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River Valley Bancorp Announces 32% Increase In Earnings For The Quarter Ended March 31, 2010

River Valley Bancorp (NASDAQ:RIVR), an Indiana corporation (the “Corporation”) and holding company for River Valley Financial Bank, based in Madison, Indiana announced today earnings for the first quarter ended March 31, 2010.

Net income for the quarter was $718,974, an increase of $175,793 or 32.4%, from the $543,181 reported for the quarter ended March 31, 2009. Net income for the quarter ended March 31, 2010 was $0.42 per share. For the same period in 2009, earnings per share were $0.36. For the quarter ended March 31, 2010, return on average assets was 0.73% and the return on average equity was 9.18%, which compares to 0.57% and 8.58%, respectively for the period ended March 31, 2009.

The quarterly results reflect improving interest margins, marginally lower operating expenses, and lower funding for the provision for loan losses. These increases were partially offset by lower non-interest income and correspondingly higher income tax expense.

Assets totaled $395.2 million as of March 31, 2010, an increase of $11.1 million from the balance reported on March 31, 2009, and approximately a $1.0 million decrease from the balance reported as of December 31, 2009. Net loans, including loans held for sale, were $273.3 million as of March 31, 2010, a decrease of $7.1 million from $280.4 million as of March 31, 2009 and a decrease of $3.5 million from December 31, 2009. Deposits totaled $282.3 million as of March 31, 2010, an increase of $19.5 million from March 31, 2009, and an increase of $5.7 million from the amount reported as of December 31, 2009.

“I am extremely pleased to be reporting a substantial increase in earnings for the quarter and a third consecutive quarter of double digit improvement,” stated Matthew P. Forrester, President of River Valley Bancorp. The CEO further added, “Previous actions to appropriately fund the provision for loan losses, continued prudent lending, the attraction of additional capital, in concert with an ever-so-slight improvement in general economics, has yielded improved returns. That is not to say, that a 'double dip' recession is still not a possibility that could prolong a sustained economic recovery, but we believe that we are well positioned to deal with further residual effects. Under normal circumstances, three consecutive quarters of improving earnings might not be significant; however, there has been nothing 'normal' about the past two years. We are grateful and gratified that your Corporation has weathered the storm better than most.”

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