-----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, FiVy9PbK5PD6Wp86ZE/Trk8lJ6H3Uuwpk1ePuWexuxnNLlD3zOpr1wdvpK0UDw85 zURf98SCIW5XSpyZFcXRLg== 0000908834-04-000683.txt : 20041020 0000908834-04-000683.hdr.sgml : 20041020 20041020125440 ACCESSION NUMBER: 0000908834-04-000683 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041019 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041020 DATE AS OF CHANGE: 20041020 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: 041087027 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_1020.txt RIVER VALLEY 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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): October 19, 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On October 19, 2004, the Registrant issued a press release reporting its results of operations and financial condition for the quarter ended September 30, 2004. A copy of the press release is attached as Exhibit 99.1 to this Current Report. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (c) Exhibits Exhibit No. Description 99.1 Press Release issued October 19, 2004. 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: October 20, 2004 EX-99.1 2 ex991_1020.txt PRESS RELEASE Exhibit 99.1 River Valley Bancorp Announces Earnings for the Quarter Ended September 30, 2004 For Immediate Release Tuesday, October 19, 2004 Madison, Indiana - October 19, 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 third quarter ended September 30, 2004. Net income for the quarter was $645,801, or $0.40 expressed as basic earnings per share. Net income for the third quarter ended September 30, 2003 was $749,592, or $0.47 per basic share. The decrease in earnings from period to period is due to lower non-interest income and in particular, lower fee income associated with loan originations to the secondary market. Such period to period comparison shows nearly a $300,000 drop in non-interest income from the prior year's third quarter. The current year's net income figure is bolstered by higher interest income and lower provisions for loan losses. Return on average assets for the quarter ended September 30, 2004 was 1.00% and the return on average equity was 11.51% for the quarter. For the third quarter of 2003, those corresponding returns were 1.27% and 13.60% respectively. Net income for the nine month period ended September 30, 2004 was $1,799,674, or $1.12 basic share. For the nine month period, this is a decrease of $226,181 from the $2,025,855 reported for the same period ended September 30, 2003. Basic Earnings per share for the six months ended June 30, 2003 was $1.28. Assets totaled $274.2 million as of September 30, 2004, an increase of approximately $29.0 million, from the $245.2 million reported as of September 30, 2003 and a $19.1 million increase from the $255.1 million reported as of December 31, 2003. Net loans, including loans held for sale, were $227.7 million as of September 30, 2004, an increase of $40.6 million from September 30, 2003, or an increase of $35.4 million since December 31, 2003. Deposits totaled $178.4 million as of September 30, 2004, an increase of $6.8 million from the $171.6 million reported September 30, 2003. Deposits at December 31, 2003 were $180.0 million. Stockholders' equity as of September 30, 2004 was $22.3 million, or 8.15 % as expressed as a percentage of assets. Reported book value of River Valley Bancorp stock was $13.90 as of September 30, 2004. "As we have previously stated, the extraordinary refinance activity in 2003 and the associated fee income that we received from the sale of fixed rate mortgage loans to the secondary market created what can appropriately be called an anomaly. And as much as we appreciate those once in a lifetime events and its effect on a particular year's income statement, it is the growth in the balance sheet that is indicative of long-term prosperity and performance ", stated Matthew P. Forrester, president of River Valley Bancorp. "The Corporation's growth is superior to its peers, delinquency and loan losses are improving over previous years, and for the first time in years, the banking industry sees the prospects of improving margins. We are very pleased that our results reflect more than just good news on the income statement, but great news in all the financials." As previously announced, River Valley Financial Bank has sought and received regulatory approval to establish its eighth office on property it owns in Sellersburg, Indiana. It is anticipated that the facility will be operational in the second quarter in 2005. This office will be the second location serving the residents of Clark County, in south central Indiana. The last reported trade of "RIVR" stock on this date was at $22.18. Selected Financial Information (Dollar amounts in thousands, except per share amounts)
3 Months Ended 9 Months Ended 9 Months Ended 9-30-2004 9-30-2004 9-30-2003 Assets $274,228 $245,184 Net Loans, Including loans held for sale 227,694 187,110 ALL 2,339 2,076 Deposits 178,393 171,597 Shareholders' Equity 22,347 22,202 Total Interest Income $3,428 9,842 9,443 Total Non Interest Income 635 1,953 2,657 Interest Expense 1,413 4,012 4,018 Non Interest Expense 1,496 4,600 4,406 Provision Loan Losses 72 266 360 Taxes 436 1,117 1,290 Net Income 646 1,800 2,026 ROAA 1.00% 0.93% 1.14% ROAE 11.51% 10.69% 12.53% Earnings per Basic Share $ 0.40 $ 1.12 $ 1.28 Diluted Earnings per Share 0.39 1.08 1.22
Contact: Matthew P. Forrester - President, CEO River Valley Bancorp 812-273-4949 -----END PRIVACY-ENHANCED MESSAGE-----