Riverview Bancorp Earns $16.6 Million In Fourth Fiscal Quarter And $19.4 Million For Fiscal Year 2014;


The following excerpt is from the company's SEC filing.

Vancouver, WA – May 1, 2014 - Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported that it earned $16.6 million, or $0.74 per diluted share, in the fourth fiscal quarter ended March 31, 2014. This compared to net income of $801,000, or $0.04 per diluted share, in the preceding quarter and $1.6 million, or $0.07 per diluted share, in the fourth fiscal quarter a year ago. The fourth quarter results include a $15.1 million recapture of its deferred tax asset valuation allowance.

For all of fiscal year 2014, net income increased to $19.4 million, or $0.87 per diluted share, c ompared to $2.6 million, or $0.12 per diluted share, in fiscal year 2013.

“Fiscal year 2014 was a banner year for Riverview,” stated Pat Sheaffer, Chairman and CEO. “We celebrated our seventh consecutive profitable quarter and continued to make meaningful progress in reducing nonperforming and classified assets. The combination of these two achievements led to the OCC terminating our formal agreement and the reversal of our deferred tax asset valuation allowance. As we look forward to the coming year, our future looks prosperous. Our core earnings have improved and we see opportunities for both loan and deposit growth in the coming year.”

·   Excluding the recapture of the $15.1 million deferred tax allowance, fourth quarter net income was $1.5 million, compared to $801,000 in the preceding quarter and $1.6 million in the fourth quarter a year ago.

“Riverview’s business outlook continues to improve as the economic recovery gains strength,” said Ron Wysaske, President and COO. “Loan demand has been strengthening the past few quarters and the momentum we have built in our loan pipeline suggests a strong prospect for continued loan growth in fiscal year 2015. The asset quality improvements made by our team will also allow us to allocate more of our resources into business development and expanding lending relationships.”

Net loans increased $15.3 million during the fourth quarter to $520.9 million at March 31, 2014 compared to $505.6 million at December 31, 2013. Loan originations totaled $41.5 million during the quarter and Riverview purchased an additional $14.4 million in a pool of automobile loans during the fourth quarter.

Core deposit growth has remained strong with checking account balances growing $28.9 million during the past year. Total deposits increased to $690.1 million at March 31, 2014 compared to $689.3 million three months earlier and $663.8 million a year earlier.  As of March 31, 2014, interest checking accounts represent 15.1% and non-interest checking accounts represent 18.6% of the total deposit portfolio.

Shareholders’ equity improved to $98.0 million at fiscal year-end compared to $78.4 million a year earlier. Tangible book value per share improved to $3.20 per share at March 31, 2014 compared to $2.33 per share a year ago.

“Asset quality continues to remain a top priority for Riverview,” said Dan Cox, Executive Vice President and Chief Credit Officer. “We have made substantial progress during fiscal year 2014 and we expect that our credit quality metrics will continue to improve during the next fiscal year. The improvements that we made reflect strongly on the hard work, dedication and teamwork demonstrated by our employees during the last several years.”

Classified assets decreased $11.3 million during the quarter to $43.4 million at March 31, 2014 compared to $54.7 million at December 31, 2013. The classified asset to total capital ratio decreased to 45.1% at March 31, 2014 compared to 57.6% three months earlier.

Nonperforming assets totaled $21.8 million at March 31, 2014, compared to $25.3 million three months earlier and $36.8 million a year ago.

REO sales totaled $4.6 million during the quarter with $220,000 in write-downs and $553,000 in additions. Riverview also sold an additional $551,000 in properties since March 31st and has an additional $1.2 million in properties currently under contract, which are expected to close during the first fiscal quarter of 2015 with minimal to no projected losses on these sales.

Riverview recorded a $1.2 million recapture of loan losses during the fourth quarter of fiscal 2014, compared to no provision in the preceding quarter and a $3.6 million recapture of loan losses in the fourth quarter a year ago. In fiscal year 2014, Riverview recorded a $3.7 million recapture of loan losses compared to a $900,000 provision for loan losses in fiscal year 2013. The decrease in required loan loss provision reflects the improvement in credit quality and the increase in loan recoveries during the past fiscal year.

Net loan charge-offs totaled $297,000 in the fourth quarter compared to a net recovery of $352,000 in the preceding quarter and net charge-offs of $390,000 in the fourth quarter a year ago. In fiscal year 2014, Riverview had net recoveries totaling $608,000 compared to net charge-offs of $5.2 million in fiscal year 2013.

The allowance for loan losses at March 31, 2014 totaled $12.6 million, representing 2.35% of total loans and 89.25% of nonperforming loans.

Riverview’s fourth quarter net interest income was $6.0 million, which was the same as in the preceding quarter and decreased slightly from $6.2 million in the fourth quarter a year ago. For fiscal year 2014, net interest income was $24.2 million compared to $29.4 million in fiscal year 2013.

“Riverview’s net interest margin improved four basis points compared to the preceding quarter, primarily due to the deployment of cash into higher yielding investment securities during the quarter as well as the increase in our loan portfolio,” said Kevin Lycklama, Executive Vice President and Chief Financial Officer. “During the last fiscal year, we deployed over $95 million of cash into our investment portfolio in order to offset some of the pressure from the continued low interest rate environment.”

Riverview’s net interest margin was 3.33% in the fiscal fourth quarter compared to 3.29% for the preceding quarter and 3.64% in the fiscal fourth quarter a year ago. For the fiscal year, Riverview’s net interest margin was 3.37% compared to 4.06% in fiscal year 2013. The decrease in the net interest margin compared to prior year was largely due to the decline in loan yields and the higher level of lower yielding interest-bearing cash balances held by the Company. Loan yields have contracted as a result of the lower yields on new loan originations and the repricing of existing loans.

Non-interest income was $1.9 million in the fourth quarter compared to $2.4 million in the preceding quarter and $2.0 million in the fourth quarter a year ago. Asset management fees increased to $694,000 during the quarter compared to $547,000 in the same quarter a year ago as a result of an increase in assets under management. Non-interest income was also impacted by the slowdown in mortgage related volumes. This slowdown was primarily driven by lower refinance and purchase activity due to an increase in interest rates and the seasonal cyclicality of the housing market.

Non-interest expense was $7.5 million in the fourth quarter, compared to $7.6 million in the preceding quarter and $10.2 million in the fourth quarter a year ago. The primary driver for the decrease from prior year was a reduction in REO expenses. REO expenses decreased to $363,000 in the fourth quarter compared to $2.9 million in the same quarter a year ago. For the full year, non-interest expense totaled $32.0 million compared to $34.8 million in fiscal 2013.

As a result of the improvement in Riverview’s financial condition, specifically an improvement in asset quality and core earnings, and its forecast for future earnings, the Company reversed the $15.1 million valuation allowance on its deferred tax asset during the fourth quarter. The fourth fiscal quarter ended March 31, 2014 marked Riverview’s seventh consecutive profitable quarter. Classified assets have improved during the past eight consecutive quarters and Riverview has been in a net loan recovery position during the past fiscal year.

Riverview continues to maintain capital levels in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.66%, Tier 1 leverage ratio of 10.71% and tangible common equity to tangible assets of 9.02% at March 31, 2014.

The Bank had available total and contingent liquidity of more than $500 million, representing 62% of total assets as of March 31, 2014. Included in the Bank’s total liquidity was more than $200 million of cash and short-term investments.

The Company recently announced that the Office of the Comptroller of the Currency has lifted the formal agreement (“Agreement”) with Riverview Community Bank. This action immediately ended the regulatory restrictions that were contained in the Agreement and no further reporting under the Agreement is necessary.

In addition to results presented in accordance with generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. Riverview believes that certain non-GAAP financial measures provide investors with information useful in understanding the company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Riverview provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and other intangible assets. In addition, tangible assets are total assets less goodwill and other intangible assets.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP), and ending assets (GAAP) to ending tangible assets (non-GAAP).

(Dollars in thousands)   March 31, 2014     December 31, 2013     March 31, 2013                       Shareholders' equity   $ 97,978     $ 81,264     $ 78,442   Goodwill     25,572       25,572       25,572   Other intangible assets, net     395       419       454   Tangible shareholders' equity   $ 72,011     $ 55,273     $ 52,416                             Total assets   $ 824,521     $ 804,949     $ 777,003   Goodwill     25,572       25,572       25,572   Other intangible assets, net     395       419       454   Tangible assets   $ 798,554     $ 778,958     $ 750,977                            

Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $825 million, it is the parent company of the 91 year-old Riverview Community Bank, as well as Riverview Asset Management Corp. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial and retail customers. There are 18 branches, including thirteen in the Portland-Vancouver area and three lending centers.

Such forward-looking statements may include projections. Any such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the Securities Exchange Commission regarding projections and forecasts nor have such projections been audited, examined or otherwise reviewed by independent auditors of the Company. In addition, such projections are based upon many estimates and inherently subject to significant economic and competitive uncertainties and contingencies, many of which are beyond the control of management of the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct.

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2014 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s operating and stock price performance.

RVSB Reports Fourth Quarter Fiscal 2014 Profit May 1, 2014 Page 5   RIVERVIEW BANCORP, INC. AND SUBSIDIARY           Consolidated Balance Sheets           (In thousands, except share data)  (Unaudited) March 31, 2014   December 31, 2013   March 31, 2013 ASSETS                         Cash (including interest-earning accounts of $51,715, $110,104  $                    68,577    $                  123,140    $                  115,415      and $100,093)             Certificate of deposits                        36,925                          37,174                          44,635   Loans held for sale                           1,024                                148                                831   Investment securities available for sale, at fair value                        23,394                          19,794                             6,216   Mortgage-backed securities held to maturity, at amortized                              101                                104                                125   Mortgage-backed securities available for sale, at fair value                        78,575                          34,529                                431   Loans receivable (net of allowance for loan losses of $12,551, $14,048              and $15,643)                      520,937                        505,632                        520,369   Real estate and other pers. property owned                           7,703                          11,951                          15,638   Prepaid expenses and other assets                           3,197                             3,268                             3,063   Accrued interest receivable                           1,836                             1,670                             1,747   Federal Home Loan Bank stock, at cost                           6,744                             6,958                             7,154   Premises and equipment, net                        16,417                          16,685                          17,693   Deferred income taxes, net                        15,433                                348                                522   Mortgage servicing rights, net                              369                                386                                388   Goodwill                        25,572                          25,572                          25,572   Core deposit intangible, net                                26                                  33                                  66   Bank owned life insurance                        17,691                          17,557                          17,138             TOTAL ASSETS  $                  824,521    $                  804,949    $                  777,003             LIABILITIES AND EQUITY                       LIABILITIES:             Deposit accounts  $                  690,066    $                  689,271    $                  663,806   Accrued expenses and other liabilities                        10,497                             8,707                             8,006   Advance payments by borrowers for taxes and insurance                              467                                193                             1,025   Junior subordinated debentures                        22,681                          22,681                          22,681   Capital lease obligation                           2,361                             2,381                             2,440     Total liabilities                      726,072                        723,233                        697,958             EQUITY:             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, 2014 – 22,471,890 issued and outstanding;                              225                                225                                225        December 31, 2013 - 22,471,890 issued and outstanding;                  March 31, 2013 – 22,471,890 issued and outstanding;               Additional paid-in capital                        65,195                          65,176                          65,551     Retained earnings                        33,592                          16,951                          14,169     Unearned shares issued to employee stock ownership trust                            (387)                              (413)                              (490)     Accumulated other comprehensive loss                            (647)                              (675)                           (1,013) Total shareholders’ equity                        97,978                          81,264                          78,442             Noncontrolling interest                              471                                452                                603     Total equity                        98,449                          81,716                          79,045             TOTAL LIABILITIES AND EQUITY  $                  824,521    $                  804,949    $                  777,003            

RVSB Reports Fourth Quarter Fiscal 2014 Profit May 1, 2014 Page 6   RIVERVIEW BANCORP, INC. AND SUBSIDIARY                           Consolidated Statements of Operations                                   Three Months Ended     Twelve Months Ended   (In thousands, except share data)   (Unaudited)   March 31, 2014     Dec. 31, 2013     March 31, 2013     March 31, 2014     March 31, 2013   INTEREST INCOME:                                  Interest and fees on loans receivable   $ 6,034     $ 6,319     $ 6,690     $ 25,423     $ 32,041      Interest on investment securities-taxable     80       75       54       271       276      Interest on investment securities-non taxable     -       -       -       -       16      Interest on mortgage-backed securities     268       88       4       424       25      Other interest and dividends     154       191       157       686       574        Total interest income     6,536       6,673       6,905       26,804       32,932                                             INTEREST EXPENSE:                                           Interest on deposits     436       496       550       1,973       2,667     Interest on borrowings     146       149       150       595       818       Total interest expense     582       645       700       2,568       3,485   Net interest income     5,954       6,028       6,205       24,236       29,447   Less provision for (recapture of) loan losses     (1,200 )     -       (3,600 )     (3,700 )     900                                             Net interest income after provision for (recapture of) loan losses     7,154       6,028       9,805       27,936       28,547                                             NON-INTEREST INCOME:                                           Fees and service charges     957       1,177       1,083       4,258       4,695     Asset management fees     694       605       547       2,630       2,172     Gain on sale of loans held for sale     58       176       245       667       1,386     Bank owned life insurance income     134       136       142       553       585     Other     7       290       15       259       35       Total non-interest income     1,850       2,384       2,032       8,367       8,873                                             NON-INTEREST EXPENSE:                                         Salaries and employee benefits     4,059       3,959       4,051       15,755       15,325   Occupancy and depreciation     1,190       1,187       1,259       4,811       4,970   Data processing     417       523       379       2,058       1,420   Amortization of core deposit intangible     7       7       17       40       71   Advertising and marketing expense     148       170       153       726       834   FDIC insurance premium     259       400       418       1,487       1,532   State and local taxes     122       106       130       462       547   Telecommunications     77       78       74       304       384   Professional fees     295       342       307       1,290       1,456   Real estate owned expenses     363       298       2,882       2,765       5,781   Other     523       541       566       2,263       2,438   Total non-interest expense     7,460       7,611       10,236       31,961       34,758                                             INCOME BEFORE INCOME TAXES     1,544       801       1,601       4,342       2,662   PROVISION (BENEFIT) FOR INCOME TAXES     (15,097 )     -       6       (15,081 )     29   NET INCOME   $ 16,641     $ 801     $ 1,595     $ 19,423     $ 2,633                                             Earnings per common share:                                         Basic   $ 0.74     $ 0.04     $ 0.07     $ 0.87     $ 0.12   Diluted   $ 0.74     $ 0.04     $ 0.07     $ 0.87     $ 0.12   Weighted average number of shares outstanding:                                         Basic     22,376,437       22,370,277       22,351,804       22,367,174       22,342,541   Diluted     22,385,244       22,371,914       22,352,229       22,369,046       22,342,541         RVSB Reports Fourth Quarter Fiscal 2014 Profit May 1, 2014 Page 7

(Dollars in thousands)   At or for the three months ended   At or for the twelve months ended     March 31, 2014    Dec. 31, 2013   March 31, 2013   March 31, 2014   March 31, 2013 AVERAGE BALANCES                     Average interest–earning assets  $          726,218    $        727,943    $          691,793    $          718,802    $          726,123 Average interest-bearing liabilities   585,686   581,327   574,763   577,543   595,504 Net average earning assets   140,532   146,616   117,030   141,259   130,619 Average loans   517,419   516,864   543,906   522,806   599,028 Average deposits   682,888   680,167   662,978   672,740   697,367 Average equity   82,866   82,665   78,370   81,858   77,170 Average tangible equity   56,883   56,667   52,321   55,851   51,113                                             ASSET QUALITY   March 31, 2014    Dec. 31, 2013   March 31, 2013                               Non-performing loans   14,062   13,377   21,133         Non-performing loans to total loans   2.64%   2.57%   3.94%         Real estate/repossessed assets owned 7,703   11,951   15,638         Non-performing assets   21,765   25,328   36,771         Non-performing assets to total assets   2.64%   3.15%   4.73%         Net loan charge-offs (recoveries) in the quarter 297   (352)   390         Net charge-offs in the quarter/average net loans 0.23%   -0.27%   0.29%                               Allowance for loan losses   12,551   14,048   15,643         Average interest-earning assets to average                   interest-bearing liabilities   123.99%   125.22%   120.36%         Allowance for loan losses to                       non-performing loans   89.25%   105.02%   74.02%         Allowance for loan losses to total loans 2.35%   2.70%   2.92%         Shareholders’ equity to assets   11.88%   10.10%   10.10%                                                     CAPITAL RATIOS                     Total capital (to risk weighted assets)   16.66%   16.76%   15.29%         Tier 1 capital (to risk weighted assets) 15.40%   15.49%   14.02%         Tier 1 capital (to leverage assets)   10.71%   10.42%   9.99%         Tangible common equity (to tangible assets) 9.02%   7.10%   6.98%                                                     DEPOSIT MIX   March 31, 2014     Dec. 31, 2013   March 31, 2013                               Interest checking    $          104,543    $          99,374    $            91,754         Regular savings                  66,702                 63,230                  54,316         Money market deposit accounts                227,933              233,581                217,091         Non-interest checking                128,635              123,630                112,527         Certificates of deposit                162,253              169,456                188,118         Total deposits    $          690,066    $        689,271    $          663,806               RVSB Reports Fourth Quarter Fiscal 2014 Profit May 1, 2014 Page 8

  COMPOSITION OF COMMERCIAL AND CONSTRUCTION  LOANS                               Commercial           Commercial         Real Estate   Real Estate   & Construction     Commercial   Mortgage   Construction   Total March 31, 2014   (Dollars in thousands) Commercial    $            71,632    $                     -    $                       -    $            71,632 Commercial construction                             -                           -                  15,618                  15,618 Office buildings                             -                 77,476                             -                  77,476 Warehouse/industrial                             -                 45,632                             -                  45,632 Retail/shopping centers/strip malls                             -                 63,049                             -                  63,049 Assisted living facilities                             -                   7,585                             -                    7,585 Single purpose facilities                             -                 93,766                             -                  93,766 Land                             -                 16,245                             -                  16,245 Multi-family                             -                 21,128                             -                  21,128 One-to-four family                             -                           -                    3,864                    3,864   Total    $            71,632    $        324,881    $            19,482    $          415,995                   March 31, 2013   (Dollars in thousands) Commercial    $            71,935    $                     -    $                       -    $            71,935 Commercial construction                             -                           -                    5,719                    5,719 Office buildings                             -                 86,751                             -                  86,751 Warehouse/industrial                             -                 41,124                             -                  41,124 Retail/shopping centers/strip malls                             -                 67,472                             -                  67,472 Assisted living facilities                             -                 13,146                             -                  13,146 Single purpose facilities                             -                 89,198                             -                  89,198 Land                             -                 23,404                             -                  23,404 Multi-family                             -                 34,302                             -                  34,302 One-to-four family                             -                           -                    3,956                    3,956   Total    $            71,935    $        355,397    $              9,675    $          437,007                                                                         LOAN MIX   March 31, 2014    Dec. 31, 2013   March 31, 2013     Commercial and construction                   Commercial    $            71,632    $          69,659    $            71,935       Other real estate mortgage                324,881              332,373                355,397       Real estate construction                  19,482                 15,041                    9,675         Total commercial and construction                415,995              417,073                437,007     Consumer                   Real estate one-to-four family                  93,007                 93,026                  97,140       Other installment                  24,486                   9,581                    1,865         Total consumer                117,493              102,607                  99,005                       Total loans                533,488              519,680                536,012                       Less:                   Allowance for loan losses                  12,551                 14,048                  15,643       Loans receivable, net    $          520,937    $        505,632    $          520,369                             RVSB Reports Fourth Quarter Fiscal 2014 Profit May 1, 2014 Page 9   DETAIL OF NON-PERFORMING ASSETS                                                                           Northwest     Other     Southwest     Other                   Oregon     Oregon     Washington     Washington     Other     Total   March 31, 2014   (Dollars in thousands)   Non-performing assets                                                                           Commercial   $ -     $ -     $ 452     $ -     $ -     $ 452   Commercial real estate     2,194       -       5,873       -       -       8,067   Land     -       800       -       -       -       800   Multi-family     2,014       -       -       -       -       2,014   Commercial construction     -       -       -       -       -       -   One-to-four family construction     -       -       -       -       -       -   Real estate one-to-four family     395       -       2,065       269       -       2,729   Consumer     -       -       -       -       -       -   Total non-performing loans     4,603       800       8,390       269       -       14,062                                                     REO     374       542       5,966       821       -       7,703                                                     Total non-performing assets   $ 4,977     $ 1,342     $ 14,356     $ 1,090     $ -     $ 21,765                                                                                                                                                                                                                                                             DETAIL OF SPEC CONSTRUCTION AND LAND DEVELOPMENT LOANS                                                                         Northwest     Other     Southwest     Other                       Oregon     Oregon     Washington     Washington     Other     Total   March 31, 2014   (Dollars in thousands)   Land and spec construction loans                                                                                                     Land development loans   $ 2,676     $ 1,184     $ 12,385     $ -     $ -     $ 16,245     Spec construction loans     -       -       3,617       -       30       3,647                                                     Total land and spec construction   $ 2,676     $ 1,184     $ 16,002     $ -     $ 30     $ 19,892         RVSB Reports Fourth Quarter Fiscal 2014 Profit May 1, 2014 Page 10                                            At or for the three months ended   At or for the twelve months ended SELECTED OPERATING DATA March 31, 2014 Dec. 31, 2013 March 31, 2013   March 31, 2014 March 31, 2013               Efficiency ratio (4) 95.59% 90.48% 124.27%   98.03% 90.70% Coverage ratio (6) 79.81% 79.20% 60.62%   75.83% 84.72% Return on average assets (1) 8.44% 0.40% 0.83%   2.46% 0.33% Return on average equity (1) 81.44% 3.84% 8.25%   23.73% 3.41%               NET INTEREST SPREAD             Yield on loans 4.73% 4.85% 4.99%   4.86% 5.35% Yield on investment securities 1.84% 1.46% 2.81%   1.65% 3.62%     Total yield on interest earning assets 3.65% 3.64% 4.05%   3.73% 4.54%               Cost of interest bearing deposits 0.32% 0.35% 0.41%   0.36% 0.47% Cost of FHLB advances and other borrowings 2.36% 2.36% 2.42%   2.37% 3.25%     Total cost of interest bearing liabilities 0.40% 0.44% 0.49%   0.44% 0.59%               Spread (7) 3.25% 3.20% 3.56%   3.29% 3.95% Net interest margin 3.33% 3.29% 3.64%   3.37% 4.06%               PER SHARE DATA             Basic earnings per share (2)  $                  0.74  $                  0.04  $                  0.07    $                  0.87  $                  0.12 Diluted earnings per share (3)  $                  0.74  $                  0.04  $                  0.07    $                  0.87  $                  0.12 Book value per share (5)                      4.36                      3.62                      3.49                        4.36                      3.49 Tangible book value per share (5)                      3.20                      2.46                      2.33                        3.20                      2.33 Market price per share:               High for the period  $                  3.49  $                  2.98  $                  2.76    $                  3.49  $                  2.76   Low for the period                      2.82                      2.51                      1.66                        2.27                      1.08   Close for period end                      3.43                      2.90                      2.64                        3.43                      2.64 Cash dividends declared per share                         -                         -                         -                           -                         -               Average number of shares outstanding:               Basic (2) 22,376,437 22,370,277 22,351,804   22,367,174 22,342,541   Diluted (3) 22,385,244 22,371,914 22,352,229   22,369,046 22,342,541

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