White River Capital, Inc. Announces Results For Third Quarter 2011
In addition, White River has completed repurchases under its prior stock repurchase program originally authorized in October 2008 and reauthorized in November 2009. Under this program, White River was authorized to repurchase up to 500,000 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 all 500,000 shares under this program at an average price per share of $15.34.
PROVISION FOR LOAN LOSSES
The consolidated provision for loan losses was $0.9 million compared to $1.6 million for the quarters ended September 30, 2011 and 2010, respectively.
The following table documents the quarterly provision, allowance for loan losses and net charge offs at Coastal Credit for the third quarter 2009 through the third quarter 2011:
Allowance for LoanLosses as a Percent ofFinance Receivables
Annualized Net Charge-offsas a Percent ofFinance Receivables
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