HARRISBURG, Pa., July 20, 2021 /PRNewswire/ -- Riverview Financial
Corporation (the "Company" or "Riverview") (NASDAQ: RIVE), the holding
company for Riverview Bank (the "Bank"), today reported record net
income of $4.8 million, or
$0.51 per basic and diluted
weighted average common share, for the second quarter of 2021,
compared to a net loss of $24.1
million, or $(2.61) per basic and diluted weighted
average common share, for the second quarter of 2020. For
the six months ended June 30, 2021,
Riverview reported record net
income of $7.8 million, or
$0.84 per basic and diluted weighted
average common share, compared to a net loss of $23.5 million, or $(2.54) per basic and diluted weighted average
common share, for the same period last year.
Major factors impacting 2021 earnings included the acceleration
of income earned on Paycheck Protection Program ("PPP") loans, the
recognition of a deposit premium on branch sales and the recovery
of provision for loan losses. During the first half of 2021, SBA
forgiveness of PPP loans increased causing an acceleration in the
recognition of fees as these loans were paid off. Approximately
75.0%, amounting to $188.9 million of
the outstanding PPP loans at December 31,
2020, were forgiven in the first half of 2021. Net interest
income generated from PPP loans totaled $2.7
million in the second quarter of 2021 and $4.1 million in the first half of 2021. On
May 24, 2021, the Company announced
the completion of the sale of the branch office located in
Meyersdale and related liabilities
of the Meyersdale and Somerset
branches, resulting in the recognition of $1.6 million of noninterest income in the form of
a deposit premium. The $735 thousand
recovery of provision for loan losses recognized in the second
quarter of 2021 was due to experiencing continued stability in the
credit quality of the loan portfolio since the onset of the
pandemic, as well as evidence of an overall mitigation of related
risks factors. As a result of the uncertainty of the magnitude and
longevity of the impact of COVID-19, the Company bolstered its
allowance for loan losses through additional provisions totaling
$6.3 million in 2020 due primarily to
increased qualitative factors for the economy and concentrations in
industries specifically affected by the virus. Current national and
local economic conditions reflect a more stable economic climate in
2021 compared with the previous year. The Company was able to
decrease its qualitative factors in the second quarter based on the
remaining low number of CARES Act payment deferrals, improvements
in industries most likely to be affected by the pandemic, and
continued stability in the credit quality metrics of the loan
portfolio. Despite the improvements brought on by medical advances,
government assistance programs and their positive impacts on
employment and consumer and business activity, future credit loss
provisions are subject to significant uncertainty as the pandemic
recovery continues to unfold.
The major factors causing the reported net losses of
$24.1 million for the three months
and $23.5 million for the six months
ended June 30, 2020 were a non-cash
charge related to the recognition of goodwill impairment and an
increase in the provision for loan losses, both stemming from the
COVID-19 pandemic. The goodwill impairment of $24.8 million had no impact on tangible book
value, regulatory capital ratios, liquidity and the Company's cash
balances. For the three and six months ended June 30, 2020, the provisions for loan losses
totaled $2.0 million and $3.8 million, respectively.
On June 30, 2021, Riverview entered into an Agreement and Plan
of Merger (the "Merger Agreement") with Mid Penn Bancorp, Inc.
("Mid Penn") pursuant to which Riverview will merge with and into Mid Penn
(the "Merger"), with Mid Penn being the surviving corporation in
the Merger. Upon consummation of the Merger, Riverview Bank, a
wholly-owned subsidiary of Riverview, will be merged with and into Mid
Penn Bank, a wholly-owned subsidiary of Mid Penn, with Mid Penn
Bank being the surviving bank in the Bank Merger. The Merger
Agreement was unanimously approved by the boards of directors of
Mid Penn and Riverview. Subject to
customary and required regulatory and shareholder approval, it is
anticipated the Merger will be consummated in the fourth quarter 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
assets were 18.88% and 1.46% for the second quarter of 2021 and
15.77% and 1.18% for the first half of 2021.
- Tangible book value increased $1.03 per share, or 10.4%, to $10.97 per share at June
30, 2021 from $9.94 per share
at June 30, 2020.
- Tangible stockholders' equity to tangible assets grew to 8.47%
at June 30, 2021 from 6.85% at
June 30, 2020.
- Tax-equivalent net interest income improved 13.9% to
$11.1 million for the quarter ended
June 30, 2021, compared to
$9.7 million for the comparable
quarter of 2020.
- Total interest-bearing deposit costs declined 29 basis points
to 0.38% for the second quarter 2021, compared to 0.67% for the
same quarter 2020.
- Operating efficiency ratio improved to 63.58% in the second
quarter of 2021, compared to 76.84% in the comparable quarter of
2020.
- Total loans 30 or more days past due plus nonaccrual loan
balances total $3.9 million at
June 30, 2021, a continued
improvement compared to $4.3 million
at the end of the prior quarter, representing the lowest quarter
end dollar level since December 2016.
- For the six months ended June 30,
net charge-offs to average loans, net were 0.11% in 2021 and 0.33%
in 2020, reflecting a single credit relationship restructure, which
had been specifically reserved for in prior period allowance
calculations.
- The allowance for loan losses totaled $10.9 million, or 1.15% of loans, net at
June 30, 2021 compared to
$9.7 million or 0.84% of loans, net
at June 30, 2020. Excluding 100% SBA
guaranteed PPP loan balances, the allowance for loan losses
represented 1.25% of loans, net at June 30,
2021.
- Nonperforming assets totaled $12.0
million or 1.26% of loans, net and foreclosed assets at
June 30, 2021. Excluding performing
troubled debt restructured loans, nonperforming assets represented
0.29% of loans, net and foreclosed assets at the end of the second
quarter 2021.
- The allowance for loan losses as a percentage of nonperforming
assets coverage ratio, excluding accruing restructured loans, was
401.6% at June 30, 2021.
- Continued reduction in COVID-19 pandemic related loan
deferments during the second quarter of 2021. As of June 30, 2021, loans in deferment consist of 7
loans totaling $6.0 million,
representing 0.63% of total outstanding loan balances, or 0.69%
excluding outstanding PPP loan balances. Total current principal
and interest deferred for these 7 loans totaled $219 thousand. 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.
President and Chief Executive Officer, Brett D. Fulk, commented, "I am extremely
pleased with our Company's record level of financial performance
during the second quarter and first half of 2021. During the second
quarter 2021, we earned $0.51 per
share, an increase of 55% when compared to the previous quarter's
$0.33 per share. Despite the
challenging interest rate environment and continuation of the
impact of the pandemic, we were able to improve both net interest
income and our overall operating results. As I have stated
previously, focused strategic initiatives developed and implemented
by a team of dedicated and highly talented employees is the
defining factor in our ability to generate record performance
levels year-to-date through record earnings results in both the
first and second quarters of 2021. The effectiveness of our efforts
is evidenced by first half of 2021 return on average assets and
return on average tangible stockholder equity results of 1.46% and
18.88%, respectively."
"Additionally, despite the challenges to the economy created by
the COVID-19 virus, I am pleased to continue reporting strong
credit quality metrics for the second quarter. At the end of the
second quarter 2021, for the second consecutive quarter, we are
reporting 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."
INCOME STATEMENT REVIEW
Tax-equivalent net interest income for the three months ended
June 30, increased $1.4 million to $11.1
million in 2021 from $9.7
million in 2020. The increase in tax-equivalent net interest
income was primarily attributable to an acceleration in the
recognition of fees earned on forgiven PPP loans. The
tax-equivalent net interest margin for the three months ended
June 30, 2021, increased to 3.59%
from 3.29% for the comparable period of 2020. The tax-equivalent
yield on the loan portfolio increased to 4.60% in the second
quarter of 2021 compared to 4.08% in second quarter of 2020.
Investments yielded 1.97% on a tax-equivalent basis in the second
quarter of 2021 compared to 2.91% for the same period last year.
For the three months ended June 30,
the cost of deposits decreased 29 basis points to 0.38% in 2021
from 0.67% in 2020. Loans, net averaged $1.0
billion in the second quarter of 2021 and $1.1 billion in the second quarter of 2020.
Average investments totaled $149.7
million in 2021 and $66.7
million in 2020. Average interest-bearing liabilities
increased to $1.0 billion in 2021
from $988.8 million in 2020.
For the six months ended June 30,
tax-equivalent net interest income increased $2.2 million to $20.8
million in 2021 from $18.6
million in 2020. The Company recognized net interest income
on PPP loans totaling $4.1 million
for the first half of 2021 compared to $1.1
million for the same period last year. For the six months
ended June 30, tax-equivalent net
interest margin was 3.31% in 2021 compared to 3.43% in 2020. The
tax-equivalent yield on the loan portfolio decreased to 4.19% in
the six months ended June 30, 2021
compared to 4.33% for the same period in 2020. For the six months
ended June 30, investments yielded
2.03% on a tax-equivalent basis in 2021 compared to 2.88% for the
same period last year. The cost of deposits decreased 38 basis
points to 0.40% in the first six months of 2021 from 0.78% for the
same period in 2020. The cost of interest-bearing liabilities
decreased to 0.58% in the first half of 2021 from 0.80% in the
first half of 2020. Loans averaged $1.1 billion for the six months ended
June 30, 2021 compared to
$975.2 million for the same period
last year.
The Company reported a recovery of provision for loan losses of
$735 thousand for the three and six
months ended June 30, 2021. As
aforementioned, the recapture of the provision for loan losses was
a result of waning risk factors associated with the continued
recovery from the impact of the pandemic, coupled with credit
portfolio performance trends. Conversely, the Company recognized
charges in the form of a provision for loan losses of $2.0 million and $3.8
million for the three and six months ended June 30, 2020. The provision for loan losses was
the combined result of loan growth, increases in historical loss
factors, and changes in qualitative factors related to the
allowance for loan losses reserve associated with the effects of
COVID-19 as of June 30,
2020.
For the quarter ended June 30,
noninterest income totaled $3.7
million in 2021 compared to $2.0
million in 2020. The primary reason for the improvement was
the recognition of a $1.6 million
deposit premium from the sale of deposits of two branch offices in
the second quarter of 2021. Trust and wealth management income
increased $84 thousand and
$42 thousand, respectively, comparing
the second quarters of 2021 and 2020. Mortgage banking originations
and income decreased $206 thousand in
the second quarter of 2021 compared to the same period of 2020 due
to a reduction in residential refinance mortgage activity.
For the six months ended June 30,
noninterest income increased $1.3
million to $6.2 million from
$4.9 million in 2020. The primary
contributors to the overall increase were the premium on the
deposit sale offset partially by a decrease of $542 thousand in gains on the sale of investment
securities. Trust commissions and wealth management income
increased $131 thousand and
$36 thousand which were offset by a
$163 thousand decrease in mortgage
banking income comparing the six months ended June 30, 2021 and 2020.
Noninterest expense decreased $24.5
million to $9.5 million for
the three months ended June 30, 2021,
from $34.0 million for the same
period last year. The decrease was primarily due to the noncash
goodwill impairment charge of $24.8
million recorded in the second quarter of 2020. For the six
months ended June 30, noninterest
expense decreased to $17.9 million in
2021 compared to $43.2 million for
the same period in 2020. In addition to the goodwill impairment
charge, noninterest expense decreased in 2021 from implementing
efficiency initiatives and selective cost reduction measures.
BALANCE SHEET REVIEW
Total assets, loans, net, and deposits totaled $1.2 billion, $948.7
million, and $1.0
billion, respectively, at June
30, 2021. For the three months ended June 30, 2021, total assets, loans, net and
deposits decreased $160.1 million,
$143.1 million and $36.4 million, respectively. Loans, net decreased
in the second quarter of 2021 as business lending, including
commercial and commercial real estate loans, decreased $117.1 million due primarily to SBA forgiveness
payments on PPP loans. For this same period, construction
lending decreased $22.8 million while
retail lending, which includes residential mortgage, home equity
and consumer loans, decreased $3.2
million. Total investments decreased $7.8 million in the second quarter of 2021. The
reduction in total deposits consisted of decreases in
noninterest-bearing deposits of $13.5
million and interest-bearing deposits of $22.9 million. As a percentage of total deposits,
noninterest-bearing deposits amounted to 17.6% at June 30, 2021 and 17.1% at December 31, 2020. Long term debt decreased
$128.7 million primarily through the
repayment of the Federal Reserve Bank's PPPLF program as PPP loans
were forgiven in the second quarter of 2021. For the six months
ended June 30, 2021, total
assets and loans, net decreased $142.9
million and $190.5 million,
respectively, while deposits increased $29.1
million. Total investments increased to $148.0 million at June 30,
2021, compared to $103.7
million at December 31, 2020
as security purchases more than offset payments and
prepayments.
Stockholders' equity totaled $104.4 million, or
$11.15 per share, at
June 30, 2021 and $97.4 million,
or $10.47 per share, at December 31, 2020. The increase in stockholders'
equity for the six months ended June 30,
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
$10.97 at June 30, 2021, compared to $10.26 at December
31, 2020.
ASSET QUALITY REVIEW
Nonperforming assets were $12.0
million, or 1.26% of loans, net, and
foreclosed assets at June 30, 2021,
$13.2 million, or 1.20%, at
March 31, 2021, and $13.4 million, or 1.15%, at June 30, 2020. All major categories of
nonperforming loans decreased in the second quarter of 2021.
Nonaccrual loans, accruing troubled debt restructured loans and
accruing loans past due 90 days or more decreased $432 thousand, $663
thousand, and $74 thousand,
respectively, in the three months ended June
30, 2021. The majority of the $9.3
million balance in accruing troubled debt restructured loans
at the end of the second quarter 2020 was due primarily to one
commercial real estate relationship. Adjusting for accruing
restructured loans, nonperforming assets were $2.7 million, or 0.29% of loans, net and
foreclosed assets at June 30,
2021, and $3.2 million, or 0.29%, at March 31, 2021. The allowance for loan
losses balance equaled $10.9 million, or 1.15%, of loans,
net, and 1.25% excluding 100% SBA guaranteed PPP loan balances
outstanding, at June 30, 2021,
compared to $12.1 million, or 1.11%,
of loans, net, at March 31,
2021. The coverage ratio, the allowance for loan losses as a
percentage of nonperforming assets, was 90.7% at June 30, 2021 and 92.3% at March 31, 2021. Loans charged-off, net of
recoveries, for the six months ended June 30, 2021 equaled $598 thousand or 0.11% of average loans
compared to $1.6 million or 0.33% 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 and Schuylkill Counties through 23 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/.
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)
|
|
|
|
|
|
|
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
June 30
|
|
2021
|
2021
|
2020
|
2020
|
2020
|
Key performance
data:
|
|
|
|
|
|
Per common share
data:
|
|
|
|
|
|
Net income
(loss)
|
$
0.51
|
$
0.33
|
$
0.17
|
$
0.08
|
$(2.61)
|
Core net income
(1)
|
$
0.53
|
$
0.31
|
$
0.17
|
$
0.07
|
$
0.05
|
Cash dividends
declared
|
$
0.00
|
$
0.00
|
$
0.00
|
$
0.00
|
$
0.08
|
Book value
|
$ 11.15
|
$ 10.55
|
$ 10.47
|
$ 10.28
|
$10.20
|
Tangible book value
(1)
|
$ 10.97
|
$ 10.36
|
$ 10.26
|
$ 10.04
|
$
9.94
|
Market
value:
|
|
|
|
|
|
High
|
$ 13.36
|
$ 10.82
|
$
9.50
|
$
7.77
|
$
7.60
|
Low
|
$
9.87
|
$
9.01
|
$
6.76
|
$
5.25
|
$
4.13
|
Closing
|
$ 11.43
|
$ 10.45
|
$
9.15
|
$
6.76
|
$
5.38
|
Market
capitalization
|
$107,007
|
$97,695
|
$85,154
|
$62,729
|
$49,839
|
Common shares
outstanding
|
9,361,967
|
9,348,831
|
9,306,442
|
9,279,503
|
9,263,697
|
|
|
|
|
|
|
Selected
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity
|
18.88%
|
12.55%
|
6.51%
|
2.88%
|
(81.21)%
|
|
|
|
|
|
|
Core return on
average stockholders' equity (1)
|
19.60%
|
11.75%
|
6.51%
|
2.88%
|
1.55%
|
|
|
|
|
|
|
Return on average
tangible stockholders' equity (1)
|
19.20%
|
12.78%
|
6.66%
|
2.95%
|
(104.88)%
|
|
|
|
|
|
|
Core return on
average tangible stockholders' equity (1)
|
19.94%
|
11.97%
|
6.66%
|
2.95%
|
2.00%
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets (1)
|
8.47%
|
7.05%
|
7.05%
|
6.88%
|
6.85%
|
|
|
|
|
|
|
Return on average
assets
|
1.46%
|
0.91%
|
0.46%
|
0.20%
|
(7.50)%
|
|
|
|
|
|
|
Core return on
average assets (1)
|
1.52%
|
0.85%
|
0.46%
|
0.20%
|
0.14%
|
|
|
|
|
|
|
Stockholders' equity
to total assets
|
8.59%
|
7.17%
|
7.18%
|
7.03%
|
7.01%
|
|
|
|
|
|
|
Efficiency ratio
(2)
|
63.58%
|
68.94%
|
76.13%
|
77.46%
|
76.84%
|
|
|
|
|
|
|
Nonperforming assets
to loans, net, and foreclosed assets
|
1.26%
|
1.20%
|
1.05%
|
1.12%
|
1.15%
|
|
|
|
|
|
|
Net charge-offs to
average loans, net
|
0.21%
|
0.02%
|
0.02%
|
(0.02)%
|
0.20%
|
|
|
|
|
|
|
Allowance for loan
losses to loans, net
|
1.15%
|
1.11%
|
1.07%
|
1.00%
|
0.84%
|
|
|
|
|
|
|
Earning assets yield
(FTE) (3)
|
4.04%
|
3.54%
|
3.74%
|
3.73%
|
3.85%
|
|
|
|
|
|
|
Cost of
funds
|
0.56%
|
0.59%
|
0.63%
|
0.56%
|
0.67%
|
|
|
|
|
|
|
Net interest spread
(FTE) (3)
|
3.48%
|
2.95%
|
3.11%
|
3.17%
|
3.18%
|
|
|
|
|
|
|
Net interest margin
(FTE) (3)
|
3.59%
|
3.04%
|
3.21%
|
3.26%
|
3.29%
|
|
|
|
|
|
|
|
|
(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 (Loss)
|
(In thousands,
except per share data)
|
|
|
|
|
Six Months
Ended
|
Jun 30
|
|
Jun 30
|
|
2021
|
|
2020
|
Interest
income:
|
|
|
|
Interest and fees on
loans:
|
|
|
|
Taxable
|
$21,877
|
|
$20,384
|
Tax-exempt
|
358
|
|
481
|
Interest and dividends
on investment securities:
|
|
|
|
Taxable
|
1,047
|
|
931
|
Tax-exempt
|
296
|
|
105
|
Interest on
interest-bearing deposits in other banks
|
24
|
|
101
|
Total interest
income
|
23,602
|
|
22,002
|
|
|
|
|
Interest
expense:
|
|
|
|
Interest on
deposits
|
1,745
|
|
3,184
|
Interest on short-term
borrowings
|
|
|
28
|
Interest on long-term
debt
|
1,231
|
|
348
|
Total interest
expense
|
2,976
|
|
3,560
|
Net interest
income
|
20,626
|
|
18,442
|
(Recovery of)
provision for loan losses
|
(735)
|
|
3,812
|
Net interest income
after (recovery of) provision for loan losses
|
21,361
|
|
14,630
|
|
|
|
|
Noninterest
income:
|
|
|
|
Service charges, fees
and commissions
|
4,229
|
|
2,392
|
Commissions and fees
on fiduciary activities
|
554
|
|
423
|
Wealth management
income
|
452
|
|
416
|
Mortgage banking
income
|
336
|
|
499
|
Life insurance
investment income
|
374
|
|
386
|
Net gain on sale of
investment securities available-for-sale
|
273
|
|
815
|
Total noninterest
income
|
6,218
|
|
4,931
|
|
|
|
|
Noninterest
expense:
|
|
|
|
Salaries and employee
benefits expense
|
9,961
|
|
10,041
|
Net occupancy and
equipment expense
|
2,044
|
|
2,248
|
Amortization of
intangible assets
|
264
|
|
339
|
Goodwill
impairment
|
|
|
24,754
|
Net benefit of
operation of other real estate owned
|
(22)
|
|
(11)
|
Other
expenses
|
5,664
|
|
5,795
|
Total noninterest
expense
|
17,911
|
|
43,166
|
Income (loss) before
income taxes
|
9,668
|
|
(23,605)
|
Provision (benefit)
for income tax expense
|
1,828
|
|
(116)
|
Net income
(loss)
|
$7,840
|
|
$(23,489)
|
Other comprehensive income (loss):
|
|
|
|
Unrealized gain (loss)
on investment securities available-for-sale
|
$(1,750)
|
|
$1,893
|
Reclassification
adjustment for gain included in net income
|
(273)
|
|
(815)
|
Change in pension
liability
|
|
|
|
Change in cash flow
hedge
|
373
|
|
(38)
|
Income tax expense
(benefit) related to other comprehensive income
|
(347)
|
|
218
|
Other comprehensive
income (loss), net of income taxes
|
(1,303)
|
|
822
|
Comprehensive income
(loss)
|
$6,537
|
|
$(22,667)
|
|
|
|
|
Per common share
data:
|
|
|
|
Net income
(loss):
|
|
|
|
Basic
|
$0.84
|
|
$(2.54)
|
Diluted
|
$0.84
|
|
$(2.54)
|
Average common shares
outstanding:
|
|
|
|
Basic
|
9,349,266
|
|
9,236,314
|
Diluted
|
9,354,161
|
|
9,236,314
|
Cash dividends
declared
|
$0.00
|
|
$0.15
|
|
|
|
|
Riverview
Financial Corporation
|
Consolidated
Statements of Income (Loss)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Three months
ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|
|
2021
|
2021
|
2020
|
2020
|
2020
|
|
Interest
income:
|
|
|
|
|
|
|
Interest and fees on
loans:
|
|
|
|
|
|
|
Taxable
|
$
11,529
|
$
10,348
|
$
11,403
|
$
11,265
|
$
10,602
|
|
Tax-exempt
|
182
|
176
|
179
|
223
|
236
|
|
Interest and
dividends on investment securities available-for-sale:
|
|
|
|
|
|
|
Taxable
|
553
|
494
|
411
|
360
|
396
|
|
Tax-exempt
|
144
|
152
|
113
|
71
|
68
|
|
Interest on
interest-bearing deposits in other banks
|
15
|
9
|
8
|
11
|
12
|
|
Total interest
income
|
12,423
|
11,179
|
12,114
|
11,930
|
11,314
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
Interest on
deposits
|
822
|
923
|
1,035
|
1,200
|
1,395
|
|
Interest on
short-term borrowings
|
|
|
|
|
23
|
|
Interest on long-term
debt
|
585
|
646
|
684
|
304
|
225
|
|
Total interest
expense
|
1,407
|
1,569
|
1,719
|
1,504
|
1,643
|
|
Net interest
income
|
11,016
|
9,610
|
10,395
|
10,426
|
9,671
|
|
(Recovery of )
provision for loan losses
|
(735)
|
|
626
|
1,844
|
2,012
|
|
Net interest income
after (recovery of) provision for loan losses
|
11,751
|
9,610
|
9,769
|
8,582
|
7,659
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
Service charges, fees
and commissions
|
2,755
|
1,474
|
642
|
1,099
|
1,011
|
|
Commissions and fees
on fiduciary activities
|
294
|
260
|
292
|
246
|
210
|
|
Wealth management
income
|
238
|
214
|
240
|
220
|
196
|
|
Mortgage banking
income
|
185
|
151
|
333
|
401
|
391
|
|
Life insurance
investment income
|
196
|
178
|
177
|
192
|
193
|
|
Net gain on sale of
investment securities available-for-sale
|
27
|
246
|
|
|
|
|
Total
noninterest income
|
3,695
|
2,523
|
1,684
|
2,158
|
2,001
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
Salaries and employee
benefits expense
|
5,494
|
4,467
|
4,755
|
5,411
|
4,985
|
|
Net occupancy and
equipment expense
|
854
|
1,190
|
1,465
|
1,428
|
1,068
|
|
Amortization of
intangible assets
|
132
|
132
|
309
|
170
|
169
|
|
Goodwill
impairment
|
|
|
|
|
24,754
|
|
Net cost (benefit) of
operation of other real estate owned
|
7
|
(29)
|
15
|
51
|
|
|
Other
expenses
|
3,037
|
2,627
|
3,020
|
2,918
|
2,978
|
|
Total noninterest
expense
|
9,524
|
8,387
|
9,564
|
9,978
|
33,954
|
|
Income (loss) before
income taxes
|
5,922
|
3,746
|
1,889
|
762
|
(24,294)
|
|
Income tax expense
(benefit)
|
1,142
|
686
|
306
|
67
|
(172)
|
|
Net income
(loss)
|
$ 4,780
|
$ 3,060
|
$ 1,583
|
$
695
|
$(24,122)
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
Unrealized gain
(loss) on investment securities available-for-sale
|
1,279
|
$(3,029)
|
$
94
|
$
114
|
$
840
|
|
Reclassification
adjustment for gain included in net income
|
(27)
|
(246)
|
|
|
|
|
Change in pension
liability
|
|
|
166
|
|
|
|
Change in cash flow
hedge
|
(284)
|
657
|
161
|
49
|
(38)
|
|
Income tax expense
(benefit) related to other comprehensive income (loss)
|
203
|
(550)
|
88
|
35
|
168
|
|
Other comprehensive
income (loss), net of income taxes
|
765
|
(2,068)
|
333
|
128
|
634
|
|
Comprehensive income
(loss)
|
$5,545
|
$ 992
|
$ 1,916
|
$
823
|
$(23,488)
|
|
Per common share
data:
|
|
|
|
|
|
|
Net income
(loss):
|
|
|
|
|
|
|
Basic
|
$ 0.51
|
$ 0.33
|
$ 0.17
|
$ 0.08
|
$(2.61)
|
|
Diluted
|
$ 0.51
|
$ 0.33
|
$ 0.17
|
$ 0.08
|
$(2.61)
|
|
Average common shares
outstanding:
|
|
|
|
|
|
|
Basic
|
9,357,153
|
9,341,291
|
9,287,196
|
9,273,666
|
9,249,184
|
|
Diluted
|
9,366,651
|
9,341,533
|
9,287,196
|
9,273,666
|
9,249,184
|
|
Cash dividends
declared
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.08
|
|
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Details of Net
Interest and Net Interest Margin
|
(In thousands,
fully taxable equivalent basis)
|
|
|
|
|
|
|
Three months
ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|
2021
|
2021
|
2020
|
2020
|
2020
|
Net interest
income:
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
$
11,529
|
$
10,348
|
$
11,403
|
$
11,265
|
$
10,602
|
Tax-exempt
|
230
|
223
|
227
|
282
|
299
|
Total loans,
net
|
11,759
|
10,571
|
11,630
|
11,547
|
10,901
|
Investments:
|
|
|
|
|
|
Taxable
|
553
|
494
|
411
|
360
|
396
|
Tax-exempt
|
183
|
192
|
143
|
90
|
86
|
Total
investments
|
736
|
686
|
554
|
450
|
482
|
Interest on
interest-bearing balances in other banks
|
15
|
9
|
8
|
11
|
12
|
Total interest
income
|
12,510
|
11,266
|
12,192
|
12,008
|
11,395
|
Interest
expense:
|
|
|
|
|
|
Deposits
|
822
|
923
|
1,035
|
1,200
|
1,395
|
Short-term
borrowings
|
|
|
|
|
23
|
Long-term
debt
|
585
|
646
|
684
|
304
|
225
|
Total interest
expense
|
1,407
|
1,569
|
1,719
|
1,504
|
1,643
|
Net interest
income
|
$
11,103
|
$
9,697
|
$
10,473
|
$
10,504
|
$
9,752
|
|
|
|
|
|
|
Yields on earning
assets:
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
4.65%
|
3.83%
|
4.00%
|
3.95%
|
4.10%
|
Tax-exempt
|
2.98%
|
3.36%
|
3.29%
|
3.57%
|
3.46%
|
Total loans,
net
|
4.60%
|
3.82%
|
3.98%
|
3.94%
|
4.08%
|
Investments:
|
|
|
|
|
|
Taxable
|
2.11%
|
2.19%
|
2.04%
|
2.17%
|
2.74%
|
Tax-exempt
|
1.65%
|
1.88%
|
2.98%
|
3.31%
|
4.10%
|
Total
investments
|
1.97%
|
2.09%
|
2.22%
|
2.33%
|
2.91%
|
Interest-bearing
balances with banks
|
0.09%
|
0.10%
|
0.09%
|
0.11%
|
0.10%
|
Total earning
assets
|
4.04%
|
3.54%
|
3.74%
|
3.73%
|
3.85%
|
Costs of
interest-bearing liabilities:
|
|
|
|
|
|
Deposits
|
0.38%
|
0.43%
|
0.49%
|
0.56%
|
0.67%
|
Short-term
borrowings
|
|
|
|
|
0.33%
|
Long-term
debt
|
1.87%
|
1.25%
|
1.15%
|
0.56%
|
0.74%
|
Total interest-bearing
liabilities
|
0.56%
|
0.59%
|
0.63%
|
0.56%
|
0.67%
|
Net interest
spread
|
3.48%
|
2.95%
|
3.11%
|
3.17%
|
3.18%
|
Net interest
margin
|
3.59%
|
3.04%
|
3.21%
|
3.26%
|
3.29%
|
|
|
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Consolidated
Balance Sheets
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
At period
end
|
2021
|
2021
|
2020
|
2020
|
2020
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Cash and due from
banks
|
$
9,849
|
$
9,496
|
$
13,511
|
$
10,646
|
$
10,195
|
Interest-bearing
balances in other banks
|
47,659
|
53,668
|
36,270
|
21,312
|
33,033
|
Investment securities
available-for-sale
|
148,048
|
155,863
|
103,695
|
98,846
|
74,134
|
Loans held for
sale
|
180
|
2,502
|
4,338
|
4,547
|
4,252
|
Loans, net
|
948,740
|
1,091,824
|
1,139,239
|
1,163,442
|
1,165,453
|
Less: allowance for
loan losses
|
10,867
|
12,140
|
12,200
|
11,624
|
9,736
|
Net loans
|
937,873
|
1,079,684
|
1,127,039
|
1,151,818
|
1,155,717
|
Premises and
equipment, net
|
17,448
|
17,991
|
18,147
|
18,419
|
18,668
|
Accrued interest
receivable
|
3,532
|
4,189
|
4,216
|
3,218
|
1,826
|
Goodwill
|
|
|
|
|
|
Other intangible
assets, net
|
1,654
|
1,786
|
1,918
|
2,227
|
2,397
|
Other
assets
|
48,498
|
49,661
|
48,420
|
45,739
|
46,578
|
Total
assets
|
$1,214,741
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
$1,346,800
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
|
$
183,893
|
$
197,360
|
$
173,600
|
$
178,168
|
$
173,567
|
Interest-bearing
|
860,622
|
883,568
|
841,860
|
853,145
|
849,586
|
Total
deposits
|
1,044,515
|
1,080,928
|
1,015,460
|
1,031,313
|
1,023,153
|
Short-term
borrowings
|
|
|
|
|
|
Long-term
debt
|
51,956
|
180,644
|
228,765
|
217,031
|
217,010
|
Accrued interest
payable
|
504
|
1,347
|
1,038
|
591
|
457
|
Other
liabilities
|
13,401
|
13,298
|
14,859
|
12,413
|
11,728
|
Total
liabilities
|
1,110,376
|
1,276,217
|
1,260,122
|
1,261,348
|
1,252,348
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common
stock
|
103,058
|
102,861
|
102,662
|
102,672
|
102,552
|
Capital
surplus
|
292
|
292
|
292
|
190
|
161
|
Retained earnings
(accumulated deficit)
|
1,383
|
(3,397)
|
(6,457)
|
(8,040)
|
(8,735)
|
Accumulated other
comprehensive income (loss)
|
(368)
|
(1,133)
|
935
|
602
|
474
|
Total stockholders'
equity
|
104,365
|
98,623
|
97,432
|
95,424
|
94,452
|
Total liabilities and
stockholders' equity
|
$1,214,741
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
$1,346,800
|
|
|
|
|
|
|
Riverview
Financial Corporation
Consolidated
Balance Sheets
|
|
(In thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|
Average quarterly
balances
|
2021
|
2021
|
2020
|
2020
|
2020
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
Taxable
|
$995,457
|
$1,095,594
|
$1,134,149
|
$1,134,625
|
$1,041,161
|
Tax-exempt
|
30,950
|
26,952
|
27,425
|
31,451
|
34,723
|
Total loans,
net
|
1,026,407
|
1,122,546
|
1,161,574
|
1,166,076
|
1,075,884
|
Investments:
|
|
|
|
|
|
Taxable
|
105,196
|
91,549
|
79,996
|
66,049
|
58,230
|
Tax-exempt
|
44,528
|
41,443
|
19,102
|
10,812
|
8,442
|
Total
investments
|
149,724
|
132,992
|
99,098
|
76,861
|
66,672
|
Interest-bearing
balances with banks
|
65,411
|
36,101
|
35,381
|
38,334
|
48,174
|
Total earning
assets
|
1,241,542
|
1,291,639
|
1,296,053
|
1,281,271
|
1,190,730
|
Other
assets
|
71,971
|
72,586
|
70,815
|
73,079
|
102,097
|
Total
assets
|
$1,313,513
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
$1,292,827
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
|
$194,466
|
$176,895
|
$173,629
|
$175,402
|
$171,500
|
Interest-bearing
|
878,945
|
863,765
|
847,124
|
853,782
|
837,512
|
Total
deposits
|
1,073,411
|
1,040,660
|
1,020,753
|
1,029,184
|
1,009,012
|
Short-term
borrowings
|
|
|
|
|
28,417
|
Long-term
debt
|
125,441
|
209,781
|
236,043
|
217,021
|
122,875
|
Other
liabilities
|
13,093
|
14,861
|
13,389
|
12,135
|
13,062
|
Total
liabilities
|
1,211,945
|
1,265,302
|
1,270,185
|
1,258,340
|
1,173,366
|
Stockholders'
equity
|
101,568
|
98,923
|
96,683
|
96,010
|
119,461
|
Total liabilities and
stockholders' equity
|
$1,313,513
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
$1,292,827
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Asset Quality
Data
|
(In
thousands)
|
|
|
|
|
|
|
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|
2021
|
2021
|
2020
|
2020
|
2020
|
At quarter
end:
|
|
|
|
|
|
Nonperforming
assets:
|
|
|
|
|
|
Nonaccrual
loans
|
$2,396
|
$2,828
|
$1,421
|
$3,225
|
$3,241
|
Accruing restructured
loans
|
9,276
|
9,939
|
9,963
|
9,648
|
9,592
|
Accruing loans past
due 90 days or more
|
91
|
165
|
156
|
108
|
183
|
Foreclosed
assets
|
219
|
219
|
422
|
25
|
363
|
Total nonperforming
assets
|
$11,982
|
$13,151
|
$11,962
|
$13,006
|
$13,379
|
|
|
|
|
|
|
Three months
ended:
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
Beginning
balance
|
$12,140
|
$12,200
|
$11,624
|
$9,736
|
$8,251
|
Charge-offs
|
611
|
94
|
100
|
42
|
574
|
Recoveries
|
73
|
34
|
50
|
86
|
47
|
(Recovery of)
provision for loan losses
|
(735)
|
|
626
|
1,844
|
2,012
|
Ending
balance
|
$10,867
|
$12,140
|
$12,200
|
$11,624
|
$9,736
|
|
|
|
|
|
|
Riverview
Financial Corporation
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Three months
ended:
|
2021
|
2021
|
2020
|
2020
|
2020
|
Core net income
(loss) per common share:
|
|
|
|
|
|
Net income
(loss)
|
$4,780
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
Adjustments:
|
|
|
|
|
|
Less: Gain on sale of
investment securities, net of tax
|
22
|
194
|
|
|
|
Add: Acquisition
related expenses, net of tax
|
206
|
|
|
|
|
Add: Goodwill
impairment, net of tax
|
|
|
|
|
24,581
|
Net income –
Core
|
$4,964
|
$2,866
|
$1,583
|
$695
|
$459
|
|
|
|
|
|
|
Average common shares
outstanding
|
9,357,153
|
9,341,291
|
9,287,196
|
9,273,666
|
9,249,184
|
Core net income per
common share
|
$ 0.53
|
$ 0.31
|
$ 0.17
|
$ 0.07
|
$ 0.05
|
|
|
|
|
|
|
Tangible book
value:
|
|
|
|
|
|
Total stockholders'
equity
|
$104,365
|
$98,623
|
$97,432
|
$95,424
|
$94,452
|
Less:
Goodwill
|
|
|
|
|
|
Less: Other
intangible assets, net
|
1,654
|
1,786
|
1,918
|
2,227
|
2,397
|
Total tangible
stockholders' equity
|
$102,711
|
$96,837
|
$95,514
|
$93,197
|
$92,055
|
|
|
|
|
|
|
Common shares
outstanding
|
9,361,967
|
9,348,831
|
9,306,442
|
9,279,503
|
9,263,697
|
|
|
|
|
|
|
Tangible book value
per share
|
$10.97
|
$10.36
|
$10.26
|
$10.04
|
$9.94
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets:
|
|
|
|
|
|
Total stockholders'
equity
|
$104,365
|
$98,623
|
$97,432
|
$95,424
|
$94,452
|
Less:
Goodwill
|
|
|
|
|
|
Less: Other
intangible assets, net
|
1,654
|
1,786
|
1,918
|
2,227
|
2,397
|
Total tangible
stockholders' equity
|
$102,711
|
$96,837
|
$95,514
|
$93,197
|
$92,055
|
|
|
|
|
|
|
Total
assets
|
$1,214,741
|
$1,374,840
|
$1,357,554
|
$1,356,772
|
$1,346,800
|
Less:
Goodwill
|
|
|
|
|
|
Less: Other
intangible assets, net
|
1,654
|
1,786
|
1,918
|
2,227
|
2,397
|
Total tangible
assets
|
$1,213,087
|
$1,373,054
|
$1,355,636
|
$1,354,545
|
$1,344,403
|
|
|
|
|
|
|
Tangible
stockholders' equity to tangible assets
|
8.47%
|
7.05%
|
7.05%
|
6.88%
|
6.85%
|
|
|
|
|
|
|
Core return on
average stockholders' equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$4,780
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
Adjustments:
|
|
|
|
|
|
Less: Gain on sale of
investment securities, net of tax
|
22
|
194
|
|
|
|
Add: Acquisition
related expenses, net of tax
|
206
|
|
|
|
|
Add: Goodwill
impairment, net of tax
|
|
|
|
|
24,581
|
Net income –
Core
|
$4,964
|
$2,866
|
$1,583
|
$695
|
$459
|
|
|
|
|
|
|
Average stockholders'
equity
|
$101,568
|
$98,923
|
$96,683
|
$96,010
|
$119,461
|
Core return on
average stockholders' equity
|
19.60%
|
11.75%
|
6.51%
|
2.88%
|
1.55%
|
|
|
|
|
|
|
Return on average
tangible equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$4,780
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
|
|
|
|
|
|
Average stockholders'
equity
|
$101,568
|
$98,923
|
$96,683
|
$96,010
|
$119,461
|
Less: average
intangibles
|
1,718
|
1,849
|
2,116
|
2,310
|
26,961
|
Average tangible
stockholders' equity
|
$99,850
|
$97,074
|
$94,567
|
$93,700
|
$92,500
|
|
|
|
|
|
|
Return on average
tangible stockholders' equity
|
19.20%
|
12.78%
|
6.66%
|
2.95%
|
(104.88)%
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
Three months
ended:
|
2021
|
2021
|
2020
|
2020
|
2020
|
Core return on
average tangible stockholders' equity:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$4,780
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
Adjustments:
|
|
|
|
|
|
Less: Gain on sale of
investment securities, net of tax
|
22
|
194
|
|
|
|
Add: Acquisition
related expenses, net of tax
|
206
|
|
|
|
|
Add: Goodwill
impairment, net of tax
|
|
|
|
|
24,581
|
Net income –
Core
|
$4,964
|
$2,866
|
$1,583
|
$695
|
$459
|
|
|
|
|
|
|
Average stockholders'
equity
|
$101,568
|
$98,923
|
$96,683
|
$96,010
|
$119,461
|
Less: average
intangibles
|
1,718
|
1,849
|
2,116
|
2,310
|
26,961
|
Average tangible
stockholders' equity
|
$99,850
|
$97,074
|
$94,567
|
$93,700
|
$92,500
|
|
|
|
|
|
|
Core return on
average tangible stockholders' equity
|
19.94%
|
11.97%
|
6.66%
|
2.95%
|
2.00%
|
|
|
|
|
|
|
Core return on
average assets:
|
|
|
|
|
|
Net income (loss)
GAAP
|
$4,780
|
$3,060
|
$1,583
|
$695
|
$(24,122)
|
Adjustments:
|
|
|
|
|
|
Less: Gain on sale of
investment securities, net of tax
|
22
|
194
|
|
|
|
Add: Acquisition
related expenses, net of tax
|
206
|
|
|
|
|
Add: Goodwill
impairment, net of tax
|
|
|
|
|
24,581
|
Net income –
Core
|
$4,964
|
$2,866
|
$1,583
|
$695
|
$459
|
|
|
|
|
|
|
Average
assets
|
$1,313,513
|
$1,364,225
|
$1,366,868
|
$1,354,350
|
$1,292,827
|
Core return on
average assets
|
1.52%
|
0.85%
|
0.46%
|
0.20%
|
0.14%
|
|
|
|
|
|
|
Riverview
Financial Corporation
|
Reconciliation of
Non-GAAP Financial Measures
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
Jun 30
|
Jun 30
|
|
|
2021
|
2020
|
Six months
ended:
|
|
|
|
|
|
|
|
Core net income per
common share:
|
|
|
|
Net income
(loss)
|
|
$7,840
|
$(23,489)
|
Adjustments:
|
|
|
|
Less:
Gains on sale of investment securities, net of tax
|
|
216
|
644
|
Add:
Acquisition related expenses, net of tax
|
|
206
|
|
Add:
Goodwill impairment, net of tax
|
|
|
24,581
|
Net income –
core
|
|
$7,830
|
$448
|
|
|
|
|
Average common shares
outstanding
|
|
9,349,266
|
9,236,314
|
|
|
|
|
Core net income per
common share
|
|
$0.84
|
$0.05
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/riverview-financial-corporation-reports-record-second-quarter-and-year-to-date-earnings-for-2021-301338009.html
SOURCE Riverview Financial Corporation