“If not for costs associated with foreclosure and related disposition costs, we would be having a record quarter for profitability. Unfortunately, the foreclosure process is extremely slow and expensive, but we truly believe we are near the end of the cycle. New delinquencies can best be described as very modest, and are reminiscent of periods prior to the Great Recession,” stated Matthew P. Forrester, President of River Valley Bancorp. The CEO further added, “We are excited about the previously announced acquisition of Dupont State Bank. That transaction, which should close in the second quarter of 2012, not only adds two adjacent counties to our customer base, but also affords us the economy of scale that is necessary in this day of limited revenue sources. This transaction, in concert with an improving economy, is expected to improve earnings in future quarters.”Total delinquency, defined as loans over 30 days past due as a percentage of total loans, was 3.13% for the period ended March 31, 2012. That same calculation was 3.78% as of March 31, 2011 and 4.28% as of December 31, 2011. Non-performing loans to total loans were 3.61% as of March 31, 2012 as compared to 2.97% as of March 31, 2011 and 3.90% at December 31, 2011. As indicated by the percentages, longer term delinquency (over 90 days) makes up all but 0.55% of the delinquency as of March 31, 2012. Equity as of March 31, 2012 was $33.1 million, or 8.19% 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 $21.80 as of March 31, 2012. The last reported trade of “RIVR” stock on April 16, 2012 was at $16.25.
|Selected Financial Information(Dollar amounts in thousands, except per share amounts)|
|3 Months Ended||3 Months Ended||Year Ended|
|Net Loans, including loans held for sale (net of ALL)||250,557||260,639||253,183|
|Allowance for Loan Losses (ALL)||3,872||3,708||4,003|
|Borrowings and Advances||65,217||62,217||62,217|
|Total Interest Income||$||4,380||$||4,540|
|Total Noninterest Income||882||915|
|Provision for Loan Losses||474||474|
|Earnings per Share||$||0.33||$||0.47|
|Diluted Earnings per Share||$||0.33||$||0.47|
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.