0000908834-13-000343.txt : 20131016 0000908834-13-000343.hdr.sgml : 20131016 20131016145042 ACCESSION NUMBER: 0000908834-13-000343 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131015 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131016 DATE AS OF CHANGE: 20131016 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: 131154011 BUSINESS ADDRESS: STREET 1: 430 CLIFTY DRIVE STREET 2: PO BOX 1590 CITY: MADISON STATE: IN ZIP: 47250 BUSINESS PHONE: 812-273-4949 MAIL ADDRESS: STREET 1: 430 CLIFTY DRIVE STREET 2: PO BOX 1590 CITY: MADISON STATE: IN ZIP: 47250 8-K 1 rvb_8k1015.htm rvb_8k1015.htm
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 15, 2013
 
 
River Valley Bancorp
(Exact Name of Registrant as Specified in Its Charter)
     
     
Indiana
0-21765
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)
 
 
N/A
(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:
 
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
 
o
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 15, 2013, River Valley Bancorp issued a press release reporting its results of operations and financial condition for the third quarter ended September 30, 2013.
 
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
 
  
Exhibit No.
  
Description
       
 
99.1
  
Press Release, dated October 15, 2013

 

 
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 16, 2013
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 October 15, 2013
  
Attached
 
 
 
 

 EX-99 2 rvb_8k1015ex.htm PRESS RELEASE rvb_8k1015ex.htm
Exhibit 99.1
 
 

River Valley Bancorp
Announces 34% Improvement in Earnings
 For the Quarter Ended September 30, 2013
 
 
For Immediate Release
Tuesday, October 15, 2013

Madison, Indiana – October 15, 2013– 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 today earnings for the third quarter ended September 30, 2013.

Net income for the quarter ended September 30, 2013 was $1.14 million, or $0.68 per share. Net income for the like period in 2012 was $846,000, or $0.50 per share.  This is a $290,000 increase or approximately a 34.3% increase for the like periods. The return on average assets for the three month period ended September 30, 2013 was 0.94% and the return on average equity was 13.41%. Those respective ratios were 0.82% and 9.74% for the like period in 2012.

The September 30, 2013 quarter reflects higher interest margins on higher interest earning balances, and significantly lower provision for loan losses. These increases were partially offset with higher disposition costs of real estate acquired through foreclosure, higher operating expenses associated with the addition of three branch locations from the Dupont State Bank acquisition in November 2012, and significantly higher taxes on that earned income. The provision for loan loss for the current quarter was nominal after the recovery of approximately $455,000 previously charged off through the allowance for loan losses. Likewise, the Corporation took a loss of approximately $350,000 through the income statement on the sale of property held for disposition.
 
 
Net income for the nine-month period ended September 30, 2013 was $3.33 million, or $2.00 per share.  This represents an increase of $1.20 million, or a 56% increase from the $2.13 million, or $1.23 per basic share, recorded for the same period ended September 30, 2012. As stated previously, this increase is primarily attributable to increased interest margins on substantially higher earning balances, and lower loan loss provision expense. These numbers were again only partially offset by higher operating expenses and higher income tax expense. The return on average assets for the nine-month period ended September 30, 2013 was 0.93% and the return on average equity was 12.72%. Those respective ratios were 0.70% and 8.37% for the like period in 2012.

Assets totaled $486.6 million as of September 30, 2013, an increase of approximately $82.2 million, from the $404.4 million reported as of September 30, 2012. Increases in balance sheet items are directly attributable to the acquisition of Dupont State Bank in November 2012. Likewise, net loans, including loans held for sale, were $317.1 million as of September 30, 2013, an increase of $61.8 million from the balances reported as of September 30, 2012, but also an increase of $11.2 million from those reported as of December 31, 2012. Deposits totaled $388.7 million as of September 30, 2013, an increase of $85.5 million from the $303.2 million reported September 30, 2012.


 
 
 

Total delinquent loans (which include loans purchased from Dupont State Bank with credit impairment), defined as loans 30 days or more past due, as a percentage of total loans, were 2.83% as of September 30, 2013. That percentage was 2.45% as of September 30, 2012 and that same indicator was 2.61% as of December 31, 2012.

“We are pleased that each quarter seems to further demonstrate improvements in market conditions, specific to our institution, and generally to overall economic trends. During this quarter, we saw the first increase in loan receivables since the economic downturn. Furthermore, we recovered a significant charge-off on a lending relationship while also reducing a significant balance held in real estate owned from a commercial development loan. Unfortunately, the lead time from recognition to resolution on troubled assets seems to be agonizingly long, but we feel we have appropriately, accurately, and adequately addressed problematic loan situations,” stated Matthew P. Forrester, President of the Corporation. “A further indicator of our hope for the market area is our announcement of a branch acquisition in Osgood, Indiana expected to close in the fourth quarter of 2013, and the establishment of a Jeffersonville, Indiana branch in the first quarter of 2014. While there are still troubling situations, the prognosis of sustained improvement has never been clearer since the start of the national economic problems that began in 2007.”

As of September 30, 2013, the allowance for loan losses (ALL) totaled $4.3 million, but does not include amounts recognized as “fair market” adjustments on the acquired institution’s loan portfolio. Those loans have a separate and identified “mark” at the time of closing, and only new developments to that portfolio are reflected in the provision for loan loss calculations. The balance of the ALL on September 30, 2012 was $3.6 million.

Stockholders’ equity as of September 30, 2013 was $34.3 million. As of September 30, 2013, the Bank exceeded all three regulatory capital standards associated with a “well capitalized” institution.  Reported book value of shares, including preferred shares, was $22.35 (or $19.16 excluding the preferred) as of September 30, 2013.

The last reported trade of “RIVR” stock on October 11, 2013 was at $25.61, a 52 week high.
 
 

 
 
 

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

   
3 Months
    
3 Months
    
9 Months
    
9 Months
  
   
Ended
9-30-2013
    
Ended
9-30-2012
    
Ended
9-30-2013
    
Ended
9-30-2012
  
                                 
Assets
                   $ 486,559     $ 404,434  
Net Loans, including loans held for sale (net of ALL)
                     317,123       255,338  
Allowance for Loan Losses (ALL)
                     4,340       3,642  
Deposits
                     388,704       303,160  
Borrowings
                     59,717       62,217  
Stockholders’ Equity
                     34,295       34,671  
Total Interest Income
   $ 5,104     $ 4,323       14,815       12,939  
Total Noninterest Income
     1,088       1,276       3,749       3,651  
(Loss) Premises, Equipment, And Real Estate Held for Sale
     (350 )     (172 )     (555 )     (566 )
Interest Expense
     1,015       1,230       3,170       3,805  
Noninterest Expense
     3,273       2,805       9,647       8,454  
Provision for Loan Losses
     20       268       656       1,064  
Tax Expense
     398       278       1,206       572  
Net Income
     1,136       846       3,330       2,129  
                                 
ROAA
     0.94 %     0.82 %     0.93 %     0.70 %
ROAE
     13.41 %     9.74 %     12.72 %     8.37 %
Earnings per Share
   $ 0.68     $ 0.50     $ 2.00     $ 1.23  
Diluted Earnings per Share
   $ 0.68     $ 0.50     $ 2.00     $ 1.22  
 
 
Forward - Looking Statements
 
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include expressions such as "expects," "intends," "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. The Corporation's ability to predict future results involves a number of risks and uncertainties, some of which have been set forth in the Corporation's most recent annual report on Form 10-K filed with the Securities and Exchange Commission. The Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.
 

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