White River Capital, Inc. Announces Results For First Quarter 2012

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 14 branch locations. The Coastal Credit receivables portfolio, net of unearned finance charges, was $139.0 million at March 31, 2012.

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, 2011,
• its Proxy Statement on Schedule 14A dated March 30, 2012, 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: 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		March 31, 2012				December 31, 2011
Cash and cash equivalents		$	2,881			$	3,244
Finance receivables—net			118,324				114,716
Deferred tax assets—net			35,384				36,489
Other assets			879				861
TOTAL		$	157,468			$	155,310
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Line of credit		$	83,000			$	81,000
Accrued interest			208				183
Other payables and accrued expenses			1,227				2,398
Total liabilities			84,435				83,581
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; 3,544,825 and 3,534,480
issued and outstanding at March 31, 2012
and December 31, 2010, respectively			174,498				174,328
Accumulated deficit			(101,465	)			(102,599	)
Total shareholders’ equity			73,033				71,729
TOTAL		$	157,468			$	155,310

WHITE RIVER CAPITAL, INC. AND SUBSIDIARIES
Book Value per Share and Equity Ratios
(Unaudited)
(Dollars in thousands except per share amounts and percentages)
		March 31,				December 31,
		2012				2011
Total shareholders’ equity		$	73,033			$	71,729
Assets		$	157,468			$	155,310
Shares outstanding			3,544,825				3,534,480
Book value per share		$	20.60			$	20.29
Equity/ assets			46.4	%			46.2	%

WHITE RIVER CAPITAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands except per share amounts)
		Quarters Ended March 31,
		2012				2011
INTEREST:
Interest on receivables		$	9,074			$	8,370
Interest expense			(606	)			(468	)
Net interest margin			8,468				7,902
Provision for loan losses			(1,289	)			(1,056	)
Net interest margin after provision for loan losses			7,179				6,846
OTHER REVENUES (EXPENSES):
Salaries and benefits			(2,587	)			(2,446	)
Other operating expenses			(1,366	)			(1,123	)
Change in fair market valuation of creditor notes payable			-				43
Other expense			(104	)			(85	)
Total other expenses			(4,057	)			(3,611	)
INCOME BEFORE INCOME TAXES			3,122				3,235
INCOME TAX EXPENSE			(1,103	)			(1,140	)
NET INCOME		$	2,019			$	2,095
NET INCOME PER COMMON SHARE (BASIC)		$	0.57			$	0.57
NET INCOME PER COMMON SHARE (DILUTED)		$	0.57			$	0.57
BASIC WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING			3,541,773				3,689,450
DILUTED WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING			3,542,782				3,695,570

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