[X]
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
RIVERVIEW BANCORP, INC.
|
(Exact name of
registrant as specified in its
charter)
|
Washington |
91-1838969
|
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer I.D. Number) |
900 Washington St., Ste. 900, Vancouver, Washington | 98660 |
(Address of principal executive offices) |
(Zip Code)
|
Registrant's
telephone number, including area code:
|
(360) 693-6650 |
Securities registered pursuant to Section 12(b) of the Act: | |
Title of Each Class | Name of Each Exchange on Which Registered |
Common Stock, Par Value $.01 per share | Nasdaq Stock Market LLC |
Securities
registered pursuant to Section 12(g) of the Act:
|
None |
Large accelerated filer ____ | Accelerated filer X | Non-accelerated filer ____ | Smaller Reporting Company ____ |
At
March 31,
|
||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Commercial
and construction:
|
||||||||||||||||||||||||||||||||||||||||
Commercial
|
$ | 109,585 | 14.28 | % | $ | 91,174 | 13.18 | % | $ | 90,083 | 14.29 | % | $ | 78,280 | 18.02 | % | $ | 57,578 | 14.92 | % | ||||||||||||||||||||
Other
real estate mortgage
|
429,422 | 55.97 | 360,930 | 52.19 | 329,631 | 52.30 | 220,813 | 50.84 | 206,850 | 53.59 | ||||||||||||||||||||||||||||||
Real
estate construction
|
148,631 | 19.37 | 166,073 | 24.01 | 137,598 | 21.83 | 58,699 | 13.51 | 49,042 | 12.70 | ||||||||||||||||||||||||||||||
Total
commercial and construction
|
687,638 | 89.62 | 618,177 | 89.38 | 557,312 | 88.42 | 357,792 | 82.37 | 313,470 | 81.21 | ||||||||||||||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||||||||||||||||||
Real
estate one-to-four family
|
75,922 | 9.90 | 69,808 | 10.10 | 64,091 | 10.17 | 69,455 | 15.99 | 67,699 | 17.53 | ||||||||||||||||||||||||||||||
Other
installment
|
3,665 | 0.48 | 3,619 | 0.52 | 8,899 | 1.41 | 7,107 | 1.64 | 4,846 | 1.26 | ||||||||||||||||||||||||||||||
Total
consumer loans
|
79,587 | 10.38 | 73,427 | 10.62 | 72,990 | 11.58 | 76,562 | 17.63 | 72,545 | 18.79 | ||||||||||||||||||||||||||||||
Total
loans and loans held for sale
|
767,225 | 100.00 | % | 691,604 | 100.00 | % | 630,302 | 100.00 | % | 434,354 | 100.00 | % | 386,015 | 100.00 | % | |||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Allowance
for loan losses
|
10,687 | 8,653 | 7,221 | 4,395 | 4,481 | |||||||||||||||||||||||||||||||||||
Total
loans receivable, net (1)
|
$ | 756,538 | $ | 682,951 | $ | 623,081 | $ | 429,959 | $ | 381,534 | ||||||||||||||||||||||||||||||
(1)
Includes loans held for sale of none, none, $65,000, $510,000 and $407,000
at March 31, 2008, 2007, 2006, 2005 and 2004,
respectively.
|
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOAN
TYPES BASED ON LOAN PURPOSE
|
||||||||||||||||
Other
|
Commercial
&
|
|||||||||||||||
Real
Estate
|
Real
Estate
|
Construction
|
||||||||||||||
Commercial
|
Mortgage
|
Construction
|
Total
|
|||||||||||||
March 31,
2008
|
(Dollars
in thousands)
|
|||||||||||||||
Commercial
|
$ | 109,585 | $ | - | $ | - | $ | 109,585 | ||||||||
Commercial
construction
|
- | - | 55,277 | 55,277 | ||||||||||||
Office
buildings
|
- | 88,106 | - | 88,106 | ||||||||||||
Warehouse/industrial
|
- | 39,903 | - | 39,903 | ||||||||||||
Retail/shopping
centers/strip malls
|
- | 70,510 | - | 70,510 | ||||||||||||
Assisted
living facilities
|
- | 28,072 | - | 28,072 | ||||||||||||
Single
purpose facilities
|
- | 65,756 | - | 65,756 | ||||||||||||
Land
|
- | 108,030 | - | 108,030 | ||||||||||||
Multi-family
|
- | 29,045 | - | 29,045 | ||||||||||||
One-to-four
family construction
|
- | - | 93,354 | 93,354 | ||||||||||||
Total
|
$ | 109,585 | $ | 429,422 | $ | 148,631 | $ | 687,638 | ||||||||
March 31,
2007
|
||||||||||||||||
Commercial
|
$ | 91,174 | $ | - | $ | - | $ | 91,174 | ||||||||
Commercial
construction
|
- | - | 56,226 | 56,226 | ||||||||||||
Office
buildings
|
- | 62,310 | - | 62,310 | ||||||||||||
Warehouse/industrial
|
- | 40,238 | - | 40,238 | ||||||||||||
Retail/shopping
centers/strip malls
|
- | 70,219 | - | 70,219 | ||||||||||||
Assisted
living facilities
|
- | 11,381 | - | 11,381 | ||||||||||||
Single
purpose facilities
|
- | 41,501 | - | 41,501 | ||||||||||||
Land
|
- | 103,240 | - | 103,240 | ||||||||||||
Multi-family
|
- | 32,041 | - | 32,041 | ||||||||||||
One-to-four
family construction
|
- | - | 109,847 | 109,847 | ||||||||||||
Total
|
$ | 91,174 | $ | 360,930 | $ | 166,073 | $ | 618,177 |
At March 31, | ||||||||||||||||
2008 | 2007 | |||||||||||||||
Amount(1) | Percent | Amount(1) | Percent | |||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Speculative
construction
|
$ | 91,704 | 44.57 | % | $ | 119,944 | 50.59 | % | ||||||||
Commercial/multi-family
construction
|
92,140 | 44.79 | 82,248 | 34.69 | ||||||||||||
Custom/presold
construction
|
11,661 | 5.67 | 18,818 | 7.93 | ||||||||||||
Construction/permanent
|
10,235 | 4.97 | 16,096 | 6.79 | ||||||||||||
Total
|
$ | 205,740 | 100.00 | % | $ | 237,106 | 100.00 | % |
Within
|
1 - 3 |
After
3
- 5
|
After
5
- 10
|
Beyond
|
||||||||||||||||||||
1 Year
|
Years
|
Years
|
Years
|
10 Years
|
Total
|
|||||||||||||||||||
Commercial and construction
|
(Dollars
in thousands)
|
|||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Adjustable
rate
|
$ | 56,754 | $ | 18,580 | $ | 1,315 | $ | 8,481 | $ | 617 | $ | 85,747 | ||||||||||||
Fixed
rate
|
3,671 | 9,352 | 9,409 | 1,406 | - | 23,838 | ||||||||||||||||||
Other
real estate mortgage
|
||||||||||||||||||||||||
Adjustable
rate
|
94,397 | 25,599 | 26,387 | 174,009 | 12,048 | 332,440 | ||||||||||||||||||
Fixed
rate
|
14,277 | 20,864 | 36,742 | 21,286 | 3,813 | 96,982 | ||||||||||||||||||
Real
estate construction
|
||||||||||||||||||||||||
Adjustable
rate
|
106,063 | 4,441 | - | 7,125 | 1,459 | 119,088 | ||||||||||||||||||
Fixed
rate
|
21,054 | 1,355 | 3,461 | 3,673 | - | 29,543 | ||||||||||||||||||
Total commercial &
construction
|
296,216 | 80,191 | 77,314 | 215,980 | 17,937 | 687,638 | ||||||||||||||||||
Consumer
|
||||||||||||||||||||||||
Real
estate one-to-four family
|
||||||||||||||||||||||||
Adjustable
rate
|
176 | 838 | 197 | 254 | 35,687 | 37,152 | ||||||||||||||||||
Fixed
rate
|
2,742 | 9,395 | 7,172 | 481 | 18,980 | 38,770 | ||||||||||||||||||
Other
installment
|
||||||||||||||||||||||||
Adjustable
rate
|
72 | - | - | 596 | - | 668 | ||||||||||||||||||
Fixed
rate
|
396 | 660 | 1,481 | 362 | 98 | 2,997 | ||||||||||||||||||
Total consumer
|
3,386 | 10,893 | 8,850 | 1,693 | 54,765 | 79,587 | ||||||||||||||||||
Total
net loans
|
$ | 299,602 | $ | 91,084 | $ | 86,164 | $ | 217,673 | $ | 72,702 | $ | 767,225 | ||||||||||||
At
March 31,
|
||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
Loans
accounted for on a non-accrual basis:
|
||||||||||||||||||||
Commercial
|
$ | 1,164 | $ | - | $ | - | $ | 97 | $ | 872 | ||||||||||
Other
real estate mortgage
|
3,892 | 226 | 415 | 198 | 340 | |||||||||||||||
Real
estate construction
|
2,124 | - | - | - | - | |||||||||||||||
Real
estate one-to-four family
|
382 | - | - | - | - | |||||||||||||||
Consumer
|
- | - | - | 161 | 89 | |||||||||||||||
Total
|
7,562 | 226 | 415 | 456 | 1,301 | |||||||||||||||
Accruing
loans which are contractually
past
due 90 days or more
|
115 | - | - | - | - | |||||||||||||||
Total
of non-accrual and
90
days past due loans
|
7,677 | 226 | 415 | 456 | 1,301 | |||||||||||||||
Real
estate owned
|
494 | - | - | 270 | 742 | |||||||||||||||
Total
nonperforming assets
|
$ | 8,171 | $ | 226 | $ | 415 | $ | 726 | $ | 2,043 | ||||||||||
Total
loans delinquent 90 days
or
more to net loans
|
1.00 | % | 0.03 | % | 0.07 | % | 0.10 | % | 0.34 | % | ||||||||||
Total
loans delinquent 90 days or
more
to total assets
|
0.87 | 0.03 | 0.05 | 0.08 | 0.25 | |||||||||||||||
Total
nonperforming assets to total assets
|
0.92 | 0.03 | 0.05 | 0.13 | 0.39 |
|
||||||||
At
or For the Year
Ended March
31,
|
||||||||
2008 | 2007 | |||||||
(In
thousands)
|
||||||||
Substandard
assets
|
$ | 14,344 | $ | 4,143 | ||||
Doubtful
assets
|
- | - | ||||||
Loss
assets
|
- | - | ||||||
General
loss allowances
|
9,785 | 8,623 | ||||||
Specific
loss allowances
|
902 | 30 | ||||||
Charge-offs
|
905 | 186 |
Year
Ended March 31,
|
||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(
Dollars in thousands)
|
||||||||||||||||||||
Balance
at beginning of period
|
$ | 8,653 | $ | 7,221 | $ | 4,395 | $ | 4,481 | $ | 2,739 | ||||||||||
Provision
for loan losses
|
2,900 | 1,425 | 1,500 | 410 | 210 | |||||||||||||||
Recoveries:
|
||||||||||||||||||||
Commercial
and construction
|
||||||||||||||||||||
Commercial
|
10 | 165 | 87 | 156 | 74 | |||||||||||||||
Other
real estate mortgage
|
12 | - | - | - | - | |||||||||||||||
Real
estate construction
|
- | - | - | - | - | |||||||||||||||
Total
commercial and construction
|
22 | 165 | 87 | 156 | 74 | |||||||||||||||
Consumer
|
||||||||||||||||||||
Residential
real estate
|
- | - | 48 | - | 7 | |||||||||||||||
Other
installment
|
17 | 28 | 14 | 17 | 10 | |||||||||||||||
Total
consumer
|
17 | 28 | 62 | 17 | 17 | |||||||||||||||
Total
recoveries
|
39 | 193 | 149 | 173 | 91 | |||||||||||||||
Charge-offs:
|
||||||||||||||||||||
Commercial
and construction
|
||||||||||||||||||||
Commercial
|
794 | 172 | 577 | 490 | 882 | |||||||||||||||
Other
real estate mortgage
|
42 | - | - | - | - | |||||||||||||||
Real
estate construction
|
- | - | - | - | - | |||||||||||||||
Total
commercial and construction
|
836 | 172 | 577 | 490 | 882 | |||||||||||||||
Consumer | ||||||||||||||||||||
Residential
real estate
|
48 | - | 41 | 149 | 85 | |||||||||||||||
Other
installment
|
21 | 14 | 93 | 30 | 215 | |||||||||||||||
Total
consumer
|
69 | 14 | 134 | 179 | 300 | |||||||||||||||
Total
charge-offs
|
905 | 186 | 711 | 669 | 1,182 | |||||||||||||||
Net
charge-offs (recoveries)
|
866 | (7 | ) | 562 | 496 | 1,091 | ||||||||||||||
Allowance
acquired from Today’s Bank
|
- | - | - | - | 2,639 | |||||||||||||||
Allowance
acquired from American Pacific Bank
|
- | - | 1,888 | - | - | |||||||||||||||
Net
change in allowance for unfunded loan commitments
|
- | - | - | - | (16 | ) | ||||||||||||||
Balance
at end of period
|
$ | 10,687 | $ | 8,653 | $ | 7,221 | $ | 4,395 | $ | 4,481 | ||||||||||
Ratio
of allowance to total loans
outstanding
at end of period
|
1.39 | % | 1.25 | % | 1.15 | % | 1.01 | % | 1.16 | % | ||||||||||
Ratio
of net charge-offs to average net loans outstanding
during period
|
0.12 | - | 0.10 | 0.13 | 0.31 | |||||||||||||||
Ratio
of allowance to total of non-accrual and 90 days past
due loans
|
139 | 3,829 | 1,740 | 964 | 344 |
At March 31, | ||||||||||||||||||||||||||||||||||||||||
2008 |
2007
|
2006
|
2005 | 2004 | ||||||||||||||||||||||||||||||||||||
Amount |
Loan
Category
as a Percent
of Total
Loans
|
Amount |
Loan
Category
as a Percent
of Total
Loans
|
Amount |
Loan
Category
as a Percent
of Total
Loans
|
Amount |
Loan
Category
as a Percent
of Total
Loans
|
Amount |
Loan
Category
as a
Percent
of Total
Loans
|
|||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Commercial and construction: | ||||||||||||||||||||||||||||||||||||||||
Commercial
|
$ | 1,339 | 14.28 | % | $ | 1,553 | 13.18 | % | $ | 1,549 | 14.29 | % | $ | 1,834 | 18.02 | % | $ | 1,589 | 14.92 | % | ||||||||||||||||||||
Other
real estate mortgage
|
5,415 | 55.97 | 4,066 | 52.19 | 3,553 | 52.30 | 1,863 | 50.84 | 2,426 | 53.59 | ||||||||||||||||||||||||||||||
Real
estate construction
|
2,092 | 19.37 | 2,060 | 24.01 | 1,365 | 21.83 | 276 | 13.51 | 155 | 12.70 | ||||||||||||||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||||||||||||||||||
Real
estate one-to-four family
|
669 | 9.90 | 333 | 10.10 | 292 | 10.17 | 278 | 15.99 | 264 | 17.53 | ||||||||||||||||||||||||||||||
Other
installment
|
64 | 0.48 | 63 | 0.52 | 168 | 1.41 | 144 | 1.64 | 37 | 1.26 | ||||||||||||||||||||||||||||||
Unallocated | 1,108 | - | 578 | - | 294 | - | - | - | 10 | - | ||||||||||||||||||||||||||||||
Total
allowance for loan losses
|
$ | 10,687 | 100.00 | % | $ | 8,653 | 100.00 | % | $ | 7,221 | 100.00 | % | $ | 4,395 | 100.00 | % | $ | 4,481 | 100.00 | % |
At March 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | ||||||||||||||||||||||
Carrying
Value
|
Percent
of
Portfolio
|
Carrying
Value
|
Percent
of
Portfolio
|
Carrying
Value
|
Percent
of
Portfolio
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Held
to maturity (at amortized cost):
|
||||||||||||||||||||||||
REMICs
|
$ | 624 | 4.55 | % | $ | 923 | 3.40 | % | $ | 1,402 | 4.13 | % | ||||||||||||
FHLMC
mortgage-backed securities
|
104 | 0.76 | 116 | 0.43 | 138 | 0.41 | ||||||||||||||||||
FNMA
mortgage-backed securities
|
157 | 1.15 | 193 | 0.71 | 265 | 0.78 | ||||||||||||||||||
885 | 6.46 | 1,232 | 4.54 | 1,805 | 5.32 | |||||||||||||||||||
Available
for sale (at fair value):
|
||||||||||||||||||||||||
Agency
securities
|
- | - | 10,740 | 39.57 | 15,028 | 44.25 | ||||||||||||||||||
REMICs
|
858 | 6.25 | 1,083 | 4.00 | 1,338 | 3.94 | ||||||||||||||||||
FHLMC
mortgage-backed securities
|
4,390 | 32.02 | 5,439 | 20.04 | 6,635 | 19.54 | ||||||||||||||||||
FNMA
mortgage-backed securities
|
90 | 0.66 | 118 | 0.43 | 161 | 0.47 | ||||||||||||||||||
Municipal
securities
|
2,875 | 20.97 | 3,508 | 12.93 | 3,950 | 11.63 | ||||||||||||||||||
Trust
preferred securities
|
4,612 | 33.64 | 5,019 | 18.49 | 5,044 | 14.85 | ||||||||||||||||||
12,825 | 93.54 | 25,907 | 95.46 | 32,156 | 94.68 | |||||||||||||||||||
Total
investment securities
|
$ | 13,710 | 100.00 | % | $ | 27,139 | 100.00 | % | $ | 33,961 | 100.00 | % |
Less
Than
One
Year
|
One
to
Five
Years
|
More
Than Five to
Ten
Years
|
More
Than
Ten
Years
|
|||||||||||||||||||||||||||||
Amount |
Weighted
Average
Yield (1)
|
Amount |
Weighted
Average
Yield (1)
|
Amount |
Weighted
Average
Yield (1)
|
Amount |
Weighted
Average
Yield (1)
|
|||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Municipal
securities
|
$ | 491 | 4.24 | % | $ | 547 | 4.30 | % | $ | 645 | 4.83 | % | $ | 1,192 | 4.38 | % | ||||||||||||||||
REMICs
|
31 | 4.11 | - | - | 326 | 5.02 | 1,125 | 4.06 | ||||||||||||||||||||||||
FHLMC
mortgage-
backed securities
|
- | - | - | - | 4,390 | 4.01 | 104 | 6.35 | ||||||||||||||||||||||||
FNMA
mortgage-
backed securities
|
- | - | - | - | 76 | 6.34 | 171 | 6.51 | ||||||||||||||||||||||||
Trust
preferred
securities
|
- | - | - | - | - | - | 4,612 | 6.66 | ||||||||||||||||||||||||
Total
|
$ | 522 | 4.22 | % | $ | 547 | 4.30 | % | $ | 5,437 | 4.20 | % | $ | 7,204 | 5.87 | % |
(1)
|
For
available for sale securities carried at fair value, the weighted average
yield is computed using amortized
|
cost without a tax equivalent adjustment for tax-exempt obligations. |
Year
Ended March 31,
|
||||||||||||||||||||||||
2008 | 2007 | 2006 | ||||||||||||||||||||||
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
Average Balance |
Average
Rate
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Non-interest-bearing
demand
|
$ | 82,776 | 0.00 | % | $ | 91,888 | 0.00 | % | $ | 87,490 | 0.00 | % | ||||||||||||
Interest
checking
|
129,552 | 3.02 | 139,600 | 3.17 | 126,045 | 1.78 | ||||||||||||||||||
Regular
savings accounts
|
27,403 | 0.55 | 32,591 | 0.55 | 38,818 | 0.55 | ||||||||||||||||||
Money
market accounts
|
219,528 | 4.05 | 161,590 | 4.31 | 120,188 | 2.73 | ||||||||||||||||||
Certificates
of deposit
|
197,049 | 4.67 | 202,506 | 4.41 | 194,253 | 3.42 | ||||||||||||||||||
Total
|
$ | 656,308 | 3.37 | % | $ | 628,175 | 3.26 | % | $ | 566,794 | 2.18 | % |
Maturity Period
|
Amount
|
Weighted
#
Average Rate
|
||||||
(Dollars
in thousands)
|
||||||||
Three
months or less
|
$ | 33,749 | 4.48 | % | ||||
Over
three through six months
|
26,721 | 4.62 | ||||||
Over
six through 12 months
|
54,910 | 4.44 | ||||||
Over
12 Months
|
12,452 | 4.44 | ||||||
Total
|
$ | 127,832 | 4.49 | % |
|
||||||||||||
At
March 31,
|
||||||||||||
2008 |
2007
|
2006 | ||||||||||
(Dollars
in thousands)
|
||||||||||||
FHLB
advances outstanding
|
$ | 92,850 | $ | 35,050 | $ | 46,100 | ||||||
Weighted
average rate on FHLB advances
|
3.35 | % | 5.66 | % | 4.65 | % |
Year
Ended March 31,
|
||||||||||||
2008 |
2007
|
2006 | ||||||||||
(Dollars
in thousands)
|
||||||||||||
Maximum
amounts of FHLB
advances outstanding
at
any month end
|
$ | 122,200 | $ | 90,000 | $ | 66,400 | ||||||
Average
FHLB
advances
outstanding
|
47,769 | 68,300 | 51,091 | |||||||||
Weighted
average rate on FHLB
advances
|
4.32 | % | 5.26 | % | 4.44 | % |
Name
|
Age (1)
|
Position
|
|||
Patrick
Sheaffer
|
68 |
Chairman
of the Board and Chief Executive Officer
|
|||
Ronald
A. Wysaske
|
55 |
President
and Chief Operating Officer
|
|||
David
A. Dahlstrom
|
57 |
Executive
Vice President and Chief Credit Officer
|
|||
Kevin
J. Lycklama
|
30 |
Senior
Vice President and Chief Financial Officer
|
|||
John
A. Karas
|
59 |
Executive
Vice President
|
|||
James
D. Baldovin
|
49 |
Executive
Vice President Retail Banking
|
Fiscal Year Ended
March 31, 2008
|
High
|
Low
|
Cash
Dividends
Declared
|
|||||||||
Quarter
ended March 31, 2008
|
$ | 12.84 | $ | 9.93 | $ | 0.090 | ||||||
Quarter
ended December 31, 2007
|
15.36 | 11.55 | 0.110 | |||||||||
Quarter
ended September 30, 2007
|
15.73 | 13.30 | 0.110 | |||||||||
Quarter
ended June 30, 2007
|
16.28 | 13.69 | 0.110 |
Fiscal Year Ended
March 31, 2007
|
High
|
Low
|
Cash
Dividends
Declared
|
|||||||||
Quarter
ended March 31, 2007
|
$ | 17.58 | $ | 15.29 | $ | 0.100 | ||||||
Quarter
ended December 31, 2006
|
15.72 | 13.47 | 0.100 | |||||||||
Quarter
ended September 30, 2006
|
13.65 | 12.58 | 0.100 | |||||||||
Quarter
ended June 30, 2006
|
13.53 | 12.14 | 0.095 |
Total
Number of
Shares
Purchased
|
Average
Price
Paid
per
Share
|
Total
Number of
Shares
Purchased
as
Part
of Publicly
Announced
Plan
(1)
|
Maximum
Number
of
Shares
That May
Yet
Be
Purchased
Under
the
Program
(1)
|
|||||||||||||
January
1, – January 31, 2008
|
- | - | - | 125,000 | ||||||||||||
February
1 – February 29, 2008
|
- | - | - | 125,000 | ||||||||||||
March
1 – March 31, 2008
|
- | - | - | 125,000 | ||||||||||||
Total
|
- | - |
(1)
|
On
June 21, 2007, the Company announced a stock repurchase program of up to
750,000 shares of its outstanding common stock, representing approximately
6% of outstanding shares at that
date.
|
3/03
|
3/04
|
3/05
|
3/06
|
3/07
|
3/08
|
||
Riverview
Bancorp, Inc.
|
100.00
|
122.42
|
132.60
|
171.97
|
210.58
|
136.32
|
|
S
& P 500
|
100.00
|
135.12
|
144.16
|
161.07
|
180.13
|
170.98
|
|
NASDAQ
Bank
|
100.00
|
136.20
|
138.35
|
156.41
|
155.93
|
123.50
|
At
March 31,
|
||||||||||||||||||||
2008 | 2007 | 2006(2) | 2005 | 2004 | ||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
FINANCIAL
CONDITION DATA:
|
||||||||||||||||||||
Total
assets
|
$ | 886,849 | $ | 820,348 | $ | 763,847 | $ | 572,571 | $ | 520,487 | ||||||||||
Loans
receivable, net (1)
|
756,538 | 682,951 | 623,081 | 429,959 | 381,534 | |||||||||||||||
Mortgage-backed
securities held
to
maturity, at amortized cost
|
885 | 1,232 | 1,805 | 2,343 | 2,517 | |||||||||||||||
Mortgage-backed
securities available
for
sale, at fair value
|
5,338 | 6,640 | 8,134 | 11,619 | 10,607 | |||||||||||||||
Cash
and interest-bearing deposits
|
36,439 | 31,423 | 31,346 | 61,719 | 47,907 | |||||||||||||||
Investment
securities available for
sale,
at fair value
|
7,487 | 19,267 | 24,022 | 22,945 | 32,883 | |||||||||||||||
Deposit
accounts
|
667,000 | 665,405 | 606,964 | 456,878 | 409,115 | |||||||||||||||
FHLB
advances
|
92,850 | 35,050 | 46,100 | 40,000 | 40,000 | |||||||||||||||
Shareholders’
equity
|
92,585 | 100,209 | 91,687 | 69,522 | 65,182 |
|
||||||||||||||||||||
Year
Ended March 31,
|
||||||||||||||||||||
2008
|
2007
|
2006(2)
|
2005
|
2004 | ||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
OPERATING
DATA:
|
||||||||||||||||||||
Interest
income
|
$ | 60,682 | $ | 61,300 | $ | 47,229 | $ | 29,968 | $ | 27,584 | ||||||||||
Interest
expense
|
25,730 | 24,782 | 14,877 | 7,395 | 6,627 | |||||||||||||||
Net
interest income
|
34,952 | 36,518 | 32,352 | 22,573 | 20,957 | |||||||||||||||
Provision
for loan losses
|
2,900 | 1,425 | 1,500 | 410 | 210 | |||||||||||||||
Net
interest income after provision
for
loan losses
|
32,052 | 35,093 | 30,852 | 22,163 | 20,747 | |||||||||||||||
Gains
(losses) from sale of loans,
securities
and real estate owned
|
368 | 434 | 382 | (672 | ) | 1,003 | ||||||||||||||
Gain
on sale of land and fixed assets
|
6 | 3 | 2 | 830 | 3 | |||||||||||||||
Other
non-interest income
|
8,508 | 8,597 | 8,453 | 6,348 | 5,583 | |||||||||||||||
Non-interest
expenses
|
27,791 | 26,353 | 25,374 | 19,104 | 17,572 | |||||||||||||||
Income
before income taxes
|
13,143 | 17,774 | 14,315 | 9,565 | 9,764 | |||||||||||||||
Provision
for income taxes
|
4,499 | 6,168 | 4,577 | 3,036 | 3,210 | |||||||||||||||
Net
income
|
$ | 8,644 | $ | 11,606 | $ | 9,738 | $ | 6,529 | $ | 6,554 |
At
March 31,
|
||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
OTHER
DATA:
|
||||||||||||||||||||
Number
of:
|
||||||||||||||||||||
Real
estate loans outstanding
|
2,926 | 2,978 | 3,084 | 3,037 | 3,141 | |||||||||||||||
Deposit
accounts
|
41,354 | 38,989 | 39,095 | 29,341 | 27,209 | |||||||||||||||
Full
service offices
|
18 | 18 | 17 | 13 | 13 |
At
or For the Year Ended March 31,
|
||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
KEY
FINANCIAL RATIOS:
|
||||||||||||||||||||
Performance
Ratios:
|
||||||||||||||||||||
Return
on average assets
|
1.04 | % | 1.43 | % | 1.36 | % | 1.24 | % | 1.35 | % | ||||||||||
Return
on average equity
|
8.92 | 11.88 | 10.95 | 9.56 | 10.60 | |||||||||||||||
Dividend
payout ratio (1)
|
53.16 | 38.35 | 39.08 | 45.59 | 39.72 | |||||||||||||||
Interest
rate spread
|
4.09 | 4.37 | 4.55 | 4.38 | 4.42 | |||||||||||||||
Net
interest margin
|
4.66 | 5.01 | 5.03 | 4.74 | 4.76 | |||||||||||||||
Non-interest
expense to
average
assets
|
3.34 | 3.24 | 3.54 | 3.62 | 3.61 | |||||||||||||||
Efficiency
ratio (2)
|
63.40 | 57.85 | 61.60 | 65.70 | 63.79 | |||||||||||||||
Asset
Quality Ratios:
|
||||||||||||||||||||
Average
interest-earning assets
to
interest-bearing liabilities
|
116.75 | 118.96 | 121.14 | 123.45 | 122.53 | |||||||||||||||
Allowance
for loan losses to
total
net loans at end of period
|
1.39 | 1.25 | 1.15 | 1.01 | 1.16 | |||||||||||||||
Net
charge-offs to
average
outstanding loans during
the
period
|
0.12 | - | 0.10 | 0.13 | 0.31 | |||||||||||||||
Ratio
of nonperforming assets
to
total assets
|
0.92 | 0.03 | 0.05 | 0.13 | 0.39 | |||||||||||||||
Capital
Ratios:
|
||||||||||||||||||||
Average
equity to average assets
|
11.65 | 12.01 | 12.39 | 12.92 | 12.72 | |||||||||||||||
Equity
to assets at end of fiscal year
|
10.44 | 12.22 | 12.00 | 12.14 | 12.52 |
(1)
|
Dividends per share divided by net income per share |
(2)
|
Non-interest expense divided by the sum of net interest income and non-interest income |
Year
Ended March 31,
|
||||||||||||||||||||||||||||||||||||
2008
|
2007
|
2006
|
||||||||||||||||||||||||||||||||||
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||||||||||||||
Mortgage
loans
|
$ | 600,386 | $ | 50,229 | 8.37 | % | $ | 585,595 | $ | 50,981 | 8.71 | % | $ | 485,554 | $ | 37,916 | 7.81 | % | ||||||||||||||||||
Non-mortgage
loans
|
105,470 | 8,518 | 8.08 | 100,031 | 8,515 | 8.51 | 96,472 | 7,123 | 7.38 | |||||||||||||||||||||||||||
Total
net loans (1)
|
705,856 | 58,747 | 8.32 | 685,626 | 59,496 | 8.68 | 582,026 | 45,039 | 7.74 | |||||||||||||||||||||||||||
Mortgage-backed
securities (2)
|
7,101 | 323 | 4.55 | 9,077 | 421 | 4.64 | 12,144 | 530 | 4.36 | |||||||||||||||||||||||||||
Investment
securities (2)
|
11,480 | 703 | 6.12 | 22,260 | 1,101 | 4.95 | 24,101 | 1,106 | 4.59 | |||||||||||||||||||||||||||
Daily
interest-bearing assets
|
18,656 | 883 | 4.73 | 6,559 | 337 | 5.14 | 19,480 | 649 | 3.33 | |||||||||||||||||||||||||||
Other
earning assets
|
7,930 | 99 | 1.25 | 7,567 | 29 | 0.38 | 7,333 | 3 | 0.04 | |||||||||||||||||||||||||||
Total
interest-earning assets
|
751,023 | 60,755 | 8.09 | 731,089 | 61,384 | 8.40 | 645,084 | 47,327 | 7.34 | |||||||||||||||||||||||||||
Non-interest-earning
assets:
|
||||||||||||||||||||||||||||||||||||
Office
properties and equipment, net
|
21,427 | 20,387 | 12,358 | |||||||||||||||||||||||||||||||||
Other
non-interest-earning assets
|
59,589 | 61,623 | 60,294 | |||||||||||||||||||||||||||||||||
Total
assets
|
$ | 832,039 | $ | 813,099 | $ | 717,736 | ||||||||||||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||||||||||||||
Regular
savings accounts
|
$ | 27,403 | 151 | 0.55 | $ | 32,591 | 179 | 0.55 | $ | 38,818 | 213 | 0.55 | ||||||||||||||||||||||||
Interest
checking
|
129,552 | 3,906 | 3.02 | 139,600 | 4,421 | 3.17 | 126,045 | 2,248 | 1.78 | |||||||||||||||||||||||||||
Money
market accounts
|
219,528 | 8,882 | 4.05 | 161,590 | 6,969 | 4.31 | 120,188 | 3,276 | 2.73 | |||||||||||||||||||||||||||
Certificates
of deposit
|
197,049 | 9,204 | 4.67 | 202,506 | 8,938 | 4.41 | 194,253 | 6,646 | 3.42 | |||||||||||||||||||||||||||
Total
interest-bearing deposits
|
573,532 | 22,143 | 3.86 | 536,287 | 20,507 | 3.82 | 479,304 | 12,383 | 2.58 | |||||||||||||||||||||||||||
Other
interest-bearing liabilities
|
69,733 | 3,587 | 5.14 | 78,259 | 4,275 | 5.46 | 53,217 | 2,494 | 4.69 | |||||||||||||||||||||||||||
Total
interest-bearing liabilities
|
643,265 | 25,730 | 4.00 | 614,546 | 24,782 | 4.03 | 532,521 | 14,877 | 2.79 | |||||||||||||||||||||||||||
Non-interest-bearing
liabilities:
|
||||||||||||||||||||||||||||||||||||
Non-interest-bearing
deposits
|
82,776 | 91,888 | 87,490 | |||||||||||||||||||||||||||||||||
Other
liabilities
|
9,068 | 8,995 | 8,777 | |||||||||||||||||||||||||||||||||
Total
liabilities
|
735,109 | 715,429 | 628,788 | |||||||||||||||||||||||||||||||||
Shareholders’
equity
|
96,930 | 97,670 | 88,948 | |||||||||||||||||||||||||||||||||
Total
liabilities and shareholders’
equity
|
$ | 832,039 | $ | 813,099 | $ | 717,736 | ||||||||||||||||||||||||||||||
Net
interest income
|
$ | 35,025 | $ | 36,602 | $ | 32,450 | ||||||||||||||||||||||||||||||
Interest
rate spread
|
4.09 | % | 4.37 | % | 4.55 | % | ||||||||||||||||||||||||||||||
Net
interest margin
|
4.66 | % | 5.01 | % | 5.03 | % | ||||||||||||||||||||||||||||||
Ratio
of average interest-earning assets
to
average interest-bearing liabilities
|
116.75 | % | 118.96 | % | 121.14 | % | ||||||||||||||||||||||||||||||
Tax
Equivalent Adjustment (3)
|
$ | 73 | $ | 84 | $ | 98 | ||||||||||||||||||||||||||||||
(1)
Includes non-accrual loans. Includes amortized loan fees of $2.8
million, $3.7 million and $3.1 million for fiscal year 2008, 2007 and
2006,
respectively.
|
||||||||||||||||||||||||||||||||||||
(2)
For purposes of the computation of average yield on investments available
for sale, historical cost balances were utilized,
therefore, the yield information does not give effect to change in fair
value that are reflected as a component of shareholders’
equity.
|
||||||||||||||||||||||||||||||||||||
(3)
Tax-equivalent adjustment relates to non-taxable investment interest
income and preferred equity securities dividend income. The federal
statutory tax rate was 34% for all years presented.
|
|
||||||||||||||||||||||||
Year
Ended March 31,
|
||||||||||||||||||||||||
2008
vs. 2007
|
2007
vs. 2006
|
|||||||||||||||||||||||
Increase
(Deacrease)
Due
to
|
Total
|
Increase
(Decrease)
Due to
|
Total
|
|||||||||||||||||||||
Volume
|
Rate
|
Increase
(Decrease)
|
Volume
|
Rate
|
Increase
(Decrease)
|
|||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
Interest
Income:
|
||||||||||||||||||||||||
Mortgage
loans
|
$ | 1,269 | $ | (2,021 | ) | $ | (752 | ) | $ | 8,392 | $ | 4,673 | $ | 13,065 | ||||||||||
Non-mortgage
loans
|
447 | (444 | ) | 3 | 271 | 1,121 | 1,392 | |||||||||||||||||
Mortgage-backed
securities
|
(90 | ) | (8 | ) | (98 | ) | (141 | ) | 32 | (109 | ) | |||||||||||||
Investment
securities (1)
|
(617 | ) | 219 | (398 | ) | (88 | ) | 83 | (5 | ) | ||||||||||||||
Daily
interest-bearing
|
575 | (29 | ) | 546 | (559 | ) | 247 | (312 | ) | |||||||||||||||
Other
earning assets
|
1 | 69 | 70 | - | 26 | 26 | ||||||||||||||||||
Total
interest income
|
1,585 | (2,214 | ) | (629 | ) | 7,875 | 6,182 | 14,057 | ||||||||||||||||
Interest
Expense:
|
||||||||||||||||||||||||
Regular
savings accounts
|
(28 | ) | - | (28 | ) | (34 | ) | - | (34 | ) | ||||||||||||||
Interest
checking
|
(311 | ) | (204 | ) | (515 | ) | 263 | 1,910 | 2,173 | |||||||||||||||
Money
market accounts
|
2,357 | (444 | ) | 1,913 | 1,378 | 2,315 | 3,693 | |||||||||||||||||
Certificates
of deposit
|
(247 | ) | 513 | 266 | 293 | 1,999 | 2,292 | |||||||||||||||||
Other
interest-bearing liabilities
|
(448 | ) | (240 | ) | (688 | ) | 1,320 | 461 | 1,781 | |||||||||||||||
Total
interest expense
|
1,323 | (375 | ) | 948 | 3,220 | 6,685 | 9,905 | |||||||||||||||||
Net
interest income (1)
|
$ | 262 | $ | (1,839 | ) | $ | (1,577 | ) | $ | 4,655 | $ | (503 | ) | $ | 4,152 |
(1)
|
Interest
is presented on a fully tax-equivalent basis under a tax rate of
34%.
|
Within
1 Year
|
1
to 3 Years
|
3
- 5 Years
|
After
5 Years
|
Total
Balance
|
||||||||||||||||
Certificates
of deposit
|
$ | 234,090 | $ | 22,762 | $ | 6,597 | $ | 2,231 | $ | 265,680 | ||||||||||
FHLB
advances
|
92,850 | - | - | - | 92,850 | |||||||||||||||
Operating
leases
|
1,669 | 2,640 | 1,637 | 3,693 | 9,639 | |||||||||||||||
Junior
subordinates debentures
|
- | - | - | 22,681 | 22,681 | |||||||||||||||
Total
other contractual obligations
|
$ | 328,609 | $ | 25,402 | $ | 8,234 | $ | 28,605 | $ | 390,850 |
Change
in interest rates:
|
Percent
Change in Net Interest
Income
(12 months)
|
Percent
Change in Net Interest
Income
(24 months)
|
||
Up
200 basis points
|
2.7%
|
4.9%
|
||
Base
Case
|
-
|
1.1%
|
||
Down
100 basis points
|
(2.3%)
|
(4.5%)
|
Average
Rate
|
Within
1 Year
|
1-3
Years
|
After
3-5
Years
|
After
5-10
Years
|
Beyond
10
Years
|
Total
|
Fair
Value
|
|||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Interest-Sensitive
Assets:
|
||||||||||||||||||||||||||||||||
Loans
receivable (1)
|
6.84 | % | $ | 299,602 | $ | 91,084 | $ | 86,164 | $ | 217,673 | $ | 72,702 | $ | 767,225 | $ | 786,141 | ||||||||||||||||
Mortgage-backed
|
||||||||||||||||||||||||||||||||
securities
|
4.21 | 1,438 | 4,785 | - | - | - | 6,223 | 6,230 | ||||||||||||||||||||||||
Investments
and other
|
||||||||||||||||||||||||||||||||
interest-earning
assets
|
4.10 | 19,341 | 1,192 | - | - | 1,192 | 21,725 | 21,725 | ||||||||||||||||||||||||
FHLB
stock
|
0.75 | 1,470 | 2,940 | 2,940 | - | - | 7,350 | 7,350 | ||||||||||||||||||||||||
Total
assets
|
$ | 321,851 | $ | 100,001 | $ | 89,104 | $ | 217,673 | $ | 73,894 | $ | 802,523 | $ | 821,446 | ||||||||||||||||||
Interest-Sensitive
Liabilities:
|
||||||||||||||||||||||||||||||||
Interest
checking
|
1.32 | $ | 20,498 | $ | 40,996 | $ | 40,995 | $ | - | $ | - | $ | 102,489 | $ | 102,489 | |||||||||||||||||
Non-interest
checking accounts
|
- | 16,424 | 32,848 | 32,849 | - | - | 82,121 | 82,121 | ||||||||||||||||||||||||
Savings
accounts
|
0.55 | 5,480 | 10,960 | 10,961 | - | - | 27,401 | 27,401 | ||||||||||||||||||||||||
Money
market accounts
|
2.39 | 37,862 | 75,724 | 75,723 | - | - | 189,309 | 189,309 | ||||||||||||||||||||||||
Certificate
accounts
|
4.29 | 234,090 | 22,762 | 6,597 | 2,231 | - | 265,680 | 268,747 | ||||||||||||||||||||||||
FHLB
advances
|
3.35 | 92,850 | - | - | - | - | 92,850 | 92,745 | ||||||||||||||||||||||||
Subordinated
debentures
|
6.12 | - | - | - | - | 22,681 | 22,681 | 15,734 | ||||||||||||||||||||||||
Obligations
under capital lease
|
7.16 | 37 | 83 | 127 | 458 | 1,981 | 2,686 | 2,686 | ||||||||||||||||||||||||
Total
liabilities
|
407,241 | 183,373 | 167,252 | 2,689 | 24,662 | 785,217 | 781,232 | |||||||||||||||||||||||||
Interest
sensitivity gap
|
(85,390 | ) | (83,372 | ) | (78,148 | ) | 214,984 | 49,232 | $ | 17,306 | $ | 40,214 | ||||||||||||||||||||
Cumulative
interest sensitivity gap
|
$ | (85,390 | ) | $ | (168,762 | ) | $ | (246,910 | ) | $ | (31,926 | ) | $ | 17,306 | ||||||||||||||||||
Off-Balance
Sheet Items:
|
||||||||||||||||||||||||||||||||
Commitments
to extend credit
|
- | $ | 44,261 | - | - | - | - | $ | 44,261 | - | ||||||||||||||||||||||
Unused
lines of credit
|
- | $ | 159,152 | - | - | - | - | $ | 159,152 | - |
TABLE
OF CONTENTS
|
||
Page
|
||
Report
of Independent Registered Public Accounting Firm – Deloitte & Touche
LLP
|
47
|
|
Consolidated
Balance Sheets as of March 31, 2008 and 2007
|
48
|
|
Consolidated
Statements of Income for the Years Ended March 31, 2008, 2007 and
2006
|
49
|
|
Consolidated
Statements of Shareholders’ Equity for the Years Ended March 31, 2008,
2007 and 2006
|
50
|
|
Consolidated
Statements of Cash Flows for the Years Ended March 31, 2008, 2007 and
2006
|
51
|
|
Notes
to Consolidated Financial Statements
|
52
|
(Dollars
in thousands, except share data)
|
2008
|
2007
|
||||||
ASSETS
|
||||||||
Cash
(including interest-earning accounts of $14,238
|
||||||||
and
$7,818)
|
$ | 36,439 | $ | 31,423 | ||||
Investment
securities available for sale, at fair value
(amortized
cost of $7,825 and $19,258)
|
7,487 | 19,267 | ||||||
Mortgage-backed
securities held to maturity, at amortized
cost
(fair value of $892 and $1,243)
|
885 | 1,232 | ||||||
Mortgage-backed
securities available for sale, at fair value
(amortized
cost of $5,331 and $6,778)
|
5,338 | 6,640 | ||||||
Loans
receivable (net of allowance for loan losses of $10,687
and
$8,653)
|
756,538 | 682,951 | ||||||
Real
estate and other personal property owned
|
494 | - | ||||||
Prepaid
expenses and other assets
|
2,679 | 1,905 | ||||||
Accrued
interest receivable
|
3,436 | 3,822 | ||||||
Federal
Home Loan Bank stock, at cost
|
7,350 | 7,350 | ||||||
Premises
and equipment, net
|
21,026 | 21,402 | ||||||
Deferred
income taxes, net
|
4,571 | 4,108 | ||||||
Mortgage
servicing rights, net
|
302 | 351 | ||||||
Goodwill
|
25,572 | 25,572 | ||||||
Core
deposit intangible, net
|
556 | 711 | ||||||
Bank
owned life insurance
|
14,176 | 13,614 | ||||||
TOTAL
ASSETS
|
$ | 886,849 | $ | 820,348 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
LIABILITIES:
|
||||||||
Deposit
accounts
|
$ | 667,000 | $ | 665,405 | ||||
Accrued
expenses and other liabilities
|
8,654 | 9,349 | ||||||
Advance
payments by borrowers for taxes and insurance
|
393 | 397 | ||||||
Federal
Home Loan Bank advances
|
92,850 | 35,050 | ||||||
Junior
subordinated debentures
|
22,681 | 7,217 | ||||||
Capital
lease obligation
|
2,686 | 2,721 | ||||||
Total
liabilities
|
794,264 | 720,139 | ||||||
COMMITMENTS
AND CONTINGENCIES (See Note 19)
|
- | - | ||||||
SHAREHOLDERS’
EQUITY:
|
||||||||
Serial
preferred stock, $.01 par value; 250,000 authorized,
issued
and outstanding, none
|
- | - | ||||||
Common
stock, $.01 par value; 50,000,000 authorized,
|
||||||||
issued
and outstanding:
|
||||||||
2008
– 10,913,773 issued and outstanding
|
109 | 117 | ||||||
2007
– 11,707,980 issued and outstanding
|
||||||||
Additional
paid-in capital
|
46,799 | 58,438 | ||||||
Retained
earnings
|
46,871 | 42,848 | ||||||
Unearned
shares issued to employee stock ownership trust
|
(976 | ) | (1,108 | ) | ||||
Accumulated
other comprehensive loss
|
(218 | ) | (86 | ) | ||||
Total
shareholders’ equity
|
92,585 | 100,209 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 886,849 | $ | 820,348 |
(Dollars in thousands, except share data)
|
2008
|
2007
|
2006
|
|||||||||
INTEREST
AND DIVIDEND INCOME:
|
||||||||||||
Interest
and fees on loans receivable
|
$ | 58,747 | $ | 59,496 | $ | 45,039 | ||||||
Interest
on investment securities – taxable
|
488 | 854 | 809 | |||||||||
Interest
on investment securities – non taxable
|
142 | 163 | 170 | |||||||||
Interest
on mortgage-backed securities
|
323 | 421 | 530 | |||||||||
Other
interest and dividends
|
982 | 366 | 681 | |||||||||
Total
interest and dividend income
|
60,682 | 61,300 | 47,229 | |||||||||
INTEREST
EXPENSE:
|
||||||||||||
Interest
on deposits
|
22,143 | 20,507 | 12,383 | |||||||||
Interest
on borrowings
|
3,587 | 4,275 | 2,494 | |||||||||
Total
interest expense
|
25,730 | 24,782 | 14,877 | |||||||||
Net
interest income
|
34,952 | 36,518 | 32,352 | |||||||||
Less
provision for loan losses
|
2,900 | 1,425 | 1,500 | |||||||||
Net
interest income after provision for loan losses
|
32,052 | 35,093 | 30,852 | |||||||||
NON-INTEREST
INCOME:
|
||||||||||||
Fees
and service charges
|
5,346 | 5,747 | 5,913 | |||||||||
Asset
management fees
|
2,145 | 1,874 | 1,481 | |||||||||
Net
gain on sale of loans held for sale
|
368 | 434 | 361 | |||||||||
Loan
servicing income
|
126 | 155 | 91 | |||||||||
Gain
of sale of credit card portfolio
|
- | 133 | 311 | |||||||||
Bank
owned life insurance
|
562 | 522 | 485 | |||||||||
Other
|
335 | 169 | 195 | |||||||||
Total
non-interest income
|
8,882 | 9,034 | 8,837 | |||||||||
NON-INTEREST
EXPENSE:
|
||||||||||||
Salaries
and employee benefits
|
16,249 | 15,012 | 14,536 | |||||||||
Occupancy
and depreciation
|
5,146 | 4,687 | 3,798 | |||||||||
Data
processing
|
786 | 988 | 1,414 | |||||||||
Amortization
of core deposit intangible
|
155 | 184 | 210 | |||||||||
Advertising
and marketing expense
|
1,054 | 1,102 | 853 | |||||||||
FDIC
insurance premium
|
210 | 74 | 70 | |||||||||
State
and local taxes
|
741 | 644 | 580 | |||||||||
Telecommunications
|
406 | 437 | 395 | |||||||||
Professional
fees
|
826 | 809 | 1,328 | |||||||||
Other
|
2,218 | 2,416 | 2,190 | |||||||||
Total
non-interest expense
|
27,791 | 26,353 | 25,374 | |||||||||
INCOME
BEFORE INCOME TAXES
|
13,143 | 17,774 | 14,315 | |||||||||
PROVISION
FOR INCOME TAXES
|
4,499 | 6,168 | 4,577 | |||||||||
NET
INCOME
|
$ | 8,644 | $ | 11,606 | $ | 9,738 | ||||||
Earnings
per common share:
|
||||||||||||
Basic
|
$ | 0.79 | $ | 1.03 | $ | 0.87 | ||||||
Diluted
|
0.79 | 1.01 | 0.86 | |||||||||
Weighted
average number of shares outstanding:
|
||||||||||||
Basic
|
10,915,271 | 11,312,847 | 11,204,479 | |||||||||
Diluted
|
11,006,673 | 11,516,232 | 11,350,335 |
|
||||||||||||||||||||||||||||
Common
Stock
|
Additional Paid-In | Retained |
Unearned
Shares
Issued
to
Employee
Stock
Ownership
|
Accumulated
Other
Comprehensive
|
||||||||||||||||||||||||
(Dollars in thousands, except share data) |
Shares
|
Amount
|
Capital
|
Earnings
|
Trust
|
Loss
|
Total | |||||||||||||||||||||
Balance
April 1, 2005
|
10,031,498 | $ 50 | $ 41,112 | $ | 29,874 | $ | (1,392 | ) | $ | (122 | ) | $ 69,522 | ||||||||||||||||
Cash
dividends ($0.34 per share)
|
- | - | - | (3,836 | ) | - | - | (3,836 | ) | |||||||||||||||||||
Exercise
of stock options
|
37,144 | - | 314 | - | - | - | 314 | |||||||||||||||||||||
Stock
repurchased and retired
|
(100,000 | ) | - | (1,227 | ) | - | - | - | (1,227 | ) | ||||||||||||||||||
Stock
issued in connection with acquisition
|
1,576,730 | 7 | 16,706 | - | - | - | 16,713 | |||||||||||||||||||||
Earned
ESOP shares
|
- | - | 352 | - | 206 | - | 558 | |||||||||||||||||||||
Tax
benefit, stock options
|
-
|
- | 59 | - | - | - | 59 | |||||||||||||||||||||
11,545,372 | 57 | 57,316 | 26,038 | (1,186 | ) | (122 | ) | 82,103 | ||||||||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net
income
|
- | - | - | 9,738 | - | - | 9,738 | |||||||||||||||||||||
Other
comprehensive income:
|
||||||||||||||||||||||||||||
Unrealized
holding loss on
|
||||||||||||||||||||||||||||
securities
of $154 (net of $79 tax effect)
|
- | - | - | - | - | (154 | ) | (154 | ) | |||||||||||||||||||
Total
comprehensive income
|
-
|
- | - | - | - | - | 9,584 | |||||||||||||||||||||
Balance
March 31, 2006
|
11,545,372 | 57 | 57,316 | 35,776 | (1,186 | ) | (276 | ) | 91,687 | |||||||||||||||||||
Stock
split
|
- | 58 | - | (58 | ) | - | - | - | ||||||||||||||||||||
Cash
dividends ($0.395 per share)
|
- | - | - | (4,476 | ) | - | - | (4,476 | ) | |||||||||||||||||||
Exercise
of stock options
|
212,054 | 2 | 878 | - | - | - | 880 | |||||||||||||||||||||
Stock
repurchased and retired
|
(49,446 | ) | - | - | - | - | - | - | ||||||||||||||||||||
Earned
ESOP shares
|
- | - | 196 | - | 78 | - | 274 | |||||||||||||||||||||
Tax
benefit, stock options
|
- | - | 48 | - | - | - | 48 | |||||||||||||||||||||
11,707,980 | 117 | 58,438 | 31,242 | (1,108 | ) | (276 | ) | 88,413 | ||||||||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net
income
|
- | - | - | 11,606 | - | - | 11,606 | |||||||||||||||||||||
Other
comprehensive income:
|
||||||||||||||||||||||||||||
Unrealized
holding gain on
|
||||||||||||||||||||||||||||
securities
of $190 (net of $99 tax effect)
|
- | - | - | - | - | 190 | 190 | |||||||||||||||||||||
Total
comprehensive income
|
- | - | - | - | - | - | 11,796 | |||||||||||||||||||||
Balance
March 31, 2007
|
11,707,980 | 117 | 58,438 | 42,848 | (1,108 | ) | (86 | ) | 100,209 | |||||||||||||||||||
Cash
dividends ($0.42 per share)
|
- | - | - | (4,556 | ) | - | - | (4,556 | ) | |||||||||||||||||||
Exercise
of stock options
|
95,620 | 1 | 707 | - | - | - | 708 | |||||||||||||||||||||
Stock
repurchased and retired
|
(889,827 | ) | (9 | ) | (12,634 | ) | - | - | - | (12,643 | ) | |||||||||||||||||
FIN
48 transition adjustment
|
- | - | - | (65 | ) | - | - | (65 | ) | |||||||||||||||||||
Earned
ESOP shares
|
- | - | 282 | - | 132 | - | 414 | |||||||||||||||||||||
Tax
benefit, stock options
|
- | - | 6 | - | - | - | 6 | |||||||||||||||||||||
10,913,773 | 109 | 46,799 | 38,227 | (976 | ) | (86 | ) | 84,073 | ||||||||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net
income
|
- | - | - | 8,644 | - | - | 8,644 | |||||||||||||||||||||
Other
comprehensive income:
|
||||||||||||||||||||||||||||
Unrealized
holding loss on
|
||||||||||||||||||||||||||||
securities
of $132 (net of $69 tax effect)
|
- | - | - | - | - | (132 | ) | (132 | ) | |||||||||||||||||||
Total
comprehensive income
|
- | - | - | - | - | - | 8,512 | |||||||||||||||||||||
Balance
March 31, 2008
|
10,913,773 | $ 109 | $ 46,799 | $ 46,871 | $ (976 | ) | $ (218 | ) | $ 92,585 | |||||||||||||||||||
D(Dollars
in thousands)
|
2008
|
2007
|
2006
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|||
Net
income
|
$ 8,644
|
$ 11,606
|
$ 9,738
|
Adjustments
to reconcile net income to cash provided by operating
activities:
|
|||
Depreciation
and amortization
|
2,193
|
2,258
|
1,907
|
Mortgage
servicing rights valuation adjustment
|
(28)
|
(25)
|
(24)
|
Provision
for loan losses
|
2,900
|
1,425
|
1,500
|
Benefit
for deferred income taxes
|
(395)
|
(436)
|
(704)
|
Noncash
expense related to ESOP
|
414
|
274
|
558
|
Noncash
interest expense on capital lease obligation
|
-
|
-
|
49
|
Increase
(decrease) in deferred loan origination fees, net of
amortization
|
51
|
(407)
|
933
|
Origination
of loans held for sale
|
(14,829)
|
(16,966)
|
(17,308)
|
Proceeds
from sales of loans held for sale
|
14,895
|
17,116
|
17,786
|
Excess
tax benefit from stock based compensation
|
(14)
|
(67)
|
-
|
Writedown
of real estate owned
|
9
|
-
|
-
|
Net
gain on loans held for sale, sale of real estate owned,
mortgage-backed
securities, investment securities and premises and
equipment
|
(361)
|
(422)
|
(363)
|
Income
from bank owned life insurance
|
(562)
|
(522)
|
(485)
|
Changes
in assets and liabilities, net of acquisition:
|
|||
Prepaid
expenses and other assets
|
206
|
397
|
(455)
|
Accrued
interest receivable
|
386
|
(764)
|
(371)
|
Accrued
expenses and other liabilities
|
(956)
|
437
|
2,488
|
Net
cash provided by operating activities
|
12,553
|
13,904
|
15,249
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||
Loan
originations, net
|
(76,838)
|
(60,707)
|
(76,216)
|
Proceeds
from call, maturity, or sale of investment securities available for
sale
|
11,360
|
4,850
|
5,250
|
Principal
repayments on investment securities available for sale
|
75
|
75
|
37
|
Purchase
of investment securities available for sale
|
-
|
-
|
(4,996)
|
Principal
repayments on mortgage-backed securities available for
sale
|
1,447
|
1,658
|
3,320
|
Principal
repayments on mortgage-backed securities held to maturity
|
347
|
572
|
538
|
Purchase
of premises and equipment and capitalized software
|
(1,629)
|
(4,334)
|
(8,087)
|
Acquisition,
net of cash received
|
-
|
-
|
(14,663)
|
Proceeds
from sale of real estate owned and premises and equipment
|
6
|
3
|
275
|
Net
cash used by investing activities
|
(65,232)
|
(57,883)
|
(94,542)
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||
Net
change in deposit accounts, net of deposits acquired
|
1,595
|
58,441
|
70,331
|
Dividends
paid
|
(4,740)
|
(4,289)
|
(3,631)
|
Repurchase
of common stock
|
(12,643)
|
-
|
(1,228)
|
Proceeds
from issuance of subordinated debentures
|
15,000
|
-
|
7,000
|
Proceeds
from borrowings
|
366,500
|
559,350
|
150,100
|
Repayment
of borrowings
|
(308,700)
|
(570,400)
|
(174,000)
|
Principal
payments under capital lease obligation
|
(35)
|
(32)
|
(10)
|
Net
increase (decrease) in advance payments by borrowers
|
(4)
|
39
|
44
|
Excess
tax benefit from stock based compensation
|
14
|
67
|
-
|
Proceeds
from exercise of stock options
|
708
|
880
|
314
|
Net
cash provided by financing activities
|
57,695
|
44,056
|
48,920
|
NET
INCREASE (DECREASE) IN CASH
|
5,016
|
77
|
(30,373)
|
CASH,
BEGINNING OF YEAR
|
31,423
|
31,346
|
61,719
|
CASH,
END OF YEAR
|
$ 36,439
|
$ 31,423
|
$ 31,346
|
SUPPLEMENTAL
DISCLOSURES:
|
|||
Cash
paid during the year for:
|
|||
Interest
|
$ 25,511
|
$ 24,347
|
$ 14,663
|
Income
taxes
|
4,639
|
7,025
|
5,206
|
NONCASH
INVESTING AND FINANCING ACTIVITIES:
|
|||
Transfer
of loans to real estate owned, net
|
$ 503
|
$ -
|
$ -
|
Dividends
declared and accrued in other liabilities
|
960
|
1,144
|
955
|
Fair
value adjustment to securities available for sale
|
(201)
|
289
|
(234)
|
Income
tax effect related to fair value adjustment
|
69
|
(99)
|
79
|
Common
stock issued upon business combination
|
-
|
-
|
16,713
|
Borrowings
under capital lease obligation
|
-
|
-
|
2,715
|
Premises
and equipment purchases included in accounts payable
|
70
|
64
|
-
|
Capitalized
software acquired under a service agreement
|
417
|
-
|
-
|
RIVERVIEW BANCORP, INC. AND
SUBSIDIARY
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS
ENDED MARCH 31, 2008 AND
2007
|
1.
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
|
Buildings
and improvements
|
3
to 45 years
|
Furniture
and equipment
|
3
to 20 years
|
Leasehold
improvements
|
15 to 25 years
|
Net
income:
|
||
As
reported
|
$
9,738
|
|
Deduct:
Total stock based compensation
expense
determined under fair value
based
method for all options, net of
related
tax benefit
|
(1,345)
|
|
Pro
forma
|
$ 8,393
|
|
Earnings
per common share – basic:
|
||
As
reported
|
$ 0.87
|
|
Pro
forma
|
0.75
|
|
Earnings
per common share – fully diluted:
|
||
As
reported
|
$ 0.86
|
|
Pro
forma
|
0.74
|
2.
|
RESTRICTED
ASSETS
|
3.
|
ACQUISITION
|
Assets
|
|
Cash
|
$ 3,433
|
Investments
|
1,417
|
Building
and equipment
|
1,080
|
Loans
|
119,536
|
Core
deposit intangible
|
526
|
Goodwill
|
16,359
|
Other,
net
|
2,547
|
Total
assets
|
144,898
|
Liabilities
|
|
Deposits
|
(79,755)
|
Borrowings
|
(29,882)
|
Other
liabilities
|
(452)
|
Total
liabilities
|
(110,089)
|
Net
assets
|
$ 34,809
|
Less:
|
|
Stock
issued in acquisition
|
(16,713)
|
Cash
acquired
|
(3,433)
|
Cash
used in acquisition, net of cash acquired
|
$ 14,663
|
4.
|
INVESTMENT
SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||
March 31, 2008
|
||||||
Trust
Preferred
|
$ 5,000
|
$ -
|
$ (388)
|
$ 4,612
|
||
Municipal
bonds
|
2,825
|
50
|
-
|
2,875
|
||
Total
|
$ 7,825
|
$ 50
|
$ (388)
|
$ 7,487
|
||
March 31, 2007
|
||||||
Trust
Preferred
|
$ 5,000
|
$ 19
|
$ -
|
$ 5,019
|
||
Agency
securities
|
10,784
|
-
|
(44)
|
10,740
|
||
Municipal
bonds
|
3,474
|
34
|
-
|
3,508
|
||
Total
|
$ 19,258
|
$ 53
|
$ (44)
|
$ 19,267
|
||
Less
than 12 months
|
12
months or longer
|
Total
|
|||||
Description
of Securities
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|
Trust
Preferred
|
$ 4,612
|
$ (388)
|
$ -
|
$ -
|
$ 4,612
|
$ (388)
|
Less
than 12 months
|
12
months or longer
|
Total
|
|||||
Description
of Securities
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|
Agency
securities
|
$ -
|
$ -
|
$10,740
|
$(44)
|
$10,740
|
$(44)
|
Amortized
Cost
|
Estimated
Fair Value
|
|||
March 31, 2008
|
||||
Due
in one year or less
|
$ 484
|
$ 491
|
||
Due
after one year through five years
|
530
|
547
|
||
Due
after five years through ten years
|
619
|
645
|
||
Due
after ten years
|
6,192
|
5,804
|
||
Total
|
$ 7,825
|
$ 7,487
|
5.
|
MORTGAGE-BACKED
SECURITIES
|
March 31, 2008
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||
Real
estate mortgage investment conduits
|
$ 624
|
$ 2
|
$ -
|
$ 626
|
||
FHLMC
mortgage-backed securities
|
104
|
1
|
-
|
105
|
||
FNMA
mortgage-backed securities
|
157
|
4
|
-
|
161
|
||
Total
|
$ 885
|
$ 7
|
$ -
|
$ 892
|
||
March 31, 2007
|
||||||
Real
estate mortgage investment conduits
|
$ 923
|
$ 6
|
$ -
|
$ 929
|
||
FHLMC
mortgage-backed securities
|
116
|
1
|
-
|
117
|
||
FNMA
mortgage-backed securities
|
193
|
4
|
-
|
197
|
||
Total
|
$ 1,232
|
$ 11
|
$ -
|
$ 1,243
|
March 31, 2008
|
Amortized
Cost
|
Estimated
Fair Value
|
||
Due
in one year or less
|
$ -
|
$ -
|
||
Due
after one year through five years
|
-
|
-
|
||
Due
after five years through ten years
|
12
|
13
|
||
Due
after ten years
|
873
|
879
|
||
Total
|
$ 885
|
$ 892
|
||
March 31, 2008
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||
Real
estate mortgage investment conduits
|
$ 851
|
$ 8
|
$ (1)
|
$ 858
|
||
FHLMC
mortgage-backed securities
|
4,393
|
1
|
(4)
|
4,390
|
||
FNMA
mortgage-backed securities
|
87
|
3
|
-
|
90
|
||
Total
|
$ 5,331
|
$ 12
|
$ (5)
|
$ 5,338
|
||
March 31, 2007
|
||||||
Real
estate mortgage investment conduits
|
$ 1,070
|
$ 15
|
$ (2)
|
$ 1,083
|
||
FHLMC
mortgage-backed securities
|
5,592
|
-
|
(153)
|
5,439
|
||
FNMA
mortgage-backed securities
|
116
|
2
|
-
|
118
|
||
Total
|
$ 6,778
|
$ 17
|
$ (155)
|
$ 6,640
|
Less
than 12 months
|
12
months or longer
|
Total
|
|||||
Description
of Securities
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|
Real
estate mortgage investment conduits
|
$ 501
|
$ (1)
|
$ -
|
$ -
|
$ 501
|
$ (1)
|
|
FHLMC
mortgage-backed
securities
|
-
|
-
|
2,393
|
(4)
|
2,393
|
(4)
|
|
Total
temporarily impaired securities
|
$ 501
|
$ (1)
|
$ 2,393
|
$ (4)
|
$2,894
|
$ (5)
|
Less
than 12 months
|
12
months or longer
|
Total
|
||||||
Description
of Securities
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||
Real
estate mortgage investment conduits
|
$ -
|
$ -
|
$ 407
|
$ (2)
|
$ 407
|
$ (2)
|
||
FHLMC
mortgage-backed securities
|
-
|
-
|
5,439
|
(153)
|
5,439
|
(153)
|
||
FNMA
mortgage-backed securities
|
2
|
-
|
-
|
-
|
2
|
-
|
||
Total
temporarily impaired securities
|
$ 2
|
$ -
|
$ 5,846
|
$ (155)
|
$ 5,848
|
$ (155)
|
March 31, 2008
|
Amortized
Cost
|
Estimated
Fair Value
|
||
Due
in one year or less
|
$ 31
|
$ 31
|
||
Due
after one year through five years
|
-
|
-
|
||
Due
after five years through ten years
|
4,773
|
4,780
|
||
Due
after ten years
|
527
|
527
|
||
Total
|
$ 5,331
|
$ 5,338
|
6.
|
LOANS
RECEIVABLE
|
March
31 ,
|
|||
2008
|
2007
|
||
Commercial
and construction
|
|||
Commercial
|
$109,585
|
$ 91,174
|
|
Other
real estate mortgage
|
429,422
|
360,930
|
|
Real
estate construction
|
148,631
|
166,073
|
|
Total
commercial and construction
|
687,638
|
618,177
|
|
Consumer
|
|||
Real
estate one-to-four family
|
75,922
|
69,808
|
|
Other
installment
|
3,665
|
3,619
|
|
Total
consumer
|
79,587
|
73,427
|
|
Total
loans
|
767,225
|
691,604
|
|
Less:
|
|||
Allowance
for loan losses
|
10,687
|
8,653
|
|
Loans
receivable, net
|
$756,538
|
$682,951
|
Year
Ended March 31,
|
||||
2008
|
2007
|
2006
|
||
Beginning
balance
|
$ 185
|
$ 7
|
$ 408
|
|
Originations
|
360
|
192
|
5
|
|
Principal
repayments
|
(127)
|
(14)
|
(406)
|
|
Ending
balance
|
$ 418
|
$ 185
|
$ 7
|
7.
|
ALLOWANCE
FOR LOAN LOSSES
|
Year
Ended March 31,
|
||||
2008
|
2007
|
2006
|
||
Beginning
balance
|
$ 8,653
|
$ 7,221
|
$ 4,395
|
|
Provision
for losses
|
2,900
|
1,425
|
1,500
|
|
Charge-offs
|
(905)
|
(186)
|
(711)
|
|
Recoveries
|
39
|
193
|
149
|
|
Allowance
transferred from APB acquisition
|
-
|
-
|
1,888
|
|
Ending
balance
|
$ 10,687
|
$ 8,653
|
$ 7,221
|
Year
Ended March 31,
|
||||
2008
|
2007
|
2006
|
||
Beginning
balance
|
$ 380
|
$ 362
|
$ 253
|
|
Net
change in allowance for unfunded loan commitments
|
(43)
|
18
|
109
|
|
Ending
balance
|
$ 337
|
$ 380
|
$ 362
|
8.
|
PREMISES
AND EQUIPMENT
|
March
31,
|
||||
2008
|
2007
|
|||
Land
|
$ 3,878
|
$ 2,847
|
||
Buildings
and improvements
|
13,067
|
11,736
|
||
Leasehold
improvements
|
1,996
|
1,961
|
||
Furniture
and equipment
|
10,151
|
10,401
|
||
Buildings
under capitalized leases
|
2,715
|
2,715
|
||
Construction
in progress
|
2
|
1,798
|
||
Total
|
31,809
|
31,458
|
||
Less
accumulated depreciation and amortization
|
(10,783)
|
(10,056)
|
||
Premises
and equipment, net
|
$ 21,026
|
$ 21,402
|
Year
Ending March 31:
|
Operating
Leases
|
Capital
Leases
|
||||||
2009
|
$ 1,669 | $ 228 | ||||||
2010
|
1,594 | 228 | ||||||
2011
|
1,046 | 228 | ||||||
2012
|
817 | 236 | ||||||
2013
|
820 | 251 | ||||||
Thereafter
|
3,693 | 4,185 | ||||||
Total
minimum lease payments
|
$ 9,639 | 5,356 | ||||||
Less
amount representing interest
|
(2,670 | ) | ||||||
Present
value of net minimum lease payments
|
$ 2,686 |
9.
|
MORTGAGE
SERVICING RIGHTS
|
March
31,
|
|||
2008
|
2007
|
2006
|
|
Balance
at beginning of year, net
|
$ 351
|
$ 384
|
$ 470
|
Additions
|
139
|
148
|
123
|
Amortization
|
(216)
|
(206)
|
(233)
|
Change
in valuation allowance
|
28
|
25
|
24
|
Balance
end of year, net
|
$ 302
|
$ 351
|
$ 384
|
Valuation
allowance at beginning of year
|
$ 35
|
$ 60
|
$ 84
|
Change
in valuation allowance
|
(28)
|
(25)
|
(24)
|
Valuation
allowance balance at end of year
|
$ 7
|
$ 35
|
$ 60
|
10.
|
DEPOSIT
ACCOUNTS
|
Account Type
|
Weighted
Average
Rate
|
March
31,
2008
|
Weighted
Average
Rate
|
March
31,
2007
|
||
Non-interest-bearing
|
0.00%
|
$ 82,121
|
0.00%
|
$ 86,601
|
||
Interest
checking
|
1.32
|
102,489
|
3.19
|
144,451
|
||
Money
market
|
2.39
|
189,309
|
4.62
|
205,007
|
||
Savings
accounts
|
0.55
|
27,401
|
0.55
|
29,472
|
||
Certificates
of deposit
|
4.29
|
265,680
|
4.69
|
199,874
|
||
Total
|
2.61%
|
$ 667,000
|
3.54%
|
$ 665,405
|
Year
Ended March 31,
|
||||||
2008
|
2007
|
2006
|
||||
Interest
checking
|
$ 3,906
|
$ 4,364
|
$ 2,248
|
|||
Money
market
|
8,882
|
6,971
|
3,276
|
|||
Savings
accounts
|
151
|
179
|
213
|
|||
Certificates
of deposit
|
9,204
|
8,993
|
6,646
|
|||
Total
|
$22,143
|
$20,507
|
$12,383
|
11.
|
FEDERAL
HOME LOAN BANK ADVANCES
|
12.
|
JUNIOR
SUBORDINATED DEBENTURES
|
Issuance Trust
|
Issuance
Date
|
Amount
Outstanding
|
Rate Type
|
Initial
Rate
|
Rate
at 3/31/08
|
Maturing
Date
|
||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
Riverview
Bancorp
Statutory
Trust I
|
12/2005 | $ 7,217 |
Variable
(1)
|
5.88 | % | 4.16 | % | 3/2036 | ||||||||||||
Riverview
Bancorp
Statutory
Trust II
|
6/2007 | 15,464 |
Fixed
(2)
|
7.03 | % | 7.03 | % | 9/2037 | ||||||||||||
$ 22,681 | ||||||||||||||||||||
(1) The
trust preferred securities reprice quarterly based on the three-month
LIBOR plus 1.36%
(2) The
trust preferred securities bear a fixed quarterly interest rate for 60
months, at which time the rate begins to float on a quarterly
basis based on the three-month LIBOR plus 1.35% until
maturity.
|
13.
|
INCOME
TAXES
|
2008
|
2007
|
2006
|
||||
Current
|
$
4,894
|
$
6,604
|
$
5,281
|
|||
Deferred
|
(395)
|
(436)
|
(704)
|
|||
Total
|
$ 4,499
|
$ 6,168
|
$
4,577
|
2008
|
2007
|
2006
|
|
Statutory
federal income tax rate
|
35.0%
|
35.0%
|
35.0%
|
State
and local income tax rate
|
1.2
|
0.9
|
1.0
|
ESOP
market value adjustment
|
0.8
|
0.5
|
0.9
|
Interest
income on municipal securities
|
(0.4)
|
(0.3)
|
(0.4)
|
Bank
owned life insurance
|
(1.5)
|
(1.1)
|
(1.2)
|
Other,
net
|
(0.9)
|
(0.4)
|
(3.4)
|
Effective
federal income tax rate
|
34.2%
|
34.6%
|
31.9%
|
2008
|
2007
|
|
Deferred
tax assets:
|
||
Deferred
compensation
|
$ 660
|
$ 715
|
Loan
loss reserve
|
4,014
|
3,287
|
Core
deposit intangible
|
90
|
169
|
Accrued
expenses
|
215
|
373
|
Accumulated
depreciation
|
446
|
462
|
Net
operating loss carry forward
|
-
|
91
|
Net
unrealized loss on securities available for sale
|
112
|
44
|
Capital
loss carry forward
|
699
|
725
|
REO
expense
|
186
|
186
|
Non-compete
|
164
|
169
|
Other
|
159
|
64
|
Total
deferred tax asset
|
6,745
|
6,285
|
Deferred
tax liabilities:
|
||
FHLB
stock dividend
|
(1,093)
|
(1,093)
|
Deferred
gain on sale
|
(170)
|
(157)
|
Tax
qualified loan loss reserve
|
(27)
|
(55)
|
Purchase
accounting
|
(203)
|
(259)
|
Prepaid
expense
|
(97)
|
(139)
|
Loan
fees/costs
|
(584)
|
(474)
|
Total
deferred tax liability
|
(2,174)
|
(2,177)
|
Deferred
tax asset, net
|
$ 4,571
|
$ 4,108
|
14.
|
EMPLOYEE
BENEFITS PLANS
|
Risk
Free
Interest Rate
|
Expected
Life (yrs)
|
Expected
Volatility
|
Expected
Dividends
|
||
Fiscal
2008
|
4.32%
|
6.25
|
15.13%
|
3.06%
|
|
Fiscal
2006
|
4.67%
|
10.00
|
26.32%
|
3.07%
|
2008
|
2007
|
2006
|
||||
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
Number
of
Shares
|
Weighted
Average
Exercise
Price
|
|
Balance,
beginning of period
|
526,192
|
$ 10.41
|
755,846
|
$ 9.68
|
454,990
|
$ 7.18
|
Grants
|
20,000
|
13.42
|
-
|
-
|
354,000
|
12.70
|
Options
exercised
|
(95,620)
|
7.68
|
(212,054)
|
7.79
|
(53,144)
|
8.48
|
Forfeited
|
(25,600)
|
12.69
|
(17,600)
|
10.65
|
-
|
-
|
Balance,
end of period
|
424,972
|
$ 11.02
|
526,192
|
$ 10.41
|
755,846
|
$ 9.68
|
Options Outstanding
|
Options
Exercisable
|
||||
Range of
Exercise Price
|
Weighted Avg
Remaining
Contractual
Life (years)
|
Number
Outstanding
|
Weighted
Average
Exercise
Price
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
$ 4.03-$6.16
|
1.89
|
29,996
|
$ 5.22
|
29,996
|
$ 5.22
|
6.51- 6.88
|
1.84
|
53,776
|
6.83
|
53,776
|
6.83
|
7.49- 9.51
|
5.13
|
41,200
|
8.73
|
41,200
|
8.73
|
10.10-
10.83
|
7.06
|
43,000
|
10.28
|
27,400
|
10.27
|
12.98-14.52
|
8.04
|
257,000
|
13.06
|
245,000
|
12.99
|
6.44
|
424,972
|
$ 11.02
|
397,372
|
$ 10.94
|
Year
ended
|
Year
ended
|
||||
March
31, 2008
|
March
31, 2007
|
||||
Stock
options fully vested and expected to vest:
|
|||||
Number
|
422,572
|
523,052
|
|||
Weighted
average exercise price
|
$ 11.02
|
$ 10.41
|
|||
Aggregate
intrinsic value
|
$ (437,882)
|
$2,892,379
|
|||
Weighted
average contractual term of options
|
6.82
years
|
7.07
years
|
|||
Stock
options vested and currently exercisable:
|
|||||
Number
|
397,372
|
493,192
|
|||
Weighted
average exercise price
|
$ 10.94
|
$ 10.43
|
|||
Aggregate
intrinsic value
|
$ (382,675)
|
$2,717,710
|
|||
Weighted
average contractual term of options
|
6.31
years
|
6.65
years
|
15.
|
EMPLOYEE
STOCK OWNERSHIP PLAN
|
Fair
Value
of
Unreleased
Shares
|
Unreleased
ESOP
Shares
|
Allocated
and
Released
Shares
|
Total
|
|||
Balance,
March 31, 2005
|
$3,664,000
|
344,862
|
617,722
|
962,584
|
||
Allocation
December 31, 2005
|
(49,266)
|
49,266
|
-
|
|||
Balance,
March 31, 2006
|
$3,955,000
|
295,596
|
666,988
|
962,584
|
||
Allocation
December 31, 2006
|
(24,633)
|
24,633
|
-
|
|||
Balance,
March 31, 2007
|
$4,319,000
|
270,963
|
691,621
|
962,584
|
||
Allocation
December 31, 2007
|
(24,633)
|
24,633
|
-
|
|||
Balance,
March 31, 2008
|
$2,458,000
|
246,330
|
716,254
|
962,584
|
16.
|
SHAREHOLDERS’
EQUITY AND REGULATORY CAPITAL
REQUIREMENTS
|
Actual
|
For
Capital
Adequacy
Purposes
|
Categorized
as "Well
Capitalized"
Under
Prompt Corrective
Action
Provision
|
||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|
March
31, 2008
|
||||||
Total
Capital:
|
||||||
(To
Risk Weighted Assets)
|
$ 88,806
|
10.99%
|
$ 64,627
|
8.0%
|
$ 80,784
|
10.0%
|
Tier
I Capital:
|
||||||
(To
Risk Weighted Assets)
|
79,021
|
9.78
|
32,314
|
4.0
|
48,470
|
6.0
|
Tier
I Capital:
|
||||||
(To
Adjusted Tangible Assets)
|
79,021
|
9.29
|
25,530
|
3.0
|
42,550
|
5.0
|
Tangible
Capital:
|
||||||
(To
Tangible Assets)
|
79,021
|
9.29
|
12,765
|
1.5
|
N/A
|
N/A
|
Actual
|
For
Capital
Adequacy
Purposes
|
Categorized
as "Well
Capitalized"
Under
Prompt
Corrective
Action
Provision
|
||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|
March
31, 2007
|
||||||
Total
Capital:
|
||||||
(To
Risk Weighted Assets)
|
$ 84,363
|
11.38%
|
$ 59,310
|
8.0%
|
$ 74,137
|
10.0%
|
Tier
I Capital:
|
||||||
(To
Risk Weighted Assets)
|
75,740
|
10.22
|
29,655
|
4.0
|
44,482
|
6.0
|
Tier
I Capital:
|
||||||
(To
Adjusted Tangible Assets)
|
75,740
|
9.60
|
23,662
|
3.0
|
39,436
|
5.0
|
Tangible
Capital:
|
||||||
(To
Tangible Assets)
|
75,740
|
9.60
|
11,831
|
1.5
|
N/A
|
N/A
|
Shares
|
Value
|
||
2008
|
875,000
|
$12,643
|
|
2007
|
-
|
-
|
|
2006
|
100,000
|
$ 1,228
|
17.
|
EARNINGS
PER SHARE
|
Years Ended March 31, | |||||
2008
|
2007
|
2006
|
|||
Basic
EPS computation:
|
|||||
Numerator-Net
income
|
$ 8,644,000
|
$
11,606,000
|
$ 9,738,000
|
||
Denominator-Weighted
average common shares outstanding
|
10,915,271
|
11,312,847
|
11,204,479
|
||
Basic
EPS
|
$ 0.79
|
$ 1.03
|
$ 0.87
|
||
Diluted
EPS computation:
|
|||||
Numerator-Net
Income
|
$ 8,644,000
|
$
11,606,000
|
$ 9,738,000
|
||
Denominator-Weighted
average
|
|||||
common
shares outstanding
|
10,915,271
|
11,312,847
|
11,204,479
|
||
Effect
of dilutive stock options
|
91,402
|
203,385
|
145,856
|
||
Weighted
average common shares
|
|||||
and
common stock equivalents
|
11,006,673
|
11,516,232
|
11,350,335
|
||
Diluted
EPS
|
$ 0.79
|
$ 1.01
|
$ 0.86
|
18.
|
FAIR
VALUE OF FINANCIAL INSTRUMENTS
|
March
31,
|
|||||||
2008
|
2007
|
||||||
Carrying
Value
|
Fair
Value
|
Carrying
Value
|
Fair
Value
|
||||
Assets:
|
|||||||
Cash
|
$ 36,439
|
$ 36,439
|
$ 31,423
|
$ 31,423
|
|||
Investment
securities available for sale
|
7,487
|
7,487
|
19,267
|
19,267
|
|||
Mortgage-backed
securities held to maturity
|
885
|
892
|
1,232
|
1,243
|
|||
Mortgage-backed
securities available for sale
|
5,338
|
5,338
|
6,640
|
6,640
|
|||
Loans
receivable, net
|
756,538
|
775,454
|
682,951
|
680,861
|
|||
Mortgage
servicing rights
|
302
|
973
|
351
|
1,032
|
|||
FHLB
stock
|
7,350
|
7,350
|
7,350
|
7,350
|
|||
Liabilities:
|
|||||||
Demand
– savings deposits
|
401,320
|
401,320
|
465,531
|
465,531
|
|||
Time
deposits
|
265,680
|
268,747
|
199,874
|
199,174
|
|||
FHLB
advances
|
92,850
|
92,745
|
35,050
|
34,982
|
|||
Junior
subordinated debentures
|
22,681
|
15,734
|
7,217
|
7,235
|
19.
|
COMMITMENTS
AND CONTINGENCIES
|
20.
|
RIVERVIEW
BANCORP, INC. (PARENT COMPANY)
|
BALANCE
SHEETS
|
||
MARCH
31, 2008 AND 2007
|
||
D((Dollars
in thousands)
|
2008
|
2007
|
ASSETS
|
||
Cash
(including interest earning accounts of $8,269 and $4,530)
|
$ 8,295
|
$ 4,907
|
Investment
in the Bank
|
105,731
|
102,310
|
Other
assets
|
2,318
|
1,401
|
Deferred
income taxes
|
-
|
22
|
TOTAL
ASSETS
|
$ 116,344
|
$ 108,640
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||
Accrued
expenses and other liabilities
|
$ 106
|
$ 71
|
Deferred
income taxes
|
12
|
-
|
Borrowings
|
22,681
|
7,217
|
Dividend
payable
|
960
|
1,143
|
Shareholders'
equity
|
92,585
|
100,209
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ 116,344
|
$
108,640
|
STATEMENTS OF INCOME
|
||||
YEARS ENDED MARCH 31, 2008, 2007 AND 2006
|
||||
(Dollars
in thousands)
|
2008
|
2007
|
2006
|
|
INCOME:
|
||||
Dividend
income from Bank
|
$ 6,386
|
$ 7,907
|
$ 15,000
|
|
Interest
on investment securities and other short-term investments
|
468
|
172
|
73
|
|
Interest
on loan receivable from the Bank
|
94
|
126
|
149
|
|
Total
income
|
6,948
|
8,205
|
15,222
|
|
EXPENSE:
|
||||
Management
service fees paid to the Bank
|
143
|
143
|
143
|
|
Other
expenses
|
1,636
|
815
|
360
|
|
Total
expense
|
1,779
|
958
|
503
|
|
INCOME
BEFORE INCOME TAXES AND EQUITY
|
||||
IN
UNDISTRIBUTED INCOME OF THE BANK
|
5,169
|
7,247
|
14,719
|
|
BENEFIT
FOR INCOME TAXES
|
(426)
|
(231)
|
(363)
|
|
INCOME
OF PARENT COMPANY
|
5,595
|
7,478
|
15,082
|
|
EQUITY
IN UNDISTRIBUTED INCOME (LOSS) OF THE BANK
|
3,049
|
4,128
|
(5,344)
|
|
NET
INCOME
|
$ 8,644
|
$ 11,606
|
$ 9,738
|
(Dollars
in thousands)
|
2008
|
2007
|
2006
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|||
Net income
|
$ 8,644
|
$
11,606
|
$ 9,738
|
Adjustments to reconcile net income cash provided by operating
activities:
|
|||
Equity in undistributed earnings (loss) of the Bank
|
(3,049)
|
(4,128)
|
5,344
|
Provision for (benefit from) deferred income taxes
|
34
|
13
|
(4)
|
Earned ESOP shares
|
414
|
274
|
558
|
Changes in assets and liabilities, net of acquisition
|
|||
Other assets
|
(445)
|
(724)
|
323
|
Accrued
expenses and other liabilities
|
(535)
|
(376)
|
(588)
|
Net
cash provided by operating activities
|
5,063
|
6,665
|
15,371
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||
Additional
investment in subsidiary
|
-
|
-
|
(5,000)
|
Acquisition,
net of cash acquired
|
-
|
-
|
(18,096)
|
Net
cash used by investing activities
|
-
|
-
|
(23,096)
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||
Dividends
paid
|
(4,740)
|
(4,289)
|
(3,631)
|
Proceeds
from subordinated debentures
|
15,000
|
-
|
7,000
|
Repurchase
of common stock
|
(12,643)
|
-
|
(1,228)
|
Proceeds
from exercise of stock options
|
708
|
880
|
314
|
Net
cash provided (used) by financing activities
|
(1,675)
|
(3,409)
|
2,455
|
NET
INCREASE (DECREASE) IN CASH
|
3,388
|
3,256
|
(5,270)
|
CASH,
BEGINNING OF YEAR
|
4,907
|
1,651
|
6,921
|
CASH,
END OF YEAR
|
$ 8,295
|
$ 4,907
|
$ 1,651
|
(Dollars in thousands, except
share data)
|
Three
Months Ended
|
||||||
March 31
|
December 31
|
September 30
|
June 30
|
||||
Fiscal
2008:
|
|||||||
Interest
income
|
$ 14,608
|
$ 15,336
|
$ 15,314
|
$ 15,424
|
|||
Interest
expense
|
6,036
|
6,478
|
6,620
|
6,596
|
|||
Net
interest income
|
8,572
|
8,858
|
8,694
|
8,828
|
|||
Provision
for loan losses
|
1,800
|
650
|
400
|
50
|
|||
Non-interest
income
|
2,214
|
2,150
|
2,216
|
2,302
|
|||
Non-interest
expense
|
7,168
|
7,011
|
6,831
|
6,781
|
|||
Income
before income taxes
|
1,818
|
3,347
|
3,679
|
4,299
|
|||
Provision
for income taxes
|
656
|
1,134
|
1,249
|
1,460
|
|||
Net
income
|
$ 1,162
|
$ 2,213
|
$ 2,430
|
$ 2,839
|
|||
Basic
earnings per share (1)
|
$ 0.11
|
$ 0.21
|
$ 0.22
|
$ 0.25
|
|||
Diluted
earnings per share
|
$ 0.11
|
$ 0.21
|
$ 0.22
|
$ 0.25
|
|||
Fiscal
2007:
|
|||||||
Interest
income
|
$ 15,722
|
$ 16,078
|
$ 15,302
|
$ 14,198
|
|||
Interest
expense
|
6,662
|
6,760
|
6,175
|
5,185
|
|||
Net
interest income
|
9,060
|
9,318
|
9,127
|
9,013
|
|||
Provision
for loan losses
|
100
|
375
|
600
|
350
|
|||
Non-interest
income
|
2,218
|
2,410
|
2,291
|
2,115
|
|||
Non-interest
expense
|
6,851
|
6,461
|
6,272
|
6,769
|
|||
Income
before income taxes
|
4,327
|
4,892
|
4,546
|
4,009
|
|||
Provision
for income taxes
|
1,563
|
1,654
|
1,573
|
1,378
|
|||
Net
income
|
$ 2,764
|
$ 3,238
|
$ 2,973
|
$ 2,631
|
|||
Basic
earnings per share (1)
|
$ 0.24
|
$ 0.29
|
$ 0.26
|
$ 0.23
|
|||
Diluted
earnings per share
|
$ 0.24
|
$ 0.28
|
$ 0.26
|
$ 0.23
|
(1)
|
Quarterly earnings per share may
vary from annual earnings per share due to
rounding.
|
Plan
category
|
Number
of securities
to
be issued upon
exercise
of outstanding
options
|
Weighted-
average
price of outstanding options
|
Number
of securities remaining
available
for future issuance
under
equity compensation plans
excluding
securities reflected in
column
(A)
|
Equity
compensation plans approved by
security
holders:
|
(A)
|
(B)
|
(C)
|
2003
Stock Option Plan
|
242,000
|
$12.98
|
170,154
|
1998
Stock Option Plan
|
182,972
|
8.43
|
26,562
|
Equity
compensation plans not approved
by
security holders:
|
-
|
-
|
-
|
|
|
||
Total
|
424,972
|
196,716
|
2.
|
Financial Statement Schedules
|
3.
|
Exhibits
|
||
3.1
|
Articles
of Incorporation of the Registrant (1)
|
||
3.2
|
Bylaws
of the Registrant (1)
|
||
4
|
Form
of Certificate of Common Stock of the Registrant (1)
|
||
10.1
|
Form
of Employment Agreement between the Bank and each Patrick Sheaffer, Ronald
A. Wysaske, David A. Dahlstrom and John A. Karas (2)
|
||
10.2
|
Form
of Change of Control Agreement between the Bank and Ronald L. Dobyns
(3)
|
||
10.5
|
Employee
Severance Compensation Plan (4)
|
||
10.6
|
Employee
Stock Ownership Plan (5)
|
||
10.7
|
Management
Recognition and Development Plan (6)
|
||
10.8
|
1998
Stock Option Plan (6)
|
||
10.9
|
1993
Stock Option and Incentive Plan (6)
|
||
10.10
|
2003
Stock Option Plan (7)
|
||
10.11
|
Form
of Incentive Stock Option Award Pursuant to 2003 Stock Option Plan
(8)
|
||
10.12
|
Form
of Non-qualified Stock Option Award Pursuant to 2003 Stock Option Plan
(8)
|
||
11
|
Statement
of recomputation of per share earnings (See Note 17 of Notes to
Consolidated Financial Statements contained herein.)
|
||
21 | Subsidiaries of Registrant (9) | ||
23
|
Consent
of Independent Registered Public Accounting Firm
|
||
31.1
|
Certifications of Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act
|
||
31.2
|
Certifications
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act
|
||
32
|
Certification
of Chief Executive Officer and Chief Financial Officer Pursuant to Section
906 of the Sarbanes-Oxley Act
|
(1)
|
Filed
as an exhibit to the Registrant's Registration Statement on Form S-1
(Registration No. 333-30203), and incorporated herein by
reference.
|
(2)
|
Filed
as an exhibit to the Registrant’s Current Report on Form 8-K filed with
the SEC on September 18, 2007, and incorporated herein by
reference.
|
(3)
|
Filed
as an exhibit to the Registrant’s Current Report on Form 8-K filed with
the SEC on September 18, 2007, and incorporated herein by
reference.
|
(4)
|
Filed
as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 1997, and incorporated herein by
reference.
|
(5)
|
Filed
as an exhibit to the Registrant's Annual Report on Form 10-K for the year
ended March 31, 1998, and incorporated herein by
reference.
|
(6)
|
Filed
as an exhibit to the Registrant’s Registration Statement on Form S-8
(Registration No. 333-66049), and incorporated herein by
reference.
|
(7)
|
Filed
as Exhibit 99 to the Registration Statement on Form S-8 (Registration No.
333-66049), and incorporated herein by
reference.
|
(8)
|
Filed
as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the
quarter ended December 31, 2005, and incorporated herein by
reference.
|
(9)
|
Filed
as an exhibit to the Registrant’s Annual Report on Form 10-K for the year
ended March 31, 2007, and incorporated herein by
reference.
|
|
SIGNATURES
|
RIVERVIEW BANCORP, INC. | ||
Date: June 8, 2008 | By: | /s/Patrick Sheaffer |
Patrick Sheaffer | ||
Chairman of the Board and | ||
Chief Executive Officer | ||
(Duly Authorized Representative) |
By: /s/ Patrick Sheaffer | By: | /s/Ronald A. Wysaske |
Patrick Sheaffer | Ronald A. Wysaske | |
Chairman of the Board and |
President
and Chief Operating Officer
|
|
Chief Executive Officer |
Director
|
|
(Principal Executive Officer) | ||
Date: June 8, 2008 | Date: | June 8, 2008 |
By: /s/Kevin J. Lycklama | By: | /s/ Paul L. Runyan |
Kevin J. Lycklama | Paul L. Runyan | |
Senior Vice President and | Vice Chairman of the Board and | |
Chief Financial Officer | Director | |
(Principal Financial and Accounting Officer) | ||
Date: June 8, 2008 | Date: | June 8, 2008 |
By: /s/ Gary R. Douglass | By: | /s/ Edward R. Geiger |
Gary R. Douglass | Edward R. Geiger | |
Director | Director | |
Date: June 8, 2008 | Date: | June 8, 2008 |
By: /s/ Michael D. Allen | By: | /s/ Jerry C. Olson |
Michael D. Allen | Jerry C. Olson | |
Director | Director | |
Date: June 8, 2008 | Date: | June 8, 2008 |
Exhibit 23 | Consent of Independent Registered Public Accounting Firm |
Exhibit 31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Exhibit 31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Exhibit
32
|
Certification
of Chief Executive Officer and Chief Financial Officer Pursuant to 18
U.S.C. 1350 As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
|
1.
|
I
have reviewed this Annual Report on Form 10-K of Riverview Bancorp,
Inc.;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e)-4 and 15d-15(e)-4) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and we
have:
|
a)
|
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report is
being prepared;
|
b)
|
designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
|
c)
|
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such
evaluation;
|
d)
|
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fiscal fourth quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The
registrant’s other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of registrant’s board of
directors (or persons performing the equivalent
functions):
|
a)
|
all
significant deficiencies and material weakness in the design or operation
of internal control over financial reporting which are reasonably likely
to adversely affect the registrant’s ability to record, process, summarize
and report financial data information;
and
|
b)
|
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
1.
|
I
have reviewed this Annual Report on Form 10-K of Riverview Bancorp,
Inc.;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 15(e) abd 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the registrant and we
have:
|
|
a)
|
designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report is
being prepared;
|
b)
|
designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles
|
c)
|
evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
|
d)
|
disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fiscal fourth quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The
registrant’s other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of registrant’s board of
directors (or persons performing the equivalent
function):
|
|
a)
|
all
significant deficiencies and material weakness in the design or operation
of internal control over financial reporting which are reasonably likely
to adversely affect the registrant’s ability to record, process, summarize
and report financial data information;
and
|
d)
|
any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
1.
|
the report fully complies with the requirements of sections 13(a) or 15(d)
of the Securities Exchange Act of 1934, as amended,
and
|
2.
|
the information contained in the report fairly presents, in all material
respects, the company’s financial condition and results of operations as
of the dates and for the periods
presented in the financial statements
included
in such report.
|
/S/ Patrick Sheaffer
|
/S/ Kevin J.
Lycklama
|