River Valley Bancorp (NASDAQ Capital Market, Symbol “RIVR”), an
Indiana corporation (the “Corporation”) and holding company for
River Valley Financial Bank (the “Bank”), based in Madison, Indiana
announced today earnings for the first quarter ended March 31,
2015.
Net income for the quarter ended March 31, 2015 was $1,453,000
as compared to $1,066,000 reported for the quarter ended March 31,
2014 or approximately a 36% increase. Basic earnings per share for
the quarter ended March 31, 2015 were $0.58 per share compared to
$0.64 per share for the same period in 2014. For the quarter ended
March 31, 2015, return on average assets was 1.15% and the return
on average equity was 10.90%, which compares to 0.89% and 12.00%,
respectively, for the quarter ended March 31, 2014. Earnings per
share and the return on average equity for the 2015 periods
declined as compared to comparable periods in 2014 due primarily to
stock issued in the third quarter of 2014 as the result of a public
offering.
Other financial highlights for the first quarter ended March 31,
2015 include:
- Improving net interest margins, aided
by recoveries of interest charged off in prior periods, provided a
$471,000 increase in net interest income over the same period in
2014.
- Net loans, including loans held for
sale, increased approximately $15.7 million from those recorded as
of March 31, 2014.
- The provision for loan losses decreased
by $75,000 from the first quarter ended March 31, 2014, as troubled
assets and delinquency continued to improve.
- Noninterest income increased by
approximately $105,000 from the like period in 2014 primarily due
to increased secondary lending activity and increases in deposit
and loan fees.
- Operating expenses in the 2015 period
increased by approximately $170,000 with the addition of a new
branch location in May 2014, and increases in other personnel and
general administrative expenses.
Assets totaled $509.8 million as of March 31, 2015, a modest
increase from total assets of $509.5 million at December 31, 2014,
and a $25.9 million increase from the $483.9 million reported as of
March 31, 2014. Net loans, including loans held for sale, were
$328.3 million as of March 31, 2015, a decrease of $4.1 million
from $332.4 million at December 31, 2014 and an increase of $15.7
million from $312.6 million as of March 31, 2014. Deposits totaled
$391.3 million as of March 31, 2015, a decrease of $5.8 million
from $397.1 million at December 31, 2014, and a decrease of $9.9
million from the March 31, 2014 balance of $401.2 million.
“We are pleased to announce an increase in our profitability.
Given this prolonged low interest rate environment, most would view
any gain as a victory. Our success is across a number of income and
balance sheet components. Margins are positive to peer, loan growth
is happening, and troubled or problematic assets continue to be
cleared off the books with little new delinquency,” stated Matthew
P. Forrester, President and Chief Executive Officer of River Valley
Bancorp. Mr. Forrester further added, “The qualitative and
quantitative aspects of the Corporation are strong, and we
anxiously await the day when the general economic environment
assists vs. deters that transformation as well.”
Total delinquency, including loans purchased with credit
impairment, and defined as loans over 30 days past due as a
percentage of total loans, were 2.04% for the period ended March
31, 2015, compared to 2.13% at December 31, 2014 and 2.74% as of
March 31, 2014. The underlying percentages indicate that longer
term delinquency (over 90 days) makes up all but 0.44% of the
delinquency as of March 31, 2015. Non-performing loans, excluding
loans purchased with credit impairment, to total loans outstanding
were 2.63% as of March 31, 2015, as compared to 3.20% as of
December 31, 2014, and 3.61% as of March 31, 2014.
The allowance for loan losses (ALL) stood at 1.10% of total
outstanding loan balances as of March 31, 2015, compared to 1.19%
at December 31, 2014 and 1.32% as of March 31, 2014. The ALL does
not include amounts recognized as “fair market” adjustments on the
loan portfolio acquired from Dupont State Bank in 2012. Those loans
have a separate and identified “mark” at the time of acquisition
and only new developments since the acquisition date to the loans
in that portfolio are reflected in the provision for loan loss
calculations.
Stockholders’ equity as of March 31, 2015 was $54.3 million, or
10.7% of assets. As of March 31, 2015, the Corporation and River
Valley Financial Bank exceeded all three regulatory capital
standards associated with a “well capitalized” institution.
The computed tangible common book value per share was $21.41 as
of March 31, 2015, compared to $20.77 at December 31, 2014, and
$19.85 at March 31, 2014.
The last reported closing price of “RIVR” stock on April 13,
2015 was at $22.52.
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 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 (Dollar amounts in thousands,
except per share amounts) 3 Months Ended
3 Months Ended Year Ended 3-31-2015
3-31-2014 12-31-2014 Assets $ 509,795 $ 483,943 $ 509,475
Net loans, including loans held for sale
(net of ALL)
328,341 312,610 332,418
Allowance for loan losses (ALL)
3,654 4,196 4,005 Deposits 391,302 401,246 397,083 Borrowings and
advances 58,911 42,717 54,872 Stockholders’ equity 54,339 36,107
52,742 Total interest income $ 5,212 $ 4,819 Interest
expense 829 907 Net interest income 4,383 3,912 Total noninterest
income 1,149 1,044
Gain (loss) on real estate held for
sale
(24 ) (21 ) Noninterest expense 3,588 3,418 Provision for loan
losses 99 174 Taxes 368 277 Net income 1,453 1,066 ROAA 1.15
% 0.89 % ROAE 10.90 % 12.00 % Earnings per common share $ 0.58 $
0.64 Diluted earnings per common share $ 0.58 $ 0.63 Book value per
common share 21.62 20.25
Tangible book value per common share
21.41 19.85
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 ThreeMonths Ended
March 31,
2015 2014 (In Thousands, Except Share Data)
Total stockholders’ equity $ 54,339 $ 36,107 Less: Preferred
equity - 5,000 Goodwill and intangible assets (not including
deferred tax assets) 517 604
Tangible common equity $
53,822 $
30,503 Common shares
outstanding at period end 2,513,696 1,536,306 Book value per
common share $ 21.62 $ 20.25 Effect of intangible assets (0.21)
(0.39)
Tangible book value per common share $
21.41 $
19.85
River Valley BancorpMatthew P. Forrester, President, CEO,
812-273-4949
(MM) (NASDAQ:RIVR)
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