-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PvjB190+dbDhgsiCl8PGI3oKn+COlSKSbcqHSrhcfTofak6xslYap+UPj2IV5C7E 3a2niULC70PZRRUanGYCBQ== 0000908834-04-000488.txt : 20040722 0000908834-04-000488.hdr.sgml : 20040722 20040722103124 ACCESSION NUMBER: 0000908834-04-000488 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040720 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIVER VALLEY BANCORP CENTRAL INDEX KEY: 0001015593 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351984567 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21765 FILM NUMBER: 04925752 BUSINESS ADDRESS: STREET 1: 430 CLIFTY DR CITY: MADISON STATE: IN ZIP: 47250 BUSINESS PHONE: 8122734949 MAIL ADDRESS: STREET 1: 430 CLIFTY DR CITY: MADISON STATE: IN ZIP: 47250 8-K 1 rvb8k_0721.txt RIVER VALLEY 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------ FORM 8-K ------------------------ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 20, 2004 RIVER VALLEY BANCORP (Exact name of registrant as specified in its charter) INDIANA (State or other jurisdiction of incorporation) 2-47541 35-1984567 (Commission File Number) (IRS Employer Identification No.) 430 Clifty Drive Madison, Indiana 47250 (Address of principal executive offices)(Zip Code) Registrant's telephone number, including area code: (812) 265-3421 Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release dated July 20, 2004. Item 12. Results of Operations and Financial Condition. River Valley Bancorp, an Indiana corporation ("Registrant"), issued a press release which was publicly disseminated on July 20, 2004 announcing its results of operations for the quarter ended June 30, 2004. A copy of the press release is furnished herewith as Exhibit 99.1. Pursuant to General Instruction B.6 of Form 8-K, this exhibit is not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, but is instead furnished as required by that instruction. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. /s/ Larry C. Fouse ----------------------------------------- Larry C. Fouse, Vice President of Finance Dated: July 22, 2004 EX-99.1 2 ex991_0712.txt PRESS RELEASE Exhibit 99.1 River Valley Bancorp Announces Earnings for the Quarter Ended June 30, 2004 For Immediate Release Tuesday, July 20, 2004 Madison, Indiana - July 20, 2004- River Valley Bancorp (NASDAQ Small Cap Symbol "RIVR"), an Indiana corporation (the "Corporation") and holding company for River Valley Financial Bank, based in Madison, Indiana announced today earnings for the second quarter ended June 30, 2004. Net income for the quarter was $544,817, or $0.34 expressed as basic earnings per share. Net income for the second quarter ended June 30, 2003 was $680,593, or $0.43 per basic share. The decrease in earnings from period to period is due to lower fee income associated with loan originations to the secondary market in the current quarter and higher general and administrative expenses than recorded a year earlier. Return on average assets for the quarter ended June 30, 2004 was 0.86% and the return on average equity was 9.68% for the quarter. For the second quarter of 2003, those corresponding returns were 1.17% and 12.77% respectively. Net income for the six month period ended June 30, 2004 was $1,153,873, or $0.72 basic share. For the six month period, this is a decrease of $122,390 from the $1,276,263 reported for the same period ended June 30, 2003. Earnings per basic share for the six months ended June 30, 2003 was $0.81. Assets totaled $258.5 million as of June 30, 2004, an increase of approximately $19.0 million, from the $239.4 million reported as of June 30, 2003 and a $3.4 million increase from the $255.1 million reported as of December 31, 2003. Net loans, including loans held for sale, were $209.5 million as of June 30, 2004, an increase of $30.2 million from June 30, 2003, or an increase of $17.3 million since December 31, 2003. Deposits totaled $171.5 million as of June 30, 2004, an increase of $2.5 million from the $169.0 million reported June 30, 2003. Deposits at December 31, 2003 were $180.0 million. Stockholders' equity as of June 30, 2004 was $22.1 million, or 8.55 % as expressed as a percentage of assets. Reported book value of River Valley Bancorp stock was $13.62 as of June 30, 2004. "It should come as no surprise that the historical lows in mortgage interest rates created an extraordinary event in refinancing activity in 2003. The fee income associated with the refinance boom in 2003 created a rare opportunity. The reality of 2004, with depressed margins, marginally higher operating expenses, and lower mortgage origination fees provide for more balanced trend analysis ", stated Matthew P. Forrester, president of River Valley Bancorp. "If one views 2003 as an anomaly, then our operating results to date and balance sheet positioning is more good news. The Corporation has positioned itself to prosper in varying economic environments, and not just in certain years or under certain circumstances." As previously announced, River Valley Bancorp raised its quarterly cash dividend by $0.01 to $0.18 per share, or $0.72 per share annually. The last reported trade of "RIVR" stock on this date was at $21.85. Selected Financial Information (Dollar amounts in thousands, except per share amounts)
3 Months Ended 6 Months Ended 6 Months Ended 6-30-2004 6-30-2004 6-30-2003 Assets $258,460 $239,446 Net Loans, (1) 209,545 179,383 ALL 2,277 2,008 Deposits 171,457 168,984 Shareholder Equity 22,096 21,714 Total Interest Income $3,206 6,414 6,134 Total Non Interest Income 698 1,318 1,733 Interest Expense 1,317 2,599 2,673 Non Interest Expense 1,636 3,104 2,921 Provision Loan Losses 92 194 180 Taxes 314 681 817 Net Income 545 1,154 1,276 ROAA 0.86% 0.91% 1.10% ROAE 9.68% 10.25% 11.97% Earnings per Basic Share $0.34 $0.72 $0.81 Diluted Earnings per Share 0.33 0.69 0.77
(1) Including Loans Held for Sale Contact: Matthew P. Forrester - President, CEO River Valley Bancorp 812-273-4949 Statements contained in this news release that are forward-looking are subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe-harbor" provisions of Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in the Company's forward-looking statements. Further discussion is contained in the Company's Form 10-QSB. -----END PRIVACY-ENHANCED MESSAGE-----