Assets totaled $404.4 million as of September 30, 2012, an increase of approximately $2.5 million, from the $401.9 million reported as of September 30, 2011. Net loans, including loans held for sale, were $255.3 million as of September 30, 2012, a decrease of $1.1 million from September 30, 2011. Deposits totaled $303.2 million as of September 30, 2012, an increase of $4.1 million from the $299.1 million reported September 30, 2011.Stockholders’ equity as of September 30, 2012 was $34.7 million. Reported book value of shares, including preferred shares, was $22.66 (or $19.46 excluding the preferred) as of September 30, 2012. Total delinquent loans, defined as loans 30 days or more past due, as a percentage of total loans, (excluding deferred loan fees, the allowance for loan losses, and undisbursed loans in process), were 2.43% as of September 30, 2012 and 4.47% as of September 30, 2011. That same indicator was 4.22% as of December 31, 2011. Delinquency, defined solely as loans over 90 days past due, made up nearly all of the institution’s reported delinquency. As of September 30, 2012, 90 days or more delinquency was 1.86% and was 3.10% as of September 30, 2011. “We are so very pleased to announce record earnings. In spite of still troubling signs in the general economic environment, the Corporation’s results and trends are demonstrating that we believe, at least for the time being, that the worst of our communities’ problems may be past us. There are still a number of concerns on a national level, including regulatory to general economic uncertainties, but their impact is yet to be clear or measurable,” stated Matthew P. Forrester, President of the Corporation. “We still take nothing for granted, and address each new day as an opportunity and a challenge.” As of September 30, 2012, the Bank exceeded all three regulatory capital standards associated with a “well capitalized” institution.
The last reported trade of “RIVR” stock on October 15, 2012 was at $17.60.Selected Financial Information(Dollar amounts in thousands, except per share amounts)
|3 Months||3 Months||9 Months||9 Months|
|Net Loans, including loans held for sale (Net of ALL)||255,338||256,378|
|Allowance for Loan Losses (ALL)||3,642||3,780|
|Total Interest Income||$4,323||$4,479||12,939||13,359|
|Total Noninterest Income||1,276||929||3,651||2,667|
|Gain (loss) Real Premises, Equipment, and Real Estate Held for Sale||(172||)||(534||)||(566||)||(683||)|
|Provision for Loan Losses||268||1,449||1,064||2,297|
|Tax Expense (Benefit)||278||(382||)||572||21|
|Net Income (Loss)||846||(207||)||2,129||1,216|
|Earnings (Loss) per Share||$0.50||$(0.20||)||$1.23||$0.62|
|Diluted Earnings (Loss) per Share||$0.50||$(0.20||)||$1.22||$0.62|
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 Corporation's ability to predict future results involves a number of risks and uncertainties, some of which have been set forth in the Corporation's most recent annual report on Form 10-K filed with the Securities and Exchange Commission. The Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.