This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

River Valley Bancorp Announces Increase In Earnings For The Period Ended June 30, 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 period ended June 30, 2010.

Net income for the quarter ending June 30, 2010 was $715,816 or $0.41 per share. This quarter represented approximately a $1.1 million swing from the net loss of ($361,944), or a net loss of ($0.24) per share, recorded as of June 30, 2009. In the second quarter of 2009, the Corporation increased its allowance for loan losses by adding a $2.1 million provision for loan losses. In the current quarter, the Corporation expensed $360,000 in provision for loan losses. The return on average assets for the period ended June 30, 2010 was 0.72%, and the return on average equity was 8.98%.

Besides the variance in the provision for loan losses between like quarters, the results reflect improving interest margins, partially offset by lower noninterest income, slightly higher operating expenses, and significantly higher income tax expense.

For the six-month period ended June 30, 2010, net income was $1.4 million, or $0.83 per share. For the six-month period ended June 30, 2009, net income was $181,237, or $0.12 per share. The return on average assets for the six-month period ended June 30, 2010 was 0.72%, and the return on average equity was 9.08%. For the same six-month period in 2009, those corresponding numbers were 0.09% and 1.44%. As was previously noted, the extraordinary provision in the second quarter of 2009 impacted the year-to-date 2009 numbers. For the six-month period ended June 30, 2010, the Corporation expensed $525,000 for the provision for loan losses, and correspondingly expensed $2.4 million in 2009. For year-to-year comparison for the six-month period ended June 30th, besides the variance for the provision for loan losses, the results reflect improving interest margins, and slightly lower operating expenses due to a special FDIC insurance assessment in 2009. These results were partially offset by lower noninterest income, and substantially higher income tax expense.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs