White River Capital, Inc. Announces Results For First Quarter 2012
White River Capital, Inc. (NYSE Amex: RVR) (“White River”) today announced net income for the first quarter 2012 of $2.0 million, or $0.57 per diluted share, compared to first quarter 2011 net income of $2.1 million, or $0.57 per diluted share. The net income results for the first quarter of 2012 are due to the following:
- $3.8 million of earnings from operations contributed by the Coastal Credit LLC (“Coastal Credit”) subsidiary, and
- $0.7 million of operating expenses at the holding company, and income tax expense of $1.1 million.
Martin Szumski, Chief Financial Officer, stated, "Coastal Credit’s 30+ day delinquency declined to 1.8% at March 31, 2012 compared to 2.0% at December 31, 2011. Coastal Credit’s allowance for loan losses as a percentage of finance receivables, net of unearned finance charges was 5.54% at March 31, 2012 compared to 5.68% at December 31, 2011.”
Mr. Szumski continued, "Shareholders’ equity was $73.0 million at quarter end or $20.60 per common share.”
DIVIDENDAs previously announced, White River paid a quarterly dividend of 25 cents per share on its common stock on February 24, 2012. STOCK REPURCHASE PROGRAM Under a stock repurchase program announced on August 11, 2011, White River is authorized 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 March 31, 2012, White River has repurchased 62,829 shares of its outstanding common stock under this program at an average price per share of $19.40. PROVISION FOR LOAN LOSSES The consolidated provision for loan losses was $1.3 million compared to $1.1 million for the quarters ended March 31, 2012 and 2011, respectively. The following table documents the quarterly provision, allowance for loan losses and net charge offs at Coastal Credit for the first quarter 2010 through the first quarter 2012:
Allowance for LoanLosses as a Percentof Finance Receivables
Annualized Net Charge-offsas a Percent ofFinance Receivables
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