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)  January 20, 2009
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 January 20, 2009, River Valley Bancorp issued a press release reporting its results of operations and financial condition for the fourth quarter and the fiscal year ended December 31, 2008.

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 January 20, 2009

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: January 21, 2009	RIVER VALLEY BANCORP
	By:	/s/ Vickie L. Grimes
		Vickie L. Grimes Vice President of Finance

EXHIBIT INDEX

Exhibit Number	Exhibit Description	Location
99.1	Press Release, dated January 20, 2009	Attached

EX-99.1

EXHIBIT 99.1

River Valley Bancorp

Announces Higher Earnings for the Fourth Quarter

 And for the Fiscal Year Ended December 31, 2008

For Immediate Release

Tuesday, January 20, 2009

Madison, Indiana – January 20, 2009– River Valley Bancorp (NASDAQ Capital Market, Symbol “RIVR”), an Indiana corporation (the “Corporation”) and holding company for River Valley Financial Bank, based in Madison, Indiana announced earnings for the fourth quarter and fiscal year ended December 31, 2008.

For the fourth quarter ended December 31, 2008, the Corporation reported net income of $646,000 or $0.41 per basic share. This compared to net income of $586,000 or $0.36 per basic share for the quarter ended December 31, 2007. The earnings increase for the fourth quarter of 2008 reflected approximately a 10% increase over the same period in 2007. For the fourth quarter 2008, the return on average assets was 0.69% while the return on average equity was 10.47%.  Those percentages for the like period in 2007 were 0.67% and 9.16% respectively. The increase in net income for the fourth quarter of 2008 reflected higher net interest income from higher dollar balances of earning assets, improving interest margins, partially offset by higher operating expenses.

Net income for the fiscal year ended December 31, 2008 was $2,495,000. Earnings per basic share for fiscal 2008 were $1.54. This compares to net income for fiscal 2007 of $2,209,000, or $1.36 per basic share. The earnings for 2008 reflect approximately a $286,000 increase, or 12.9%, from that recorded in 2007. In addition, the Corporation expensed $880,000 for the provision for loan losses in 2008, an increase of $318,000 more than the provision of $562,000 in 2007. The return on average assets for fiscal 2008 was 0.69%; the return on average equity was 9.71%. For fiscal 2007 those numbers were 0.64% and 8.92% respectively.

Assets totaled $372.6 million as of December 31, 2008, an increase of 6.4% from $350.1 million recorded as of December 31, 2007. Net loans, including loans held for sale, were $285.5 million as of December 31, 2008, an increase of $26.6 million, or 10.3% from $258.9 million reported as of December 31, 2007. Deposits totaled $247.8 million as of December 31, 2008, approximately a $28.1 million increase, or 12.8% increase from the $219.7 million as of year end 2007.

As of December 31, 2008, total delinquency, as defined as delinquent 30 days or more, stood at 1.06%. This percentage as of December 31, 2007 was 1.48%. Net charge-offs, expressed as a ratio of average loans during 2008 was 0.32%. That same percentage was 0.21% in 2007. The allowance for loan losses expressed as a percentage of outstanding loans was 0.77% as of December 31, 2008 due to growth in the portfolio and was 0.85% on December 31, 2007.

Stockholders’ equity as of December 31, 2008 was $24.5 million and compares to $25.7 million as of December 31, 2007. Book value of River Valley Bancorp stock was $16.36 as of December 31, 2008, compared to $15.71 at December 31, 2007.

“We are very pleased to report significant improvement in earnings for 2008. Fortunately in a year most would soon forget, our year will be defined by highs and not lows, by increases in earnings and assets, and by new benchmarks in communities and customers served,” stated Matthew P. Forrester, President of River Valley Bancorp. “The national economic environment and the failure of ethics and institutions have been devastating to the industry as a whole. We are proud of our accomplishments, grateful for our successes, but also humbled by the misfortune of others. While most will bemoan 2008, our customers, communities, and shareholders can take pride that we delivered on our service promise of “Expect a Difference!”

For the fiscal year, the Corporation’s stock traded in a daily closing price range of $11.24 to $17.50. The stock closed on December 31, 2008 at $12.55. The last reported trade on January 16, 2009 was $12.32.

Forward-Looking Statements