Assets totaled $407.0 million as of December 31, 2011 which compares to $386.6 million as of December 31, 2010. Net loans, including loans held for sale, were $253.2 million as of December 31, 2011, a decrease of $13.3 million from balances reported as of December 31, 2010. Deposits totaled $305.2 million as of December 31, 2011 or an $18.9 million increase from the $286.3 million reported December 31, 2010.As of December 31, 2011, total delinquency, defined as loans delinquent 30 days or more, stood at 4.23% of total loans. This percentage as of December 31, 2010 was 4.59%. Net charge-offs, expressed as a ratio of average loans during 2011, was 1.07% and was 0.96% in 2010. Non-performing loans, defined as loans over 90 days delinquent and/or restructured, as a percentage of total loans was 3.40% as of December 31, 2011 and was 3.86% as of December 31, 2010. The allowance for loan losses expressed as a percentage of outstanding loans was 1.56% as of December 31, 2011 and was 1.41% on December 31, 2010. Stockholder’s equity as of December 31, 2011 was $33.0 million and compares to $31.5 million as of December 31, 2010. Book value of River Valley Bancorp, including preferred shares, was $21.69 as of December 31, 2011, compared to $20.71 at December 31, 2010. “We hope the economic news that has blistered community banking over the past four years is finally coming to an end. It has been a painful period for disadvantaged customers and the banks that have followed their missions of providing economic support for their community members. The cleansing process has been long and costly. The acquisition, disposition, and holding costs of foreclosures are expensive, but as illustrated by our fundamentals, core banking business is rebounding as best as can be expected,” stated Matthew P. Forrester, President of River Valley Bancorp. “Our business has been defined by circumstances of the national and local economies. The good news is that trends appear to be reversing and there is a renewed optimism in people’s spirit and in lending opportunities. It may be too early to predict a robust recovery, but at least there are positive signs of such. We are looking forward to a successful closing of our previously announced and pending acquisition of Dupont State Bank. We expect that transaction to close in the second quarter of 2012.”
For the fiscal year, the Corporation’s stock traded in a daily closing price range of $14.00 to $17.12, closing on December 31, 2011 at a $15.50.
|Selected Financial Information|
|(Dollar amounts in thousands, except per share amounts)|
|3 Months||3 Months||12 Months||12 Months|
|Net Loans, including loans for sale (net of ALL)||253,184||266,537|
|Allowance for Loan Losses (ALL)||4,003||3,806|
|Total Interest Income||$||4,353||$||4,497||17,712||18,634|
|Total Noninterest Income||1,099||1,168||3,758||3,976|
|Gain (loss) Real Premises,||(75||)||(64||)||(750||)||(74||)|
|Equipment, and Real Estate Held for Sale|
|Net Interest Income||3,138||2,904||11,889||11,333|
|Provision for Loan Losses||474||730||2,771||2,645|
|Earnings per Share||$||0.31||$||0.32||$||0.93||$||1.29|
|Diluted Earnings per Share||$||0.31||$||0.32||$||0.93||$||1.28|
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.