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

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 14 branch locations. The Coastal Credit receivables portfolio, net of unearned finance charges, was $144.0 million at September 30, 2012.


Additional information about White River is available at White River’s website 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, 2011,
  • its Proxy Statement on Schedule 14A dated March 30, 2012, and
  • its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.

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 September 30, 2012 December 31, 2011
Cash and cash equivalents $ 4,397 $ 3,244
Finance receivables—net 124,084 114,716
Deferred tax assets—net 33,153 36,489
Other assets   847     861  
TOTAL $ 162,481   $ 155,310  
Line of credit $ 84,000 $ 81,000
Accrued interest 202 183
Other payables and accrued expenses   2,094     2,398  
Total liabilities   86,296     83,581  
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 September 30, 2012
and December 31, 2011, respectively 174,588 174,328
Accumulated deficit   (98,403 )   (102,599 )
Total shareholders’ equity   76,185     71,729  
TOTAL $ 162,481   $ 155,310  
Book Value per Share and Equity Ratios
(Dollars in thousands except per share amounts)
September 30, December 31,
2012 2011
Total shareholders’ equity $ 76,185 $ 71,729
Assets $ 162,481 $ 155,310
Shares outstanding 3,544,825 3,534,480
Book value per share $ 21.49 $ 20.29
Equity/ assets 46.9 % 46.2 %
(Dollars in thousands except per share amounts)
Quarters Ended September 30, Nine Months Ended September 30,
2012 2011 2012 2011
Interest on receivables $ 9,229 $ 9,038 $ 27,448 $ 26,084
Interest expense   (619 )   (471 )   (1,834 )   (1,385 )
Net interest margin 8,610 8,567 25,614 24,699
Provision for loan losses   (985 )   (928 )   (3,566 )   (2,683 )
Net interest margin after provision for loan losses   7,625     7,639     22,048     22,016  
Salaries and benefits (2,654 ) (2,312 ) (7,710 ) (6,947 )
Other operating expenses (1,162 ) (1,005 ) (3,690 ) (3,427 )
Change in fair market valuation of creditor notes payable - - - 43
Other expense   (73 )   (88 )   (375 )   (313 )
Total other expenses   (3,889 )   (3,405 )   (11,775 )   (10,644 )
INCOME BEFORE INCOME TAXES 3,736 4,234 10,273 11,372
INCOME TAX EXPENSE   (1,217 )   (1,383 )   (3,420 )   (3,888 )
NET INCOME $ 2,519   $ 2,851   $ 6,853   $ 7,484  
NET INCOME PER COMMON SHARE (BASIC) $ 0.71   $ 0.79   $ 1.93   $ 2.06  
NET INCOME PER COMMON SHARE (DILUTED) $ 0.71   $ 0.79   $ 1.93   $ 2.06  
OF COMMON SHARES OUTSTANDING   3,544,825     3,588,898     3,543,811     3,630,041  
OF COMMON SHARES OUTSTANDING   3,549,447     3,592,497     3,546,248     3,635,438  

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