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 quarter and six months ended June
30, 2015.
Net income for the quarter ended June 30, 2015 was $1,548,000 as
compared to $1,141,000 reported for the quarter ended June 30, 2014
or approximately a 36% increase. Basic earnings per share for the
quarter ended June 30, 2015 were $0.62 per share compared to $0.68
per share for the same period in 2014. For the quarter ended June
30, 2015, return on average assets was 1.20% and the return on
average equity was 11.45%, which compares to 0.93% and 12.16%,
respectively, for the quarter ended June 30, 2014. Earnings per
share and the return on average equity for the 2015 periods
declined as compared to like 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 quarter ended June 30, 2015
include:
- Improving net interest margins on
higher average balances provided a $339,000 increase in net
interest income over the same period in 2014.
- Net loans, including loans held for
sale, increased approximately $15.3 million from those recorded as
of June 30, 2014.
- Gains (losses) on real estate and
premises held for sale swung to a net gain of $80,000 for the
quarter ended June 30, 2015 as compared to a net loss of $250,000
for the same period in 2014.
- Noninterest income decreased by
approximately $83,000 from the like period in 2014 primarily due to
decreased secondary lending activity.
- The provision for loan losses for the
quarter increased by approximately $75,000 to reflect growth in the
loan portfolio.
- Operating expenses in the 2015 period
increased by a modest $39,000 primarily due to personnel changes
and general administrative expenses.
For the six-month period ended June 30, 2015, net income
improved 36% to $3,001,000, or $1.19 per share. For the six-month
period ended June 30, 2014, net income was $2,206,000, or $1.32 per
share. The return on average assets for the six-month period ended
June 30, 2015 was 1.18%, and the return on average equity was
11.18%. For the same six-month period in 2014, those corresponding
numbers were 0.91% and 12.09%.
Comparing the six-month periods ended June 30, 2015 and 2014,
River Valley experienced results similar to the quarterly numbers.
The six-month results reflected higher interest margins and
positive income from the sale and gains of real estate held for
sale. Provision expenses were identical, period to period, while
non-interest income was modestly higher. Noninterest expense for
the six-month period ended June 30, 2015 was approximately $210,000
higher than 2014 primarily from personnel changes and general
administrative expenses.
Assets totaled $520.1 million as of June 30, 2015, an increase
of $34.3 million from the $485.8 million reported as of June 30,
2014. Net loans, including loans held for sale, were $333.1 million
as of June 30, 2015, an increase of $15.3 million from $317.8
million reported as of June 30, 2014. As of June 30, 2015, deposits
totaled $405.1 million, an increase of $3.5 million from $401.6
million reported as of June 30, 2014.
“The Corporation continues in its ability to grow our net
interest income, the largest component of our, and most community
banks’, income statement. That ability, coupled with limited
problem assets and restrained expenses created historic returns.
The Corporation’s balance sheet may never have been stronger which
contributes greatly to our results,” stated Matthew P. Forrester,
President of River Valley Bancorp. “Developing the breadth and
depth of our franchise has provided loan growth and appropriate
funding opportunities that translates into superior
performance.”
Total delinquent loans (which include loans purchased with
credit impairment from the 2012 acquisition), defined as loans 30
or more days past due, as a percentage of total loans, were 1.81%
as of June 30, 2015 and 2.74% as of June 30, 2014. Non-performing
loans, excluding loans purchased with credit impairment, to total
loans were 2.42% and 4.13% as of June 30, 2015 and 2014,
respectively.
As of June 30, 2015, the allowance for loan losses (“ALL”)
totaled $3.68 million, but 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 “mark”
determined 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 June 30, 2014 was $3.76
million.
Stockholders’ equity as of June 30, 2015 was $53.9 million, or
10.36% expressed as a percentage of assets, reported book value per
common share was $21.44, and tangible book value per common share
was $21.24.
River Valley Financial Bank comfortably exceeded the three
regulatory capital standards to be considered “well capitalized” at
June 30, 2015.
The last reported closing price of “RIVR” stock on July 20, 2015
was at $22.91.
Selected Financial Information
At or for the
At or for the Three Months Ended Six Months
Ended June 30, June 30, 2015
2014
2015 2014
(Dollar Amounts In Thousands, Except Per
Share Amounts)
Assets $ 520,075 $ 485,776 Net loans, including loans held
for sale (net of ALL) 333,078 317,828 Allowance for loan losses
(ALL) 3,675 3,762 Deposits 405,101 401,588 Borrowings and advances
55,717 42,717 Stockholders’ equity 53,883 37,593 Total
interest income $ 5,115 $ 4,780 10,327 9,599 Total noninterest
income 1,121 1,204 2,269 2,247 Gain (loss) real estate held for
sale 80 (250 ) 56 (270 ) Interest expense 849 853 1,677 1,760 Net
interest income Noninterest expense 3,429 3,390 7,018 6,808
Provision for loan losses 99 24 198 198 Taxes 391 326 758 604 Net
income 1,548 1,141 3,001 2,206 ROAA 1.20 % 0.93 % 1.18 %
0.91 % ROAE 11.45 12.16 11.18 12.09 Earnings per common share $
0.62 $ 0.68 $ 1.19 $ 1.32 Diluted earnings per common share 0.62
0.68 1.19 1.32 Book value per common share 21.44 21.20 Tangible
book value per common share 21.24 20.82
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 Six Months Ended June 30,
2015 2014 (In Thousands, Except
Share Data) Total stockholders’ equity $ 53,883 $ 37,593
Less: Preferred equity 5,000 Goodwill and intangible assets (not
including deferred tax assets) 500 580
Tangible common equity
$
53,383 $
32,013
Common shares outstanding at period end 2,513,696 1,537,306
Book value per common share $ 21.44 $ 21.20 Effect of intangible
assets (0.20 ) (0.38 )
Tangible book value per common
share
$
21.24 $
20.82
About River Valley Bancorp
River Valley Bancorp is the bank holding company for River
Valley Financial Bank, which was founded in 1875 as a federally
chartered thrift institution. The Bank converted to an Indiana
state chartered commercial bank in 2012 in connection with its
acquisition of Dupont State Bank, an Indiana commercial bank. The
Bank is headquartered in Madison, Indiana, located along the Ohio
River, and serves clients in southeastern Indiana and northern
Kentucky from its 14 full-service office locations in Clark, Floyd,
Jackson, Jennings, Jefferson and Ripley Counties in Indiana, and in
Carroll County in Kentucky.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150721006402/en/
River Valley BancorpMatthew P. Forrester, President, CEO,
812-273-4949
(MM) (NASDAQ:RIVR)
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