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White River Capital, Inc. Announces Results For 2011

Stocks in this article: RVR

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 27 states – Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Washington – through its 15 branch locations. The Coastal Credit receivables portfolio, net of unearned finance charges, was $135.5 million at December 31, 2011.


Additional information about White River is available at White River’s web site located at:

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 September 30, 2011.

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


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.

(Dollars in thousands)
ASSETS December 31, 2011 December 31, 2010
Cash and cash equivalents $ 3,244 $ 3,287
Finance receivables—net 114,716 96,723
Deferred tax assets—net 36,489 40,914
Other assets   861     684  
TOTAL $ 155,310   $ 141,608  
Line of credit $ 81,000 $ 56,000
Accrued interest 183 130
Other payables and accrued expenses   2,398     2,449  
Total liabilities   83,581     58,579  

Preferred Stock, without par value, authorized 3,000,000 shares; none issued and outstanding

- -

Common Stock, without par value, authorized 20,000,000 shares; 3,534,480 and 3,706,759 issued and outstanding at December 31, 2011 and 2010, respectively

174,328 177,403
Accumulated deficit   (102,599 )   (94,374 )
Total shareholders’ equity   71,729     83,029  
TOTAL $ 155,310   $ 141,608  
Book Value per Share and Equity Ratios
(in thousands except share related values and percents)
December 31,
2011 2010
Total shareholders’ equity $ 71,729 $ 83,029
Assets $ 155,310 $ 141,608
Shares outstanding 3,534,480 3,706,759
Book value per share $ 20.29 $ 22.40
Equity/ assets 46.2 % 58.6 %
(Dollars in thousands, except per share and share amounts)
Quarters Ended December 31,


Years Ended December 31,

2011 2010 2011 2010
Interest on receivables $ 9,107 $ 8,477 $ 35,189 $ 32,810
Accretion and other interest - - 2 15
Total interest income 9,107 8,477 35,191 32,825
Interest expense (510) (394) (1,895) (1,492)
Net interest margin 8,597 8,083 33,296 31,333
Provision for loan losses (1,312) (1,266) (3,994) (6,354)
Net interest margin after provision for loan losses 7,285 6,817 29,302 24,979
Salaries and benefits (2,383) (2,527) (9,396) (8,997)
Other operating expenses (1,528) (1,082) (4,889) (4,607)
Change in fair market valuation of creditor notes payable - 44 43 179
Gain from deficiency account sale - - - 37
Other expense (69) (58) (382) (177)
Total other expenses (3,980) (3,623) (14,624) (13,565)
INCOME BEFORE INCOME TAXES 3,305 3,194 14,678 11,414
INCOME TAX EXPENSE (1,261) (1,229) (5,149) (4,335)
NET INCOME $ 2,044 $ 1,965 $ 9,529 $ 7,079
NET INCOME PER COMMON SHARE (BASIC) $ 0.58 $ 0.52 $ 2.64 $ 1.84
NET INCOME PER COMMON SHARE (DILUTED) $ 0.57 $ 0.52 $ 2.64 $ 1.84
OF COMMON SHARES OUTSTANDING 3,533,371 3,743,472 3,605,675 3,838,894
OF COMMON SHARES OUTSTANDING 3,560,323 3,744,330 3,616,171 3,839,218

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