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)   April 18, 2006
River Valley Bancorp
(Exact Name of Registrant as Specified in Its Charter)
Indiana	000-21765	35-1984567
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
430 Clifty Drive, P.O. Box 1590, Madison, Indiana		47250-0590
(Address of Principal Executive Offices)		(Zip Code)
(812) 273-4949
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

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:

¨ 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 April 18, 2006, River Valley Bancorp issued a press release reporting its results of operations and financial condition for the first quarter ended March 31, 2006.

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, as amended, 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
99.1	Press Release, dated April 18, 2006

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 hereto duly authorized.

Date: April 21, 2006	RIVER VALLEY BANCORP
	By:	/s/ Larry C. Fouse
		Larry C. Fouse Vice President of Finance

EXHIBIT INDEX

EXHIBIT NUMBER	EXHIBIT DESCRIPTION
99.1	Press Release, dated April 18, 2006

EX-99.1

EXHIBIT 99.1

River Valley Bancorp

Announces Earnings for the Quarter

Ended March 31, 2006

For Immediate Release

Tuesday April 18, 2006

Madison, Indiana - April 18, 2006- 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 first quarter ended March 31, 2006.

Net income for the quarter was $402,815, a decrease of $112,436 or 21.82%, from the $515,251 reported for the quarter ended March 31, 2006. Included in this decrease for the quarter were losses of $56,000 related to an asset that is accounted for on the equity method and increased amortization expense of $132,000 associated with mortgage servicing rights. In the first quarter of 2005, the Corporation reduced the valuation allowance associated with mortgage servicing rights by $126,000 which reduced amortization expense. These two items, when tax affected, reflect more than the decrease recorded for period to period comparison. Net income for the quarter ended March 31, 2006 expressed as basic earnings per share was $0.25. For the same period in 2005, basic earnings per share was $0.33. For the quarter ended March 31, 2006, return on average assets was 0.49% and the return on equity was 6.97%.

Assets totaled $322.7 million as of March 31, 2006, an increase of $20.9 million from balances reported on March 31, 2005, and a decrease of $6.0 million from the balances reported as of December 31, 2005. Net loans, including loans held for sale, were $231.7 million as of March 31, 2006, nearly unchanged from $230.9 as of March 31, 2005, and an increase of $2.0 million from December 31, 2005. Deposits totaled $215.2 million as of March 31, 2006, an increase of $37.7 million from March 31, 2005, or $8.5 million from the $206.7 million reported as December 31, 2005.

“As can be witnessed by our balance sheet growth, our business is strong. Prescribed accounting charges had a negative impact on operating results for the first quarter of 2006”, stated Matthew P. Forrester, president of River Valley Bancorp. The CEO further added, “but it has been the unrelenting pressure on margins that has burdened the banking industry as a whole. The industry, and our Company have endured a painful period of rapidly rising short term rates and a flat or negatively sloped yield curve. This has given optionality to the consumer and hindered prudent balance sheet management. The good news is that the pendulum has started to swing back toward reason and opportunity.”

Equity as of March 31, 2006 was $23.2 million, or 7.0% as expressed as a percentage of assets. Book value per share of River Valley Bancorp stock was $14.46 as of March 31, 2006.

The last reported trade of “RIVR” stock on April 18, 2004 was at $19.70.

Selected Financial Information

(In thousands, unless otherwise noted)

	3 Months Ended			3 Months Ended
	3-31-2006			3-31-2005
Assets	$	322,708		$	301,850
Net Loans, including
Loans held for sale		231,739			230,912
ALL		2,373			2,293
Deposits		215,242			177,499
Shareholders’ Equity		23,156			22,498
Total Interest Income	$	4,444		$	3,785
Total Non Interest Income		572			575
Interest Expense		2,498			1,793
Non Interest Expense		1,850			1,615
Provision Loan Losses		84			72
Taxes		181			365
Net Income		403			515
ROAA		0.49	%		0.68	%
ROAE		6.97	%		9.13	%
Earnings per Basic Share	$	0.25		$	0.33
Diluted Earnings per Share	$	0.25		$	0.31

Contact:	Matthew P. Forrester - President, CEO
	River Valley Bancorp
	812-273-4949