In the first nine months of fiscal 2024, net income was
“We finished the third fiscal quarter of 2024 on solid footing, although the challenging interest rate environment continues to impact net interest income growth with higher interest expense on deposits and borrowings, which affected our operating performance,” stated
Third Quarter Highlights (at or for the period ended
- Net income was
$1.5 million , or$0.07 per diluted share. - Net interest income was
$9.3 million for the quarter, compared to$9.9 million in the preceding quarter and$13.7 million in the third fiscal quarter a year ago. - Net interest margin (“NIM”) was 2.49% for the quarter, compared to 2.63% in the preceding quarter and 3.48% for the year ago quarter.
- Return on average assets was 0.37% and return on average equity was 3.75%.
- Asset quality remained strong, with non-performing assets at
$186,000 , or 0.01% of total assets atDecember 31, 2023 . - Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or during the year ago quarter.
- The allowance for credit losses was
$15.4 million , or 1.51% of total loans. - Total loans were
$1.02 billion atDecember 31, 2023 ,September 30, 2023 , and atDecember 31, 2022 . - Total deposits were
$1.22 billion , compared to$1.24 billion three months earlier and$1.37 billion a year earlier. - Riverview has approximately
$263.0 million in available liquidity atDecember 31, 2023 , including$137.8 million of borrowing capacity fromFederal Home Loan Bank of Des Moines (“FHLB”) and$125.2 million from theFederal Reserve Bank of San Francisco (“FRB”). Riverview has access to but has yet to utilize the Federal Reserve Bank’s Bank Term Funding Program ("BTFP"). AtDecember 31, 2023 , the Bank had$157.1 million in outstanding FHLB borrowings. - The uninsured deposit ratio was 28.4% at
December 31, 2023 . - Total risk-based capital ratio was 16.67% and Tier 1 leverage ratio was 10.53%.
- Paid a quarterly cash dividend during the quarter of
$0.06 per share.
Income Statement Review
Riverview’s net interest income was
Riverview’s NIM was 2.49% for the third quarter of fiscal 2024, a 14 basis-point decrease compared to 2.63% in the preceding quarter and a 99 basis-point decrease compared to 3.48% in the third quarter of fiscal 2023. “We experienced NIM contraction again during the current quarter, compared to the prior quarter and year ago quarter, as a result of increased interest expense due to higher rates on our deposit products and the interest expense related to our borrowings,” said
Investment securities totaled
Riverview’s yield on loans improved to 4.56% during the third fiscal quarter, compared to 4.51% in the preceding quarter, and 4.50% in the third fiscal quarter a year ago. While loan yields improved during the current quarter, they remain under pressure due to the concentration of fixed-rate loans in the Company’s portfolio. Deposit costs increased to 0.68% during the third fiscal quarter compared to 0.59% in the preceding quarter, and 0.08% in the third fiscal quarter a year ago.
Non-interest income decreased to
Asset management fees were
Non-interest expense was
Return on average assets was 0.37% in the third quarter of fiscal 2024 compared to 0.62% in the preceding quarter. Return on average equity and return on average tangible equity (non-GAAP) were 3.75% and 4.57%, respectively, compared to 6.33% and 7.68%, respectively, for the prior quarter.
Riverview’s effective tax rate for the third quarter of fiscal 2024 was 20.6%, compared to 22.0% for the preceding quarter and 23.1% for the year ago quarter.
Balance Sheet Review
Total loans remained flat at
Undisbursed construction loans totaled
The office building loan portfolio totaled
Total deposits decreased to
FHLB advances were
Shareholders’ equity was
Credit Quality
In accordance with changes in generally accepted accounting principles, Riverview adopted the new credit loss accounting standard known as Current Expected Credit Loss (“CECL”) on
Asset quality remained stable, with non-performing loans, excluding SBA and
Riverview recorded net loan recoveries of
Classified assets decreased to
The allowance for credit losses was
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 16.67% and a Tier 1 leverage ratio of 10.53% at
Stock Repurchase Program
In
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. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.
Tangible shareholders' equity to tangible assets and tangible book value per share: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Shareholders' equity (GAAP) | $ | 158,472 | $ | 152,039 | $ | 152,025 | $ | 155,239 | ||||||||||||
Exclude: | (27,076 | ) | (27,076 | ) | (27,076 | ) | (27,076 | ) | ||||||||||||
Exclude: Core deposit intangible, net | (298 | ) | (325 | ) | (408 | ) | (379 | ) | ||||||||||||
Tangible shareholders' equity (non-GAAP) | $ | 131,098 | $ | 124,638 | $ | 124,541 | $ | 127,784 | ||||||||||||
Total assets (GAAP) | $ | 1,590,623 | $ | 1,583,733 | $ | 1,598,734 | $ | 1,589,712 | ||||||||||||
Exclude: | (27,076 | ) | (27,076 | ) | (27,076 | ) | (27,076 | ) | ||||||||||||
Exclude: Core deposit intangible, net | (298 | ) | (325 | ) | (408 | ) | (379 | ) | ||||||||||||
Tangible assets (non-GAAP) | $ | 1,563,249 | $ | 1,556,332 | $ | 1,571,250 | $ | 1,562,257 | ||||||||||||
Shareholders' equity to total assets (GAAP) | 9.96 | % | 9.60 | % | 9.51 | % | 9.77 | % | ||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 8.39 | % | 8.01 | % | 7.93 | % | 8.18 | % | ||||||||||||
Shares outstanding | 21,111,043 | 21,125,889 | 21,496,335 | 22,221,960 | ||||||||||||||||
Book value per share (GAAP) | $ | 7.51 | $ | 7.20 | $ | 7.07 | $ | 7.32 | ||||||||||||
Tangible book value per share (non-GAAP) | $ | 6.21 | $ | 5.90 | $ | 5.79 | $ | 6.02 | ||||||||||||
Pre-tax, pre-provision income | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net income (GAAP) | $ | 1,452 | $ | 2,472 | $ | 5,240 | $ | 6,767 | $ | 15,086 | ||||||||||
Include: Provision for income taxes | 377 | 697 | 1,575 | 1,897 | 4,508 | |||||||||||||||
Include: Provision for credit losses | - | - | - | - | - | |||||||||||||||
Pre-tax, pre-provision income (non-GAAP) | $ | 1,829 | $ | 3,169 | $ | 6,815 | $ | 8,664 | $ | 19,594 | ||||||||||
Allowance for credit losses reconciliation, excluding Government Guaranteed loans | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Allowance for credit losses | $ | 15,361 | $ | 15,346 | $ | 14,558 | $ | 15,309 | ||||||||||||
Loans receivable (GAAP) | $ | 1,018,199 | $ | 1,015,625 | $ | 1,016,513 | $ | 1,008,856 | ||||||||||||
Exclude: Government Guaranteed loans | (51,809 | ) | (53,572 | ) | (57,102 | ) | (55,488 | ) | ||||||||||||
Loans receivable excluding Government Guaranteed loans (non-GAAP) | $ | 966,390 | $ | 962,053 | $ | 959,411 | $ | 953,368 | ||||||||||||
Allowance for credit losses to loans receivable (GAAP) | 1.51 | % | 1.51 | % | 1.43 | % | 1.52 | % | ||||||||||||
Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP) | 1.59 | % | 1.60 | % | 1.52 | % | 1.61 | % | ||||||||||||
Non-performing loans reconciliation, excluding Government Guaranteed Loans | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Non-performing loans (GAAP) | $ | 186 | $ | 198 | $ | 12,613 | ||||||||||||||
Less: Non-performing Government Guaranteed loans | - | - | (12,377 | ) | ||||||||||||||||
Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP) | $ | 186 | $ | 198 | $ | 236 | ||||||||||||||
Non-performing loans to total loans (GAAP) | 0.02 | % | 0.02 | % | 1.24 | % | ||||||||||||||
Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP) | 0.02 | % | 0.02 | % | 0.02 | % | ||||||||||||||
Non-performing loans to total assets (GAAP) | 0.01 | % | 0.01 | % | 0.79 | % | ||||||||||||||
Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP) | 0.01 | % | 0.01 | % | 0.01 | % |
About Riverview
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the
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 included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or 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 2024 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 consolidated financial condition and consolidated results of operations as well as its stock price performance.
Consolidated Balance Sheets | |||||||||||||||
(In thousands, except share data) (Unaudited) | |||||||||||||||
ASSETS | |||||||||||||||
Cash (including interest-earning accounts of | $ | 37,553 | $ | 30,853 | $ | 24,337 | $ | 22,044 | |||||||
Certificate of deposits held for investment | - | - | 249 | 249 | |||||||||||
Investment securities: | |||||||||||||||
Available for sale, at estimated fair value | 196,461 | 193,984 | 211,706 | 211,499 | |||||||||||
Held to maturity, at amortized cost | 232,659 | 236,018 | 247,147 | 243,843 | |||||||||||
Loans receivable (net of allowance for credit losses of | |||||||||||||||
1,002,838 | 1,000,279 | 1,001,955 | 993,547 | ||||||||||||
Prepaid expenses and other assets | 14,486 | 14,481 | 12,546 | 15,950 | |||||||||||
Accrued interest receivable | 5,248 | 4,882 | 5,727 | 4,790 | |||||||||||
8,026 | 7,643 | 3,309 | 6,867 | ||||||||||||
Premises and equipment, net | 22,270 | 22,707 | 20,220 | 20,119 | |||||||||||
Financing lease right-of-use assets | 1,221 | 1,240 | 1,298 | 1,278 | |||||||||||
Deferred income taxes, net | 10,033 | 12,002 | 11,166 | 10,286 | |||||||||||
27,076 | 27,076 | 27,076 | 27,076 | ||||||||||||
Core deposit intangible, net | 298 | 325 | 408 | 379 | |||||||||||
Bank owned life insurance | 32,454 | 32,243 | 31,590 | 31,785 | |||||||||||
TOTAL ASSETS | $ | 1,590,623 | $ | 1,583,733 | $ | 1,598,734 | $ | 1,589,712 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
LIABILITIES: | |||||||||||||||
Deposits | $ | 1,218,892 | $ | 1,239,766 | $ | 1,365,997 | $ | 1,265,217 | |||||||
Accrued expenses and other liabilities | 26,740 | 18,735 | 18,966 | 15,730 | |||||||||||
Advance payments by borrowers for taxes and insurance | 299 | 878 | 343 | 625 | |||||||||||
Junior subordinated debentures | 26,982 | 26,961 | 26,896 | 26,918 | |||||||||||
157,054 | 143,154 | 32,264 | 123,754 | ||||||||||||
Finance lease liability | 2,184 | 2,200 | 2,243 | 2,229 | |||||||||||
Total liabilities | 1,432,151 | 1,431,694 | 1,446,709 | 1,434,473 | |||||||||||
SHAREHOLDERS' EQUITY: | |||||||||||||||
Serial preferred stock, | |||||||||||||||
issued and outstanding, none | - | - | - | - | |||||||||||
Common stock, | |||||||||||||||
211 | 211 | 214 | 212 | ||||||||||||
Additional paid-in capital | 54,982 | 54,963 | 57,252 | 55,511 | |||||||||||
Retained earnings | 120,734 | 120,556 | 116,117 | 117,826 | |||||||||||
Accumulated other comprehensive loss | (17,455 | ) | (23,691 | ) | (21,558 | ) | (18,310 | ) | |||||||
Total shareholders’ equity | 158,472 | 152,039 | 152,025 | 155,239 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,590,623 | $ | 1,583,733 | $ | 1,598,734 | $ | 1,589,712 | |||||||
Consolidated Statements of Income | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
(In thousands, except share data) (Unaudited) | ||||||||||||
INTEREST INCOME: | ||||||||||||
Interest and fees on loans receivable | $ | 11,645 | $ | 11,433 | $ | 11,531 | $ | 34,288 | $ | 33,496 | ||
Interest on investment securities - taxable | 2,231 | 2,261 | 2,397 | 6,826 | 6,403 | |||||||
Interest on investment securities - nontaxable | 65 | 65 | 66 | 196 | 197 | |||||||
Other interest and dividends | 331 | 276 | 449 | 954 | 1,629 | |||||||
Total interest and dividend income | 14,272 | 14,035 | 14,443 | 42,264 | 41,725 | |||||||
INTEREST EXPENSE: | ||||||||||||
Interest on deposits | 2,059 | 1,832 | 289 | 5,264 | 897 | |||||||
Interest on borrowings | 2,889 | 2,352 | 454 | 7,466 | 1,036 | |||||||
Total interest expense | 4,948 | 4,184 | 743 | 12,730 | 1,933 | |||||||
Net interest income | 9,324 | 9,851 | 13,700 | 29,534 | 39,792 | |||||||
Provision for credit losses | - | - | - | - | - | |||||||
Net interest income after provision for credit losses | 9,324 | 9,851 | 13,700 | 29,534 | 39,792 | |||||||
NON-INTEREST INCOME: | ||||||||||||
Fees and service charges | 1,533 | 1,738 | 1,502 | 4,871 | 4,903 | |||||||
Asset management fees | 1,266 | 1,273 | 1,137 | 3,920 | 3,459 | |||||||
Bank owned life insurance ("BOLI") | 211 | 258 | 194 | 669 | 626 | |||||||
Other, net | 46 | 138 | 130 | 288 | 235 | |||||||
Total non-interest income, net | 3,056 | 3,407 | 2,963 | 9,748 | 9,223 | |||||||
NON-INTEREST EXPENSE: | ||||||||||||
Salaries and employee benefits | 6,091 | 5,845 | 5,982 | 17,979 | 17,819 | |||||||
Occupancy and depreciation | 1,698 | 1,649 | 1,536 | 4,930 | 4,600 | |||||||
Data processing | 712 | 710 | 705 | 2,096 | 2,184 | |||||||
Amortization of core deposit intangible | 27 | 27 | 29 | 81 | 87 | |||||||
Advertising and marketing | 282 | 355 | 202 | 950 | 694 | |||||||
178 | 175 | 116 | 530 | 351 | ||||||||
State and local taxes | 355 | 233 | 225 | 814 | 634 | |||||||
Telecommunications | 56 | 52 | 48 | 161 | 153 | |||||||
Professional fees | 353 | 265 | 343 | 961 | 924 | |||||||
Other | 799 | 778 | 662 | 2,116 | 1,975 | |||||||
Total non-interest expense | 10,551 | 10,089 | 9,848 | 30,618 | 29,421 | |||||||
INCOME BEFORE INCOME TAXES | 1,829 | 3,169 | 6,815 | 8,664 | 19,594 | |||||||
PROVISION FOR INCOME TAXES | 377 | 697 | 1,575 | 1,897 | 4,508 | |||||||
NET INCOME | $ | 1,452 | $ | 2,472 | $ | 5,240 | $ | 6,767 | $ | 15,086 | ||
Earnings per common share: | ||||||||||||
Basic | $ | 0.07 | $ | 0.12 | $ | 0.24 | $ | 0.32 | $ | 0.69 | ||
Diluted | $ | 0.07 | $ | 0.12 | $ | 0.24 | $ | 0.32 | $ | 0.69 | ||
Weighted average number of common shares outstanding: | ||||||||||||
Basic | 21,113,464 | 21,190,987 | 21,504,903 | 21,146,888 | 21,717,959 | |||||||
Diluted | 21,113,464 | 21,191,309 | 21,513,617 | 21,148,679 | 21,726,552 | |||||||
(Dollars in thousands) | At or for the three months ended | At or for the nine months ended | |||||||||||||||||
AVERAGE BALANCES | |||||||||||||||||||
Average interest–earning assets | $ | 1,494,341 | $ | 1,492,805 | $ | 1,564,143 | $ | 1,494,443 | $ | 1,605,166 | |||||||||
Average interest-bearing liabilities | 1,028,817 | 1,022,044 | 986,198 | 1,021,532 | 1,023,944 | ||||||||||||||
Net average earning assets | 465,524 | 470,761 | 577,945 | 472,911 | 581,222 | ||||||||||||||
Average loans | 1,015,741 | 1,008,363 | 1,017,214 | 1,008,429 | 1,005,104 | ||||||||||||||
Average deposits | 1,209,524 | 1,245,382 | 1,445,049 | 1,235,032 | 1,488,404 | ||||||||||||||
Average equity | 153,901 | 155,443 | 150,106 | 155,264 | 153,945 | ||||||||||||||
Average tangible equity (non-GAAP) | 126,511 | 128,026 | 122,606 | 127,847 | 126,417 | ||||||||||||||
ASSET QUALITY | |||||||||||||||||||
Non-performing loans | $ | 186 | $ | 198 | $ | 12,613 | |||||||||||||
Non-performing loans excluding SBA Government Guarantee (non-GAAP) | 186 | 198 | 236 | ||||||||||||||||
Non-performing loans to total loans | 0.02 | % | 0.02 | % | 1.24 | % | |||||||||||||
Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP) | 0.02 | % | 0.02 | % | 0.02 | % | |||||||||||||
Real estate/repossessed assets owned | $ | - | $ | - | $ | - | |||||||||||||
Non-performing assets | $ | 186 | $ | 198 | $ | 12,613 | |||||||||||||
Non-performing assets excluding SBA Government Guarantee (non-GAAP) | 186 | 198 | 236 | ||||||||||||||||
Non-performing assets to total assets | 0.01 | % | 0.01 | % | 0.79 | % | |||||||||||||
Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP) | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||
Net loan charge-offs (recoveries) in the quarter | $ | (15 | ) | $ | (3 | ) | $ | (6 | ) | ||||||||||
Net charge-offs (recoveries) in the quarter/average net loans | (0.01 | )% | 0.00 | % | 0.00 | % | |||||||||||||
Allowance for credit losses | $ | 15,361 | $ | 15,346 | $ | 14,558 | |||||||||||||
Average interest-earning assets to average | |||||||||||||||||||
interest-bearing liabilities | 145.25 | % | 146.06 | % | 158.60 | % | |||||||||||||
Allowance for credit losses to | |||||||||||||||||||
non-performing loans | 8258.60 | % | 7750.51 | % | 115.42 | % | |||||||||||||
Allowance for credit losses to total loans | 1.51 | % | 1.51 | % | 1.43 | % | |||||||||||||
Shareholders’ equity to assets | 9.96 | % | 9.60 | % | 9.51 | % | |||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
Total capital (to risk weighted assets) | 16.67 | % | 16.91 | % | 16.71 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 15.42 | % | 15.66 | % | 15.46 | % | |||||||||||||
Common equity tier 1 (to risk weighted assets) | 15.42 | % | 15.66 | % | 15.46 | % | |||||||||||||
Tier 1 capital (to average tangible assets) | 10.53 | % | 10.74 | % | 10.10 | % | |||||||||||||
Tangible common equity (to average tangible assets) (non-GAAP) | 8.39 | % | 8.01 | % | 7.93 | % | |||||||||||||
DEPOSIT MIX | |||||||||||||||||||
Interest checking | $ | 272,019 | $ | 237,789 | $ | 277,101 | $ | 254,522 | |||||||||||
Regular savings | 199,911 | 222,578 | 290,137 | 255,147 | |||||||||||||||
Money market deposit accounts | 225,727 | 249,580 | 240,849 | 221,778 | |||||||||||||||
Non-interest checking | 350,744 | 375,780 | 471,776 | 404,937 | |||||||||||||||
Certificates of deposit | 170,491 | 154,039 | 86,134 | 128,833 | |||||||||||||||
Total deposits | $ | 1,218,892 | $ | 1,239,766 | $ | 1,365,997 | $ | 1,265,217 | |||||||||||
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS | |||||||||||||
Other | Commercial | ||||||||||||
Commercial | Real Estate | Real Estate | & Construction | ||||||||||
Business | Mortgage | Construction | Total | ||||||||||
(Dollars in thousands) | |||||||||||||
Commercial business | $ | 229,249 | $ | - | $ | - | $ | 229,249 | |||||
Commercial construction | - | - | 26,396 | 26,396 | |||||||||
Office buildings | - | 115,645 | - | 115,645 | |||||||||
Warehouse/industrial | - | 107,966 | - | 107,966 | |||||||||
Retail/shopping centers/strip malls | - | 90,389 | - | 90,389 | |||||||||
Assisted living facilities | - | 382 | - | 382 | |||||||||
Single purpose facilities | - | 258,693 | - | 258,693 | |||||||||
Land | - | 8,690 | - | 8,690 | |||||||||
Multi-family | - | 67,017 | - | 67,017 | |||||||||
One-to-four family construction | - | - | 15,771 | 15,771 | |||||||||
Total | $ | 229,249 | $ | 648,782 | $ | 42,167 | $ | 920,198 | |||||
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 | |||||||||||||
Commercial and construction | (Dollars in thousands) | ||||||||||||
Commercial business | $ | 229,249 | $ | 242,041 | $ | 238,740 | $ | 232,868 | |||||
Other real estate mortgage | 648,782 | 624,606 | 623,818 | 626,769 | |||||||||
Real estate construction | 42,167 | 50,785 | 51,153 | 47,762 | |||||||||
Total commercial and construction | 920,198 | 917,432 | 913,711 | 907,399 | |||||||||
Consumer | |||||||||||||
Real estate one-to-four family | 96,266 | 96,351 | 101,122 | 99,673 | |||||||||
Other installment | 1,735 | 1,842 | 1,680 | 1,784 | |||||||||
Total consumer | 98,001 | 98,193 | 102,802 | 101,457 | |||||||||
Total loans | 1,018,199 | 1,015,625 | 1,016,513 | 1,008,856 | |||||||||
Less: | |||||||||||||
Allowance for credit losses | 15,361 | 15,346 | 14,558 | 15,309 | |||||||||
Loans receivable, net | $ | 1,002,838 | $ | 1,000,279 | $ | 1,001,955 | $ | 993,547 | |||||
DETAIL OF NON-PERFORMING ASSETS | |||||||||||||
Southwest | |||||||||||||
Total | |||||||||||||
(Dollars in thousands) | |||||||||||||
Commercial business | $ | 63 | $ | 63 | |||||||||
Commercial real estate | 85 | 85 | |||||||||||
Consumer | 38 | 38 | |||||||||||
Total non-performing assets | $ | 186 | $ | 186 | |||||||||
At or for the three months ended | At or for the nine months ended | |||||||||||||||||||
SELECTED OPERATING DATA | ||||||||||||||||||||
Efficiency ratio (4) | 85.23 | % | 76.10 | % | 59.10 | % | 77.94 | % | 60.02 | % | ||||||||||
Coverage ratio (6) | 88.37 | % | 97.64 | % | 139.11 | % | 96.46 | % | 135.25 | % | ||||||||||
Return on average assets (1) | 0.37 | % | 0.62 | % | 1.27 | % | 0.57 | % | 1.19 | % | ||||||||||
Return on average equity (1) | 3.75 | % | 6.33 | % | 13.85 | % | 5.80 | % | 13.01 | % | ||||||||||
Return on average tangible equity (1) (non-GAAP) | 4.57 | % | 7.68 | % | 16.96 | % | 7.04 | % | 15.84 | % | ||||||||||
NET INTEREST SPREAD | ||||||||||||||||||||
Yield on loans | 4.56 | % | 4.51 | % | 4.50 | % | 4.53 | % | 4.42 | % | ||||||||||
Yield on investment securities | 2.01 | % | 2.00 | % | 2.01 | % | 2.02 | % | 1.89 | % | ||||||||||
Total yield on interest-earning assets | 3.81 | % | 3.75 | % | 3.67 | % | 3.77 | % | 3.46 | % | ||||||||||
Cost of interest-bearing deposits | 0.98 | % | 0.85 | % | 0.12 | % | 0.82 | % | 0.12 | % | ||||||||||
Cost of FHLB advances and other borrowings | 5.83 | % | 5.84 | % | 5.88 | % | 5.77 | % | 4.64 | % | ||||||||||
Total cost of interest-bearing liabilities | 1.91 | % | 1.63 | % | 0.30 | % | 1.66 | % | 0.25 | % | ||||||||||
Spread (7) | 1.90 | % | 2.12 | % | 3.37 | % | 2.11 | % | 3.21 | % | ||||||||||
Net interest margin | 2.49 | % | 2.63 | % | 3.48 | % | 2.64 | % | 3.30 | % | ||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic earnings per share (2) | $ | 0.07 | $ | 0.12 | $ | 0.24 | $ | 0.32 | $ | 0.69 | ||||||||||
Diluted earnings per share (3) | 0.07 | 0.12 | 0.24 | 0.32 | 0.69 | |||||||||||||||
Book value per share (5) | 7.51 | 7.20 | 7.07 | 7.51 | 7.07 | |||||||||||||||
Tangible book value per share (5) (non-GAAP) | 6.21 | 5.90 | 5.79 | 6.21 | 5.79 | |||||||||||||||
Market price per share: | ||||||||||||||||||||
High for the period | $ | 6.48 | $ | 5.97 | $ | 7.96 | $ | 6.48 | $ | 7.96 | ||||||||||
Low for the period | 5.35 | 5.04 | 6.25 | 4.17 | 6.09 | |||||||||||||||
Close for period end | 6.40 | 5.56 | 7.68 | 6.40 | 7.68 | |||||||||||||||
Cash dividends declared per share | 0.0600 | 0.0600 | 0.0600 | 0.1800 | 0.1800 | |||||||||||||||
Average number of shares outstanding: | ||||||||||||||||||||
Basic (2) | 21,113,464 | 21,190,987 | 21,504,903 | 21,146,888 | 21,717,959 | |||||||||||||||
Diluted (3) | 21,113,464 | 21,191,309 | 21,513,617 | 21,148,679 | 21,726,552 | |||||||||||||||
(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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2024 GlobeNewswire, Inc., source