-----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, Kg0oggttuV2lBw6ducE0KwEvm/v2GQ868vRCe8lQ1XNMdP+I21aG8OiDb8lnzQYv He/rgjjnUoH5fLE3YWpFFQ== 0000908834-06-000468.txt : 20061019 0000908834-06-000468.hdr.sgml : 20061019 20061019142427 ACCESSION NUMBER: 0000908834-06-000468 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20061017 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061019 DATE AS OF CHANGE: 20061019 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: 061153096 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 rvb_8k1017.htm RESULTS OF OPERATIONS AND FINANCIAL CONDITION Results of Operations and Financial Condition

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 17, 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 October 17, 2006, River Valley Bancorp issued a press release reporting its results of operations and financial condition for the third quarter ended September 30, 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
 
 
(d) Exhibits
 
    
 
99.1
 
Press Release, dated October 17, 2006
 



2

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: October 19, 2006
RIVER VALLEY BANCORP
     
 
By:
  /s/ Larry C. Fouse
   
Larry C. Fouse
   
Vice President of Finance

3

EXHIBIT INDEX
 

Exhibit Number
Exhibit Description
   
99.1
Press Release, dated October 17, 2006

 
 


 
EXHIBIT 99.1
 
River Valley Bancorp
Announces Earnings for
the Quarter Ended September 30, 2006

For Immediate Release
Tuesday, October 17, 2006

Madison, Indiana - October 17, 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 third quarter ended September 30, 2006. Net income for the quarter was $472,880, or $0.29 expressed as basic earnings per share. Net income for the third quarter ended September 30, 2005 was $576,227, or $0.36 per basic share. The decrease in earnings from period to period is due primarily to higher interest expense and marginally higher operating expenses associated with the organization’s growth.
 
Return on average assets for the quarter ended September 30, 2006 was 0.57% and the return on average equity was 8.00% for the quarter. For the third quarter of 2005, those corresponding returns were 0.75% and 10.06% respectively.
 
Net income for the nine month period ended September 30, 2006 was $1,378,969, or $0.86 basic share. For the nine month period ended September 30, 2005 net income was $1,721,456, or $1.09 per basic share.
 
Assets totaled $333.5 million as of September 30, 2006, an increase of approximately $19.0 million, from the $314.5 million reported as of September 30, 2005. Net loans, including loans held for sale, were $238.2 million as of September 30, 2006, an increase of $5.8 million from September 30, 2005. Deposits totaled $216.8 million as of September 30, 2006, an increase of $27.5 million from the $189.3 million reported September 30, 2005. Deposits have increased by $10.1 million year to date 2006 from the $206.7 million reported as of December 31, 2005.
 
Stockholders’ equity as of September 30, 2005 was $23.8 million, or 7.12 % as expressed as a percentage of assets. Reported book value of River Valley Bancorp stock was $14.69 as of September 30, 2006.
 
“As we have stated previously, the flat yield curve has been brutal on community based financial institutions, and it continues to be relentless. Upward movement on yields of loans and investments have been sticky at best while the cost of funds have progressed steadily upward,” stated Matthew P. Forrester, president of River Valley Bancorp. “While we are eager to see a positive yield curve, we are not willing to abandon prudent asset/liability planning or apply gimmickry for short term profit. Our growth, coupled with a predominance of adjustable rate portfolio based lending, and historically low delinquency rates, will pay rewards in the intermediate and long terms. And while there are no magical fixes for the national interest rate environment, we are strategically positioned to reap those future benefits.”
 
The last reported trade of “RIVR” stock on this date was at $18.50.
 


Selected Financial Information
(Dollar amounts in thousands, except per share amounts)


   
3 Months Ended
9-30-2006
  
9 Months Ended
9-30-2006
  
9 Months Ended
9-30-2005
  
Assets
        
$
333,520
  
$
314,502
  
Net Loans, (Including loans held for sale)
          
238,166
   
232,383
  
ALL
          
2,296
    
2,333
  
Deposits
          
216,808
    
189,277
  
Shareholders’ Equity
          
23,757
    
23,122
  
Total Interest Income
  
$
4,707
    
13,901
    
11,903
  
Total Non Interest Income
    
627
    
1,825
    
1,887
  
Interest Expense
    
2,833
    
8,055
    
5,806
  
Non Interest Expense
    
1,790
    
5,481
    
5,137
  
Provision Loan Losses
    
48
    
216
    
216
  
Taxes
    
190
    
594
    
910
  
Net Income
    
473
    
1,380
    
1,721
  
                     
ROAA 
    
0.57
%
  
0.56
%
  
0.75
%
ROAE
    
8.00
    
7.88
    
10.03
  
Earnings per Basic Share
  
$
0.29
  
$
0.86
  
$
1.09
  
Diluted Earnings per Share
    
0.29
    
0.84
    
1.05
  
 
Contact: Matthew P. Forrester - President, CEO
River Valley Bancorp
812-273-4949
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