DIVIDEND

As previously announced, White River paid a quarterly dividend of 25 cents per share on its common stock on August 22, 2012.

STOCK REPURCHASE PROGRAM

Under a stock repurchase program announced on August 11, 2011, White River is authorized to repurchase up to 250,000 shares of its outstanding common stock, from time to time and subject to market conditions, on the open market or in privately negotiated transactions. As of September 30, 2012, White River has repurchased 62,829 shares of its outstanding common stock under this program at an average price per share of $19.40.

PROVISION FOR LOAN LOSSES

The consolidated provision for loan losses was $1.0 million compared to $0.9 million for the quarters ended September 30, 2012 and 2011, respectively.

The following table documents the quarterly provision, allowance for loan losses and net charge offs at Coastal Credit for the third quarter 2010 through the third quarter 2012:
           

 

Quarter
     

Provision(in millions)
     

Allowance for LoanLosses as a Percent ofFinance Receivables
     

Annualized Net Charge-offsas a Percent ofFinance Receivables
3rd 2012 $1.0 5.14% 3.57%
2nd 2012 $1.3 5.38% 3.61%
1st 2012 $1.3 5.54% 3.71%
4th 2011 $1.3 5.68% 3.87%
3rd 2011 $0.9 5.83% 2.81%
2nd 2011 $0.7 6.07% 2.99%
1st 2011 $1.1 6.59% 4.14%
4th 2010 $1.3 6.92% 5.17%
3rd 2010 $1.6 7.19% 5.21%
 

This provision for loan losses at Coastal Credit reflects management’s assessment of the reserves necessary for the current credit environment.