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 Nine Months Ended
September 30, 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
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151020006670/en/
River Valley BancorpMatthew P. Forrester - President,
CEO812-273-4949
(MM) (NASDAQ:RIVR)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
(MM) (NASDAQ:RIVR)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024