“It is everyone’s hope that we are moving through the final stages of our country’s longest and deepest economic downtown in nearly 80 years. While positive signs are emerging, there are segments of our economy that are still lagging and individuals still searching for personal ‘good news’. We feel blessed, but watchful and ready,” stated Matthew P. Forrester, President of River Valley Bancorp. The CEO further added, “It is my pleasure to announce a double digit improvement in our earnings while being able to add significantly to the provision for future loan losses. There are a number of variables to this elusive recovery, but more now appear visible and predictable, as opposed to unknown or unforeseen. We anxiously anticipate stronger loan demand and growth for the country and our communities, and will be ready to meet that need when appropriate.”Total delinquency, defined as loans over 30 days past due as a percentage of total loans, was 3.78% for the period ended March 31, 2011. That same calculation was 3.45% as of March 31, 2010 and 4.59% as of December 31, 2010. Non-performing loans to total loans were 2.97% as of March 31, 2011 as compared to 2.56% as of March 31, 2010 and 3.91% at December 31, 2010. As indicated by the percentages, longer term delinquency (over 90 days) makes up all but 0.80% of the delinquency as of March 31, 2011. Equity as of March 31, 2011 was $32.3 million, or 8.34% expressed as a percentage of assets. The Bank comfortably exceeds the three regulatory capital standards designated as “well capitalized.” Book value per share, including preferred shares, of River Valley Bancorp stock was $21.32 as of March 31, 2011. The last reported trade of “RIVR” stock on April 15, 2010 was at $15.86.
|Selected Financial Information|
|(In thousands, except per share amounts)|
|3 Months Ended||3 Months Ended|
|Net Loans, including|
|Loans held for sale||260,640||273,314|
|Allowance for Loan|
|Borrowings and Advances||62,217||78,217|
|Total Interest Income||$||4,540||$||4,683|
|Total Non-Interest Income||915||778|
|Provision for Loan Losses||474||165|
|Earnings per Basic Share||$||0.47||$||0.42|
|Diluted Earnings per Share||$||0.47||$||0.42|
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as "expects," "intends," "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. The Company's ability to predict future results involves a number of risks and uncertainties, some of which have been set forth in the Company's most recent annual report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.