White River Capital, Inc. Announces Results For Second Quarter 2011

Coastal Credit LLC is a specialized auto finance company, headquartered in Virginia Beach, Virginia, engaged in acquiring sub-prime auto receivables from both franchised and independent automobile dealers which have entered into contracts with purchasers of typically used, but some new, cars and light trucks. Coastal Credit then services the receivables it acquires. Coastal Credit commenced operations in Virginia in 1987 and conducts business in 23 states – California, Colorado, Delaware, Florida, Georgia, Hawaii, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Utah, Virginia and Washington – through its 16 branch locations. The Coastal Credit receivables portfolio, net of unearned finance charges, was $126.8 million at June 30, 2011.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

Additional information about White River is available at White River’s web site located at: www.WhiteRiverCap.com.

This site includes financial highlights, stock information, public filings with the U.S. Securities and Exchange Commission (the "SEC"), and corporate governance documents.

The SEC public filings available for review include but are not limited to:

• its Annual Report on Form 10-K for the year ended December 31, 2010,
• its Proxy Statement on Schedule 14A dated April 1, 2011, and
• its Quarterly Report on Form 10-Q for the quarter ended March 31, 2011.

White River’s public filings with the SEC can also be viewed on the SEC’s website at: www.sec.gov.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking information about White River that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Such information includes forward-looking statements above regarding the future financial performance of Coastal Credit and also White River's prospects for future earnings, earnings volatility and the likelihood of recognizing future value from its deferred tax assets. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of White River. White River cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to:

• losses and prepayments on our receivable portfolios;
• general economic, market, or business conditions;
• changes in interest rates, the cost of funds, and demand for our financial services;
• changes in our competitive position;
• our ability to manage growth and integrate acquired businesses;
• the opportunities that may be presented to and pursued by us;
• competitive actions by other companies;
• changes in laws or regulations;
• changes in the policies of federal or state regulators and agencies.

If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, White River's results could differ materially from those expressed in, implied or projected by such forward-looking statements. White River assumes no obligation to update such forward-looking statements.

WHITE RIVER CAPITAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
ASSETS		June 30, 2011				December 31, 2010
Cash and cash equivalents		$	1,951			$	3,287
Finance receivables—net			105,725				96,723
Deferred tax assets—net			38,955				40,914
Other assets			673				684
TOTAL		$	147,304			$	141,608
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Line of credit		$	61,000			$	56,000
Accrued interest			147				130
Other payables and accrued expenses			2,033				2,449
Total liabilities			63,180				58,579
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred Stock, without par value, authorized 3,000,000 shares; none issued and outstanding			-				-
Common Stock, without par value, authorized 20,000,000 shares; 3,612,880 and 3,706,759 issued and outstanding at June 30, 2011 and December 31, 2010, respectively			175,694				177,403
Accumulated deficit			(91,570	)			(94,374	)
Total shareholders’ equity			84,124				83,029
TOTAL		$	147,304			$	141,608

WHITE RIVER CAPITAL, INC. AND SUBSIDIARIES
Book Value per Share and Equity Ratios
(Unaudited)
(in thousands except share related values and percents)
		June 30,				December 31,
		2011				2010
Total shareholders’ equity		$	84,124			$	83,029
Assets		$	147,304			$	141,608
Shares outstanding			3,612,880				3,706,759
Book value per share		$	23.28			$	22.40
Equity/ assets			57.1	%			58.6	%

WHITE RIVER CAPITAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share and share amounts)
		Quarters Ended June 30,								Six Months Ended June 30,
		2011				2010				2011				2010
INTEREST:
Interest on receivables		$	8,676			$	8,095			$	17,047			$	15,951
Accretion and other interest			-				5								14
Total interest income			8,676				8,100				17,047				15,965
Interest expense			(446	)			(368	)			(914	)			(717	)
Net interest margin			8,230				7,732				16,133				15,248
Provision for loan losses			(699	)			(1,649	)			(1,755	)			(3,501	)
Net interest margin after provision for loan losses			7,531				6,083				14,378				11,747
OTHER REVENUES (EXPENSES):
Salaries and benefits			(2,240	)			(2,057	)			(4,688	)			(4,313	)
Other operating expenses			(1,248	)			(1,079	)			(2,370	)			(2,446	)
Change in fair market valuation of creditor notes payable			-				43				43				89
Gain from deficiency account sale			-				35				-				37
Other expense			(141	)			(14	)			(225	)			(48	)
Total other expenses			(3,629	)			(3,072	)			(7,240	)			(6,681	)
INCOME BEFORE INCOME TAXES			3,902				3,011				7,138				5,066
INCOME TAX EXPENSE			(1,365	)			(1,034	)			(2,505	)			(1,742	)
NET INCOME		$	2,537			$	1,977			$	4,633			$	3,324
NET INCOME PER COMMON SHARE (BASIC)		$	0.70			$	0.51			$	1.27			$	0.85
NET INCOME PER COMMON SHARE (DILUTED)		$	0.70			$	0.51			$	1.27			$	0.85
BASIC WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING			3,612,880				3,884,603				3,650,953				3,929,500
DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING			3,614,984				3,886,515				3,655,063				3,931,093

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