River Valley Bancorp Announces Earnings for the Quarter Ended September 30, 2005.MADISON Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. . -- River Valley Bancorp (Nasdaq:RIVR RIVR Remote Interactive Voice Response RIVR Retrograde Intransit Visibility Report ), an Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). corporation (the "Corporation") and holding company for River Valley Financial Bank, based in Madison, Indiana Madison is a city in Jefferson County, Indiana, along the Ohio River. The population was 12,004 at the 2000 census. The city is the county seat of Jefferson CountyGR6. announced today earnings for the third quarter ended September September: see month. 30, 2005. Net income for the quarter was $576,227, or $0.36 expressed as basic earnings per share. Net income for the third quarter ended September 30, 2004 was $645,801, or $0.41 per basic share. The decrease in earnings from period to period is due primarily to a lower net interest margin and higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. associated with the organization's growth. Return on average assets for the quarter ended September 30, 2005 was 0.75% and the return on average equity was 10.06% for the quarter. For the third quarter of 2004, those corresponding returns were 1.00% and 11.51% respectively. Net income for the nine month period ended September 30, 2005 was $1,721,456. This is a decrease of $78,218 from the $1,799,674 reported for the same period ended September 30, 2004. Earnings per basic share for the nine months ended September 30, 2005 was $1.09, compared to $1.12 for the same period a year earlier. Assets totaled $314.5 million as of September 30, 2005, an increase of approximately $40.3 million, from the $274.2 million reported as of September 30, 2004 and a $25.1 million increase from the $289.4 million reported as of December 31, 2004. Net loans, including loans held for sale, were $232.4 million as of September 30, 2005, an increase of $4.7 million from September 30, 2004. Deposits totaled $189.3 million as of September 30, 2005, an increase of $10.9 million from the $178.4 million reported September 30, 2004. Deposits have increased by $18.8 million year to date 2005 from the $170.5 million reported as of December 31, 2004. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. as of September 30, 2005 was $23.1 million, or 7.35 % as expressed as a percentage of assets. Reported book value of River Valley Bancorp stock was $14.55 as of September 30, 2005. "The third quarter of 2005 presented the Company with an exceptional opportunity ... significant growth in our home base. Our largest competitor in Jefferson County, Indiana Jefferson County is a county located in the U.S. state of Indiana. As of 2000, the population was 31,705. The county seat is Madison6. Geography According to the U.S. Census Bureau, the county has a total area of 940 km² (363 mi²). was acquired by another institution during the quarter. This situation, and growth from a new office in a contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. county, allowed the Company to "win over" a number of new customers. Our deposit base increased by nearly $20 million in the quarter, and most of that during the last forty-five days", stated Matthew P. Forrester, president of River Valley Bancorp. "The growth came so quickly that we could not effectively, and prudently re-invest those funds into anything other than short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments and lowering current borrowings. Hence, our margin suffered during the quarter. The bright news is that those new deposits are a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. blend of core deposits and certificates that will allow the Company to fund its loan growth in future quarters without heavily borrowing in a rising rate environment. A step backward on earnings in one quarter to assist in future quarters, appears to be a good trade-off". The last reported trade of "RIVR" stock on this date was at $20.50.
Selected Financial Information
(Dollar amounts in thousands, except per share amounts)
3 Months 9 Months 9 Months
Ended Ended Ended
9-30-2005 9-30-2005 9-30-2004
Assets $314,502 $274,228
Net Loans, 232,382 227,694
(Including loans held for sale)
ALL 2,333 2,339
Deposits 189,277 178,393
Shareholders' Equity 23,122 22,347
Total Interest Income $4,115 11,903 9,842
Total Non Interest Income 652 1,887 1,953
Interest Expense 2,085 5,806 4,012
Non Interest Expense 1,747 5,137 4,600
Provision Loan Losses 72 216 266
Taxes 287 910 1,117
Net Income 576 1,721 1,800
ROAA 0.75% 0.75% 0.93%
ROAE 10.06% 10.03% 10.69%
Earnings per Basic Share $0.36 $1.09 $1.12
Diluted Earnings per Share 0.35 1.05 $1.08
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion