VANCOUVER, Wash., May 4, 2009 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) today reported a net loss of $720,000, or $0.07 per diluted share, for the fourth quarter ended March 31, 2009 compared to net income of $1.2 million, or $0.11 per diluted share, in the fourth quarter of fiscal 2008.
For fiscal year 2009, Riverview reported a net loss of $2.7 million, or $0.25 per diluted share, compared to earnings of $8.6 million, or $0.79 per diluted share, for fiscal 2008. Fiscal 2009 results include a $16.2 million provision for loan losses, compared to a $2.9 million provision for loan losses in fiscal 2008. Financial results for fiscal 2009 also include a $3.4 million non-cash other than temporary impairment (OTTI) charge on an investment security in the second fiscal quarter ended September 30, 2008.
"We are pleased that despite the tough current economic conditions we have been able to make steady progress in strengthening the Company. Our fiscal 2009 operating results remained solid with pre-tax, pre-provision earnings increasing to $4.1 million for the quarter, compared to $3.4 million in the prior quarter and $3.6 million for the fourth quarter a year ago," said Pat Sheaffer, Chairman and CEO. "During the quarter, we further strengthened our already 'well capitalized' capital position and we were able to increase our core customer deposits. We believe this reflects strongly on our core business model and our ability to continue to generate future profits. However, we have not been immune to the current economic slowdown in our markets and as such, we increased our provision for loan losses to higher levels than normal."
"Management constantly monitors and manages our liquidity position, considering, among other things our present and anticipated liquidity needs and available sources of liquidity," stated Sheaffer. "In addition to our solid customer base, we have available to us further sources of liquidity, including additional borrowings from the Federal Home Loan Bank and the Federal Reserve Bank, the sale of certain securities that we have classified as available for sale, borrowings at correspondent banks and wholesale markets, including brokered deposits."
"We also continue to closely monitor our level of capital with the goal of increasing total capital," said Sheaffer. "We continue to maintain capital levels in excess of the 'well-capitalized' regulatory threshold. At March 31, 2009, our total risk-based capital and Tier 1 leverage capital ratios increased to 11.46% and 9.50%, respectively, compared to 10.73% and 8.82% at December 31, 2008. With our growing capital and current liquidity position, we are confident that Riverview remains well positioned to work through the challenges presented by this difficult economic period."
Riverview's actual and required minimum capital amounts and ratios are presented in the following table:
Adequately Well
March 31, 2009 Actual Capitalized Capitalized
------------------- --------------- -------------- ---------------
Amount Ratio Amount Ratio Amount Ratio
Total Capital (To
Risk-Weighted
Assets) $94,654 11.46% $66,080 8.00% $82,599 10.00%
Tier 1 Capital (To
Risk-Weighted
Assets) 84,300 10.21 33,040 4.00 49,560 6.00
Tier 1 Capital (To
Adjusted Tangible
Assets) 84,300 9.50 35,502 4.00 44,377 5.00
Credit Quality
"The housing market remained weak in our primary service area during the fourth quarter, resulting in increased delinquencies and non-performing assets," said Dave Dahlstrom, EVP and Chief Credit Officer. "However, we continue to allocate a considerable amount of resources to monitor credit quality."
Non-performing loans decreased slightly to $27.6 million, or 3.44% of total loans, at March 31, 2009, compared to $28.4 million, or 3.46% of total loans, three months earlier. Total non-performing loans consist of thirty-four loans and twenty-nine lending relationships. Land acquisition and development loans and speculative construction loans continue to be the primary driver in our non-performing loans, representing $18.7 million, or 68%, of the total non-performing loan balance at March 31, 2009. The remaining balance includes seven commercial loans totaling $6.0 million, eight residential real estate loans totaling $1.3 million and two multi-family mortgage loans totaling $1.5 million. All of the loans are to borrowers located in Oregon and Washington, with the exception of one land acquisition and development loan totaling $1.4 million to a long-time Washington-based customer who has property located in Southern California.
Riverview had $14.2 million in other real estate owned (OREO) at March 31, 2009, compared to $3.0 million at December 31, 2008. Included in OREO are thirty-two properties limited to sixteen lending relationships. These properties consist primarily of eleven single-family homes totaling $2.4 million (all of which were former speculative construction properties), seventeen residential building lots totaling $1.9 million, three finished subdivision properties totaling $4.6 million, one land development property totaling $5.0 million and one multi-family property totaling $269,000. All properties are located in Oregon and Washington.
The provision for loan losses was $5.0 million for the fourth quarter, compared to $1.2 million during the prior linked quarter and $1.8 million in the fourth quarter a year ago. For fiscal 2009 the provision for loan losses totaled $16.2 million, compared to $2.9 million in fiscal 2008. This elevated provision for loan losses reflects the continued deterioration of the local economy and the resulting impact on our construction and land development loan portfolios. We anticipate that credit costs will remain elevated in 2009.
The allowance for loan losses, including unfunded loan commitments of $296,000, was $17.3 million, or 2.15% of total loans at March 31, 2009 compared to $16.5 million, or 2.01% of total loans at December 31, 2008 and $11.0 million, or 1.44% of total loans, at March 31, 2008. Net loan charge-offs were $4.3 million for the quarter ended March 31, 2009, compared to $1.1 million for the previous linked quarter and $618,000 for the fiscal fourth quarter a year ago. During the quarter, the Company recorded charge-offs of $3.3 million in land development and speculative construction loan balances.
Balance Sheet Review
Net loans increased 4% to $784 million at March 31, 2009, compared to $757 million a year ago. At December 31, 2008 net loans were $805 million. Commercial and commercial real estate loans account for 72% of the total loan portfolio and construction loans account for only 17% of the total loan portfolio at March 31, 2009.
The Company's commercial real estate portfolio continues to perform extremely well. As of March 31, 2009, there were no loans in this portfolio that were more than 30 days past due. In addition, the Company has had no charge-offs in this portfolio in fiscal 2008 or 2009.
During the past year, Riverview has remained focused on reducing its level of residential construction loans. Speculative construction loans represent $57.8 million of the residential construction portfolio at March 31, 2009 compared to $80.7 milliona year ago, representing a decrease of 28.4% during the past year.
Total deposits were $670 million at March 31, 2009, compared to $690 million at December 31, 2008, and $667 million at March 31, 2008. The decrease in total deposits in the fourth quarter was a result of the reduction in the Company's portfolio of brokered deposits by $16.0 million. As of March 31, 2009, the Company had $19.9 million in wholesale-brokered deposits, representing less than 3% of total deposits. Non-interest checking balances represented 13% of total deposits and interest bearing checking balances represented 14% of total deposits.
"We continue to rely on our long standing customer base to grow core deposits," said Sheaffer. "Core deposits (comprised of checking, savings and money market accounts) increased $10.8 million during the quarter and currently accounts for 58.6% of total deposits, up from 55.3% at December 31, 2008. Retail certificates of deposits totaled $257.8 million, or 38.5% of total deposits." In total, customer relationships comprised 97% of total deposits at March 31, 2009.
Shareholders' Equity
Shareholders' equity was $88.7 million at March 31, 2009, compared to $89.6 million in the prior linked quarter and $92.6 million a year ago. Book value per share was $8.12 at March 31, 2009, compared to $8.21 at December 31, 2008 and $8.48 a year earlier and tangible book value per share was $5.69 at quarter-end, compared to $5.80 in the prior linked quarter and $6.06 a year earlier. Tangible shareholder equity was 6.8% of its total assets at March 31, 2009, compared to 6.8% in the prior linked quarter and 7.5% a year earlier.
The preservation of capital remains a top priority for management. As previously reported, the Board of Directors elected to suspend the dividend during the previous linked quarter. During the quarter the holding company invested $3.8 million in the bank resulting in an increase of approximately 45 basis points to total risk-based capital. The holding company has approximately $1.1 million of available cash, and the Company continues to analyze all capital management options, including evaluating the Bank's balance sheet structure.
OTTI Charge during 2Q09
During the second quarter of fiscal 2009 Riverview recorded a $3.4 million non-cash OTTI charge on an investment security. The investment is a trust preferred pooled security, which was issued by other bank holding companies. It is classified as available for sale and has a par value of $5.0 million. Although management believes it is possible that all principal and interest will be received, and Riverview has the ability and intention to continue to hold the security until there is a recovery in its value, general market concerns over these and similar types of securities, as well as a lowering of the investment rating for this specific security, caused the fair value to decline severely enough to warrant an OTTI charge. Consequently, management chose to recognize a $3.4 million OTTI charge. Management does not believe that the recognition of this impairment charge has any other implications for the company's business fundamentals or its outlook.
On April 9, 2009, the Financial Accounting Standards Board issued revised guidance to several accounting standards related to the valuation, recognition and reporting of OTTI for certain securities such as the Bank's trust preferred pooled security. The Company adopted these new standards as of January 1, 2009, resulting in a cumulative effect adjustment of $1.6 million (net of tax) that increased the Company's balances for both the retained earnings and accumulated other comprehensive loss components of shareholder's equity.
Riverview does not have sub-prime residential real estate loans in its loan portfolio and does not believe that it has any direct exposure to sub-prime lending in its Mortgage Backed Securities portfolio. Other than the trust preferred pooled security discussed above, Riverview does not have any other investment securities of concern. Mortgage backed securities totaled $4.6 million, or 0.51% of total assets at March 31, 2009. Riverview does not have any exposure to Government Sponsored Enterprise (GSE) securities in its investment portfolio.
Operating Results
Net interest income in the fourth quarter of fiscal 2009 was $8.3 million compared to $8.4 million for the three months ended December 31, 2008 and $8.6 million in the fourth quarter a year ago. For fiscal 2009, net interest income was $33.7 million, compared to $35.0 million in fiscal 2008.
For the fourth quarter of fiscal 2009, the net interest margin was 3.98% compared to 3.95% in the preceding linked quarter and 4.41% in the fourth quarter a year ago. "The increase in net interest margin over the preceding quarter was primarily due to the continued progress we have made to reduce our deposit and borrowing costs," said Ron Wysaske, President and COO. "We expect our margin to continue to improve as we benefit from reduced deposit and borrowing costs. However, our net interest margin was negatively impacted by interest reversals on non-accrual loans." The reversal of interest on loans placed on non-accrual status during the quarter accounted for an 8 basis point decrease in the quarterly net interest margin.
Non-interest income increased to $2.8 million for the quarter, compared to $2.2 million in the fourth fiscal quarter a year ago. "The increase in fourth quarter non-interest income was largely due to a $401,000 increase in gain on loans held for sale, as well as the reversal of $489,000 for a contingent liability previously reserved for a property which was disposed of during the quarter," said Wysaske. "However, these increases were partially offset by a $138,000 decrease in mortgage broker fees, as well as a $101,000 decrease in asset management fees." Non-interest income, excluding the $3.4 million OTTI charge during 2Q09, was $8.9 million for fiscal 2009, the same as in fiscal 2008.
Non-interest expense improved to $7.0 million in the fourth quarter of fiscal 2009, compared to $7.2 million in the fourth quarter of fiscal 2008. The decrease in salaries and employee benefits was partially offset by a $207,000 increase in FDIC insurance premiums as well as an increase in OREO related expenses. For fiscal 2009, non-interest expense improved to $27.3 million, compared to $27.8 million for fiscal 2008. "We continue to focus on reducing controllable expenses and stabilizing our net interest margin," said Wysaske.
Riverview's efficiency ratio improved to 63.2% for the fourth quarter of fiscal 2009, compared to 66.5% for the fourth quarter of fiscal 2008. For fiscal 2009, the efficiency ratio, excluding the 2Q09 OTTI charge, was 64.0% compared to 63.4% for fiscal 2008. Despite our success in managing expenses, our efficiency ratio continues to remain under pressure as a result of lower net interest and non-interest income.
Conference Call
The management team of Riverview Bancorp will host a conference call on Tuesday, May 5, at 10:30 a.m. PDT, to discuss fiscal 2009 results. The conference call can be accessed live by telephone at 480-629-9770. To listen to the call online go to the "About Riverview" page of Riverview's website at www.riverviewbank.com.
About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington -- just north of Portland, Oregon on the I-5 corridor. With assets of $914 million, it is the parent company of the 86 year-old Riverview Community Bank, as well as Riverview Mortgage and Riverview Asset Management Corp. There are 18 branches, including ten in Clark County, three in the Portland metropolitan area and four lending centers. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers.
Financial measures that exclude OTTI charges, taxes and loan loss provisions are non-GAAP measures. To provide investors with a broader understanding of earnings, the Company provided non-GAAP financial measures for total income, non-interest income and the efficiency ratio, along with the GAAP measure of net income (loss), non-interest income and the efficiency ratio, in an effort to isolate the Company's core business operations and in particular because OTTI charges are not likely to occur in normal operations. Management believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency, facilitate comparisons to prior periods and competitor's results and assist in forecasting performance for future periods because they exclude items we believe to be outside the normal operating results.
Statements concerning future performance, developments or events, concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements, which are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated objectives. These factors include but are not limited to: RVSB's ability to acquire shares according to internal repurchase guidelines, regional economic conditions and the company's ability to efficiently manage expenses. Additional factors that could cause actual results to differ materially are disclosed in Riverview Bancorp's recent filings with the SEC, including but not limited to Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(In thousands, except share data) March 31, Dec. 31, March 31,
(Unaudited) 2009 2008 2008
---------------------------------------------------------------------
ASSETS
Cash (including interest-earning
accounts of $6,405, $6,901 and
$14,238) $ 19,199 $ 23,857 $ 36,439
Loans held for sale 1,332 834 --
Investment securities held to
maturity, at amortized cost (fair
value of $552, $530 and none) 529 528 --
Investment securities available for
sale, at fair value (amortized cost
of $11,244, $8,853 and $7,825) 8,490 8,981 7,487
Mortgage-backed securities held to
maturity, at amortized cost (fair
value of $572, $633 and $892) 570 635 885
Mortgage-backed securities available
for sale, at fair value (amortized
cost of $3,991, $4,306 and $5,331) 4,066 4,339 5,338
Loans receivable (net of allowance for
loan losses of $16,974, $16,236 and
$10,687) 784,117 805,488 756,538
Real estate and other pers. property
owned 14,171 2,967 494
Prepaid expenses and other assets 2,518 5,260 2,679
Accrued interest receivable 3,054 3,494 3,436
Federal Home Loan Bank stock, at cost 7,350 7,350 7,350
Premises and equipment, net 19,514 19,906 21,026
Deferred income taxes, net 8,209 4,404 4,571
Mortgage servicing rights, net 468 282 302
Goodwill 25,572 25,572 25,572
Core deposit intangible, net 425 457 556
Bank owned life insurance 14,749 14,614 14,176
--------- --------- ---------
TOTAL ASSETS $ 914,333 $ 928,968 $ 886,849
========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposit accounts $ 670,066 $ 689,827 $ 667,000
Accrued expenses and other
liabilities 7,064 6,906 8,654
Advance payments by borrowers for
taxes and insurance 360 153 393
Federal Home Loan Bank advances 37,850 117,100 92,850
Federal Reserve Bank advances 85,000 -- --
Junior subordinated debentures 22,681 22,681 22,681
Capital lease obligation 2,649 2,659 2,686
--------- --------- ---------
Total liabilities 825,670 839,326 794,264
SHAREHOLDERS' EQUITY:
Serial preferred stock, $.01 par
value; 250,000 authorized, issued and
outstanding, none -- -- --
Common stock, $.01 par value;
50,000,000 authorized, March 31, 2009
- 10,923,773 issued and outstanding;
December 31, 2008 - 10,923,773 issued
and outstanding; March 31, 2008 -
10,913,773 issued and outstanding; 109 109 109
Additional paid-in capital 46,866 46,856 46,799
Retained earnings 44,322 43,499 46,871
Unearned shares issued to employee
stock ownership trust (902) (928) (976)
Accumulated other comprehensive
income (loss) (1,732) 106 (218)
--------- --------- ---------
Total shareholders' equity 88,663 89,642 92,585
--------- --------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 914,333 $ 928,968 $ 886,849
========= ========= =========
RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Operations
(In thousands, except share data) (Unaudited)
Three Months Ended Twelve Months Ended
March 31, Dec. 31, March 31, March 31,
2009 2008 2008 2009 2008
---------------------------------------------------------------------
INTEREST
INCOME:
Interest
and fees
on loans
receiva-
ble $ 12,195 $ 12,939 $ 14,286 $ 51,883 $ 58,747
Interest on
investment
securities
-taxable 100 130 85 407 488
Interest on
investment
securities
-non
taxable 32 36 31 137 142
Interest on
mortgage-
backed
securities 44 51 69 211 323
Other
interest
and
dividends 12 16 137 212 982
---------------------------------- ----------------------
Total
interest
income 12,383 13,172 14,608 52,850 60,682
INTEREST
EXPENSE:
Interest on
deposits 3,431 3,942 4,580 15,279 22,143
Interest on
borrowings 665 859 1,456 3,904 3,587
---------------------------------- ----------------------
Total
interest
expense 4,096 4,801 6,036 19,183 25,730
---------------------------------- ----------------------
Net
interest
income 8,287 8,371 8,572 33,667 34,952
Less
provision
for loan
losses 5,000 1,200 1,800 16,150 2,900
---------------------------------- ----------------------
Net
interest
income
after
provision
for loan
losses 3,287 7,171 6,772 17,517 32,052
NON-INTEREST
INCOME:
Fees and
service
charges 1,136 1,104 1,268 4,669 5,346
Asset
management
fees 438 468 539 2,077 2,145
Gain on
sale of
loans
held for
sale 493 103 92 729 368
Impairment
of
investment
security -- -- -- (3,414) --
Loan
servicing
income 6 38 16 105 126
Bank owned
life
insurance
income 134 144 143 572 562
Other 552 45 156 792 335
---------------------------------- ----------------------
Total
non-
interest
income 2,759 1,902 2,214 5,530 8,882
NON-INTEREST
EXPENSE:
Salaries
and
employee
benefits 3,468 3,988 4,128 15,080 16,249
Occupancy
and
depreciation 1,339 1,241 1,296 5,064 5,146
Data
processing 219 215 186 841 786
Amortization
of core
deposit
intangible 32 31 37 131 155
Advertising
and
marketing
expense 117 174 185 727 1,054
FDIC
insurance
premium 359 130 152 760 210
State and
local
taxes 160 164 210 668 741
Telecommuni-
cations 115 113 114 466 406
Professional
fees 380 280 215 1,110 826
Other 788 571 645 2,412 2,218
---------------------------------- ----------------------
Total non-
interest
expense 6,977 6,907 7,168 27,259 27,791
---------------------------------- ----------------------
INCOME
(LOSS)
BEFORE
INCOME
TAXES (931) 2,166 1,818 (4,212) 13,143
PROVISION
(CREDIT)
FOR INCOME
TAXES (211) 691 656 (1,562) 4,499
---------------------------------- ----------------------
NET INCOME
(LOSS) $ (720) $ 1,475 $ 1,162 $ (2,650) $ 8,644
================================== ======================
Earnings
(loss) per
common
share:
Basic $ (0.07) $ 0.14 $ 0.11 $ (0.25) $ 0.79
Diluted $ (0.07) $ 0.14 $ 0.11 $ (0.25) $ 0.79
Weighted
average
number of
shares
outstan-
ding:
Basic 10,705,155 10,699,263 10,669,554 10,693,795 10,915,271
Diluted 10,705,155 10,699,263 10,714,453 10,693,795 11,006,673
(Dollars in At or for the three At or for the year
thousands) months ended ended
March 31, Dec. 31, March 31, March 31, March 31,
2009 2008 2008 2009 2008
-------- -------- -------- -------- --------
AVERAGE BALANCES
----------------
Average interest-
earning assets $846,670 $841,638 $790,216 $827,740 $751,023
Average interest-
bearing liabilities 741,882 730,974 689,064 720,713 643,265
Net average earning
assets 104,788 110,664 101,152 107,027 107,758
Average loans 816,355 809,447 755,019 794,221 705,856
Average deposits 678,989 654,867 631,555 651,598 656,308
Average equity 91,691 90,477 94,764 92,872 96,930
Average tangible
equity 65,336 64,153 68,291 66,509 70,388
March 31, Dec. 31, March 31,
ASSET QUALITY 2009 2008 2008
------------- -------- -------- --------
Non-performing loans 27,570 28,426 7,677
Non-performing loans to total loans 3.44% 3.46% 1.00%
Real estate/repossessed assets owned 14,171 2,967 494
Non-performing assets 41,741 31,393 8,171
Non-performing assets to total assets 4.57% 3.38% 0.92%
Net loan charge-offs in the quarter 4,262 1,088 618
Net charge-offs in the quarter/average
net loans 2.12% 0.53% 0.33%
Net loan charge-offs year to date 9,863 5,601 866
Net charge-offs/average net loans
(annualized) 1.24% 0.94% 0.12%
Allowance for loan losses 16,974 16,236 10,687
Allowance for loan losses and unfunded
loan commitments 17,270 16,496 11,024
Average interest-earning assets to
average interest-bearing liabilities 114.85% 115.14% 116.75%
Allowance for loan losses to
non-performing loans 61.57% 57.12% 139.21%
Allowance for loan losses to total
loans 2.12% 1.97% 1.39%
Allowance for loan losses and unfunded
loan commitments to total loans 2.15% 2.01% 1.44%
Shareholders' equity to assets 9.70% 9.65% 10.44%
March 31, Dec. 31, March 31,
LOAN MIX 2009 2008 2008
-------- -------- -------- --------
Commercial and construction
Commercial $127,150 $133,616 $109,585
Commercial real estate mortgage 447,652 465,413 429,422
Real estate construction 139,476 133,637 148,631
----------------------------
Total commercial and construction 714,278 732,666 687,638
Consumer
Real estate one-to-four family 83,762 85,579 75,922
Other installment 3,051 3,479 3,665
----------------------------
Total consumer 86,813 89,058 79,587
----------------------------
Total loans 801,091 821,724 767,225
Less:
Allowance for loan losses 16,974 16,236 10,687
----------------------------
Loans receivable, net $784,117 $805,488 $756,538
============================
COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOAN TYPES BASED ON
LOAN PURPOSE
--------------------------------------------------------------
Commercial Commercial &
Real Estate Real Estate Construction
Commercial Mortgage Construction Total
---------- -------- ------------ -----
March 31, 2009 (Dollars in thousands)
--------------
Commercial $ 127,150 $ -- $ -- $ 127,150
Commercial
construction -- -- 65,459 65,459
Office buildings -- 90,621 -- 90,621
Warehouse/
industrial -- 40,214 -- 40,214
Retail/shopping
centers/strip
malls -- 81,233 -- 81,233
Assisted living
facilities -- 26,743 -- 26,743
Single purpose
facilities -- 88,574 -- 88,574
Land -- 91,873 -- 91,873
Multi-family -- 28,394 -- 28,394
One-to-four family -- -- 74,017 74,017
--------------------------------------------------
Total $ 127,150 $ 447,652 $ 139,476 $ 714,278
==================================================
March 31, 2008
--------------
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 -- -- 93,354 93,354
--------------------------------------------------
Total $ 109,585 $ 429,422 $ 148,631 $ 687,638
==================================================
(Dollars in thousands) March 31, Dec. 31, March 31,
DEPOSIT MIX 2009 2008 2008
----------- --------- --------- ---------
Interest checking $ 96,629 $ 100,969 $ 102,489
Regular savings 28,753 26,014 27,401
Money market deposit accounts 178,479 169,261 189,309
Non-interest checking 88,528 85,320 82,121
Certificates of deposit 277,677 308,263 265,680
-------------------------------
Total deposits $ 670,066 $ 689,827 $ 667,000
===============================
DETAIL OF NON-PERFORMING ASSETS
-------------------------------
North-
west Other Southwest Other
Oregon Oregon Washington Washington Other Total
------ ------ ---------- ---------- ------ -------
March 31, 2009 (dollars in thousands)
--------------
Non-performing
assets
Commercial $ 50 $ 3,813 $ 2,155 $ -- $ -- $ 6,018
Commercial
real estate -- -- -- -- -- --
Land -- -- 4,300 115 1,400 5,815
Multi-family 1,341 -- 160 -- -- 1,501
Commercial
construction -- -- -- 75 -- 75
One-to-four
family
construction 425 11,428 740 239 -- 12,832
Real estate
one-to-four
family -- 152 1,104 73 -- 1,329
Consumer -- -- -- -- -- --
------ ------- -------- -------- ------ -------
Total non-
performing
loans 1,816 15,393 8,459 502 1,400 27,570
REO 422 2,267 6,321 5,161 -- 14,171
------ ------- -------- -------- ------ -------
Total non-
performing
assets $2,238 $17,660 $ 14,780 $ 5,663 $1,400 $41,741
====== ======= ======== ======== ====== =======
DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS
------------------------------------------------------
North-
west Other Southwest Other
Oregon Oregon Washington Washington Other Total
------ ------ ---------- ---------- ------ -------
March 31, 2009 (dollars in thousands)
--------------
Land and Spec
Construction
Loans
Land
Development
Loans $ 6,659 $ 9,130 $ 66,776 $ 3,540 $5,768 $ 91,873
Spec
Construction
Loans 14,706 15,730 24,974 2,343 -- 57,753
------- ------- -------- -------- ------ --------
Total Land
and Spec
Construction $21,365 $24,860 $ 91,750 $ 5,883 $5,768 $149,626
======= ======= ======== ======== ====== ========
At or for the three months At or for the year
ended ended
SELECTED March 31, Dec. 31, March 31, March 31, March 31,
OPERATING DATA 2009 2008 2008 2009 2008
--------------- --------- --------- --------- --------- ---------
(Dollars in thousands, except share data)
Efficiency
ratio(4) 63.16% 67.23% 66.46% 69.54% 63.40%
Coverage
ratio(6) 118.78% 121.20% 119.59% 123.51% 125.77%
Return on
average
assets(1) -0.32% 0.64% 0.54% -0.29% 1.04%
Return on
average
equity(1) -3.18% 6.47% 4.92% -2.85% 8.92%
Average rate
earned on
interest-earned
assets 5.94% 6.22% 7.51% 6.39% 8.09%
Average rate
paid on
interest-
bearing
liabilities 2.24% 2.61% 3.55% 2.66% 4.00%
Spread(7) 3.70% 3.61% 3.96% 3.73% 4.09%
Net interest
margin 3.98% 3.95% 4.41% 4.08% 4.66%
PER SHARE DATA
--------------
Basic earnings
per share(2) $ (0.07) $ 0.14 $ 0.11 $ (0.25) $ 0.79
Diluted earnings
per share(3) $ (0.07) $ 0.14 $ 0.11 $ (0.25) $ 0.79
Book value per
share(5) 8.12 8.21 8.48 8.12 8.48
Tangible book
value per
share(5) 5.69 5.80 6.06 5.69 6.06
Market price per
share:
High for the
period $ 4.35 $ 6.10 $ 12.84 $ 9.79 $ 16.28
Low for the
period 1.60 2.25 9.93 1.60 9.93
Close for
period end 3.87 2.25 9.98 3.87 9.98
Cash dividends
declared per
share -- -- 0.09 0.1350 0.42
Average number
of shares
outstanding:
Basic(2) 10,705,155 10,699,263 10,669,554 10,693,795 10,915,271
Diluted(3) 10,705,155 10,699,263 10,714,453 10,693,795 11,006,673
(1) Amounts are annualized.
(2) Amounts calculated exclude ESOP shares not committed to be
released.
(3) Amounts calculated 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 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.