net of tax
|
0.10
|
-
|
-
|
0.10
|
-
|
|||||||||||||||
Exclude impact of litigation expense, net of tax
|
0.08
|
-
|
-
|
0.08
|
-
|
|||||||||||||||
Basic earnings per share excluding securities restructure
and litigation expense (GAAP)
|
$
|
0.04
|
$
|
0.07
|
$
|
0.14
|
$
|
0.36
|
$
|
0.84
|
||||||||||
Diluted earnings (loss) per share (GAAP)
|
$
|
(0.14
|
)
|
$
|
0.07
|
$
|
0.14
|
$
|
0.18
|
$
|
0.83
|
|||||||||
Exclude impact of securities loss restructure, net of tax
|
0.10
|
-
|
-
|
0.10
|
-
|
|||||||||||||||
Exclude impact of litigation expense, net of tax
|
0.08
|
-
|
-
|
0.08
|
-
|
|||||||||||||||
Diluted earnings per share excluding securities restructure
and litigation expense (GAAP)
|
$
|
0.04
|
$
|
0.07
|
$
|
0.14
|
$
|
0.36
|
$
|
0.83
|
(Dollars in thousands)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
Allowance for credit losses
|
$
|
15,364
|
$
|
15,361
|
$
|
15,309
|
||||||
Loans receivable (GAAP)
|
$
|
1,024,013
|
$
|
1,018,199
|
$
|
1,008,856
|
||||||
Exclude: Government Guaranteed loans
|
(51,013
|
)
|
(51,809
|
)
|
(55,488
|
)
|
||||||
Loans receivable excluding Government Guaranteed loans
(non-GAAP)
|
$
|
973,000
|
$
|
966,390
|
$
|
953,368
|
||||||
Allowance for credit losses to loans receivable (GAAP)
|
1.50
|
%
|
1.51
|
%
|
1.52
|
%
|
||||||
Allowance for credit losses to loans receivable excluding
Government Guaranteed loans (non-GAAP)
|
1.58
|
%
|
1.59
|
%
|
1.61
|
%
|
Three Months Ended
|
||||||||||||
(Dollars in thousands)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
Non-performing loans (GAAP)
|
$
|
178
|
$
|
186
|
$
|
1,852
|
||||||
Less: Non-performing Government Guaranteed loans
|
(5
|
)
|
-
|
(1,587
|
)
|
|||||||
Adjusted non-performing loans excluding Government
Guaranteed loans (non-GAAP)
|
$
|
173
|
$
|
186
|
$
|
265
|
||||||
Non-performing loans to total loans (GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.18
|
%
|
||||||
Non-performing loans, excluding Government Guaranteed
loans to total loans (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.03
|
%
|
||||||
Non-performing loans to total assets (GAAP)
|
0.01
|
%
|
0.01
|
%
|
0.12
|
%
|
||||||
Non-performing loans, excluding Government Guaranteed
loans to total assets (non-GAAP)
|
0.01
|
%
|
0.01
|
%
|
0.02
|
%
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
ASSETS
|
||||||||||||
Cash (including interest-earning accounts of $12,164, $23,717,
|
$
|
23,642
|
$
|
37,553
|
$
|
22,044
|
||||||
and $10,397)
|
||||||||||||
Certificate of deposits held for investment
|
-
|
-
|
249
|
|||||||||
Investment securities:
|
||||||||||||
Available for sale, at estimated fair value
|
143,196
|
196,461
|
211,499
|
|||||||||
Held to maturity, at amortized cost
|
229,510
|
232,659
|
243,843
|
|||||||||
Loans receivable (net of allowance for credit losses of $15,364,
|
||||||||||||
$15,361 and $15,309)
|
1,008,649
|
1,002,838
|
993,547
|
|||||||||
Prepaid expenses and other assets
|
14,469
|
14,486
|
15,950
|
|||||||||
Accrued interest receivable
|
4,415
|
5,248
|
4,790
|
|||||||||
Federal Home Loan Bank stock, at cost
|
4,927
|
8,026
|
6,867
|
|||||||||
Premises and equipment, net
|
21,718
|
22,270
|
20,119
|
|||||||||
Financing lease right-of-use assets
|
1,202
|
1,221
|
1,278
|
|||||||||
Deferred income taxes, net
|
9,778
|
10,033
|
10,286
|
|||||||||
Goodwill
|
27,076
|
27,076
|
27,076
|
|||||||||
Core deposit intangible, net
|
271
|
298
|
379
|
|||||||||
Bank owned life insurance
|
32,676
|
32,454
|
31,785
|
|||||||||
TOTAL ASSETS
|
$
|
1,521,529
|
$
|
1,590,623
|
$
|
1,589,712
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
LIABILITIES:
|
||||||||||||
Deposits
|
$
|
1,231,679
|
$
|
1,218,892
|
$
|
1,265,217
|
||||||
Accrued expenses and other liabilities
|
16,205
|
26,740
|
15,730
|
|||||||||
Advance payments by borrowers for taxes and insurance
|
581
|
299
|
625
|
|||||||||
Junior subordinated debentures
|
27,004
|
26,982
|
26,918
|
|||||||||
Federal Home Loan Bank advances
|
88,304
|
157,054
|
123,754
|
|||||||||
Finance lease liability
|
2,168
|
2,184
|
2,229
|
|||||||||
Total liabilities
|
1,365,941
|
1,432,151
|
1,434,473
|
|||||||||
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, 2024 – 21,111,043 issued and outstanding;
|
||||||||||||
December 31, 2023 – 21,111,043 issued and outstanding;
|
211
|
211
|
212
|
|||||||||
March 31, 2023 – 21,221,960 issued and outstanding;
|
||||||||||||
Additional paid-in capital
|
55,005
|
54,982
|
55,511
|
|||||||||
Retained earnings
|
116,499
|
120,734
|
117,826
|
|||||||||
Accumulated other comprehensive loss
|
(16,127
|
)
|
(17,455
|
)
|
(18,310
|
)
|
||||||
Total shareholders’ equity
|
155,588
|
158,472
|
155,239
|
|||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,521,529
|
$
|
1,590,623
|
$
|
1,589,712
|
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
|
||||||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
(In thousands, except share data) (Unaudited)
|
March 31, 2024
|
Dec. 31, 2023
|
March 31, 2023
|
March 31, 2024
|
March 31, 2023
|
|||||||||||||||
INTEREST INCOME:
|
||||||||||||||||||||
Interest and fees on loans receivable
|
$
|
11,743
|
$
|
11,645
|
$
|
11,248
|
$
|
46,031
|
$
|
44,744
|
||||||||||
Interest on investment securities - taxable
|
2,145
|
2,231
|
2,381
|
8,971
|
8,784
|
|||||||||||||||
Interest on investment securities - nontaxable
|
65
|
65
|
65
|
261
|
262
|
|||||||||||||||
Other interest and dividends
|
338
|
331
|
247
|
1,292
|
1,876
|
|||||||||||||||
Total interest and dividend income
|
14,291
|
14,272
|
13,941
|
56,555
|
55,666
|
|||||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||||||
Interest on deposits
|
3,021
|
2,059
|
605
|
8,285
|
1,502
|
|||||||||||||||
Interest on borrowings
|
2,718
|
2,889
|
1,522
|
10,184
|
2,558
|
|||||||||||||||
Total interest expense
|
5,739
|
4,948
|
2,127
|
18,469
|
4,060
|
|||||||||||||||
Net interest income
|
8,552
|
9,324
|
11,814
|
38,086
|
51,606
|
|||||||||||||||
Provision for credit losses
|
-
|
-
|
750
|
-
|
750
|
|||||||||||||||
Net interest income after provision for credit losses
|
8,552
|
9,324
|
11,064
|
38,086
|
50,856
|
|||||||||||||||
NON-INTEREST INCOME:
|
||||||||||||||||||||
Fees and service charges
|
1,398
|
1,533
|
1,459
|
6,269
|
6,362
|
|||||||||||||||
Asset management fees
|
1,408
|
1,266
|
1,275
|
5,328
|
4,734
|
|||||||||||||||
Bank owned life insurance ("BOLI")
|
222
|
211
|
195
|
891
|
821
|
|||||||||||||||
Loss on sale of investment securities
|
(2,729
|
)
|
-
|
-
|
(2,729
|
)
|
-
|
|||||||||||||
Other, net
|
195
|
46
|
42
|
483
|
277
|
|||||||||||||||
Total non-interest income, net
|
494
|
3,056
|
2,971
|
10,242
|
12,194
|
|||||||||||||||
NON-INTEREST EXPENSE:
|
||||||||||||||||||||
Salaries and employee benefits
|
6,225
|
6,091
|
6,163
|
24,204
|
23,982
|
|||||||||||||||
Occupancy and depreciation
|
1,942
|
1,698
|
1,571
|
6,872
|
6,171
|
|||||||||||||||
Data processing
|
686
|
712
|
538
|
2,782
|
2,722
|
|||||||||||||||
Amortization of core deposit intangible
|
27
|
27
|
29
|
108
|
116
|
|||||||||||||||
Advertising and marketing
|
326
|
282
|
229
|
1,276
|
923
|
|||||||||||||||
FDIC insurance premium
|
178
|
178
|
183
|
708
|
534
|
|||||||||||||||
State and local taxes
|
196
|
355
|
263
|
1,010
|
896
|
|||||||||||||||
Telecommunications
|
50
|
56
|
51
|
211
|
204
|
|||||||||||||||
Professional fees
|
414
|
353
|
277
|
1,375
|
1,201
|
|||||||||||||||
Other
|
3,065
|
799
|
646
|
5,181
|
2,622
|
|||||||||||||||
Total non-interest expense
|
13,109
|
10,551
|
9,950
|
43,727
|
39,371
|
|||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(4,063
|
)
|
1,829
|
4,085
|
4,601
|
23,679
|
||||||||||||||
PROVISION (CREDIT) FOR INCOME TAXES
|
(1,095
|
)
|
377
|
1,102
|
802
|
5,610
|
||||||||||||||
NET INCOME (LOSS)
|
$
|
(2,968
|
)
|
$
|
1,452
|
$
|
2,983
|
$
|
3,799
|
$
|
18,069
|
|||||||||
Earnings (loss) per common share:
|
||||||||||||||||||||
Basic
|
$
|
(0.14
|
)
|
$
|
0.07
|
$
|
0.14
|
$
|
0.18
|
$
|
0.84
|
|||||||||
Diluted
|
$
|
(0.14
|
)
|
$
|
0.07
|
$
|
0.14
|
$
|
0.18
|
$
|
0.83
|
|||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||||||
Basic
|
21,111,043
|
21,113,464
|
21,391,759
|
21,137,976
|
21,637,526
|
|||||||||||||||
Diluted
|
21,111,043
|
21,113,464
|
21,400,278
|
21,139,322
|
21,646,101
|
(Dollars in thousands)
|
At or for the three months ended
|
At or for the twelve months ended
|
||||||||||||||||||
March 31, 2024
|
Dec. 31, 2023
|
March 31, 2023
|
March 31, 2024
|
March 31, 2023
|
||||||||||||||||
AVERAGE BALANCES
|
||||||||||||||||||||
Average interest–earning assets
|
$
|
1,484,628
|
$
|
1,494,341
|
$
|
1,518,641
|
$
|
1,492,002
|
$
|
1,583,831
|
||||||||||
Average interest-bearing liabilities
|
1,047,712
|
1,028,817
|
991,470
|
1,028,042
|
1,015,936
|
|||||||||||||||
Net average earning assets
|
436,916
|
465,524
|
527,171
|
463,960
|
567,895
|
|||||||||||||||
Average loans
|
1,020,457
|
1,015,741
|
1,012,975
|
1,011,420
|
1,007,045
|
|||||||||||||||
Average deposits
|
1,210,818
|
1,209,524
|
1,315,519
|
1,229,011
|
1,445,775
|
|||||||||||||||
Average equity
|
158,776
|
153,901
|
155,146
|
156,137
|
154,241
|
|||||||||||||||
Average tangible equity (non-GAAP)
|
131,413
|
126,511
|
127,673
|
128,733
|
126,727
|
ASSET QUALITY
|
March 31, 2024
|
Dec. 31, 2023
|
March 31, 2023
|
|||||||||
Non-performing loans
|
$
|
178
|
$
|
186
|
$
|
1,852
|
||||||
Non-performing loans excluding SBA Government Guarantee (non-GAAP)
|
173
|
186
|
265
|
|||||||||
Non-performing loans to total loans
|
0.02
|
%
|
0.02
|
%
|
0.18
|
%
|
||||||
Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)
|
0.02
|
%
|
0.02
|
%
|
0.03
|
%
|
||||||
Real estate/repossessed assets owned
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Non-performing assets
|
$
|
178
|
$
|
186
|
$
|
1,852
|
||||||
Non-performing assets excluding SBA Government Guarantee (non-GAAP)
|
173
|
186
|
265
|
|||||||||
Non-performing assets to total assets
|
0.01
|
%
|
0.01
|
%
|
0.12
|
%
|
||||||
Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)
|
0.01
|
%
|
0.01
|
%
|
0.02
|
%
|
||||||
Net loan charge-offs (recoveries) in the quarter
|
$
|
(3
|
)
|
$
|
(15
|
)
|
$
|
(1
|
)
|
|||
Net charge-offs (recoveries) in the quarter/average net loans
|
0.00
|
%
|
(0.01
|
)%
|
0.00
|
%
|
||||||
Allowance for credit losses
|
$
|
15,364
|
$
|
15,361
|
$
|
15,309
|
||||||
Average interest-earning assets to average
|
||||||||||||
interest-bearing liabilities
|
141.70
|
%
|
145.25
|
%
|
153.17
|
%
|
||||||
Allowance for credit losses to
|
||||||||||||
non-performing loans
|
8631.46
|
%
|
8258.60
|
%
|
826.62
|
%
|
||||||
Allowance for credit losses to total loans
|
1.50
|
%
|
1.51
|
%
|
1.52
|
%
|
||||||
Shareholders’ equity to assets
|
10.23
|
%
|
9.96
|
%
|
9.77
|
%
|
||||||
CAPITAL RATIOS
|
||||||||||||
Total capital (to risk weighted assets)
|
16.32
|
%
|
16.67
|
%
|
16.94
|
%
|
||||||
Tier 1 capital (to risk weighted assets)
|
15.06
|
%
|
15.42
|
%
|
15.69
|
%
|
||||||
Common equity tier 1 (to risk weighted assets)
|
15.06
|
%
|
15.42
|
%
|
15.69
|
%
|
||||||
Tier 1 capital (to average tangible assets)
|
10.29
|
%
|
10.53
|
%
|
10.47
|
%
|
||||||
Tangible common equity (to average tangible assets) (non-GAAP)
|
8.58
|
%
|
8.39
|
%
|
8.18
|
%
|
DEPOSIT MIX
|
March 31, 2024
|
Dec. 31, 2023
|
March 31, 2023
|
|||||||||
Interest checking
|
$
|
289,824
|
$
|
272,019
|
$
|
254,522
|
||||||
Regular savings
|
192,638
|
199,911
|
255,147
|
|||||||||
Money market deposit accounts
|
209,164
|
225,727
|
221,778
|
|||||||||
Non-interest checking
|
349,081
|
350,744
|
404,937
|
|||||||||
Certificates of deposit
|
190,972
|
170,491
|
128,833
|
|||||||||
Total deposits
|
$
|
1,231,679
|
$
|
1,218,892
|
$
|
1,265,217
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS
|
Other
|
Commercial
|
|||||||||||||||
Commercial
|
Real Estate
|
Real Estate
|
& Construction
|
|||||||||||||
Business
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
March 31, 2024
|
(Dollars in thousands)
|
|||||||||||||||
Commercial business
|
$
|
229,404
|
$
|
-
|
$
|
-
|
$
|
229,404
|
||||||||
Commercial construction
|
-
|
-
|
20,388
|
20,388
|
||||||||||||
Office buildings
|
-
|
114,714
|
-
|
114,714
|
||||||||||||
Warehouse/industrial
|
-
|
106,649
|
-
|
106,649
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
89,448
|
-
|
89,448
|
||||||||||||
Assisted living facilities
|
-
|
378
|
-
|
378
|
||||||||||||
Single purpose facilities
|
-
|
272,313
|
-
|
272,313
|
||||||||||||
Land
|
-
|
5,692
|
-
|
5,692
|
||||||||||||
Multi-family
|
-
|
70,771
|
-
|
70,771
|
||||||||||||
One-to-four family construction
|
-
|
-
|
16,150
|
16,150
|
||||||||||||
Total
|
$
|
229,404
|
$
|
659,965
|
$
|
36,538
|
$
|
925,907
|
||||||||
March 31, 2023
|
(Dollars in thousands)
|
|||||||||||||||
Commercial business
|
$
|
232,868
|
$
|
-
|
$
|
-
|
$
|
232,868
|
||||||||
Commercial construction
|
-
|
-
|
29,565
|
29,565
|
||||||||||||
Office buildings
|
-
|
117,045
|
-
|
117,045
|
||||||||||||
Warehouse/industrial
|
-
|
106,693
|
-
|
106,693
|
||||||||||||
Retail/shopping centers/strip malls
|
-
|
82,700
|
-
|
82,700
|
||||||||||||
Assisted living facilities
|
-
|
396
|
-
|
396
|
||||||||||||
Single purpose facilities
|
-
|
257,662
|
-
|
257,662
|
||||||||||||
Land
|
-
|
6,437
|
-
|
6,437
|
||||||||||||
Multi-family
|
-
|
55,836
|
-
|
55,836
|
||||||||||||
One-to-four family construction
|
-
|
-
|
18,197
|
18,197
|
||||||||||||
Total
|
$
|
232,868
|
$
|
626,769
|
$
|
47,762
|
$
|
907,399
|
LOAN MIX
|
March 31, 2024
|
Dec. 31, 2023
|
March 31, 2023
|
|||||||||
Commercial and construction
|
(Dollars in thousands)
|
|||||||||||
Commercial business
|
$
|
229,404
|
$
|
229,249
|
$
|
232,868
|
||||||
Other real estate mortgage
|
659,965
|
648,782
|
626,769
|
|||||||||
Real estate construction
|
36,538
|
42,167
|
47,762
|
|||||||||
Total commercial and construction
|
925,907
|
920,198
|
907,399
|
|||||||||
Consumer
|
||||||||||||
Real estate one-to-four family
|
96,366
|
96,266
|
99,673
|
|||||||||
Other installment
|
1,740
|
1,735
|
1,784
|
|||||||||
Total consumer
|
98,106
|
98,001
|
101,457
|
|||||||||
Total loans
|
1,024,013
|
1,018,199
|
1,008,856
|
|||||||||
Less:
|
||||||||||||
Allowance for credit losses
|
15,364
|
15,361
|
15,309
|
|||||||||
Loans receivable, net
|
$
|
1,008,649
|
$
|
1,002,838
|
$
|
993,547
|
DETAIL OF NON-PERFORMING ASSETS
|
||||||||||||
Southwest
|
||||||||||||
Washington
|
Other
|
Total
|
||||||||||
March 31, 2024
|
(Dollars in thousands)
|
|||||||||||
Commercial business
|
$
|
58
|
$
|
-
|
$
|
58
|
||||||
Commercial real estate
|
79
|
-
|
79
|
|||||||||
Consumer
|
36
|
-
|
36
|
|||||||||
Government Guaranteed Loans
|
-
|
5
|
5
|
|||||||||
Total non-performing assets
|
$
|
173
|
$
|
5
|
$
|
178
|
At or for the three months ended
|
At or for the twelve months ended
|
|||||||||||||||||||
SELECTED OPERATING DATA
|
March 31, 2024
|
Dec. 31, 2023
|
March 31, 2023
|
March 31, 2024
|
March 31, 2023
|
|||||||||||||||
Efficiency ratio (4)
|
144.91
|
%
|
85.23
|
%
|
67.30
|
%
|
90.48
|
%
|
61.71
|
%
|
||||||||||
Coverage ratio (6)
|
65.24
|
%
|
88.37
|
%
|
118.73
|
%
|
87.10
|
%
|
131.08
|
%
|
||||||||||
Return on average assets (1)
|
(0.76
|
)%
|
0.37
|
%
|
0.76
|
%
|
0.24
|
%
|
1.08
|
%
|
||||||||||
Return on average equity (1)
|
(7.52
|
)%
|
3.75
|
%
|
7.80
|
%
|
2.43
|
%
|
11.71
|
%
|
||||||||||
Return on average tangible equity (1) (non-GAAP)
|
(9.08
|
)%
|
4.57
|
%
|
9.48
|
%
|
2.95
|
%
|
14.26
|
%
|
||||||||||
NET INTEREST SPREAD
|
||||||||||||||||||||
Yield on loans
|
4.63
|
%
|
4.56
|
%
|
4.50
|
%
|
4.55
|
%
|
4.44
|
%
|
||||||||||
Yield on investment securities
|
2.02
|
%
|
2.01
|
%
|
2.07
|
%
|
2.02
|
%
|
1.93
|
%
|
||||||||||
Total yield on interest-earning assets
|
3.88
|
%
|
3.81
|
%
|
3.73
|
%
|
3.80
|
%
|
3.52
|
%
|
||||||||||
Cost of interest-bearing deposits
|
1.41
|
%
|
0.98
|
%
|
0.28
|
%
|
0.97
|
%
|
0.16
|
%
|
||||||||||
Cost of FHLB advances and other borrowings
|
5.87
|
%
|
5.83
|
%
|
5.46
|
%
|
5.80
|
%
|
5.10
|
%
|
||||||||||
Total cost of interest-bearing liabilities
|
2.20
|
%
|
1.91
|
%
|
0.87
|
%
|
1.80
|
%
|
0.40
|
%
|
||||||||||
Spread (7)
|
1.68
|
%
|
1.90
|
%
|
2.86
|
%
|
2.00
|
%
|
3.12
|
%
|
||||||||||
Net interest margin
|
2.32
|
%
|
2.49
|
%
|
3.16
|
%
|
2.56
|
%
|
3.26
|
%
|
||||||||||
PER SHARE DATA
|
||||||||||||||||||||
Basic earnings (loss) per share (2)
|
$
|
(0.14
|
)
|
$
|
0.07
|
$
|
0.14
|
$
|
0.18
|
$
|
0.84
|
|||||||||
Diluted earnings (loss) per share (3)
|
(0.14
|
)
|
0.07
|
0.14
|
0.18
|
0.83
|
||||||||||||||
Book value per share (5)
|
7.37
|
7.51
|
7.32
|
7.37
|
7.32
|
|||||||||||||||
Tangible book value per share (5) (non-GAAP)
|
6.07
|
6.21
|
6.02
|
6.07
|
6.02
|
|||||||||||||||
Market price per share:
|
||||||||||||||||||||
High for the period
|
$
|
6.40
|
$
|
6.48
|
$
|
7.90
|
$
|
6.48
|
$
|
7.96
|
||||||||||
Low for the period
|
4.53
|
5.35
|
5.25
|
4.17
|
5.25
|
|||||||||||||||
Close for period end
|
4.72
|
6.40
|
5.34
|
4.72
|
5.34
|
|||||||||||||||
Cash dividends declared per share
|
0.0600
|
0.0600
|
0.0600
|
0.2400
|
0.2400
|
|||||||||||||||
Average number of shares outstanding:
|
||||||||||||||||||||
Basic (2)
|
21,111,043
|
21,113,464
|
21,391,759
|
21,137,976
|
21,637,526
|
|||||||||||||||
Diluted (3)
|
21,111,043
|
21,113,464
|
21,400,278
|
21,139,322
|
21,646,101
|
(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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