White River Capital, Inc. (NYSE Amex: RVR) (“White River”) today announced net income for the third quarter 2011 of $2.9 million, or $0.79 per diluted share, compared to third quarter 2010 net income of $1.8 million, or $0.48 per diluted share. The net income results for the third quarter of 2011 are due to the following:
- $4.6 million of earnings from operations contributed by the Coastal Credit LLC (“Coastal Credit”) subsidiary, and
- $0.3 million of operating expenses at the holding company, and income tax expense of $1.4 million.
Martin Szumski, Chief Financial Officer, stated, "Coastal Credit’s 30+ day delinquency declined to 1.6% at September 30, 2011 compared to 1.8% at December 31, 2010 and 1.9% at September 30, 2010. Coastal Credit’s allowance for loan losses as a percentage of finance receivables, net of unearned finance charges was 5.83% at September 30, 2011 compared to 6.92% at December 31, 2010.”
Mr. Szumski continued, "Shareholders’ equity was $84.5 million at quarter end or $23.93 per common share.”
DIVIDENDAs previously announced, White River paid a quarterly dividend of 25 cents per share on its common stock on August 25, 2011. On October 28, 2011, White River announced that its Board of Directors had declared a quarterly cash dividend of 25 cents per share on its common stock to be paid November 21, 2011 to shareholders of record on November 7, 2011. STOCK REPURCHASE PROGRAM On August 11, 2011, White River announced that its Board of Directors approved a new program to repurchase up to 250,000 shares of its outstanding common stock, from time to time and subject to market conditions, on the open market or in privately negotiated transactions. As of September 30, 2011, White River has repurchased 62,829 shares of its outstanding common stock under this new program at an average price per share of $19.40.