Riverview Bancorp Inc.
Annual Report 2017

Plain-text annual report

YEAR IN REVIEW Corporate Office 900 Washington Street Suite 900 Vancouver, Washington 98660 360-693-6650 RiverviewBank.com Stock Listing NASDAQ Global Select Market Symbol RVSB Transfer Agent Broadridge Corporate Issuer Solutions, Inc. Phone: 855-802-4983 Photography by: Gary Nasca and Scott Scheel RIVERVIEW BANCORP, INC. ANNUAL REPORT 2017 FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED March 31: (Dollars in thousands, except share data) Interest and dividend income Interest expense Net interest income Recapture of loan losses Net interest income after recapture of loan losses Non-interest income Non-interest expense Income before income taxes Provision for income taxes Net income Average # of common shares outstanding PER COMMON SHARE Net Income Cash dividends Book value Closing price FISCAL YEAR END BALANCES Assets Loans, net Deposits Shareholders’ equity Total # of common shares outstanding Full-time equivalent employees Number of banking facilities FINANCIAL RATIOS Return on average assets Return on average equity Net interest margin Efficiency ratio Non-performing assets to total assets Allowance for loan losses to total loans Equity to assets at period end 2017 $ 35,627 1,869 33,758 - 33,758 10,014 32,981 10,791 3,387 $ 7,404 22,478,306 2016 $ 30,948 1,742 29,206 (1,150) 30,356 9,375 29,947 9,784 3,426 $ 6,358 22,450,252 2015 $ 28,626 1,916 26,710 (1,800) 28,510 8,875 30,744 6,641 2,150 $ 4,491 22,392,744 $ 0.33 0.08000 4.94 7.15 $ 0.28 0.06500 4.81 4.20 $ 0.20 0.01125 4.62 4.50 $ 1,133,939 768,904 980,058 111,264 $ 921,229 614,934 779,803 108,273 $ 858,750 569,010 720,850 103,801 22,510,890 260 20 22,507,890 229 18 22,489,890 231 18 % 0.76 6.66 3.79 75.35 0.27 1.35 9.81 0.54% 5.93 3.67 77.62 0.36 1.58 11.75 2.46% 4.42 3.59 86.40 0.81 1.86 12.09 To Our Shareholders, Employees, and Friends; This last year brought us success on several levels. By completing our purchase and assumption agreement with MBank, we’ve recruited some outstanding bankers to our team, retained an excellent customer base with a solid portfolio, and expanded our footprint with new offices in Tualatin and east Portland. Overall, our financial performance continues to improve year over year with strong revenue generation and steady loan growth. Our dedicated employees remain focused on continuing to find new efficiencies and ensuring our clients are educated on all the relevant services available to them. The result has been enhanced profitability, improved asset quality, and greater share of wallet. We closed the fiscal year with a risk-based capital ratio and a Tier 1 leverage ratio of 14.06% and 10.21%, respectively, maintaining our place in the regulatory “well capitalized” category. Financial highlights: • Bank surpassed the $1 billion threshold, with $1.13 billion in assets • Fiscal year profits up 16.5% to $7.4 million, or $0.33 per diluted share • Our loan portfolio increased by $154.6 million, with $104 million acquired from MBank • Total deposits increased by over $200 million to $980 million, with $134 million acquired from MBank • Nonperforming assets shrank to 0.27% of total assets from 0.36% in 2016 and 0.81% in 2015 • Maintained quarterly cash dividend of $0.02 per share • Riverview Trust Company opened its first Oregon office in the affluent suburb of Lake Oswego • Riverview was notified that it will be added to the Russell 2000® Index effective June 23, 2017 In this last year, we converted from Visa® debit cards to Debit MasterCard; delivering a superior product for our clients while significantly enhancing noninterest income. With over half of our clients using our Online Banking product, it’s imperative that we stay abreast of all new developments in financial technology. The number of clients using Mobile Deposit has doubled over the past 12 months and we’ve recently launched our Business Mobile Deposit. This coming year will see the implementation of Apple Pay and person-to-person mobile payments. Even with the expansion of Fintech, we believe in true Community Banking. As the largest community bank in the Portland metro area, we’re uniquely positioned to serve our niche of small businesses, community minded individuals, and service organizations. We’ve stayed true to our mission of providing Local, Personal Service, which is why for the fourth straight year, the readers of The Columbian, The Vancouver Business Journal, and The Gresham Outlook voted Riverview as the Best Bank, Best Business Bank, and Best Financial Institution. Additionally, Riverview has again been awarded a 5-Star Superior Rating for financial strength from Bauer Financial, as well as a Corporate Philanthropy Award from the Portland Business Journal. We’re extremely optimistic about the future of our Company and our communities. We thank you for your continued support and loyalty. For complete financial details and other information, please see the 2017 Riverview Bancorp, Inc. 10-K. Patrick Sheaffer Chairman and Chief Executive Officer Ronald A. Wysaske President and Chief Operating Officer 

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