HARRISBURG, Pa., April 21, 2021 /PRNewswire/ -- Riverview
Financial Corporation (the "Company" or "Riverview") (NASDAQ: RIVE), the holding
company for Riverview Bank (the "Bank"), today reported unaudited
financial results at and for the three months ended March 31, 2021. Riverview reported net income of $3.1 million, or $0.33 per basic and diluted weighted average
common share, for the first quarter of 2021, compared to net
income of $633 thousand, or
$0.07 per basic and diluted weighted
average common share, for the first quarter of 2020.
The increase in the Company's earnings for the three months
ended March 31, 2021 as compared to
the same period in 2020 was the result of the impact of ongoing
efficiency initiatives, including branch office consolidations, an
increase in loan income from the recognition of interest and fees
earned on Paycheck Protection Program ("PPP") Loans and lower
deposit costs. The Company implemented cost reduction strategies
beginning in 2019, and those efforts continued through the end of
the fourth quarter of 2020 by implementing additional efficiency
initiatives aimed at substantially lowering operating costs. The
COVID-19 pandemic continues to place additional pressure on Bank
earnings, causing increased emphasis on the need to improve
operational efficiency to help mitigate margin compression and
noninterest income reductions. As a result, Riverview closed two branch offices in
January 2021 and will be completing
the sale of two additional branches in May of 2021.
In addition to evaluating its results of operations in
accordance with accounting principles generally accepted in
the United States of America
("GAAP"), Riverview routinely
supplements its evaluation with an analysis of certain non-GAAP
financial measures, such as tangible book value per share and
return on average tangible stockholders' equity. Riverview believes these non-GAAP financial
measures provide information useful to investors in understanding
its operating performance and trends. Where non-GAAP disclosures
are used in this press release, a reconciliation to the comparable
GAAP measures is provided in the accompanying tables. The non-GAAP
financial measures Riverview uses
may differ from the non-GAAP financial measures other financial
institutions use to measure their results of operations.
HIGHLIGHTS
- Return on average stockholders' equity and return on average
total assets were 12.55% and 0.91% for the first quarter 2021.
Return on average tangible stockholders' equity was 12.78%
for the first quarter 2021.
- Tangible book value increased $0.49 per share to $10.36 per share at March
31, 2021 from $9.87 per share
at March 31, 2020.
- Tax-equivalent net interest income improved 9.6% to
$9.7 million for the quarter ended
March 31, 2021, compared to
$8.8 million for the comparable
quarter of 2020.
- Total interest-bearing deposit costs declined 47 basis points
to 0.43% for the first quarter 2021 compared to 0.90% for the same
quarter 2020.
- Noninterest bearing deposits increased 32.8% to $197.4 million at March
31, 2021 from $148.6 million
at March 31, 2020, demonstrating
success in our strategy to place greater emphasis on growth in
lower cost of funds deposit accounts.
- Operating efficiency ratio improved to 68.94% in the first
quarter of 2021 compared to 82.49% in the comparable quarter of
2020.
- Realized a 9.1% year over year reduction in total noninterest
expense. For the three months ended March
31, noninterest expense decreased to $8.4 million in 2021 compared to $9.2 million in 2020.
- Total loans 30 or more days past due plus nonaccrual loan
balances total $4.3 million, or 0.39%
of total loans outstanding, the lowest quarter end dollar level
since December 2016.
- For the three months ended March
31, net charge-offs to average loans, net were 0.02% in 2021
and 0.49% in 2020.
- The allowance for loan losses totaled $12.1 million, or 1.11% of loans, net at
March 31, 2021 compared to
$8.3 million or 0.93% of loans, net
at March 31, 2020. Excluding 100% SBA
guaranteed PPP loan balances, the allowance for loan losses
represented 1.38% of loans, net at March 31,
2021.
- Nonperforming assets totaled $13.2
million or 1.20% of loans, net and foreclosed assets at
March 31, 2021. Excluding performing
troubled debt restructured loans, nonperforming assets represented
0.29% of loans, net and foreclosed assets at the end of the first
quarter 2021.
- The coverage ratio, the allowance for loan losses as a
percentage of nonperforming assets, was 92.3% at March 31, 2021. Excluding accruing restructured
loans, the coverage ratio was 378.0% at March 31, 2021.
- Continued reduction in COVID-19 pandemic related loan
deferments during the first quarter of 2021. As of March 31, 2021, loans in deferment consists of 15
loans totaling $18.6 million,
representing 1.7% of total outstanding loan balances, or 2.1%
excluding outstanding PPP loan balances. Total current
principal and interest deferred for these 15 loans totaled
$1.3 million. As of December 31, 2020, loans in deferment consists of
19 loans totaling $21.9 million,
representing 1.92% of total outstanding loan balances, or 2.46%
excluding outstanding PPP loan balances.
- Funded $19.3 million of loans
through the second round of the CARES Act Paycheck Protection
Program in the first quarter 2021. Aggregate remaining accrued and
unearned Small Business Administration PPP origination fees total
$5.0 million at March 31, 2021.
- Tangible stockholders' equity to tangible assets, excluding PPP
loans, was 8.36% at March 31,
2021.
Brett D. Fulk, President and CEO,
commented, "It is truly a pleasure to report first quarter 2021
earnings of $0.33 per share, an
increase of 94% when compared to the previous quarter's
$0.17 per share. First quarter
2021 earnings also compare quite favorably to the $0.07 per share reported for the same period last
year. This significant improvement in earnings is the direct
result of previously disclosed efficiency initiatives that began in
2019, significant PPP loan generation during 2020, and ongoing
expense and pricing discipline. Additionally, despite the
challenges to the economy created by the COVID-19 virus, I am
pleased to also report strong credit quality metrics for the first
quarter. At the end of the first quarter 2021 we reported the
lowest level of nonaccrual and past due loan balances since the
fourth quarter of 2016. It is particularly gratifying to report
solid credit quality when it is due in no small measure to
intentional strategic decisions implemented proactively to reduce
the credit risk profile of our balance sheet in the two years prior
to the COVID-19 outbreak. The invaluable hard work and
dedication of our outstanding employees, coupled with focused
strategic initiatives developed and deployed to increase core
earnings on a consistent basis, is the reason we have achieved
these results. The effectiveness of our efforts is evidenced
by first quarter 2021 return on average assets and return on
average tangible stockholder equity results of 0.91% and 12.78%
respectively." Fulk continued, "While we are not yet through the current
margin compression cycle or beyond potential negative impact to
credits within our portfolio resulting from the ongoing pandemic
environment, continued results such as these will ultimately allow
us to revisit our current dividend policy, as well as establishing
a core earnings platform necessary to provide enhanced long-term
shareholder returns."
Fulk concluded "Organic loan growth remained muted and
outstanding loan balances declined during the first quarter of 2021
as receipt of PPP loan forgiveness applications accelerated and
related loan balances were repaid by the SBA. However, we are
beginning to experience increased loan application activity as
local economies and businesses begin to reopen and recently hired
commercial relationship managers introduce opportunities for us
with customers that have become disenfranchised with their current
banks. These customers are those that place a high value upon
responsiveness, local representation and personal relationships,
all areas in which we excel. I anticipate organic loan growth
to accelerate throughout the remainder of 2021 as the economy
continues to reopen and we leverage our past expansion into new
growth markets, expand upon new relationships created by processing
PPP loans for non-bank customers in both rounds of PPP lending, and
hire additional experienced and established asset generation team
members throughout our markets."
INCOME STATEMENT REVIEW
Tax-equivalent net interest income for the three months ended
March 31, increased to $9.7 million in 2021 from $8.8 million in 2020. The increase in
tax-equivalent net interest income was primarily attributable to
the recognition of interest and fees earned on PPP loans and lower
deposit costs. The tax-equivalent net interest margin for the three
months ended March 31, 2021,
decreased to 3.04% from 3.60% for the comparable period of 2020.
The tax-equivalent net interest margin, excluding income and fees
earned on PPP loans, was 3.19% in the first quarter of 2021. The
tax-equivalent yield on the loan portfolio decreased to 3.82% in
the first quarter of 2021 compared to 4.64% in first quarter of
2020. The actions taken by the Federal Open Market Committee in
March 2020 to reduce its target
federal funds rate by 150 basis points impacted the loan portfolio
yield as it had a corresponding adverse effect on our floating and
adjustable rate loans along with lower yields on new originations
compared to those on payments and prepayment on existing loans.
Investments yielded 2.09% on a tax-equivalent basis in the first
quarter of 2021 compared to 2.85% for the same period last year.
For the three months ended March 31,
the cost of deposits decreased 47 basis points to 0.43% in 2021
from 0.90% in 2020. Loans, net averaged $1.1
billion in the first quarter of 2021 and $874.4 million in the first quarter of 2020.
Average investments totaled $133.0
million in 2021 and $82.0
million in 2020. Average interest-bearing liabilities
increased to $1.1 billion in 2021
from $807.9 million for the three
months ended March 31, 2020.
The Company did not recognize a charge in the form of a
provision for loan losses in the first quarter of 2021 based on the
results from its adequacy modeling of the allowance for loan loss
account at March 31, 2021.
Comparatively, the provision for loan losses totaled $1.8 million for the same period in 2020. The
2020 increase in the provision for loan losses was the combined
result of organic loan growth, excluding PPP loan balances
outstanding, and changes in qualitative factors related to the
allowance for loan losses reserve associated with increasing risks
within the economy and our credit portfolio due to the effects of
COVID-19.
For the quarter ended March 31,
noninterest income decreased by $407
thousand to $2.5 million in
2021 from $2.9 million in 2020. The
primary contributor to the overall decrease was $569 thousand less in gains on the sale of
investment securities offset partially by increases in service
charges, fees and commissions of $93
thousand and the recognition of higher comparable trust and
mortgage banking income of $47
thousand and $43 thousand.
Noninterest expense decreased to $8.4
million for the three months ended March 31, 2021, from $9.2
million for the same period last year. The overall decrease
was primarily due to a decrease of $589
thousand in salaries and employee benefit expenses due to
the implementation of the reduction in force initiatives from
branch closures and consolidation of departments. Other expenses
decreased $190 thousand comparing the
first quarters of 2021 and 2020 due to implementing efficiency
initiatives and selective expense reductions made during the
COVID-19 shutdowns.
BALANCE SHEET REVIEW
Total assets, loans, net, and deposits totaled $1.4 billion, $1.1
billion, and $1.1
billion, respectively, at March
31, 2021. For the three months ended March 31, 2021, total assets and deposits
increased $17.3 million, and
$65.5 million,
respectively. Loans, net decreased $47.4 million in the first quarter of 2021 as
business lending, including commercial and commercial real estate
loans, decreased $44.7 million due
primarily to SBA forgiveness payments on PPP loans. For this
same period, construction lending increased $4.9 million while retail lending, which includes
residential mortgage, home equity and consumer loans, decreased
$7.6 million. Total investments
increased to $155.9 million at
March 31, 2021, compared to
$103.7 million at December 31, 2020 as security purchases more than
offset payments and prepayments. The increase in
total deposits consisted of increases in
noninterest-bearing deposits of $23.8
million and interest-bearing deposits of $41.7 million. As a percentage of total deposits,
noninterest-bearing deposits amounted to 18.3% at March 31, 2021 and 17.1% at December 31, 2020. Long term debt decreased
$48.1 million primarily through the
repayment of the Federal Reserve's PPPLF program as PPP loans were
forgiven in the first quarter of 2021.
Stockholders' equity totaled $98.6 million, or
$10.55 per share, at
March 31, 2021 and $97.4
million, or $10.47 per share, at
December 31, 2020. The increase in
stockholders' equity for the three months ended March 31, 2021 was due primarily to recognizing
earnings partially offset by a change in accumulated other
comprehensive income. Tangible stockholders' equity per common
share increased to $10.36 at
March 31, 2021, compared to
$9.87 at March
31, 2020.
ASSET QUALITY REVIEW
Nonperforming assets were $13.2
million, or 1.20% of loans, net, and
foreclosed assets at March 31, 2021,
$12.0 million or 1.05% at
December 31, 2020, and $5.7 million or 0.65% at March 31, 2020. Nonaccrual loan growth of
$1.4 million caused primarily by one
commercial relationship was responsible for the increase in the
first quarter of 2021. Accruing troubled debt restructured ("TDR")
loans totaled $9.9 million at
March 31, 2021 and was due primarily
to one commercial real estate relationship. Adjusting for accruing
restructured loans, nonperforming assets were $3.2 million, or 0.29% of loans, net and
foreclosed assets at March 31,
2021, and $2.0 million, or 0.18%, at December 31, 2020. The allowance for loan
losses balance equaled $12.1 million, or 1.11%, of loans,
net, and 1.38% excluding 100% SBA guaranteed PPP loan balances
outstanding, at March 31, 2021,
compared to $12.2 million, or 1.07%,
of loans, net, and 1.37% excluding 100% SBA guaranteed PPP loan
balances outstanding at December 31,
2020. The coverage ratio, the allowance for loan losses as a
percentage of nonperforming assets, was 92.3% at March 31, 2021 and 102.0% at December 31, 2020. Excluding accruing
restructured loans, the coverage ratio was 378.0% at March 31, 2021. Loans charged-off, net of
recoveries, for the three months ended March 31, 2021 equaled $60 thousand compared to $1.1 million for the same period last
year.
Riverview Financial Corporation is the parent company of
Riverview Bank. An independent community bank, Riverview Bank
serves the Pennsylvania market
areas of Berks, Blair, Bucks,
Centre, Clearfield, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties through 25 community banking
offices and three limited purpose offices. Each full-service
community banking office, interdependent with the community, offers
a comprehensive array of financial products and services to
individuals, businesses, not-for-profit organizations and
government entities. Riverview's
business philosophy includes offering direct access to senior
management and other officers and providing friendly, informed and
courteous service, local and timely decision making, flexible and
reasonable operating procedures and consistently applied credit
policies. The Company's common stock trades on the NASDAQ Global
Market under the symbol "RIVE". The Investor Relations site can be
accessed at https://www.riverviewbankpa.com/.
SOURCE: Riverview Financial Corporation
Safe Harbor Forward-Looking Statements:
We make statements in this press release, and we may from time
to time make other statements regarding our outlook or expectations
for future financial or operating results and/or other matters
regarding or affecting Riverview Financial Corporation, Riverview
Bank, and its subsidiaries (collectively, "Riverview") that may be considered
"forward-looking statements" as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements may be identified by the use of such words as "believe,"
"expect," "anticipate," "should," "planned," "estimated," "intend"
and "potential." For these statements, Riverview claims the protection of the
statutory safe harbors for forward-looking statements.
Riverview cautions you that a
number of important factors could cause actual results to differ
materially from those currently anticipated in any forward-looking
statement. Such factors include, but are not limited to: prevailing
economic and political conditions, particularly in our market area;
credit risk associated with our lending activities; changes in
interest rates, loan demand, real estate values and competition;
changes in accounting principles, policies, and guidelines; changes
in any applicable law, rule, regulation or practice with respect to
tax or legal issues; and other economic, competitive, governmental,
regulatory and technological factors affecting Riverview's operations, pricing, products
and services and other factors that may be described in
Riverview's Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission from time to
time. Beginning with the first quarter of 2020, the COVID-19
pandemic continues to have an adverse impact on the Company, its
customers and the communities it serves. Given its ongoing and
dynamic nature, it is difficult to predict the full impact of the
COVID-19 outbreak on the Company's business. The extent of such
impact will depend on future developments, which are highly
uncertain, including when the coronavirus can be controlled and
abated and when and how the economy may be back to normal. As the
result of the COVID-19 pandemic and the related adverse local and
national economic consequences, the Company could be subject to any
of the following risks, any of which could have a material, adverse
effect on the Company's business, financial condition, liquidity,
and results of operations: the demand for Bank's products and
services may decline, making it difficult to grow assets and
income; if the economy is unable to continue to substantially
reopen, and higher levels of unemployment persist, loan
delinquencies, problem assets, and foreclosures may increase,
resulting in increased charges and reduced income; collateral for
loans, especially real estate, may decline in value, which could
cause loan losses to increase; the Company's allowance for loan
losses may increase if borrowers experience financial difficulties,
which will adversely affect the Company's net income; the net worth
and liquidity of loan guarantors may decline, impairing their
ability to honor commitments to the Company; as the result of the
decline in the Federal Reserve Board's target federal funds rate to
near 0%, the yield on the Company's assets may decline to a greater
extent than the decline in the Company's cost of interest-bearing
liabilities, continue reducing the Company's net interest margin
and spread and net income; the Company's wealth management revenues
may decline with continuing market turmoil; and the Company's
cybersecurity risks are increased as the result of an increase in
the number of employees working remotely. The risk factors
associated with this event could have a material adverse effect on
significant estimates, operations and business results of
Riverview. Significant estimates
as disclosed in Riverview's Forms
10-K and 10-Q include allowance for loan losses, fair value of
financial instruments, the valuation of real estate acquired in
connection with foreclosures or in satisfaction of loan,
determination of other-than-temporary impairment losses on
securities, impairment of goodwill and intangible assets.
The forward-looking statements are made as of the date of this
release, and, except as may be required by applicable law or
regulation, Riverview assumes no
obligation to update the forward-looking statements or to update
the reasons why actual results could differ from those projected in
the forward-looking statements.
In addition to evaluating its results of operations in
accordance with accounting principles generally accepted in
the United States of America
("GAAP"), Riverview routinely
presents and supplements its evaluation with an analysis of certain
non-GAAP financial measures, such as tangible stockholders' equity
and Core net income ratios. The reported results included in
this press release contain items which Riverview considers non-core, namely net gains
on sales of investment securities
available-for-sale, acquisition related expenses and the
adjustment to tax expense due to the enactment of the Tax Act.
Riverview presents the non-GAAP
financial measures because it believes that these measures provide
useful and comparative information to assess trends in Riverview's results of
operation. Presentation of these non-GAAP
financial measures is consistent with how Riverview evaluates its performance internally
and these non-GAAP financial measures are frequently used by
securities analysts, investors and other interested parties in
evaluation of companies in Riverview's industry. Where non-GAAP
measures are used in this press release,
reconciliations to the comparable GAAP
measures are provided in the accompanying
tables. The non-GAAP financial measures Riverview uses may differ from similarly
titled non-GAAP financial measures of other financial
institutions. These non-GAAP financial measures would not be
considered a substitute for GAAP basis measures, and Riverview strongly encourages a review of its
condensed consolidated financial statements in their
entirety. Reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP
measures are presented in the tabular material that
follows.
[TABULAR MATERIAL FOLLOWS]
Summary
Data
|
Riverview
Financial Corporation
|
Five Quarter
Trend
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
|
2021
|
2020
|
2020
|
2020
|
2020
|
Key performance
data:
|
|
|
|
|
|
Per common share
data:
|
|
|
|
|
|
Net income
(loss)
|
$
0.33
|
$
0.17
|
$
0.08
|
$(2.61)
|
$
0.07
|
Core net income
(1)
|
$
0.31
|
$
0.17
|
$
0.07
|
$
0.05
|
$
0.00
|
Cash dividends
declared
|
$
0.00
|
$
0.00
|
$
0.00
|
$
0.08
|
$
0.08
|
Book value
|
$ 10.55
|
$ 10.47
|
$ 10.28
|
$10.20
|
$12.82
|
Tangible book value
(1)
|
$ 10.36
|
$ 10.26
|
$ 10.04
|
$
9.94
|
$
9.87
|
Market
value:
|
|
|
|
|
|
High
|
$ 10.82
|
$
9.50
|
$
7.77
|
$
7.60
|
$13.60
|
Low
|
$
9.01
|
$
6.76
|
$
5.25
|
$
4.13
|
$
5.25
|
Closing
|
$ 10.45
|
$
9.15
|
$
6.76
|
$
5.38
|
$
6.47
|
Market
capitalization
|
$97,695
|
$85,154
|
$62,729
|
$49,839
|
$59,757
|
Common shares
outstanding
|
9,348,831
|
9,306,442
|
9,279,503
|
9,263,697
|
9,236,039
|
|
|
|
|
|
|
Selected
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity
|
12.55%
|
6.51%
|
2.88%
|
(81.21)%
|
2.14%
|
|
|
|
|
|
|
Core return on
average stockholders' equity (1)
|
11.75%
|
6.51%
|
2.88%
|
1.55%
|
(0.04)%
|
|
|
|
|
|
|
Return on average
tangible stockholders' equity (1)
|
12.78%
|
6.66%
|
2.95%
|
(104.88)%
|
2.77%
|
|
|
|
|
|
|
Core return on
average tangible stockholders' equity (1)
|
11.97%
|
6.66%
|
2.95%
|
2.00%
|
(0.05)%
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets (1)
|
7.05%
|
7.05%
|
6.88%
|
6.85%
|
8.36%
|
|
|
|
|
|
|
Return on average
assets
|
0.91%
|
0.46%
|
0.20%
|
(7.50)%
|
0.23%
|
|
|
|
|
|
|
Core return on
average assets (1)
|
0.85%
|
0.46%
|
0.20%
|
0.14%
|
0.00%
|
|
|
|
|
|
|
Stockholders' equity
to total assets
|
7.17%
|
7.18%
|
7.03%
|
7.01%
|
10.60%
|
|
|
|
|
|
|
Efficiency ratio
(2)
|
68.94%
|
76.13%
|
77.46%
|
76.84%
|
82.49%
|
|
|
|
|
|
|
Nonperforming assets
to loans, net, and foreclosed assets
|
1.20%
|
1.05%
|
1.12%
|
1.15%
|
0.65%
|
|
|
|
|
|
|
Net charge-offs to
average loans, net
|
0.02%
|
0.02%
|
(0.02)%
|
0.20%
|
0.49%
|
|
|
|
|
|
|
Allowance for loan
losses to loans, net
|
1.11%
|
1.07%
|
1.00%
|
0.84%
|
0.93%
|
|
|
|
|
|
|
Earning assets yield
(FTE) (3)
|
3.54%
|
3.74%
|
3.73%
|
3.85%
|
4.39%
|
|
|
|
|
|
|
Cost of
funds
|
0.59%
|
0.63%
|
0.56%
|
0.67%
|
0.95%
|
|
|
|
|
|
|
Net interest spread
(FTE) (3)
|
2.95%
|
3.11%
|
3.17%
|
3.18%
|
3.44%
|
|
|
|
|
|
|
Net interest margin
(FTE) (3)
|
3.04%
|
3.21%
|
3.26%
|
3.29%
|
3.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Reconciliation of
Non-GAAP financial measures.
|
(2)
|
Total noninterest
expense less amortization of intangible assets and goodwill
impairment charge divided by tax-equivalent net interest income and
noninterest income less net gain (loss) on sale of investment
securities available-for-sale.
|
(3)
|
Tax-equivalent
adjustments were calculated using the prevailing federal statutory
tax rate.
|
Riverview Financial
Corporation
|
Consolidated
Statements of Income
|
(In thousands,
except per share data)
|
|
|
|
|
Three Months
Ended
|
Mar 31
|
|
Mar 31
|
|
2021
|
|
2020
|
Interest
income:
|
|
|
|
Interest and fees on
loans:
|
|
|
|
Taxable
|
$10,348
|
|
$9,782
|
Tax-exempt
|
176
|
|
245
|
Interest and dividends
on investment securities:
|
|
|
|
Taxable
|
494
|
|
535
|
Tax-exempt
|
152
|
|
37
|
Interest on
interest-bearing deposits in other banks
|
9
|
|
89
|
Total interest
income
|
11,179
|
|
10,688
|
|
|
|
|
Interest
expense:
|
|
|
|
Interest on
deposits
|
923
|
|
1,789
|
Interest on short-term
borrowings
|
|
|
5
|
Interest on long-term
debt
|
646
|
|
123
|
Total interest
expense
|
1,569
|
|
1,917
|
Net interest
income
|
9,610
|
|
8,771
|
Provision for loan
losses
|
|
|
1,800
|
Net interest income
after provision for loan losses
|
9,610
|
|
6,971
|
|
|
|
|
Noninterest
income:
|
|
|
|
Service charges, fees
and commissions
|
1,474
|
|
1,381
|
Commissions and fees
on fiduciary activities
|
260
|
|
213
|
Wealth management
income
|
214
|
|
220
|
Mortgage banking
income
|
151
|
|
108
|
Life insurance
investment income
|
178
|
|
193
|
Net gain (loss) on
sale of investment securities available-for-sale
|
246
|
|
815
|
Total noninterest
income
|
2,523
|
|
2,930
|
|
|
|
|
Noninterest
expense:
|
|
|
|
Salaries and employee
benefits expense
|
4,467
|
|
5,056
|
Net occupancy and
equipment expense
|
1,190
|
|
1,180
|
Amortization of
intangible assets
|
132
|
|
170
|
Net cost (benefit) of
operation of other real estate owned
|
(29)
|
|
(11)
|
Other
expenses
|
2,627
|
|
2,817
|
Total noninterest
expense
|
8,387
|
|
9,212
|
Income before income
taxes
|
3,746
|
|
689
|
Income tax
expense
|
686
|
|
56
|
Net income
|
$3,060
|
|
$633
|
Other comprehensive income:
|
|
|
|
Unrealized gain on
investment securities available-for-sale
|
$(3,029)
|
|
$1,053
|
Reclassification
adjustment for (gain) loss included in net income
|
(246)
|
|
(815)
|
Change in pension
liability
|
|
|
|
Change in cash flow
hedge
|
657
|
|
|
Income tax expense
related to other comprehensive income
|
(550)
|
|
50
|
Other comprehensive
income (loss), net of income taxes
|
(2,068)
|
|
188
|
Comprehensive income
(loss)
|
$992
|
|
$821
|
|
|
|
|
Per common share
data:
|
|
|
|
Net income
(loss):
|
|
|
|
Basic
|
$0.33
|
|
$0.07
|
Diluted
|
$0.33
|
|
$0.07
|
Average common shares
outstanding:
|
|
|
|
Basic
|
9,341,291
|
|
9,223,445
|
Diluted
|
9,341,533
|
|
9,233,060
|
Cash dividends
declared
|
$0.00
|
|
$0.08
|
|
|
|
|
Riverview
Financial Corporation
|
Consolidated
Statements of Income (Loss)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Three months
ended
|
Mar 31
|
Dec 30
|
Sep 30
|
Jun 30
|
Mar 31
|
|
|
2021
|
2020
|
2020
|
2020
|
2020
|
|
Interest
income:
|
|
|
|
|
|
|
Interest and fees on
loans:
|
|
|
|
|
|
|
Taxable
|
$
10,348
|
$
11,403
|
$
11,265
|
$
10,602
|
$
9,782
|
|
Tax-exempt
|
176
|
179
|
223
|
236
|
245
|
|
Interest and
dividends on investment securities available-for-sale:
|
|
|
|
|
|
|
Taxable
|
494
|
411
|
360
|
396
|
535
|
|
Tax-exempt
|
152
|
113
|
71
|
68
|
37
|
|
Interest on
interest-bearing deposits in other banks
|
9
|
8
|
11
|
12
|
89
|
|
Total interest
income
|
11,179
|
12,114
|
11,930
|
11,314
|
10,688
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
Interest on
deposits
|
923
|
1,035
|
1,200
|
1,395
|
1,789
|
|
Interest on
short-term borrowings
|
|
|
|
23
|
5
|
|
Interest on long-term
debt
|
646
|
684
|
304
|
225
|
123
|
|
Total interest
expense
|
1,569
|
1,719
|
1,504
|
1,643
|
1,917
|
|
Net interest
income
|
9,610
|
10,395
|
10,426
|
9,671
|
8,771
|
|
Provision for loan
losses
|
|
626
|
1,844
|
2,012
|
1,800
|
|
Net interest income
after provision for loan losses
|
9,610
|
9,769
|
8,582
|
7,659
|
6,971
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
Service charges, fees
and commissions
|
1,474
|
642
|
1,099
|
1,011
|
1,381
|
|
Commissions and fees
on fiduciary activities
|
260
|
292
|
246
|
210
|
213
|
|
Wealth management
income
|
214
|
240
|
220
|
196
|
220
|
|
Mortgage banking
income
|
151
|
333
|
401
|
391
|
108
|
|
Life insurance
investment income
|
178
|
177
|
192
|
193
|
193
|
|
Net gain (loss) on
sale of investment securities available-for-sale
|
246
|
|
|
|
815
|
|
Total
noninterest income
|
2,523
|
1,684
|
2,158
|
2,001
|
2,930
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
Salaries and employee
benefits expense
|
4,467
|
4,755
|
5,411
|
4,985
|
5,056
|
|
Net occupancy and
equipment expense
|
1,190
|
1,465
|
1,428
|
1,068
|
1,180
|
|
Amortization of
intangible assets
|
132
|
309
|
170
|
169
|
170
|
|
Goodwill
impairment
|
|
|
|
24,754
|
|
|
Net cost (benefit) of
operation of other real estate owned
|
(29)
|
15
|
51
|
|
(11)
|
|
Other
expenses
|
2,627
|
3,020
|
2,918
|
2,978
|
2,817
|
|
Total noninterest
expense
|
8,387
|
9,564
|
9,978
|
33,954
|
9,212
|
|
Income (loss) before
income taxes
|
3,746
|
1,889
|
762
|
(24,294)
|
689
|
|
Income tax expense
(benefit)
|
686
|
306
|
67
|
(172)
|
56
|
|
Net income
(loss)
|
$ 3,060
|
$ 1,583
|
$
695
|
$(24,122)
|
$
633
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
Unrealized gain
(loss) on investment securities available-for-sale
|
$(3,029)
|
$
94
|
$
114
|
$
840
|
$ 1,053
|
|
Reclassification
adjustment for (gain) loss included in net income
|
(246)
|
|
|
|
(815)
|
|
Change in pension
liability
|
|
166
|
|
|
|
|
Change in cash flow
hedge
|
657
|
161
|
49
|
(38)
|
|
|
Income tax expense
(benefit) related to other comprehensive income (loss)
|
(550)
|
88
|
35
|
168
|
50
|
|
Other comprehensive
income (loss), net of income taxes
|
(2,068)
|
333
|
128
|
634
|
188
|
|
Comprehensive income
(loss)
|
$ 992
|
$ 1,916
|
$
823
|
$(23,488)
|
$821
|
|
Per common share
data:
|
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
|
|
Basic
|
$ 0.33
|
$ 0.17
|
$ 0.08
|
$(2.61)
|
$ 0.07
|
|
Diluted
|
$ 0.33
|
$ 0.17
|
$ 0.08
|
$(2.61)
|
$ 0.07
|
|
Average common shares
outstanding:
|
|
|
|
|
|
|
Basic
|
9,341,291
|
9,287,196
|
9,273,666
|
9,249,184
|
9,223,445
|
|
Diluted
|
9,341,533
|
9,287,196
|
9,273,666
|
9,249,184
|
9,233,060
|
|
Cash dividends
declared
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.08
|
$ 0.08
|
|
Riverview
Financial Corporation
|
Details of Net
Interest and Net Interest Margin
|
(In thousands,
fully taxable equivalent basis)
|
|
|
|
|
|
|
Three months
ended
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
|
2021
|
2020
|
2020
|
2020
|
2020
|
Net interest
income:
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
$
10,348
|
$
11,403
|
$
11,265
|
$
10,602
|
$
9,782
|
Tax-exempt
|
223
|
227
|
282
|
299
|
310
|
Total loans,
net
|
10,571
|
11,630
|
11,547
|
10,901
|
10,092
|
Investments:
|
|
|
|
|
|
Taxable
|
494
|
411
|
360
|
396
|
535
|
Tax-exempt
|
192
|
143
|
90
|
86
|
47
|
Total
investments
|
686
|
554
|
450
|
482
|
582
|
Interest on
interest-bearing balances in other banks
|
9
|
8
|
11
|
12
|
89
|
Total interest
income
|
11,266
|
12,192
|
12,008
|
11,395
|
10,763
|
Interest
expense:
|
|
|
|
|
|
Deposits
|
923
|
1,035
|
1,200
|
1,395
|
1,789
|
Short-term
borrowings
|
|
|
|
23
|
5
|
Long-term
debt
|
646
|
684
|
304
|
225
|
123
|
Total interest
expense
|
1,569
|
1,719
|
1,504
|
1,643
|
1,917
|
Net interest
income
|
$
9,697
|
$
10,473
|
$
10,504
|
$
9,752
|
$
8,846
|
|
|
|
|
|
|
Yields on earning
assets:
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
3.83%
|
4.00%
|
3.95%
|
4.10%
|
4.69%
|
Tax-exempt
|
3.36%
|
3.29%
|
3.57%
|
3.46%
|
3.50%
|
Total loans,
net
|
3.82%
|
3.98%
|
3.94%
|
4.08%
|
4.64%
|
Investments:
|
|
|
|
|
|
Taxable
|
2.19%
|
2.04%
|
2.17%
|
2.74%
|
2.78%
|
Tax-exempt
|
1.88%
|
2.98%
|
3.31%
|
4.10%
|
4.08%
|
Total
investments
|
2.09%
|
2.22%
|
2.33%
|
2.91%
|
2.85%
|
Interest-bearing
balances with banks
|
0.10%
|
0.09%
|
0.11%
|
0.10%
|
1.17%
|
Federal funds
sold
|
|
|
|
|
|
Total earning
assets
|
3.54%
|
3.74%
|
3.73%
|
3.85%
|
4.39%
|
Costs of
interest-bearing liabilities:
|
|
|
|
|
|
Deposits
|
0.43%
|
0.49%
|
0.56%
|
0.67%
|
0.90%
|
Short-term
borrowings
|
|
|
|
0.33%
|
2.03%
|
Long-term
debt
|
1.25%
|
1.15%
|
0.56%
|
0.74%
|
4.19%
|
Total interest-bearing
liabilities
|
0.59%
|
0.63%
|
0.56%
|
0.67%
|
0.95%
|
Net interest
spread
|
2.95%
|
3.11%
|
3.17%
|
3.18%
|
3.44%
|
Net interest
margin
|
3.04%
|
3.21%
|
3.26%
|
3.29%
|
3.60%
|
|
|
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Consolidated
Balance Sheets
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
At period
end
|
2021
|
2020
|
2020
|
2020
|
2020
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and due from
banks
|
$
9,496
|
$
13,511
|
$
10,646
|
$
10,195
|
$
12,128
|
Interest-bearing
balances in other banks
|
53,668
|
36,270
|
21,312
|
33,033
|
61,107
|
Federal funds
sold
|
|
|
|
|
|
Investment securities
available-for-sale
|
155,863
|
103,695
|
98,846
|
74,134
|
68,402
|
Loans held for
sale
|
2,502
|
4,338
|
4,547
|
4,252
|
272
|
Loans, net
|
1,091,824
|
1,139,239
|
1,163,442
|
1,165,453
|
887,449
|
Less: allowance for
loan losses
|
12,140
|
12,200
|
11,624
|
9,736
|
8,251
|
Net loans
|
1,079,684
|
1,127,039
|
1,151,818
|
1,155,717
|
879,198
|
Premises and
equipment, net
|
17,991
|
18,147
|
18,419
|
18,668
|
18,875
|
Accrued interest
receivable
|
4,189
|
4,216
|
3,218
|
1,826
|
2,589
|
Goodwill
|
|
|
|
|
24,754
|
Other intangible
assets, net
|
1,786
|
1,918
|
2,227
|
2,397
|
2,566
|
Other
assets
|
49,661
|
48,420
|
45,739
|
46,578
|
47,152
|
Total
assets
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
$1,346,800
|
$1,117,043
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
|
$
197,360
|
$
173,600
|
$
178,168
|
$
173,567
|
$
148,633
|
Interest-bearing
|
883,568
|
841,860
|
853,145
|
849,586
|
809,870
|
Total
deposits
|
1,080,928
|
1,015,460
|
1,031,313
|
1,023,153
|
958,503
|
Short-term
borrowings
|
|
|
|
|
|
Long-term
debt
|
180,644
|
228,765
|
217,031
|
217,010
|
26,992
|
Accrued interest
payable
|
1,347
|
1,038
|
591
|
457
|
424
|
Other
liabilities
|
13,298
|
14,859
|
12,413
|
11,728
|
12,683
|
Total
liabilities
|
1,276,217
|
1,260,122
|
1,261,348
|
1,252,348
|
998,602
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common
stock
|
102,861
|
102,662
|
102,672
|
102,552
|
102,386
|
Capital
surplus
|
292
|
292
|
190
|
161
|
134
|
Retained earnings
(accumulated deficit)
|
(3,397)
|
(6,457)
|
(8,040)
|
(8,735)
|
16,081
|
Accumulated other
comprehensive income (loss)
|
(1,133)
|
935
|
602
|
474
|
(160)
|
Total stockholders'
equity
|
98,623
|
97,432
|
95,424
|
94,452
|
118,441
|
Total liabilities and
stockholders' equity
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
$1,346,800
|
$1,117,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverview
Financial Corporation
Consolidated
Balance Sheets
|
|
(In thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
|
Average quarterly
balances
|
2021
|
2020
|
2020
|
2020
|
2020
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
$1,095,594
|
$1,134,149
|
$1,134,625
|
$1,041,161
|
$838,825
|
Tax-exempt
|
26,952
|
27,425
|
31,451
|
34,723
|
35,595
|
Total loans,
net
|
1,122,546
|
1,161,574
|
1,166,076
|
1,075,884
|
874,420
|
Investments:
|
|
|
|
|
|
Taxable
|
91,549
|
79,996
|
66,049
|
58,230
|
77,400
|
Tax-exempt
|
41,443
|
19,102
|
10,812
|
8,442
|
4,628
|
Total
investments
|
132,992
|
99,098
|
76,861
|
66,672
|
82,028
|
Interest-bearing
balances with banks
|
36,101
|
35,381
|
38,334
|
48,174
|
30,490
|
Federal funds
sold
|
|
|
|
|
|
Total earning
assets
|
1,291,639
|
1,296,053
|
1,281,271
|
1,190,730
|
986,938
|
Other
assets
|
72,586
|
70,815
|
73,079
|
102,097
|
98,407
|
Total
assets
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
$1,292,827
|
$1,085,345
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
|
$176,895
|
$173,629
|
$175,402
|
$171,500
|
$144,630
|
Interest-bearing
|
863,765
|
847,124
|
853,782
|
837,512
|
795,084
|
Total
deposits
|
1,040,660
|
1,020,753
|
1,029,184
|
1,009,012
|
939,714
|
Short-term
borrowings
|
|
|
|
28,417
|
989
|
Long-term
debt
|
209,781
|
236,043
|
217,021
|
122,875
|
11,817
|
Other
liabilities
|
14,861
|
13,389
|
12,135
|
13,062
|
13,668
|
Total
liabilities
|
1,265,302
|
1,270,185
|
1,258,340
|
1,173,366
|
966,188
|
Stockholders'
equity
|
98,923
|
96,683
|
96,010
|
119,461
|
119,157
|
Total liabilities and
stockholders' equity
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
$1,292,827
|
$1,085,345
|
Riverview
Financial Corporation
|
Asset Quality
Data
|
(In
thousands)
|
|
|
|
|
|
|
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
|
2021
|
2020
|
2020
|
2020
|
2020
|
At quarter
end:
|
|
|
|
|
|
Nonperforming
assets:
|
|
|
|
|
|
Nonaccrual
loans
|
$2,828
|
$1,421
|
$3,225
|
$3,241
|
$2,048
|
Accruing restructured
loans
|
9,939
|
9,963
|
9,648
|
9,592
|
2,646
|
Accruing loans past
due 90 days or more
|
165
|
156
|
108
|
183
|
691
|
Foreclosed
assets
|
219
|
422
|
25
|
363
|
346
|
Total nonperforming
assets
|
$13,151
|
$11,962
|
$13,006
|
$13,379
|
$5,731
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
Beginning
balance
|
$12,200
|
$11,624
|
$9,736
|
$8,251
|
$7,516
|
Charge-offs
|
94
|
100
|
42
|
574
|
1,123
|
Recoveries
|
34
|
50
|
86
|
47
|
58
|
Provision for loan
losses
|
|
626
|
1,844
|
2,012
|
1,800
|
Ending
balance
|
$12,140
|
$12,200
|
$11,624
|
$9,736
|
$8,251
|
|
|
|
|
|
|
Riverview
Financial Corporation
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Three months
ended:
|
2021
|
2020
|
2020
|
2020
|
2020
|
Core net income
(loss) per common share:
|
|
|
|
|
|
Net income
(loss)
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
$633
|
Adjustments:
|
|
|
|
|
|
Less: Gain (loss) on
sale of investment securities, net of tax
|
194
|
|
|
|
644
|
Add: Goodwill
impairment
|
|
|
|
24,581
|
|
Net income (loss) –
Core
|
$2,866
|
$1,583
|
$695
|
$459
|
$(11)
|
|
|
|
|
|
|
Average common shares
outstanding
|
9,341,291
|
9,287,196
|
9,273,666
|
9,249,184
|
9,223,445
|
Core net income per
common share
|
$ 0.31
|
$ 0.17
|
$ 0.07
|
$ 0.05
|
$ 0.00
|
|
|
|
|
|
|
Tangible book
value:
|
|
|
|
|
|
Total stockholders'
equity
|
$98,623
|
$97,432
|
$95,424
|
$94,452
|
$118,441
|
Less:
Goodwill
|
|
|
|
|
24,754
|
Less: Other
intangible assets, net
|
1,786
|
1,918
|
2,227
|
2,397
|
2,566
|
Total tangible
stockholders' equity
|
$96,837
|
$95,514
|
$93,197
|
$92,055
|
$91,121
|
|
|
|
|
|
|
Common shares
outstanding
|
9,348,831
|
9,306,442
|
9,279,503
|
9,263,697
|
9,236,039
|
|
|
|
|
|
|
Tangible book value
per share
|
$10.36
|
$10.26
|
$10.04
|
$9.94
|
$9.87
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets:
|
|
|
|
|
|
Total stockholders'
equity
|
$98,623
|
$97,432
|
$95,424
|
$94,452
|
$118,441
|
Less:
Goodwill
|
|
|
|
|
24,754
|
Less: Other
intangible assets, net
|
1,786
|
1,918
|
2,227
|
2,397
|
2,566
|
Total tangible
stockholders' equity
|
$96,837
|
$95,514
|
$93,197
|
$92,055
|
$91,121
|
|
|
|
|
|
|
Total
assets
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
$1,346,800
|
$1,117,043
|
Less:
Goodwill
|
|
|
|
|
24,754
|
Less: Other
intangible assets, net
|
1,786
|
1,918
|
2,227
|
2,397
|
2,566
|
Total tangible
assets
|
$1,373,054
|
$1,355,636
|
$1,354,545
|
$1,344,403
|
$1,089,723
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets
|
7.05%
|
7.05%
|
6.88%
|
6.85%
|
8.36%
|
|
|
|
|
|
|
Core return on
average stockholders' equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
$633
|
Adjustments:
|
|
|
|
|
|
Less: Gain (loss) on
sale of investment securities, net of tax
|
194
|
|
|
|
644
|
Add: Goodwill
impairment
|
|
|
|
24,581
|
|
Net income (loss) –
Core
|
$2,866
|
$1,583
|
$695
|
$459
|
$(11)
|
|
|
|
|
|
|
Average stockholders'
equity
|
$98,923
|
$96,683
|
$96,010
|
$119,461
|
$119,157
|
Core return on
average stockholders' equity
|
11.75%
|
6.51%
|
2.88%
|
1.55%
|
(0.04)%
|
|
|
|
|
|
|
Return on average
tangible equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
$633
|
|
|
|
|
|
|
Average stockholders'
equity
|
$98,923
|
$96,683
|
$96,010
|
$119,461
|
$119,157
|
Less: average
intangibles
|
1,849
|
2,116
|
2,310
|
26,961
|
27,401
|
Average tangible
stockholders' equity
|
$97,074
|
$94,567
|
$93,700
|
$92,500
|
$91,756
|
|
|
|
|
|
|
Return on average
tangible stockholders' equity
|
12.78%
|
6.66%
|
2.95%
|
(104.88)%
|
2.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Three months
ended:
|
2021
|
2020
|
2020
|
2020
|
2020
|
Core return on
average tangible stockholders' equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
$633
|
Adjustments:
|
|
|
|
|
|
Less: Gain (loss) on
sale of investment securities, net of tax
|
194
|
|
|
|
644
|
Add: Goodwill
impairment
|
|
|
|
24,581
|
|
Net income (loss) –
Core
|
$2,866
|
$1,583
|
$695
|
$459
|
$(11)
|
|
|
|
|
|
|
Average stockholders'
equity
|
$98,923
|
$96,683
|
$96,010
|
$119,461
|
$119,157
|
Less: average
intangibles
|
1,849
|
2,116
|
2,310
|
26,961
|
27,401
|
Average tangible
stockholders' equity
|
$97,074
|
$94,567
|
$93,700
|
$92,500
|
$91,756
|
|
|
|
|
|
|
Core return on
average tangible stockholders' equity
|
11.97%
|
6.66%
|
2.95%
|
2.00%
|
(0.05)%
|
|
|
|
|
|
|
Core return on
average assets:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
$633
|
Adjustments:
|
|
|
|
|
|
Less: Gain (loss) on
sale of investment securities, net of tax
|
194
|
|
|
|
644
|
Add: Goodwill
impairment
|
|
|
|
24,581
|
|
Net income (loss) –
Core
|
$2,866
|
$1,583
|
$695
|
$459
|
$(11)
|
|
|
|
|
|
|
Average
assets
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
$1,292,827
|
$1,085,345
|
Core return on
average assets
|
0.85%
|
0.46%
|
0.20%
|
0.14%
|
0.00%
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
Mar 31
|
Mar 31
|
|
|
2021
|
2020
|
Three months
ended:
|
|
|
|
|
|
|
|
Core net income per
common share:
|
|
|
|
Net income
|
|
$3,060
|
$633
|
Adjustments:
|
|
|
|
Less:
Gains (loss) on sale of investment securities, net of
tax
|
|
194
|
644
|
Add: Goodwill impairment
|
|
|
|
Net income (loss) –
core
|
|
$2,866
|
$(11)
|
|
|
|
|
Average common shares
outstanding
|
|
9,341,291
|
9,223,445
|
|
|
|
|
Core net income
(loss) per common share
|
|
$0.31
|
$0.00
|
|
|
|
|
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SOURCE Riverview Financial Corporation