0000908834-15-000384.txt : 20151021 0000908834-15-000384.hdr.sgml : 20151021 20151021141248 ACCESSION NUMBER: 0000908834-15-000384 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20151020 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151021 DATE AS OF CHANGE: 20151021 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: 151167986 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_8k1021.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 20, 2015
 
 
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 20, 2015, River Valley Bancorp issued a press release reporting its results of operations and financial condition for the third quarter ended September 30, 2015.
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 20, 2015


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 21, 2015
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 20, 2015
  
Attached


EX-99.1 2 rvb_8k1021ex.htm PRESS RELEASE
Exhibit 99.1
 
 
River Valley Bancorp
Announces Earnings for the Quarter
 Ended September 30, 2015

For Immediate Release
Tuesday, October 20, 2015

Madison, Indiana – October 20, 2015– 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, 2015.

Net income for the quarter ended September 30, 2014 was $1.29 million, or $0.51 per share. Net income for the like period in 2014 was $1.12 million, or $0.42 per share. The return on average assets for the three-month period ended September 30, 2015 was 0.99% and the return on average equity was 9.22%. Those respective ratios were 0.88% and 7.90% for the like period in 2014.

Financial highlights for the third quarter ended September 30, 2015 included:
·
Outstanding net loan balances grew by $7.5 million over the preceding twelve-month period, while deposit balances grew by approximately $3.6 million. Overall, total assets grew by $9.2 million from the balances recorded as of September 30, 2014.
·
Classified assets, defined as substandard assets (primarily loans or investments) and real estate owned, showed an 18% improvement, period to period. Those problem assets dropped from $17.1 million as of September 30, 2014 to $14.1 million on September 30, 2014.
·
Total delinquent loans, defined as loans 30 days or more past due, as a percentage of total loans, were 1.60%. That same percentage was 2.29% as September 30, 2014.
·
Noninterest expense for the third quarter increased by a modest $165,000 over the third quarter 2014, primarily as the result of increases in salaries and benefits during 2015.

“We are pleased to announce solid improvements in our balance sheet structure. The number and dollar amount of classified assets acquired in the 2012 acquisition of Dupont State Bank continue to dramatically improve,” said Matthew P. Forrester, President and CEO. “Time and the patience to work with customers impacted by the recession have yielded positive outcomes for all parties.”

For the nine-month period ended September 30, 2015, net income was $4.3 million, or a 29% improvement over the $3.3 million reported as of September 30, 2014. Diluted earnings per share for the 2015 period were $1.70, while the same period in 2014 was $1.66 per share. Return on average assets was 1.11% for the period ended September 30, 2015 and was 0.90% for the like period in 2014.

Comparing the nine-month periods ended September 30, 2015 and 2014, the Corporation saw slightly improving net interest margins, and lower provision for loan losses. Non-interest income was slightly higher, as was non-interest expense when comparing the periods. Expense associated with carrying and disposing of real estate owned and premises held for sale decreased by $248,000 in 2015 compared to the same period in 2014.

Assets totaled $513.7 million as of September 30, 2015, an increase of approximately $9.2 million, from the $504.5 million reported as of September 30, 2014. Net loans, including loans held for sale, were $329.7 million as of September 30, 2015, an increase of $7.5 million from the balances reported as of September 30, 2014. Deposits totaled $400.7 million as of September 30, 2015, an increase of $3.6 million from the $397.1 million reported September 30, 2014.

As of September 30, 2015, the allowance for loan losses (ALL) totaled $3.7 million, but does not include amounts recognized as “credit market” adjustments on purchased credit-impaired loans. 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, 2014 was $3.9 million.

Stockholders’ equity as of September 30, 2015 was $55.6 million. Book value per common share was $22.14, and tangible book value per common share was $21.94.

As of September 30, 2015, the Bank exceeded all three regulatory capital standards associated with a “well capitalized” institution.

The last reported trade of “RIVR” stock on October 19, 2015 was at $22.10.


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.


Selected Financial Information

   
At or For the
    
At or For the
  
   
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2015
    
2014
    
2015
    
2014
  
   
(Dollar Amounts In Thousands, Except Per Share Amounts)
  
                 
Assets
          
$
513,702
    
$
504,485
  
Net loans, including loans held for sale (net of ALL)
            
329,670
      
322,167
  
Allowance for loan losses (ALL)
            
3,727
      
3,940
  
Deposits
            
400,658
      
397,102
  
Borrowings and advances
            
50,967
      
46,881
  
Stockholders’ equity
            
55,645
      
56,288
  
                         
Total interest income
  
$
4,965
    
$
4,909
      
15,292
      
14,508
  
Total noninterest income
    
1,213
      
1,072
      
3,482
      
3,319
  
Loss on real estate held for sale and premises held for sale
    
(113
)
    
(35
)
    
(57
)
    
(305
)
Interest expense
    
831
      
839
      
2,508
      
2,599
  
Noninterest expense
    
3,682
      
3,517
      
10,699
      
10,325
  
Provision for loan losses
    
99
      
149
      
297
      
347
  
Tax expense
    
166
      
322
      
924
      
926
  
Net income
    
1,287
      
1,119
      
4,289
      
3,325
  
                                 
ROAA
    
0.99
%
    
0.88
%
    
1.11
%
    
0.90
%
ROAE
    
9.22
      
7.90
      
10.50
      
10.26
  
Earnings per common share
  
$
0.51
    
$
0.42
    
$
1.71
    
$
1.66
  
Diluted earnings per common share
    
0.51
      
0.42
      
1.70
      
1.66
  
Book value per common share
                    
22.14
      
20.40
  
Tangible book value per common share
                    
21.94
      
20.17
  

 
Disclosure Regarding Non-GAAP Financial Measures
Certain information set forth in this press release refers to a financial measure determined by methods other than in accordance with GAAP. Specifically, we have included a non-GAAP financial measure of the tangible book value per common share. The Corporation believes that this non-GAAP financial measure is helpful to investors and provides a greater understanding of our business, although this measure is not necessarily comparable to similar measures that may be presented by other companies and it should not be considered in isolation or as a substitute for the related GAAP measure.
The information below provides a reconciliation of the non-GAAP measure to the comparable GAAP measure.

   
At or For the Nine Months
Ended September 30,
  
   
2015
    
2014
  
   
(In Thousands, Except Share Data)
  
         
Total stockholders’ equity
  
$
55,645
    
$
56,288
  
Less:
                
Preferred equity
    
0
      
5,000
  
Goodwill and intangible assets (not including deferred tax assets)
    
482
      
556
  
Tangible common equity
  
$
55,163
    
$
50,732
  
                 
Common shares outstanding at period end
    
2,513,696
      
2,513,696
  
                 
Book value per common share
  
$
22.14
    
$
20.40
  
Effect of intangible assets
    
(0.19
)
    
(0.22
)
Tangible book value per common share
  
$
21.94
    
$
20.18
  

 

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