Riverview Bancorp Inc (RVSB) 10-Q Quarterly Report August 2020

Vancouver, WA – July 30, 2020 - Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $480,000, or $0.02 per diluted share for the first fiscal quarter ended June 30, 2020 compared to $2.9 million, or $0.13 per diluted share, in the preceding quarter, and $4.2 million, or $0.18 per diluted share, in the first fiscal quarter a year ago. During the quarter, the Company recognized a provision for loan losses of $4.5 million reflecting the current economic environment. Our pre-tax, pre-provision income (non-GAAP) was $5.1 million for the quarter, compared to $5.1 million in the preceding quarter and $5.4 million in the first fiscal quarter a year ago.

“In spite of a challenging environment, our team delivered positive operating results, highlighted by strong deposit growth, stable asset quality and a commitment to helping our clients and communities through the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”),” stated Kevin Lycklama, president and chief executive officer. “While we prudently applied provisions for loan losses, we remain well-positioned to navigate the current environment and support growth in the Portland and Southwest Washington region, with robust capital levels, a stout loan loss reserve, solid balance sheet, strong asset quality metrics and an efficient operating platform.”

“I am encouraged by the resolve of our employees, who were able to be flexible, respond quickly and provide the personal attention that our local business partners deserve and have come to expect from Riverview. As a result and in a truly Riverview team effort, we helped fill the needs of our clients and local community, generating nearly 800 PPP loans totaling over $116 million and supporting over 12,500 local jobs,” Lycklama concluded.

First Quarter Highlights (at or for the period ended June 30, 2020)

•	Net income was $480,000, or $0.02 per diluted share.

•	Pre-tax, pre-provision income (non-GAAP) was $5.1 million for the quarter compared to $5.1 million in the previous quarter and $5.4 million for the quarter ended June 30, 2019.

•	Net interest margin (NIM) was 3.65%.

•	Provision for loan losses was $4.5 million, reflecting a challenging economic environment and specific industry exposure in our loan portfolio.

•	Total loans increased $91.2 million during the quarter to $1.00 billion at June 30, 2020. SBA PPP loans totaled $110.3 million at June 30, 2020.

•	Total deposits increased $168.3 million, or 17.0%, during the quarter to $1.16 billion at June 30, 2020.

•	Non-performing assets decreased to 0.09% of total assets.

•	Total risk-based capital ratio was 17.40% and Tier 1 leverage ratio was 10.55%.

•	Returned $2.6 million of capital to shareholders during the quarter through share repurchases totaling $1.4 million and a quarterly cash dividend payment of $0.05 per share.

The following information was filed by Riverview Bancorp Inc (RVSB) on Monday, August 3, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Riverview Bancorp Inc's 10-Q Quarterly Report:

Financial - Cash Flow Highlight
Such indicators may include, among others: a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse action or assessment by a regulator; and unanticipated competition.

Other - Other Highlight
However, a decline in national and local economic conditions (including declines as a result of the COVID-19 pandemic), results of examinations by the Company's regulators, or other factors could result in a material increase in the allowance for loan losses and may adversely affect the Company's future financial condition and results of operations.
Financial - Cash Flow Highlight
Assumptions used by the Company in its discounted cash flow model (income approach) included an annual revenue growth rate that approximated 5.3%, a net interest margin that approximated 4.0% and a return on assets that ranged from 1.24% to 1.34% (average of 1.29%).
Other - Other Highlight
However, depositor or counterparty behavior could change in response to competition, economic or market situations or other unforeseen circumstances, which could have liquidity implications that may require different strategic or operational actions.
Other - Other Highlight
The Company continues to experience growth in customer use of its online banking services, where the Bank provides a full array of traditional cash management products as well as online banking products including mobile banking, mobile deposit, bill pay, e-statements, and text banking.
Financial - Earnings
The Company's cash balances fluctuate...Read more
Financial - Earnings
The projection uses management's best...Read more
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Any adverse change in these...Read more
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The Company also purchases the...Read more
Financial - Income
Our strategic plan also stresses...Read more
Revenue - Product
34 Even though the Company...Read more
Other - Other
Management considers the allowance for...Read more
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The Company seeks to achieve...Read more
Financial - Shares
The decrease was mainly attributable...Read more
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Failure to meet minimum capital...Read more
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The Company intends to selectively...Read more
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Many businesses are located in...Read more
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The Company's strategic plan includes...Read more
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The modest decrease was due...Read more
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Commercial lending, including commercial real...Read more
Revenue - Product
The Company's primary sources of...Read more
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Implementation of a Profit Improvement...Read more
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Borrowing capacity may, however, fluctuate...Read more
Other - Other
Although the Company intends to...Read more
Financial - Earnings
When the rate earned on...Read more
Other - Other
As of June 30, 2020,...Read more
Other - Other
The average balance of other...Read more
Financial - Expense
Non-interest expense decreased $509,000 to...Read more
Revenue - Product
A control premium is utilized...Read more
Financial - Earnings
By emphasizing total relationship banking,...Read more
Other - Other
A future examination by the...Read more
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In pursuit of these goals,...Read more
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The weighted average interest rate...Read more
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27 Commercial and Construction Loan...Read more
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Additionally, the decrease in non-interest...Read more
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Any impairment charge could have...Read more
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Specifically, the Company would allocate...Read more
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The COVID-19 pandemic has caused...Read more
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It is possible that changes...Read more
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Among other criteria, this guidance...Read more
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The coverage ratio of allowance...Read more
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The goal is to compete...Read more
Financial - Earnings
The Company's net income decreased...Read more
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The Company is focused on...Read more
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Net interest income for the...Read more
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The Bank generally maintains sufficient...Read more
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The Company used an expected...Read more
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The Company's approach to credit...Read more
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This decrease in the net...Read more
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The following table sets forth...Read more
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The average balance of interest-bearing...Read more
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Non-interest income decreased $513,000 to...Read more
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In these cases, the estimated...Read more
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The decrease was due to...Read more
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We may utilize the FRB's...Read more
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These disclosures should not be...Read more
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Although the Company did not...Read more
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Executive Overview As a progressive,...Read more
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The Company's ability to continue...Read more
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Loans receivable, net, totaled $985.6...Read more
Financial - Expense
Interest expense on deposits increased...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Riverview Bancorp Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: RVSB
CIK: 1041368
Form Type: 10-Q Quarterly Report
Accession Number: 0000939057-20-000327
Submitted to the SEC: Fri Aug 14 2020 2:35:07 PM EST
Accepted by the SEC: Fri Aug 14 2020
Period: Tuesday, June 30, 2020
Industry: Savings Institution Federally Chartered

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Riverview Bancorp Inc (RVSB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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